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Tag: Timing

  • Staying the course really matters

    Staying the course really matters

    Vanguard CEO Tim Buckley and Managing Director Karin Risi discuss the challenges of timing the market and moving to cash.
    Staying the course really matters
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    https://investornews.vanguard/staying-the-course-really-matters/

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  • Male bottlenose dolphins synchronise their calls to attract females

    Male bottlenose dolphins synchronise their calls to attract females

    Bottlenose dolphins in Shark Bay, Australia, form alliances and coordinate the timing of their clicking noises to attract females and deter other males
    Male bottlenose dolphins synchronise their calls to attract females
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    https://www.newscientist.com/article/2239312-male-bottlenose-dolphins-synchronise-their-calls-to-attract-females/?utm_campaign=RSS%7CNSNS&utm_source=NSNS&utm_medium=RSS&utm_content=home

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  • Tips for Developing an Effective Black Friday Marketing Campaign

    Black Friday is traditionally said to be the day that retailers start turning a profit for the year. The term refers to the retailer?s bottom line going from red to black, and it is the day the holiday shopping season unofficially starts. Therefore, it?s important to market Black Friday?s discounts and sales effectively. Everything from the timing of the release of the ad to the time the store opens can affect the customer turnout on Black Friday.

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    http://www.associationofmarketing.org/articles/view.php?article_id=6977

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  • Numerology’s Secret Strength – Your Habit Challenge

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    Where do you turn in times of crisis? How do you find the inner strength to face problems which are beyond your normal strength? Numerology can tell you where your hidden strength lies, ready to come forth in the face of problems beyond your normal resources. This hidden strength is known as your Habit Challenge. This ability is also known as the Submerged Characteristic or Habit number. Normally it lays dormant, hidden in everyday life until you truly need it; Then it blossoms becoming a useful tool to be called on.

    Finding your Habit Challenge

    This is one of the simplest calculations in Numerology. You simple count the number of letters in your use name and then reduce the value with fadic addition. Your use name is what your friends call you, or how you introduce yourself. Note that since this can change through out your lifetime, your Habit Challenge will change as well. As an example, actress Angelina Jolie has a Habit Challenge value of (4) as shown below.

    Angelina Jolie (Habit Challenge) = (8 + 5) = (13) = (4)

    Habit Challenge (1) – Originality

    People with this value respond to crisis by turning to their originality. They are best served by looking to themselves to find the answers they need, usually to the complete surprise of those around them.

    Habit Challenge (2) – Collaborator

    People with this value respond to crisis by teaming up with others. They are best served by being a good follower and trusting their partners to direct them in reaching their goal. If a need for diplomacy occurs, they are truly in their element and will bring good results.

    Habit Challenge (3) – Creativity

    People with this value respond to crisis by turning to their imagination. If there is an artistic solution to their problems, then they will solve them. These souls will also find an ability to put aside their fears and not take their problems seriously, letting them work with little pressure.

    Habit Challenge (4) – Analysis

    People with this value respond to crisis by turning to pure logic and their analytical skills. They will be able to turn off their emotions and work towards a practical and orthodox solution to their problems. They will never break down or lose their head until the crisis has passed.

    Habit Challenge (5) – Flexible

    People with this value respond to crisis by being flexible. They will accept change and take risk as necessary to reach their goals. If there is a New or unusual solution to the crisis, they will find it. These people will exhibit great versatility and quick thinking throughout the crisis.

    Habit Challenge (6) – Responsible

    People with this value respond to crisis by showing sympathy for others and taking on responsibility for the problem they face. These souls will work to shield their friends and family from the affects of the crisis and offer to sacrifice themselves to resolve the problem.

    Habit Challenge (7) – Meditation

    People with this value respond to crisis by using meditation or other techniques to seek knowledge from within themselves to resolve their problems. These souls will reject advice which they have not asked for, and instead look to their intuition for ways to solve their problems. They will always act with perfect timing while the crisis last.

    Habit Challenge (8) – Ruthless

    People with this value respond to crisis by being ruthless and efficient in their actions toward solving their problems. These souls are willing to set ambitious goals and work tirelessly until they are met. They will exhibit determination and infinite patience until the crisis has passed.

    Habit Challenge (9) – Idealist

    People with this value respond to crisis by being an idealist. They will be broad minded in their dealings with others, and generous with their time and resources while the crisis last. These souls will react dramatically with great flare towards those who oppose them until their problems are resolved.

