Tag: Definition

Definition!

What is a Definition? It is a statement of the meaning of a term (a word, phrase, or other set of symbols). As well as, Descriptions can classify into two large categories, intentional purposes (which try to give the essence of a term) and extensional purposes (which proceed by listing the objects that a term describes).

Another important category of definitions is the class of ostensive illustrations, which convey the meaning of a term by pointing out examples. Also, A term may have many different senses and multiple meanings and thus require multiple reports.

A statement of the meaning of a word or word group or a sign or symbol dictionary definitions. The statement expresses the essential nature of something, a product of defining.
The action or process of stating the meaning of a word or word group.

Definition of Organization is Defined by managerial Authors

The word Organization is deriving from the word organism. It means an organized body of connecting interdependent parts sharing a common life. What is the Definition of Organization? The human body consists of hands, feet, eyes, ears, nose, ﬁngers, mouth, etc. Also, These parts are performing their work independently, and at the same time, one part cannot be a substitute for another.

What is Organization? Meaning and Definition.

If there is a problem in one limb, the health of the body gets affected. Similarly, if there is a problem in one section, the work of the whole company gets affected. Now You’re learning, What is Definition of Organization?

You also know about; What is an Organization? Now start what is an organization and some detail of an organization after reading.

An organization is a mechanism or structure which helps the activities to perform effectively. As well as, the organization establishes to achieve basic objectives. Whatever might be the business objectives, there is a need for organizing. Also, the organization comprises systematically structuring the resources to achieve the pre-set goals of any Endeavor.

An organization is the detailed arrangement of work and working conditions to perform the assigned activities effectively. Also, the organization consists of different departments. Each department performs its work independently and cannot be a substitute for another.

The different Definition of Organization:

A social unit of people that structure and manages to meet a need or to pursue collective goals. Also, all organizations have a management structure that determines relationships between the different activities and the members and subdivides and assigns roles, responsibilities, and authority to carry out different tasks.

According to Haney; “Organization is a harmonious adjustment of specialized parts for the accomplishment of some common purpose or purposes.”

According to Allen; “The process of identifying and grouping the work is to perform, deﬁning and delegating responsibility and authority and establishing relationships to enable people to work most effectively together in accomplishing objectives.”

The meaning of organization is the process and not the company. As well as you know, there are seven functions of management. After the SMART goals are ﬁx, the ﬁrst and foremost function is planning, which we have discussed earlier. After planning is complete, we have to bring all the resources together in a certain format, which makes it easy for us to take action.

As detailed earlier, there are four resources viz. men, machines, material, and money which have to bring together in the proportion as per plan. When we talk about the organization, it is not only the organization of men but also the organization of machines, materials, and money. Remember, after planning, we should not jump to action. Organizing is the function of preparing for action. Before we start any action, the resources must properly map.

Notes: Maybe You will read it; The deﬁnitions of all the seven Processes of Scientiﬁc Management; Planning, Organizing, Stafﬁng, Directing, Coordinating, Motivating, Controlling. Next post of Functions of Organization.

Definition of Organization is Defined by managerial Authors.

February 1, 2018
What is Glocalization? Meaning, Definition!

Glocalization (a portmanteau of globalization and localization) is the adaptation of international products around the particularities of a local culture in which they are the sale.

Understanding, What is Glocalization? by Meaning, Definition!

The process allows the integration of local markets into world markets. “Products or services design to benefit a local market. While at the same time being developed and distributed on a global level. Glocalization is a mixture of and the result of combining the words globalization and localization.” Learn, The Difference between Revaluation and Realization Account.

Meaning of Glocalization!

Globalization is one of the most important phenomena of the recent past and the future. The term “Globalization” describes an ongoing process by which regional economies, societies, and cultures are becoming more integrated. Through a dramatic increase in the global network of technological, economic, political, and cultural exchanges. In specifically economic contexts, the term refers to the integration of national economies into the international economy through trade. Particularly trade liberalization or free trade, foreign direct investment, capital flows, migration, and the spread of technology.

This worldwide phenomenon of interaction among the countries is driven largely by advances in communication, transportation, and legal infrastructure. As well as the political choice of countries to open cross-border links in international trade and finance. Due to many difficulties that a globalization strategy faces another term has been full-blown in recent years calls “Glocalization”. In contrast to globalization, the glocalization strategy, which means thinking globally but acting locally, is a more modern and different approach.

The term “Glocalization”, had become a buzzword in the business world in 2000. Describes a historical process whereby the local is integrated into the global. This means that localities develop economic and also cultural relationships with the global system through information technologies. Bypassing and subverting traditional power hierarchies like national governments and markets including. Cultures clash with newly introduce cultural concepts, ideologies, and practices. So put simply, globalization is a move toward centralization, while glocalization is a move toward decentralization.

Definition of Glocalization!

Glocalization is a combination of the words “globalization” and “localization” and emphasizes the idea that a product or service is full-blown and distributed globally is more likely to succeed. If it is adapted to the specific requirements of local practices, legislation, fiscal regime, socio-political system, cultural expectations, local laws, customs, and consumer preferences. Why do Small Businesses need Corporate Retreats Good for Productivity?

