*** Day III: ***
So did we guess, why are "neck ties" a huge competition to Black and Decker Drill machines. ??? and that is because, B&D tools are consumer power tools. Its sales spike during the holiday seasons, as a large part of sales, is on account of 'gift' to your father, or husband/brother. Now, Neckties, compete with these power tools as a potential gift items, and hence - if you are not careful about who your substitutes are - you are going to be hit with things that you did not imagine existed. And that is why the sales team of B&D needs
What did I learn today?
1. In management accounting, "It is better to be vaguely right - than to be precisely wrong"
Stop a moment and think about this - You bought a house 2 yrs ago for Rs. 2 Cr. What would you expect to see its value on your books - Rs 2 Cr (which you know is precisely wrong) or Rs. 2.5 Cr (which is vague, but more closer to truth)
2. "Good strategy, with good execution is any day better than GREAT strategy and average execution"
3. "Your strategy must fulfill, customer's emotional needs AND his rational needs", and if you have to prioritize, the emotional needs would be higher on the option list.
Thought for the day
- "As a leader on top of a pyramid - how do you make space for other leaders ?"
The classes are now turning... what started on day one as a repetition of mundane case studies are taking shape - there is a lot more to learn in these lectures, and you are expected to have read the case studies, discussed and debated with your living group... and be ready with your elevator speech, when called upon by the professor... it's funny to see, each one of us fumbling, revising, getting ready for these classes - knowing fully well, that each of these 'students' are ceo, vp, president of some large corporation and most of the time, lead their team with almost arrogant confidence, working so hard to get the understanding and viewpoint right.
We had our rotational living group dinner tonight, where we got to interact with members of other living group. We had a heated, passionate discussion on strengths and handicaps of women in enterprise world !! Do women need support or is it being unfair to others to give the extra handicap to women employees. Nice discussion - and was interesting to see the views and the support each of us brought in for his or her views from real life examples.
So did we guess, why are "neck ties" a huge competition to Black and Decker Drill machines. ??? and that is because, B&D tools are consumer power tools. Its sales spike during the holiday seasons, as a large part of sales, is on account of 'gift' to your father, or husband/brother. Now, Neckties, compete with these power tools as a potential gift items, and hence - if you are not careful about who your substitutes are - you are going to be hit with things that you did not imagine existed. And that is why the sales team of B&D needs
What did I learn today?
1. In management accounting, "It is better to be vaguely right - than to be precisely wrong"
Stop a moment and think about this - You bought a house 2 yrs ago for Rs. 2 Cr. What would you expect to see its value on your books - Rs 2 Cr (which you know is precisely wrong) or Rs. 2.5 Cr (which is vague, but more closer to truth)
2. "Good strategy, with good execution is any day better than GREAT strategy and average execution"
3. "Your strategy must fulfill, customer's emotional needs AND his rational needs", and if you have to prioritize, the emotional needs would be higher on the option list.
Thought for the day
- "As a leader on top of a pyramid - how do you make space for other leaders ?"
The classes are now turning... what started on day one as a repetition of mundane case studies are taking shape - there is a lot more to learn in these lectures, and you are expected to have read the case studies, discussed and debated with your living group... and be ready with your elevator speech, when called upon by the professor... it's funny to see, each one of us fumbling, revising, getting ready for these classes - knowing fully well, that each of these 'students' are ceo, vp, president of some large corporation and most of the time, lead their team with almost arrogant confidence, working so hard to get the understanding and viewpoint right.
We had our rotational living group dinner tonight, where we got to interact with members of other living group. We had a heated, passionate discussion on strengths and handicaps of women in enterprise world !! Do women need support or is it being unfair to others to give the extra handicap to women employees. Nice discussion - and was interesting to see the views and the support each of us brought in for his or her views from real life examples.
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