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.
What are Fundamentals of Economics? Meaning and Definition!
Economics is the study of how these scarce and limit resources are used to make way for unlimited material wants and needs of human being. Broadly, economics is concerned with material things and how people make decisions about these things. Learn Fundamentals of Economics. It studies the subject of having and not having various material things in our life. The field of economics is extensive. It is also ever growing. Economists are willing to examine almost anything that affects the material aspects of human life. Most often, the economists voice concern over unemployment, inflation, interest rates, labor problems, government regulation, energy and international trade. The list of what interests the economists goes on and on and cannot exhaust. Different Types of Risk Faced by Banks Today!
The Fundamentals of Economics
Factors of Income, Economic Policy, Economic Systems, Demand-Supply and the Determination of Price, Macro Economics and Micro Economics, Unemployment and Full Employment, Inflation and Stable Prices, Inflation and the Interest Rate Fiscal and Monetary Policy, The Money Supply. Why are the Need Entrepreneurship for Small Business?
The word ‘fundamental’ has the meaning of basics. When it comes to economics, it indicates the most basic macroeconomic indexes such as economic growth rate, inflation rate, and unemployment rate. Those most basic indexes compose fundamentals of one country and this so-called ‘fundamentals’ best describe the economic status of a country. To put it simply, it shows how strong one’s economy is; whether it’s weak or strong. It can refer to as stamina of a person. To run fast and long, we have to equip ourselves with strong fitness or we would collapse in no time. That’s what happened to emerging markets now. Once it was forecast that emerging markets are ready to run with strong fundamentals, which turn out to bogus. The reason this happened was that it’s hard to estimate fundamentals accurately. We chose to optimistic, and now we sank in the mire.
Korea’s fundamentals are also yet to determine strong. The positive factors that constitute strong fundamentals of Korean economy are vast foreign exchange reserves amounting to over 300 billion dollars. Trade balance surplus, and soundness of government finance. On the other hand, there are also threatening factors such as high household debt. The high percentage of foreign investment in the domestic stock market. In general, Korea’s fundamentals are evaluating to strong enough but it is not reassuring.
Financial Services Commission Chairman Shin Je-Yoon, made a remark on Korea’s fundamentals. “Considering US quantitative easing tapering, Korea’s economic fundamentals are sound and strong, unlike other emerging markets. But we have to scrutinize its impact and route. In this time of crisis, we should prepare not only to microeconomic threats. Which are easily noticeable but also to macroeconomic threats. Also, we should check four systematic risks: tipping effect in the economy, economic volatility, macroeconomic soundness, and mutual relationship with foreign nations.” He also emphasized that Korea should prepare a system that can pre-examine those threats and joint efforts of the Financial Services Commission. Financial Supervisory Service and Bank of Korea are needed.
What are Objectives of Financial Management? with Describe Definition, Meaning, Nature and Scope!
Financial management is one of the functional areas of business. Therefore, its objectives must be consistent with the overall objectives of the business. The overall objective of financial management is to provide maximum return to the owners on their investment in the long- term. This is known as wealth maximization. Maximization of owners’ wealth is possible when the capital invested initially increases over a period of time. Wealth maximization means maximizing the market value of investment in shares of the company. Also learn, Definition with What are Objectives of Financial Management?
Financial Management means planning, organizing, directing and controlling the financial activities such as procurement and utilization of funds of the enterprise. It means applying general management principles to financial resources of the enterprise. In simple terms objective of Financial Management is to maximize the value of the firm, however, it is much more complex than that. The management of the firm involves many stakeholders, including owners, creditors, and various participants in the financial market.
Effective procurement and efficient use of finance lead to proper utilization of the finance by the business concern. It is the essential part of the financial manager. Hence, the financial manager must determine the basic objectives of the financial management. How to Explain Nature and Scope of Financial Management?
Objectives of Financial Management explain to the Simple point
Profit maximization happens when marginal cost is equal to marginal revenue. This is the main objective of Financial Management.
Wealth maximization means maximization of shareholders’ wealth. It is an advance goal compare to profit maximization.
Survival of company is an important consideration when the financial manager makes any financial decisions. One incorrect decision may lead the company to be bankrupt.
Maintaining proper cash flow is a short run objective of financial management. It is necessary for operations to pay the day-to-day expenses e.g. raw material, electricity bills, wages, rent etc. A good cash flow ensures the survival of the company.