Today it is possible to understand by glocalization the intelligent adoption of concepts and ideas to the local and regional needs. Instead of having the same products and solutions everywhere. The concept of global localization explains the interactions between global and local dimensions in any strategy like political governance strategies. Business marketing strategies, media and communication strategies, and so on. Globalization also explains the failure of some strong strategies, as they don’t consider the effect of cultural diversity and the strength of local dimensions. It stands more considered as the creation or distribution of products or services intended for a global or trans-regional market but customized to suit local laws or culture.

Reference

1. What is it? – //en.wikipedia.org/wiki/Glocalization, //www.businessdictionary.com/definition/glocalization.html
2. Meaning and Definition – //www.mbaknol.com/international-business/glocalization-definition-advantages-and-disadvantages/
3. Photo Credit URL – //www.theoldmillpitlochry.co.uk/images/offer2.jpg

January 30, 2018
The Importance Benefits of Corporate Retreats in Business

Following are the Importance Benefits of Corporate Retreats in Business!

Corporate retreats should handle in such a way that they are loved by everyone. Not only executives or big leagues, but also other employees should keep in mind while planning an office retreat. Office retreats have a lot of benefits, including Rewards – Corporate retreats are a good way to reward your employees. On corporate retreats, management can show their gratitude and appreciation toward their employees through many recreational and meaningful activities. Second Skill building – Besides team building, skills building is another important advantage of corporate retreats. Office retreats ensure that employees are able to build skills as well as know how to perform as a team. Why Small Business needs Corporate Retreats Good for Productivity? Now, learn Corporate Retreats in Business.

Increases in Revenue

Increasing sales and revenues are related but different goals, and each needs its own strategy. Although the tactics for each might be different, they should complement each other. Understanding how sales and revenue are related and how to balance your need to increase both helps you market efficiently and optimize your profits. What is Revenue? The income generating from the sale of goods or services, or any other use of capital or assets. Associated with the main operations of an organization before any costs or expenses are deducted. Revenue is shown usually as the top item in an income (profit and loss) statement from which all charges, costs, and expenses are subtracted to arrive at net income. Also call sales, or (in the UK) turnover.

Increase the number of new customers

After the corporate retreat, the employees will have a wider global perspective and confidence in dealing with people from different cultures and countries. With this values learn, the employees are able to increase the number of new customers. By increasing the number of new customers the organization is the most direct approach to increase the revenue of the organization. With a wider perspective, the employees are able to look into more opportunities and have a larger target market.

When the target market is enlarged the employees are equipped with the confidence in dealing with people from different cultures and countries. Which make the have better opportunities to capture the market. Also, the organization is able to increase the market share due to the huge diversity of the target market. As a result, they can be the market leader in the industry as they are able to capture the most diversity of customers.

Increase the value of each sale made to customers

The communication and influencing skills gain after the corporate retreat are able to help an organization to increase. The revenue by increasing the value of each sale made to customers. It means that the employees will have the power to communicate. Influence and persuade the customer to increase the value of each purchase. For example, if the customers normally purchase 500 units. The employees can persuade and influence the customers to increase the value of each purchase to 800 units. The employee might come out with packages to convince the customer to purchase more. Therefore, the employees can apply the innovation and creativity skill to design valuable packages to generate more revenue for the organization.

Increase the number of times that customers buy from you

Besides, corporate retreat trained employees in building and maintaining relationships. Through this skill, the employees are able to utilize this skill to generate more revenue. By building and maintaining a good relationship can increase the number of times that customers buy from you. The employees are should keep in touch with the customers so that the customers will do purchasing more frequent with you. For example, many organizations such as Hotels and Airlines which come out with loyalty cards. Where have a lot of strategies to increase the number of times you visit? There are various ways to build and maintain relationships with the customers such as e-mail, mail, text messaging, phone call and point and benefit given to attract the customers visit them often. Hence, innovation and creativity play important roles in developing strategies for building and maintaining relationships.

Decreases in Cost

What is Low-Cost? A type of pricing method where a business sets a comparatively low price in order to enhance the demand for its product among consumers, as well as its competitive position in the market. A low-cost pricing strategy is an alternative marketing approach that a business can use as an alternative to differentiation and focus pricing strategies, and it tends to be most successful when the product is fairly generic and high volume production is possible. Also, call a low price strategy.

Employee feedback for cost reduction

After the corporate retreat, the employee will motivate. So this will be the best time to get their contribution to the company. The managers can get feedbacks through personal interview, daily communication or improvement box. The reasons the managers should get feedback’s from the employees because employees have a direct relation to the work process and have more experience regarding the daily operations of the company. On the other hand, managers make cost reduction decisions based on theories such as studies, reports, and charts. But, the company has to start using feedback’s given by the employees so that they will contribute more as they feel they are part of the solution. Besides, rewarding them is very important to encourage feedback.

Decrease in Turnover Rate

The main key to decrease the turnover rate is through job satisfaction. The satisfied employees will show positive attitude and morale during the job. In order to create job satisfaction, the organization should fulfill the employees’ needs. Hence, after the corporate retreat, the employee’s relationships built or maintain, communication & influencing skills are enhanced and more towards team focus. Therefore, the employees will have job satisfaction as the company fulfilled the social need of the employees.

