MAR3023 Test 2 TED TALKS Simon Sinek How Great Leaders Inspire Action focus on Apple s innovation golden circle everyone knows what they do and some know how but rarely do people know why they do what they do not profit that s a result why your purpose your cause your belief why does your organization exist why does anyone have to care inspirational companies work from the inside out most companies work from outside in doesn t move people people don t buy what you do they buy Why you do it EX Apply if they were like everyone else they would market themselves as we sell computers they re beautifully designed etc want to buy one That is uninspiring they do everything we do we believe in challenging the status quo they re beautifully designed we make good computers the goal is not to cater to people who need what you have but to cater to those people that believe in your product service and what you do as a company according to Simon Sinek all above points are not his opinion but are rooted in people s biology outer layer what level neo cortex rational and analytical thought middle layers how why level limbic brains feelings a consumer will purchase your product when you provide a solution benefit for them explains the importance of establishing an emotional tie between consumer and product also should employ people who believe in why you do what you do those who believe in your vision work for you like it s their own product and service law of diffusion of innovation first 2 5 of population innovators 13 5 early adopters 34 early majority 34 1ate majority remaining 16 lager s can t receive success until reach tipping point between 15 18 of people 1 that percent of people includes people like those who stood in line for 6 hours for the new iphone EX Failed attempt TIVO because they advertised what they did instead of the why Successful attempt 250 000 people came to hear Martin Luther King no one was invited no flyers invitations were sent out People came because they believed what he did and those people told more people And people willingly spread the word and 250 000 people showed up there are leaders who do and there are those who lead and we follow them because we have a common interest Dan Ariely Are We in Control of Our Decisions Visual illusions show how our intuition fools us therefore we are not as rational as we think illusion is a metaphor because it s a mistake in vision and vision is second nature therefore what other mistakes do we make People figure they make many decisions on a daily basis but when we think about it many of our decisions are influenced by the forms written by others we just pick within a framework given by others Asymmetric Dominance adding inferior choices you would think that these inferior choices would be ignored as if not an option at all but when these inferior choices are given it makes the other choices more popular even though other choices have not changed in quality we actually don t know our own preferences well and we fall prey to marketers influence behavioral economics are important because we realize our limitations as people as consumers and we build around that we should understand our qualitative limitations the same way we understand our physical limitations there s hope for improvement and growth in the market and society REVIEW QUESTIONS 1 Mike would like to purchase new laptop computer for no more than 1 000 As he searches his memory for possible laptop alternatives he can recall 6 different brands Dell Gateway Toshiba Sony HP and Acer However Mike has a strong preference for 2 of these brands Dell and Acer After much effort to compare the differences of these two brands Mike ultimately purchases a new Dell laptop In this example Dell and Acer would represent a b c d e Ultimate products Low involvement products A disposable product set A consideration set All of the above 2 In the text case 7 2 said that AutoTrader com s initial challenge was to a b c Figure out how to get cars delivered to customers who were far away Create an ad campaign urging the public to not worry about high gas and oil prices Change the habits of people who were used to buying cars from newspaper ads 2 d e b c d e a b c d e a b c d 4 6 7 8 Create a customer guarantee program that assured anyone who bought a car would have 30 days to return it All of the above 3 The correct order of the 5 steps within the consumer decision buying process is a Problem recognition evaluate alternatives purchase information search post purchase evaluation Information search needs analysis reference group approval purchase post purchase evaluation Information search needs analysis purchase reference group approval post purchase evaluation Problem recognition information search evaluate alternatives purchase post purchase evaluation None of the above are correct Which of the following is most likely a low involvement product a b c d e A box of cookies A pack of gum A can of beer A box of cereal All of the above are low involvement products 5 A group of individuals whose characteristics values and behavioral patterns are similar within the group and different from those people in the surrounding culture is defined in the book as a an Culture Subculture Institutional group Consumer group None of the above According to the textbook which 6 forces shape a company s macroenvironment A B C D E Divisional economic cultural natural technological and political Demographic relational cultural natural technological and political Demographic economic cultural natural educational and political Demographic economic cultural natural technological and political Demographic economic financial natural technological and political Which of the following is NOT a demographic trend in the U S Increase in white collar workers Population in the US becoming less educated Recognition of gay lesbian markets Increase in number of working women Which is the youngest and largest U S Generation segment a b c d Millennials Gen Y Gen X None of the above 9 Customer Satisfaction depends on the products perceived relative to a buyer s a b Price Budget Value Cost 3 10 11 12 13 c d Location Need Performance Expectation marketing allows companies to target few customers that are more profitable a b c d Direct Indirect Distant Close From Video The UPC found on grocery items stands for a b c d Universal price code Universal pattern code Universal product code None of the above From Video Goldman s design of the
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