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More in this section:
Market Intelligence |
Brand & Strategy |
Operations |
Talent |
Glossary of Concepts
Our Glossary of Concepts represents descriptions of the terms we use in both our FORECAST Assessment and its corresponding GrowthIQ Report. It is meant to serve as your own reference to best practices and provide you with further insight into how we define it and the corresponding attributes.
- Best Practice: is a management idea which asserts that there is a technique, method, process, activity, incentive or reward that is more effective at delivering a particular outcome than any other technique, method, process, etc. (wikipedia), Best Practices are the characteristics of superior performing organizations.
- Competency: the combination of traits & motives, knowledge & skills, and social role that leads to superior performance in a particular position (Competent Manager). This is very contextual to the organization (and its culture) and well as the job. It assumes if the right person (eligibility & suitability) is placed into the right role their performance will exceed the curve of distribution for that position across the company.
- Attribute: a characteristic of a variable (wikipedia), the specific characteristics of a Best Practice and a Competency. Our research into superior performing organizations (Best Practices) and superior performing individuals (Competencies) is based upon specific attributes that were predictive of future performance.
Best Practice Categories:
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Market Intelligence (Competitive Advantage). The essence of understanding market leadership, it identifies where the organization can excel and is the matched set for Core Competency. Competitive Advantage exist in both real time and the future, understanding the under or unserved needs with significant financial gain of a targeted niche.
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Brand (Core Competence). It starts with brand, and what makes your brand superior in the eyes of the customer. Not just a marketing campaign, it is about perceived customer benefits of your end product and the experience of buying and using, it must be difficult for competitors to imitate, and finally creates uniqueness from anyone else.
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Operations (Productive Capacity). The essence of your business model, it measures the organization's ability to provide products, services, and customer enthusiasm to specified markets. It is the delivery component for Core Competency.
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Talent (Discretionary Performance). The amount of performance the organization can capture beyond what is required. Typically, standards are set artificially low. No business is able to sustain itself when people do the minimum. Every successful company has a competitive advantage through people who work harder then required or compensated because of the entire package: inspiring set of values and beliefs, the company has a big idea that impacts the market, and processes that support the extra effort required of fast growth.
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