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1-Page Summary of The Ten-Day MBA
Overview
Why spend two years and a lot of money on business school when you can learn the basics in just 10 days? The Ten-Day MBA by Steven Silbiger provides these essentials without the time commitment. There are many top schools that don’t teach what students need to know, so they focus more on their reputation as elite institutions. Instead, those schools could be teaching what’s essential for success in business.
A great business education should cover nine important topics: marketing, ethics, accounting, organizational behavior, quantitative analysis (i.e. math), finance (money and investing), operations (how a company runs its day-to-day activities), economics (the study of how people use scarce resources to make decisions) and strategy (a plan for achieving goals). These subjects inform one another; for example, knowing what a company sells informs its long-term strategies.
This report is based on the fourth edition of “The Economist Style Guide”, published in 2012.
Key Point 1: A good marketing plan requires seven steps.
A comprehensive marketing plan can be developed in seven steps. The first six are analysis of the consumer, market, and company’s position within that market; analysis of the distribution channels used to reach consumers; development of a campaign based on those analyses; evaluation of whether or not this campaign is economically feasible for the company (i.e., if it will make enough money); and either execution or revision of the marketing campaign depending on what was learned from step 6.
The first step in consumer analysis is to examine what consumers want and need. The second step of the process involves studying the market conditions, which includes an examination of what competitors are doing and whether or not there are any applicable laws that could affect your product. After examining those factors, you can then consider how to position your product in relation to its competition.
The next step is to examine the product’s distribution channels. These are how the product reaches its customers. Some companies sell their products only on their own website, while other products are sold through department stores and third-party vendors. Many combinations and single-channel strategies are possible.
After analyzing the market, the company will begin to plan their marketing strategy. They’ll use a variety of media outlets including TV, print and online ads. They may also include promotional tools like coupons and samples with these ads. After developing this campaign, they must make sure it’s profitable by examining costs and timetables in order to ensure that everything goes as planned. If not, then they need to revise their plans until it is feasible for them to carry out the plan successfully.
Key Point 2: Business people must contemplate the ethical implications of their decisions.
Business ethics is a relatively new topic in business school curricula. It’s only been around for about 50 years, and it was created after the financial crisis of 2008. Business ethics deals with important issues such as environmental responsibility, quality of life, privacy, diversity and sexual harassment.
Ethics is not an easy subject. There are two main competing schools of thought, which are the social responsibility approach and shareholder theory. Social responsibility holds that businesses have a duty to society as well as shareholders, while shareholder theory believes that businesses should only be concerned with maximizing profits for their shareholders. The more popular school of thought today is social responsibility.