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    Source by Keith Abbott

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  • Implementing the Character’s Emotion

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    Now that you’ve made your choices, how do you generate these emotions and make them readable to the audience? And in doing so, does the actor actually feel the emotions or simulate them? These are the questions often asked about portraying the emotion.

    It stands to reason if you want to affect the audience and move them, you, playing a credible character, must feel these emotions. But you must feel them in such a way that they are conveyed to the audience. The degree to which you feel each emotion will depend upon the method used to carry out this feat and your ability to master it.

    Actors involved in what is termed “Method Acting” use the affective memory to generate emotions. Here the actor recalls a specific event in his own life that has produced the required feeling. For example, remembering a fight you had with another student in high school could arouse the emotion of anger. Recalling the death of a close relative might generate the emotion of grief. The actor has to go back, replay the experience leading to the desired emotion, and relive those moments in his mind. Through this method, the required emotion is revived.

    There are some benefits and also some dangers in this type of emotional generation. Usually, emotions derived this way seem real and deeply moving, more so to the actor than the audience. That’s because there is a tendency to internalize these emotions so much that they are not fully evident to the viewer. The method does make producing emotions seemingly easy, but at a price.

    You will find that emotions take time to evolve naturally and resist abrupt changes when deeply seated in ones memories. This is one reason few method actors make it big in comedy. The changes come too quickly and the method actor usually lacks the required emotional agility. Likewise, the method process takes up valuable rehearsal and production time as the crew and cast wait for the actor to call up the right emotion.

    Actors using the method are likely to develop a self-indulgent feel “good” attitude which gravitates towards feelings closest to them and more comfortable for them to generate. The performance then becomes one that portrays the actor’s reality and not that of the character’s. You can see how this may stifle the actor’s imagination and limit the search for emotional truth. The method can likewise put a strain on the actor’s psyche. Using past events, some best left forgotten, can lead to situations where it affects the actor’s mental stability.

    Another danger is that of becoming bored with affected memory when repeated retakes or performances are required. There is also the possibility of being so caught up in past events one does not relate as the character.

    Another way to generate emotions is to rely on our emotional conditioning, the response to the word for each feeling, and the ability of the body to remember the resulting psychical (of the mind) and physical manifestations. This is the most simple way to produce a whole galaxy of emotions with little effort on our part. Through our childhood development, we are conditioned by the meaning of words, especially with regard to feelings. We respond to them without any conscious thought.

    Consider what happens when you are reading a good book or script. You become involved in the story and the characters. You see and feel their imaginary lives. And when you read the action description:

    She looks at his mangled body, then turns away in horror.

    The word itself is the key to what she felt. We don’t have to stop, reflect back on our own life and re-experience some past event. The response is there before we have time to think. The word itself is the signal to release all the information we have on that emotion and to invoke an immediate physical response.

    This response, while different for each person, still has common traits and a behavior that tells others which emotion is being felt. It’s almost a language in itself and a part of our non-verbal communications.

    The answer lies in the fact that in physiological terms, all emotions have similar traits. That is to say, if we were to test the breathing, heart rate, skin temperature, etc., of two people, one feeling rage and the other joy, the “physiological” signs would be similar. Only the face, gestures, and movements would signal which emotion they were actually feeling. But the flush face, the pulse and breathing rate, etc., all signifying the energy behind the emotion, would determine the size of the emotion.

    Through this process we have learned how to reach and find the emotion. But now, we must learn to nurture these feelings, making them big enough for the performance and adapting them to build credible characters.

    As we said before, emotions are feelings large enough to change your life or destroy it. They need to be powerful feelings, but all that you start with is the small sensation that the name of the emotion evokes. How can we make it bigger?

    As the word for the emotion is read, the actor feels a response centered somewhere in his body. For instance, the emotion “fear” might be felt in the stomach. For another actor, it might be in the shoulders and neck. “Suspicion” causes a response around the eyes. “Lust” in the hips or groin. “Desire” could be centered in the lips or eyes.

    For each actor, the physical response will vary. But the important thing is that the actor feels these responses and gains awareness of the physical symptoms in various parts of his body.

