Intro Lecture 8.31.2010

Intro Lecture 8.31.2010 - LoyolaUniversityChicago...

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Loyola University Chicago School of Business August 31, 2010 Introductory Lecture 
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The Earth Tribe
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The term Black Swan draws from the 17 th   Century assumption that “all swans are  white.” A black swan was the icon for the  impossible. In the 18 th  Century, the discovery of black  swans in Western Australia  metamorphosed the term to connote that  a perceived impossibility can actually  come to pass.
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Therein lies the objective of our hour  together: Uncovering the seemingly, impossibly  imaginative, innovative and intractably  human  capacity to improve the cultural capital we  thrive upon.
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The Black Swan theory evolves from  Nassim Nicholas Taleb’s acclaimed tome  which suggest that “high-impact, hard-to- predict and rare events beyond the realm  of normal predictive narratives” are the  call to arms in today’s chaordic and  challenging global climate.
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Because the world is on fire.   Because the predictive narrative we use  no longer works. Because you have to be inventive to be  considered. Because randomness, chaordic states,  unplanned events still reign. Because the only constant in business is  change.
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Think of the world before the ATM Think of the world before the internet Think of the world before Google Think of the world before 1914 Think of the world on September 10. 2001 Think of the world before the Euro Think of the world before capitalist China Think of the world before AIG, Bernie  Madoff
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1. It is an outlier…lies outside the realm of regular  expectations because nothing is in the past can  convincingly point to its possibility. 2. It carries an extreme impact…the alphabet, metal  currency, the printing press, industrialization. 3. It is of human nature for us to concoct explanations for  its occurrence after the fact. .but traditional empirical  and statistical modeling does not get us there.
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The challenge for the marketer is to  extend the orientation of our discipline,  rather than its application. It’s operational model is being extended but not its philosophical domain.
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This note was uploaded on 01/31/2011 for the course MARK 363 taught by Professor Gerolius during the Spring '10 term at Loyola Chicago.

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Intro Lecture 8.31.2010 - LoyolaUniversityChicago...

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