Question.1934 - Dialectical Journal Entry Format A dialectical journal is a reflection tool that allows you to become more familiar with examining sources, identifying important passages or quotes, questioning claims, and digesting new information. This structure helps to facilitate your ability to understand new and important information while also recording your reactions, connections, and observations as you assimilate new learning. Using the passages and content from the Youtube videos and LinkedIn Learning courses, record the pertinent information in the journal table below. You should have at least 16 entries or commentaries, 8 quotes and 8 responses to the quotes (1 quote and 1 commentary each) in the table, but feel free to add more boxes as necessary to enhance your own learning. Please type You may your responses and save into the format below. Insure you reference the material by name of the video, a citation, and or text chapter and page. I must be able to find the exact information you use. PLEASE NOTE, YOU MUST COMPLETE THE ENTIRE LINKEDIN COURSE TO GET FULL CREDIT. You will receive points in the gradebook that confirms you completed the course. Videos required Why businesses fail? https://www.youtube.com/watch?v=wNO-2fq1gqc Steve Jobs - Business strategy. Start with your customer and work backwards to a product or service https://www.youtube.com/watch?v=48j493tfO-o The One Thing You need to Create Value - Advice from Steve Jobs and Bill Gates https://www.youtube.com/watch?v=juc9KvqTVIc Why Starbucks failed? Australia https://www.youtube.com/watch?v=_FGUkxn5kZQ LinkedIn Learning Marketing Foundations: Value Proposition Development Differentiation and unique value Marketing: Customer Segmentation Target market essentials Key grading instrument items (pts) See rubric for content feedback -3 max per question Missing citations/references per question Missing textbook citation -2 Missing outside citation -1 Missing Entry numbers, each entry -1 Not including separate question ea. -2 No reference page -5 Each question (40-80 words per answer) -2 Questions and numbering not included/ea. -2 Missing the cover page -5 SHORT ANSWER, PAPER, and ASSIGNMENT RUBRIC The rubric below serves as a guide for evaluating written papers and projects for this course. Expectations/ Components Exceeds Expectations A Meets Expectations B/C Performs below Expectations D/F Assignment of Information Concise, clear, logical organization of ideas Precise selection and presentation of information Assignment is focused, unified, flowing Assignment gives clear direction to reader Ideas generally organized Congruent selection and presentation of information Assignment is structured Presentation of ideas can be tracked by reader Little or no organizational scheme Tangential/irrelevant selection and Assignment of information Presentation confusing, rambling Presentation style requires multiple readings by reader Evidence of Understanding Identifies key central issues and underlying assumptions for the topic Presents diverse perspectives on topic Presents clear personal perspective on topic Integrates resources in seamless support of expressed views Identifies key issues central to topic Presents more than one perspective on topic Expresses views relevant to topic Uses appropriate resources and/or experiences to support expressed views Limited identification or articulation of issues central to topic Fails to identify or identifies one perspective on topic Expressed views are vague or cursory Limited or inappropriate use of resources and/or experiences Depth of Commentary Synthesis and evaluation of topic Forms patterns & structure from diverse topical elements Appraises and presents the most effective explanation Creates new point of view from expressed opinions Application and analysis of topic Applies topical elements to specific situations Deconstructs topic into component parts; recognizes logical fallacies in reasoning Draws conclusions about identified issues and expressed opinions Recall and comprehension of topical knowledge Rote Assignment of facts about topic Describes/explains selected topical elements Conclusions are absent or superficially drawn with little expression of own views Evidence of Understanding (textbook(s) and at least 1 additional sources must be used or are required for every question or section. Quotes, Paraphrased Arguments, Specific Facts or Claims in Content Your Reactions Corresponding to the Quoted or Paraphrased Material EXAMPLE: It’s Not Hard Work; It’s Heart Work Video For a majority of practicing teachers, lack of preparation in and exposure to fundamentally sound culturally responsive practices within their teacher preparation programs or in-service professional development endeavors have left them ill-equipped with a conceptual understanding of this essential framework (Gay 2010; Kea and Trent 2013) EXAMPLE: Students don’t want to show their culture because they may be made fun of by their peers. Reflection Paper 1 Chris Myers MKT 521 Dr. Chris Myers Quotes, Paraphrased Arguments, Specific Facts or Claims in Content Your Reactions Corresponding to the Quoted or Paraphrased Material Entry 1 Video: Delivering High Quality Analytics at Netflix In the video at approx. 