We all have a way of speaking and using certain slangs when we communicate with our family, friends or at a workplace. Even if we speak the same language everywhere we always have a different way at different places. And so every industry has its own lingo and so are B-Schools. B-Schools jargon may be perplexing to the outsiders and so here are some to know what they really mean.
Resume Lock
A high-level review of your resume during the interview.
It is a gist of your background, your skills and what have you done till now.
It gleans a little bit about your personal and professional life connect.
PAR and STAR
These two frameworks are used either to describe an accomplishment on a resume or to answer interview questions.
As in an interview you have to be clear and concise with your answers.
PAR stands for Problem Action Result and STAR stands for Situation Task Action Result.
The approach of these two is quite similar. You would talk about the problem and dig into action that you took to solve the problem and then close with the end result.
Blue Ocean and Red Ocean
Blue Ocean are the markets that are yet to be discovered that no one is looking at. Companies and customers don’t know about it. It is like total darkness until somebody decides to shine their torch on that area.
Red ocean consists of current industries, completion and boundaries where the rules are well defined and competitors strive to gain market share of the existing demand between the rivals.
The 4 P’s of marketing
Product, Price, Place and Promotion are the 4 P’s of marketing that makes a product successful.
It is also known as marketing mix.
The 3 C’s
The dynamics of 3 C’s are Customer, Competition and Corporation.
It analyzes how the 3 Cs can lead to a strategic advantage.
MECE
MECE is an acronym for ‘Mutually Exclusive, Completely Exhaustive’.
It is a principle to group entities using a specific attribute like an age where there is no overlapping, for instance, one person cannot fit into more than one age group.
Herbie
Herbie is a synonym for a bottleneck.
Herbie can be defined as blocking or holding up something.
SWOT Analysis
SWOT is Strength, Weakness, Opportunity and Threat.The model is used to analyze the situations in business.
Knowing these jargons can actually help to understand what a b-school graduate is trying to communicate.
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Woah! I’m really loving the template/theme of this website.
It’s simple, yet effective. A lot of times it’s hard to get that
“perfect balance” between usability and visual appeal.
I must say that you’ve done a amazing job with this.
Additionally, the blog loads very quick for me on Firefox.
Superb Blog!