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

Five Important Organizational Cultural Models

Management Principles

Stakeholder Theory and Corporate Governance

In contemporary society, business organizations are taking on an increasingly complex and significant role. Some corporate giants control vast resources and possess enormous influence in human daily life. Especially when they enter areas such as health care and education, they can have a more deep relationship and powerful impact on society. However, the nature of business activities is to pursue the best interests and it could lead to some conflicts between different stakeholders. Thus, proper corporate governance needs to be used to ensure corporates continue operating on a normal track. In theory, corporate governance is a kind of system that could direct and control companies. The object of corporate governance is to make maximum profit for shareholders in the past. Unfortunately, it has been considered one of the most root causes of the governance crisis in recent times. On the one hand, excessive pursuit of share price performance has neglected Continue reading

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Attitudes – Definition, Components, Sources and Types

Attitudes can be defined as an individual’s feelings about or inclinations towards other persons, objects, events, or activities. Attitudes encompass such affective feelings as likes and dislikes, and satisfactions and dissatisfactions. Our needs, past experiences, self-concept, and personality shape the beliefs, feelings, and opinion we hold towards the perceived world. Once we have formed our likes and dislikes, we generally cling on to them and find it difficult to change our attitudes, unless we make a conscious and determined effort to do so. An interesting phenomenon is that our values shape our attitudes. Traditionally, behavioral scientists have divided attitudes into two major groups: i) those that are cognitive (for example, beliefs or expectations about cause-effect relationships between events) and ii) those that are evaluative (for example, liking or disliking for event). An example of a cognitive attitude would be an employee’s belief that superior job performance would be rewarded by Continue reading

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Perception – Meaning, Definition, Process and Influencing Factors

Meaning and Definition of Perception Perception can be defined as a process by which individuals organize and interpret their sensory impressions in order to give meaning to their environment. Perception is not just what one sees with eyes. It is a much more complex process by which an individual selectively absorbs or assimilates the stimuli in the environment, cognitively organizes the perceived information in a specific fashion and then interprets the information to make an assessment about what people select, organize, and interpret or attach meaning to events happening in the environment. Since perception is subjective process, different people may perceive the same environment differently based on what particular aspects of the situation they choose. For example, some employees may perceive the work place as great if it has favorable working conditions, good pay. Others may perceive it as great if it has challenging assignments and opportunity to grow. Managers Continue reading

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How Artificial Intelligence Has Influenced Marketing

Artificial Intelligence (AI) influences marketing mechanisms and procedures by providing insight into consumer behavior and preferences. AI is a system’s capacity to analyze data correctly, learn from the analysis, and use it to achieve specific goals. This technology uses machine-learning algorithms to customize content and products to satisfy target markets and influences consumer choices by offering suggestions based on social perceptions. This technological tool can help organizations maximize their competitive advantage and market dominance. Nevertheless, the involvement of AI comes along with doubt and disbelief due to different biases. Therefore, organizations must isolate and neutralize biases to realize the benefits of AI in inducing consumer preference. History of Artificial Intelligence Experts have exerted themselves constantly to improve technology throughout the years. The inception of AI occurred in the 1940s when Isaac Asimov, an American Science Fiction writer, developed three laws of robotics through his short story ‘Runaround’. The first law Continue reading

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Key Elements of Retail Displays

A retailer must carefully consider and plan each element of retail displays.  Display elements include the merchandise, shelf display areas or window displays, props, colors, background materials, lighting and signs. The retailer is to compare contrast, repetition, motion, harmony, balance, rhythm and proportion of each display to draw the consumer’s attention to it. Display elements must be evaluated to determine how well and if they attract and hold the attention of the passersby. “Contrast” is one way to attract attention. Contrast is achieved by using different  colors, lighting, form i.e., size and shape, lettering or textures. “Repetition” attracts consumer attention by duplicating an object to reinforce and strengthen the impression. For instance, by displaying 20 tennis rackets, the image is created of a store with a wide assortment of merchandise in that category. “Physical motion” is a powerful attention getter, as is dominance. If an item is much larger than Continue reading

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Purposes of Performance Management System

Performance Management is often a misunderstood concept most people associate it with concepts such as: Performance appraisal, Performance-related pay, Targets and objectives, Motivation and discipline. But, performance management is much more than this. Performance management is about getting results. It is concerned with getting the best from people and helping them to achieve their potential. It is an approach to achieving a shared vision of the purpose and aims of the organization. It is concerned with helping individuals and teams achieve their potential and recognize their role in contributing to the goals of the organization. A performance management system consists of the processes used to identify, encourage, measure, evaluate, improve, and reward employee performance at work. Employees’ job performance is an important issue for all employers. However, satisfactory performance does not happen automatically; therefore, it is more likely with a good performance management system. A performance management system serves a Continue reading

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