You’re thinking about starting your own chain of upscale, drive-through espresso stands. You have several ideal sites in mind, and you’ve analyzed the industry and all the important statistics. You have financial backing, and you really understand the coffee market. In fact, you’ve become a regular at a competitor’s operation for over a month. The owner thinks you’re his best customer. He even wants to name a sandwich creation after you. But you’re not there because you love the espresso. No, you’re actually spying. You’re learning everything you can about the competition so you can outsmart them. Is this behavior ethical? Explain your answer.
Class, corporations are expected to maximize shareholder wealth. In your opinion, should corporations always do what will be most profitable, even if it is not in the best interests of the company's customers and employees? Why or why not?
Free market economics suggest that the more competition there is among suppliers (businesses), the lower prices will be. We even have antitrust laws to prevent competitors from colluding with one another, for example in fixing prices. However, competitors sometimes collaborate legally. What would be an example of this? What benefits could this collaboration provide?
What is the impact of the use of social media on traditional sales and marketing efforts? Why?
If you are considering expanding your marketing efforts in such a way that you wish to have more online sales, how might social media assist with this? Why?
Where social media efforts were not successful, what would be your exit plan or exit strategy? Why? How? How long should you wait to know if your efforts are successful?