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Midterm review BU121.docx

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Wilfrid Laurier University
Laura Allan

BUSINESS PLANNING 7 MARKS 2 UNIT1/CHAPTER8-W RITING AEFFECTIVB USINESPLAN 2 LECTURE-ART OF THSTART 2 COMMUNICATION 8 MARKS 3 UNIT2-B USINESW RITING 3 LECTURE:MADE TOSTICK 3 DISC & EI 7 MARKS 4 LAB MANUAL(P.118-135) 4 LECTURE 4 CRITICAL THINKING 7 MARKS 5 LABM ANUALR EADIN&E XERCISES 5 MARKETING 24 MARKS 6 UNIT3/C HAPTER12:UNDERSTANDING THECUSTOMER 6 LECTURE-UNDERSTANDING THCUSTOMER 7 UNIT3/CHAPTER 13:CREATINGMARKETINGSTRATEGIES 8 PRODUCT 8 PRICING 9 PLACE/DISTRIBUTION 9 PROMOTION 10 FINANCE 27 MARKS 11 UNIT3/CHAPTER 14-USINGFINANCIAINFORMATION ANDACCOUNTING ANLAB 11 LECTURE:ENTREPRENEURIAFINANCE 11 Midterm review BU121 Business Planning Unit1/Chapter 8- Writing an Effective Business Plan Why write a business plan 1. Difficult to arrive somewhere unless you know where you are going 2. Road map for converting your ideas into a real functional business 3. Helps in the process of planning 4. Explains goals and how to accomplish them Model of business planning 1. Prepare a simple plan 2. Start the business 3. Refine plan from experience 4. Continue to grow KEY QUESTIONS ANSWERED: Characteristics Of A Well-Prepared Plan: 1. Orderly: proper business form 2. Succinct: the shorter the better 3. Persuasive: begin strong and continue strong  decisions made quick ** emphasize quality of idea and its‘ economic potential Critical Risks: Describing what might go wrong  recognizing dangers is the first step to overcoming them with strategies Milestones: goals you want to accomplish by a certain date Seven deadly sins of a business plan 1. Poorly prepared and unprofessional looking 2. Too slick (i.e. flashy graphics, laminated) 3. Executive summary is too long 4. Not clear where the product is in terms of development 5. No answer provided to the question: why would anyone buy this 6. No statement of qualifications of management team Final projections based largely on an exercise of wishful thinking Lecture- Art of the Start 5 things an entrepreneur must accomplish 1. Make meaning 2. Make mantra 3. Get going 4. Define a business model 5. Weave a MAT (milestones, assumptions, tasks) Reasons for writing a business plan 1. Get investors to give you money 2. Forces founding team to work together 3. Makes team consider issues it glossed over in the euphoria 4. Uncovers holes in the founding team Communication Unit 2- Business Writing 4 principles of writing a business message 1. Purposeful: solve problem and convey information 2. Persuasive: make audience believe and accept message 3. Economical: present ideas clearly and concisely 4. Audience-oriented: look at problem from readers perspective 3 X 3 writing process 1. Prewriting (thinking and planning) - 25% - Analyze purpose, anticipate profile of audience, adapt techniques of message to fit anticipated response 2. Writing (organizing and composing) - 25% - Research data, organize similar facts, compose rough draft 3. Revising - 50% (45% revising, 5% proofreading) - Revise message, proofread message, evaluate if message is achieved. Lecture: Made to Stick Definition of sticky - Understandable, memorable, and effective in changing through or behaviour Success model principles - Why they affect stickiness, how to achieve them Principles 1. Simplicity - Why: must be core and compact for people to understand and pay attention to the message - How: forced prioritization, communicating only the CORE - Use proverbs, existing scheme, analogies, and generative metaphors 2. Unexpectedness - Why: gets the audience to pay attention - How: surprise and interest - Violate expectations, be counterintuitive, open gaps in knowledge and fill them 3. Concreteness - Why: Makes ideas clear - How: concrete images 4. Credibility - Why: make people believe what you are saying - How: internal and external credibilities - Internal: authorities (i.e. experts, celebrities, ‗anti-authorities‘) - External: details, statistics, testable credential 5. Emotions - Why: gets people to care - How: make people feel something - Make them feel for people instead of abstract concepts - Power of association: emphasize self-interest by outlining the benefits of your products instead of the features 6. Stories - Why: gets people to act - How: need stimulation (gives them knowledge of how to act) and inspiration (gives them