UMW Theory of Success Questions

Description

A. The theory of Success, Jesse Henry, 15:31 min

Click on the link or copy and paste the URL below in your browser to find the video. If the URL doesn’t work, open YouTube (or TED.com) and search for the title.
Click on the ‘closed caption’ [cc] or ‘subtitle languages’ to select subtitles.

Watch the video and provide specific, thorough and well-developed answers to the questions below:

1- List the three key things that lead to success in entrepreneurship.

2- Define what OODA stands for and explain how it can be the same for business.

3- Describe in detail the concept of Double loop learning and its elements.

4- Explain the actions we need to take with the three elements of the Double loop.

B. Marketing Mix

1 – Think of a product you purchased recently. Describe the various media were used to promote the product. Would you recommend changes to the promotion mix? Explain.
2 – Think of a comparative advertising campaign that has been most memorable (e.g. a manufacturer comparing two pasta sauces, their own and one of their competitor’s.) Explain your thoughts on whether or not their campaign worked.
3 – List three threats to the continued effectiveness of magazine sales.
4 – Product placement- marketers pay placement fees to have their products showcased in various media, ranging from newspapers and magazines to television and movies. Provide an example of a product placement and explain if it worked for the company in impacting customers.
5- Detail five drawbacks of outdoor advertising.
6- Describe breakeven point and list three specific, detailed actions a company can take to lower their breakeven point.

C. Product promotions

1- Detail the skills one would you need for a successful career in personal selling. Describe thoroughly three specific things a person would need to do to excel in that area.
2- You are the owner of a CPA firm. Your business is slow in the Summer months. Describe at least three detailed actions you could take to attract more summer business.