I believe this is one of the titles, most of the B School students will read. Also, a plethora of summaries, abstracts, tips from this book are already available in the internet. Still here is my notes from the book: Caution : Don't expect you will think like a Mckinsey Consultant, just by reading this book! I believe no learning will be equal to actually being a Mckinsey Consultant :) The Mckinsey Way written by Ethan M. Rasiel provides a good insight about the company, its consulting processes, some of the frameworks, life of consultants and tips for aspiring consultants.
McKinsey & Company was founded in Chicago in 1926 by James O. ("Mac") McKinsey, an accounting professor at the University of Chicago, Booth School of Business, who pioneered budgeting as a management tool.
The three pillars of building a solution @ Mckinsey are:
1. Fact Based
2. Rigidly Structural
3. Hypothesis Driven
The Firm promotes clarity of thought and expression. Every document has to follo…
In the last blog post on heuristic biases in decision making, we discussed about representativeness heuristic. Today let's understand how we can make use of another such heuristics in our communications - Framing effect.
The ‘‘framing effect’’ is observed when the description of options in terms of gains (positive frame) rather than losses (negative frame) elicits systematically different choices (The framing effect and risky decisions: Examining cognitive functions with fMRI, Cleotilde Gonzalez, Jason Dana, Hideya Koshino, Marcel Just). Framing effect is one of the aspects that fundamentally question the ‘Rationality’ school of thought.
It proves that emotions can help play a role in decision-making when information is incomplete or too complex, to serve as at times critical rules of thumb . Once again we can see very interesting applications of framing effect in marketing, selling and organizational behavior. Few of the examples are
We prefer ‘The product is 95% fat free’ to ‘T…
In the March 2015 issue of Harvard Business Review, there was an article on sensory marketing (The Science of Sensory Marketing). Though discussed briefly during Marketing classes at IIM, this article made me to think and research a little bit about this topic. Sensory marketing is nothing but making use of five sense creatively to attract consumers for building awareness and making purchases. We know very well that traditional advertising involving videos make use of visuals as a sense. Similarly radio advertisements use jingles to tap on the hearing sense. Sensory marketing as a domain focuses more on how the product itself can make use of other senses to build acceptance and loyalty.
The concept of sensory marketing aka sensory branding is not new. It has been there for decades. Let's take Lays as an example. Starting from how the name is written in packaging to the touch and feel you get while taking a slice in your hand can be considered well though-out effect of sensory br…