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Lecture 4

BU121 week 4.docx

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Wilfrid Laurier University
Laura Allan

BU121 January 29 - February 5 2013 What’s on the Exam?  General rule: concepts only from the textbook readings will be multiple choice questions  No obvious answers, must understand everything from the readings!  Lecture material in short answers and problems  Material assessed already will not be on the exam (ex. GEL, business model canvas, art of the pitch)  Topics: o Business planning (the art of the start in class, readings) o Business models and main concepts of GEL o Business writing (exercises in lab, and readings) o Made to stick (short answer, was talked about only in lecture, apply examples) o DISC and EQi overall concepts o Critical thinking o Marketing o Finance (up to reading week) The Art of the Pitch Continued: Connection with the Audience  4 elements you will be graded: o Incorporate the audience’s point of view o Make eye contact o Grab and keep their attention o Keep the audience engaged  Key things to know about your audience: o They are investors o They want to know what you want from them, and what they will get in return o They don’t know anything about your product o They need to trust you  Eye contact o It’s important to show confidence, respect, and trustworthiness o Look all around the room, don’t necessarily lock eyes with anyone o Start a sentence looking at one person, finish the sentence looking at someone else  Audience engagement o It’s a conversation, not public speaking at people o Be authentic  Tips o Stand with your feet shoulder width apart and your toes turned slightly outward o Stand up straight o Hold your head straight o Use varied hand gestures and make sure they are motivated by what you want to convey so they look natural and authentic 1 BU121 January 29 - February 5 2013 o Make sure movements are purposeful and not random (don’t sway, walk around) o Avoid a monotone voice o Vary your volume o Variety in pace is important o Add pauses for impact, place emphasis on important words or phrases o Good breathing helps, dairy does not Critical Thinking  “An approach to reading, thinking, and learning that involves asking questions, examining assumptions, and weighing the validity of arguments”  Don’t read something and just accept it  Helps develop strong arguments that are persuasive  “Can be developed as a frame of mind – a set of strategies that you will use to determine whether or not to believe what you read or hear”  Improves your arguments and makes your communication more effective and persuasive Claims  “The major conclusion of a piece of writing that the author is trying to persuade you to accept”  Look for cues/indicator words (in summary, in conclusion, therefore)  Uncontested vs. contestable claims  Uncontested: conditions in which people may accept a claim without challenge (ex. Facts, common knowledge)  Contestable: A debatable claim; examine and evaluate the evidence given to justify the claim  Application: o Present ideas with clarity and emphasis; use visuals o Put your claim up front and use cue words o Use headings and subheadings to make your logic transparent (lead the person through your argument visually; makes your claim crystal clear) Evidence  “A statement in response to the question: Why is this true?”  Examples of evidence: statistics, examples, expert opinions, past experiences  Cue/indicator words: According to, due to, because, research shows  Argument = claim + evidence  You can’t persuade anyone of anything unless they can see your claim very clearly and the evidence is sound and persuasive  Quality of evidence o Accuracy (comes from a good source) o Precision (“10.2%” rather than “about 10%”) o Sufficiency (use of more than one source) 2 BU121 January 29 - February 5 2013 o Representativeness (evidence should represent the population you’re talking about) o Authority (experts, trusted opinions) o Clarity  Application o Clearly state the meaning/significance of the evidence (Ex. Refer to exhibits and what their purpose is) o Present arguments in form of claim and supporting evidence o Treat evidence as claims – provide evidence to show soundness Underlying Assumptions  “A logical link that fills the gap between the evidence and the claim”  Underlying assumptions are implicit, unstated  Need to be examined explicitly o What must the writer believe to have written that? o What must be true for the claim to follow from the evidence?  Reality assumptions (assumptions about the way the world works, what is reality) vs. value assumptions (value contradictions, not everyone has the same values)  Application o Make it clear that each piece of evidence is relevant by articulating your underlying assumptions and reasoning explicitly o Question your assumptions (will everyone agree with my assumptions?) Causal Claim  Arguing “that certain events or factors (causes) are responsible for bringing about other events or situations (effects)”  Cause and effect relationships are an important aspect of understanding – basis of cases  May be multiple or rival causal explanations due to: o Differences between groups (why there are differences), correlation between characteristics (ex. High EQi means high first year marks), post hoc ergo propter hoc fallacy (after this therefore because of this- the thing that happened second must have happened because of the first thing) o Reverse causation (rather than A causing B, B may have caused A), multiple causes  Application o Think through all possible causes – address them explicitly o Examine soundness of causal arguments  Look at all the different possibilities and angles before you accept something to be true Marketing - Understanding the customer - Marketing concept 3 BU121 January 29 - February 5 2013 - Relationship marketing and customer relationship management - Target market - Competitive advantage – 3 types o Porter’s generic competitive strategies (lab manual pg. 97) o Value proposition (business model canvas) - Marketing mix – 4 Ps - Not-for-profit marketing - Consumer decision-making process o Influences on decision-making - Consumer buying decisions vs. B2B (business to business) markets - Market segmentation – 5 types - Market research (won’t be tested on) - Trends in marketing Critical Success Factors - Achieving financial performance - Meeting customer needs(most related to marketing) - Providing quality products and services - Encouraging innovation and creativity - Gaining employee commitment - All 5 factors connect, and all relate back to achieving financial performance What is marketing? - An integrated system of activities to plan, price, promote, and distribute, want-satisfying goods and services to present or potential customers - 2 keys to successful marketing o Want-satisfying goods and services (understand the customer) o Integrated system of activities (reach the customer) #1 Key to Success - Related to providing a want-satisfying good or service - Used to be “sell what you produce” - Now it’s “produce what you can sell” - Production – Sales – Customer Orientation - The Marketing Concept o Create customer value o Deliver customer satisfaction o Build relationships - BUT the product must not only provide a particular benefit/ satisfy a particular want or need, but it must be needed or wanted - It must
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