Write your thoughts on this discussion.

This week we were tasked with posting why business research,statistics, data, and decision models were important to business. To summarize the answer, statistical research gives you information. And in this age information is power. By using research, you can gather statistics, data, and implement them with business models to provide solid decisions. Statistical and logic based decisions are scientifically more sound and rational than those based on emotion alone. They also tend to be more accurate and profitable. Therefore research gives managers information to make informed decisions. Business sampling is the taking a sample of a target population or group that consists of all demographics wanting to be polled and using that as a subset of the major population. The technique of sampling is very important as it is not necessarily feasible to poll or gather data on each and every single person or node of information out there. Even with advancements of technology there is just too much information and too many people out in the world to gather information from unless you are working or polling a very specific market or niche area. Sampling requires that the sample solution has to reflect the makeup of the general population it's pulled from otherwise it won't work. Additionally, sometimes several samples need to be used to gather enough information. Finally, data can change based on many factors. An example of sampling would be a general poll that would ask for opinions on a product, however that in itself has several issues. Perhaps the demographic responding would be biased towards that particular product. What we have in the military is a climate assessment survey. While not mandatory, it is used to get a general assessment of the leadership in the military and to provide feedback. Using the sample data from those who participate, the military makes changes and so does leadership on how they were rated or viewed by their workers.

PRINCIPLES OF MARKETINGMKT100041VA016-1204-001

DISCUSSION BOARD

FORUM: WEEK 2 DISCUSSION

THREAD: WEEK 2 DISCUSSION

Principles of Marketing (MKT100041VA016-1204-001)

Announcements

Student Center

Gradebook

Meet Dr. Tracy!

Media Gallery

Strayer Writing Standards

My Awards

Week 1

Week 2

Week 3

Week 4

Select: All None

Message Actions

Expand All

Collapse All

75 Post(s) in this Thread

74 Unread

0 Unread Replies to Me

This week we're going to get inside the head of a customer (meaning all of you and me and everyone else), because this is what marketers need to do to get their message heard and to drive customers to do what they want. To do this, respond to the following questions:

In marketing, the customer has to come first . . . you can’t market to a potential customer unless you understand their wants, needs, desires, state of mind, interest, incomes and so much more. Why do you think it is important for a marketer to understand how a customer makes that final purchasing decision?

Indicate which of the following factors would most influence your decision, and then explain how a marketer could use this information to better market this new car to you:

Price

Color

Style

Status  

RFID is playing a major role in increasing the efficiency and effectiveness of supply chain management. After reading the information presented in this chapter and other sources, write a one-page paper that describes the experience of a company that has been using RFID for this purpose. What are tow advantages and two disadvantages of using RFID in supply chain management.

Goodwill Industries International is a nonprofit that has been serving people with disabilities for over 100 years. It funds its operations with sales of donated items from its chain of more than 3,000 retail thrift stores and through its shopgoodwill.com website. What possible advantages could a for-profit social enterprise with the same mission have in competing with Goodwill stores? What disadvantages would its for-profit status create, and how could the advantages overcome the disadvantages?

Case 9.4

The Ventron Engineering Company has just been awarded a $2 million development contract by the U.S. Army Aviation Systems Command to develop a blade spar for its Heavy Lift Helicopter program. The blade spar is a metal tube that runs the length of and provides strength to the helicopter blade. Due to the unusual length and size of the Heavy Lift Helicopter blade, Ventron is unable to produce a single-piece blade spar of the required dimensions using existing extrusion equipment and material. The engineering department has prepared two alternatives for developing the blade spar:

• (1)

  sectioning or

• (2)

  an improved extrusion process.

Ventron must decide which process to use. (Backing out of the contract at any point is not an option.) The risk report has been prepared by the engineering department. The information from this report is explained next.

The sectioning option involves joining several shorter lengths of extruded metal into a blade spar of sufficient length. This work will require extensive testing and rework over a 12-month period at a total cost of $1.8 million. Although this process will definitely produce an adequate blade spar, it merely represents an extension of existing technology.

To improve the extrusion process, on the other hand, it will be necessary to perform two steps:

• (1)

  improve the material used, at a cost of $300,000, and

• (2)

  modify the extrusion press, at a cost of $960,000.