Minimization on capital cost in financial management can help operations gain more profit.
It is vague:- There are several types of profits before interest, depreciation and taxes, profit before taxes, profit after taxes, cash profit etc.
Financial Management means planning, organizing, directing and controlling the financial activities such as procurement and utilization of funds of the enterprise. It means applying general management principles to the financial resources of the enterprise. Financial management refers to the efficient and effective management of money (funds) in such a manner as to accomplish the objectives of the organization. It is the specializing function directly associates with the top management. The significance of this function is not seen in the ‘line’. But in the overall capacity of the company ‘staff’ is also in capacity. So, what is the question; What is Financial Management?
Here are explain; What is Financial Management? with Meaning and Definition.
The term typically applies to an organization or company’s financial strategy. While personal finance or financial life management refers to an individual’s management strategy. It includes how to raise the capital and how to allocate capital, i.e. capital budgeting. Not only for long-term budgeting but also how to allocate the short term resources like current liabilities. It also deals with the dividend policies of the shareholders. Customer Relationship Management.
Definition of Financial Management:
One needs money to make money. Finance is the life-blood of business and there must a continuous flow of funds in and out of a business enterprise. Money makes the wheels of business run smoothly. Sound plans, efficient production system and excellent. Marketing network is all hampered in the absence of an adequate and timely supply of funds.
According to Dr. S. N. Maheshwari,
“Financial management is concerned with raising financial resources and their effective utilization towards achieving the organizational goals.”
According to Richard A. Brealey,
“Financial management is the process of putting the available funds to the best advantage from the long-term point of view of business objectives.”
Sound financial management is as important in Business like production and marketing. A business firm requires finance to commence its operations, to continue operations and for expansion or growth. Finance is, therefore, an important operative function of the business. A large business firm has to raise funds from several sources and has to utilize those funds in alternative investment opportunities. In order to ensure the most prudent use of funds and to give proper returns on investment, sound financial policies and programs are requiring. Unwise financing can drive a business into bankruptcy just as easily as a poor product, inept marketing or high production costs.
On the other hand, adequate and economical financing can provide the firm with a differential advantage in the marketplace. The success of a business enterprise is largely determined by the way its capital funds is raising, utilized and disbursed. In the modern money-using economy, the importance of finance has increased further due to the increasing scale of operations and capital-intensive techniques of production and distribution.
In fact, finance is the bright thread running through all business activity. It influences and limits the activities of marketing, production, purchasing and personnel management. The success of a business is broadly measured financially. The efficient organization and administration of the finance function are thus vital to the successful functioning of every business enterprise. Sales Management, What You Do Know?
Meaning of Financial Management:
Financial management maybe defines as planning, organizing, directing and controlling the financial activities of an organization. According to Guthman and Dougal, the financial management means, “the activity concerned with the planning, raising, controlling and administering of funds used in the business.” It is concerned with the procurement and utilization of funds in the proper manner.
Financial activities happen not only with the purchase and use of money. However, along with assessing the needs of funding, capital budgeting, distribution of surplus, financial control etc. for funds, Ezra Solan has described the nature of financial management as follows: “Financial management is properly defined as an integral part As is seen, overall management, especially as an employee, concerns with the establishment of operations. ”
“In this broad perspective, the central issue of financial-policy is the wise use of money. The central process, there is a logical match for the benefit of the potential use of the cost of alternative potential sources, so that for any broad financial goals. Order to establish an enterprise, in addition to raising funds, financial management directly produces marketing and marketing within an enterprise. Concerns regarding actions, when done in the decision to acquire or distribution decisions. ”
What is Innovation Culture in Organizations? Meaning and Definition!
Innovation culture is the work environment that leaders cultivate in order to nurture unorthodox thinking and its application. Workplaces that foster a culture of innovation generally subscribe to the belief that innovation is not the province of top leadership. But, can come from anyone in the organization. Innovation cultures are the prize by organizations that compete in markets define by the rapid change; maintaining the status quo is insufficient to compete effectively, thus making an innovation culture essential for success.
