How Used Products Can Unlock New Markets: Lessons from Apple's Refurbished iPhones By Rachel Layne, March 12 2024 This article is about the profitability and sustainability the Apple company had created out of selling modified editions of previous iPhone models, based on a case study by George Serafeim who is a professor teaching Business Administration at Charles M. Williams.
The utilization of a circular economy, when done more efficiently, could potentially impact eco-sustainability efforts in the economy. Recycling components of an old iPhone can be easily disassembled with modern technology and has been said to decrease the manufacturing costs. In addition, recent models of the iPhone are equipped with “rare earth” metals which are durable and recyclable materials but are incredibly expensive because of the rarity of these components. Furthermore, it re-establishes the strength of the company by forming new business initiatives. Serafeim listed some of the strategies Apple used to keep up with the market like updating the software system of all Apple products, installing different Apple services where users can purchase a subscription for music, online streaming, news and gaming services provided by the company themselves. Ultimately, what made this initiative work for Apple is by becoming more transparent to consumers about “the environmental impact of their purchase.” As a company that sells high-end and good quality products, they become more successful by evaluating their products and how it can benefit consumers. As a result, Apple continues to become a model of innovation due to the sustainability of their products.
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How Humans Outshine AI in Adapting to Change By Rachel Layne, March 26 2024 With the rise of AI integrated products since last year, a recent research lead by the assistant director at Harvard Business School, Julian De Freitas, observed how humans can still conquer in the development of the "self" and how it enables them to do a lot of things more effectively. The recurring suggestions about the integration of Artificial Intelligence (AI) in this article, illustrates how the "self-orientation" and immediate flexibility of humans cannot be easily replicated when working with this recent developments in modern technology.
These findings by De Freitas, according to the author, can be applied to both companies and its consumers by knowing the limitations of the nature of AI. Understanding how to adapt to Artificial Intelligence to an extent, can help users to be perceptive and to accustomed to the growing developments and applications of modern technology into their lives. Doing this can capture the essence of critical thinking and insightful intuition which not only enhances how you work with AI but it also encourages you how to productively manage your daily tasks. Although, the article also encourages users to proceed cautiously when using AI especially in a daily basis. For instance, the reliance on the adapting developments of modern technology, like AI, is not always encouraged by academic institutions; who especially want students to stick to their own integrity while also allowing to discover their "inner self" through learning different concepts. So while Artificial Intelligence cannot be entirely extracted off the internet and many digital programs, knowing your responsibilities and restrictions when dealing with technology is also a way for you adapt to your own society. Break the Rules of How Business is Done By Julia B. Austin, October 12, 2016 This article highlights how companies make significant developments with consideration for the employee and employer dynamics within the business, like operating without any individual assignments for each employee or offering non-monetary compensation during or after an employee’s contract expires.
As an entrepreneur who is looking to hire several new employees for your business, you will need to be transparent about how you would like them to work for you and how they will be compensated for their efforts. You will also need to consider the opinions of both present and potential employees in order to make changes that will benefit you as the head of the business and the organization as a whole. One great example found in this article is when the company eShares revised their offer letters, which are given to recently hired applicants. This allows their employees to build a strong first impression of how the business is handled and ensures their employees’ trust will be reciprocated in the long term. That being said, acknowledging this mindset allows me to be mindful of how transparent a company should be, especially with the conditions of the work environment and the benefits offered both during and after my employment. Furthermore, knowing about the business's regular affairs and adhering to company requirements would allow employees to improve team productivity and cooperation when performing business-related tasks, which would ultimately lead to greater success for the business along with the positive impact it would have on the employees. How Cost Accounting is Improving Healthcare in Rural Haiti By Carmen Nobel, September 24 2018 Studying various accounting procedures isn't always relevant to the business world alone, particularly when trying to solve a problem that keeps getting worse due to a lack of resources in your industry. In this article, the author extracted a case study of R. Kaplan’s cost accounting method that has helped alleviate the situation with Haiti’s poorly developed clinics, which was investigated and analyzed by a team made up of members of a non-profit health care organization, Partners in Health.
This article highlights the use of an accounting method originally intended to evaluate the costs of products and services produced by manufacturing, finance, and retail businesses. The goals or the use of various accounting methods were not covered in our class discussions in an introductory business course. But after researching more on the topic, I learned more about how accounting methods can be used as a way to develop cost-effective strategies when making decisions on how to use and improve the number of resources in a business. By applying accounting principles to assess the financial impact of healthcare interventions, organizations like Partners in Health can provide informed decisions on resource allocation and prioritize areas for improvement for different clinics. This illustrates how crucial it is to adapt conventional business procedures in order to handle intricate social issues and advance sustainable development. This fascinating information on accounting techniques has piqued my curiosity, that I would like to learn more about the various applications of accounting that I can use in everyday situations. Cofounder Courtship: How to Find the Right Mate for Your Startup By Julia Austin, October 19 2022 This article by Julia Austin on choosing your ideal co-partner is offered to the readers as a guide for newer entrepreneurs who are considering getting into a partnership business and how to maintain these partnerships in the long term. The content of the article is based on the Huberman podcast by Dr. David Buss, where Austin makes an analogy of qualities of a committed relationship into how to approach business partnerships with mutual understanding that constantly develops.
