Finance:
The sentence/phase/word: Trade-offs
Description: From the simplest to the most complicated, finance is all about trade-offs. The very building block of finance lies in accounts and economics. Accounts is about trade-offs in assets and liabilities, debit and credit. Economics is about trade-offs in price and demand among others.
Perhaps the most complicated concepts in finance are found in financial derivatives and this too is about trade-offs. It is about risk-reward trade-off. Reward rises with risk. That’s finance in a sentence.
Operations:
The sentence/phase/word: In + Process = Out
Description: The “Process” part of the equation is what is Operations. And the study of various factors of this process (like time, costs, inventories etcetera) is the study of operations. Operations research, for example, is the study of reducing one or more factors (mostly cost or time).
Marketing:
The sentence/phase/word: It’s about selling value
Description: Value is defined as benefit/cost. All the frameworks used in marketing are aimed at communicating this value to the customer. For example, the levels of a product, aims at communicating the value of the product. The levels of a product are: core product, basic product, expected product, augmented product and potential product.
Each of these levels tells the customer what value the product delivers. The concept of advertising stemmed from this very need of communicating value.
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