Jan 19

Today we will be looking at Ethics and Economics.

According to a report released yesterday, the worlds richest 1% control more than half of all the worlds wealth.  Please read the article HERE.

1. How much wealth does the poorest 50% of the world control?

2. There is a economic theory called 'trickle down economics'.  According to that theory, rich people will spend there money and by them spending it places, it will create jobs for the poor and spread the wealth.  What is your opinion of this theory?  Will it spread the wealth out by having a few very rich people, spending their money, or will that only concentrate the money since they will only spend in a few places and not all over? 

3. We know that one dollar spent 5 times in Canada is 5 dollars to the Canadian economy.  One theory is that if you have 1000 people spending one million dollars each, it is better than having 1 person spending one billion since the 1000 peoples money will be spread out more.  To accomplish this however, the current tax set up may need to change.  Would that be ethical?  Would it be economically justified?

4.  There have been many studies on happiness.  If you compare someone who makes $5000 a year with someone who makes $50,000 a year, the person who makes $50,000 is usually far more happy than the person who makes only $5000.  However, when you compare the average person who makes $50,000 with the average person who makes $5,000,000 a year, the millionaire is only slightly more happy.  (In fact, a recent study shows that most Canadians happiness peaks at a salary around $75,000 per year). 
a) How much do you think that you would want to make a year to make you happy?  Think about your vision of success.
b) Should companies/the owners/entrepreneurs have an ethical duty to try and spread out their wealth?
c) If money is only part of the happiness equation, what other things do people want to make them happy? 

Commercials and Dragons Den

1. What are some of the mistakes that Target made in Canada that lead to its failure?

Today we will be talking about press releases and you are to write a press release for you business and then POST it as a comment on this site! If you can't, email it to me, and I will post if for you.

Examples

Sample Furniture


Blank Form

Jan 12

Today we are going to look at ethics.

Business is a major part of our lives, society and the world.  Business has created great innovation, generated profit and opportunity for literally billions of people but not all business decisions are beneficial for society.

Ethics: moral principles that govern a persons/or groups decisions

Triple bottom line: People, Planet, Profit




Assignment: You are to pick three Dilemmas from the following links to 'Short Dilemmas'.  For each, answer what you would do and why.  (short paragraph)

DILEMMAS (they are not all business dilemmas to give some variety)

Jan 8

Preparing a Business Plan Part 5

It’s all about Marketing! 

Now you are getting close to opening you business.  Remember, you have $150,000 but you will probably need to obtain more money through financing.  This is the last part of your business plan and then you will be ready to put it together. 

Task One:  4 P’s

You are to create a chart describing the 4 P's for your company

Product

Price

Place

Promotion

Task Two: Marketing Strategies/Plan

Write a brief overview of your marketing plan.  How will you advertise, where, when?  What advertising strategies will you be using? The advice your marketing professional gave you will come in handy here.

Task Three: Create an Advertisement

You are to create a advertisement for your company:  For this you may use the advertisement created for you by your Marketing professional or create your own.  You may also choose to do both.   

Task Four:  Compare your competitions Marketing Plan

 You are to find at least 5 advertisements from you direct competition.  What is common with the ads?  What advertisings strategies are they using?  What are their strengths? What are their weaknesses?    Can you ‘copy’ any of their advertising strategies?  What have you learned from looking at your competitors?

IMPORTANT:  Remember that you will use this information again for your FINAL BUSINESS PLAN, so save it and keep your work

Jan 7

Commercials and Dragons Den

Marketing Your Business: Hiring a Marketing Professional

As a new entrepreneur, you are busy starting and managing your business and have not spent much time marketing you company.  One of the most important aspects of business is marketing and advertising.  In order to maximize your time, you decide to hire a marketing professional to help you market your company.  They will create an advertisement for you.  In order for it to be effective however, you need to give them complete and accurate information on your company and your target market.  (your mark, and the mark of your marketing professional [a student in marketing 12] depend on how complete your information is. 

You must provide them with the following information:  It must be in complete sentences however, be as clear and concise as possible.  How good the advertisement is depends on the information you give them. 

What is the name of your Company?

Where are you located?

Do you have a logo? What is it?

Do you have a slogan? What is it?

What product/service are you trying to sell?

How much are you selling it for?

Are you willing to give discounts/sales/coupons etc.  If yes, how much be specific.

Who are you selling it to? Who is your target market (BE SPECIFIC!)

Any additional information and instructions?

Also include, your name…..

When you receive the finished product, you will have the oppourtunity to give your marketing professional feedback. 

Jan 6

Sorry, I am away at a meeting today.

Today you will be looking at new technology at the Consumer Electronics Show as mentioned yesterday. 

LINK

1. pick 6 new technologies.  Briefly destribe them, (include a picture if you can). Explain how these technologies can be used by business/entrepreneurs.