6 minutes, the speaker discusses a visualization that shows the amount of traffic that comes in and out of the servers. The speaker also mentions that one dot is read meaning that there is a problem with the API. (Video: Delivering High Quality Analytics at Netflix) Entry 1 I found it interesting to understand how a problem in one of the API’s can directly impact how we as the consumer might watch our favorite show. The Speaker explains how this one glitch in their servers could potentially be the reason that you might not see “next episode” when one episode ends. I personally have had that inconvenience before. Or it might not have automatically went to the next episode. Something as little as that, a lot of us take for granted and do not think twice about why something like that happened. Netflix is a multi-billion-dollar company and all things considered, even a little glitch here and there, I still think they do a fantastic job taking care of its customer base. Entry 2 Chapter 8: Time Series Analysis and Forecasting In chapter 8, the book explains the simplicity of the naïve forecasting method. This method consists of the week, the time series value, forecast, forecast error (FE), absolute value of FE, squared FE, percentage error, and absolute value of percentage error. The naïve forecasting method is used for figuring out forecasts for historical data. (Pg 382, Ch. 8, Business Analytics.) Entry 2 I found this method to be very simple to understand, probably why it is called the naïve forecasting method. The way the book displays the chart/graph with all the data, you really don’t need much information to be able to figure out what all the numbers mean. I was very happy to have figured it out with ease. I have come to realize that somethings might seem difficult at first and be overwhelming but if you just study it for a while, it will then become clear. I learned that if I don’t give up and keep trying to understand even the smallest problem within the problem, I will figure it out. I personally did not have anyone’s help on understanding this method. Entry 3 Chapter 10: Spreadsheet Models Influence Diagrams can be very useful to show the relationships between various parts of the problem being modeled. Per the ‘influence diagram’ paragraph on page 466, an influence diagram is a visual representation of which entities influence others in a model. Chapter 10 also explains how an influence diagram helps organizing the data and provides a road map for building a model. They might look a little overwhelming but if you take your time to really indulge yourself into the diagram and understand your data, it’s not hard to follow. (Pg. 466, chapter 10, Business Analytics) Entry 3 I attempted to work through a problem on LT2 that required you to build a influence diagram and at first it was very overwhelming. I had no idea to even understand how to read one much less build one. But as I sat there and studied the data and cross referenced with the example, I slowly began to understand more and more. I was excited to be able to understand it enough to build one myself from a totally different piece of data. I learned that these models are like anything, if you don’t understand it at first, DO NOT GIVE UP. I honestly didn’t understand it the first go around but I just went to the next question and came back to it later and eventually got it. Entry 4 Chapter 12: Linear Optimization Models Problem formulation is used when trying to turn a verbal statement into mathematical data. First you must understand the problem, then describe the objective. After that describe each constraint, and lastly, define each decision variable. Once all of that is complete, one can write out the objectives of your variables and add the constraints. Using the problem formulation allows you to find out production requirements for a particular problem. (Pg 558-559, Chapter 12, Business Analytics) Entry 4 After I read through the chapter about problem formulation, I was taken aback by the complexity of the information given. Once I was able to understand how to set up each formulation. Setting it up at first can be a little tricky especially if you deal with fractions in the problem but if you’re careful in the steps provided, it’ll be a breeze. After figuring out the formulas, inputting that data into excel solver will allow you to maximize the values to figure out your max production levels. Entry 5 Chapter 15: Decision Analysis Decision trees can be innovative ways to display data in a unique but understandable way. A decision tree provides a graphical representation of a decision-making process. A decision tree is made up of various nodes and branches. The way a decision tree works is it starts with a ‘square” called a decision node and follows with a branch to a ‘circle’ called the chance node. In other words, the decision node is a variable you would start with and the outcome of that or the options for outcome would be your chance node. Then you would have your decision alternative (the number outside of the chance variable). (Pg 680-681, Chapter 15, Business Analytics) Entry 5 Deciphering through a decision tree could be difficult if you don’t know what you’re looking for. It helped me understand the process in another class using game theory. We had to work through some example problems and after several rounds of that, it helped understanding the process after understanding game theory because at the end, it will be set up the same way as a decision tree. I was quite relieved to finally understand it. It was a little confusing at first just like most new concepts. The business analytics book does not do it