Although telemedicine is a great development in medicine and science, which could possibly make medical facilities more easier available to people in rural areas and etc. Also, in my opinion it eliminates the need of physical presence, thus making getting medical help more frequently also easier.

However, as the article states, this kind of innovation comes with plenty of hurdles and consequences. Regulatory challenges such as the patient might never actually know if the doctor has a real license or not. Moreover, looking at telemedicine through a business viewpoint, one of the biggest difficulties would be to see the value proposition of telemedicine, since the administration team would never know the value of spending huge amounts of money on telemedicine implementation as not every patient would pay for these services.

In addition, sustainability is another big issue with telemedicine, since it is difficult to be certain whether these services will be reimbursed by the payers. Thus, one of the biggest conflicts is between the business and healthcare aspect of telemedicine. Nobody knows if making huge expenses on the infrastructure for telemedicine etc will actually bring back profits, but in my opinion, investments in telemedicine must continue, as it is the future of the healthcare industry, the sooner the hospitals face the challenges, the sooner they’ll reap the benefits.

article link: http://www.politico.com/morningehealth/1114/morningehealth16051.html

In response to Hui lai’s blog about how the british royal family helps boost the economy. In my opinion she is absolutely correct when she says that whenever there is an important event happening in the royal family,like the royal marriage and the birth of the royal baby, the amount of economic activity in the country increases by millions.

As strange as it may sound these royal events cheers up the nation, which is reflected in people’s increasing their spending on things like clothes similar to those the Duchess of Cambridge wore for her wedding. In addition, tourism revenues increase phenomenally because everyone wants to experience an historical event like the royal wedding.

What is interesting is how Hui lai stated that ” Those unique festivals or traditions can be something like differentiate strategy, they will not only help pass those festivals and traditions from one generation to the other, but also help boost the whole nation’s economy”. As a counter viewpoint, it might be quite unjust to hype a certain royal festival in order to get everyone spending, when saving might be a better economic decision, during times of recession.

In conclusion, this kind of economic expansion has been seen throughout history as Prince Charles was born in 1948. During that year, the UK economy grew by 3.1%. UK growth increased further to 3.7% in 1949. Prince William was born in 1982. During that year, the UK economy grew at 1.5% and then much further at 3.55% in 1983 [1]. Which justifies that royal events do not coincidentally boost economic activity. But whether it is wrong or right, is hard to justify!

[1]- http://blogs.lse.ac.uk/politicsandpolicy/do-royal-babies-boost-the-uk-economy/

Hui lai’s blog: https://connect.ubc.ca/webapps/portal/frameset.jsp?tab_tab_group_id=_2_1&url=%2Fwebapps%2Fblackboard%2Fexecute%2Flauncher%3Ftype%3DCourse%26id%3D_45358_1%26url%3D

The article states that, a first nations group in British Columbia has decided to start a corporation of growing medical marijuana to help cure certain diseases afflicting indigenous populations.

In my opinion, this business proposal will have a very positive impact on the first nation community, as the business will help the first nation people earn profits and become more financially stable, moreover, since the rate of diabetes and chronic disease etc is higher amongst the first nation people as compared to the rest of the Canadian population, the medical marijuana will be available for them and they won’t have to spend on more expensive medical drugs.

In addition, this first initiative by the first nation band in British Columbia, will not only create jobs for many other aboriginal people (around 900 people, as stated in the article), but also there will be a ripple effect which will promote other first nation people in other provinces of Canada to probably take the same step and continue the medical marijuana corporation, thus the overall impact can improve the financial status of the whole first nation community.

In conclusion, one of the downfalls of this initiative is that the whole medical marijuana industry is uncertain and there are limited users, hence, whether the corporation will make profits is a huge question.

Article link: http://www.theprovince.com/health/First+Nation+considers+growing+medical+marijuana+reserve/10366723/story.html#__federated=1

It’s hard to comprehend why small businesses in Canada are lagging in growth, since the recent currency fluctuations have less impacts on small businesses. Thus, this should be a positive scenario for small businesses as a fall in the loonie must help them increase exports.

However, as the article states, small businesses in Canada don’t have financial knowledge and they don’t know what is the correct price for their goods and services. Which means that they are uncertain whether they are undercharging or overcharging their customers.

In my opinion being oblivious to the value or worth of the business, means that the owner isn’t ready to sell! That is he won’t be able to survive for more than five years in the Canadian economy, since he isn’t preparing his business for the uncertainties of the future. For example if he ever has to sell his business in the future, he’d be unable to do so, since his business isn’t organised. The accounting part isn’t clear, as the article states that 51% of small businesses do their own bookkeeping.

Hence, in order to survive and grow, these small businesses in Canada will need to get help from CPA, and hire accountants. In conclusion, the government of Canada must help them with easing regulations and helping them with the funding of their businesses.

Article link: https://ca.finance.yahoo.com/blogs/balance-sheet/small-business-owners-in-canada-dont-know-their-worth-152506597.html

The article states that, unhealthy food and beverages companies like Subway, Slurpee, Coca-Cola and Maltesers are utilising social media (for example: Facebook) to promote and increase sale of their products.

