6A – Identifying Opportunities in Economic & Regulatory Trends
1. More companies are choosing to keep their businesses in the United States rather than outsourcing.
A) Where I found it: https://www.forbes.com/sites/forbestechcouncil/2018/03/21/outsourcing-in-the-new-normal-three-trends-reshaping-the-global-industry/#4135d0ff53fa
B) Why I believe info may suggest that an opportunity exists: I believe that this info is encouraging for American businesses because people are more aware of the products that they are buying and the work that is going in to make them. The article that I found from Forbes.com suggests that the new presidency has caused this economic trend to be even more prevalent as Trump emphasizes the importance of supporting American companies. More businesses can compete with popular shoe-making brands that often outsource their productions since people will like the "American appeal."
C) Prototypical customer- Large businesses should be more cautious of this economic trend because while they may pay more for labor, they can earn the money back through strategic marketing and campaign ads. I can already envision great commercials talking about the importance of supporting the American dream and believing in the country's abilities to come together.
D) Difficulty of exploiting idea- I think that this idea is very achievable and pays off in the long-run. A lot of times companies that manufacture overseas do not maintain the best environmental conditions and/or even labor treatments. By employing individuals in the United States, businesses will be able to more accurately uphold proper standards and convey their passion for what they do sincerely.
E) Why I see this opportunity- I believe that this opportunity is so important because it provides more jobs for American workers and it encourages healthy environmental and labor practices.
2. Baby boomers aren't retiring.
A) Where I found it: https://www.thebalance.com/top-usa-future-economic-trends-3305666
B) Why I believe info may suggest that an opportunity exists: Due to the fact that over half of those aged 45-75 were forced to delay retirement because of the recession, more people are seeking part-time jobs during their older age. More people that would typically retire are taking on multiple jobs to spend their time and increase their income due to fears of another recession.
C) Prototypical customer: There is great opportunity for more businesses to hire baby boomers to take on part-time jobs. By doing so, the company can save money by paying them for less hours and using their great skill sets to contribute to the working environment. Older people can also serve as mentors to younger workers and both of the groups can learn from each other to best contribute to the economy.
D) Difficulty of exploiting idea: I think that the most difficult part of this idea is that since there are a greater amount of people in the work place, it is becoming more difficult for people to compete for jobs. With that being said, both age groups have different skills to offer and can be used in unique ways.
E) Why I see this opportunity: I feel that many elderly people have less things to focus on since they typically do not have to take care of their kids all of the time and can dedicate their passions to other things.
3. Electric cars are becoming more popular due to climate change regulations imposed on the manufacturers.
A) Where I found it: https://www.marketwatch.com/press-release/electric-vehicles-market-2018-is-estimated-to-reach-us-3565-million-and-growing-at-1896-cagr-by-2023-2018-05-31
B) Why I believe info may suggest that an opportunity exists: As technology approves, more people are able to afford the appeal of electric cars and can afford to invest in them. There are many benefits to driving these types of vehicles and an important factor deals with the positive influence on the environment. More companies are feeling pressured to keep up with this trend as they must meet environmental standards and want to score highly and various rating systems.
C) Prototypical customer: Consumers that care about the environment and want to save money on gas are most likely to invest in electric cars. More companies should engage in developing different models of these vehicles as there is a limited market for designs in the current economy. This trend seems to only be increasing and has great potential over time.
D) Difficulty of exploiting idea: I do not think that this idea is super difficult to go through with as there are already great resources from suppliers to build these vehicles and manufacturers simply need to look into more ways to innovate their designs. There is also not too much competition on the market right now as companies are still behind in the process.
E) Why I see this opportunity: I truly believe in this opportunity because I am very passionate about saving the environment and would like to help in any way that I can. I know that there are also many other individuals that feel the same way and would be interested in buying an electric car that is reasonably priced and stylish.
4. Increased cybersecurity measures are being put in to place due to more risks of hacking.
A) Where I found it: https://www.bluefin.com/bluefin-news/global-cybersecurity-laws-regulation-changes-2018/
B) Why I believe info may suggest that an opportunity exists: The new Executive Order 13800 ensures that heads of executive departments and agencies perform risk management audits and then complete a comprehensive report. This order creates job opportunity as more people are needed to be knowledgeable on cybersecurity and ways to prevent hacking issues.
C) Prototypical customer- More people are concerned with the protection of their information and are placing more value on organizations that ensure their safety in regards to their finances and personal details. With properly trained individuals in cybersecurity, more companies can feel comfortable conveying their safe image to their consumers. This regulatory trend affects all companies and should be taken extremely seriously.
D) Difficulty of exploiting idea: This idea may be difficult to go through with as companies may not have the money to hire people specifically trained in this industry and may not have the proper resources. In the end though, the idea is worthwhile and beneficial to both the customers and the business.
E)Why I see this opportunity: I am confident in this opportunity because I am always hearing about all of the updates in the cybersecurity industry since my brother works in it and is very passionate about protecting people's information. I hope that more companies take this regulation very seriously so that I don't have to hear about more issues on the news or be personally affected by it.
A) Where I found it: https://www.forbes.com/sites/forbestechcouncil/2018/03/21/outsourcing-in-the-new-normal-three-trends-reshaping-the-global-industry/#4135d0ff53fa
B) Why I believe info may suggest that an opportunity exists: I believe that this info is encouraging for American businesses because people are more aware of the products that they are buying and the work that is going in to make them. The article that I found from Forbes.com suggests that the new presidency has caused this economic trend to be even more prevalent as Trump emphasizes the importance of supporting American companies. More businesses can compete with popular shoe-making brands that often outsource their productions since people will like the "American appeal."
