EEE Midterm Questions 1-3

2 sarasvathy talks about effectuation and two types

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2. Sarasvathy talks about effectuation and two types of causation. There is causation and creative causation. Causation is the selection between given means to achieve a pre– determined goal. Creative causation is generating new means to achieve a pre-determined goal. Effectuation is imagining possible new ends using a given set of means. Some principles of causation and effectuation are: expected returns vs. affordable loss, competitive analysis vs. strategic partnerships, and Exploitation of pre-existing knowledge and prediction vs. leveraging of contingencies. The starting points for causation and effectuation would be who they are, what they know, and whom they know. For instance, with who they are you would try to figure out their traits, tastes, and ability. For what they know, that would include their education, training, expertise, and experience. Also, for figuring out whom they know, you’d pinpoint social and professional networks. 3. Segmenting is division of the market into a group of buyers. This is done by targeting the needs of the different buyers. The buyers are divided up based on their needs, characteristics, and/or behavior. Examples of this are through demographic, geographic, psychographic, and behavioral divisions. Segmenting and targeting fit into a discussion of opportunities because opportunities are “a favorable set of circumstances that creates a need for a new product service or business. By segmenting and targeting your buyers you can find out what types of services, products, or businesses are applicable to certain people and create one that meets their needs as well as the target market. Higher level of cooperation Deep Diversity of Skills Group Identity – Uniformity Time & Resources (commitment to the team)
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