Resources.docx

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Department
Arts and Business
Course
ARBUS 101
Professor
Amit Seth
Semester
Fall

Description
ARBUS 101: Resources GLOBALIZATION VIDEO: GLOBALIZATION’S EFFECT ON THE GLOBAL POOR - Globalization has helped people move away from poverty in such a short time - However, there are tremendous income inequalities - High Gini co-efficient: high difference in the distribution of wealth o When you get to 50: that means there are some very rich people and some very poor people → very unequal ROLE OF GOVERNMENT ARTICLE: STIMULUS SPENDING DID LITTLE TO BOOST ECONOMY - Government spending and investment in infrastructure simply did not contribute to the improvement in the economic growth - Instead, the private sector investment and increased exports were the driving forces in Canada’s economic recovery - Reduction in taxes would have been more effective in stimulating the economy TEAMWORK ARTICLE: LEADERSHIP: TEN IS A CROWD - An effective team means using fewer than 10 members - They should all have reasonable means and schedules to communicate with each other - The longer the team has been together, the better → more productive VIDEO: TEAMWORK AND COLLABORATION (John) - Collaboration and teamwork: teams work together to think of decisions ARTICLE: TUCKMAN’S MODEL OF TEAM DEVELOPMENT Stage 1: Forming Stage 2: Storming Stage 3: Norming - identify task and behaviours - emotional response to the - increase d openness and demanded of the team demand s of the task communication members - interpersonol conflicts - information, ideas, opinions - testing and dependence - hostility exchanged Stage 5: Adjourning Stage 4: Performing - tasks are completed - constructive action placed on - closure completing the task - reflect and learn from - subjective issues have already experiences been dealt with in the other stages ARTICLE: SETTING THE STAGE FOR GREAT PERFORMANCES (J. Richard Hackman) - Teams haves 4 features a team task, clear boundaries, a clearly specified authority to manage their own work processes, and membership stability - Four functions of authority: executing of the work, monitor and manage the work processes, design the tasks, and source resources needed for the tasks, and set a direction for the team - 3 structures of teamwork: design, norms of conduct, and composition of the team - The optimum level of productivity occurs at a level between 4 and 5 team members - 3 organizational systems that provide supportive context: reward system, the information system, and the educational system - Coaching should address in building teamwork: the amount of effort team members apply to their collective work, appropriateness to the task, and the level of knowledge and skill ACCOUNTING VIDEO: (Teresa Fortney) - The basic financial statements: income statements, balance, cash flow o Show them the outside world - There are more reports that are published internally for managers - Prepare income statement by products, by customers to understand specifics and the mis - Take the cost of the product and take it back to the operations group to help them see if they are meeting budget and to drive results - Have to have baselines to compare ratios to: competitors and budgets - General accepted accounting principles, IFRS implementation in Canada MARKETING I ARTICLE: DEWING IT ALONE Labatt Breweries of Canada: Bud Light Lime - Used its dedicated Canadian Facebook fans to promote the introduction Bud Light Lime o Given free swag and encouraged to spread the word - To this day, it is the biggest Facebook site of any beer in Canada - Social media is used to replace multimillion-dollar advertising campaigns o Able to use half the amount of money and achieve the same goal Crowd Sourcing: harnessing the wisdom of crowds to tackle tasks such as product design or crafting marketing slogans that would normally be done by staff or contractors - Heavily popularized through social media: facebook and twitter - Captures the attention and affection of a young, social-media-savvy consumer set PepsiCo: Mountain Dew - DEWmocracy Campaign: fans create and vote on a new Mountain Dew flavour o Dew Lab - Did not advertise the program at all, wanted loyal, passionate Mountain Dew fans - The fans are also not receiving any form of pay, swag, or free product: doing it based on their love to collaborate and co-create with the brand PepsiCo: Pepsi Refresh Project - Encourages consumers to vote for causes that they support and Pepsi will donate to it - Announced this project when it said it will not be advertising in the Super Bowl for the 1 time in more than two decades Doritos: advertisement at the Super Bowl - Both ads were created by consumers for a Frito-Lay online contest with 4,000 entries - Not all companies have a young and enthusiastic consumer base to be able to pull off this kind of contest: Jim Bean whiskey only drew 300 entries despite its easier process Vitamin Water - Uses the facebook community to create an entirely new beverage for the company (flavour profile, the name, the packaging, the whole thing) Labatt: Kokanee - Engage consumers with social media: online poll whether to keep or kill the Kokanee ranger - Listening to consumers rather than listening to ourselves VIDEO: SLICED BREAD, AND OTHER MARKETING DELIGHTS (Seth Godin) - Ideas that spread, win - The TV-Industrial complex: buy ads, get more distribution, sell more products, make more profits, buy more ads; does not work the same way it does - Consumers are faced with way more choices and less time; therefore, consumers have started to ignore advertisements - Is it remarkable? New, fresh, different, - Mass marketing does not work anymore; target the innovators and early adapters who will spread the ideas - Otaku: obsession o Talk to the people who are obsessed with it/ who are listening/ who cares and hope that it will spread to their friends and keep spreading o The riskiest thing you can do now is being safe VIDEO: THE RISE OF THE AMATEUR PROFESSIONALS (Charles Ledbetter) - The consumer wants to be part of the process - Users into producers, consumers into designers ARTICLE: WHAT IS CUSTOMER RELATIONSHIP MANAGEMENT? Customer relationship management: a strategy for understanding your customer and their needs in order to optimize your interactions with them - Uses technology to create stronger relationships with customers while maximizing your marketing and CS capabilities - Developing the companies methodologies, internal operations, software and internet capabilities to make customer relationships more profitable - Identify your best customers, enrich and customize the way you communicate with them, manage marketing campaigns, reduce customer response times, serve wider geographical regions Customer Relationship Management Systems - Comprehensive, company-wide effort to attract and retain customers through an integration of information, people, policies, processes, and technological strategies Advanced customer relationship management - Central database: employees can access a central database to view and update customer data to improve customer service, loyalty, and retention - Customer analysis: segment customers and prospects to customise marketing or sales campaign - Customer service: provide customers with the ability to self-order and self-help to reduce order entry costs and CS costs - Prospect tracking: track your sales while analyzing closing probabilities and ratios, proposals, products and pricing for each of your prospects - Reporting: forecast your revenues using automated reporting and trend analysis, resulting in better decision making Planning for customer
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