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

Profit Management And Control

Profit is the reward which goes to organization as a factor of production for its participation in the process of production.  Profit in its pure accounting sense is the surplus of revenue over the cost. Thus,  P = TR – TC We have also studied that every business enterprise desires to  maximize  its profit. The condition for profit  maximization  is the level of output where Marginal Revenue = Marginal Cost. We also differentiate between normal profit and super normal profit i.e. normal profit is included in average cost whereas any profit above the average cost is super normal profit. We have also considered   the concepts of gross profit and net profit besides profit in accounting sense, which considers only explicit cost whereas in economic sense to consider profit we take note of both explicit   and implicit costs. The firm has also to reveal to its shareholders the profit Continue reading

Abey Francis

Difference Between Morality and Ethics

Greek word ethos – stands for Ethics, ethos means custom or moral character. Morality originates from the Latin word moralis – manner or customs. Both these words deal with the manner or customs of the people in which they do things. The modern dictionary defines these words as the way people act – that can be either good or bad. A set of agreed rules and the code of conduct within an environment that openly states what is acceptable and what is not acceptable within a society is referred to as Morality. The concept of morality changes with time and situation, this can explain as killing (murder) is an immoral act but in the state of war or in a battlefield killing, murder is allowed, so it be said that morality is synced with ethics. Morality addresses the queries related to ethics on the moral conclusion that can be derived Continue reading

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Bankruptcy Recovery Strategies

A firm is said to be bankrupt or in financial distress if it is unable to meet its current obligations to the creditors. Bankruptcy may occur because of a number of external and internal factors. The primary cause of a firm encountering financial distress starts when it finds it difficult to meet the scheduled payments or when the cash flow projections of the firm are indicative of the fact that it will soon be unable to do so. Some important business bankruptcy recovery strategies are: 1. Settlements without going through Formal Bankruptcy When a firm goes through the period of financial distress, it is very important for its management and creditors to decide whether the problem is a temporary one and it is possible for the firm to continue its operations or whether the problem is more serious and permanent in nature that has the possibility of endangering the life Continue reading

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The Importance of Going Green

A definition of green management according to is the process within an organization of applying innovation in order to achieve sustainability, waste reduction, social responsibility and a competitive advantage by the aids of continuous learning and development. Organizations shall be doing such developments, by implementing environmental goals and strategies which match the goals and strategies of the organization. This will therefore help the organization to stay focused to its mission and vision. Nowadays, it is found that companies advertise their products by promoting their environmentally – friendly behavior. It does not matter whether it is on TV or on banner; the message of “go green” is almost always used. But why green? Green is not simply a color. Going green is a way of making changes in the lifestyle of some organizations as well as the society also. This implies bringing in some changes which are friendlier towards the environment. Continue reading

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Core Competencies – Competitive Base for Organizational Success

Competence is considered as the most important attribute without which a business cannot enter or survive in an industry. Competences develop from resources and skills, technology and know-how all together makes up competences. For example in the pharma industry in order to survive or operate successfully a very specific understanding of the special equipment’s needed to manufacture medicines and how a medicine works on the human body is important. That is every player in the industry needs to possess each of these competences in order for it to survive long term. Core Competences are the skills and abilities by which resources are deployed through an organisations activities and processes such as to achieve competitive advantage in ways that others cannot imitate or obtain.  Core competence is a distinctive capability that enables an organisation to perform above the average industry performance. In the 1990s this concept gained momentum after the introduction Continue reading

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Methods of Pricing a New Product

We will address the following questions after new product development: How should a company price a new good or service? How should the price be adapted to meet varying circumstances and opportunities? When should the company initiate a price change, and how should it respond to competitive price changes? In the entire marketing mix, price is the one element that produces revenue; the others produce costs. Price is also one of the most flexible elements: It can be changed quickly, unlike product features and channel commitments. Although price competition is a major problem facing companies, many do not handle pricing well. The most common mistakes are these: Pricing is too cost-oriented; price is not revised often enough to capitalize on market changes; price is set independent of the rest of the marketing mix rather than as an intrinsic element of market-positioning strategy; and price is not varied enough for different Continue reading

Abey Francis