Tag: Question

  • Q. Explain Macroenvironment in Marketing.

    Question: Explain Macroenvironment in Marketing. 

    Answers: A macro environment is a condition that exists in the economy as a whole, rather than in a particular sector or region. In general, the macro environment includes trends in the gross domestic product (GDP), inflation, employment, spending, and monetary and fiscal policy. The macro environment is closely linked to the general business cycle as opposed to the performance of an individual business sector.

    The Company’s Macroenvironment:

    The company and all of the other actors operate in a larger macro environment of forces that shape opportunities and pose threats to the company. There are six major forces (outlined below) in the company’s macro environment. There are six major forces (outlined below) in the company’s macro environment.

    • Demographic.
    • Economic.
    • Natural.
    • Technological.
    • Political.
    • Cultural.

    #Demographic Environment:

    Demography is the study of human populations in terms of size, density, location, age, sex, race, occupation, and other statistics. It is of major interest to marketers because it involves people and people make up markets. Demographic trends are constantly changing. Some more interesting ones are.

    1). The world’s population (though not all countries) rate is growing at an explosive rate that will soon exceed food supply and ability to adequately service the population. The greatest danger is in the poorest countries where poverty contributes to the difficulties. Emerging markets such as China are receiving increased attention from global marketers.

    2). The most important trend is the changing age structure of the population. The population is aging because of a slowdown in the birth rate (in this country) and life expectancy is increasing. The baby boomers following World War II have produced a huge “bulge” in our population’s age distribution. The new prime market is the middle age group (in the future it will be the senior citizen group). There are many subdivisions of this group.

    • Generation X, this group lies in the shadow of the boomers and lack obvious distinguishing characteristics. They are a very cynical group because of all the difficulties that have surrounded and impacted their group.
    • Echo boomers (baby boomlets) are the large growing kid and teen market. This group is used to affluence on the part of their parents (as different from the Gen Xers). One distinguishing characteristic is their utter fluency and comfort with computer, digital, and Internet technology (sometimes called Net-Gens).
    • Generational marketing is possible, however, caution must be used to avoid generational alienation. Many in the modern family now “telecommute”–work at home or in a remote office and conduct their business using fax, cell phones, modem, or the Internet In general, the population is becoming better educated. The workforce is becoming more white-collar. Products such as books and education services appeal to groups following this trend. Technical skills (such as in computers) will be a must in the future. The final demographic trend is the increasing ethnic and racial diversity of the population. Diversity is a force that must be recognized in the next decade. However, companies must recognize that diversity goes beyond ethnic heritage. One of the important markets of the future is that disabled people.

    #Economic Environment:

    The economic environment includes those factors that affect consumer purchasing power and spending patterns. Major economic trends in the United States include:

    • Personal consumption (along with personal debt) has gone up (the 1980s) and the early 1990s brought recession that has caused adjustments both personally and corporately in this country. Today, consumers are more careful shoppers.
    • Value marketing (trying to offer the consumer greater value for their dollar) is a very serious strategy in the 1990s. Real income is on the rise again but is being carefully guarded by a value-conscious consumer.
    • Income distribution is still very skewed in the U. S. and all classes have not shared in prosperity. In addition, spending patterns show that food, housing, and transportation still account for the majority of consumer dollars. It is also of note that the distribution of income has created a “two-tiered market” where there are those that are affluent and less affluent. Marketers must carefully monitor economic changes so they will be able to prosper with the trend, not suffer from it.

    #Natural Environment:

    The natural environment involves natural resources that are needed as inputs by marketers or that are affected by marketing activities. During the past two decades, environmental concerns have steadily grown. Some trend analysts labeled the specific areas of concern were:

    1. Shortages of raw materials: Staples such as air, water, and wood products have been seriously damaged and non-renewable such as oil, coal, and various minerals have been seriously depleted during industrial expansion.
    2. Increased pollution: Is a worldwide problem. Industrial damage to the environment is very serious. Far-sighted companies are becoming “environmentally friendly” and are producing environmentally safe and recyclable or biodegradable goods. The public response to these companies is encouraging. However, the lack of adequate funding, especially in third world countries, is a major barrier.
    3. Government intervention: in natural resource management has caused environmental concerns to be more practical and necessary in business and industry. Leadership, not punishment, seems to be the best policy for long-term results. Instead of opposing regulation, marketers should help develop solutions to the material and energy problems facing the world.
    4. Environmentally sustainable strategies: The so-called green movement has encouraged or even demanded that firms produce strategies that are not only environmentally friendly but are also environmentally proactive. Firms are beginning to recognize the link between a healthy economy and a healthy environment.

    #Technological Environment:

    The technological environment includes forces that create new technologies, creating new product and market opportunities.

    1. Technology is perhaps the most dramatic force shaping our destiny.
    2. New technologies create new markets and opportunities.

    The following trends are worth watching:  

    • The faster pace of technological change. Products are being technologically outdated at a rapid pace.
    • There seem to be almost unlimited opportunities being developed daily. Consider the expanding fields of health care, the space shuttle, robotics, and biogenetic industries.
    • The challenge is not only technical but also commercial–to make practical, affordable versions of products.
    • Increased regulation. Marketers should be aware of the regulations concerning product safety, individual privacy, and other areas that affect technological changes. They must also be alert to any possible negative aspects of an innovation that might harm users or arouse opposition.

