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Business News--Why is it Important?




This week in the BUS 2001 class, we discussed the business environment as a whole. We talked about how changes in this environment affect each sector of business, even though these effects are not always obvious. This understanding brought us to realize the importance of keeping up with what's going on in the world of business via reliable news sources and analyzing this information to see how it affects our particular major. We discussed a few reliable news sources and what to do to sign up for daily business news. 

After this, we were split into teams and told to find a news article to analyze that relates to the business world. Each member analyzed the article based on his or her unique perspective that comes from having different areas of interest. 

The current news event that my group picked was the launch of SpaceX's powerful rocket on Tuesday. We read an article by the Wall Street Journal that gave the details of the launch and highlighted the goal of the company to eventually take tourists on trips to the moon. We discussed the different ways that this new level of space travel would effect each of our majors. It was certainly interesting to hear how each person in my group had a very different view of the article and its application. I certainly heard viewpoints that I never would have thought about just by reading the article and contemplating it on my own. 

My major is Marketing, so of course a new tourist attraction, and such a revolutionary one as exploring the moon, has a lot of potential in the marketing sector of business.

In my opinion, there are three major effects that this event would have on marketing. The first one is the huge opportunity is would open up for the development of new and innovative advertising campaigns. This would give markers a nearly blank canvas to cover with creative appeals to potential moon tourists. The second way in which it would affect marketing is that, once the travel was begun, there would be all-new marketing data to analyze. This includes the demographics and personalities of those who are interested in moon travel. It would probably lean heavily toward those who are risk takers and travel enthusiasts, but there could potentially be other more surprising results. The third way in which moon tourism would effect the marketing sector is the potential global reach of this new attraction. Since the moon is a very much global feature, this tourism business would have little trouble taking hold in other parts of the world. This would require marketers to think more globally and market this attraction either more generally, to appeal to everyone, or more specifically to different regions of the world.

While there are many other ways in which marketing would be affected, these are just a few of the ones I believe are the most obvious and important. I'm excited to learn more about the world of business through reading interesting articles like this one and seeing how they provide new opportunities for those in marketing.

If you do not currently follow the news, I'd love for you to join the BUS 2001 class in our new endeavor. The business world is a dynamic place and if you don't pay attention, you may get behind! I encourage you to find a good, reliable source for business news and read a little every day. You'll be surprised by what you learn!

 As always, feel free to comment and share.

 Thank you for reading!

-Brooklyn French


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