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Taking Care of Business Note 6

Taking Care of Business Note 6. Introduction to Business BBI2O1. Taking care of business. Not onl y do businesses take care of the three basic survival needs of consumers: food, shelter and clothing … they also sell many consumer wants from luxury cars to chewing gum

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Taking Care of Business Note 6

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  1. Taking Care of BusinessNote 6 Introduction to Business BBI2O1

  2. Taking care of business • Not only do businesses take care of the three basic survival needs of consumers: food, shelter and clothing … they also sell many consumer wants from luxury cars to chewing gum • Deciding which goods and services to offer takes a great deal of thought but also risk-taking • Businesses must make many decisions so they are both: • Successful • Provide for the needs and wants of consumers

  3. Business Responds to Consumers • By studying consumer behaviour, businesses try to create an environment to • promote sales and • increase profit • Three factors help determine when customers buy: • Time Spent in Store • Contact Time • Waiting Time

  4. Time Spent in Store • The time spent in the store is the most important factor in determining whether or not a customer will buy • What things have stores done to increase the time customers spend in stores?

  5. Contact time • Contact time or [Interception time] is the amount of time a customer spends with a store employee • As contact time increases… the chances of a customer buying increases • In what ways do stores try to increase – contact time?

  6. Waiting time • Waiting time is amount of time a customer is able to enter the store and leave it • Lineups discourage customers from buying and being able to pay for their goods and services • What ways have business responded to decrease waiting times?

  7. Setting Up An eBusiness • In developing an eBusiness you will neet: • A domain name • A website • Web Pages • An online payment method • A distribution system • Measures of your online success include: • Online sales • The number of Web site hits • The number of referrals in social media

  8. Internet Shoppers in Canada Source: Statistics Canada CANSIM Table 358-0135 www.statcan.gc.ca

  9. Frequency of Internet Purchases Source: Statistics Canada CANSIM Table 358-0136 www.statcan.gc.ca

  10. Internet commerce by Source Source: Statistics Canada CANSIM Table 358-0137 www.statcan.gc.ca

  11. Internet Commerce in Canada 2009 Source: Statistics Canada CANSIM Table 358-0138 www.statcan.gc.ca

  12. Top 5 Reasons Why people Hesitate to buy online

  13. Task • Go to the following site and answer the questions at the bottom of the page. • https://sites.google.com/site/misskingonlineshopping/is-shopping-online-a-good-thing/advantages-and-disadvantages-for-the

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