BUSINESS CONCEPT Rolestorming Rolestorming as a term was first mentioned by personal development guru Rick Griggs in the 1980s. Rolestorming is a brainstorming technique where participants pretend they are other people when sharing their thoughts and ideas. Rolestorming is used to help a brainstorming team overcome their inhibitions during a meeting. In theory, each team […]
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BUSINESS MODEL Nadler-Tushman Congruence Model The Nadler-Tushman Congruence Model was created by David Nadler and Michael Tushman at Columbia University. The Nadler-Tushman Congruence Model is a diagnostic tool that identifies problem areas within a company. In the context of business , congruence occurs when the goals of different people or interest groups coincide. For example,
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BUSINESS CONCEPT Active Listening Active listening is the process of listening attentively while someone speaks and displaying understanding through verbal and non-verbal techniques. Active listening is a fundamental part of good communication, fostering a positive connection and building trust between individuals. In defining active listening, it is useful to describe the difference between listening and
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FRAMEWORK Baldrige Framework The Baldrige framework, formally known as the Baldrige Excellence Framework, is used to improve organizational effectiveness and deliver sustainable results. The Baldrige framework was created in 1988 by then U.S. Secretary of Commerce Malcolm Baldrige. At the time, Baldrige and his counterparts recognized that American companies needed to focus on quality to
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BUSINESS CONCEPT What Is Bundling Bundling is a business process where a series of blocks in a value chain are grouped to lock in consumers as the bundler takes advantage of its distribution network to limit competition and gain market shares in adjacent markets. This is a distribution -driven strategy where incumbents take advantage of
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Business Model Paas Business Model Key elements and framework breakdown Definition Key Features Use Cases Benefits Challenges Popular PaaS Providers Key Elements Definition Platform as a Service (PaaS) is a cloud computing service model that provides a platform and environment for developers to build, deploy, and manage application Key Features – Development Tools: PaaS platforms
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BUSINESS CONCEPT What Is The 7-38-55 Rule? 7-38-55 Rule The 7-38-55 rule was created by University of California psychology professor Albert Mehrabian and mentioned in his book Silent Messages . The 7-38-55 rule describes the multi-faceted way in which people communicate emotions, claiming that 7% of communication occurred via spoken word, 38% through tone of
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BUSINESS CONCEPT What Are The Big Five Personality Traits? Big Five Personality Traits The Big Five personality traits is a theory describing the traits that serve as the building blocks of personality. The Big Five personality traits is a suggested grouping of personality traits based on psychological trait theory, where five big personality traits are
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BUSINESS CONCEPT What is Pascal’s Wager? Pascal's wager is named after Blaise Pascal, a seventeenth-century French mathematician, philosopher, and theologian. Pascal believed that since evidence could not settle the question of whether God existed, individuals should wager on it instead. Pascal's wager is a philosophical argument positing that individuals should wager their lives on the
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BUSINESS CONCEPT Loss Leader: Leveraging On Controlled Loss To Gain Market Shares A loss leader consciously loses money on a product item, in order to either enter a market or to attract customers to another segment of the business (ancillary business). Therefore, if well executed, the losses are offset by the gains in selling ancillary
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BUSINESS CONCEPT Forms of Power When most people are asked to define power, they think about the power a leader possesses as a function of their responsibility for subordinates. Others may think that power comes from the title or position this individual holds. Various forms of power describe how one person may exert power over
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BUSINESS CONCEPT What is a growth loop? Growth loops are closed systems in which certain process inputs create an output that drives customer demand. Since the loop is a closed system, the output is then reinvested as an input and the process repeats indefinitely. Introduced in 2007 by entrepreneur Dave McClure, the AARRR funnel has
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BUSINESS CONCEPT 360-Degree Feedback 360-degree feedback is a comprehensive performance feedback strategy for employees. Traditionally, performance feedback was solely given by the employee’s direct superior. In 360-degree feedback, however, anonymous feedback is given by a range of individuals that the employee has a working relationship with. These include managers, colleagues, and in some cases, customers.
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BUSINESS CONCEPT Vendor Lock-in Understanding vendor lock-in Vendor lock-in refers to any measure a company implements to dissuade customers from migrating away from its products or services. For the customer, vendor lock-in occurs when the cost of switching to another service provider is prohibitively expensive. In addition to the financial cost, the customer may also
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BUSINESS CONCEPT Agile Program Management Agile Program Management is a means of managing, planning, and coordinating interrelated work in such a way that value delivery is emphasized for all key stakeholders. Agile Program Management (AgilePgM) is a disciplined yet flexible agile approach to managing transformational change within an organization. AgilePgM was designed for practicing or
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BUSINESS CONCEPT Business Synergies Business synergies are important drivers of value in mergers and acquisitions. They are based on the notion that the two companies when combined are worth more than they are when valued separately. The term “synergy” has become somewhat of a buzzword in business in recent years, but it can also be
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PROCESS & METHOD 7 Steps To Problem-Solving The 7 steps to problem-solving is a disciplined and methodical approach to identifying and then addressing the root cause of problems. Instead, a more robust approach involves working through a problem using the hypothesis-driven framework of the scientific method. Each viable hypothesis is tested using a range of
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BUSINESS CONCEPT What Is A Platform Company A platform company generates value by enabling interactions, transactions, or relationships. A platform company leverages network effects (direct/same side or indirect). Platform companies are also known as platform business models , given their intrinsic way of creating value for users. One of the most influential business models of
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BUSINESS CONCEPT Switching Costs And Why They Matter In Business Switching costs consist of the costs incurred by customers to change a product or service toward another similar product and service. In some cases, switching costs can be monetary (perhaps, improving a cheaper product ), but in many other cases, those are based on the
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BUSINESS MODEL What Is The ADKAR Model The ADKAR model is a management tool designed to assist employees and businesses in transitioning through organizational change. To maximize the chances of employees embracing change, the ADKAR model was developed by author and engineer Jeff Hiatt in 2003. The model seeks to guide people through the change
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