C) Prototypical customer- Large businesses should be more cautious of this economic trend because while they may pay more for labor, they can earn the money back through strategic marketing and campaign ads. I can already envision great commercials talking about the importance of supporting the American dream and believing in the country's abilities to come together.
D) Difficulty of exploiting idea- I think that this idea is very achievable and pays off in the long-run. A lot of times companies that manufacture overseas do not maintain the best environmental conditions and/or even labor treatments. By employing individuals in the United States, businesses will be able to more accurately uphold proper standards and convey their passion for what they do sincerely.
E) Why I see this opportunity- I believe that this opportunity is so important because it provides more jobs for American workers and it encourages healthy environmental and labor practices.
2. Baby boomers aren't retiring.
A) Where I found it: https://www.thebalance.com/top-usa-future-economic-trends-3305666
B) Why I believe info may suggest that an opportunity exists: Due to the fact that over half of those aged 45-75 were forced to delay retirement because of the recession, more people are seeking part-time jobs during their older age. More people that would typically retire are taking on multiple jobs to spend their time and increase their income due to fears of another recession.
C) Prototypical customer: There is great opportunity for more businesses to hire baby boomers to take on part-time jobs. By doing so, the company can save money by paying them for less hours and using their great skill sets to contribute to the working environment. Older people can also serve as mentors to younger workers and both of the groups can learn from each other to best contribute to the economy.
D) Difficulty of exploiting idea: I think that the most difficult part of this idea is that since there are a greater amount of people in the work place, it is becoming more difficult for people to compete for jobs. With that being said, both age groups have different skills to offer and can be used in unique ways.
E) Why I see this opportunity: I feel that many elderly people have less things to focus on since they typically do not have to take care of their kids all of the time and can dedicate their passions to other things.
3. Electric cars are becoming more popular due to climate change regulations imposed on the manufacturers.
A) Where I found it: https://www.marketwatch.com/press-release/electric-vehicles-market-2018-is-estimated-to-reach-us-3565-million-and-growing-at-1896-cagr-by-2023-2018-05-31
B) Why I believe info may suggest that an opportunity exists: As technology approves, more people are able to afford the appeal of electric cars and can afford to invest in them. There are many benefits to driving these types of vehicles and an important factor deals with the positive influence on the environment. More companies are feeling pressured to keep up with this trend as they must meet environmental standards and want to score highly and various rating systems.
C) Prototypical customer: Consumers that care about the environment and want to save money on gas are most likely to invest in electric cars. More companies should engage in developing different models of these vehicles as there is a limited market for designs in the current economy. This trend seems to only be increasing and has great potential over time.
D) Difficulty of exploiting idea: I do not think that this idea is super difficult to go through with as there are already great resources from suppliers to build these vehicles and manufacturers simply need to look into more ways to innovate their designs. There is also not too much competition on the market right now as companies are still behind in the process.
E) Why I see this opportunity: I truly believe in this opportunity because I am very passionate about saving the environment and would like to help in any way that I can. I know that there are also many other individuals that feel the same way and would be interested in buying an electric car that is reasonably priced and stylish.
4. Increased cybersecurity measures are being put in to place due to more risks of hacking.
A) Where I found it: https://www.bluefin.com/bluefin-news/global-cybersecurity-laws-regulation-changes-2018/
B) Why I believe info may suggest that an opportunity exists: The new Executive Order 13800 ensures that heads of executive departments and agencies perform risk management audits and then complete a comprehensive report. This order creates job opportunity as more people are needed to be knowledgeable on cybersecurity and ways to prevent hacking issues.
C) Prototypical customer- More people are concerned with the protection of their information and are placing more value on organizations that ensure their safety in regards to their finances and personal details. With properly trained individuals in cybersecurity, more companies can feel comfortable conveying their safe image to their consumers. This regulatory trend affects all companies and should be taken extremely seriously.
D) Difficulty of exploiting idea: This idea may be difficult to go through with as companies may not have the money to hire people specifically trained in this industry and may not have the proper resources. In the end though, the idea is worthwhile and beneficial to both the customers and the business.
E)Why I see this opportunity: I am confident in this opportunity because I am always hearing about all of the updates in the cybersecurity industry since my brother works in it and is very passionate about protecting people's information. I hope that more companies take this regulation very seriously so that I don't have to hear about more issues on the news or be personally affected by it.
We can see that you put your heart in this assignment. Every subject you chose to cover (whether related to Business or Regulatory trends) were interesting to me, especially the article "More companies are choosing to keep their businesses in the United States rather than outsourcing". The reason I liked this article is because it is actually related to both business and regulatory trends In fact, companies decide to stay or relocate in other countries based on producing costs but also on the politics from the US government toward these companies.
ReplyDeleteI found your opportunity of cybersecurity to be extremely fascinating. Although many of our political leaders are focused on the threat of weapons and terrorism, biosecurity is a crucial issue. With the amount of essential systems (i.e. power grids) connected to the internet, it is possible that a cybersecurity attack could have massive impact. Unfortunately, I believe that the ability to exploit the increasing demand for electric cars is much harder than you stated. Even billion dollar companies have struggled to develop electric cars that have extended range and quick charging capability. I believe that it will require a massive increase in battery and charging technology to truly exploit this opportunity.
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