Oil is not only using for energy and transport purpose, but also used for many other purpose. It is a kind of a product which is consumed by almost every person in the world directly or indirectly. Therefore, all the market and economical experts always concerned about the crude oil price movements in international market. Once again all the experts are worried because international benchmark for global oil prices crossed the $65/barrel in May 2019. In May 2018 it was around the $80/barrel as compare to the $29/barrel price during early 2016. India is an oil importing country, therefore, price fluctuation in crude oil has a great impact on various segments of the Indian economy.
Our everyday lives that determine our actions are driven by invisible mental scaffolding. Mental scaffolding is like a spreading activation model, in which, our brain is a metaphorical computer and the brain associates with nodes, which are bits of information.
The way in which markets shift and consumers behave in the way we cannot fathom are the results of invisible mental scaffolding.
Whenever I hear the CEO, MD, or Chairman of any organization highlight “Employee Engagement” as a major point of concern, I ask them a simple question: “Does your organization have a Balanced Scorecard in place?” And voila! In 90% of the cases the answer is “No”, “Don’t think so”, “Not sure”, etc. 8% of the companies say, “Yes, but not fully implemented”, or “Yes, but not sure whether every employee knows about it”. Only around 2% of the companies are at the two extremes – either they haven’t heard of it, or they argue that there are better ways for employee engagement. Whatever it is, let us understand why Balanced Scorecard is important in the context of employee engagement.
In my years of experience in B2B selling, I have got chance to analyze many situations where the sales attempt had failed. Sometimes I had been a part of such endeavors, but more often I had to do a post-facto analysis of the pursuit. I had seen a common factor in many of these failed sales attempts – the sales person didn’t have any clue of the decision process. They met a few people they thought were important, or they participated in the bidding process almost blind-folded and then met the bidding manager. However, in the B2B context that means committing hara-kiri.
The four key elements of a Business model are i.customer value proposition, ii. profit formula, iii. utilization of key resources and iv. implementation of key processes. The integration of all the four key elements can be formed as one of the frameworks for Business model innovation. However, companies need to look beyond the horizon to formulate different frameworks in the world of uncertainty. In the process of looking beyond the horizon, companies can identify and conquer White Spaces and Blue Oceans by utilizing different frameworks.
The Internet of Things is going to change everything about interaction among different objects and networks. The Internet of things is about interconnectivity of networks and objects. The network of smart devices and objects communicates seamlessly over the Internet. This interconnectivity leads to an interconnected fabric of networked systems.
In a millennial generation of globalization world, the competition is surging which stimulates marketers to look for various techniques to appeal to the consumer and make their product irresistible. For last two decades, marketers are trying to appeal to the customer through sensory Marketing. Research shows that we are entering the era where marketers should take the help of the senses to effectively appeal to customers.
The role of strategists in a company should be increasingly transforming in the constant world of disruption and hyper-competition. Strategists need to constantly change unique selling propositions of their companies to ensure that growth of their companies is in tandem with delighting the customers. Customer delight is about acquiring raving fans instead of just satisfied customers.
ICO or Initial coin offering is a novel method of raising capital for a venture through cryptocurrency by issuing of tokens. Though in existence from 2013, it became popular in 2017 by the success of the Ethereum ICO that successfully established Ethereum as a potential alternative to Bitcoin.
Divergence of ideas and convergence of several different kinds of knowledge lead to a quantum leap of progress. Companies often conduct brainstorming sessions to encourage a free flow of ideas. However, brainstorming sessions may lead to a psychological phenomenon called groupthink, in which, conformity is given more importance. As a result, ideas are susceptible to emulation. Therefore, there is a need to identify ways for employees to delve into creative imagination to generate ideas that are not easy to emulate. Ideas that are not easy to emulate provide an opportunity for a company to occupy a formidable strategic position. After occupying a formidable strategic position, a firm is all set to experience a quantum leap, in which, there is significant development or growth.