Business strategy

The Decoy Effect: How Businesses Manipulate Your Choices (And How to Outsmart Them)

by
decoy effect

The decoy effect, also known as the asymmetric dominance effect, occurs when introducing a third, strategically inferior option changes our preference between two original choices. This “decoy” is designed to be completely dominated by one option (the target) while only partially dominated by the other (the competitor). The result? We gravitate toward the target, feeling smart about our “obvious” choice.

Strategic Human Resource Management (SHRM): Characteristics, Process, Functions, Objectives

by
strategic human resource management

Strategic Human Resource Management (SHRM) is an approach to managing human resources that aligns HR practices and policies with the strategic objectives of an organization. In other words, it is the process of linking the HR function with the strategic goals and objectives of the organization.

What is Benchmarking? [PDF Inside]Process, Importance, 6 Types Value Cycle, Objectives, Advantages, and Disadvantages

by
Benchmarking

Benchmarking is the process of measuring and comparing the performance of an organization, process, or product against a set of established standards or best practices. It involves identifying and analyzing the practices and performance metrics of other organizations that are recognized as leaders in a particular industry or field, with the goal of improving the performance of the organization being benchmarked.