Innovation cultures often measure employees based on metrics such as value creation (for customers as well as for shareholders) and competitive differentiation. Instead of traditional metrics such as on-time delivery and revenue generation. Companies that foster innovative thinking also encourage discovery and find ways to reward time spent on the research required to generate new products and ideas. A much-cited example of this is Google’s “20% time” policy. Which allows employees to spend one-fifth of their work week on what they want to work on. With the expectation that this discretionary work will result in an “aha” moment.
Understanding Innovation Culture in Organizations
Growth creates a need for structure and discipline, organization changes. Which can strain the culture of creativity that is so vital to future success? To sustain competitive advantage, companies need to institutionalize the innovation process; they need to create an internal environment where creative thinking is central to their values, assumptions, and actions. Characteristics with Factors Influencing of Organizational Climate.
Innovation is the engine of growth. It is also a mindset – meaning it is influencing beliefs, values, and behavior. Company culture, therefore, has a huge influence on innovation, being able to either facilitate it or restrain it. Realizing this, many companies have attempted to put systems and processes in place that encourage an innovation culture. However, while such measures are often viewing as the panacea, they are really just the beginning. To shape a true innovation culture, the top people in a company need to develop a mindful approach. Where their every action and word reflects a real desire to encourage and develop new ideas.
Innovation Culture in IT Organizations
Three ways IT organizations can create an innovation culture is by embracing digital, establishing innovation labs and rewarding discovery.
Embrace digital
Innovation is par for the course with companies that aim to make the shift from traditional to digitalized business processes. Indeed, “going digital” is often the first step toward creating an innovation culture that permeates the workplace, rather than resides solely in IT or other pockets in the enterprise. Examples of digital projects include mobile payment and mobile product recommendations initiatives as well as any real-time network data provisioning. Each requires innovation. Until a few years ago, these projects were impractical and cost-prohibitive.
Establish an innovation lab
Creating an innovation lab serves many purposes, but one happy byproduct of such labs is a renewed collaboration between IT and the business because business innovation is closely tied today to information technologies. A real-world example is the innovation lab at Toyota Financial Services. Vice President and CIO Ron Guerrier started an innovation lab in 2011 for businesspeople to come and kick the tires, so to speak, on new automotive technologies.
Enabling and rewarding experimentation
An innovation culture allows people to experiment. For instance, an IT organization crawling through historical data, with no specific questions in mind. Might turn up findings that were totally unexpected based on correlations in the data. Nascent big data and improved higher-performance analytics engines are making data discovery exercises that were previously too time-consuming or cost-prohibitive for most companies newly practical.
Do You Understand, What is Sales Management? Meaning with Definition!
Sales management is a business discipline which is focuses on the practical application of sales techniques. The management of a firm’s sales operations. It is an important business function as net sales through the sale of products and services. Resulting profit drive most commercial business. These are also typically the goals and performance indicators of sales-management. Sales manager is the typical title of someone whose role is sales-management. The role typically involves talent development.
Sales-management is the coordination of people and resources to effectively produce the desired goal. These long term goals can be wide ranging, however they are generally increase sales volume. Contribution to profits, and continuous growth. To achieve these objectives, sales managers have vast responsibilities including. But, not limited to: demand/sales forecasting, establishing quotas/objectives, budgeting, organization, recruitment, training, compensation, and sales performance evaluation. In the end of the day, however, the most important role of sales-management is not to manage sales. But to manage the people who make the sales.
So, What is Sales Management?
Sales-management is the process of developing a sales force, coordinating sales operations. Implementing sales techniques that allow a business to consistently hit, and even surpass, its sales targets. If your business brings in any revenue at all.
A sales-management strategy is an absolute must. When it comes to boosting sales performance for any size of operation, no matter the industry, the secret to success is always precise sales-management processes.
Besides helping your company reach its sales objectives, the sales-management process allows you to stay in tune with your industry as it grows. The difference between surviving and flourishing in an increasingly competitive marketplace.
Whether you’re an experienced or new sales manager, you should able to evaluate and gain visibility into your current sales force with the following guide to sales management.
Once you have a clear picture of what processes to monitor and how to keep track of them. You’ll equips to pinpoint issues early on, coach people before it’s too late, and have a better overview of the tasks the team should doing to increase its sales.
If you’re a sales rep who happened to stumble upon this guide out of curiosity, you’re already winning. This guide will give you an understanding how your company’s sales process is managed, allowing you to become more in sync with your team, create a better relationship with your manager, and achieve better sales results yourself.