    How do we increase this energy level? There is a technique taught by Don Richardson, a well know TV director. It entails having the actor do some physical exercise, such as push-ups, until he’s completely out of breath. Then after a few moments, have him go directly into the scene with his intention and emotion located and his energy level at a peak. The result is astounding for the actor has no choice but to emote fully.

    The next step is to start from a totally relaxed state, retaining the selected intention and emotion, and then adding what one felt at the peak when doing the push-ups. The small emotion is now fired up by a burst of adrenaline flowing through the system as the body recalls the effect of the push-ups. The emotion is thus achieved on a large-scale as the body remembers the intense physiological state attained earlier.

    Now the emotion has to be adapted to create your specific character and make him credible. Credible emotions evolve out of the character’s perception of reality, their past experiences (emotional conditioning), and their struggles as they strive toward their goals. Character traits also play an important role in how emotions are adapted. For instance, is the person you are portraying mainly rational, mainly emotional, or a balance of the two, and as a result, would the feelings be out flowing, repressed, or even denied? Is there a great deal of inner conflict where the emotions hinder the character from attaining his objectives? What is the dynamic range of feelings, deep, shallow, explosive, etc? All these questions entail a good deal of research into creating the emotional side of a credible character.

    To assist you in this regard, I’ve compiled discussions on the various root emotions. These will aid you in adapting emotions to your specific character needs as well as improving your emotional range and awareness.

    The third way is indicating the emotions through mechanical acting. In this approach, the actor imitates the physical responses, mimicking the feelings as displayed by others.

    People often look down on mechanical acting. Yet sometimes, it becomes a necessity, either as a training or rehearsal tool exploring possible expressions and gestures, or when the actor’s capabilities cannot fulfill the complex demands of the scene. Demands such as acting style, blocking, stage business, and/or quick precise attitude and emotional changes. In such situations, producing the proper emotional illusion through a mechanical response will, at least, get the actor through these difficult moments. In addition, the director may specify certain emotional responses to attain his vision of the story, responses that may later be embellished by editing, music, and sound effects.

    In certain types of performances, particularly comedy sketches, parities, certain sit-coms, and stand up comedy, experience with mechanical acting is helpful. This is because the focus is centered on dialogue emphasis, precise timing, and clarity of attitudes. Likewise, exaggerated surface emotions have the potential to change unexpectedly while deeply felt realistic emotions lack this agility.

    This is not to say that the actor can not feel these emotions. In fact, he may feel them strongly, but the expression begins as a duplication of some physical response. Life studies, the observing of real people, nurture such emotional beginnings.

    ROOT EMOTIONS

    Root emotions are active feelings that clearly convey what is felt by the characters. They do not include happiness, sadness, sorrow, loneliness, or nervousness as these are not an emotion, but state of being. The state of being is the result of an emotion. Root emotions, on the other hand, are the cause and have the potential to affect change.

    Certain weak and complex emotions should likewise be avoided. Self-pity is weak in that it plays an effect and is often resented by the audience. Disinterest and boredom are likewise poor choices as there is no active force to motivate the character.

    Love is also a poor choice in that it is a complex emotion made up of many other feelings. Playing the feeling of love immobilizes the character rather than inviting action. A better choice would be to play a definitive emotion such as desire, lust, joy, exhilaration, or exaltation. In an unstable relationship, other emotions such as jealousy, suspicion, bewilderment, guilt, or embarrassment, along with certain other emotions, could be used. By using one single root emotion at a time, subtle shadings within the realm of love can be clarified as well as changes in the intensity.

    The emotions of the characters also plays into the psychological experience of the audience. It might be the voyeurism of spying on the character’s intimate moments. It could also be the vicarious experience of identifying with character’s situation or problems. It could also be the visceral feelings we experience as we watch the scene unfold, emotions moving us and giving us a sense of being entertained. Strong emotional choices and well-portrayed feelings, ones that connect with the viewer, can make for interesting and memorable scenes. They can help create anticipation, arouse curiosity, and hook us enough to be intrigue and involved.

    I’ve divided the most frequently used root emotions into five different categories. Each category is further clarified as to the focus of the emotion as well as the general clarifications.

    ROOT EMOTIONS

    DARK EMOTIONS (Active – Directed at or against someone, something.)

    Rage

    Anger

    Hatred

    Contempt

    Jealousy

    Envy

    SURVIVAL ORIENTED (Reactionary – Selfish – Focus usually on the expected or imagined.)

