Month: September 2012

Formula E Series is attempting to take over the world of auto racing with the use of  electric vehicles. Chief Executive Alejandro Agag hopes to promote wider use of  battery-powered vehicles through races that take place in the the center of the world’s most popular cities. The points of parity associated with the value proposition for this business allows Formula E to focus on the same target market as the Formula 1 Series, with the additional incentive of being able to promote to a large audience the message of sustainable energy. It still includes high-speed races between some of the best drivers in the world, which is what draws customers in. The business has taken Formula One’s strengths such as high brand awareness in the sport, in particular Formula One racing, and molded it with opportunities in the market such as environmentally-friendly racing. As the world has put more importance on maintaining clean mobility and sustainability, many countries and companies are willing to assist Formula E in promoting this variation of Formula 1 racing. The company is adapting to the changes in society’s values and beliefs, and thus is able to generate interest from some of the wealthiest people in the world, such as Carlos Slim, the richest person in the world. With cities already demonstrating willingness to support this commitment to sustainability, it would not be a surprise if electric racing dominates the racing market within the next ten years.

Works Cited

Formula E Racing Series Slated for 2014 Debut. Digital image. Greener Ideal. N.p., n.d. Web. 26 Sept. 2012. <http://www.greenerideal.com/vehicles/0830-formula-e-racing-series-slated-for-2014-debut/>.

Santos, Nina Dos. “Electric Cars: Future of Auto Racing?” CNN. N.p., 21 Sept. 2012. Web. 26 Sept. 2012. <http://edition.cnn.com/2012/09/21/business/formula-e-agag/index.html?hpt=hp_bn1>.

 The impact that social media can have is far greater than what we expect. Many people who have an opinion on an issue do not express it. The one person who actually does speak up represents many more who share the same opinion. What is surprising is the number of views each Facebook ‘Share’, ‘Tweet’, follower and other forms of expression through social media is equivalent to. A comment on Forbes is equivalent to around 500 views of the article, a ‘Share’ on Facebook is worth 31 views, and a ‘Tweet’ is worth 32 views. The more effort it takes a person to express their opinion through social media, the more views it represents. For instance, writing a letter takes much longer to complete and to send than a ‘Share’ on Facebook.

The important idea to note here is the often underestimated power of these forms of expression. For businesses, they can utilize this information to track what consumers think of their company and what issues are the most significant. For example, if 50 customers write letters criticizing the customer service in a store, it would represent many more that share the same opinion. This would help companies meet the desires of their customers.

Works Cited

Facebook and Twitter Image. Digital image. Kiewa Socialising. N.p., n.d. Web. 26 Sept. 2012. <http://www.kiewa1913.com/kiewa-socialising/>.

Krogue, Ken. “The Currency Of Digital Media: Views, Shares, And Comments – Forbes.” Information for the World’s Business Leaders – Forbes.com. N.p., n.d. Web. 18 Sept. 2012. <http://www.forbes.com/sites/kenkrogue/2012/08/29/views-shares-comments-and-follows-the-new-currency-of-digital-media/3/>.

Michael O’Leary, CEO of Ryanair declared that customers who fail to print their boarding passes  are “idiots” after a mom paid $380 for 5  passes. Some consumers have defended O’Leary’s concept of companies doing “whatever they wish, as long as it’s disclosed” . For companies such as Ryanair that provide bargain prices, they rely on ‘sneaky fees’. The punishments for the forgetful compensate for the discounted fares .

The ethical dilemma associated with “stupidity fees” relates to whether or not a company is justified in doing whatever they want, given it is located in the fine print. At times this would be appropriate as companies should not have to provide their forgetful customers with extra resources, as they have already stated that it is required. In this case, the consumer is in an extremely unfavorable position as the fee charged is considerably greater than the cost incurred by the company due to customer error.  If companies make these sorts of regulations on consumers while consumers can not impose the same regulations on the companies, the deal becomes one-sided, and therefore unjust. For instance, if a flight passenger is charged $150 for accidentally deploying an emergency water slide, but a pilot that makes the same mistake and delays the flight is not charged, is that fair?

Works Cited

Ryanair flight departs without passengers from Rijeka. Digital image. Ryanair Abandons Passengers in Rijeka. N.p., n.d. Web. 26 Sept. 2012. <http://exyuaviation.blogspot.ca/2012/09/ryanair-abandons-passengers-in-rijeka.html>.

Sullivan, Bob. “The Truth Comes Out: CEO Says ‘stupid’ Consumers Deserve Hefty Fees.”Red Tape. N.p., n.d. Web. 12 Sept. 2012. <http://redtape.nbcnews.com/_news/2012/09/07/13710824-the-truth-comes-out-ceo-says-stupid-consumers-deserve-hefty-fees?lite>.