Overall, sales-management will help businesses and their workers better understand results, predict future performance, and develop a sense of control by covering the following three aspects.
Reference
1. Sales Management – https://en.wikipedia.org/wiki/Sales_management
2. Sales Management Video – https://www.youtube.com/watch?v=n-ZTmmuIWyw
3. What is Sales Management – https://apttus.com/resources/sales-management-process-strategies/
4. What is Sales Management – https://blog.pipedrive.com/2016/05/sales-management/
What is Customer Relationship Management (CRM)? It is an approach to managing a company’s interaction with current and potential customers. It uses data analysis about customers’ history with a company and to improve business relationships with customers. Specifically focusing on customer retention and ultimately driving sales growth. Positive Relationships with Individual and Organization Outside. So, what is the question going to learn; What is CRM? with Video Clip.
Here are explain; What is Customer Relationship Management (CRM)? with a video clip for a better Understand.
One important aspect of the CRM approach is the systems of CRM that compile data from a range of different communication channels. Including a company’s website, telephone, email, live chat, marketing materials, and more recently, social media. Through the CRM approach and the systems used to facilitate it, businesses learn more about their target audiences. How to best cater to their needs. However, adopting the CRM approach may also occasionally lead to favoritism within an audience of consumers. Resulting in dissatisfaction among customers and defeating the purpose of CRM.
Customer relationship management (CRM) is a term that refers to practices, strategies, and technologies. That companies use to manage and analyze customer interactions and data throughout the customer life-cycle. To improve business relationships with customers, assisting in customer retention, and driving sales growth. Also, CRM systems are designed to compile information on customers across different channels or points of contact between the customer and the company. Which could include the company’s website, telephone, live chat, direct mail, marketing materials, and social media? CRM systems can also give customer-facing staff detailed information on customers’ personal information, purchase history, buying preferences, and concerns.
Objectives of CRM
Customer Relationship Management (CRM) as the name suggests the primary focal point is placed on the customer. The key objective is to increase customer value over time by increasing customer loyalty. If a company develops better customer relationships, it also improves business processes as well as its profits. In general, CRM is a more efficient automated method use to connect and improve. All areas of the business to focus on creating strong customer relationships. Also, All forces are coupled together to save, improve, and acquire greater business to customer relationships. The most common areas of business that are positively affected include marketing, sales, and customer service strategies.
Customer Relationship Management (CRM) helps create time efficiency and savings on both sides of the business spectrum. Through correct implementation and use of CRM solutions, companies gain a better understanding of their strongest and weakest areas and how they can improve upon these. Therefore, customers gain better products and services from their businesses of choice. To achieve better insight into CRM, it is essential to consider all of its components.
Strategy and Solutions of CRM
Customer relationship management (CRM) is a business strategy that spans your entire organization from the front office to the back-office. It is a commitment you make to put customers at the heart of your enterprise. Also, The right CRM strategy and solutions can help you securely, reliably, and consistently:
Delight your customers every time they interact with your business by empowering them with any time, anywhere, and any channel access to accurate information and more personalized service.
Reach more customers more effectively, increase customer retention and boost customer loyalty by leveraging opportunities to up-sell and cross-sell and driving repeat business at a lower cost.
Drive improvements in business performance by providing your customers with the ability to access more information through self-service and assisted-service capabilities when it is convenient for them.
Enable virtualization in your enterprise as more of your people and resources extend beyond your offices and around the world.
Balance sophisticated functionality with rapid implementation and effective support for a faster return on your CRM investment.
Present Day of CRM:
Today’s customers face a growing range of choices in the products and services they can buy. Also, They base their choices on their perception of quality, value, and service. Each consumer has specific behavior. But buying habits are sometimes difficult to understand. Therefore companies always want to gain some insight into consumer behavior and habits to better control this behavior. Having an impact on consumer behavior means being able to change consumer’s perception of the product or service, to establish a relation between the company and its clients.
Another concept that is closely related to CRM is Customer Relationship Marketing. Which is a practice that encompasses all marketing activities direct toward establishing, developing, and maintaining successful customer relationships? Also, The focus of relationship marketing is on developing long-term relationships and improving corporate performance through customer loyalty and customer retention.
