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Midterm

Midterm Review Notes.docx

12 Pages
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Department
Commerce 
Course Code
COMM 101
Professor
Roopa Reddy

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BUSINESS PLANNING Model of Business Planning 1. Prepare a relatively easy business plan; this can be used to obtain initial funding if it is needed 2. Actually start the business 3. Refine the business plan on the basis of experience gained from running the business and use the revised plan to run the business and secure additional funding as necessary 4. Continue to grow the business - produce and market the product, hire employees as needed, etc. Seven Deadly Sins 1. poorly prepared and has an unprofessional look 2. Plan is far too slick 3. The executive summary is too long 4. Not clear where the product is in terms of development 5. No clear answer to “why would anyone ever want to buy one?” 6. There is no clear statement of the qualifications of the management team 7. Financial projections are wishful thinking Lecture Material – Week 1 ‘Art of the Start’ – 5 things an entrepreneur must accomplish 1. Make Meaning - understand why  what‟s driving you to start your business (besides money fame) - what need is being filled? - trying to make the world a better place somehow - passion that is driving you? Reason behind what you‟re doing? 2. Make Mantra - understanding that place of power your business is trying to show - “mission statement” – tend to be mediocre (don‟t spark customer), too long and wordy - spark more emotion to customers to take action Ex. Wendy‟s : “Healthy Fast Food”, Fedex: “Peace of Mind” 3. Get Going - make prototype – try to sell even if not perfect – see if people are interested - “analysis paralysis” – if you keep researching, trying to finalize/perfect but no action to go further - ex. Awake went out and got feedback on their bad packaging – revamped it 4. Define a Business Model - how business is generating money? - repeat purchases (razor and blades) vs. upfront higher cost (electric shaver) 5. Weave a MAT (milestones, assumptions, tasks) - milestones  goals set for business tied to dates – to measure progress (Find supplier by ___) - assumptions  key ideas/facts you‟re banking on to be successful Ex. –people need/demand product, -stand out from competitor, -target market(how much can you convert to customers?), -market size, gaining market share -tasks  to do list, done on specific days (meetings, etc) - build up to meeting your milestones Why write a business plan? - Investors want to see that you‟ve thought through business plan - Forces the founding team to work together - Makes the team consider issues it glossed over in the euphoria - Uncovers holes in the founding team BUSINESS COMMUNICATION 4 Principles of Business Writing 1. Purposeful 2. Persuasive 3. Economical 4. Audience oriented 3x3 Writing Process 1. Prewriting - Analyze, Anticipate, Adapt 2. Writing - Research, Organize, Compose 3. Revising - Revise, Proofread, Evaluate Lecture Material – Week 2 ‘Made to Stick’ What is a sticky message? Understandable, memorable, and effective in changing thought or behavior. 6 Principles of Stickiness 1. Simplicity - Core + compact - Simple/profound - Use existing schema (the way people already think) ex. use grapefruit to describe pomello - Use proverbs 2. Unexpectedness - Get audience to pay attention  need surprise/interest - Ex. car commercial – first showing happiness, amazing cool features  sudden car crash and message of commercial becomes about buckling up/safety , rather than about the car itself. - Generate interest and curiosity  open gaps in people‟s knowledge, then give context and fill in gaps - Violate people‟s expectations 3. Concreteness - Relate ideas to “real world” things - Make ideas clear - Fill with concrete images 4. Credibility - Make them believe what you‟re saying - External credibility – authorities – experts, celebs, “anti-authorities”(anti-tobacco) - Internal Credibility – statistics (relationships, human terms), testable credibility 5. Emotions - Get people to care, make them feel something - Power of Association: tap into something audience already cares about & make connection to message/product - Appeal to self-interest – make it about them o Emphasize BENEFITS (about audience!) over features (about the product) o Get them to imagine themselves using the product - Appeal to identity o Ex. Texas litter problem – “Don‟t mess with Texans” o People could recall the msg and litter in Texas reduced – appealed to the group, Texans identity o Identity stronger than self-interest – det. groups your customers belong to & how they define themselves 6. Stories - Get people to act - Provide simulation and inspiration DISC & EMOTIONAL INTELLIGENCE Lab Manual Readings (pages 118-135) – major concepts only Lecture Material – Week 3 Difference between EI, IQ & Personality EI - EI – ability to perceive emotional info. and use it to guide thoughts and actions - Can be developed and enhanced, “Street smart” – how you deal w/ everyday problems - Evolves/improves over time as you grow as a person EI used in workplace: AMEX: Highest EQ-i  highest performing sales rep. CIBC: roles more successful with higher EQ-i : knowing who to issue loans to (not to people w/ bad credit) IQ - Measures cognitive intelligence(intellectual, analytical, logical ability) - unlike EI, cannot be improved – peaks at 17; “Book smart” - Does not predict success in life, no correlation with EI Personality - Traits that describe you - How you feel/think Basic Model of DISC D Dominant, Direct, Decisive -measures how a person solves problems and responds to challenges I Influencing, Interactive, Interested in People -measures how a person attempts to influence or persuade others S Stable, Steady, Secure -measures the pace at which a person under takes activities and responsibilities C Correct, Controlled, Compliant -measures how a person responds to the rules and regulations set by others Arena – open, clear aspects of your personality Blind Spots- traits or tendencies that you might not be aware of but other people notice about you Mask - rhings about yourself that you know about but don‟t want others to know about. “Hiding behind mask” Potential – the “unknown”; neither you or others know what‟s there yet You see arena and mask (mirror self); others see arena and blind spots (public self) Private self – how you are under stress CRITICAL THINKING Lecture Material – Week 4 (based on Lab Manual reading) and