According to the Maslow’s hierarchy of Needs Theory of Motivation, human beings have a social need. Moreover, the employees will more loyal to the company as they feel the sense of belonging. This is because they are given attention, opportunities, and recognition in the company. According to Maslow’s hierarchy, this fulfills their self-esteem need. Besides, according to the Herzberg’s Two Factor Theory of Motivation, it wills the motivators factor for the employees which will create satisfaction. As a result of job satisfaction through the skills develop from the corporate retreat which fulfilling the need for employees, the organization will able to reduce the turnover rate in the organization. How to Get Benefits of Corporate Retreats in Organizations?

Reference

1. Importance Benefits of Corporate Retreats – //www.mbaknol.com/modern-management-concepts/benefits-of-corporate-retreats/
2. What is Revenue? – //www.businessdictionary.com/definition/revenue.html
3. What is Low-Cost? – //www.businessdictionary.com/definition/low-cost.html
4. Photo Credit URL – //www.yourworldwithcreflo.com/wp-content/uploads/2015/01/bigstock-Group-Of-Friends-Having-Fun-To-58863764.jpg

January 21, 2018
Processes of Scientiﬁc Management
Explaining The Processes of Scientiﬁc Management!

Management is an art and science and it is a continuous activity. It is a factor of production and it is an organized activity. Management aims at maximizing proﬁt with ethical behavior. It is a profession by itself and involves decision making. It is needed in all levels and develops leadership qualities in people. Planning, organizing, stafﬁng, directing, coordinating, motivating and controlling are the functions of management. How to Explain Techniques of Scientific Management?

Seven types of Processes of Scientiﬁc Management
- Planning.
- Organizing.
- Stafﬁng.
- Directing.
- Coordinating.
- Motivating, and.
- Controlling.
//www.whitestein.com/sites/default/files/shutterstock_259293593.png

Explanation of following Processes of Scientiﬁc Management

Planning

The process of making plans for something.

The control of urban development by a local government authority, from which a license must be obtained to build a new property or change an existing one.

Organizing

Arrange systematically; order. coordinate the activities of (a person or group) efficiently. form (a number of people) into a trade union or other political group.

Make arrangements or preparations for (an event or activity). take responsibility for providing or arranging.

Stafﬁng

Staffing is the process of hiring, positioning and overseeing employees in an organization.

Definition of staffing: The selection and training of individuals for specific job functions, and charging them with the associated responsibilities.

Directing

Control the operations of; manage or govern. supervise and control (a film, play, or other production, or the actors in it).

Aim (something) in a particular direction or at a particular person. focus (one’s thoughts) on or address (one’s efforts) towards something.

Give (someone) an official order or authoritative instruction.

Coordinating

Bring the different elements of (a complex activity or organization) into a harmonious or efficient relationship. negotiate with others in order to work together effectively. match or harmonize attractively.

Motivating

Provide (someone) with a reason for doing something. cause (someone) to have an interest in or enthusiasm for something. request (something) and present facts and arguments in support of one’s request.

Controlling

Determine the behavior or supervise the running of. maintain influence or authority over. limit the level, intensity, or numbers of. remain calm and reasonable despite provocation.

Take into account (an extraneous factor that might affect the results of an experiment).

What is Scientific Management; Also called Taylorism is a theory of management that analyzes and synthesizes workflows. Its main objective is improving economic efficiency, especially labor productivity. It was one of the earliest attempts to apply science to the engineering of processes and to management. How Do You Know Your Company Wants Help From The Outside?

//www.sebpo.com/wp-content/uploads/2017/03/business-efficiency.jpg

Notes: You will come to know the deﬁnitions of all the seven Processes of Scientiﬁc Management; Planning, Organizing, Stafﬁng, Directing, Coordinating, Motivating, Controlling.
January 14, 2018
Definition of Scientific Management
What is Scientific Management? Meaning and Definition!

Scientific management is a theory of management that analyzes and synthesizes workflows. Its main objective is improving economic efficiency, especially labor productivity. It was one of the earliest attempts to apply science to the engineering of processes and to management. Scientific management is sometimes known as Taylorism after its founder, Frederick Winslow Taylor.

Taylor began the theory’s development in the United States during the 1880s and ’90s within manufacturing industries, especially steel. Its peak of influence came in the 1910s; In 1913 Vladimir Lenin wrote that the “most widely discussed topic today in Europe, and to some extent in Russia, is the ‘system’ of the American engineer, Frederick Taylor”; Lenin decried it initially as a “‘scientific’ system of sweating” more work from laborers. Taylor died in 1915 and by the 1920s, scientific management was still influential but had entered into competition and syncretism with opposing or complementary ideas.

Although scientific management as a distinct theory or school of thought was obsolete by the 1930s, most of its themes are still important parts of industrial engineering and management today. These include analysis; synthesis; logic; rationality; empiricism; work ethic; efficiency and elimination of waste; standardization of best practices; disdain for tradition preserved merely for its own sake or to protect the social status of particular workers with particular skill sets; the transformation of craft production into mass production; and knowledge transfer between workers and from workers into tools, processes, and documentation.

Define of Scientific Management by Taylor

Fredrick Winslow Taylor ( March 20, 1856 – March 21, 1915). Commonly known as “Father of Scientific Management” started his career as an operator and rose to the position of chief engineer. He conducts various experiments during this process which forms the basis of scientific management. It implies the application of scientific principles for studying & identifying management problems.

According to Taylor, “Scientific Management is an art of knowing exactly what you want your men to do and seeing that they do it in the best and cheapest way”. In Taylor’s view, if a work is analyzed scientifically it will be possible to find one best way to do it.

