See below image for the Brand value components diagram. An effective branding strategy makes the audience feel different on a positive note so that it makes a valuable return in the business. Some of the components that include in the brand concept are Brand name, Brand Identity, Brand Image, and Brand personality, etc…
Some of the components that include in the brand concept are Brand name, Brand Identity, Brand Image, and Brand personality, etc… According to statistics, 89% of consumers relate to brands that share the same values as them. This says that the brand must create value for the customer.
It may include tangible financial value such as market share and revenue as well as intangible aspects such as strategic benefits of the brand. For example Apple is a major technology brand and people perceive it is a premium, cutting edge manufacturer of quality products.
See below image for the Value chain explained diagram.
See below image for the Financial planning process diagram. The steps in the financial planning process are as follows: Establish and define the relationship with the client. The financial planning professional informs the client about the financial planning process, the services the financial planning professional offers, and the financial planning professional’s competencies and experience.
A financial plan is a personal document created to help assess your current financial situation, create various money goals, and help you make better financial decisions going forward. You can create this plan on your own or work with a certified financial planner. And according to the CFB Board, the financial planning process is defined as:
The financial planning process is important to understand as it can help you create efficient action items to better your money. This series of steps will be your go-to strategy that outlines how to budget, where to invest, and what other assets can help you achieve your financial goals.
See below image for the Operation block of the ehb system. diagram.
Amazon’s business model canvas is an example that we should not miss in the e-commerce field. Amazon’s model’s most remarkable element is its key activities, which help Amazon stand out among many competitors. As we know, time and money are important to every buyer and so is Amazon.
There are nine building blocks in the business model canvas and they are customer value proposition, customer segments, channels, customer relationships, revenue streams, key resources, key partners, key activities, and cost structure. When filling out a business model canvas, you will brainstorm and conduct research on each of these elements.
Alexander Osterwalder facilitated the creation of a business model by introducing the Business Model Canvas (BMC). By definition, it’s a visual template that illustrates various objects of a business model.
See below image for the Example information technology and communications diagram. 1Introduction Information and communications technology (ICT) is an umbrella term that includes any communication device or application encompassing mobile phones, computer and network hardware, software, the Internet, satellite systems, and so on.
Information technology would include , software programs, such as, Quickbooks, Word, Oracle, SQL, ETC…. These are programs that store or manipulate information. Telephones, Telegraphs, fiber optic cable, Copper cable, Radio transmission, Coaxial cable.
The best examples of communication technology include blogs, websites, live video, social media technologies, and email communication. Here’s a full list of communication technologies that we’ll explore in this article:
See below image for the Unit operation process diagram. A unit operation is defined as a process which does not involve any chemical reaction. Unit operations only deal with physical changes of the materials involved in the process. They are equipments which cause the materials to undergo physical changes. The physical changes are carried out for variety of purposes.
Processes are often represented as interconnected process units consisting of mixers, reactors, splitters, and separators among other unit operations. Recall the vinyl chloride production process from the last chapter:
Unit operation is a basic step in a process that involves physical change or chemical transformation during the process like polymerization separation, evaporation crystallization, filtration, isomerization, and other reactions. Explanation – In the above process, only separation is taking place which will be done base on density difference.
Control future process performance. What Is DFSS? DFSS is the acronym for Design For Six Sigma. Unlike the DMAIC methodology, the phases or steps of DFSS are not universally recognized or defined — almost every company or training organization will define DFSS differently.
This flexibility has only strengthened lean six sigma and made it a viable option for even more businesses. Today, innovators and leaders are starting to add design thinking to their lean six sigma model. The practice of design thinking can improve the lean processes to make employees more effective and products better for customers.
However, once a problem is defined, teams can use a combination of creative problem-solving through design thinking and analytical strategy in lean six sigma to move forward and eliminate the issue.
How to make good decisions? The below strategic decision making framework depicts a cycle for successful decision making including identification of the problem, information processing, identification of options, identifying a choice, implementation, improvement via feedback loop and going through this cycle once again.