The World's Best Book Summaries
What does genchi genbutsu mean? How does Toyota use this concept to fix problems during manufacturing? Genchi genbutsu is the Japanese concept of going to the site of the problem to figure out how to fix it. At Toyota, genchi genbutsu is an important principle to follow. Learn more about how Toyota encourages the genchi genbutsu principle, according to Jeffrey Liker’s book The Toyota Way.
Are small teams more or less effective than larger teams? What are the benefits of working in small teams? Management expert and creator of the Scrum method, Jeff Sutherland, says that working in small teams is more efficient than in large teams—he says that the ideal team size is five to nine people. Small teams promote communication, expand roles, and increase efficiency. Here’s a look at the benefits of small teams.
Want to know how to set business goals that are attainable, rather than pipe dreams? Why is it important to create a strategic plan that’s grounded in reality? In their book Execution, business specialists Larry Bossidy and Ram Charan teach you how to put together a strategic business plan that establishes your business’s priorities and goals. They assert that business goals must be flexible, grounded, and accessible. It’s also important to intermittently follow up on the goals after you set them. Here’s how to set business goals that will help your company succeed.
What are the three phases of the product life cycle? How can understanding these phases help you tailor your marketing strategy? After calculating your target market’s size and ideal market share, you need to understand what happens to products in the product life cycle. This cycle starts when a product is introduced to consumers and ends when it’s removed from the market. Read on to learn how William M. Luther explains the phases of the product life cycle in his book The Marketing Plan.
What do successful cultures have in common? What should you make sure is built into your organization’s culture? Businessman and author Ben Horowitz argues that you must cultivate two core elements of organizational culture if you want to succeed. All intentional cultures encompass the strengths of the leader and they undergird the organization’s strategy. Read more to learn about these two elements.
What are Sprints in Scrum? What are the four phases in a Sprint cycle? A Sprint is the core process within Scrum. Sprints are fixed lengths of time, usually one or two weeks, in which the team works on a particular task or tasks. The key values of the Scrum framework are developed and maintained inside Sprints. Sprints are where the work gets done, where value is created, and where people turn ideas into reality. Here are the four phases of a Sprint cycle.
What is Toyota’s “Respect for People” principle? How does Toyota treat its employees and supply chain partners? Toyota’s principle, “Respect for People,” is one of the two pillars of the Toyota Way. Jeffrey Liker, in his book The Toyota Way, illustrates how Toyota encourages this principle to build a better company. Read more on Toyota’s respect for people, most importantly its employees and supply chain partners.
What are some examples of consumer behavior? What is the key to understanding what a customer truly wants? There are five common consumer behaviors you must understand to do your best selling. Master salesman Zig Ziglar talks about these behaviors and how to use them to your advantage in his book Secrets of Closing the Sale. Here are five consumer behavior examples to learn from.
What is the growth stage of the product life cycle? What happens during this stage? The second stage of the product life cycle is the growth stage. As William M. Luther says in his book The Marketing Plan, it’s when a product experiences high demand and sales increase. Find out more about the product growth stage below.
Are you worried that your business could suffer from talent shortages in the future? What precautions can you take to prepare for potential staffing shortages? Talent shortages are sometimes unavoidable—especially in today’s world. If you’re not prepared, then losing employees could leave your business vulnerable. Here’s a look at the risks that come with talent shortages and how to mitigate them.