Hence scientific management is a thoughtful, organize, dual approach towards. The job of management against hit or miss or Rule of Thumb. Do you Know? How Do You Know Your Company Wants Help From The Outside? and What is Market-Based Management?

According to Drucker, “The cost of scientific management is the organized study of work, the analysis of work into simplest element & systematic management of worker’s performance of each element”.

Know More of Knowledge about Scientific Management

Scientific management was the first big management idea to reach a mass audience. It swept through corporate America in the early years of the 20th century, and much management thinking since has been either a reaction to it or a development of it.

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The idea was first to propound by Frederick Winslow Taylor, partly in response to a motivational problem. Which at the time was calling “soldiering”—the attempt among workers to do the least amount of work in the longest amount of time. To counter this, Taylor proposed that managers should scientifically measure productivity and set high targets for workers to achieve. This was in contrast to the alternative method, known as initiative and incentive. In which workers were rewarded with higher wages or promotion. Taylor described this method as “poisonous”.

Scientific management required managers to walk around with stopwatches and notepads carrying out time-and-motion studies on workers in different departments. It led to the piece-rate system in which workers were paid for their output, not for their time. Taylor’s first publication, which came out in 1895, was called “A Piece-Rate System”.

He believes that “the principal object of management should to secure the maximum prosperity for the employer, coupled with the maximum prosperity of each employee”. The interests of management, workers, and owners were, he maintains, intertwine. He wants to remove “all possible brain work” from the shop floor, handing all action, as far as possible, over to machines. “In the past, the man has been first; in the future, the machine must be first,” he was fond of saying. He ignites a debate about man versus machine that continued far into the 20th century. Also, read it Processes of Scientiﬁc Management.

Photo URL – http://cdn.calisphere.org/data/13030/jz/c8z31xjz/files/c8z31xjz-FILEID-1.593.43.jpg

Reference
1. Meaning of Scientific Management – https://en.wikipedia.org/wiki/Scientific_management
2. Definition of Scientific Management – http://www.managementstudyguide.com/scientificmanagement.htm
3. Knowledge of Scientific Management – http://www.economist.com/node/13092819
January 11, 2018
What is a Planning?
What is a Planning? Meaning and Definition!

“The control of urban development by a local government authority, from which a license must be obtained to build a new property or change an existing one.” Planning (also called forethought) is the process of thinking about and organizing the activities required to achieve the desired goal. It involves the creation and maintenance of a plan, such as psychological aspects that require conceptual skills. There are even a couple of tests to measure someone’s capability of planning well. As such, planning is a fundamental property of the intelligent behavior.

Planning means looking ahead and chalking out future courses of action to following. It is a preparatory step. It is a systematic activity which determines when, how and who is going to perform a specific job. Planning is a detailed programme regarding future courses of action.

It is rightly said, “Well the plan is half done”. Therefore planning takes into consideration available & prospective human and physical resources of the organization so as to get effective co-ordination, contribution & perfect adjustment. It is the basic management function which includes the formulation of one or more detailed plans to achieve an optimum balance of needs or demands with the available resources.

Definition of Planning

According to Urwick, “Planning is a mental predisposition to do things in an orderly way, to think before acting and to act in the light of facts rather than guesses”. Planning is deciding best alternative among others to perform different managerial functions in order to achieve predetermined goals.

According to Koontz & O’Donell, “Planning is deciding in advance what to do, how to do and who is to do it. Planning bridges the gap between where we are to, where we want to go. It makes possible things to occur which would not otherwise occur”.

Processes of Scientiﬁc Management Planning: Planning is the primary function of management. Nothing can be performed without planning. Writing a book starts with a plan. The plan refers to deciding in advance what will do in near future. In the business world, the organization has to achieve the objectives and goals.

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In order to achieve these objectives and goals the organization plans:
- What is to be done?
- When is it to be done?
- How is it to be done?
- By whom it is to be done?
The plan is a constructive reviewing of future needs so that present actions can be adjusted in view of the established goal. It is a deliberate conscious research used to formulate the design and orderly sequence of actions through which it is expected to reach objectives. Planning should take place before doing; most individual or group efforts are made by determining before any operative action takes place: What shall be done, where, how and who shall do it.

Planning involves determining the objectives and goals that an organization aspires to achieve within a given time period, developing alternatives, and selecting the best course of action among the available alternatives to accomplish the set objectives. This plan is a forward-looking function which involves future forecasting. The future forecasting is done on the basis of past analysis related to present.

By anticipating the future destination of an organization, provides direction and guidelines to managers to perform different organizational activities. In the planning phase, managers determine in advance where to go, how to go, what is to be done and by whom it is to do. In addition, they attempt to forecast the problems that may arise in the future and the ways to deal with them.

The planning function involves the following activities:
- Visualizing the future position of the organization.
- Determining objectives.
- Selecting the best future course of action.
- Formulating policies, programs, budgets, schedules.
- Establishing procedures, and standards of performance.
- Forecasting future problems, and developing means to cope up with them.
- Comparing the past activities of the organization with present activities.
An efﬁcient plan function helps the organization to achieve its organizational objectives effectively. Being a managerial function, the plan should intend to create maximum utility out of minimum possible resources. Do you know about, Processes of Scientiﬁc Management?

