Management and Globalization Essay Example | Topics and Well Written Essays - 3000 words

Management and Globalization - Essay Example Coordinating: It is the function of any management to coordinate the organizational goals and objectives to every single member of the organization with a view to ensure that every member collaborates towards the achievement of the targets set by the management. Controlling: The management controls the flow of organizational activities and evaluates the direction towards which the organization is leading or being led by the management in order to avoid any missteps taken in the course of business operations. The theorists of scientific management have been engaged constantly to put forth theories of management that could be turned into practice. Management is a process carried out in an organization in order to achieve the desired results. The theories of management as brought forward by renowned theorists also attempt to put the view of management theory into practice with respect to organizations. The important theories of management are discussed below: These two theorists are known to be the pioneers of the scientific management. Frederick W. Taylor is known as the "Father of Scientific Management". He came up with the view that the productivity level of workers depends upon their frequency and propensity to rest during working hours. He was of the idea that a worker can only continue to work efficiently and productively if he takes rest during the work. A tiring situation can affect the working capacity of the workers and therefore, can hinder the way of achieving organizational goals (Taylor, 1911) Gilbreth introduced the idea that the working capacity and productivity of a worker can be enhanced by reducing the unnecessary tasks and exertions on the part of a worker during the course of his work. It would enable the worker to retain his energy throughout the work process. (Gilbreth, 1911) Therefore, both the theories given by these two theorists encompass the enhancement of workmen's working capability and efficiency and assessment of possible reasons that might be affecting the workers' productivity. Hawthorne Theory The theory put forth by the management scientists belonging to this school of thought mainly focused on the Taylor's theory of Scientific Management. They experimented on the theory and came up with interesting facts about the theory. They discovered that with the passage of time, one of the principles put forward by Taylor that enhanced lighting in the working environment could result into improved efficiency of the workers, helped to improve the workmen's working capacity even to a greater extent than anticipated. However, after further research, they figured out that the enhancement in worker's productivity was mainly due to the relationships between the managers and the workers, rather than due to lighting in the w

Scottish Power :: Business and Management Studies

Scottish Power Using examples from the annual report, explain how Companies Act legislation and other regulations influence the information contained therein. It is important for a business to create and maintain accurate financial records and to know about the different users of financial information. Every business has to meet internal and external reporting requirements to show its financial health and to meet legal and other requirements. The reasons why businesses therefore keep accurate records are: Â · Assessing its financial position - businesses assess their financial position every year so they know the business is making efficient use of resources to provide the necessary financial return to achieve a profit or suffered a loss. Businesses can find out if it as the ability to generate cash to ensure continued trading and to make dividend payments. This can be done by using figures from the profit/loss account and balance sheet to work out appropriate ratio such as acid test ratio, which shows the liquidity of the business. Â · Compare its performance with previous years - this can show businesses its future prospects and predict future trends to show profit and loss. Good records provide the financial data that help you operate more efficiently, thus increasing the profitability of your enterprise. This is because accurate and complete records enable you, or your accountant, to identify all your business assets, liabilities, income and expenses which, when compared to appropriate industry averages, help you pinpoint the strong and weak phases of your business operations over the years. The annual reports that I am going to use for this piece of work are from a well-established company Scottish Power. The predictable view of a company annual report and set of accounts is a glossy booklet, generally A4 size; there is an annual report in the appendices. The annual report is illustrated with photographs of the company’s directors and some of it activities, containing a chairman’s statement and other promotional or publicity material and extra material by a closely printed section carrying out complex and detailed financial data. The annual reports are for the year ending March 2004. Companies Act 1989 is to amend the law relating to company accounts; to make new provision with respect to the persons entitled for appointment as company auditors; to amend the Companies Act 1985 and certain other enactments with respect to investigations and powers to obtain information and to confer new powers exercisable to assist overseas regulatory authorities; to make new provision with respect to the registration of company charges and otherwise to amend the law relating to companies.[1] The relevant rules are in material form in the Companies Acts 1985 and

Market Power

Market power allows firms to increase economic profit through strategic tactics such as erecting barriers to entry, reducing rivalry, limiting substitutes, and reducing the power of buyers and suppliers (Brickley, Smith, & Zimmerman, 2009). Furthermore, market power is defined as â€Å"a company's ability to manipulate price by influencing an item's supply, demand or both. A company with market power would be able to affect price to its benefit. Firms with market power are said to be â€Å"price makers† as they are able to set the price for an item while maintaining market share† (Investopedia, 2013).Essentially, companies must control all of the aspects of market power in order to be able to raise prices without losing customers. If a market is easy to enter (lack of entry barriers), then a price increase will allow another firm to erode profits by introducing a lower-cost product. Similarly, if rivalry is not reduced, each price increase will allow for a rival to keep prices the same and gain market share. In addition, substitutes at lower prices will hinder efforts to raise prices. Finally, if a company has few buyers, the buyers have the power. Therefore, price increases will be met with a potential loss of major profit centers.In the NBC Video News Report: How to Raise Prices Without Losing Customers, Bob Prosen alludes to several practices that allow companies to raise customers without losing demand. Essentially, Prosen provides consultation on how to create inelastic demand, where a change in price does not result in a significant change of demand. For example, increasing the value proposition reduces the likelihood of substitute products (substitutes must copy increased value) and decreases rivalry (steps above rivals), resulting in the greater market power needed to raise prices.Prosen states that increasing value makes the customer appreciate the company more, resulting in the ability to raise price (Ramberg, 2012). As another example, Prosen stresses the importance of developing relationships, â€Å"people like to do business with people they like† (Ramberg, 2012). Essentially, Prosen is suggesting erecting barriers to entry by creating friendships and alliances, again resulting in increased market power needed to raise prices. As a capstone example of the need for market power, Research byMark McCabe of the Georgia Institute of Technology demonstrates the market power of academic journal vendors. Essentially, McCabe found that the consolidation of academic journal vendors (libraries) has led to an oligopoly, and therefore the price structure of academic journals is highly inelastic (McCabe, 2000). Because recent mergers had resulted in few suppliers, vendors of academic journals were able to control the market and raise prices through the use of supplier power. The demand for quality research for use in education cannot change; it is required.Therefore, a change in price will not result in a drop in deman d. References Brickley, J. A. , Smith, C. W. , & Zimmerman, J. L. (2009). Managerial Economics and Organizational Architecture. New York: The McGraw-Hill Companies, Inc. Investopedia. (2013, March 20). Market Power. Retrieved from Investopedia: http://www. investopedia. com/terms/m/market-power. asp McCabe, M. J. (2000). Academic Journal Pricing and Market Power:. THE AMERICAN ECONOMIC REVIEW, 259-269. JJ Ramberg (Author). MSNBC (Publisher). (07/20/2008). How to Raise Prices Without Losing

Endangered Species Criteria and Definition