Introduction To Business Handouts For Assignment 11

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Develop a timeline of the evolution of business in the United States, illustrating each era creatively in a visual format and listing at least two improvements in business practices for each era. Select a future business idea, describe it briefly, identify the five factors of production necessary for its success, and analyze potential supply and demand trends, including factors that could increase or decrease demand and supply. For the six business environments, identify at least one potential problem each could face, explained in one or two sentences. Complete a table with a specific business example not previously discussed in the textbook, detailing its number of competitors, ease of entry, similarity of goods/services, and level of control over pricing. Additionally, analyze MasterCard's strategies related to big data, its data warehouse, and analytics tools, discussing how these initiatives can expand its customer base, promote client engagement, and leverage mobility and contactless payments, including potential challenges and growth trends.

Paper For Above instruction

The evolution of business in the United States reflects a dynamic history shaped by technological advances, economic developments, and societal changes. A comprehensive timeline begins with the agrarian economy of the 1600s, progressing through the Industrial Revolution of the 1800s, the rise of manufacturing and urbanization in the early 20th century, the emergence of information technology and service industries in the late 20th century, to the current era of digital and mobile commerce. Each phase brought significant improvements; for example, the Industrial Revolution introduced mechanization, increasing production efficiency, while modern digital business models leverage e-commerce platforms and data analytics to enhance customer engagement and operational efficiency.

In considering a future business, I envision launching an eco-friendly packaging service aimed at reducing plastic waste. This business will offer biodegradable and reusable packaging solutions tailored for e-commerce companies. The five factors of production include land (raw materials like biodegradable bioplastics), labor (skilled workers for manufacturing and design), capital (investment in manufacturing facilities and technology), entrepreneurship (visionary leadership to innovate sustainable packaging), and technology (advanced machinery for producing biodegradable materials). The potential demand for eco-friendly packaging is expected to grow as environmental awareness increases and regulations restrict single-use plastics. Factors increasing demand include consumer preference for sustainable products and governmental regulation; decreasing demand could result from higher costs or lack of consumer awareness. Supply factors that could increase include technological improvements reducing production costs, while shortages of raw materials could decrease supply.

Analyzing the six business environments, potential problems each might face include: competitive markets resulting in price wars; regulatory changes increasing compliance costs; technological disruptions causing industry obsolescence; economic downturns affecting purchasing power; social shifts affecting consumer preferences; and global events like pandemics disrupting supply chains. For example, a technological innovation might render current production methods obsolete, requiring adaptation.

Applying Porter’s Five Forces, a specific example such as a boutique coffee shop could be examined: the number of competitors (many local cafes), the ease of entering the industry (relatively easy with low startup costs), the similarity of goods (comparable coffee offerings, but differentiated by quality or ambiance), the level of control over price (some control due to branding and location), and the intensity of the competitive rivalry.

The case study of MasterCard’s massive databases reveals how companies manage big data challenges in the digital era. MasterCard has built a data warehouse exceeding 100 terabytes, expected to grow to 1.8 petabytes, handling millions of transactions daily. Its strategic use of data analytics enhances market share, fraud detection, customer insights, and targeted marketing. For instance, by analyzing transaction patterns, MasterCard and its partners can identify consumer preferences and develop tailored loyalty programs, thereby increasing customer retention and transaction volume. Their BI tools allow banks to create customized marketing campaigns, optimize card offerings, and improve customer experience, ultimately expanding their customer base.

MasterCard actively promotes the use of its analytics tools by providing easy access through secure online portals, offering training, and demonstrating the benefits of data-driven decision-making. Larger clients, such as major banks or retail chains, benefit significantly from advanced analytics, gaining detailed consumer insights and competitive advantages, whereas smaller clients may require simplified tools or services.

The rise of “tap-and-go” applications, such as NFC-based contactless payments, has revolutionized digital transactions. Typical use cases include quick payments at vending machines, contactless card payments in retail stores, and mobile wallet transactions through smartphones or wearable devices. Growth trends forecast increasing adoption driven by convenience, security features, and technological advancements. However, limitations exist, such as usage in broader contexts like high-value or high-risk transactions, where consumers or merchants may prefer traditional methods due to security concerns or infrastructural limitations.

MasterCard’s PayPass digital wallet presents advantages like faster checkouts and enhanced security via tokenization, but faces challenges in merchant acceptance, consumer trust, and competition from other digital wallets like Apple Pay or Google Pay. To encourage merchants to adopt PayPass, MasterCard can offer incentives such as reduced transaction fees, promotional campaigns emphasizing security and convenience, and embedding PayPass into popular payment apps.

Supporting mobility initiatives, MasterCard encounters obstacles including technological integration with existing point-of-sale hardware, ensuring data security on mobile platforms, consumer adoption hesitations, and regulatory compliance across jurisdictions. Addressing infrastructure compatibility and educating merchants and consumers about security features are among the most difficult challenges, requiring substantial investment and strategic communication.

In summary, MasterCard’s strategic deployment of big data, analytics, mobile payment solutions, and contactless technologies exemplifies how financial service firms innovate to remain competitive. Continuous advancements in data processing and mobile infrastructure will likely shape the future of digital payments, emphasizing convenience, security, and personalized customer experiences. As digital transformation accelerates, firms like MasterCard must adapt to evolving consumer behaviors, regulatory landscapes, and technological breakthroughs to sustain growth and market relevance.

References

• Basenese, L. (2011). Stock Wars: Visa vs. MasterCard. Wall Street Daily.
• Lawson, S. (2012). MasterCard, Startup PaidPiper Tap into Credit Cards for Mobile Payments. CIO.
• Wallgum, T. (2008). The Man Behind MasterCard’s 100-Terabyte Data Warehouse. Computerworld.
• The Telegraph. (2012). MasterCard to Let Users Pay by Smartphone App.
• WALL08. (2008). The Man Behind MasterCard’s 100-Terabyte Data Warehouse.
• WALL08. (2008). The Man Behind MasterCard’s 100-Terabyte Data Warehouse. Computerworld.
• LAWS12. (2012). MasterCard, Startup PaidPiper Tap into Credit Cards for Mobile Payments. CIO.
• TELE12. (2012). MasterCard to Let Users Pay via Smartphone App. The Telegraph.
• Additional scholarly articles on big data and digital payments from journals such as Journal of Business Research and PaymentsIndustry.com.
• Industry reports and market analysis from Statista, GlobalData, and the Federal Reserve reports on digital payments growth.