22Sep 2018 by admin

Short Essay on Product Life-Cycle Model (326 Words)

Strategy
Short Essay on Product Life-Cycle Model (326 Words)!The product life-cycle itself is not really a strategy but it provides a frame work for managers to formulate strategy over time of the product-life. The product life cycle is shown as below: Image Source: cdn.slidemodel.com ADVERTISEMENTS: A product goes through four typical stages, which are: introduction, growth, maturity and decline. When a new product is introduced, it takes some time before it gets accepted. Once it is accepted, it may go through a period of rapid growth.Eventually, the rate of growth for the product slows down and the market for the product matures. Finally, the product may enter into a decline stage. In terms of strategic planning the product life cycle approach suggests that different business strategies should be used to support…
Read More
22Sep 2018 by admin

Essay on Various Definition of Organization (613 Words)

Management
Essay on Various Definition of Organization (613 Words)!The word organization is used and understood widely in our daily lives. It has been defined in a number of ways by psychologists, sociologists, management theorists as well as practitioners. Image Source: i.ytimg.com ADVERTISEMENTS: A definition of organization suggested by Chester Barnard, a well known management practitioner, nearly sixty years ago still remains popular among organization and management theorists.According to him, an organization is, “a system of consciously coordinated activities or efforts of two or more persons”. In other words, a formal organization is a cooperative system in which people gather together and formally agree to combine their efforts for a common purpose.It is important to note that the key element in this rather simplistic definition is “conscious coordination” and it implies a…
Read More
22Sep 2018 by admin

Various Factors that describe the Macro-Environment of an Organization

Decision Making
Various Factors that describe the Macro-Environment of an Organization!The external environment can be divided into two levels, namely, the “macro-environment” and the “task environment”. The macro- environment of an organization consists of such broad dimensions and forces in the surrounding environment which provides opportunities and poses threats to the organization. Image Source: i.ytimg.com ADVERTISEMENTS: These elements are general in nature and influence the organizations in an indirect way. These factors are shown as follows:These factors and their influences are described in more detail. 1. Economic Factors: The economic environment is the overall health of the economic system in which the organizations operate. Key economic influences include factors such as inflation, interest rates, unemployment, disposable income, balance of payments, stage of the economic cycle and so on.These influences are very strong…
Read More
22Sep 2018 by admin

Useful Essay on Decision Making (704 Words)

Decision Making
Since the importance of the right decision cannot be overemphasized enough, it is imperative that all factors affecting the decision be properly looked at and fully investigated because the quality of the decision can make the difference between success and failure. Image Source: savingforsomeday.comIn addition to technical and operational factors which can be quantified and analyzed, other factors such as personal values, personality traits, psychological assessment of the decision maker, perception of the environment, intuitional and judgmental capabilities and emotional interference must also be understood and credited in the decision making process. ADVERTISEMENTS: Some researchers have pin-pointed some areas where managerial thinking needs to be re-assessed and where some common mistakes are made that affect the decision making process as well as the efficiency of the decision, and these mistakes…
Read More
22Sep 2018 by admin

The Various Challenges face by the Management of Today and that of the Future

Decision Making
The managers today face an increasingly complex and dynamic environment. The forces of change, from both within and outside the organization, are constantly providing new challenges for management. Image Source: enfongspeaks.comAs the twenty first century approaches, the complexity of managerial environment would require a complete overhaul of management functions, roles and skills in order to successfully meet the challenges that such complexity will pose. Elizabeth Kanter has suggested five key elements that are expected to be an integral part of the change process. These are: ADVERTISEMENTS: 1. Greater number and variety of channels for taking action and exerting influence.2. Relationships shifting from the vertical to horizontal, from chain of command to peer network.3. The distinction between emanagers and those managed is diminishing.4. External relationships are increasingly important as sources of…
Read More
22Sep 2018 by admin

Social Responsibility of Management to Protect and Enhance the Society

Industry
Social responsibility involves a set of obligations on the part of management to protect and enhance the society in which it functions. This means first that the social responsibility is an “obligation” for which the business should be held accountable. Image Source: 9cbcca1e6f9e03544a02-539d006b7d1ab88a7f6e8d03decc893c.r44.cf2.rackcdn.comSecond, it is the responsibility of business to protect the society welfare in terms of not polluting the environment, producing safe and quality products, not discriminating, not deceptively advertising and so on. ADVERTISEMENTS: Finally, it must enhance the society’s welfare by creating positive benefits for society such as supporting charitable causes, culture and arts, educational institutions and other community projects and programmes which improve the quality of life in general.Over the years, both society and organizations have taken many different views of social responsibility. In particular, there have…
Read More
22Sep 2018 by admin

The Characteristics of Effective Budgetary Control Systems – Essay

Management
Some of the characteristics and guidelines that can make the budgetary control effective and successful are given as follows. Image Source: cecd04df9605b630ca29-1241d3348dac2d27e674997029412b55.r13.cf2.rackcdn.com1. Budgets should be oriented towards results. The results or goals should be realistically established. The budgets should have a built- in provision of periodic evaluation and assessment of performance and progress along the way to the achievement of results. The appraisal of performance would be more fair and realistic if budgets allocated are appropriate for the established goals. ADVERTISEMENTS: 2. Budgetary control is more effective if the duties and responsibilities for all operations are well defined and rightly assigned. This would make it easier to trace any deviations to proper accountable persons or departments so that proper and corrective action can be taken3. Budgets should be based an…
Read More
22Sep 2018 by admin

Management as a Problem Solving Process – Essay

Decision Making
Management as a Problem Solving Process – EssayMany management thinkers have defined management in their own ways. For example, Van Fleet and Peterson define management, “as a set of activities directed at the efficient and effective utilization of resources in the pursuit of one or more goals.” This concept is shown in the following diagram. Image Source: margenia.com ADVERTISEMENTS: Kreitner considers management as a problem solving process. He defines management as follows:“Management is a problem solving process of effectively achieving organizational objectives through the efficient use of scarce resources in a changing environment.”Some of the integral elements of this definition can be separated and briefly explained as follows: a) Problem solving process: ADVERTISEMENTS: One of the most important functions of a manager is to make decisions and solve problems. Some…
Read More
22Sep 2018 by admin

Essay on Business Management (965 Words)

Management
Essay on Business Management (965 Words)!“It takes something other than wages to hold good employees: and it takes something other than low prices to hold a good customer.” Image Source: yourarticlelibrary.comManagement in some form or another is an integral part of living and is essential wherever human efforts are to be undertaken to achieve desired objectives. The basic ingredients of management are always at play whether we manage our lives or our business. For example, let us look at the managerial role of a simple housewife and how she uses the managerial ingredients in managing the home. ADVERTISEMENTS: First of all, she appraises her household and its needs. She forecasts the needs of the household for period of a week or a month or longer. She takes stock of her…
Read More
22Sep 2018 by admin

Aggressive Versus Supportive Behaviours in an Organisation – Essay

Management
While there are a number of behavioural as well as organizational factors which contribute to the existence of conflict, there may be just one single factor that may be highly contributory to reducing such conflict. That factor is “trust”. Image Source: images.flatworldknowledge.comTrust is a highly intangible element but very important in our civilized living. Its presence or absence can govern our inter-personal behaviour to a large extent. Our ability to trust has a great impact on our working lives, our family interactions and our achievement of personal and organizational goals. ADVERTISEMENTS: Since trust is a function of behaviour, such behaviours which lead to defensiveness must be identified and modified. These defensive or aggressive behaviours create a climate which is conducive to mistrust thus leading to conflict in interpersonal areas.Jack Gibb…
Read More