The first step will require six months of work, and if this first step is successful, the second step will require another six months of work. If both steps are successful, the blade spar will be available at that time, that is, a year from now. The engineers estimate that the probabilities of succeeding in steps 1 and 2 are 0.9 and 0.75, respectively. However, if either step is unsuccessful (which will be known only in six months for step 1 and in a year for step 2), Ventron will have no alternative but to switch to the sectioning process—and incur the sectioning cost on top of any costs already incurred.

Development of the blade spar must be completed within 18 months to avoid holding up the rest of the contract. If necessary, the sectioning work can be done on an accelerated basis in a six-month period, but the cost of sectioning will then increase from $1.8 million to $2.4 million. The director of engineering, Dr. Smith, wants to try developing the improved extrusion process. He reasons that this is not only cheaper (if successful) for the current project, but its expected side benefits for future projects could be sizable. Although these side benefits are difficult to gauge, Dr. Smith’s best guess is an additional $2 million. (These side benefits are obtained only if both steps of the modified extrusion process are completed successfully.)

1. Develop a decision tree to maximize Ventron’s EMV. This includes the revenue from this project, the side benefits (if applicable) from an improved extrusion process, and relevant costs. You don’t need to worry about the time value of money; that is, no discounting or net present values are required. Summarize your findings in words in the spreadsheet.

Question 1: A transportation company which provides the management of the bus service in a city gets help from group of volunteers who sent pictures of people crossing the streets, kids playing in the street, angry people waiting on a bus stop, words “be happy”, timetable of the train service to next city and the length of the bridge via which main transportations of the city goes. Can the company use all of the above-mentioned contributions to build data base for management of the bus service? Discuss completely why yes or why no.

Question 2: A CIO of organization XYZ made the following statement: “Our IT department must be able to work effectively with increasing information volumes because information leads to data and data leads to knowledge”. Comment on CIO’s statement.  

Question 3: The following information for University database is available:

• Professors have SSN, name, family name and department.
• Each project is managed by one professor (PI)
• Each project can be managed by more than one professor (CoPi)
• Each student is identified by his/her SSN, age, name and family name and his/her GPA
• Each student can participate in 1 or 2 projects.

Write full ER diagram for this information. Discuss is it possible to cluster ER or is it not possible (answer why? Question in both cases). In both cases provide full reasoning.

Write clustered ER if you decided it is possible.

Question 4: Given the following relation:

Which attributes or attribute you can deduce are not/is not a candidate key, based on this instance being legal. Provide your reasoning.

Explain the components most bad-news message consist of and the reason this message

            is so structured

What are strengths of the trait approach? What are criticisms of the trait approach?

Describe the differences between assigned leadership and emergent leadership. Give examples of both.

What does leadership mean to you personally?

List 5 leaders and why they are leaders in their field. (Remember, even people you personally know can be listed, not just those in the field of business)

Decision Point: Naperville Expansion Media Plan

After you recommend expanding to Naperville, you and Caffè Gustoso's owners start discussing your plans for marketing the new location. The owners first want to know what type of media you plan on primarily using for your campaign: traditional media such as television, print, radio, and direct mail or online media such as websites, email, online advertising, and social media? The owners see pros and cons with both types of media and need your help to decide -- keeping in mind Caffè Gustoso's goals and financial constraints.

A) Traditional media: television, radio, print, direct mail

B) Online media: website, email, online advertising, social media

The following represents a project that should be scheduled using CPM:

                             IMMEDIATE                                TIMES (DAYS)

                            PREDECESSORS

ACTIVITY                                                                  a           m         b

A                                   —                                          1           4          7

B                                   —                                          3           5          10

C                                  A 2          5          8

D                                  A                                            4           6          11

E                                   B                                           1            2          3

F                                 C,D 3          5          7

G                                D,E                                         1            2          6

H                                F,G                                         2            5          6

b. What is the critical path?

            A-D-F-H

            B-E-G-H

            A-C-F-H

            A-D-G-H

c. What is the expected project completion time?

Project completion time __________ days

d. What is the probability of completing this project within 22 days?

Probability _________          

Assess Harley Davidson’s mode of expansion (Joint Venture, wholly owned, Licensing/Franchising etc.)