Role of Leaders in Shaping Organizational Culture

Management Principles

Organizational Culture – Development and Importance

Management Principles

Five Important Organizational Cultural Models

Management Principles

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

Marketing Management

Rumours in Business Organizations

Business Communication

International Trade Theories – Absolute, Comparative and Competitive Advantage

Absolute advantage theory was first presented by Adam Smith in his book “The Wealth of Nations” in 1776. Smith provided the first concept of a nation’s wealth. Adam Smith is a grandfather of economics because he introduced two important concepts that many of the new trade theories are based on these two main concepts, which are specialization and free exchange. However, many arguments were made and many economists thought there was a problem with the theory of absolute advantage after David Ricardo published the theory of “comparative cost” (aka “comparative advantage”) in the early 19th century. Even though Smith and his followers introduced many important points for the thoughts of economic, it is too complicated with this simple version of trade theory in today’s global economy. In 1990, Michael Porter introduced the diamond model of new competitiveness theory. These three trade theories are important in order to make a country Continue reading

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Frederick Taylor’s Principles of Scientific Management

Frederick Winslow Taylor well-known as the founder of scientific management was the first to recognize and emphasis the need for adopting a scientific approach to the task of managing an enterprise. He tried to diagnose the causes of low efficiency in industry and came to the conclusion that much of waste and inefficiency is due to the lack of order and system in the methods of management. He found that the management was usually ignorant of the amount of work that could be done by a worker in a day as also the best method of doing the job. As a result, it remained largely at the mercy of the workers who deliberately shirked work. He therefore, suggested that those responsible for management should adopt a scientific approach in their work, and make use of “scientific method” for achieving higher efficiency. The Frederick Taylor’s principles of scientific management  consists essentially Continue reading

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Modified Liberalized Exchange Rate Management System (Modified LERMS)

The process of liberalization continued further and it was decided to make the Rupee fully floating with effect from March 1, 1993. The new arrangement is called Modified Liberalized Exchange Rate Management System or Modified LERMS. Its salient features are as under: Effective March 1, 1993, all foreign exchange transactions, receipts and payments, both under current and capital accounts of balance of payments are being put through by authorized dealers at market determined exchange rates. Foreign exchange receipts and payments, however, continued to be governed by Exchange Control Regulations. Foreign exchange receipts are to be surrendered to the authorized dealers except in cases where the residents have been permitted by RBI to retain them either with the banks in India or abroad. Authorized dealers are free to retain the entire foreign exchange surrendered to them for being sold for permissible transactions and are not required to surrender to the Reserve Continue reading

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Introduction to Marketing Environment

Marketing is a general term used to describe all the various activities involved in transferring goods and services from producers to consumers. In addition to the functions commonly associated with it, such as advertising and sales promotion, marketing also encompasses product development, packaging, distribution channels, pricing, and many other functions. The modern marketing concept, which is applied by most successful small businesses, is intended to focus all of a company’s activities upon uncovering and satisfying customer needs. After all, an entrepreneur may come up with a great product and use the most efficient production methods to make it, but all the effort will have been wasted if he or she is unable to consummate the sale of the product to consumers. Marketing Environment: In order to correctly identify opportunities and monitor threats, the company must begin with a thorough understanding of the marketing environment in which the firm operates. The Continue reading

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The Concept of Strategist

Strategist is the person performing the activities associated with business strategy planning. There are various kinds of strategists in any kind of organization like board of directors, chief executive officer, entrepreneurs, senior management, SBU-level executives, corporate planning staff, consultants, middle level manager, and executive assistants. Each one plays a different role in an organization. The major responsibilities of a strategist are: First, he must assume the responsibility to develop a plan to complete the strategy activities, the plan must be initiated, dates set, deadlines established, and the process must be monitored to ensure that the deadlines are met. Second, basic assumptions about forecasts, economic indicators, technology, and general industry competitiveness must be agreed on and communicated to the functional areas. Procedures must be developed to assure uniformity in the development of the plan. Responsibility for undertaking fundamental studies and valuation of special matters necessary to strategic planning must be assumed. Continue reading

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Case Study and Different Areas of Management

The    cases     of     management cannot     be     properly     analyzed and solved     unless the student has a thorough knowledge of die subject. The cases of General Management may be on the functions of management like planning, co-ordination, organization, control and decision-making. The cases also relate to the principles of management like division of labor, centralization and decentralization of authority, span of control, equity, remuneration, unity of direction, unity of command etc. While solving the case problem the student must be able to know to which function or principle of management the case relates. It will enable the student to analyze the case properly as he becomes clear about what is ‘required “as per functions or principles and what is lacking in the given situation of the case. The cases of Personnel Management relate to recruitment, selection, induction, placement, wage Continue reading

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