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Payoff Table :-A tool used for decision analysis which lists down all the pros and cons of any decision. It makes use of payoffs, and provides various combinations or alternatives, giving a better idea of the situation. Known as a payoff matrix .
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Patterns of product life cycle
A product can follow a pattern known as growth-slump-maturity pattern. This kind of pattern usually encounters a rapid growth in the beginning and after later sales decline with a stabilization at a certain level. One of the examples of such product group is kitchen appliances where the late adopters purchase a new product while the early adopters end up replacing their old appliances.
The cycle-recycle pattern usually starts with a period of growth which is followed by decline. Another phase of growth is triggered by promotion of the product which see a lesser growth as compared to the primary cycle. A typical example of this pattern can be seen in pharmaceutical industry where sales start declining the company gives the drug another push, which produces a second cycle.
Another common pattern is called scalloped pattern. Sales observe a succession of growth periods based on the discovery of new product characteristics, uses, or users. Nylon sales, for example, display a scalloped pattern because, over time, new and a new uses have been discovered -parachutes, hosiery, shirts, carpeting, etc.
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Servqual Model
Definition: the SERVQUAL Model is an empiric model by Zeithaml, Parasuraman and Berry to compare service quality performance with customer service quality needs.
It is used to do a gap analysis of an organization's service quality performance against the service quality needs of its customers.
That's why it's also called the GAP model.
It takes into account the perceptions of customers of the relative importance of service attributes. This allows an organization to prioritize.
The main aspects of service quality are RATER: Reliability, Assurance, Tangibles, Empathy, and Responsiveness.
It is used to do a gap analysis of an organization's service quality performance against the service quality needs of its customers.
That's why it's also called the GAP model.
It takes into account the perceptions of customers of the relative importance of service attributes. This allows an organization to prioritize.
The main aspects of service quality are RATER: Reliability, Assurance, Tangibles, Empathy, and Responsiveness.
The 4 Gaps are :-
Management perception Gap
Specification Gap
Service Delivery Gap
Market Communication Gap
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ID,EGO, SUPER EGO
ID
The id is the primitive and instinctive component of personality. It consists of all the inherited (i.e. biological) components of personality present at birth, including the sex (life) instinct – Eros (which contains the libido), and the aggressive (death) instinct - Thanatos.
The id is the impulsive (and unconscious) part of our psyche which responds directly and immediately to the instincts.
EGO
The ego develops in order to mediate between the unrealistic id and the external real world. It is the decision making component of personality. Ideally the ego works by reason, whereas the id is chaotic and totally unreasonable.
The ego operates according to the reality principle, working out realistic ways of satisfying the id’s demands, often compromising or postponing satisfaction to avoid negative consequences of society. The ego considers social realities and norms, etiquette and rules in deciding how to behave.
SUPEREGO
The superego incorporates the values and morals of society which are learned from one's parents and others. It develops around the age of 3 – 5 during the phallic stage of psycho-sexual development.
The superego's function is to control the id's impulses, especially those which society forbids, such as sex and aggression. It also has the function of persuading the ego to turn to moralistic goals rather than simply realistic ones and to strive for perfection.
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