Business Strategy Concepts

noun A metaphorical term referring to an area of knowledge or understanding that is lacking or incomplete.

• Drivers are reminded to always check their blind spot before changing lanes.
• Hey, don't forget to glance at your blind spot before merging into traffic.
• I almost got hit because I didn't check my blind spot, rookie mistake.
• She had a blind spot when it came to her own faults, always blaming others instead.

noun the act of placing or arranging something in a particular position or way

verb present participle of the verb 'position', which means to place or arrange something in a particular position or way

• The company is focusing on improving its market positioning in order to attract more customers.
• She's working on her positioning for the upcoming job interview.
• I need to figure out my positioning for this project, it's due tomorrow.
• His positioning in the debate was clear and strong, earning him the victory.

noun a tendency to judge a decision based on its outcome rather than the quality of the decision-making process

• The outcome bias occurs when decisions are judged based on the result rather than the quality of the decision-making process.
• People tend to have outcome bias when they only focus on the end result and not how the decision was made.
• Don't let outcome bias cloud your judgment, sometimes the process is more important than the outcome.
• Just because the outcome was successful doesn't mean the decision-making process was sound, watch out for outcome bias.

noun the act of consuming or using something for one's own benefit, often resulting in the depletion or destruction of the original source

• The company decided to launch a new product line to prevent cannibalization of their existing offerings.
• They didn't want the new product to eat into sales of their other items.
• They were worried the new release would cannibalize their current sales.
• The introduction of the new service led to cannibalization of their previous business model.

noun Economy refers to the system of production, distribution, and consumption of goods and services in a particular region or country.

• The tollbooth economy refers to a system where individuals have to pay a fee to access certain goods or services.
• In a tollbooth economy, you have to shell out money just to get basic necessities.
• Living in a tollbooth economy is like being nickel and dimed at every turn.
• The tollbooth economy acts as a barrier for many people to access essential resources.

noun the process of using Google or its services in various aspects of life or business

• The googalisation of information has greatly impacted how we access and process data.
• I've noticed a lot of googlisation happening lately with everyone turning to Google for answers.
• The googlisation of everything is making us lazy to think for ourselves.
• The googalisation of our society is evident in how reliant we have become on technology for everything.