Final Exam Flashcards
What are the 6 virtues?
- Wisdom and knowledge
- Courage
- Love and Humanity
- Justice
- Temperance
- Spirituality and Transcendence
Internal vs External Locus of Control as they relate to happiness
Internal: Outcomes within your control
- Higher happiness, life satisfaction, optimism
- Langer’s plant study in senior home (Group in control of plant was much happier)
External: Things happen to you
- More helplessness, can lead to depression
- Seligman’s dog story (dogs without control of the shocks made no effort to change, put up with it)
Types of Self-Control
- Delayed gratification
- Yes or No to actions
- Vice vs Virtue ( won’t remember saving money for piano lessons, will remember missing the vacation)
Passive vs Active Leisure
Passive: Leads to psychic entropy
Active: Leads to activation energy, gives far more enjoyment than passive
Why is self-control so hard?
Like a muscle, can get tired if exercised, needs rest
How to boost willpower?
- Eat or drink
- Meditate
- Sleep
- Good habits
- 20 second rule
Explain habit stacking
Use an old habit to trigger a new habit. Ex: when you flush the toilet, wash your hands.
Start & Stack, then Sync & Score
A great business story is…
- Memorable
- Persuasive
- Moving
- Engaging
- Immersive
- Surprising
Explain STEPPS
How to craft contagious content:
- Social currency.
- inner remarkability, leverage game mechanics, make people feel like insiders - Triggers.
- Febreeze habit loop (Cue, routine, reward) - Emotions.
- Public.
- Monkey see, monkey do, group activities - Practical Value
- Useful life hacks - Story
- Carries information, message, lessons, morals
Why does employee happiness matter?
- Higher productivity, sales, creativity
- Higher performance ratings & pay
- More job security
- Happy CEOs build happy environment
- Rubs off on customers
How can companies make employees happier?
- Higher purpose.
- Do employees understand the mission?
- Is the mission attached to a higher purpose or goal?
- Is each employee’s role tied to that mission and higher purpose? - Autonomy.
- Do they feel in control of their career path?
- Do they trust themselves and have trust from others? - People.
- Employees have social connections at work
- Does the company foster social interactions? - Impact.
- Do they feel valued?
- Do they see the impact on others?
- Do they feel energized?
How can employees make themselves happier?
- Take a break
- Craft your own work to be meaningful
- Look for opportunities to innovate and learn
- Invest in relationships that energize you
- Recognize that thriving can spill over outside the office
Why does consumer happiness matter?
Happy customers:
- talk to more people about their positive experience
- Are loyal
- Are Repeat customers
- Will pay more for an awesome experience
- Will drive marketing for you
Unhappy customers talk to the most people about their negative experience
How can companies promote customer happiness?
- Higher Purpose
- Charitable giving to promote happiness (tied to a purchase or action performed by customer) - Autonomy
- Giving customers tools to personalize their experience - People
- Cultivate relationship building between customers and company and between customers themselves - Impact
- Making customers feel valued by providing customer perks and a voice
- Make them feel they are part of the company’s forward momentum
- Listening to and acting on customer’s complaints, compliments or other issues
Crowdsourcing Economy vs Crowdfunding Economy
Crowdsourcing: Obtaining ideas, services, content by soliciting contributions from a large group of people and especially an online community
- Cheap way to innovate and explore
Crowdfunding: Using small amounts of money from a lot of people to fund something
- Donation based
- Equity based
- Reward based
- Lending based
Explain the Intention Economy
- Customers intent to buy fuels the production of goods to meet their needs.
- Buyers search for customers demands
How can Artificial Intelligence be used in marketing?
- Chatbots
- Single customer view ( Health goal apps)
- Content Creation (AI Writer)
- Visual Design
How to expand happiness to individuals in society?
- Altruism.
- Motivation that increases happiness
- Donations make people happy, happy people donate more - Giving money and giving time
- Time vs Money effect, activating time leads to a favourable shift in product attitudes and decisions
Explain the methods of corporate social responsibility
Responsible ethically, socially, environmentally
- Philanthropy.
- Companies donate a portion of their revenues to charities (tax deduction + reputation) - Cause Marketing
- Companies support a specific cause through their marketing activities - Social Marketing
- Used to develop activities aimed at changing or maintaining people’s behaviour for the benefit of individuals and society - Gamification for Social Good
- Mobile game that plants trees irl
For-Profit vs For-Benefit
For-Benefit provides social benefits rather than maximize financial returns
Explain Marketing 1.0, 2.0, 3.0, 4.0
- 0
- Product management
- Marketing Mix
- 4Ps
- Goal was to generate demand - 0
- STP Process
- Consumer management
- Goal was consumer satisfaction - 0
- Collaboration
- Globalization
- Creativity - 0
- Traditional to digital
- All about connectivity
- AIDA model
Hedonism vs Eudaimonia outlook on happiness
Hedonism: Happiness is feeling good
Eudaimonia: Happiness is doing good
Happiness vs Authentic Happiness
Happiness = Pleasure + meaning
Authentic Happiness = Pleasure + Meaning + Engagement
Define the Happiness Formula
H = S+C+V H: Enduring level of happiness S: Set range (genetic, 50%) C: Circumstances of your life (10%) V: Factors under your control (40%)
Define Seligman’s PERMA model of happiness
Positive Emotions Engagement Relationships Meaning Achievement
What is nudge? When should it be used?
Nudge is any aspect of the design choice that alters people’s behaviours in a predictable way, without forbidding or changing the choice at all
Should be used when:
- Benefits now, costs later
- Infrequent decisions
- Feedback is not immediate
- Hard to imagine possible outcomes
Automatic Cognitive System vs Reflective Cognitive System
Automatic (System 1):
- Uncontrolled
- Effortless
- Associative
- Fast
- Unconscious
- Affective
Reflective(System 2):
- Controlled
- Effortful
- Rule-based
- Slow
- Conscious
- Rational
How to nudge homers into better decisions?
- iNcentives
- Understand Mappings
- Defaults (Organ donations)
- Give Feedback
- Expect Error
- Structure Complex Choices (Other users bought this…)
- Priming
What are the basic elements of storytelling?
- Characters
- Plot (Beg,mid,end)
- POV
- Show, don’t tell
- Setting
- Theme