motivation to act) - Spotting a story: challenge plot, connection plot, creativity plot SUBWAY EXAMPLE: DISC & EI Lab manual (p.118-135) Main points of articles: Lecture Difference between EI, IQ, and personality: - IQ is book smart and EQ is street smart  IQ is something you‘re born with and peaks around the age of 17 (you can‘t work on it to raise it: only flex what we have) - Personality is different than EQ: it is static (annoying, witty, etc.) Uses for EI in business Basic Model of disc:  4 personality styles: 1. D: dominant, direct, decisive (3%) –extroverted a. How you respond to challenges: focus on solutions 2. I: Influencing, interactive, interested in people (11%) –extroverted a. Measure how they influence/persuade: fear rejection 3. S: Stable, steady, secure (69%) –introverted a. Passive and not emotionally expressive 4. C: Correct, controlled, compliant (17%) –introverted 1. Measures response to rules and regulations: fear of making mistakes  Axes and resulting styles: 1. Active/passive: 2. Task/people:  Major fears: Critical Thinking Lab Manual Reading & Exercises Elements of an Argument: Claim + Evidence Claims: What is the author trying to persuade you to accept? Uncontested claims: common knowledge/widely accepted 4 conditions of uncontested claims: 1. Experienced it yourself 2. Something is a fact  Generally accepted (Stats) 3. General consensus: global warming 4. Technical/mathematical  accept mathematical facts Contestable claims: examine and evaluate the evidence given to justify claim  Present ideas with clarity/emphasis  Be clear: cue words  Headings and subheadings so logic is transparent Evidence: why is it true  it‘s quality accuracy (interviewing 97 people instead of 100, being EXACT), precision, sufficiency, authority (relevant to topic), representativeness (fair sample of population), and clarity (make sure evidence is not vague or masked behind other facts). Underlying assumptions: logical link  articulate assumptions explicitly Causal claims: certain events cause other events  Differences between groups: Laurier students do better in CA exams than other schools due to their case base approach (that may not be the only explanation  other reasons such as better professors, etc.)  Correlation between characteristics: Ice cream and heart attacks? o Correlation does not cause relation o Third correlation? Heat  more heat, more ice cream and more heat, more heart attacks  Post hoc ergo propter hoc fallacy (after this therefore because of this): just because one event happened after another doesn‘t mean it caused it. Factors of persuasion  (LES.Q) Quality Soundness Extents Language 1. Quality of Evidence (given and what hasn‘t) 2. Soundness of causal argument 3. Extent to which reader agrees with underlying assumptions: experiences 4. Language and writing style ** Remember: must know and consider audience - Anticipate/counter objections - Limit claim if there is no rebuttal Marketing Unit 3/ Chapter 12: Understanding the Customer Marketing concept, relationship marketing, and customer relationship management Marketing Concept - Identifying consumer needs and then producing the goods or services that will satisfy (and provide value) them while making a profit for the company Relationship marketing: a strategy that focuses on creating a long-term partnership with customers by offering value and providing customer satisfaction. This leads to repeat sales, referrals (therefore increasing sales, market share and profits)….Costs drop because it is cheaper to serve existing customers rather than trying to find new ones Competitive advantage: A set of unique features of a company and its products that are perceived by the target market as significant and superior to those of the competition Types of Competitive Advantage 1. Cost: producing at a lower cost and maintaining margins 2. Product/service differential 3. Niche: single segment Consumer decision-making: process, influences Consumer Decision-Making Process 1. Need recognition: decision to buy 2. Information search 3. Evaluation of alternatives 4. Purchase 5. Post-purchase behaviour: assess the experience and level of satisfaction‘ Influences 1. Culture 2. Social Factors 3. Individual influences on consumer buying decisions (gender personality) 4. Psychological: Perception, selective exposure, belief, attitude B2B markets Business-to-Business Markets - Institution
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