Summary: SWOT is an acronym that stands for strengths, weaknesses, opportunities and threats. A SWOT analysis is a tool or technique that can be used in business, design or personal settings to evaluate a project or company and to create constructive goals and strategies. Originators: George Albert Smith Jr., Kenneth Andrews, Albert S. Humphrey (1927-2005) […]
Social Proof
Summary: Social proof describes a psychological phenomenon in which people mirror the actions and opinions of others. In other words, people’s decisions are often impacted by the preferences and modeling of individuals or groups around them. Keywords: informational social influence, marketing, group norms, standards of behavior, testimonials, crowds, social modeling, sales, business, conformity, group conformity, […]
Pareto Principle
Summary: The Pareto Principle describes how in a variety of situations, 80% of a product or phenomenon’s output often comes from only 20% of the available input. For example, a business may receive 80% of its income from the sale of only 20% of the products available in their inventory. Originators: Vilfredo Pareto (1848-1923), Dr. […]