Supplier Relationship Management (SRM)

Supplier Relationship Management

There are limits to the value companies can generate by focusing purely on the price of the products and services they buy. When buyers and suppliers are willing and able to cooperate, they often find ways to unlock new sources of value that benefit them … Read more

Value Stream Mapping (VSM)

Value stream mapping

“Whenever there is a product for a customer, there is a value stream. The challenge lies in seeing it.” Mike Rother and John Shook – Learning to see[1] What is Value Stream Mapping (VSM) Value Stream Mapping (VSM) is a pencil-and-paper tool that helps see … Read more

Gap Analysis

Gap Analysis

What is Gap Analysis Gap Analysis is the examination and comparison of two views of a business system: the current or ‘as is’ view – the situation as it exists, and the desired or ‘to be’ view – a conceptual, desired future. The aim of … Read more

Pygmalion Effect

Pygmalion Effect

What is The Pygmalion Effect The Pygmalion effect is based on the notion that the way one person treats another can, for better or worse, be transforming. It is a psychological phenomenon in which high expectations lead to improved performance in a given area and … Read more

Business Model Canvas (BMC)

Business Model Canvas

What is the Business Model Canvas Business Model Canvas (BMC) is a framework that helps determine how a business creates, delivers, and captures values. It is a visual representation of the important aspects or parts to consider when designing a Business Model. BMC aids in … Read more

The Johari Window Model

Johari Window

What is the Johari Window The Johari Window is a conceptual tool for illustrating the interaction between what is known/unknown to oneself and to others. It helps people better understand their relationship with themselves and others. When two parties interact, they initiate a relationship whose … Read more

PDCA (Plan-Do-Check-Act)

PDCA Guide

What is the PDCA (Plan-Do-Check-Act) Cycle Plan-Do-Check-Act Cycle (PDCA) is a four-step, iterative by-design method used for control and continual improvement of processes and products. It is also known as the Plan-Do-Study-Act (PDSA) cycle, Deming cycle, Control Circle/Cycle or the Shewhart cycle. PDCA is an … Read more

5S Methodology: The Ultimate Guide

5s methodology

What is 5S Methodology 5S Methodology is a workplace organization method that uses a list of five Japanese words: Seiri (Sort), Seiton (Set-in-order), Seisō (Shine), Seiketsu (Standardize), and Shitsuke (Sustain) to organize a workspace for efficiency and effectiveness. By identifying and storing the items used, … Read more

Six Sigma: The Definitive Guide

Six sigma

What is Six Sigma Six Sigma (6σ, 6 sigma) is a data-driven and customer-focused approach to improving the quality and efficiency of business processes. It aims to reduce variation and defects in products or services and to achieve near-perfection in meeting customer expectations. Six Sigma … Read more

Pareto Analysis

Pareto analysis

What is Pareto Analysis Pareto Analysis (also referred to as Pareto Chart or Pareto Diagram) is one of the Seven Basic Quality Tools[1] for process improvement. These seven basic tools form the fixed set of visual exercises most helpful in troubleshooting issues related to quality. … Read more

Theory of Constraints (TOC)

Theory of constraints

What is the Theory of Constraints Theory of Constraints (TOC), a process improvement approach that aims to improve the performance and profitability of any system by identifying and eliminating the “constraint” that limits its output, throughput, and goal achievement. Dr Eliyahu Goldratt[1], an Israeli physicist … Read more

Hambrick & Frederickson’s Strategy Diamond

Strategy Diamond

“Are you sure you have a strategy?” – was the title of the article in which Donald Hambrick and James Fredrickson introduced the “Strategy Diamond” – a management framework for strategy formulation.[1] Companies use the term strategy in various contexts, such as service strategy, branding … Read more

Blue Ocean Strategy

Blue ocean strategy guide

This article is a comprehensive exploration of the Blue Ocean Strategy that provides organizations with the frameworks and analytical tools to create and capture uncontested markets and unlock vast growth opportunities. The term Blue Ocean Strategy (BOS) was first coined by Professors Chan Kim and … Read more

McKinsey 7S Model

McKinsey 7S Model

What is McKinsey 7S Model? McKinsey 7S model is a tool that analyzes firm’s organizational design by looking at 7 key internal elements: strategy, structure, systems, shared values, style, staff and skills, in order to identify if they are effectively aligned and allow organization to … Read more

VRIO Framework Explained

VRIO Framework

What is VRIO Framework? VRIO framework is the tool used to analyze firm’s internal resources and capabilities to find out if they can be a source of sustained competitive advantage. Term VRIO comes from the words value, rarity, imitability and organization. Understanding the tool In … Read more

