Consultant Explains: Tactical Business Frameworks

[@VickyZhaoBEEAMP]

Do you use any of these frameworks for your work? Check out Part 1 - Consulting problem framing frameworks: kzbin.info/www/bejne/ZmfdiJyuf7eKgLs

[@labsanta]

My notes: 1. What are the three problem-solving frameworks that the consultant mentions? - The three problem-solving frameworks mentioned by the consultant are hypothesis driven problem solving, Pareto Principle, and MECE. 2. What is the morphological analysis framework? - The morphological analysis framework is a tool that helps in coming up with innovative solutions to complex problems. It involves breaking down the problem into its core components and brainstorming different possibilities for each component. 3. What is the recommendation for addressing a revenue problem in the ice cream example? - Based on research from the Harvard Business Review, the recommendation for addressing a revenue problem in the ice cream example is to focus on price, as it has a three to four times impact compared to volume. 4. What are some examples of the core components of an ice cream shop used in the morphological analysis? - The core components of an ice cream shop used in the morphological analysis include place (location), atmosphere, and function (purpose). 5. What are some tips for making a list of ideas in the morphological analysis even better? - To make the list of ideas even better, the consultant suggests making the ideas as specific as possible to help people visualize them and switching up the core elements if ideas are not interesting enough. 1. What is the payoff matrix and how can it be useful in idea prioritization? A: The payoff matrix is a framework that allows you to categorize and prioritize different ideas based on important goals. For example, if the goal of an ice cream truck is to be practical and creative, you can plot all ideas on a matrix with two axes and see where they fit. This can help identify areas where more creative ideas are needed. 2. What are the three areas you should analyze in a business analysis, and what are some common frameworks for each area? A: The three areas to analyze are company, competitor, and customers. Common frameworks for analyzing companies and competitors include SWOT analysis and Porter's 5 Forces. The 4 Ps of Marketing are useful for analyzing product, price, place, and promotion. For customers, the customer journey mapping framework can be helpful. 3. What are the five stages of awareness in customer journey mapping? A: The five stages of awareness in customer journey mapping are unaware, problem aware, solution aware, product aware, and most aware. These stages help identify where a potential customer is in their decision-making process and what they need to move towards a purchase. 4. What is the problem that an artisanal ice cream company is trying to solve? A: The problem that an artisanal ice cream company is trying to solve is a lack of high-quality, locally-sourced ice cream options in the market. 5. What are some common frameworks for analyzing competitors in a business analysis? A: Some common frameworks for analyzing competitors in a business analysis include SWOT analysis and Porter's 5 Forces. These frameworks can help identify areas where a company may be at a disadvantage and where they can improve their competitive position. 1. What is framework thinking? A: Framework thinking is a problem-solving approach that involves using pre-established frameworks or models to organize and structure complex problems, which helps in identifying and solving problems more effectively. 2. How can framework thinking be helpful? A: Framework thinking can be helpful in organizing complex problems and breaking them down into smaller, more manageable parts. It also helps in identifying the underlying causes of problems and developing effective solutions. 3. Have any frameworks changed the way people think about problems? A: Yes, there are many frameworks that have changed the way people think about problems, such as the SWOT analysis, the Pareto principle, and the Maslow's hierarchy of needs. These frameworks have become popular because of their effectiveness in problem-solving. 4. What are some popular frameworks used in problem-solving? A: There are many popular frameworks used in problem-solving, such as the PDCA cycle, the 5 Whys, the Fishbone diagram, and the SMART goals framework. Each framework is designed to tackle different aspects of a problem and can be used in various contexts. 5. How can using frameworks benefit a person or an organization? A: Using frameworks can benefit a person or an organization by improving problem-solving skills, increasing efficiency and productivity, and providing a more structured approach to decision-making. It can also help in developing a common language and understanding among team members and stakeholders. Bullet points • Management consultants use hypothesis driven problem solving, Pareto Principle, and MECE to solve complex problems in a few weeks. [00:00] • The framework for brainstorming solutions is morphological analysis, where the problem is broken down into its core components. [00:20] • To open a new ice cream shop, morphological analysis is used to identify the core components such as place, atmosphere, and function. [01:22] • The ideas are made specific and then mixed and matched, followed by the use of a payoff matrix to prioritize the ideas. [02:55] • The three areas of business analysis are company, competitor, and customer, and frameworks such as SWOT analysis, Porter's 5 Forces, and 4 Ps of Marketing are used to analyze them. [05:07] • The most useful framework for understanding the customer is the customer journey mapping, where the five stages of awareness are unaware, problem aware, solution aware, product aware, and most aware. [06:14] • With the use of these frameworks, one has a headstart in problem solving compared to others. [07:32]

[@creativecat7278]

Love the ice cream example. So easy to follow, adding all this to my thinking toolkit!

[@VickyZhaoBEEAMP]

Glad you liked this! 👍 will add more examples like this in future videos too 😄

[@alfredoc56c]

Tú contenido me cambio la vida, es muy bueno recién lo descubrí. Quisiera la segunda parte de este video. Gracias saludos desde Perú. :D

[@sarkardebankur]

You are providing so much value to the consulting community!

[@VickyZhaoBEEAMP]

Thank you for watching 😊

[@adedolapoadebisi9759]

This is the Channel I have been looking for!

[@VickyZhaoBEEAMP]

Thank you for watching and for saying so!!!

[@MattWongIR]

I really like the payoff matrix, I tend to be more visual so I think I will try this one 😃. Wow Vicky this video was a business masterclass! Packed with theory and alot to think about.

[@VickyZhaoBEEAMP]

Visuals definitely make me think clearly too. Glad you liked this Matt. Thanks for watching!

[@kelechiabanobi9071]

Hi Vicky, great content. Did I miss your framework on 'visualizing problems'?. I don't remember seeing / hearing you talk about it. Thanks

[@TheMarComplex]

Thank you!

[@YugalJindle]

Vicky! Where can I read about these frameworks. I want to learn more

[@sebh1468]

Hello! My name is sebastian And im doing a little bit or resesrch about what are the basics that a joung student or just graduated person needs to understand if they want healthy personal finances (retirement, savings, taxes, etc). I want to make a program to be included on my country education program. Would you like to share some knowlege with me? Sorry if my writing is bad im just learnig english Im from mexico