Strategy

Purposeful Practice

Darryl Bachmeier Jun 29, 2020 Strategy

Purposeful practice describes a unique type of training that is deliberate and systematic. Unlike regular exercise, where you involve mindless repetitions, purposeful practice demands focused attention. You must conduct it with a particular objective of improving productivity. Humans can develop their skills over time. Nevertheless, there is a limit on how much an individual can grow in terms of skills. Your genetics will separate you from others when it comes to how much you can learn. Yet, people believe that if they extend their practice hour, they will learn automatically and improve their performance. At times, educators will mislead learners that if they practice a particular skill for longer hours, they will master it. Although repetitions can improve animals’ learning, it cannot promote learning to the same value once humans reach a certain understanding level. Repetition of what we already understand does not boost productivity in any way. After you...

Omni-channel retail 5 benefits of implementing it

Darryl Bachmeier Feb 4, 2020 Strategy

The benefits of implementing omnichannel retail, which many believe will be the next great trade revolution, make this a strategy that must be taken into account by all retailers. What is the omnichannel retail? It is the sales strategy that integrates all existing channels in the market (physical stores, online stores, applications for mobile devices, contact center and those that will arise in the future). The client that initiates communication through an interaction channel can continue it and end it with another one. It is an ideal strategy for these times when the barriers between physical and digital commerce are tending to disappear. It is not uncommon for new stores and platforms to emerging that allow the purchase process to start online, to withdraw the product and make the final decision in the store. 5 benefits of implementing omnichannel retail The equipment for home and clothing are, worldwide, the most...

Manual tracking of the prices of the competition vs. automatic solutions

Darryl Bachmeier Feb 4, 2020 Strategy

Having a price tracking of the competition is essential. New technologies give us ways to do this in a quick and simple way. All retailers should keep track of the prices of their main competitors, to stay in the same range and even try to offer advantages (lower prices) to their customers, as much as possible. This has always been the case, and it is a usual practice for owners or store managers. But new technologies now allow other ways to perform this task automatically and, therefore, in a much simpler and faster way. Manual tracking of the prices of the competition To follow up, a group of people must go through the stores and check the prices of different items one by one, and then turn that information into spreadsheets. It is an arduous task, which demands that there be personnel that dedicates a lot of time to that....

Using the CATWOE checklist

Darryl Bachmeier Sep 11, 2019 Strategy

Have you ever been in a situation in which you approved a project from your boss and started to work on it only to face strong resistance from the workers who are supposed to help you implement it in the first place? Or maybe you came up with an innovative idea for a project which your colleagues fully supported but which got struck down when you presented it in front of the owner? This happens frequently when a project involves a number of stakeholders who view the central problem or solution from different perspectives. For example, a quarry that mines limestone is a source of profits for the investors and a source of employment for the workers. However, when difficult times arrive and profits turn into losses, both groups will have completely different solutions in mind. The investor might want to lay off workers to reduce the cost whereas the...

What is Inductive Reasoning?

Darryl Bachmeier Sep 10, 2019 Strategy

Inductive reasoning describes the logic of rational thinking that involves formulating generalizations based on particular facts you know, observations you have made, and incidents you have experienced. It is the specific approach towards rational thinking that involves formulating conclusions based on detailed information. This technique is an essential critical thinking practice that most employers look for when hiring new staff. Generally, it is a type of soft analytical skill. Thus, it is unlike the hard skills that generally demand technical training and are job-specific. In any case, inductive reasoning relates to how you respond to ideas, social situations, and people around you. Most employers look for candidates who can determine changes in patterns and use inductive reasoning to formulate proposals, policies, and strategies based on those patterns. For that reason, inductive reasoning is a crucial skill that you must showcase when submitting job applications or interviews. How Does Inductive Reasoning...

Sunk cost Fallacy - The background Psychology

Darryl Bachmeier Sep 1, 2019 Strategy

We all have had experience the sunk cost fallacy either consciously or unconsciously. Often we buy some expensive stuff from the market and then tend to overuse to compensate for the price paid on the purchase. Similarly, while purchasing any meal bucket from fast food, we eat as much as possible, not out of hunger just because of the money involved in buying that meal. The phenomenon is equally true for a time as well as effort apart from the money invested. The Logic Behind the Sunk cost fallacy The irrational behaviour which is consistent even after investment in time, money or effort has been made lead to sunk cost fallacy. People who fall in the trap of sunk cost fallacy find benefits associated with their investment, which ultimately becomes the strongest urge to continue working on the project. Humans measure the effectiveness of any decision in the light of...

Making Organizational Decisions - Model-Based Approach

Darryl Bachmeier Aug 24, 2019 Strategy

For any person, decision making is one of the inseparable aspects of life. From waking up in the morning to going back to bed at night, almost every minute, we’re having to make decisions either consciously or subconsciously. One estimate shows we make 35,000 rational decisions in a single day on average. So needless to say decision-making encompasses a large part of our life. But all decisions are not the same. Something as simple as choosing breakfast has very little consequence compared to say making organizational decisions. Whatever you may have for breakfast, whatever the decision or choice might be, the stake is very low. But when you’re making an organizational decision, the company’s prospects, growth, profit, and any other major aspect may be in line, which makes the stakes of that decision significantly higher. And with higher stakes comes the higher dilemma of decision making. So how do you...

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