Example of the process: To give you an example, Production Plan and control function is very crucial function, which essentially consists of planning production in a manufacturing organization before actual production activities start and exercising control activities in order to ensure that plan production is realized in terms of quality, quantity, delivery schedule, and cost of production. This function includes routing, estimating, loading and scheduling, dispatching, expediting, inspection, evaluating and cost control.

Note: After Plan, you need organization and also needed Entrepreneur for your company “Why Become an Entrepreneur?”, also, read What Is Entrepreneurship?. You will come to know the deﬁnitions of all the seven Processes of Scientiﬁc Management; Planning, Organizing, Stafﬁng, Directing, Coordinating, Motivating, Controlling. What is the Concept of Career-Planning?
January 11, 2018
Revenue Management: Scope, Future, and Benefits

The phenomena of revenue management gained importance in recent years due to the variable and discriminatory pricing schemes offered by various companies to their customers. They apply the orderly analytics that predicts the behavior of the consumer at the micro-level and augments the prices and availability of products to the customers thus enhancing the overall revenue for the company. This article explains the system of Revenue Management: with their concepts – scope, future, and benefits. The aim of devising revenue management techniques is to deliver the fine product or service to the appropriate customer at the precise price.

Here explains; Revenue Management: Meaning, Definition, Scope, Future, and Benefits.

The revenue management system is based on analyzing the customer’s perception of the value that the product would provide and make straight the availability, placement, and price according to that perception.

This discipline became the need of every business rapidly. There could be many reasons for this. Even a kid who is out for selling orange juice will have to analyze and predict the appropriate weather and time for selling his product. When we talk about giant businesses, the need for assessing customer demand and subsequently managing that demand is enormous and critical. A revenue management system is an answer to the question of such demand.

History of Revenue Management:

The concept of revenue management is not new to the business world. Every business that is selling some fragile product needs to flex the price of that commodity due to some uncertain environmental change or response to some competitor’s action or customer’s demand. Seats in airplanes, clothes (i.e. for summer and winter), rooms in hotels, etc., all require their strategies to be sold in a manner that maximizes the overall wealth of the company. This field properly originated in the U.S. airline industry at the start of the 1970s. Bob Crandall of American Airline (AA) who put restrictions on discounted fairs.

After that yield management came into practice which is the foundation of revenue management. American Airline, with the help of other airlines, further extended the yield management system by offering low fares to the cost-sensitive passengers and high priced fares to the time-sensitive passengers, giving maximum value to both types of travelers. The impact of practicing yield management was come into knowledge by the year 1985. American Airline reported about 48 percent profit growth. This huge success attracted other industries to develop into the field of yield management.

Definition of Revenue-management:

It is the application of disciplined analytics that predicts consumer behavior at the micro-market level and optimizes product availability and price to maximize revenue growth. The primary aim of revenue management is selling the right product to the right customer at the right time for the right price and with the right pack. The essence of this discipline is in understanding customers’ perception of product value and accurately aligning product prices, placement and availability with each customer segment.

Overview: Businesses face important decisions regarding what to sell when to sell, to whom to sell, and for how much. They use data-driven tactics and strategy to answer these questions to increase revenue. The discipline of revenue management combines data mining and operations research with strategy, understanding of customer behavior, and partnering with the sales force. Today, the revenue management practitioner must be analytical and detail-oriented, yet capable of thinking strategically and managing the relationship with sales.

The Scope of the revenue management system:

There is a wide range of options available to increase revenue through a revenue management system, the following scope below are;

Pricing strategy:

The pricing strategy is related to envisaging the customer’s perceptions about the value of the product and then setting prices to catch that value. Pricing strategy which a company adopts dictates its objectives i.e. what it wants to accomplish. Company then chooses pricing tactics that can respond to the customer’s expectations. Customer price sensitivity analysis, price ratios and price optimizations are examples of such tactics. The carefully selected pricing strategy can increase the total revenue and ultimately the profitability of the firm. Therefore, they can redefine pricing strategy and can build enhanced pricing tactics.

Distribution channels:

A company can deliver its products with various channels like online or in shops. Different type of cost and revenue are linked to these channels. The customer of a particular nature selects the specific channel for buying. The product for example customers who opt for purchasing online is more price sensitive. Their tools can help to analyze the channels and deciding the appropriate discount. The offers to distribute and retailing channels then to consumers without losing the customers’ perception of the value of the product.

Marketing:

Revenue management tools can help determine the response rate of customers to a particular level of promotional activities. By efficiently promoting the products, a firm can increase its revenues and subsequently the profitability.

The process of Managing Revenues:

The revenue management process begins with collecting data on inventory, Consumer perceptions, and behaviors, product prices, etc. The system employed collects and then store the information mentioned before and uses it to optimize prices, channel selection and amount of price promotional activities required. After the collection of data, segmentation is done by the system to categorize consumers into various groups. After segmentation, the system forecasts the demand by the implementation of quantitative analysis of data like the time-series model and cross-price elasticity.

When the forecast phase is complete, their system comes into the position of giving different options to the company about it. How many different ways can it sell its product to what type of customers? Optimization provides the answer to two questions. First of all, it guides the company about which factor should optimize for price or sales. Secondly, t tells that what optimization technique is relevant and should be opted. For instance, regression analysis for finding out relationships between variables. Discrete choice models for envisaging customer behavior and linear programming. Techniques for setting optimum prices to maximize the total revenue.

