MBA Knowledge Base

Organizational Culture – Development and Importance

When coming into or starting an organization, many things need to be decided upon for that organization. The organization’s mission statement, its business plan, and its structure are a few of the many things that need to be decided for that organization. One element that is extremely important to establish within an organization is the organization’s culture. An organization’s culture is extremely significant within an organization, and an organization’s culture can be determined from a variety of different types of cultures. Organizational culture can also be called a corporate culture and is defined as the set of shared, taken-for-granted implicit assumptions that a group holds and that determines how it perceives, thinks about, and reacts to its various environments. Each and every organization has its own type of organizational culture that sets it apart from other organizations. One reason organizational culture is vital to an organization is because the type Continue reading

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Five Important Organizational Cultural Models

Culture is often said “to eat strategy for breakfast” the implication that, regardless of how good a strategy is, unless specific initiatives are concentrated on changing people’s attitudes, behaviours and work practices, the strategy will fail. Understanding culture of an organisation can be quite the task especially in large companies with a number of employees and staff being very diverse culturally. With the help of Cultural Models, understanding the cultural situation becomes easier. Following are some of the existing Cultural Models. 1. Edgar Schein’s Model Edgar Schein’s model is one such which helps interpret what the cultural position is within the firm. To Schein, culture is dynamic and multi-faceted; it cannot be easily judged as good/bad, strong/weak, or effective/ineffective. Culture is contextual and lives within us as individuals as well as within groups of people. Edgar Schein believed that as employees go through various changes and adapt to the external Continue reading

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The Customer Satisfaction Model – Based on American Customer Satisfaction Index (ACSI)

The Customer Satisfaction Model is a set of causal equations that link perceived quality, perceived value and customer expectations to customer satisfaction. The customer satisfaction model is linked, in turn, to its consequences in terms of customer complaints and customer loyalty. This model is based on the American Customer Satisfaction Index (ACSI), which is one of the best-in-breed solutions for customer satisfaction measurement that is tied directly to financial performance. The American Customer Satisfaction Index (ACSI) is the leading national indicator of customer satisfaction with goods and services in the U.S. economy. The ACSI was developed by the University of Michigan’s Stephen M. Ross School of Business. The dependent variable in this conceptual model is customer satisfaction, while the independent variables are perceived quality, perceived value and customer expectations. Customer complaints and customer loyalty are the results (consequences) of this conceptual framework. Perceived quality is the first determinant of customer satisfaction, Continue reading

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Rumours in Business Organizations

Rumors have been a regular feature of society for as long as it has existed and can have adverse effects on people, especially within the business context. Rumors within businesses can alter the social perceptions within by affect the attitudes and behaviors of people as well as increasing hostilities. To understand the effects of rumors, we must define what a rumor is and what the different components are, as well as distinguishing the difference between rumors and gossip. Definition of Roumours in Organization Context The phenomena of rumors have been studied since the mid-20th century and as such there have been many different definitions published. One of the first definitions was by Allport & Postman (1947), defining it as “a specific (or topical) proposition for belief, passed along from person to person, usually by word of mouth, without secure standards of evidence being present”. While this definition has held up Continue reading

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6 Tips on Choosing the Right Forex Broker

So, you have decided to enter the forex market and start trading? You have most likely done quite a lot of learning here, before making that particular decision, and there is absolutely no doubt that you are ready to start trading now that you have decided to do it. Sure, you will never be 100% ready, and there is always some risk involved, but you have most likely been learning a lot about this, and you feel confident enough to give it a go. Read more about forex trading in general: https://moneysmart.gov.au/investment-warnings/forex-trading Now, of course, in order to give this a go, one of the main things you will have to do is, naturally, find and choose the right forex broker for yourself. You know that choosing the right platform is of extreme importance, and you absolutely know better than to make a random choice and hope for the best. Continue reading

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Leadership Lessons from Elite Racehorse Trainers

Horse racing might look like a two-minute sport on the surface, but anyone who follows it closely knows the real story happens long before the gates are open. Horses don’t magically turn into racing thoroughbreds. Behind every win, there’s a trainer who has been managing all the boring stuff, from routines, personalities, training, expectations, and pressure, for months. Trainers here are not like those in other sports. They’re not loud or give halftime speeches. But that doesn’t mean that they are not effective. Being a trainer requires a steady, patient, and responsible character. And honestly? There are a lot of business leaders, coaches, and managers who can learn from racehorse trainers. Let’s find out what leadership lessons we can learn from the quiet racehorse trainers. Leadership Is Built on Routine If you walk into a professional racing stable, you won’t find chaos. It’s not like Wall Street when the market Continue reading

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