Are SMART objectives smart? Introducing DUMB objectives

Are SMART objectives smart? Introducing DUMB objectives

SMART objectives are a seemingly immutable law in management, formulated initially by George Doran in 1981. We are told in management seminars that objectives should be, in the words of Doran, Specific, Measurable, Assignable, Realistic and Time-related.  Many varieties have spawned from the minds of managers across geography and time, each focusing on slightly different …

The First Law of Consumer Behaviour: Why do we keep buying stuff?

Consumer behaviour is an intensely studied subject in a world that is dominated by consumption of goods and services. Psychologists, anthropologists, neurologists, economists and many other highly trained scientists bundle together to influence the behaviour of consumers. Practically, how can a product be designed, positioned and advertised so that we can sell more jeans than …

Using Queuing as a Marketing Tool: Scarcity Marketing to Promote Sales

Scarcity Marketing

Fear is one of the greatest motivators for humans. Most people live comfortable lives where there only fear is the fear of missing out (FOMO). Marketers can use this psychological mechanism by feigning scarcity and thus manufacture a fear of missing out, also known as scarcity marketing. According to Robert Cialdini, scarcity is one of …