Notes on Management 110422

As rational beings go, humans can be pretty irrational, found psychology professor Dan Ariely. Weighing in options while making decisions, we don't always act reasonably. How else do we explain wardrobes full of clothes we are never going to wear or buying things we don't need?

We are all freeloaders, analyzes Dan Ariely. At the mention of the word “free” our sense of judgment goes out the window and we lose all rationale to run after something that we perceive as valuable while costing us nothing.

A decoy is an option designed to drive you toward a particular choice. When considering a decision, be aware of the decoy option and make sure you make the decision you want.

The anchor data point in your decision making is the initial point against which you judge other options. Assess options based on merit rather than the anchor.

Often, you adopt a new behavior because other people are doing it. When confronted with a new option, question its relative merit; consider consequences and alternatives.

Free offers can lead to irrational purchase decisions. The cost of that decision in time, quality, effort, or space may be greater than money.

Non-cash rewards can be more motivating than money. Bring social norms—respect, time and appreciation—into your profession or work place to inspire trust and goodwill.

Procrastination is natural to the human condition. To overcome it, impose consequences for inaction and external accountability.

Pursuing every option is irrational and unproductive. To maxmize productivity, make decisions quickly and move forward.

Emeritus Book INsights on Predictably Irrational by Dan Ariely

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Notes on Management 080222

Four aspects of user experience: Entertainment, education, Escapist, aesthetic. Richest experiences include all four.

Leadership is about how other people see you and making others successful. Success creates followers. Constant effort to identify, work on areas of development and weaknesses is the key. Being able to work on things that give a sense of purpose motivates you to do greater things.

To develop an executive voice, 1. Always understand the context of a conversation, 2. Focus more on the wider goal, 3. Reach out to more people and build relationships, 4. Think of solutions, and 5. Learn to stay calm.

By Kaihan Krippendorff
You can unlock the strategic advantage for your organization by employing five critical patterns that involve – imagination, dissection, expansion, analysis and selling--to drive enduring, sustainable growth.

By Damodar Mall

Emerging markets of the size of today's India or the United States at the turn of the last century, assert their preferences which are very distinct from other emerged markets. Global strategists should pay heed to what the local consumer wants in a deep and wide market such as India.

There are two Indias in terms of consumers. Retailers and marketers should target each segment differently. India 1 is exclusive and service-oriented, while India 2 shows its might on sale days when the price point is the sole factor.

Retail stores score higher than the neighborhood grocery store as they offer anonymity, choice, and change without compromising on price, comfort, and dignity.

Food habits in India are different from other regions in the world. A peek inside the refrigerator in a middle-class Indian home will throw up interesting observations: the size is bigger than the one they used earlier, perishables are stored for longer durations, open to exotic food, semi-ready for convenience, and no frozen meals.

Creating a choice for the consumer by modernizing retail, and charging a higher price for better quality is possible if the entire value chain participates. This is possible through FDI.

My English Podcast "Lifebook" can be listened on the link https://anchor.fm/sanjay-gora7

My Hindi Podcast "Kitabi Keeda" can be listened on the link https://anchor.fm/sanjay-gora

Books written by me are available on Amazon, Flipkart and Notionpress sites.

https://www.amazon.in/s?i=stripbooks&rh=p_27%3ASanjay+Gora&ref=dp_byline_sr_book_1

https://www.flipkart.com/search?q=sanjay%20gora&otracker=search&otracker1=search&marketplace=FLIPKART&as-show=on&as=off

https://notionpress.com/author/36667