Archive | Management

4 Ps of Marketing Mix | Marketing Management

Marketing mix is the process of designing and integrating various elements of marketing in such a way as to ensure the achievement of organization’s objectives. The elements of marketing mix have been classified under four heads. That is why marketing mix is said to be a combination of 4 P’s. These are the four critical […]

Negative Attitude: Types and Consequences | Values | Management

In this article we will discuss about the types and consequences of negative attitude. Types of Negative Attitude: There are certain types of people that indulge in negative states of mind. They are all different in some ways of thinking and acting, but the unifying feature of all of them is their constant negativity. Here […]

Process of Strategic Planning: 5 Stages | Management

The following points highlight the five main stages involved in the process of strategic planning. The stages are: 1. Objectives 2.  SWOT Analysis 3. Gap Analysis 4.Strategy Alternatives 5.Strategy Implementation.  Stage # 1. Objectives: Both Drucker and Ansoff suggest that the overall objective of the firm is not profit maximisation but long-term profitability. Ansoff has […]

Decision Making: Process and Theories | Management

In this article we will discuss about:- 1. Stages of Decision Making 2. Types of Decisions 3. Process 4. Theories 5. Organisation. Contents: Stages of Decision Making Types of Decisions Decision Making Process Theories of Decision Making Organisation of Decision Making 1. Stages of Decision Making: In an important sense, management is synonymous with decision […]

Exam Questions on Strategic Planning | Management

Some frequently asked exam questions on strategic planning are as follows: Q.1. Give the meaning and definition of strategic planning. Ans. Strategic Planning is basically a policy-making function. It is concerned with: (i) Defining the corporation’s purpose, (ii) Defining the composition of its business mix, and (iii) Defining the qualitative and quantitative projection of its […]

Process of Strategic Planning: 3 Levels | Strategic Management

The following points highlight the three levels of strategic planning process. The levels are:- 1. Business Unit Level Planning 2. Product Level Planning 3. Corporate Level Planning. Level # 1. Business Unit Level Planning: When a company produces one product or a set of products so closely related that they belong to the same industry, […]

Top 4 Approaches to Strategic Planning | Management

Fundamentally, there are four different approaches to do formal strategic planning. The approaches are:- 1. Top-Down Approach 2. Bottom-Up Approach 3. Mixture of the Top-Down and Bottom-Up Approaches 4. Team Approach. 1. Top-Down Approach: In a centralised company, such planning is done at the top of the corporation and the departments and outlying activities are […]

Criteria for Evaluating the Strategy of a Firm | Company Management

The strategy adopted by a firm, for the purpose of evaluation as to its effectiveness, should be judged against the following criteria and allied aspects:- 1. Functional Evidence 2. Realism and Practicality 3. Consistency in Direction 4. Assumptions Validity 5. Contingencies Recognition 6. Appropriateness. Criteria # 1. Functional Evidence: (i) What are the performance indicators—quantitative […]

Top 3 Planning Activities Carried out in Firms | Management

The nature and kind of planning activities carried out in firms are discussed as follows:- 1. Strategic Planning Activities 2. Operational Planning Activities 3. Budgetary Planning Activities. Also learn about the relationships among them. 1. Strategic Planning Activities: These are longer-term in nature, involve top-level executives and more global in their effect on the firm. […]

Management Control: Definition and Features | Functions | Management

In this article we will discuss about:- 1. Definition of Management Control 2. Features of Management Control 3. Management Control System. Definition of Management Control: The management function of implementation of strategies is termed as ‘Management Control’. It is defined as “the process by which managers influence the members of the organisation to implement the […]

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