    Terror

    Horror

    Fear

    Dread

    Despair

    Grief

    Suspicion

    Apprehension

    GOAL ORIENTED (To find, to obtain, to provide – Focus usually on wants.)

    Revenge

    Ambition

    Greed

    Hope

    Desire

    Lust

    Determination

    Compassion

    Curiosity

    EGO ORIENTED (Self evaluation & result – Focus usually on masking or repressing the emotion.)

    Guilt

    Shame

    Indignation

    Intimidation

    Embarrassment

    Resentment

    BRIGHT EMOTIONS (Enjoyable – upbeat – Focus usually on the continued enjoyment.)

    Exaltation

    Joy

    Pride

    Exhilaration

    Wonderment

    Bewilderment

    In review, root emotions motivate you to fight for something, to change your (the character’s) life or destroy him (the character’s dramatic soul). To be a strong sympathetic character, always play the fighter’s side of the emotion, thinking you can win rather than loose. The physical look of one particular emotion will vary depending on the story situation, the characters, and the natural casting chemistry within and between actors.

    To further your knowledge on this subject, explore the physical sensations, sources, forms, and dynamics of the most common root emotions. Observe emotions in life as well as performances. What are the defining characteristics? Such research will also serve as a guide in stretching the clarity, strength, and polarity of your emotional repertoire.

    This chapter has covered the basic skills used in building and implementing dramatic emotions. Use these skills as tools to nurture and release the character’s true feelings, and make them readable to the audience. Most important, create emotions that serve the story, its genre and purpose.

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    Source by Erik Sean McGiven

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  • Terminal Wealth Dispersion, Life Expectancy and Individual Retirement Accounts

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    Terminal wealth dispersion is the technical term that describes the variability of the future value of investment portfolios. This inevitable variability means that no one knows what the value of their investment portfolio will be when they reach retirement age or at any time during their retirement. And the uncertainty of individual’s life expectancies compounds this problem.

    Hedging against the risks associated with these two factors places an onerous burden on individuals. Although this hedging could result in a very comfortable retirement, if one can afford the hedge and their timing is right, the potential downside risk is so great that it may be deemed unacceptable by many individuals. So one has to ask “Do individuals really prefer to forgo a sure but modest retirement income and play the odds with their retirement savings in hopes of being very well off in retirement?”

    With individual accounts, individuals lose the benefit of the pooling of risks. The two risks that force individuals to over-save are investment risk and the risk of living beyond the average life expectancy. In both cases the outcomes, terminal wealth and life span, are highly variable. When the risks are pooled for a large number of individuals over many overlapping life spans, the average outcomes are highly predictable, which is what makes traditional pension plans work so well.

    Traditional pension plans exist, for all intents and purposes, in perpetuity. This being the case, they can build reserves during good times in the financial markets and weather the bad times, thus enabling them to make consistent payouts to retirees regardless of the timing of their retirement. Unfortunately, individuals do not get to choose their holding periods or the years of their retirement and must take whatever comes along, and what comes along might be good or it might be bad. Thus individuals must set savings goals that are sufficiently high to hedge against the risk of the average return of an investment portfolio over its holding period falling well short of that which would be expected very long term.

    The relatively short duration of individual’s holding periods leave them very susceptible to the effects of market cycles, which are notoriously unpredictable in amplitude and frequency. Being broadly diversified mitigates this risk but does not eliminate it, as it’s entirely possible for a worldwide bear market to occur during one’s holding period. Then at the end of the holding period for wealth accumulation, a second holding period begins, which will be the term of retirement, and this second holding period carries the same risks as the first, but at a time in life when there is no source of income to make up for portfolio under-performance.

    The other component of risk that individuals must hedge is the risk represented by the uncertainty of one’s life span, which means that individuals must aim even higher when setting their savings goals. The managers of large pension plans can depend on retirees living on average for only the average life expectancy of employees who reach retirement age. The average life expectancy for someone who reaches the age of 66 is currently 82 years, and 66 is currently the age when workers are eligible for full Social Security benefits, which makes it a reasonable baseline. Based on those assumptions, the average term of retirement would be 18 years and pension plans should only have to be funded to the extent necessary to cover the cost of this average term of retirement.

