Tuesday, April 21, 2009
Thursday, April 9, 2009
Blog 7
This article is entitled A.I.G Bonuses of $50 Million Will Be Repaid. This article discussed how the New York State Attorney General was working his way down the list of people who got the highest bonuses from A.I.G. As of March 23 he had persuaded nine of the top ten bonus receivers to giver back the bonus money, totaling to $50 million out of the $165 million given out in bonus. The Attorney General is hoping to recover $80 million in bonus money, while an additional $85 million had gone to people outside the US and would most likely not be able to be recovered. By retrieving this bonus money A.I.G. will be able to put it back into the community and help out its customers. Many of the employees receiving the large bonuses are mostly likely already well off and could do without. But there are many people who depend on their retirement money or insurance. This $50-$80 million will allow the company to help out many more people then just 10 employees.
Blog 6
My articles is entitled When Economy Sours, Tootsie Rolls Soothe Souls from the march 23 edition of the New York Times. This articles states that "Many big candy makers are reporting rising sales and surprising profits even as manufacturers of other products are struggling to stay afloat. Cadbury reported a 30 percent rise in profits for 2008 while Nestle’s profits grew by 10.9 percent, according to public filings. Hershey, which struggled for much of 2008, saw profits jump by 8.5 percent in the fourth quarter". Candy is a comfort food which is cheap, therefor making it easily accessible to those who have lost jobs or need a small pick-me-up during the rough economic times. This can help to raise sales in stores which stock candy or even candy specific store. While this does not personally affect me because I do not normally eat candy. I know several people who i have noticed buy more candy or even eating more sweets. I do think that it would be a great idea for employers to place out small cansy dishes around the office to allow there stressed workers and little sweet escape from the work day.
Friday, February 27, 2009
Blog 5
My article this week is Snuggie on the Street: Watch Your Back. This article discusses the reaction a journalist had while walking around NYC wearing a Snuggie. The main problem encountered was that the snuggie was that was staticy. Although you would generally think that many people would have had issue with someone roaming around NYC in a snuggie, but many people were excited. The author made several comments about wishing the blanket had pockets or a tie to close the back with in addition to sleeves. This article can affect the retail industry because of the comment about pockets and closure on the back. The snuggie has been a excellent success for its creators. If they created one with pockets and a closure it would most likely be just as popular! I know people who own snuggies and if they came out with a new one I could see them purchasing it.
Thursday, February 19, 2009
Blog 4
My article is titled Economy Adjusts Store Relations on Madison Avenue and was taken from the February 19 edition of The New York Times. This article discusses how designer stores are getting away from their traditional form of customer service during the recession. In past years it was normal for sales clerks to size up their customers as soon as they entered the door. Normally if a person’s shoes or watch was not expensive then clerks would not pay them any attention. The recent economy has sales clerks at many designer stores giving exceptional customer service to anyone who may be carrying a credit card, regardless of their shoes and watch. The author stated that within minutes of walking in to Chanel on Madison Avenue in jeans and a sweatshirt he had a $4,500 watch placed on his wrist by a gleeful sales clerk. Upon entering Tom Ford’s Madison Avenue store the author was offered his choice of a beverage which was then delivered by a butler.
If people who do not normally fit the designer clothing mold are treated the same way as people who obviously have money, then they will be more likely to buy. I personally do not think that judging people when they first come in is an appropriate practice. Just because someone is not wearing a few thousand dollars worth of clothing, does not mean they are poor. Not everyone with money flaunts it. I also know of many students who save their money to be able to afford that designer pocketbook. I know that I personally do not like shopping in stores where people are rude or ignore me. I feel that being politer to customers that do not fit the normal preferred customer profile could help raise sales at the designer stores. Some people can be convinced by good service to buy a product even if they do not currently have the money via a credit card.
http://www.nytimes.com/2009/02/18/fashion/18SHOPPING.html?ref=fashion
If people who do not normally fit the designer clothing mold are treated the same way as people who obviously have money, then they will be more likely to buy. I personally do not think that judging people when they first come in is an appropriate practice. Just because someone is not wearing a few thousand dollars worth of clothing, does not mean they are poor. Not everyone with money flaunts it. I also know of many students who save their money to be able to afford that designer pocketbook. I know that I personally do not like shopping in stores where people are rude or ignore me. I feel that being politer to customers that do not fit the normal preferred customer profile could help raise sales at the designer stores. Some people can be convinced by good service to buy a product even if they do not currently have the money via a credit card.
http://www.nytimes.com/2009/02/18/fashion/18SHOPPING.html?ref=fashion
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