QUALITIES OF A SUCCESSFUL BUSINESS

Responding to Change We saw in the previous unit that Canadian Business is changing in several ways – Technology – Increase in Service Businesses – Increased Social Responsibility – Green Trend Businesses that don’t change with the trends are DOOMED to fail

Responding to Change Technology – Examples of how companies have used technology in the last 5 years to change the way they do business? – You and a partner think of one good example

Responding to Change Mr. Lovett’s examples

Responding to Change E-Business – Short for electronic business – Business conducted over the internet – Amazon and Ebay are exclusively e-business – Others like walmart, lululemon and apple now have an e-business component and an actual building

Responding to Change Competing for Sales on the Internet – Problems Certain products you need to actually see and touch in order to purchase them Examples? – Successes EBay changed the way we buy goods Auction

Filling A Niche Market Niche – a small segment of the larger market. – Companies often find these small sectors and tailor a market for them – Love to position themselves as the market expert

Demographics Demographics – study of statistics relating of populations or communities Businesses need to know changes that may happen to the potential market – Move towards suburbia – Baby Boomers

Demographics Teens – Have money to spend – Spend it easily – Making the first buying decisions – Attract you now and have you FOREVER!

Today’s Assignment Online: Find an advertisement that is specifically targeting teens – print it out and complete a one paragraph write up that describes how you knew that it was aimed at teenagers. Be prepared to share tomorrow