The Boundaryless Career: Modern Contemperory Perspective on Career

Human Resource Management

Concepts of Throughput Accounting and Theory of Constraints

Financial Management

Kaizen – Understanding the Japanese Business Philosophy of Continuous Improvement

Operations Management

Role of Leaders in Shaping Organizational Culture

Management Principles

Organizational Culture – Development and Importance

Management Principles

Soft Skills – Meaning and Importance

The term personality is derived from Latin word persona, a mask worn by actors in classical dramas. Behaviorist psychologists feel that if a person has some kind of impact or makes a certain impression on others, it must be because of his actions. The simplest meaning of personality, therefore, is “the pattern of responses” which characterizes the individual. An individual’s personality is invariably revealed through interactions in the personal, social and the professional arena, for the act of communication determines how one views and in return is viewed by the world around. In the modern world of professional rivalry and competitive business, obsessed with power and achievement, personality becomes the byword for success. There are qualities that enable one to evolve and grow into an empowered and well-balanced personality, a choice that proves to be a wise investment for long-term achievements. Such qualities along with the ability to effectively communicate Continue reading

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Concepts of Luxury and Masstige

The word ‘luxury’ derives from the Latin word ‘luxus’ , which according to the Latin Oxford dictionary signifies ‘soft or extravagant living, indulgence’ and ‘sumptuousness, luxuriousness, opulence’ . There are two aspects to consider when defining luxury, the psychological value and the value of the product/service itself. The psychological value of luxury comes from its function as a status symbol and from a highly involved consumption experience that is strongly congruent to a person’s self-concept. From a product perspective, luxury brands are frequently defined in terms of their excellent quality, high transaction value, distinctiveness, exclusivity and craftsmanship. In his paper on International Retail Marketing, T.B. Jackson proposes the following as the core characteristics of a luxury product: ‘… exclusivity, premium prices, image and status which combine to make them more desirable for reasons other than function’. Dimitri Mortelmans, in his paper ‘The concept of luxury’, says there are three main characteristics Continue reading

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Case Study of Dell: Employee Training and Development

Michael Dell, the CEO of Dell Computer Corporation, in a recent annual report, summarized where the CEO stands on the role that learning plays in his company. He said it was people who produced results in any business, laying emphasis on how building a talented workforce remained Dell’s greatest priority as well as its greatest challenge. This challenge contained two primary issues. The first being training, developing and retaining their existing employees so they continue capitalizing on the career opportunities Dell’s growth provides them. The second being to actually successfully recruit employees at all levels to support Dell. The CEO said the company progressed pertaining to both issues in the previous fiscal year, adding Dell would continue to keep it a critical area of focus. Dell filled more than half of its executive-level positions with promotions from within the organization, hiring the remaining externally. Dell also modified its core training Continue reading

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Effects of Innovative Culture on Organizations

Growth creates a need for structure and discipline, organisation changes which can strain the culture of creativity that is so vital to future success. To sustain competitive advantage, companies need to institutionalize the innovation process; they need to create an internal environment where creative thinking is central to their values, assumptions and actions. Management changes and management generally is about implementation. When the managers of an enterprise feel pressured, the fear-driven response is generally to implement better and which generally results doing more of the same only quicker or cheaper. While this is great for doing more of the same, it is still the same and meanwhile everything else is changing — customer’s needs, technology, society, macroeconomics and geopolitics are all changing. Innovation is the engine of growth. It is also a mindset — meaning it is influenced by beliefs, values, and behavior. Company culture therefore has a huge influence Continue reading

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Inventory Management

What is inventory? What are its varieties? Inventory is the buffer between two related sequential activities. Between purchase and production, between the beginning and completion of production, and between production and marketing, buffers are needed. Buffer means a cushion to fall back on. Production should not suffer due to some difficulty in purchase of raw materials. Marketing should not suffer due to some difficulty in production. If the business has some stock of raw materials, a temporary difficulty in purchase will not effect production since the stock of raw materials can be used. If there is a stock of finished goods marketing will not be effected due to any temporary hurdle in production. The stocks of raw materials and finished goods, therefore serve as buffers absorbing the difficulties in purchase and production respectively. So, inventory takes different forms. Stocks of raw materials, work-in-process and finished goods are prime inventory. Stocks Continue reading

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Case Study of KFC: Establishment of a Successful Global Business Model

By mid 1950s, fast food franchising was still in its infancy when  Harland Sanders began his cross-country travels to market  “Colonel Sanders’ Recipe Kentucky Fried Chicken.” He had  developed a secret chicken recipe with eleven herbs and spices.  By 1963, the number of KFC franchises had crossed 300. Colonel  Sanders, at 74 years of age was tired of running the daily operations  and sold the business in 1964 to two Louisville businessmen —  Jack Massey and John Young Brown, Jr. — for $2 million. Brown, who later became the governor of Kentucky, was named president,  and Massey was named chairman. Colonel Sanders stayed in a  public relations capacity. In 1966, Massey and Brown made KFC public, and the company was enlisted  on New York Stock Exchange. During late 1960s, Massey and Brown turned  their attention to international markets and signed a joint venture with  Mitsuoishi Shoji Kaisha Ltd. in Japan. Continue reading

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