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Revised and updated to answer the challenges of a rapidly changing business world, the 4th edition of The Ten-Day MBA includes the latest topics taught at America's top business schools, from corporate ethics and compliance to financial planning and real estate to leadership and negotiation. With more than 400,000 copies sold around the world, this internationally acclaimed guide distills the lessons of the most popular business school courses taught at Harvard, Stanford, the University of Pennsylvania, the University of Chicago, Northwestern, and the University of Virginia. Author Steven A. Silbiger delivers research straight from the notes of real MBA students attending these top programs today—giving you the tools you need to get ahead in business and in life.
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Whether or not one agrees with the author that MBA programs can be compressed in ten chapters for ten days. The truth is MBA applicants and students use it to prepare for entrance interviews and tests; businesspeople, lawyers, and doctors use it to gain the MBA advantage without the time or the expense.
When you strip away all of the expensive embellishments, the real basics of an MBA education fall into nine disciplines which you need to have knowledge of and practical experience in. If you were to spend a day immersing yourself in the best thinking in each of these topics and then allocate your tenth and final day to putting together some worthwhile minicourses, you’ll grasp the fundamentals taught in the best MBA programs without losing two years’ wages and incurring $175,000 in tuition fees and expenses.
“The synthesis of knowledge from all of these disciplines is what makes the MBA valuable. In the case of a new product manager with an MBA, she can not only see her business challenges from a marketing perspective, but she can recognize and deal with the financial and manufacturing demands created by her new product. This coordinated, multidisciplinary approach is usually missing in undergraduate business curricula. By learning about all the MBA disciplines at once you have the opportunity to synthesize MBA knowledge the way you would at the best schools. My goal is to make you familiar with the significant MBA tools and theories currently being taught at the leading business schools and to help you understand and develop the MBA mind-set.” — Steven Silbiger
Marketing is a blend of art and science. To think about marketing like an MBA graduate, you need the right mental framework and vocabulary so you can create and run winning marketing plans.
While the overall marketing process is not generally easy to define or to execute, most marketing tends to be built on the foundation of a sevenstep circular process:
1. Consumer analysis -- you identify specific segments within the population who have similar needs so your marketing can be targeted and directed at them. You then look at the buying process they are likely to use which are usually:
Learn / Feel / Do
Attention / Interest / Desire / Action
Awareness / Search / Alternatives / Purchase / Evaluate
2. Market analysis -- you then review whether the target market you’re going after is large enough to be able to provide the return you want to make on your marketing investment. This will include taking into account where your product is in its life cycle, the prevailing key competitive factors and all the competitive dynamics of your target market.
3. Competitive analysis -- once you’ve chosen a market to go after, you then tend to look at who is already serving those customers and what it will take to beat them in the future. This is where a SWOT (strengths, weaknesses, opportunities and threats) analysis gets used. You figure out what core competencies you bring to the equation and analyze how that mix compares to what other competitors have to offer.
4. Analyze distribution channels -- you have to work out how you will get your product into the hands of customers. This will often be a matter of figuring out how to split the projected profit between the various parties in the distribution chain. Whoever has the most power in that chain will expect to garner the biggest share of the profit. You will need to allow for everyone, potentially:
Sales forces or your salespeople
5. Develop your marketing mix
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