Ways That You Already Incorporate Business Concepts Into Your Everyday Life
- empoweringeconomics
- Jun 25, 2020
- 2 min read
Today we’re going to talk about how you already experience basic business concepts in everyday life, so that you realize it’s more prevalent in your life than you might have thought. Once you read these common examples I came up with, you’ll realize that utilizing business concepts is something you’ve been doing for your whole life!
Let’s start off with a movie scenario. Have you ever noticed that there’s usually differently priced movie tickets for each showing? For example, for any given movie there might be a standard showing and 3-D. Standard is typically a few dollars less than 3-D, and there’s usually more seats available for standard too. Why is that? Supply and demand. This business concept explains that the amount of a product or service and how much people want it directly affect how much they pay for it. This relates to the movie scenario because the 3-D experience is seen as cooler and more desirable, so you will be more inclined to pay more money for the experience.
Next, have you ever tried to convince your parents to buy you something that you really wanted? Maybe it was a new pair of shoes or the new iPhone you really wanted. Obviously, you would keep trying to “sell” the product to your parents as if you were a salesperson who really wanted them to buy it – all the while using a common concept called marketing. Marketing is the process of promoting or trying to persuade someone to purchase something.
Finally, have you ever been the frontrunner in your team for a school project and made sure that you kept everyone on track? Did you make sure that you set constant goals and delegated tasks to make sure that your team finished their assignment when they were supposed to? This is known as project management, and is translated as the exact same process in the business world. Project management essentially means planning a project, making sure your team knows their individual tasks, and keeping track of time so that the assignment is executed on time, though not for a grade like your school projects are for!
Comments