justice. But from what I took from my other class Managerial Economics, helped tie everything together. Entry 6 Video: Applying Advanced Analytics: Beyond the Ordinary, CAPS Research In the video, the speaker describes the difference between descriptive, prescriptive, and predictive analytics. Descriptive analytics is describing and visualizing your data so support decision making. Predictive analytics focusses more on why something happens and predicts what will happen as the outcome. Prescriptive analytics incorporates prediction into decision models. Advanced analytics can be used in a lot of different way. This process helps teams make it easier to understand the data in a more professional way. (Video: Applying Advanced Analytics: Beyond the Ordinary, CAPS Research) Entry 6 Knowing the steps in advanced analytics somehow makes it easier to understand. Although these steps could be in different order depending on the type of data you’re looking for. Although, you still need all the pieces of the puzzle, so if you’re missing one piece, you must be able to calculate to be able to get there. The video explained the process very well but there’s a reason it’s called advanced analytics. It is so complex that there is no way to summarize the whole process in a 2-and-a-half-minute video, but you can explain the gist of it which will help you get started. Overall, the video was very informative given the amount of time that was on the clip. Entry 7 Video: Delivering High Quality Analytics at Netflix In the video at approx. 6 minutes, the speaker discusses a visualization that shows the amount of traffic that comes in and out of the servers. The speaker also mentions that one dot is read meaning that there is a problem with the API. (Video: Delivering High Quality Analytics at Netflix) Entry 7 I found it interesting to understand how a problem in one of the API’s can directly impact how we as the consumer might watch our favorite show. The Speaker explains how this one glitch in their servers could potentially be the reason that you might not see “next episode” when one episode ends. I personally have had that inconvenience before. Or it might not have automatically went to the next episode. Something as little as that, a lot of us take for granted and do not think twice about why something like that happened. Netflix is a multi-billion-dollar company and all things considered, even a little glitch here and there, I still think they do a fantastic job taking care of its customer base. Entry 8 Chapter 8: Time Series Analysis and Forecasting In chapter 8, the book explains the simplicity of the naïve forecasting method. This method consists of the week, the time series value, forecast, forecast error (FE), absolute value of FE, squared FE, percentage error, and absolute value of percentage error. The naïve forecasting method is used for figuring out forecasts for historical data. (Pg 382, Ch. 8, Business Analytics.) Entry 8 I found this method to be very simple to understand, probably why it is called the naïve forecasting method. The way the book displays the chart/graph with all the data, you really don’t need much information to be able to figure out what all the numbers mean. I was very happy to have figured it out with ease. I have come to realize that somethings might seem difficult at first and be overwhelming but if you just study it for a while, it will then become clear. I learned that if I don’t give up and keep trying to understand even the smallest problem within the problem, I will figure it out. I personally did not have anyone’s help on understanding this method.
Answer Below:
Reflection Paper 1 Quotes, Paraphrased Arguments, Specific Facts or Claims in Content Reactions Corresponding to the Quoted or Paraphrased Material Entry 1 LinkedIn Learning: Marketing Foundations: Value Proposition Development In ‘The value proposition framework’ section video, at 1.29 the speaker talks about the POPs, PODs and POIs framework that helps to develop one’s value proposition. Most marketers waste their efforts by focusing on the point of parody (POPs), which is highlighting the same thing that is great price, service or quality. Instead, they should be emphasizing on the point of differences (PODs) and talk about those aspects of the product that are important to your prospects and where the competitors are weak. However, one must not forget the POIs that is the point of irrelevance by putting efforts on those aspects that are not important to the customers. (LinkedIn Learning: Marketing Foundations: Value Proposition Development) Entry 1 I realized that usually we all try to enhance those specific value of ours that are most commonly accepted or valued. In this tryst, we often forget that we look more like clones of each other than setting our individuality apart from others. For instance, an old notion has been that dark and tall men are most sought after amongst girls, whereas in the contemporary world, a woman would prefer to have a partner who has a sense of humor and can make her laugh even if not fitting in the category of the tall and dark quotient. Additionally, someone who can cook well would appeal more than someone who is handsome. Hence, highlighting a trait that is different than other popular products and yet appealing to the customers will be developing the right value proposition. Entry 2 LinkedIn Learning: Differentiation and unique value The video defines what is value