Contingency planning in business is an essential part of managing risks and increasing responses in times of risk. It is a strategic plan that provides guidance in the event of unexpected circumstances, such as natural disasters, power outages, or disruptions in operations. It is important to have a contingency plan in place so that you …
What is Stakeholder Analysis? Stakeholder analysis can be defined as a pursuit of managing a stakeholders in a business. A Stakeholder is a specific person or a resource that can positively or adversely affect your business decisions. Stakeholders can often range from a reporting manager to a shareholder within a company or people in a …
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DICE is an acronym for duration, integrity, cost, and engagement. It was created by Perry Keene, Kathleen Conlon, and Alan Jackson. It is designed to help teams work together on complex problems. It is a collaborative model that uses a set of rules to guide work. Typically, each team member contributes one or more criteria. …
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In 2009, HBR Published an article that Forward Vertical Integration is making a strong comeback. The context of the article dates back to 2009, but we are seeing an upward trend in a post-COVID world due to trade disruptions in China and USA and also due to the Russia-Ukraine war. Many top manufacturers have started …
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Definition of Competitive Environment Competitive Environment analysis is one of the most important aspects of a strategic management course. Understanding what we mean when we talk about the competitive environment is crucial to comprehending the effects rivalry and competition have on firms. A system where numerous firms compete with one another utilizing diverse marketing channels, …
What is the Action Learning Model and What Purpose Does It Serve in Organizations? Is your company looking for a more proactive approach to solving problems and focusing on activities? First introduced in 1930s, Reg Revan pioneered the model and it remains one of the most well-liked models today-in spite of developments in various other …
If you’re like most businesses, you have probably heard the phrase “cost differentiation strategy” tossed around a few times. But what is it, and why should you care? In this blog post, we’ll explore the concept of cost differentiation as a part of a differentiation focus strategy. Michael Porter proposed 5 generic strategies. Cost differentiation …
Cost Differentiation Strategy- 7 things you need to Know [Guide] Read More »
How is confirmation bias best defined? Confirmation bias is a cognitive prejudice that causes people to seek out, favor, understand, and retain data that supports their preexisting ideas. This bias can lead to people making poor decisions. For instance, if a person is given a lot of information on a specific topic, confirmation bias may …
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What is the Ansoff Matrix? Ansoff matrix also known as corporate Ansoff matrix and product/market expansion grid is an essential business strategy tool used in business schools globally. The model focuses on providing a structure for business owners and marketers to strategize growth and risks of growth for their businesses. The Ansoff Matrix can be …
Ansoff Matrix: Use, Examples, Case Study, and Template – Comprehensive Overview Read More »