    Individuals, however, don’t know how long they’re going to live, so they must over-save to ensure that they don’t run out of money before they run out of time. This need to over-save is independent of the first need, thus the need to over-save is compounded, i.e., an individual needs to save enough to cover the cost of living well beyond the average life expectancy and the targeted amount of savings at retirement age must be great enough to ensure with a reasonably high level of certainty that the actual amount on hand at retirement is at least the bare minimum necessary to get by on.

    A popular estimate of the term of retirement for which individuals must plan is 30 years. Saving enough to cover the cost of a 30-year retirement is a much greater burden than saving for an 18-year retirement, but planning on a shorter retirement exposes individuals to tremendous risk. It also exposes taxpayers to tremendous risk, as individuals who outlive their savings will undoubtedly require some form of public assistance to make ends meet and are likely to become wards of the state when they become physically incapable of caring for themselves.

    An individual who bases their retirement saving on living to the age of 96 but only lives to be 82 will have forgone a lot of pleasures in life, such as travel, fine dining and better vehicles, that they could otherwise have enjoyed. But many individuals just don’t have the level of income required to support the saving rate necessary to amass the wealth required to hedge against the downside of terminal wealth dispersion and the possibility of living well past the average life expectancy. For them it’s not a matter of forgone consumption, it’s a matter of going through life with the knowledge that they are likely to spend their golden years living in abject poverty and that that will be their reward for 40 or 50 years of hard work. And it gets worse!

    Some economists now believe that within 15 years or so, given the current rate of health care inflation, 100% of Social Security benefits will be spent on medical expenses: Medicare Parts B and D premiums, copayments, uncovered expenses and medigap insurance premiums. If that becomes the case, anyone without substantial savings or a defined benefit pension will be looking for public assistance the day after they retire. Although this is probably a worse case scenario, there is a general consensus that individuals retiring today will need to set aside approximately $180,000 for medical expenses not covered by basic Medicare.

    With the situation already at this state, adding private Social Security accounts to the mix would be like throwing gas on a fire, as individual Social Security accounts carry the same risks as other individual retirement accounts. Those who have tried to kill Social Security since its inception find private accounts very appealing. But, not so coincidentally, most of them seem to be in the enviable position of not needing Social Security to support their retirement. More recently, younger workers, too, have come to oppose Social Security, but not for the same reason as the traditional opponents. Young workers may be crushed by the growing burden of Social Security and may never receive any benefits from the system. Those who oppose Social Security simply because it’s a social program should be expending their efforts on reforming it rather than killing it.

    If Social Security had been managed like a pension plan rather than the ilconceived system it is, with today’s workers paying for yesterday’s workers’ retirement, its current situation wouldn’t be so dire. Indeed, it might very well be a fully funded, functional system. CalPERS and other large public employee retirement plans have operated successfully for decades, with success being defined as being able to meet their obligations, not having an adverse effect on the financial markets, no scandalous events attributable to malfeasance by the plans’ sponsors and being free of influence from elected officials. There’s no reason that Social Security can’t also be managed in such a manner. It would literally take an act of Congress to do this, but the hardest part for Congress would be letting the system run without their interfering with its operation.

    Passing off the burden of retirement to individuals was a great deal for corporations but it’s a very poor deal for most individuals, and extending individual accounts to include the Social Security system would only make a bad situation worse. It’s not a poor deal for all individuals because there will be some who can afford to save a substantial portion of their income and whose holding periods will coincide with bull markets, thus putting their wealth in the upper range of their terminal wealth dispersion, and who also live a long, healthy life. They will be the ones who benefit from over-saving and living beyond the average life expectancy, but they may end up forfeiting a portion of their wealth in the form of taxes to support the less fortunate. I don’t believe that is what the public expects from a well-conceived system.

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    Source by Mike Kennedy

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  • Creativity and Entrepreneurship

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    We will commence our assignment with a discussion of sources of new ideas. We will then examine methods of generating ideas, creative problem solving, the product planning and development process, and then e-commerce. We will then generate several new ideas using brain writing, the checklist method, and free association. We will apply the product development stage to our new ideas and end our discussion with two alternatives to e-commerce.

    Sources of new ideas include consumers, existing products and services, distribution channels and even the Federal Government (Hisrich, 2008). The files of the patent office are full of new ideas and new product ideas can form as a result of government regulations. Research and development is the largest source of new ideas and can occur in a formal lab or in a garage or basement.

