Marketplace

MARKETPLACE
,
NEWSLETTER
PAGE 5, DECEMBER 30, 1974
Today's Youth
The past 4 yea.rs, since the beginning of this decade, have been a very rough training
period for the young men who have entered the industry. Not only have they been confront-
ed with galloping inflation but also with an energy crisis that evolved into a great many
shortages. They have seen overhead expenses double. Watched as labor costs and the cost
of equipment, parts and supplies zoomed to new, high records. In short, received their
basic training during one of the most crucial periods in the history of this industry.
Nor has the crisis a.bated. Inflation has now soared to over 14%. A recession is under
way. Unemployment is increasing and may reach close to 10% in many areas, according to
economists, before the new year is well under way. Whereas most of their fathers started
in this industry during the worst depression in American business history, the early
'30s, these young men, their sons, face as great if not a greater challenge to survive
in this business.
Only the enthusiasm, the resiliency of youth, can overcome the problems ahead. Since
most of these young men have been well educated they have a much higher regard for logic
as well as a better understanding of economics. They realize they must, like all busi-
nessmen, price up to offset the effect of inflation on income. From discussions we have
had with them, they agree on "2-Bits" pricing. Agree on music at 1/ 25¢, 3/ 50¢ and 7/$1.
Agree the time is long past due for a more equitable commission arrangement with their
locations.
Most of all they believe this is the time for an educational public relations program.
They feel all leading firms in the industry should get together on such a program. We
pointed out to some of these young men that we have, for over 40 years, cried for a
"National Coin Machine Public Relations Bureau". We hope, before this decade is over,
these young men will achieve to great public relations.
We were extremely pleased to hear these young men confidently face up to the chal.len-
ges confronting them in the industry at this time. They're not worried. If anything at
all, the majority are enthusiastic over the future. They foresee better times ahead.
Believe new type equip't will reopen much territory and that locations will accept new
arrangements. They believe there will be many changes in operating methods, in pricing,
in buying and selling, and that the industry will grow and prosper.
Ea.ch one seems to have a new idea he'd like to put into effect in his own area, in
his own operation. "Even farmers", one y oung man explained, "use computers today. Why
not", he asked, "shouldn't opera.tors take advantage of this new business technology?"
Another young ma.n advised, "We now mail commission checks to our locations. Work on
meters plus separated collection bags. It's much too risky these days", he added, "to
count money in ea.ch location." So many former ideas and suggestions presented by this
publication have become fact where these young men are concerned. They're moving up.
Building a.new industry. God bless them and may all their hopes and wishes come true.