[00:00.00]Listen to a conversation between a student and a professor.
[00:04.50]Professor: Ok, Is this about the midterm exam?
[00:07.60]Student: No, actually, I need to talk to you about the class project.
[00:10.85]Professor: Ok, but it's not due for what a couple months.
[00:14.99]Student: Well, we wanted to get started. [00:17.01]Everything's going ok so far more or less. You assigned a group to create an internet marketing campaign, and a strategy for a financial services company. [00:26.26]We had a lot of problems at first, because we're more familiar with a regular kind of retail store, one with products.
[00:33.72]Professor: Well, how is a financial services company not dealing with products?
[00:38.33]Student: Well, you know what I mean? [00:40.02]It's not like you can put it in a box and send it.
[00:42.53]Professor: Okay. But what have you done so far? [00:45.48]Have you sorted out your company's objectives, your market?
[00:48.97]Student: Well. It just seems there's so much to consider like all the legal aspects, you know, financial regulations and stuff.
[00:55.52]Professor: Well, In the real world, yes. [00:57.84]But, for this project...
[00:59.32]Student: Oh, Ok. I'm also a bit fuzzy on a couple concepts, like the term differential advantage.
[01:06.91]Professor: So how might that work for a financial services company?
[01:10.62]Student: Well, eh...
[01:12.20]Professor: Oh, differential advantage. [01:14.57]This is simply an advantage your company has over the competition. [01:19.72]So.. what could that be?
[01:22.41]Student: Location? like the business? Is it an easy to get to place?
[01:27.08]Professor: Yes. But is that important for an internet-based company?
[01:30.31]Student: Oh, Duh, what about the number of employees?
[01:35.03]Professor: Okay. Can you be more specific?
[01:42.86]Professor: Maybe. But fewer employees might be more profit. That's the bottom line.
[01:48.28]Student: Oh, right. How about having a lot of different types of products?
[01:53.38]Professor: Right. Good one. And of course, their reputation. [01:56.75]And you're right about it being easier to come up with a strategy for a physical product, something like whatever mobile telephones. [02:04.12]You could say, well, our phones are the best with such and such technology. [02:08.65]So is there anything else you wanted to discuss?
[02:11.85]Student: I'm not sure. But I grew up doesn't seem to be, not everyone's getting involved. [02:19.89]A couple of us are doing all the work. [02:21.09]I don't know how to get the others to do more.
[02:23.22]Professor: Remember what I keep stressing in class. [02:25.98]The most important business skills are people skills learning to manage, deal with people.
[02:32.17]Student: I know, but...
[02:33.35]Professor: You know, some people need more structure than others.
[02:36.20]Student: So we could, I guess we could give people specific tasks, like make the handouts for the class presentation?
[02:43.25]Professor: Here you go. [02:44.20]Design the logo, something specific.
[02:46.89]Student: Ok. We can do that.
[02:48.76]Professor: And in case it makes you feel better, I can always tell which group members have contributed the most.
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