What is ‘Customer Relationship Management – CRM’:
Customer relationship management (CRM) refers to the principles, practices, and guidelines that an organization follows when interacting with its customers. From the organization’s point of view, this entire relationship encompasses direct interactions with customers, such as sales and service-related processes, and forecasting and analysis of customer trends and behaviors. Ultimately, CRM serves to enhance the customer’s overall experience.
With the growth of the Internet and related technologies. Customers are concerned about the privacy and safety of their personal information. Therefore, businesses need to ensure the storage and analysis of their customer data have the highest levels of protection against cybercriminals, identity theft, and other breaches of security.
BREAKING DOWN ‘Customer Relationship Management – CRM’:
Elements of CRM range from a company’s website and emails to mass mailings and telephone calls. Also, Social media represents one-way companies adapt to trends that benefit their bottom line. The entire point of CRM is to build positive experiences with customers to keep them coming back so a company creates a growing base of returning customers.
Software:
Special CRM software aggregates customer information in one place to give businesses easy access to data. Such as contact data, purchase history, and any previous contact with customer service representatives. This data helps employees interact with clients, anticipate customer needs. Recognize customer updates and track performance goals when it comes to sales. Also, CRM software’s main purpose is to make interactions more efficient and productive. Automated procedures within a CRM module include sending a sales team marketing materials based on a customer’s selection of a product or service. Programs also assess a customer’s needs to reduce the time it takes to fulfill a request.
Cloud Solutions:
Cloud-based systems provide real-time data to sales agents at the office and in the field as long as a computer, smartphone, laptop or tablet connects to the Internet. The convenience of this type of system has a trade-off. If the company goes out of business or faces acquisition, access to customer information may become compromised. A business might have compatibility issues when and if it migrates to a different vendor for this kind of software. Typically, cloud-based CRM programs cost more than in-house programs. Every Leader has to need Social Media Skills with Qualities.
Management:
All of the computer software in the world to help with CRM means nothing without proper management and decision-making from humans. Plus, the best programs organize data in a way that humans can interpret readily and use to their advantage. For successful CRM, companies must learn to discern useful information and superfluous data and weed out any duplicate and incomplete records that may give employees inaccurate information about customers.
What is Customer Relationship Management? with Video Clip
Leadership is a process by which an executive can direct, guide and influence the behavior and work of others towards accomplishment of specific goals in a given situation. The ability of a manager to induce the subordinates to work with confidence and zeal. The potential to influence behavior of others. It is also define as the capacity to influence a group towards, the realization of a goal. Leaders are require to develop future visions, and to motivate the organizational members to want to achieve the visions.
Leaders: A Basic Definition
According to Keith Davis, “Leadership is the ability to persuade others to seek defined objectives enthusiastically. It is the human factor which binds a group together and motivates it towards goals.”
According to the idea of transformational leadership, more know about Leaders Explained by the Internet; an effective leader is a person who does the following:
Creates an inspiring vision of the future.
Motivates and inspires people to engage with that vision.
Manages delivery of the vision.
Coaches and builds a team, so that it is more effective at achieving the vision.
The action of leading a group of people or an organization, or the ability to do this.
The state or position of being a leader.
The leaders of an organization, country, etc.
Leadership brings together the skills needed to do these things. We’ll look at more detail.
The individuals who are the leaders in an organization regard collectively.
The activity of leading a group of people or an organization or the ability to do this.
The act of inspiring subordinates to perform and engage in achieving a goal.
Direction is both a research area and a practical skill encompassing the ability of an individual or organization to “lead” or guide other individuals, teams, or entire organizations. Leadership Explained by the Internet.
What is a Leadership? Leader is the ability of a company’s management to set and achieve challenging goals, take swift and decisive action, outperform the competition, and inspire others to perform well. It is tough to place a value on direction or other qualitative aspects of a company, compare to quantitative metrics that are commonly track and much easier to compare between companies. Individuals with strong leadership skills in the business world often rise to executive positions such as CEO, COO, CFO, president and chairman.
The actual performance of the work starts with the function of directing. Direction includes guidance, supervision, and motivation of employees. Management Directing involves influencing, encouraging, counseling, mentoring, and guiding the employees to work towards the accomplishment of organizational objectives and goals. In other words, directing refers to a process in which the managers instruct, guide, and supervise the performance of employees to achieve predetermined objectives and goals. It is regard as the essence of the management process as the success of all other management functions such as planning, organizing and staffing depend upon the directing function.
