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...

Most of us learn a basic rule of economics: when the price of a product rises, people usually buy less of it. But what if the opposite happens? What if people actually buy more of a product when its price increases? This seemingly strange situation is known as a Giffen good . What Is a Giffen Good? A Giffen good is a type of good for which the quantity demanded can increase when its price rises, producing an upward-sloping demand relationship over the relevant range. This appears to contradict the traditional law of demand , which generally states that, other things being equal, consumers tend to buy less of a good when its price increases. However, a Giffen good is an unusual case in which the income effect is strong enough to outweigh the substitution effect . One important distinction is: All Giffen goods are inferior goods, but not all inferior goods are Giffen goods. An inferior good is simply a good for which demand tends to fall as a consumer's income rises. A Giffen good ...

  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...

  Summary.    You can always count on outside circumstances to affect your pitch to a senior leader, so prepare to get your point across under pressure by understanding the interpersonal dynamics at play in advance. What are your boss’s “tells”? How do they engage with material? And whom do they look to for endorsement? Knowing these things ahead of time will help you react effectively to pushback and pivot when necessary while you’re in the room, either in person or virtually.   Briefing a senior executive is an art and adept White House staffers do it every day under the most stressful of circumstances. They’re masters of compressing the right information into the right amount of time, no matter how complex the topic or short the briefing. The skills needed to brief the chief executive in the Oval Office are directly applicable to briefing  any  executive in the C-suite. There’s no shortage of advice on how to brief a senior leader: keep it short, fr...