Happy Holidays from all of us at BEB-Business Extension Bureau!
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The U.S. GDP is at 6.9%. U.S. real GDP growth rate (annualized) during the fourth quarter of 2021, up from the 2.3% growth in the third quarter. For all of 2021, real GDP grew by 5.7%, versus a 3.4% decline in 2020.
So, what exactly IS GDP? It’s an acronym for Gross domestic product. It is the total monetary or market value of all the finished goods and services produced within a country’s borders in a specific time period. As a broad measure of overall domestic production, it functions as a comprehensive scorecard of a given country’s economic health.
The calculation of a country’s GDP encompasses all private and public consumption, government outlays, investments, additions to private inventories, paid-in construction costs, and the foreign balance of trade. (Exports are added to the value and imports are subtracted).
Of all the components that make up a country’s GDP, the foreign balance of trade is especially important. The GDP of a country tends to increase when the total value of goods and services that domestic producers sell to foreign countries exceeds the total value of foreign goods and services that domestic consumers buy. When this situation occurs, a country is said to have a trade surplus.
If the opposite situation occurs—that is the amount that domestic consumers spend on foreign products is greater than the total sum of what domestic producers are able to sell to foreign consumers—it is called a trade deficit. In this situation, the GDP of a country tends to decrease.
GDP can be computed on a nominal basis or a real basis, the latter accounting for inflation. Overall, real GDP is a better method for expressing long-term national economic performance since it uses constant dollars.
A constant dollar is an adjusted value of currency used to compare dollar values from one period to another. Due to inflation, the purchasing power of the dollar changes over time, so in order to compare dollar values from one year to another, they need to be converted from nominal (current) dollar values to constant dollar values. Constant dollar value may also be referred to as real dollar value.
Successful marketing strategies use economic indicators to make sound decisions and identify the best timing for messages. The economy has a direct impact on the way we market to consumers and understanding the connection is an essential practice to any successful campaign.
PRINTING United is a brand-new trade show built on the strong foundation of the SGIA Expo. This newly relaunched event will provide access to the latest solutions for apparel, graphics/wide-format and functional printing applications, while also extending into the commercial, packaging, and in-plant printing segments.
PRINTING United is a strategic response to market forces that are necessitating out of the need for a single industry exhibition that provides “one-roof” access to all printing technologies, as well as a wealth of educational and networking opportunities.
PRINTING United will provide a window to view the future of the printing industry and we will be there! See you in Dallas!
There is no place like Texas in March. The average high is around 72°F and it’s Bluebonnet season. If you’re lucky enough to be here during this time of year, I hope you get the chance to go for a drive to see the beautiful landscape.
It’s also a very busy time of year for us at BEB. March means rodeo, and I have worked as a volunteer for the Houston Livestock Show & Rodeo for many years. The organization not only brings some of the best shows and food to Houston, it has contributed more than $75 million in research, grants and scholarships.
Last month, we attended the National Auto Dealers Association convention in California. Later this month, we head for the annual Mailing & Fulfillment Services Association conference in the Woodlands. Also, we will be co-hosting the PIGC annual Graphic Excellence Awards in April. It’s important that we stay active with industry associations which is why we serve on several boards and have staff active on committees and educational programs.
This year, in an effort to better serve you, our operations managers, client services representatives and executive staff are becoming Certified Mail Professionals from the program provided by global think tank and industry giant, Idealliance.
The Certification requires 11 hours of classes covering 28 modules that focus on postal compliance and regulations. This comprehensive training has been challenging and spawned a lot of lively discussions.
To celebrate our 70th year in business we will highlight some of our rich history that will include photos, mail pieces, and newsletters from the past.
Our first features a BEB newsletter that was written and mailed in February 1963. We review the dramatic changes that occurred over that 56-year time span and reflect on several items that haven’t really changed at all! We hope you enjoy.
This edition also includes an article explaining Dynamic Pricing, we define Account Based Marketing, and have a feature about the Russian Post. They have started selling beer at their rural post offices as a way to keep unprofitable branches open and viable.
We included an article called: “Direct Mail Basic Training.” As many of you are working on Easter campaigns, we thought that an outline of the basics may be a handy reference point.
We also review Trigger Direct Mail. This strategy uses data collected online to engage clients offline.
We got involved to honor our Rama Moore. She worked for my family for over 40-years and lost her battle with ovarian cancer in 2017. We call the race, The Run for Rama.
Last year we raised over $5,000 and had over 30 people who walked or ran in the race. If you would like to make a donation, or join us for this inspiring event, go to runforrama.com or contact us directly.
Be sure to check in with us through our weekly blog or one of our social media sites as we will continue to keep you abreast of the latest industry trends & postal happenings.
As always, thank you for your business and partnership.