Lab Manual Exercises on critical thinking Claim – major conclusion of a piece of writing that author trying to persuade you to accept Two Types: Contestable – question if it‟s true or false Uncontestable – conditions - consistent with our own experiences and observations (Roads congested b/w 4 – 6 pm) - appear to be facts (Ontario is bigger than New Brunswick) - agreement among experts/strongly supported claims that are common sense (“You can‟t be in two places at once”) - technical or mathematical (Debits = Credits in accounting) Application: use cue words, present ideas with clarity and emphasis, put it near beg/end, use visuals Evidence – responds to “Why is this true?” ARGUMENT = CLAIM + EVIDENCE Application: present argument in form of claim and supporting evidence, treat evidence as claims (providing more supporting evidence), cite sources of evidence to allow readers to judge the authority/accuracy 6 Qualities: - Accuracy o False info. lowers value of claim o Hard to verify so use “proxies”/cues  author made grammar/spelling errors - Precision o 9.2% more convincing than about 9% o Rather low less effective than “67 people attended” o Avoid ambiguous words (many, often, about) - Sufficiency o Need enough(sufficient) evidence to support claim; more than one piece/experience o When evidence not sufficient: author guilty of fallacy of hasty generalization - Authority o People w/ special training/professional exp. in the respective field o Context-dependent; ex. dentist not authoritative figure for a paper about stock market o Fallacy of False Appeal to Authority – accepting celebs opinion – ppl w/ no expertise in area - Representativeness o Evidence should come from a fair sample o Ex. author making claim on Canadian reactions to cutbacks on got services – interview uni.  Students represent mostly one age group – not representative of all of Canada o Also fallacy of hasty generalization - Clarity of Expression o Significance of evidence should be clearly stated o Don‟t just insert a chart/table – explain/summarize in words so that the meaning can be understood Underlying Assumptions – a logical link that fills the gap b/w the evidence and the claim Application: question your assumptions; make it clear each piece of evidence is relevant by articulating underlying assumptions and reasoning explicitly How to find? - Look at what is written – make guesses about what they must believe in order to have written that - “gap”  “What must be true if the claim is to follow from this evidence?” o “What general principle might link this particular claim to this particular evidence?” o “What beliefs might I expect from this type of person?”  put yourself in role of writer (CEO) Two types: Reality Assumptions – beliefs about what events have taken place, what exists, or how thing work in the world - First-hand experiences, conversations w/ others, things read or see on TV  all shape our beliefs Evaluating accuracy: critiquing quality of assumptions; provide data to show assumption is incorrect Value Assumptions – our ideals, our standards of right and wrong, the way things ought to be - Use of words like “ought, should, desirable, unacceptable” - Often learned early in childhood from parents, teachers, or through religion, some adopted as adults - Common values: being honest, helping less fortunate Evaluating: much more difficult; disagreements arise due to relevance of evidence presented for a claim; each side could keep adding more evidence but the disagreement about underlying value assumptions would remain Causal Claims – argue certain events/factors (causes) are responsible for bringing about other events/situations (effects) - Cause and effect relationships - May be multiple or rival causal explanations due to: o Differences b/w groups, correlation b/w characteristics, post hoc ergo propter fallacy(after this --, therefore --, because of this.) Application: think through all possible causes (address them explicitly); examine soundness of causal argument Techniques of Persuasion Factors that affect persuasiveness: - Quality of evidence presented + evidence omitted - Soundness of causal argument - Extent to which reader/listener agrees with underlying assumption(s) - Language and writing style o Rhetoric - use of language to convince Must know and consider your audience - Anticipate and counter objections o Negative evidence, rival causes, debatable assumptions - Limit your claims when you have no rebuttal Use of Rhetoric – “the use of language to persuade” -Be complete – present your reasoning in full and clear detail -Use an appropriate tone for the audience -Use vivid and precise language - Small town = X residents or Wilmot; Large city = X residents or Toronto MARKETING Text Unit 3 (Chapter 12) : Understanding the Customer  Marketing Concept - customer value & satisfaction building relationships Involves identifying customer needs and then producing the goods or services that will satisfy them while making a profit  Types of Competitive Advantage 1. Cost competitive advantage: This means that a firm can produce its product for a lower cost than its competitors while maintain satisfactory profit margins. 2. Differential competitive advantage: When a firm provides something unique that is valuable to buyers beyond just having a low price 3. Niche competitive advantage: When a firm targets a single segment of the market within a limited geographic area  Consumer Decision-Making process 1. Need Recognition. 2. Information Search. 3. Evaluation of Alternatives. 4. Purchase. 5. Post-purchase behavior. Influences on consumer decision making: Culture, Social, Individual, Psychological  Consumer Buying Decisions vs B2B Decision Making Consumer buying decisions: Routine response behavior, limited decision-making, extensive decision-making 1. Purchase volume: Business customers buy in much larger quantities than consumers. 2. Number of customers: There are fewer customers for business marketers than there are for consumer marketers. - makes it much easier to monitor prospective buyers and their needs. 3. Location of buyers: Business customers tend to be much more geographically concentrated than consumers. 4. Direct distribution: Business sales tend to be made directly to the buyer, because sales involve large quantities. -Consumer goods likely to be sold through intermediaries such as wholesalers and retailers.  Trends - Internet Marketing Research - Allows rapid access to business intelligence and thus allows for better and faster decision
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