Simple Meaning of Directing-Manager
Control the operations of; manage or govern.
Aim (something) in a particular direction or at a particular person.
Give (someone) an official order or authoritative instruction.
Communication and coordination are the two important elements of the Directing-Manager function. Communication refers to a verbal or non-verbal interaction between the managers and subordinates. On the other hand, coordination is defined as an act of enabling different individuals to work together for a common goal.
The directing function involves the following activities
Helping and guiding subordinates to achieve predetermined objectives and goals.
Ordering and instructing subordinates regarding the work assigned to them.
Educating subordinates regarding the methods of performing work efficiently.
Supervising the work being perform by subordinates.
Motivating subordinates to give their best.
According to Joseph Massie,“Directing concerns the total manner in which a manager influences the action of his subordinates. It is the final action of a manager in getting others to act after all preparations have complete”.
The example of the process: Direction is a process of a top-down approach. It is a vertical process in which orders come from the top for the subordinates to follow. Directing is person-centric. That’s why we often see that one boss is very effective because of his proper directions and the other one is not so effective because of his wrong way of handling things.
Top Directing of company Man; Examples of Mr. J.R.D.Tata, Ratan Tata, Narayan Murthy, Dhirubhai Ambani whose crystal clear directions have created history in Indian industry.
The Directing Function of Management
DIRECTING is says to a process in which the managers instruct, guide and oversee the performance of the workers to achieve predetermined goals. The heart of management process. Planning, organizing, staffing have got no importance if direction function does not take place. Principles of Directing.
Directing initiates action and it is from here actual work starts. Direction is says to consisting of human factors. In simple words, it can describe as providing guidance to workers is doing work. In field of management, direction is says to all those activities which are design to encourage the subordinates to work effectively and efficiently. According to Human, “Directing consists of process or technique by which instruction can issue and operations can carry out as originally plan” Therefore, Directing is the function of guiding, inspiring, overseeing and instructing people towards accomplishment of organizational goals.
Meaning and Definition of Directing
Directing is says to a process in which the managers instruct, guide and oversee the performance of the workers to achieve predetermined goals. Directing is says to the heart of management process. Planning, organizing, staffing have got no importance if direction function does not take place. Directing initiates action and it is from here actual work starts. Direction is said to consisting of human factors. Processes of Scientific Management.
In simple words, it can describe as providing guidance to workers is doing work. In field of management, direction is says to all those activities which are design to encourage the subordinates to work effectively and efficiently. According to Human, Therefore, Directing is the function of guiding, inspiring, overseeing and instructing people towards accomplishment of organizational goals.
Directing means giving instructions, guiding, counsellings, motivating and leading the staff in an organization in doing work to achieve Organizational goals. Directing is a key managerial function to perform by the manager along with planning, organizing, staffing and controlling. From top executive to supervisor performs the function of directing and it takes place accordingly wherever superior – subordinate relations exist. Directing is a continuous process initiate at top level and flows to the bottom through organizational hierarchy.
Begin your “learning to learn” course by asking students about their goals. Each year I find many differences in the abilities of students to articulate their goals. Some students have clear and well-defined goals. They know why they are in college and what they are attempting to attain. At the other end of the spectrum, some students have not even defined their personal goals and are not sure why they are in college. Some of your students who are raising families or who have returned to college after some absence appear to have more specific goals than do some students who come directly from high school.
How would you explain this difference? Think about a musician, athlete, or businessperson who wants to excel in his or her area of expertise but has no specific goals to direct his or her behavior. It is very difficult to be motivated without personal goals. It is important to set goals in different life areas because such goals serve to motivate behavior.
My Goals enhance performance in five major ways (Locke & Latham, 1990):
Effort: The goals you set for yourself influence. What you attend to and how hard you try to maximize your performance. The more difficult the goal, the harder you are likely to work to attain it.
Duration or persistence: When you work on a task without a goal, you are likely to allow your attention to drift. Become more easily interrupted, and even stop working without completing the task. When you have a goal in mind. You have a more clearly define point in the performance that defines. When it is time to quit or withdraw from the task (i.e., when the goal is attain).
A direction of attention: Goals direct your performance toward the task at hand and away from unrelated or irrelevant tasks.
Strategic planning: To accomplish a goal, you need to develop an action plan or strategy. Goal setting encourages strategic planning because the presence of a goal encourages you to decide how to proceed. What is My Goal Orientation?