Future and Challenges in Revenue Management:

Implementing revenue management in an organization is not an easy task. There can be a lot of obstacles to cultural, organizational and reliability. Issues in information systems already developed like supply chain, customer relationship, and intelligence. Nowadays, it is moving towards more ASP(Application service provider) platforms.

In the future, they will focus on subscription and rent through ASPs rather than developing application systems inside the organization. Future challenges of RM can its placement inside the organization i.e. whether in marketing or finance department. Or, the organization or maybe it will need a whole new department to carry out its activities.

Purpose and Benefits Revenue Management Implementation:

We are discussing above that yield management evolve into revenue management. As it became the standardized practice for the companies, its definition progress. Revenue management is defined as the field which is the concern with answering. The demand questions related to consumer behavior and system and set of methodologies require to make them. Revenue can compare with supply chain management because it aims at lowering. The cost of producing and delivering the products hence increasing the profit, so as the goal of revenue management. There need to be certain business conditions that are essential to successfully implement a revenue management system.

These conditions include customer heterogeneity, production inflexibility, variable and uncertain demand. Management culture, the infrastructure of data and information an so on. Employing a revenue management system benefits the company by unleashing. The hidden demand which can lead to great revenue opportunity. Helps to understand the customer’s choices between price and product characteristics. Increases revenue, suggests discounts on the product when required to build up. The market share and helps in developing a sales-driven organization whose sole focus is profit maximization. Also, read it: Role of Price Perception in Consumer Buying Process.

Revenue Management: Meaning, Definition, Scope, Future, and Benefits.

January 8, 2018
International and Comparative Human Resource Management

What is Difference between International and Comparative Human Resource Management? Meaning and Definition!

International Human Resource Management (Human Resource Management)

Due to increased globalization and easy mobility and communications between countries, companies operate at international level. The major task for organizations which operate across international boundaries is to manage. The dissimilar stresses of the drive for integration and differentiation. In the broader sense, International human resource management process has same activities as in Domestic HRM such as planning and staffing. However, domestic HRM is operated in one nation And IHRM activities are involving in different countries. International Human Resource Management is a branch of management studies that examine. The design and effects of organizational human resource practices in cross-cultural contexts.

It occupies an exciting position in the interstices of international business. Human resource management and organizational behavior, scholarships. The theoretical study explains that International HRM is the interplay between three dimensions: HR activities, the types of people being employed in the organization and the different countries that an organization is operating in (Dowling, 1999). Complexities caused by these last two variables are what differentiates international HRM from domestic HRM, as the HR activities themselves are relatively similar.

Comparative Human Resource Management (Human Resource Management)

The meaning and impact of comparative human resource management. Many scholars of HRM have to focus on a narrow definition of the topic that fits the liberal market agenda widespread in some countries but fails to capture the reality of any country – a problem brought into stark relief by comparative studies of HRM. On the basis of that analysis, it will be argued that multiple stakeholder perspectives focused on the long-term benefits to organizations. Employees and the wider community is a more powerful analytic tool. New Roles of Human Resource Management in Business Development.

As an increasing number of organizations seek to operate in foreign markets. It is vital that management practitioners develop a better understanding of, and sensitivity to, the impact of different national settings on the management task. In the field of cross-cultural management/organization, scholars have sought to assist practitioners in achieving. This by conducting research that has generally guiding by two key questions: (1) what is general and universal in the management of organizations, and (2) what is peculiar or specific to one nation or culture?

Difference between international and comparative HRM

International Human Resource Management has defined as HRM issues, functions. Policies and practices that result from the strategic activities of MNEs. International Human Resource Management deals principally with issues and problems associated with the globalization of capitalism. It involves the same elements as domestic HRM but is more complex to manage. In terms of the diversity of national contexts and types of workers. The emphasis is on the MNCs’ ability to attract, develop and deploy talented employees in a multinational setting and to get them to work effectively despite differences in culture, language, and locations. International HRM tends to mitigate the impact of national culture and national employment practice against corporate culture and practices.

Comparative Human Resource Management, on the other hand, is a systematic method of investigation. That seeks to explain the patterns and variations encountered in cross-national HRM rather than simply describe HRM institutions and practices in different societies. Different national business systems arise from differences in specific historical, cultural and institutional heritage in certain countries. Comparative differences occur due to decisive historical events such as the process of industrialization or due to the legacy of pre-modern forms of social organization. Hofstede adopted the ‘culturalist’ perspective where he argued that national business styles emerge due to ingrained cultural attitudes and mental schemas. He described culture under five dimensions which are power distance, individualism, masculinity, uncertainty avoidance and long-term orientation.

Human Resource Management policies and practices are becoming universal and that country-of-origin effects are no longer relevant. The pressure to build standardize operations internationally is strongest in sectors. Where competition is highly internationalizing, and where firms compete on the basis of a similar product or service across countries. Such as in cars and fast foods. They have put forward several reasons to explain this trend.

Firstly, all MNCs operate in one global market and therefore have to respond to the same environmental pressures such as globalization and technology. The growth in international trade and the move towards an internationally-integrated financial system.

