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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

Taking Care of BusinessNote 6

Introduction to Business BBI2O1

taking care of business
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
business responds to consumers
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
time spent in store
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?
contact time
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?
waiting time
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?
setting up an e business
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
internet shoppers in canada
Internet Shoppers in Canada

Source: Statistics Canada CANSIM Table 358-0135 www.statcan.gc.ca

frequency of internet purchases
Frequency of Internet Purchases

Source: Statistics Canada CANSIM Table 358-0136 www.statcan.gc.ca

internet commerce by source
Internet commerce by Source

Source: Statistics Canada CANSIM Table 358-0137 www.statcan.gc.ca

internet commerce in canada 2009
Internet Commerce in Canada 2009

Source: Statistics Canada CANSIM Table 358-0138 www.statcan.gc.ca

slide13
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