Impact vs Urgency
There were several interesting topics/concepts discussed and demonstrated through examples in the first lecture/chapter of this marketing course, however, the concept that interested me the most was the 'Impact vs Urgency' matrix discussed by the lecturer. The concept consists of a simple 3 row, 3 column matrix with 'Impact of issues affecting a business" put on the column side of the matrix and "Urgency of issue" on the row side. Each column and row was given a strength level of High, Medium and Low. Research was conducted across several different businesses on what type of issues were faced by businesses and which issues were tackled first by management. The management of the businesses first gave a value of how 'impactful' the issues were (if the issue was not addressed the business would suffer greatly in the 'high level' and not as much in the 'low level'),and then on how 'urgent' they were. They were then asked which issues they addressed first and which were postponed. It was discovered that managers of high performing businesses tackled the more 'impactful' issues before the more 'urgent ones' whereas managers of lower performing businesses did the opposite. This is an interesting discovery as normal human behaviour is to address the more urgent issues first, even if they are not as important and postpone dealing with issues which can be addressed later. This concept has opened my eyes and made me look at my personal goals differently and changed the order and importance I give issues in my own life.
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