Part 1(a)
The economic development has revolutionized our economy from being an agrarian culture to a mass-producing and technologically advanced society. I believe this type of development does help the economy by increased productivity through goods being “produced in less time, increased time for recreation and leisure, and an increase in real incomes” (Team, 2021). Another benefit is the increase in trade specialization, where laborers can aid in the specialization though education, training, and insight. In addition, improvement to capital goods leads to more productivity where families can afford the better things in life. In turn, provides a higher standard of living.
On the other hand, economic development can also cause harm. Take for example the Great Barrier Reef, from the industrialization on the environment, over half of the coral reef is gone. This is because of the plans for expansion of coal mining activities. The Australian Federal Government approved the waste and dredge spoils involving 3 million square meters into the reef waters (Environment Insider, 2021). In this instance there is more harm done to the environment and killing off species that depend on the great barrier reef. A delicate balance needs to be held for industrialization and the environment, while producing jobs and boosting the economy.
References
(2021, July). Retrieved from Environment Insider: https://environmentinsider.com/impact-industrializ…
Team, I. (2021, July 26). Is Industrialization Good for the Economy? Retrieved from Investopedia: https://www.investopedia.com/ask/answers/033115/in…
Part1(b)
My belief is that economic development is a tool that can be used both in positive ways and it can have some unfortunate drawbacks. Without an industrialized world life would not be as modern or as efficient as we know it; transitioning from an agrarian culture into a manufacturing culture helps the marketability of products in a comparison to hand-made. Economic development also promotes entrepreneurship and increases the wages of all classes; however, there are negative externalities as well; some of which stake a fair claim that earners that make more capital can do so quicker than others, increasing disparities between the have and have nots. Industrialization is influenced by natural resources, technology, capital, trade, transportation, and is extremely cooperative between the dynamics of the consumers and manufacturers; enabling production of goods and services to move many times faster than those of an agrarian society. With industrialization the need to streamline infrastructure is key to connecting the dots; rail, automobiles, power plants, and flight are all direct results of the industrialized world. Aversely, these industries have also contributed heavily to the quickening of global warming and other pollutants that endanger ecosystems. Economic development is a double edge sword that needs a system in place that can insure the change it creates is on a positive trajectory, one that lifts up all the communities it effects.
Lawrence, A. T., & Weber, J. (2017). Business and Society: Stakeholders, Ethics, Public Policy (15th ed.). New York: McGraw-Hill/Create Custom
Part 2(a)
The innovation of many technological advances has undoubtedly played a tremendous role in breaking the mold of traditional marketing strategies and pricing routines. The most impactful benefit that technology has provided for the world of business is a new ease of information and a hurdling of the barrier of communication between parties of different geographical locations. Traditional product development heavily relied on the physical presence of communities and partners in order to promote their products. But now that we have phones, computers, and social media outlets, the same results can be reached in a tremendously shorter time periods and on a much larger scale. New information technologies have adapted business marketing strategies to operate on a global scale, offering the businesses’ goods and services around the world in just a matter of seconds.
In regard to pricing methods, with a world of information at the tip of businesses’ fingertips, they are able to view and measure every material and production cost that goes into creating their goods, as well as being able to compare any competitor’s price with their own. The incorporation of technology systems within production and delivering methods play a influential role in allowing companies to offer their products at a much lower price, leading to a fierce competition between businesses within the same market.
Scarborough, N. M., & Cornwall, J. R. (2018). Essentials of Entrepreneurship and Small Business Management Plus MyLab Entrepreneurship with Pearson eText — Access Card Package (9th Edition) (9th ed.). Pearson.
Part 2(b)
Global marketing allows entrepreneurs to market worldwide using the internet and other plug-ins to spread information. Social media also helps attain customers and show products and services inquiries to the public. Many outlets have allowed entrepreneurs to gain traffic, customers, and sales. Now technology is advanced to where an individual can access the internet from their mobile device it makes shopping and making appointments for services easy and fast. The big social sites Facebook, Tik Tok, Instagram, YouTube, and many more are helping businesses receive business at a much faster rate. When used correctly with the right search engine optimization strategy along with making videos and posts that are attractive to potential consumers business come fast generating a wealthy amount of revenue.
