Here’s my comment for Jaskaran Chauhan’s blog post “Ethics: Should We Share?” In my response, I opposed his proposal of income redistribution in order to protect society by stating that such an act will only promote idleness and hinder innovation. Moreover, dominant individual self-interest is the reason why socialism does not, and will not ever work.
Picture source: http://lovelightness.files.wordpress.com/2011/02/money_tree.jpg
Here’s my response to Lisa Wu’s blog post on the Greek sovereign debt crisis, “Greece: Bad Politics or Bad Citizens?“
Like Lisa mentioned, the debt crisis in Greece cannot be entirely blamed on the government as there are more Greeks driving luxury cars than those who actually declare their income above the poverty line and pay taxes to the government. In order to resolve the crisis, citizens and the government must come to an understanding and work together to save the nation rather than solely focusing on their self-interest.
Picture source: http://www.overseaspropertymall.com/wp-content/uploads/2008/07/naxos-greece.jpg
With the abundance of cosmetic companies today, only one proved to stand the test of time. A known name to many, Estee Lauder revolutionized the cosmetics industry. The $20 billion company today began in the modest New York home of Joseph and Estee Lauder in 1946. Armed with four skincare products and unshakeable persistence and passion Estee was able to fill an empty niche by consistently producing affordable luxuries that every woman wants. Estee was a risk taker who refused to settle for anything less than the very best. She believed that every woman can be beautiful. The successes of the company are attributed to the recognition of a strong brand image. Estee was a woman of sophistication, the model of the brand while also being a compassionate risk taker. The company never stopped to broaden its product line. Estee understood that she was selling more than just cosmetics, she was selling confidence. By talking to clients and retailers and truly listening, she transformed the way beauty products will be marketed by being the first to generously giving out in store trials, samples and gifts with purchases, a tactic that remains essential to the sales of the beauty industry today.
You can read more about the company from Wikipedia and the company website.
Picture sources: http://img2.timeinc.net/people/i/2007/stylewatch/blog/070604/este_lauder_400x300.jpg
http://www.style.com/slideshows/standalone/beauty/icon/051204ICON/06f.jpg
Works cited:
http://www.entrepreneur.com/article/197658
http://www.google.com/finance?q=NYSE:EL
Many businesses fail to provide products and services to satisfy consumer needs and this phenomenon was thoroughly exemplified in Rita McGrath’s blog post for Harvard Business Review “Bank of America: A Case Study in Tone Deafness.” Bank of America recently forced a debit card fee on its customers, which led to disastrous results. This is a classic example of customer-relations disaster where the directors of large corporations failed to understand basic consumer sentiments. Oftentimes, decision making management members come from a glamorous lifestyle that is estranged from the mass public, thus hindering the success of their products and services. Researchers may have the best of intentions and conduct detailed surveys, but they often make crucial mistakes in translating their research into new features and products, and marketing campaigns. Moreover, very rarely do consumers know what they need or want. For many marketing departments, putting themselves in the shoes of customers is easier said than done. It is time for businesses to understand that profit does not come solely from figures on the charts but also retaining their customer base through insightful research and analysis. It is not every day that a company can score the next big idea like Apple.
Picture source: http://graphics8.nytimes.com/images/2008/02/13/timestopics/topics_bankamerica_395.jpg
Works cited: http://blogs.hbr.org/hbr/mcgrath/2011/11/bank-of-america-tone-deaf.html