In my opinion these businesses are marketing their products extremely prudently, since they are focusing on the 7 Ps of marketing in business. For example using Facebook as the medium for promotion, ensures that the cost spent on marketing is negligible. Moreover, the people these companies are focusing on are users of Facebook, which consists of a majority of teens and young adults, who are relatively easy to influence. An added advantage of these companies using social media is that teenagers can actually add to the business promotions, by sharing these products online with their acquaintances and friends.

Moreover,these junk food and beverage companies are aware that the amalgamation of technology and marketing, makes selling their products and making larger profits easier, since on their Facebook pages they can just add a button which allows Facebook users to place orders for their products without having to navigate away from the page. Hence using technology and marketing makes it more convenient for users to buy unhealthy products, thus increasing the chances of them buying it.

In conclusion, even though companies like Coca-Cola which manufacture products which have many health risks involved, can make huge profits if they market their products well, by being aware of their target group and methods of promotions.

Article link: http://www.medicalnewstoday.com/articles/284039.php

Scotiabank has decided to make at least 1500 of its workers redundant and will downsize around 120 of its international branches, despite making profits!

Why would Scotiabank do that though? It could be imitating BMO’s decision to do the same in 2013 or it could actually be a prudent decision because it could benefit them in the long run, since speculation predicts that interest rates will be very high in the future. However, in the short run this decision to lay off workers will have an adverse effect on the bank, since the their stock prices will fall.

Moreover, the productivity of the bank will improve as, it has decided to replace workers with automated technology. Thus, in my opinion, even though Scotiabank will have to pay the restructuring charges for laying off workers, which will reduce the bank’s profit levels, in the long run, the bank is saving itself from a major risk of losing out on huge profit levels, since, as speculated, if interest rates become very high, people will stop borrowing from the banks.

In conclusion, Scotiabank has made a good decision by speculating and preparing for a potential storm.

article link: http://www.cbc.ca/news/business/scotiabank-to-cut-1-500-jobs-amid-restructuring-charges-1.2822896

In response to Danbe Kim’s blog on Zappos’s driven workforce, I completely agree with her that a motivated workforce, which according to me is the most important factor of production, is a key to success for any business, especially in the service sector.

In my opinion, the way in which Zappos has become one of the most popular online shoe stores in North America is through their unusual HR policies.For example, as Danbe stated, paying the worker to quit the job. Moreover, Zappos’ point of difference like 365 days return policy and no time limit on customer calls, is what really makes them stand out as compared to other online shoe stores.

But what really makes Zappos successful is that the business ethic in Zappos goes beyond the norms of any other large firm and ensures that each and every worker has a sense of belonging and a sense of importance.

I cannot think how this kind of business foundation could ever fail, since I can relate Zappos to another huge industry in India, the Tata Group. The Tata group also concentrates intensively on training it’s workers to cater to the patrons. They ensure that before making the customers happy, their workers are happy and well trained.

Hence, in conclusion, seeing the success of Zappos and the Tata group, shows how they are doing something right, which other firms in the service sector must take a note from.

Danbe Kim’s blog post: https://connect.ubc.ca/webapps/portal/frameset.jsp?tab_tab_group_id=_2_1&url=%2Fwebapps%2Fblackboard%2Fexecute%2Flauncher%3Ftype%3DCourse%26id%3D_45358_1%26url%3D

Article link: http://www.newyorker.com/magazine/2009/09/14/happy-feet

I believe that every business has its bad and good days, one just has to know how to deal with problems and make it their strength. With the increasing amount of business nowadays, every business cant be successful. Every business has its ups and down.

As the Xs Cargo Co. of Mississauga, Ont. has pounded in the face of competition from big-box discount rivals.They began their final liquidation sale over the weekend(28th september) and closed its 50 stores in 8 provinces across Canada.
Big Lots and Xs Cargo were on the same line which carried a similar line up of goods such as housewares, home decor, home electronics and furniture. Xs Cargo filed a notice to restructure under Canada’s Co. Creditors Arrangement Act (CCCA) on July 30, reporting its assets of approx $15.8 million and liabilities of $18.7 million. It also owed $7.4 million to its unsecured creditors. Xs Cargo pushed itself to the breaking point because they lowered their price to compete with Walmart Canada which was not fruitful to them. (Hollie Shaw, Page 1)
Through the past six months , they experienced a slump in their sales due to the appearance of a well known American discount retailer who entered the Canadian market.Xs Cargo struck an agreement with Boston- based Tiger Capital Group on Sep. 15 to settle the stores and the deal was approved on Sep. 19.
Not just Xs cargo but many other warehouse are shutting because of the increased amount of business and competition in the market. For instance Toronto based Bowring and Bombay Co. furniture and Montreal based Boutique Jacob.
Companies should accept challenges and opportunities in the world of business because its necessary for the growth and development of business in a health spirit.

Article link: http://business.financialpost.com/2014/09/28/mississauga-warehouse-retailer-xs-cargo-to-close-its-50-stores-across-canada-after-failed-bid-to-restructure/