Julia Austin's article is demonstrated as a guide for its readers to understand how business partnerships could easily fall apart if both of its founders are unable to depend on one another or if they fail to invest more time and ambition in developing their business venture together. And upon reading it, I uncovered three ideals in a business partnership that could also apply to my own personal relationships, especially with my own peers both inside and outside my school environment. First and foremost, the article stresses that there are many challenges and limitations in founding a business together with another person, especially if you both have a common goal but you each have different approaches on how to run the company. The issue of dealing with differences in decision-making, especially with confound relationships, can be compromised with the ability to thrive in risky ventures and their self-awareness that allows them to face different challenges head on. Furthermore, Austin encourages exploring different options, or rather, finding different kinds of people who can meet your needs and goals within the business. It is always better not to choose the first person who approaches your offer, when it comes to choosing partners, for there might just be someone else suited for you. Likewise, try to keep your objectivity when working with someone for the first time. These precautions allow you to expand your preferences and expectations when collaborating with potential colleagues. Finally, the author also encourages having more personal connections, as outlined by a few of her suggestions on maintaining a long-term partnership like "testing your partnership outside of coffee chats and dinners" and "having more vulnerable discussions with your partner." Despite this inspiring a very romantic aspect in your partnership, the intended goal of this ideal is to help you navigate through various concerns on how you run your business or your personal feelings on how to keep building more potential in your partnership. In the end, a great take away from this piece is how our own relationships can influence our own ventures in life. Meaning trust and cooperation are a big part of navigating through our goals and opportunities in our current occupations, where you can transform your partnerships from a fellow collaborator into a lifelong partner (of the platonic kind, at least). How a Multimillion-Dollar Ice Cream Startup Melted Down (and Bounced Back) By Pamela Reynolds, July 07, 2022 What comes to your mind when you think of a business that would start running again a year after the first venture filed for bankruptcy? Possibly a Brooklyn-based ice cream parlour. This article explores the development of Ample Hills Creamery where its partnership with Disney led to a series of failures with mismatched investors and missed production expansion, made its founders, Brian and Jackie Cuscuna, reflect and strategize on how to financially handle a failing business built on trust and ambition.
The author discussed in her summary 3 advices for entrepreneurs who are in the same position as the founders of Ample Hills Creamery in the final section of the article. These 3 advices particularly by taking time off, learning from mistakes and exiting from your first venture, doesn’t just apply to building and running a business but essentially in our everyday lives. Knowing where to completely take your mind out of your problems and to throughly grasp where you might have done wrong is a decision that comes from the heart. More likely, a person’s passion from doing something, which in this case study is Brian’s love for making homemade ice cream, is also driven by our desire to grow into becoming successful with our goals. Essentially, these 3 lessons could potentially be applied to essentially anything that gives you stress or the risk of failing something important to you. In this scenario, running a partnership business which can turn into a corporation when it becomes successful, everything that your business needs to operate are provided by you and your partner’s capital. Which means you should allocate your funds not just in high quality ingredients but also in your production capacity, whether that involves manual labour or efficient technology. Nevertheless, you’ll never know when your decisions would affect you in the near future unless you put faith in your knowledge and experience when the opportunity is in your hands. We inevitably make mistakes, but it is never too late for you to fix it as long as you are ready to stand up again. "Psychological Pricing Tactics to Fight the Inflation Blues" By Jay Fitzgerald, January 17 2024 This article outlines the different pricing tactics currently used by businesses that are intended to influence how consumers psychologically think about what to buy despite a growth in inflation in the market. Jay Fitzgerald lists sales techniques, which is based on recent research by Elie Ofek, a Professor of Marketing at Harvard, ranging from old tactics such as providing discounts on base prices and offering a massive discount second item for the purchase of one specific item, to newer price techniques like tiered pricing and monthly subscriptions – prevalent in popular streaming sites and other e-commerce markets.
One of the most intriguing price marketing strategies that I have found in this article is the rise of monthly subscriptions in businesses. I find this technique both fascinating and enlightening, knowing that it captured the attention of consumers as well as businesses, especially throughout the pandemic, when everyone was compelled to rely on e-commerce to acquire various items and services. The article asserts that in order for businesses to entice customers into believing that their items or services are more affordable than other competitors, monthly subscriptions are employed in place of annual rates or up-front full prices even when total of purchases made in a year is higher. This is not only practical for consumers who want to save money on numerous purchases from one company, but it is also advantageous for businesses because it guarantees customer loyalty and strengthens product supply management for businesses that sell products. Overall, the article succinctly informs its readers on how pricing tactics affect a customer's inclination to purchase a specific product or service. Digital Citizenship pertains to a social and moral responsibility that a person needs to follow when using online websites and applications. It is an obligation - not just a formality - to promote a safe space for everyone using the internet. Your digital citizenship reflects your online presence as a form of data you create on the internet known as a digital footprint. The digital footprint that you have personally created is a culmination of your original posts, posts you reshare, comment, or even like or react to.
A good thing to remember about your digital footprint is that it reflects your opinions and preferences, which builds your identity and motivations. People you may or may not know personally can see your presence online through your social media accounts and view them as positive or negative ideas about you. The impact of these consequences will not only affect your life outside of your online space, but also the course of actions you plan to take in the future. So before you publish a written or a media post online, it is better to think about each consequences and benefits of your posts before you finally reveal what your posts entail. |
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