In this video Dr. Pririe discusses the importance of price for a market economy. As we have seen in many international economies price controls by the government almost always impacts a market negatively (recent example: Venezuela). Governments often establish what they believe to be "fair prices" in order to make products available to a lower income population. The truth is that there is no such thing as a "fair price" because the value of a good or service is in the mind of an individual. Flexible prices are important because they convey information about what goods are available and how much people are willing to pay for them. As the example of Venezuela illustrates merchants are not willing to provide enough products for a fixed price that is below the market equilibrium. Demand therefore exceeds supply which creates a shortage. The result is that there are not enough products available for consumers. In a free market economy price regulates itself by demand and supply resulting in the equilibrium price. This is the price that the average consumer is willing to pay for the product or service and the supplier is willing to supply enough to meet quantity demanded. Economics is FUN!
Dr Madsen Pirie, President of the Adam Smith Institute, is attempting to prove that economics is fun. His new book, Economics Made Simple: How Money, Trade a...
Silvia Clark's insight:
Dr. Pririe very nicely explains how the value of a product or service is determined. It is not based on the inputs such as labor, but on demand. As a business we assign value to our products or services depending on our economic costs that will determine the price we want to sell products and services for. However, value is created in the mind of the end consumer. This is how trade takes place in a very simplistic form. If an end consumer values our product or service enough he will trade with us for the amount of money that we ask for. If we can't sell our product or service because there is no demand it has no value.
Are you wondering, what do top social media marketing experts know that the rest of us might not be so clear about?
Silvia Clark's insight:
According to this graphic, social media marketing experts suggest to "establish your social media presence before anything else." Does this mean the branding begins without a business idea? How could one possibly start branding their business without having thought about what they are going to offer? Initial business ideas may evolve, be adjusted or simply change throughout the process of business development and one may not be able to determine the final direction of their business right from the get-go, but the original business idea is essential to any marketing plan that will ideally start with the establishment of a social media presence.
Social media marketing can be time consuming and it is important to have a plan of action by following the valuable tips described in this article. Know your audience, engage, provide content etc. Many new businesses who engage in social media marketing view these social media platforms as an extension of traditional advertising media and use the solely to promote their own business. They don't seem to understand the meaning of content marketing just quite yet. Providing content clearly goes beyond linking to a company's website that describes offered services and products. Content marketing via social media means providing free, valuable content in order to communicate with customers without selling.
Language is only the most obvious part of the global communication gap. Different cultures also have distinct approaches to communication during meetings, as described by British linguist Richard D. Lewis, whose best-selling book, “When Cultures Collide,” charts these as well as leadership styles and cultural identities.
This article explains very well why cross-cultural competence is important for multinational organizations. Social interactions require common ways of processing information among the people interacting. Cultural differences in negotiation styles as described by the author, have consequences for interacting and doing business as well as managing across cultural boundaries.
Even in their home country, managers today are confronted with an increasingly diverse and multicultural workforce that requires cross-cultural understanding.
An interesting fact is that cultural preferences can change when a person relocates to a different culture. New negotiation styles will slowly be adopted over time and as a result a "new" culture emerges that is a combination of two or more different cultures. Example: Tex-Mex population in Texas. Are they Mexicans, or US-Americans? Many of them would actually refer to themselves as being "Texans" - a clear evidence that one does not have to look abroad to detect "cultural differences."
Regional differences within a country should not be overlooked when stereotyping the entire population. For example, a Bavarian in Germany does not communicate in the same manner as a German who grew up in Berlin.
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