Question
Read this short piece and answer the question that follows [Source:https://business.tutsplus.com/tutorials/effectiveness-vs-efficiency-which-is-more-important--cms-32037] Quote: Efficiency versus Effectiveness: If you're thinking about whether to be effective vs. efficient,
Read this short piece and answer the question that follows [Source:https://business.tutsplus.com/tutorials/effectiveness-vs-efficiency-which-is-more-important--cms-32037]
Quote: "Efficiency versus Effectiveness: If you're thinking about whether to be effective vs. efficient, it's important to look at what efficiency and effectiveness mean as well as the result of being efficient versus the result of being effective. According to the dictionary, efficiency is all about doing specific tasks in an optimized way. You're more efficient if you find a way to do something two times or five times or ten times in the time it used to take you to do it once.Let's look at an example of efficiency: lead generation. A very efficient way to reach out to a lot of leads is to send mass emails, all with the same marketing text. You can reach out to hundreds or thousands of leads per day this way. At your next team meeting, you'll be able to stand up and say you contacted 5,000 potential customers in a single afternoon. That's about 30 leads contacted per minute pretty efficient, right?Now let's look at what effectiveness is. Checking the dictionary again we find that effectiveness is all about doing the right tasks regardless of the time it takes. Continuing with our lead generation example above, if your actual goal is to generate a sale a mass email blast is normally really ineffective. Sure, you contact a lot of people at once, but how often do they actually open and read your generic marketing email, let alone click through and buy whatever you're selling? A much more effective way to make a real sale is to take the time to research a potential client or customer and send them a custom email detailing how your product could help their specific situation with a few ideas on how they could implement it. They're much more likely to respond to a message like this with very clear steps than to a generic message. Boom! You've got one sale, even if it has taken you an entire afternoon or even longer to make it."
The above distinction between efficiency and effectiveness appears to be common in business. From the standpoint of economics and based on the discussion of efficiency in class, are there any flaws in this analysis above? Explain.
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