Value Chain Analysis

Value Chain Analysis

Definition Value chain analysis (VCA) is a process where a firm identifies its primary and support activities that add value to its final product and then analyzes these activities to reduce costs or increase differentiation. Value chain represents the internal activities a firm engages in … Read more

SWOT Analysis – How to Do It Properly

SWOT analys

Definition Swot analysis involves the collection and portrayal of information about internal and external factors which have, or may have, an impact on business.[2] SWOT is a framework that allows managers to synthesize insights obtained from an internal analysis of the company’s strengths and weaknesses … Read more

GE McKinsey Matrix

GE McKinsey Matrix

Definition GE-McKinsey nine-box matrix is a strategy tool that offers a systematic approach for the multi business corporation to prioritize its investments among its business units.[1] GE-McKinsey is a framework that evaluates business portfolio, provides further strategic implications and helps to prioritize the investment needed … Read more

Boston Consulting Group (BCG) Growth-Share Matrix

BCG Matrix

Definition BCG matrix (or growth-share matrix) is a corporate planning tool, which is used to portray firm’s brand portfolio or SBUs on a quadrant along relative market share axis (horizontal axis) and speed of market growth (vertical axis) axis. Growth-share matrix is a business tool, … Read more

Competitive Profile Matrix (CPM)

Competitive Profile Matrix

Definition The Competitive Profile Matrix (CPM) is a tool that compares the firm and its rivals and reveals their relative strengths and weaknesses. Understanding the tool In order to better understand the external environment and the competition in a particular industry, firms often use CPM. … Read more



Definition Benchmarking is a strategy tool used to compare the performance of the business processes and products with the best performances of other companies inside and outside the industry. Benchmarking is the search for industry best practices that lead to superior performance.[1] Understanding the tool … Read more

IFE & EFE Matrices

Ife Efe Matrices

Definition Internal Factor Evaluation (IFE) Matrix is a strategy tool used to evaluate firm’s internal environment and to reveal its strengths as well as weaknesses.[1] External Factor Evaluation (EFE) Matrix is a strategy tool used to examine company’s external environment and to identify the available … Read more

Porter’s Five Forces

Porter’s Five Forces

Definition Porter’s five forces model is an analysis tool that uses five industry forces to determine the intensity of competition in an industry and its profitability level.[1] Understanding the tool Five forces model was created by M. Porter in 1979 to understand how five key … Read more

PEST & PESTEL Analysis

Pest and Pestel Analysis

Definition PEST analysis is an analysis of the political, economic, social and technological factors in the external environment of an organization, which can affect its activities and performance.[1] PESTEL model (or PESTLE model) involves the collection and portrayal of information about external factors which have, … Read more

Mission Statement for Success

Mission Statement

Definition Mission statement is a description of what an organization actually does – what its business is – and why it does it.[1] Understanding the tool Often called the “credo”, “philosophy”, “core values” or “our aspirations”, organization’s mission is the statement that defines its core … Read more

Vision Statement

Business vision

Definition Vision statement expresses organization’s ultimate objectives. What is a Vision Statement It is very important for any organization to have a clear and attainable long-term vision. This statement guides every chief executive, manager or employee in achieving the same organizational objective. A vision statement … Read more

Vertical Integration

Vertical Integration

Definition Vertical integration is a strategy used by a company to gain control over its suppliers or distributors in order to increase the firm’s power in the marketplace, reduce transaction costs and secure supplies or distribution channels. Forward integration is a strategy where a firm … Read more

Horizontal Integration

Horizontal Integration

Definition Horizontal integration is the process of acquiring or merging with competitors, leading to industry consolidation. Horizontal integration is a strategy where a company acquires, mergers or takes over another company in the same industry value chain. What is horizontal integration? It is a type … Read more

Competitive Advantage

Competitive Advantage

Definition Competitive advantage means superior performance relative to other competitors in the same industry or superior performance relative to the industry average.[1] What is competitive advantage? There is no one answer about what is competitive advantage or one way to measure it, and for the … Read more

Resource-Based View

Resource-Based View

Definition The resource-based view (RBV) is a model that sees resources as key to superior firm performance. If a resource exhibits VRIO attributes, the resource enables the firm to gain and sustain a competitive advantage.[1] What is a resource-based view? RBV is an approach to … Read more

Strategic Management & Strategic Planning Process

Definition Strategic management process is a method by which managers conceive of and implement a strategy that can lead to a sustainable competitive advantage.[1] Strategic planning process is a systematic or emerged way of performing strategic planning in the organization through initial assessment, thorough analysis, … Read more

Strategic Management & Strategic Planning

Definition Strategic management can be defined as the art and science of formulating, implementing and evaluating cross-functional decisions that enable an organization to achieve its objectives.[1] What is strategic management? Various definitions are used to describe the subject, but few give a full and easy … Read more