Business Comparison Assignment Continued

4.  Each of these three businesses has their own advantages and disadvantages. The UPS is a service company which has a lot of printing and mail services. What’s great about them is that they have easy service that can mail and ship items across the world, and is one of the larger companies that is known for mailing items. Mailing and shipping are really common these days and is a great advantage. The environment and problems occurring with mailing and shipping are a disadvantage. More mailing and shipping requires a lot more transportation which leads to more pollution. Also, mailing and shipping items can also have problems like transportation traffic, mixed items, wrong sending information, and items can get lost.

The Cyclepath is the smallest business out of all the three. It is more independent than three being the retail store for the whole business, unlike Home Hardware where it has multiple locations. What advantages they have is that they are known and are experts with bikes. Which makes them a really reliable store. They have an old history and is around until now. Their business seems to be still growing strong and has an advantage on its market with their consumers. With that being a small business making a profit may differ from the other two companies because of only selling bikes. Cornering a market that isn’t as large today may be hard for the business.

Home Hardware in the Danforth is one of its kind by selling a wide range of products making it easy for consumers to buy their selection of products. They sell multiple of products for a wide variety of consumers making it a great advantage for Home Hardware. Being more accessible attracts more consumers which helps the business a lot. The disadvantage of this business is having too many different products and what and what not to sell. This alone could waste money for the company but sacrifices for being a hardware store for selling multiple of products.

Out of the three business, I would choose The UPS. This is because unlike Cyclepath it is a much larger company, and even though both companies have their own individual market mailing, shipping and printing services are much more popular than having to bike especially having to buy a bike still cost around $100 to have a good bike. Home Hardware is a hardware store which can be replaced by other small hardware companies that sell items cheaper and also doesn’t waste money to buy every hardware product for the consumers. Some products may be sold but others may be no and that wastes money. The UPS is a big company with having a popular market by sending and shipping mail and items. There aren’t a lot of shipping companies that are known like the UPS and have the reliability as them.  The only change would be to improve any mailing and shipping services so that nothing will get lost or mixed up in the process

Business Comparison Assignment

Romulo Partoriza                                                                                                                        September 16, 2016                              

Business Comparison Chart

Name and Type of Business	Owner/Manager, Address of Business & Website	Profile of Business History/Products/Service/Price)	Who is the Consumer	Positive & Negative Impact on the Community (at least 2 examples for each)
The UPS – Service Company	President: David Druker Address: 283 Danforth Ave, Toronto, ON M4K 1N2 Website: theupsstore.ca/148/	Service: Printing Services, Shipping Services, Mailbox Service, Packing & Moving Services	Consumers trying to send mail or packages across the world.	Positive: Allows for convenient mailing and easy mailing service for those who need help Negative: Sending mail by vehicles hurts the environment by pollution and mail can be damaged when shipped
The Cyclepath – Retail Store	Address: 1520 Danforth Ave, Toronto, ON M4J 1N4 Website: www.thecyclepath.com	History; Founded in 1988 Products: Bikes for all genders and ages (Mountain, BMX, Road, Comfort bikes) Prices ranges from $100 to $2500+	Consumers who are buying high quality bikes for a certain price	Positive: Biking allows for helping the environment and the only bike retail store around the area Negatives: Low paying job for being a small business and only sells bikes
Home Hardware - Retail Store	Address: 2151 Danforth Ave, Toronto, ON M4C 1K2 Website: http://www.homehardware.ca/en/index.htm	History: Founded in Canada in 1967 Products: Sells indoor and outdoor furniture/supplies, paint and decor, electrical supplies, and building supplies	Consumers who are interested in buying a wide range of hardware products	Positive: Has a wide range of tools to sell and also is a medium paying job that has different job titles like a cashier, carpenter, an engineer, and more Negatives: Large business so there are many different outlets around the city causing environmental issues and sells high priced items

2. “In the News”

Summarized

Advances in technologies will always have an influence on both supply and demand. Technology has been developed for parents to monitor and control their children’s phone. This is “Parent Control” and it allows the parent to check on their phone calls, who they call and who calls them, add a time when they could use their phone, the number of minutes they could use to phone someone or text messages, and what service they could access. This Parent Control acts like a security to protect the child’s phone to keep them safe from dangers like viruses and bad people and also help with the phone bill when the child uses too much cell service. Parent Control was launched in the fall of 2006.

Questions

Q. What do you think might have happened to the consumer demand for this product after it was introduced?

A. After this product was introduced the consumer demand might have been very high. Most parents would want to know about their child’s safety, and also save themselves from paying too much for the phone bill. This service greatly improves their lives to safeguard their children from harm. They could see who their child is talking too, protect them from a virus, and set the amount of minutes or text for the phone. This service is really useful for all parents.

Q. If Parent Control becomes really successful, do you think the supply of this and other similar products, will increase or decrease? Why?

A. If Parent Control and other similar products become really successful then the supply for these products will increase because the more people who buy this product will increase their sell which allows them to make more products. So businesses have to increase their supply do they could be able to keep on selling their product.

BBI - Introduction to Business Keywords

1. Definitions

1.       Profit is the income that is left after costs and expenses are paid.

2.       Expenses are those expenditures that are involved in running a business, such as wages, as well as those assets that get “used up” in the process, such as paper and toner

3.       Costs are the amount of money required for each stage of production, such as the cost of raw materials. To be successful, a for-profit business must earn profit while keeping both expenses and costs down

4.       Solvency means having the ability to pay your debts and meet financial obligations. But over time, a business’s failure to make a profit will eventually force an owner to close the operation

5.       Goods  are items that can be see and touched

6.       Services are being assisted, usually in return for payment, that satisfies need and wants of people or business but that does not result in a product that can be touched

7.       Marketplace can be any location where producers and consumers come together to engage in the buying or selling of goods and services

8.       Obsolete is a product or service that consumers no longer wants because it has become outdated or outmoded or had been replaced by a new or improved product

9.       Needs are items necessary for survival like food, water, shelter

10.   Wants are items that are not necessary for survival but only adds pleasure and comfort to life

11.   Economic resources are means through which goods and services are made available to consumers; natural resources, human resources, and capital resources are considered to be the three kinds of economic resources. Also known as factors of production

12.   Natural resources are raw materials that we get from the earth, the water, and the air

13.   Human resources are people who work to produce goods and services in a business; also known as workface or labour

14.   Capital resources are resources  such as equipment, a building, or money, that is used to produce goods and services

15.   Interdependent is mutually dependent; relying on others who also rely on you

16.   Demand is the quantity of a good or service that consumers are willing and able to buy

17.   Law of Demand  is the economic principle that demand goes up when prices come down, and comes down when prices go up

18.   Supply is the quantity of a good or service that producers can provide, determined by the costs of producing it and by the price people are willing to pay for it