    Many methods can be use to generate new ideas. In focus groups, a moderator leads a group of people through open, in-depth discussions. These groups generally consist of eight to fourteen participants. They are stimulated by comments from other group members in creatively conceptualizing and developing a new product idea to fill a market need. Focus groups are also an excellent way to screen ideas and concepts. Problem inventory analysis is another great method of generating new ideas. It uses individuals in a manner that is similar to that of focus groups. Consumers are provided with a list of problems in a general product category and are then asked to identify and discuss products in this category that have the particular problem. This method should be used primarily to identify product ideas for further evaluation.

    Creative problem solving takes the generation of new ideas to a higher level. Brainstorming allows people to be stimulated to greater creativity by meeting with others and participating in organized group experiences. Rules include the following:

    a) Criticism not allowed

    b) Freewheeling is encouraged

    c) Quantity of ideas is desired

    d) Encourage combinations and improvements of ideas

    Brainstorming should be fun and not contain any domination or inhibition of discussion. It is highly effective in groups of six to twelve individuals and can generate ideas about a problem within a limited time frame through the spontaneous contributions of participants. Reverse brainstorming offers a different perspective as it is similar to brainstorming, except criticism is allowed. It is based on finding fault by asking in how many ways an idea can fail. The focus is on the negative aspects of a product, service, or idea. One must be careful to maintain group's morale though. Reverse brainstorming can be used prior to other forms of creative techniques to stimulate innovative thinking and involves the identification of everything wrong with an idea. It is usually worthwhile since is easier for people to be critical about an idea instead of coming up with a new one.

    Brainwriting is a form of written brainstorming and gives participants more time to think than brainstorming. It is silent and each group member writes down three ideas within five minutes. A form is passed around to all participants while a leader monitors time intervals and can even modify them. The Gordon method is another method of creative problem solving and begins with group members not knowing the exact nature of a problem. This ensures that a solution is not clouded by preconceived ideas and behavioral problems. A general concept associated with the problem is mentioned and the group then expresses a number of ideas. A concept is then developed and related concepts are developed. Finally, the actual problem is revealed.

    The checklist method involves the development of a new idea through a list of related issues or suggestions. The following questions demonstrate how the checklist method is used:

    ii.Put to other uses? New ways to use as-is?

    iii.Adapt? What else like this? What could I copy

    iv.Modify? New twist? Change meaning, color, form, shape?

    v.Magnify? What to add?

    vi.Minify? What substitute? Smaller?

    vii.Substitute? What else instead? Other material?

    viii.Rearrange? Other pattern?

    ix.Reverse?

    x.Combine? Blend?

    Free association is another form of creative problem solving and is one of the simplest and yet most most effective methods. It is helpful in developing an entirely new slant to a problem. First, a word or phrase related to a problem is written down. Then other ones are written down and so on. Each new word attempts to add something new to the ongoing thought processes. This creates a chain of ideas ending with a new product idea.

    The product planning and development process is crucial to an entrepreneur's success. One must first establish evaluation criteria by assessing the market opportunity and size. One must evaluate current competing producers, prices, and marketing efforts. New idea should have synergy with existing management capabilities and marketing strategies. The proposed product or service idea should be able to be supported by and contribute to a company's financial well-being. One should evaluate the compatibility of a new product's production requirements with existing plant, machinery, and personnel. Entrepreneurs should be concerned with formally evaluating an idea throughout its evolution. The idea stage involves identifying new product or service ideas while eliminating impractical product or service ideas.

    One must determine the need for the new idea as well as its value to the company to ensure both prior to proceeding with the ideas. The need determination should focus on the type of need, its timing, the users involved with trying the product or service, the importance of controllable marketing variables, the overall market structure, and the characteristics of the market. In the concept stage, a new product should be developed further and refined through interaction with consumers. The refined idea is then tested to determine consumer acceptance. Features, price, and promotion should be evaluated for the concept being studied and any major competing products. The product development stage involves determining consumer reactions to the physical product. An entrepreneur can provide samples in this stage. The final stage of the development process consists of the test marketing stage, which provides actual sales results that indicate the acceptance level of consumers.

    E-commerce is a relatively new concept in the business world and should be used creatively. An entrepreneur must address additional specific issues due to continually-evolving technology. For instance, one must decide if he will run the internet operations of the business or outsource the task to another firm. A website is often created and must be aesthetically-pleasing and fully functional. Ninety percent of small businesses use websites and ease of use is important with websites. The website is a communication vehicle in which search capability and speed are equally important. A website should have a shopping cart, secure server connection, credit card payment processing, and a customer feedback feature. It should be customized for specific target market groups and should be compatible with various browsers.