Product pricing is very important because if your target market doesn’t have the want for your product or services you will not make enough profit or revenue for operation. You must make sure your pricing fits your area, market, and competition in your industry. Without proper pricing, you will not have much of a success rate if you have the traffic of consumers in great numbers, or you will sell out fast causing a low revenue and profit margin for growth.
Part 3
This section will describe your overall marketing strategy and how you will price, promote and distribute your
products or services.
Pricing
This section will include the calculations and pricing methods used to price your product or service.
Distribution
This section should outline how you intend to sell your product or service. Will you use retailers? Trade shows?
Or in-person distribution channels? You are not limited to one.
Promotion
This section will describe the plan for marketing and advertising your product or service.
For this part I will attach the previous document. Because it is basically all in one.
Part 4
In 1932, Max Gitman, a skilled shirt-maker, decided to move out of Brooklyn, New York, to the coal town of Ashland, Pennsylvania, where he established the Ashland Shirt and Pajama Factory. To satisfy the demands of his largest customer, the U.S. military, Gitman developed a shirt fabric that was softer and more comfortable, yet more durable, than shirts of the era. That fabric would become the foundation of the company’s dress shirt business.
In 1950, Gitman’s twin sons, Alfie and Shelly, joined the family business. Shelly managed the cut-and-sew operation, while Alfie handled the finishing department. Their hard work, emphasis on developing the best processes, and organizational skills produced shirts of superb quality with impeccable attention to detail. That same attention to detail carries through to the company’s culture to this day. The factory remained a contract shop, making private-label shirts for upscale men’s stores across the United State, until 1978, when a group of dedicated customers approached the Gitman brothers with the idea of selling shirts under their own label. Today, Gitman Brothers maintains its heritage of manufacturing its shirts (and now ties) in the United States, a rarity in the industry, right where Max Gitman started the company in Ashland. Many of the workers in the factory are third-and fourth-generation shirt-makers, whose knowledge and collective expertise are valuable assets. In fact, 90 percent of the company’s shirt-makers have more than 20 years of experience.
Gitman Brothers is a boutique shirt-maker that sells through more than 800 independent men’s shops across the United States and elsewhere around the globe as well as through its own Web site. Most of its shirts are ready-made in standard sizes, with an average retail price of $150, but Gitman recently began offering custom-made shirts at higher price points. All of its shirts are made of the highest-quality cotton fabrics. Some of Gitman’s most famous customers include Al Pacino, former Pope Benedict, Drake, Gary Sinise, former Presidents George H.W. Bush and Barack Obama, Justin Timberlake, Afam Levine, TV’s Hawaii Five-O series, Jonah Hill, Pharrell Williams, and several professional athletes, among many others. International customers are enamored with the quality of Gitman Brothers shirts and the “Made in the USA” label, but the only way for many of them to purchase shirts is through the company’s Web site. Gitman Brothers knows that its web site needs a makeover because it is not intuitive to users, does not reflect the company’s heritage, and fails to promote the company’s rich history and the superior quality of its shirts and ties. Building a shirt requires 80 minutes and 50 steps to turn the 25 pieces of fabric into a finished product; making the collar alone requires 12 detailed steps. Analytics show that when customers search for “men’s shirts” using a search engine, Gitman Brothers does not show up on the first page of search results, which puts the company at a significant disadvantage online. With its history of making shirts for difficult-to-fit professional athletes, Gitman Brothers wants to use its web site to promote a “Big & Tall” line of shirts. Once customers visit the web site, managers want to ensure that they can easily find the items they are looking for and work through the steps to create their own customer shirts.
QUESTIONS
Develop a list of at least five search engine optimization strategies to help Gitman Brothers move up in search engine results.
Write a memo to the managers at Gitman Brothers that outlines the design for a new web site that will achieve the goals they have established.
In 2-3 pages, respond to questions 1 and 2 making sure to integrate the core value of integrity.
Sample Solution
