INTERESTING GYAN

  All the domestic airlines, from IndiGo to Jet Airways have the prefix, which is followed by unique alphabets. The code is generally seen just before the rear exit door and above the windows. If you are a frequent flyer, you may have noticed 'VT' written on every aircraft. But despite noticing, very few of us actually care to know about the little details we notice. So what does it mean? The prefix 'VT' stands for Victorian or Viceroy Territory, which is the nationality code that each aircraft registered in India is required to carry. The code is generally seen just before the rear exit door and above the windows. All the domestic airlines, from IndiGo to Jet Airways have the prefix, which is followed by unique alphabets that define the aircraft and who it belongs to. For example, on all IndiGo flights the registration VT is followed by IDV, i.e VT-IDV,  for Jet, it is VT-JMV. The prefix marks that the aircraft has been registered in the country. It is mandatory in all...

  A Giffen good, a concept commonly used in economics, refers to a good that people consume more of as the price rises. Therefore, a Giffen good shows an upward-sloping demand curve and violates the fundamental   law of demand . It is important to note that all Giffen goods are inferior goods, but not all inferior goods are Giffen goods. History of Giffen Good The term Giffen good was named after Scottish economist Sir Robert Giffen. The term Giffen good was developed by the economist after he noticed, in the poor Victorian era, that the rise in the price of a basic food increased the demand for that particular food.   The Intuition Behind a Giffen Good The concept of a Giffen good sounds counterintuitive – why would an individual consume more of a good if its price increases? Consider a poor household with a maximum  monthly expenditure  on food at $400 and a minimum consumption of grains at 50 kg. The household consumes two goods to meet their grain consumptio...

  Consumers perceive prices in different ways, using objective and subjective judgments to make buying decisions. This can make product pricing difficult, as you can choose from many different strategies to position your products. One of these is the "price equals quality" approach. Marketers often call this the Chivas Regal effect. Overview of the Chivas Regal Effect According to marketing folklore, the Chivas Regal brand of scotch whisky was struggling to gain market share and its sales were low. Its owners doubled its price -- without changing the whisky -- and saw unit sales double. Consumers saw the increased price as evidence that this must be a quality brand. In the 1980s, some U.S. universities adopted the same kind of policy, and the Chivas Regal effect became more associated with tuition costs than whisky. Colleges started to raise tuition fees to bring in more money and typically saw a significant increase in enrollment. At the time, parents equated higher tuiti...

  Nobody really   recommends   command-and-control leadership anymore. But no fully formed alternative has emerged. So mature companies often struggle to balance the need for innovation with the need for discipline. The authors studied two exceptions: the new-product-development stars PARC and W.L. Gore. Both companies, they learned, have three distinct types of leaders.  Entrepreneurial leaders , found at lower levels, create new products and services and move their firms into unexplored territory.  Enabling leaders ,  in the middle, make sure the entrepreneurs have the resources they need.  And  Architecting leaders , near the top, monitor culture, high-level strategy, and structure. This system allows both companies to be self-managing to a surprising degree. Employees choose their work assignments and dream up new projects, whose success rests on colleagues’ volunteering to join in—making the companies collective prediction markets. And the me...

  Summary.    You’ve got more to do than could possibly get done with your current work style. You’ve prioritized. You’ve planned. You’ve delegated. You’ve tried to focus. The next frontier is increasing your efficiency so that you can spend less time and still do a good job. Here are five strategies to help. Start by clarifying what’s actually needed and to what level. Then, ask yourself if there’s any work that you could reuse, and — where you can — copy, paste, and edit. To speed up your process on routine items, create a template or checklist. Having a conversation instead of writing something down can also save time. And finally, decide in advance how much time you will spend on a particular task, and stick to it. You’ve got more to do than could possibly get done with your current work style. You’ve  prioritized . You’ve  planned . You’ve  delegated . You’ve  tried to focus . The next frontier is increasing your efficiency so that you can sp...