    The tracking of customer information is vitally important when dealing with e-commerce. This is often accomplished via electronic databases. Doing so supports personal marketing and captures customer attention with customized one-to-one marketing. It is critically important to protect the privacy of individuals when keeping databases.

    When conducting e-commerce as an entrepreneurial company, one's products should be able to be delivered economically and conveniently. Products must be interesting to a large number of people and a company must be prepared to ship products out of its geographic location. Online operations must bring significant reductions in cost as compared to having a store.

    We now turn our attention to the generation of clothing ideas for Libya. We utilized brainwriting with a time limit of five minutes to come up with a new idea. We drafted an adjustable robe for women that can be rolled up and then attached with velcro to shorten it when desired to offer additional clothing and styling capabilities. We then used the checklist method and came up with the following:

    xi.Modify? New twist? Change meaning, color, form, shape?

    a) Can offer robe in multiple colors such as white, red, and blue

    xii.Substitute? What else instead? Other material?

    a) Can make robes out of breathable polyester / nylon material as used in athletic wear

    b) Allows for wicking away of sweat and moisture to keep clothing dry and light in weight

    We then used free association to come up with a list of related words:

    -xiii.cooling, light weight, windproof, light colors, reflective material xiv. End result is metallic-colored fabric that will reflect sunlight like aluminum foil

    We then applied product development stages to the new ideas to formulate a final product concept. We first established our evaluation criteria by assessing market opportunity and size. The population of Libya is 6,173,579, so this will serve as our potential market (Wikipedia, 2009). We then turned to the idea stage to identify new product ideas. These ideas included the following thought process:

    a) Can offer robe in multiple colors such as white, red, and blue

    b) Can make robes out of breathable polyester / nylon material as used in athletic wear

    c) Roll-up velcro to shorten robe for greater cooling and comfort

    d) metallic-colored fabric that will reflect sunlight like aluminum foil

    xv.Eliminate impractical product / service ideas in this stage

    a) Metallic-colored fabric will be eliminated

    b) Reflecting sun can create an oven effect on wearer

    c) Can actually make customer hotter and not cooler

    xvi.Determine the need for the new idea as well as its value to the company to ensure both prior to proceeding with ideas

    a) Multiple robe colors will appeal to different people

    b) Wicking-material robe will appeal to men more

    c) Roll-up robe will appeal to women more

    d) Can result in greater sales and market share

    e) Is beneficial to company to sell more robes while meeting individual needs of customers via mass customization

    We then moved on to the concept stage to further develop and refine our new product ideas through interaction with consumers. We plan on participating in trade shows to present our new ideas. We will display prototypes and obtain feedback from potential customers. Our refined ideas will then be tested to determine consumer acceptance. We will take consumer ideas into consideration and tweak prototypes accordingly. We will then consider the pricing and products of our competition and price our products accordingly to maintain a competitive edge. In the product development stage, we will determine consumers' reactions to the physical product by allowing customers to try our robes on at trade shows. We will then participate in the test marketing stage by proving actual sales results once our products enter the market.

    Alternatives for the use of e-commerce in conducting one of the product development stages for the actual commercialization of our final product idea can involve the creation of a company website that is easy to use. We will incorporate powerful search capabilities while ensuring that our site performs with acceptable speed. We will include a shopping cart, secure server connection, credit card payment, and customer feedback feature in our website. In addition, our website will be customized for specific target market groups and be compatible with various browsers. We will also track customer information by creating an electronic database that supports personal marketing. This will allow us to capture customers' attention with customized one-to-one marketing while protecting the privacy of individuals via strong database encryption. Incorporating online operations will bring significant reductions in cost as compared to having a store. This will allow us to pass savings on to customers via lower prices and greater value.

    Bibliography

    Hisrich, Robert D., Peters, Michael P., and Shepherd, Dean A. (2008). Entrepreneurship
    (7th ed.). Boston: McGraw-Hill Irwin.

    Wikipedia (2009). Libya. Retrieved July 23,2009 from http://en.wikipedia.org/wiki/Libya .

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    Source by Bobby Mobini

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