Secondly, the widespread practice of benchmarking ‘best practice’ in terms of cost. Quality and productivity may also have contributed to the convergence of international HRM models for e.g. Japanese style ‘lean-production’ system in the 1980s and 1990s. Moreover, these pressures towards convergence stem in part from the influence of MNCs themselves through. Their ability to transfer practices across borders and erode country-of-origin effects.

Finally, the formation and development of like-minded international cadres mostly from American or European business schools. May have contributed to homogenize international HRM policies and practices.

Since the early 1990s, the international HRM literature has dominated by models and typologies aim at identifying how international HR fits with organizational strategy. The main issue for all multinational companies is the need to trade-off the advantages global efficiency namely. The coordination of its operations to achieve economies of scale and scope as opposing to the need to differentiate its products and services to meet the local demands. They also identify a third pressure, namely worldwide innovation and learning. Whereby firms are encouraging to support innovation and learning across. Their network of subsidiaries rather than simply relying on research and development at the headquarters. MNEs then follow the appropriate HRM policies and practices according to the structure of the organization. The competitive strategy is chosen or stage of corporate evolution reach.

Taylor’s model of strategic international HRM has described below

Exporting: This is essentially a model where the HQ management takes home country management approach and try to implement them in their foreign subsidiaries in order to achieve economies of scale. In this model, there is a system of hierarchy and a centralized control. This is especially useful in instances of an uncertain political environment and high risks demanding greater control from corporate parents. Given this pattern of centralization, there is a considerable amount of ‘forward policy transfer’ and less ‘reverse transfer. From subsidiaries to the HQ, i.e. they rely mainly on the technical know-how of the parent company. Strategic Role of e-HR (Electronic Human Resource).

Global firms offer products or services that are standardizing to enable production to carry in a cost-efficient way. Their subsidiaries are not subject to rigid control except over the quality and the presentation of the product or service. This structure is normally associate with the American firms with their formalize. Bureaucratic control and a dominant finance system to internalize risks. What is Need? The Do and Don’t in Diversity Management.

Adaptive: Differences in the host environment demands and conditions mean that overseas subsidiaries have to operate independently. This is common where departing from established practices in host environments is unlawful. For example, in some Germany, there is a legal obligation to negotiate with employee representatives concerning major organizational changes. In other cases, transferring practices may be legal but would go against traditional practices at the risk of losing goodwill from staff. Firms may decide to forgo HQ control if there is the possibility to exploit most efficiently the local labor markets. For example, MNCs which origin from high-cost highly regulates economies such as Germany may well choose not to transfer important elements of their HR systems. Such as collective bargaining or apprenticeship if they move to lower wage, lightly regulated economies such as China.

Integrative: It is also argued that the more management processes and activities can integrate across geographical boundaries. The easier it is to share resources and knowledge. They can identify and best use the skill and management talent. That exists across the MNC network allowing for both global integration and local differentiation.

As mentioned previously, international HRM processes consist of the same activities as domestic HRM but applied in an international context. These include an accurate human resource planning to ensure that the MNCs have the right people at the right place around the world. Good staffing policies that capitalize on the worldwide expertise of expatriates and locals. Performance appraisals that fit with the competitive strategies of the HQ. Adequate training and development to ensure that expatriates. Do not suffer from ‘culture shock‘ and compensation policies that are strategically and culturally relevant. The focus in international HRM strategy is how MNEs coordinate. Their geographically dispersed operations strengthening the organizational culture. Promoting commitment and encouraging willingness in employees to act in the interests of the firm.

Reference

1. International Human Resource Management – https://www.civilserviceindia.com/subject/Management/notes/international-human-resource-management.html
2. Comparative HRM – https://answers.yahoo.com/question/index?qid=20110221002250AApRjIq
3. Difference between International and Comparative HRM – https://www.ukessays.com/essays/business/difference-between-international-and-comparative-hrm.php

January 2, 2018
Definition of Weakness, What is It?

Definition of Weakness?

What is Weakness? “Weakness is fear, not happenable or impossible things, a person who thought about fear anything of never to do it, that’s things called for personal weakness.” Other Words – The state or condition of being weak. A disadvantage or fault. A person or thing that one is unable to resist or likes excessively.

Weakness or asthenia is a symptom of a number of different conditions. The causes are many and can be divided into conditions that have true or perceived muscle weakness. True muscle weakness is a primary symptom of a variety of skeletal muscle diseases, including muscular dystrophy and inflammatory myopathy. It occurs in neuromuscular junction disorders, such as myasthenia gravis.

Weakness or Strength

Sometimes your biggest weakness can become your biggest strength.

Take, for example, the story of one 10-year-old boy who decided to study Judo despite the fact that he had lost his left arm in a devastating car accident.

The boy began lessons with an old Japanese Judo Master Sensei.

The boy was doing well, so he couldn’t understand why, after three months of training the master had taught him only one move.

“Sensei,” the boy finally said, “Shouldn’t I be learning more moves?’

“This is the only move you know. but this is the only move you will ever know,” the Sensei replied.

Not quite understanding, but believing in his teacher, the boy kept training.

Several months later, the sensei took the boy to his first tournament. Surprising himself, the boy easily won his first two matches. The third match proved to be more difficult, but after some time, his opponent became impatient and charged. The boy deftly used his one move to win the match.

Still amazed by his success, the boy was now in the finals.

