Rest of the Business Final!

The final Simulation mastered the skill of
Managing Segments and Customers
What does STP stand for?
S- Segment your market
T- Target your market
P- Position your product
What are the four P’s of Marketing?
Price,Product, Place, and Promotion
optimal sales people for the marketing simulation
McCormick likes nine, I like eight.
Tips on the Minnesota Micromotors Simulation
– Focusing on retaining large customers
-Maximize Product and Revenue
-Maintain leadership position in power while improving thermal resistance
– Provide highly trained sales staff
Options to change in the change management simulation
-Power to Size Ratio
– Thermal Resistance
-Highest Performing
-Desire the lowest price product
-Sales staff
Benjamin Franklin Interpretation: Had I revenged wrong, I had not worn my skirts so long
– If I took every injustice to court, my coat shorts would be shorter because I would have lost quite a bit of money!
Recommended reading-
Dale Carnegie in “The Legacy of an Entrepreneur; How to win friends and Influence People”
What is an important thing that all leaders need to be able to be capable of?
Getting people to cooperate
3 Proposals to mastering persuasion
1. Challenging
2. Reasonable
3. Minimal
may be ties to Aaron graft?
how was the sim graded?
2/3 profit share (67%) and 1/3 market share (33%).
The Accounting Equation
Assets are equal to Liabilities and owners equity
Who said the purpose of a business is to create a customer?
Peter Drucker
What does the Baylor Business logo stand for?
1. Foundation of ethical values
2. Rigorous class room learning
3. Hands-on, real world experience
circle is set within a global perspective
What is the Baylor Business brand stand for?
“Lead with Integrity”
How much do you earn a day by serving on a Jury in the McLennan county?
$15
Milton Friedman lived from
July 31, 1912 to November 16, 2006
Where did Milton Friedman get his education from?
He got his phd first at Columbia University and then went on at the University of Chicago.
Milton Friedman won the Nobel Prize for..
Economics in 1976
Milton Friedman was an economic advisor to
President Reagan
Two things that Milton Friedman stands for
Capitalism and Freedom
How would Milton Friedman feel about the jury asking to donate your pay to a local charity?
He would most likely point out the danger of mixing Market and Political Mechanisms
The article that we read by Milton Freedman is titled:
“The Social Responsibility of Business is to Increase its Profits”
In his article he discusses the
Social institutions and the social responsibilities that may come along with this.
What are some examples of Social Institutions
Government organizations, Ngo’s (non-governmental organization), businesses, church, or schools.
What did David “Davey” Crockett think on the subject of a t ax that would support or give a gift to a military widow?
That it shouldn’t be decided on and established by the government, but that individuals should come together as a community and help out.
the nature of light?
Random note I made? look it up.
What are the three types of businesses?
Publicly Traded Company- Apple, Ford, or Disney. in this situation a CEO can give from his Salary.

Privately Held Company- Patagonia, HEB, or Chick-fil-a. In this situation, Profit belongs to owners who can give profits however they choose.

Individual Proprietorships- Common Grounds, Slaters Sports Zone, or Maggie Moo’s. Owners can do whatever they want with the money!

Whats a ‘Principal” spending?
It comes out of ones own pocket.
What is “Agent” spending?
it comes out of the shareholders money.
True or false, Apple is in the top ten most generous companies?
True
What does Steve Jobs say about donating money in a 1985 (?) Interview?
It takes an enormous amount of time to give money away.
What is the “top line” in an earnings report?
Revenue
What is the “bottom line” in an earnings report?
Profit/ earnings