Cuba has been known for its empty promises to citizens regarding economic reforms but recent news show that the winds of change have finally arrived at the country. For the first time in 50 years, the country is passing new laws as part of Raúl Castro’s plan  to boost the economy.

Throughout the Cold War, Cuba received significant economic and military assistance from its closest ally, the Soviet Union, and Havana found itself billions of dollars in debt to Moscow. In December 2013, the Russian Federation forgave 90% of Cuba’s debt, reducing the amount owed from $32 billion to $3.2 billion. Under the new agreement, Cuba has a decade to pay off this manageable amount. Plus, according to the CIA Factbook, Cuba’s GDP in 2012 was an estimated $121 billion and is increasing each year.  With these two factors working in tandem, Cuba is quickly eliminating its debt and increasing economic growth.

The Cuban government also took some steps to improve the lives of its people. Last July at the International Press Centre in Havana, government representatives revealed their plan to unify Cuba’s twin currencies (Cuban pesos used by locals and “convertible” pesos used by tourists) to reduce income inequality. The government has also renewed leases for land to be given to private farmers or co-operatives, relaxed restrictions on loans, allowed cars to be bought or sold freely, and permitted civilians to surf the internet at one of 118 internet centers.

But that‘s not all; the Cuban reform is also expanding in collaboration with other countries. The Brazilian government is seeking to hire Cuban doctors to work in parts of Brazil’s poor public health system to improve public services and exert influence in Cuba. With Brazilian exports to Cuba currently amounting to $450 million a year and Cuba reaping nearly $270 million a year from the deal,  the medical alliance between the countries has proven to be beneficial to both economies.  Brazil now ranks among Cuba’s largest trading partners and this relationship could help Brazilian companies find more or perhaps even better opportunities abroad. Other countries have also looked into doing business in Cuba such as Spain, a leader in foreign direct investment and tourism.

According to Cuba Headlines, Cuba’s GDP grew only 2.7 percent, far lower than the forecasted 3.6 percent. Cuba still has a long journey ahead to economic success, but with these new plans in place, the future of the country seems promising.

Brands like Zara have transformed the fashion industry. This fashion-forward company is rapidly growing, while other retailers are struggling to get customers through the door.  While traditional specialty retailers have in-house design teams working on next season’s fashions, “fast fashion” retailers like Zara work on styles that accurately on trend.

The consequences of incorrectly forecasting fashion trends a year in advance are deadly to any retailer. Unpopular items will be marked down, which hurts the company in the long run. Zara’s unconventional business model eliminates this risk.

The company’s main approach includes stocking very little and renewing collections often. Unlike other brands that only update their inventories seasonally, Zara’s stores are restocked with new products twice a week. This strategy works in two ways. First, it encourages customers to come back to the store frequently. It also gives shoppers a sense of urgency to buy products that will soon be out of stock.

Zara’s factories in Spain, Portugal, Morocco, and Turkey produce its trendiest clothes. This accounts for about half of Zara’s inventory. Its more basic garments are ordered about six months in advance from factories in Asia, where labor costs are much lower, then sent by ship to Spain.

Zara executives have invested in high-tech equipment and extra capacity that allows their factories to  respond to unexpected production fluctuations. This is something many Asian manufacturers lack the ability to do. Once new products have been examined, arranged, and tagged, they’re packed overnight, loaded onto trucks, and taken directly to a store or the airport. The trucks and planes run on established schedules, delivering clothes to most stores within 48 hours.

Zara’s process innovation is truly revolutionary and makes this company fast and market-responsive. It’s no wonder that Zara has climbed its way to the top of the fashion industry.

To learn more about the methods, policies, and institutions involved in the flow of goods from retailers like Zara to its customers, take MKT 3000: Marketing Foundations!

Christmas is a time for giving. It’s a time for sharing, loving, and caring. And, this year, Canadian Airline ‘WestJet’ has taken that into some serious consideration. Instead of spending millions on commercial marketing, this clever company decided to take a different route. With the help of 175 volunteers, an in-house flash mob, and Santa himself, they sought out to make holiday wishes come true. After setting up an electronic booth that asked customers what they’d like for Christmas, volunteers scrambled into a shopping spree to find everything that was on the wishlist. Not everyone received exactly what they wanted, like a large diamond ring, but many lucky recipients received tablets, phones, and even a flat screen TV. But the idea wasn’t to buy off customers; it was to let them know that they were being heard.

Perhaps not everyone can afford such a grand gesture, but it’s nice to know that some businesses believe that people truly come first. And, in this tear-jerking video, we see just how easy it is to make a difference.