and states that unique value creates business benefits. In the video, at 0.43, the speaker says that B2B marketers need to become marketing axiology, that is study value. They must be obsessed with uniqueness of value as they offer benefits to customers. Customers, in return, exchange their time and money to acquire these benefits. Customers buys a product for the value that they provide. They are the judge of value as they exchange their time and money in return for these benefits. Unique value are the benefits a product offers that the rivals are not able to. (LinkedIn Learning: Differentiation and unique value) Entry 2 The video helps me to understand the relevance of marketing a product different from its competitors. It creates a unique value for them in the eyes of the customers. When I go to the market, sections such as the potato chips or laundry detergents are flooded with products that are so similar to each other that it becomes a challenge to select one. However, when I read the fine prints and their unique features or flavors, I am able to decide which one is going to suit me. Thus, it is this differentiation between the various products that helps me make a decision to buy a particular brand. Entry 3 LinkedIn Learning: Marketing: Customer Segmentation In the LinkedIn learning video in the ‘Segmenting customers based on their behaviors’ section, the speaker defines behavioral segmentation as a process involving segmenting clients into targets and groups based upon how they use a product, when or where they use it, how they purchase, just to name a few. The speaker regards the geographic or demographic or cultural segmentation useful in numerous situations, however, one may get more value by segmenting the market based upon how they behave. It is more relevant for marketers to understand how the consumer is going to use the product rather than where they live or how many children they have. (LinkedIn Learning: Marketing: Customer Segmentation) Entry 3 With the advent of globalization, the international borders have meltdown. the world population is increasingly adopting a similar lifestyle and preferences due to the popularity of western culture and influence. In such scenarios, segmenting a market based on their gender, ethnicity, age or race will have little relevance for those products that have global presence such as smart phones, fashion amongst others popular good items. However, I feel that using both the demographic and behavioral segmentation may deliver a better result when used together, since the behavioral segmentation can reveal a great information regarding the how to motivate a target audience, demographic segmentation will reveal where to find them. Entry 4 LinkedIn Learning:Target market essentials In the ‘Why is your target market so important?’ section, the speaker emphasized upon the significance of the target market and why it is important to focus on it to have a successful marketing strategy. The more focused your target market is, the more successful the business is going to be. Being more focused and narrower is to develop niche within niche. A business needs to start with a key target market, instead of focusing on more two or more markets. The business can always broaden the market afterwards. (LinkedIn Learning:Target market essentials) Entry 4 The video made me realize how important a target audience is and why it is important to identify a target market for a business. By identifying a target market, the business is able to understand the possible customers that will buy the product and direct their marketing strategy on that particular target audience. Narrowing down on a key target market helps to direct the marketing message to that particular audience and make it as specific and customized possible so that it is received well by the customers. All these efforts will help in having the product appeal the customers and avoid wasting the business’s time and resources. Entry 5 Video: Why businesses fail? In the video the speaker states seven specific reasons for the failing of a business. At approx. 1.10, the speaker says that the key to a successful business is a sound and well-researched business plan. A business also needs a good manager as he will be instrumental in handling everything from customer service to running an efficient office. Another reason for which a business fail is the lack of research of the competitors existing in the market. A business must thoroughly research the competition before starting a business, as too many businesses offering the same service in one geographic area can lead to struggle for a living for all. (YouTube Video: Why businesses fail?) Entry 5 The video resonated a phrase that I had read somewhere in the past. Failing to plan is planning to fail. It holds true when starting a business as well, since a business plan will mention all the key strategies and goals for a business. Following the plan, a business owner will be able to identify which moves to make so as to accomplish the set goals. Further, searching for the rival businesses in a particular geographic area will help the manager assess the threat existing when there are a number of business catering to the same product or target audience, or the presence of opportunity when there are no major rivals present in the area. Entry 6 Video: Steve Jobs - Business strategy. Start with your customer and work backwards to a product or service In the video, at approx. 