Reference point: When you identify where it is you are head (i.e., have a goal) and receive feedback on where you are, you can evaluate your performance and determine. What further actions need to taken (if any). In fact, it is your satisfaction or dissatisfaction with this evaluation that may have the greatest impact on your motivation. What are Motivational Problems?
Understanding of What Are My Goals; Have you identified some goals you would like to attain this term or year? If so, do you have goals in any of the following areas: academic, social, occupational, or personal? How has your success or failure in attaining previous goals influenced your motivation in different areas of your life?
Paradoxical Thinking?A process in which you identify and define contrasting personal characteristics in order to bring about their positive aspects. By following their steps and guidelines you will be able to apply. The positive aspect of your personal characteristics to make more positive choices that lead to successful outcomes. “Paradox ….involves contradictory, mutually exclusive elements that are present and operate equally at the same time.” We all have contradictory characteristics, the key is to find ways. That our core characteristics complement one another and use them to improve our performance in challenging situations.
Explanation of Paradoxical Thinking; Meaning and Definition.
Personal paradoxes can use to explain successes by athletes, executive business leaders or company CEO’s, political leaders, educational administrators, etc. Fletcher and Olwyler share examples in the first chapter of their book proving that people. Who use their contradictory characteristics can bring about positive leadership and success. Failure is Not an Option!
“Sprinters actually run faster if they can remain relaxed while sprinting… sprinters need to develop an ability to simultaneously engage. The exact opposite quality of what their sport seems to demand: calmness and relaxation.”
The sprinter cannot have a balance between the two states of relaxation and muscle engagement. But must work as hard as they can at the same time as maintaining relaxation in their muscles and mind.
For decades, the management theorists have focus their attention on three types of thinking i.e. magical thinking, modern thinking and postmodern thinking. The latest inclusion is the paradoxical thinking. Positive Relationships with Individual and Organization Outside. The main reason that paradoxical thinking has gained importance in the business world is that there were some buzz phrases that were being used by the employees of the organizations such as controlled chaos, getting outside the box, breaking the frame of reference, creative destruction, fuzzy logic and etc.
All of these terminologies show that a business can develop something impossible by going beyond the imaginative framework. These old models have less importance in the contemporary world. The primary crux of the paradoxical thinking is that the openness can be anything but it is indecisive. Lacks principle convictions and is sometimes passionless as well. Paradoxical thinking implies that problems should look from different angles rather than one perspective so that it can resolve effectively.
The term ‘paradox’ is describe as a range or group of statements that are contradictory and challenge the conventional thinking parameters. Likewise, the paradoxical thinking is state as the way of looking at a situation or a problem form a various range of perspectives and carrying out in-depth analysis to understand the problem completely. One of the best examples of the application of paradoxical thinking is evident in the work perform by Far day in about 1830s.
Far day observed that when the electricity current is pass through a wire it can cause a magnetize needle to move. That is locate adjacent to the wire to move in a direction which is rotational; it form the basis of the electric motor invention. In order to extend his learning and thinking capabilities. He increase his efforts and found that even the moving magnets can ease the flow of electricity in the system. He challenge the ways in which the conventional theorists of physics were working so that he could make a valuable contribution to the field .
It has been found that the companies that encourage paradoxical thinking within their culture are able to make successful progression and their success is evident from the robust performance in the industry. The paradoxical thinking is found in abundance in leading corporations especially technology relate firms such as Microsoft, IBM, Apple, Dell, Google, Sony, Wal-Mart, Coca-Cola and many more.
Definition of Paradoxical:
Seemingly contradictory but nonetheless possibly true “it is paradoxical that standing is more tiring than walking”.
“You have to spend money to make money.” That’s a paradoxical statement used by people in the business. It seems to say two opposite things that contradict each other. But if you think about it, it’s actually kind of true.
Paradoxical is an adjective that describes a paradox, something with two meanings that don’t make sense together. Its Greek roots translate to “contrary opinion,” and when two different opinions collide in one statement or action, that’s paradoxical. In Shakespeare’s play “Hamlet,” Hamlet’s mother marries the man who kill Hamlet’s father, but she doesn’t know it. As Hamlet plots to kill the murderer to protect his mother. He says this paradoxical phrase: “I must be cruel to be kind.”