This time, his opponent was bigger, stronger and more experienced. For a while, the boy appeared to be overmatched. Concerned that the boy might get hurt, the referee called a time-out.

He was about to stop the match when the sensei intervened.

“No,” the Sensei insisted, “Let him continue.”

Soon after the match resumed, his opponent made a critical mistake. He dropped his guard. Instantly, the boy used his mow to pin him. The boy had won the match and the tournament.

He was the champion.

On the way home, the boy and Sensei reviewed every mow in each and every match. Then the boy summoned the courage to ask what was really on his mind.

“Sensei, how did I win the tournament with only one mow?”

“You won for two reasons,” the Sensei answered. “First, you’ve almost mastered one of the most difficult throws in all of Judo. And second, the only known defense for that move is for your opponent to grab your left arm.”

The boys biggest weakness had become his biggest strength. The Naughty Boy.

Weakness is Strength

Everyone has their own strengths and weaknesses! Turning our weaknesses into strengths makes us unbeatable. This is an inspiring story of a 12-year-old boy Kim who defeated his weakness, by unknowingly making it his strength.

Poor Kim lost his left hand in a terrible accident. His parents could not console him. To cheer him up, his father made him join a Judo school. As the boy always wanted to learn Judo, his father thought that this would make him happy.

Everyone wondered how a single armed boy could learn Judo. However, the master happily enrolled him. He trained in Judo for about 8 months, practiced nothing but a single stroke, trained for all 8 months in mastering a single stroke. The boy was surprised and sometimes annoyed as his master taught him only one stroke.

Yet, he said nothing. The boy mastered the stroke and grew as nobody could excel in doing that particular stroke. The boy was picked by the master to compete in the national level Judo championship tournament.

Everyone made fun of Kim and the master. How could a one-handed boy win a national championship? Even the boy was not sure about why his master chose him.

Surprising to other’s taunting, Kim easily defeated his six contenders with his single stroke. He gradually moved to semi-finals. He struggled a bit in the semi-finals and won the match.

Needless to say, it surprised everyone. The final match began. The opponent was very strong and the boy could not counterattack him. The referee decided to halt the match, as the opponent could harm Kim severely. He announced a break and discussed with Kim’s master to stop the match and declare the opponent as the champion of the year. Even Kim was happy that he advanced very much and happily said yes! However, his master did not want him to quit the match. He asked Kim to continue the match. Of course, with a huge effort, Kim won the match and the title. He had become the champion!

Kim was so surprised how he won the competition with just a single stroke. His master told him,‘My dear boy, you learned the most difficult stroke in Judo that very few can master to perfection. If your opponent wants to beat you and prevent you from using the stroke, they should hold your left hand. This is the secret behind your victory!’

If the boy turned his weakness, the loss of his left hand to a massive success, why can’t we? What is the Secret of Success?

December 22, 2017
Definition of Strength, What is It?

Discover the true meaning of strength and its different aspects. Explore the physical, mental, and emotional dimensions of strength in this insightful blog post.

Definition of Strength?

“Strength is a power or value of Competition to others, strength is counting by numbers, group members, the value of quantity and quality of Strength.” Other Words – The quality or state of being physically strong. the influence or power possessed by a person, organization, or country. the degree of intensity of a feeling or belief. the potential of a hand to win tricks, arising from the number and type of high cards it contains.

The capacity of an object or substance to withstand great force or pressure. the emotional or mental qualities necessary in dealing with difficult or distressing situations. The potency or degree of concentration of a drug, chemical, or drink. A good or beneficial quality or attribute of a person or thing. a person or thing perceived as a source of mental or emotional support.

The number of people comprising a group, typically a team or army. Several people are required to make such a group complete. Best Characteristics and Qualities of a Good Leader

Capital, knowledge, skill, or another advantage that a firm has or can acquire over its competitors in meeting the needs of its customers. See also SWOT analysis.

Physical Strength

Physical-strength is the measure of an animal’s exertion of force on physical objects. Increasing physical strength is the goal of strength training.

An individual’s physical strength is determining two factors. The cross-sectional area of muscle fibers recruited to generate force and the intensity of the recruitment. Individuals with a high proportion of type I slow twitch muscle fibers will be relatively weaker than a similar individual. With a high proportion of type II fast twitch fibers but would have a greater inherent capacity for physical endurance. The genetic inheritance of muscle fiber type sets the outermost boundaries of physical strength possible (barring the use of enhancing agents such as testosterone). Though the unique position within this envelope is determining by training.

Individual muscle fiber ratios can determine through a muscle biopsy. Other considerations are the ability to recruit muscle fibers for a particular activity: joint angles, and the length of each limb. For a given cross-section, shorter limbs are able to lift more weight. The ability to gain muscle also varies person to person, based mainly upon genes dictating the amounts of hormones secreted. But also on sex, age, the health of the person, and adequate nutrients in the diet. A one-repetition maximum test is the most accurate way to determine maximum muscular strength.

Hysterical Strength

Hysterical-strength is a display of extreme strength by humans, beyond what is believing to normal, usually occurring when people are in life-and-death situations. Common anecdotal examples include parents lifting vehicles to rescue their children. The extra strength is commonly attributing to increasing adrenaline production, though supporting evidence is scarce, and inconclusive when available. Also, research into the phenomenon is difficult, though it is thought that it is theoretically possible.

December 22, 2017