1.55 Steve Jobs says that it's important to start with the customer experience and work backwards to the technology. He does not recommend starting with the technology and then try to figure out where to sell it. He agrees making mistake but it is important to support a team that is hell bent in giving incredible benefits to the customers. Focus should be upon creating better customer experiences. (YouTube Video: Steve Jobs - Business strategy. Start with your customer and work backwards to a product or service) Entry 6 The video gave a very good lesson in marketing that a product must be able to start from a customer needs, and not go the other way that how can a product be sold to a customer. A successful business is one that can discover a customer need and then work on it and develop a product that will satisfy the need. This way a business will always be grounded and not lose touch from the reality. A technology that the people are not able to relate will eventually die in the market, as there will be less takers of it. An example of the same would be the failed Sony Betamax technology in spite of superior video quality and yet did not appeal to the customer as they had their needs fulfilled through VHS that had longer recording ability and a wider range of available content. Entry 7 Video: The One Thing You need to Create Value - Advice from Steve Jobs and Bill Gates In the video, Bill Gates says that when he initially started Microsoft, he did not think about its economic success but wanted to work with fun and skilled people and exploring new avenues. Steve jobs said that it is important to have passion and love what one does as then they are able to cope with worrying, hard work and taking crucial decisions. Those entrepreneurs who did not love what they did were those who failed in their business and had easily quit. (YouTube Video: The One Thing You need to Create Value - Advice from Steve Jobs and Bill Gates) Entry 7 The video emphasizes the importance of loving one’s work. As they say, if you do what you love then you will never have to work a single day in your life. An entrepreneur must be passionate about what they create. Otherwise, it is very easy to lose focus when a business does not go as expected. However, when an entrepreneur has passion for their product then they will not easily get tired or frustrated if it does not turn out as expected. Instead, they are going to love each and every aspect of the job and have fun at every stage for developing it. Being economically driven is being too narrow and short-sighted in their approach. Entry 8 Video:Why Starbucks Failed In Australia The video explains the reasons for the failing of Starbucks in Australia. A key reason the video emphasized was that the business brand tried to grow the empire too fast by opening multiple outlets without the giving the brand the time to adjust to the Australian market. It did not give the Australian consumer an opportunity to grow an appetite for the Starbucks brand. Further, the presence of strong local coffee brands is another reason for the failure of the coffee giant. Australia’s coffee market is one of the biggest in the world. Starbucks had a basic menu and offered more sugary drinks which most Australians did not like. (YouTubeVideo:Why Starbucks Failed In Australia) Entry 8 The video explains the significance of integrating a foreign brand into the local culture. Starbucks did not make an attempt to blend into the Australian culture, and wear too American for their taste. An international brand might do well in their home country. However, when they are setting up an outlet elsewhere in the world, they did not be mindful of the local taste and preference of the host country. Australians have a distinct taste when it comes to their coffee experience and did not like the American style of basic menu and sugary drinks that Starbucks offered. A study of the local culture and the preferences of the customers in the regional market is necessary to ensure the success of a business. References Barnard, D. (2018). Steve Jobs - Business strategy. Start with your customer and work backwards to a product or service. Retrieved from YouTube: https://www.youtube.com/watch?v=48j493tfO-o CNBC. (2019). Why Starbucks Failed In Australia. Retrieved from https://www.youtube.com/watch?v=_FGUkxn5kZQ: https://www.youtube.com/watch?v=_FGUkxn5kZQ EntrepreneurNOW. (2019). Target market essentials. Retrieved from LinkedIn Learning : https://myleoonline.tamuc.edu/d2l/le/content/149807/viewContent/2118222/View Goward, C. (2020). Marketing Foundations: Value Proposition Development. Retrieved from LinkedIn Learning: https://myleoonline.tamuc.edu/d2l/le/content/149807/viewContent/2118221/View Hernandez, D. (2016). The One Thing You need to Create Value - Advice from Steve Jobs and Bill Gates. Retrieved from YouTube: https://www.youtube.com/watch?v=juc9KvqTVIc Holman, V. (2012). Why Businesses Fail, Reasons Businesses Fail, Why Businesses Succeed. Retrieved from YouTube: https://www.youtube.com/watch?v=wNO-2fq1gqc Ladd, D. (2020). Marketing: Customer Segmentation. Retrieved from LinkedIn Learning: https://myleoonline.tamuc.edu/d2l/le/content/149807/viewContent/2118223/View Rutsky, K. (2018). Differentiation and unique value. Retrieved from LinkedIn Learning: https://myleoonline.tamuc.edu/d2l/le/content/149807/viewContent/2118224/ViewMore Articles From Marketing
.ico)
.ico)
.ico)
.ico)
