Category Archives: Management
Criticisms of the Lancaster model
The main criticisms of Lancaster’s model are that not all characteristics can be measured objectively. Di¡erent consumers may see the same product or brand as representing the same characteristics but in di¡erent proportions. The notion of substitution between similar but … Continue reading
WILLIAMSON’S MANAGERIAL UTILITY MODEL
Williamson (1963) sought to explain ¢rm behaviour by assuming senior managementseeks to maximize its own utility function rather than that of the owners. Managers¢nd satisfaction in receiving a salary, knowing they hold a secure job, that they are important, have power … Continue reading
WILLIAMSON’S MANAGERIAL UTILITY MODEL
Williamson (1963) sought to explain ¢rm behaviour by assuming senior managementseeks to maximize its own utility function rather than that of the owners. Managers¢nd satisfaction in receiving a salary, knowing they hold a secure job, that they are important, have power … Continue reading
Criticisms of the Lancaster model
The main criticisms of Lancaster’s model are that not all characteristics can be measured objectively. Di¡erent consumers may see the same product or brand as representing the same characteristics but in di¡erent proportions. The notion of substitution between similar but … Continue reading
CHARACTERISTICS APPROACH TO CONSUMER BEHAVIOUR
Lancaster’s (1966) approach to consumer behaviour developed indi¡erence curve analysis. He argued that consumers not only make choices between quantities of distinct goods but also between similar goods with di¡erent combinations of characteristics. Motor cars all have four wheels but … Continue reading
Types of Sales Organization
Organization is an entity designed to identify and group the work to be performed defining and delegating the authorities and responsibilities and establishing relationships to enable the people within the organization to work with efficiency and effectively towards the attainment … Continue reading
Components of information processing systems
Employees in an organization input data. The Information system processes that data and makes it ready for interpretation and analysis. Input Input means collecting raw data. Input can be manual or automated but entering the correct input is essential for … Continue reading
MIS Application Areas
The various areas where MIS can be used are detailed here. Financial Management Information System A financial MIS gives information which is related to function to employees in an organization. It integrates financial and operational information from various sources into one … Continue reading
UNCERTAINTY AND SECURITY OF SUPPLY
Vertical integration may reduce the uncertainties faced by non-integrated ¢rms. Thecontroller of a ¢rm is a boundedly rational individual making decisions with imperfectinformation in an uncertain environment. The controller may be called on to react tounexpected or unforeseen events. Vertical … Continue reading
PRODUCTIVITY DIFFERENCES
A ¢rm may wish to compare its performance over time and make comparisons withcompetitor enterprises both at home and overseas. To do this it can make use ofproductivity measures. Productivity di¡erences between plants, ¢rms, industries andcountries have been much explored … Continue reading
Process of Executive Development
1. Ascertaining development needs. 2. Appraisal of the present management level. 3. Inventory of management manpower. 4. Individual development programme. 5. Establishment of training and developmental programme. 6. Evaluation. 1. Ascertaining developmental needs—The organization at the time of planning should … Continue reading
Executive Development
The executive development is a process of systematic and continuous learning and growth designed to introduce changes in behaviour in individuals by cultivating their mental abilities. According to Micheal J. Jucius, “ED is the programme by which levels of executives who direct, control … Continue reading
Principles of Training
A successful training programme presumes that sufficient care has been taken to discover areas in which it is needed most and to create the necessary environment for its conduct. Certain general principles need to be considered while organizing a training … Continue reading