    #Political Environment:

    The political environment includes laws, government agencies, and pressure groups that influence and limit various organizations and individuals in a given society. Various forms of legislation regulate business.
    1). Governments develop public policy to guide commerce–sets of laws and regulations limiting business for the good of society as a whole.
    2). Almost every marketing activity is subject to a wide range of laws and regulations. Some trends in the political environment include:

    Increasing legislation to:

    • Protect companies from each other.
    • Protecting consumers from unfair business practices.
    • Protecting interests of society against the unrestrained business behavior.

    2). Changing government agency enforcement. New laws and their enforcement will continue or increase.

    3). Increased emphasis on ethics and socially responsible actions. Socially responsible firms actively seek out ways to protect the long-run interests of their consumers and the environment.

    • Enlightened companies encourage their managers to look beyond regulation and “do the right thing.”
    • Recent scandals have increased concern about ethics and social responsibility.
    • The boom in e-commerce and Internet marketing has created a new set of social and ethical issues. Concerns are Privacy, Security, Access by vulnerable or unauthorized groups.

    #Cultural Environment:

    The cultural environment is made up of institutions and other forces that affect society’s basic values, perceptions, preferences, and behaviors. Certain cultural characteristics can affect marketing decision-making.

    Among the most dynamic cultural characteristics are:

    1). Persistence of cultural values. People’s core beliefs and values have a high degree of persistence. Core beliefs and values are passed on from parents to children and are reinforced by schools, churches, business, and government. Secondary beliefs and values are more open to change.

    2). Shifts in secondary cultural values. Since secondary cultural values and beliefs are open to change, marketers want to spot them and be able to capitalize on the change potential. Society’s major cultural views are expressed in:

    1. People’s views of themselves. People vary in their emphasis on serving themselves versus serving others. In the 1980s, personal ambition and materialism increased dramatically, with significant implications for marketing. The leisure industry was a chief beneficiary.
    2. People’s views of others. Observers have noted a shift from a “me-society” to a “we society.” Consumers are spending more on products and services that will improve their lives rather than their image.
    3. People’s views of organizations. People are willing to work for large organizations but expect them to become increasingly socially responsible. Many companies are linking themselves to worthwhile causes. Honesty in appeals is a must.
    4. People’s views of society. This orientation influences consumption patterns. “Buy American” versus buying abroad is an issue that will continue into the next decade.
    5. People’s view of nature. There is a growing trend toward people’s feeling of mastery over nature through technology and the belief that nature is bountiful. However, nature is finite. Love of nature and sports associated with nature are expected to be significant trends in the next several years.
    6. People’s views of the universe. Studies of the origin of man, religion, and thought-provoking ad campaigns are on the rise. Currently, Americans are on a spiritual journey. This will probably take the form of “spiritual individualism.”

  • Q. Explain Microenvironment in Marketing.

    Question: Explain Microenvironment in Marketing. 

    Answers: The microenvironment in marketing consists of five components. The first is the organization’s internal environment—its several departments and management levels—as it affects marketing management’s decision making. The second component includes the marketing channel firms that cooperate to create value: the suppliers and marketing intermediaries (middlemen, physical distribution firms, marketing-service agencies, financial intermediaries). The third component consists of the five types of markets in which the organization can sell: the consumer, producer, reseller, government, and international markets.

    The fourth component consists of the competitors facing the organization. The fifth component consists of all the public that has an actual or potential interest in or impacts on the organization’s ability to achieve its objectives: financial, media, government, citizen action, and local, general, and internal publics. So the microenvironment consists of six forces close to the company that affects its ability to serve its customers:

    • The company itself (including departments).
    • Suppliers.
    • Marketing channel firms (intermediaries).
    • Customer markets.
    • Competitors.
    • Publics.

    The Company’s Microenvironment

    As discussed earlier the company’s microenvironment consists of six forces that affect its ability to serve its customers. Let’s discuss these forces in detail:

    #The Company:

    The first force is the company itself and the role it plays in the microenvironment. This could be deemed the internal environment.

    • Top management is responsible for setting the company’s mission, objectives, broad strategies, and policies.
    • Marketing managers must make decisions within the parameters established by top management.
    • Marketing managers must also work closely with other company departments. Areas such as finance, R & D, purchasing, manufacturing, and accounting all produce better results when aligned with common objectives and goals.
    • All departments must “think consumer” if the firm is to be successful. The goal is to provide superior customer value and satisfaction.
    #Suppliers:

    Suppliers are firms and individuals that provide the resources needed by the company and its competitors to produce goods and services. They are an important link in the company’s overall customer “value delivery system.”

    1. One consideration is to watch supply availability (such as supply shortages).
    2. Another point of concern is the monitoring of price trends of key inputs. Rising supply costs must be carefully monitored.
    #Marketing Intermediaries:

    Marketing intermediaries are firms that help the company to promote, sell, and distribute its goods to final buyers.

    1. Resellers are distribution channel firms that help the company find customers or make sales to them. These include wholesalers and retailers who buy and resell merchandise. Resellers often perform important functions more cheaply than the company can perform itself. However, seeking and working with resellers is not easy because of the power that some demand and use.
    2. Physical distribution firms help the company to stock and move goods from their points of origin to their destinations. Examples would be warehouses (that store and protect goods before they move to the next destination).
    3. Marketing service agencies (such as marketing research firms, advertising agencies, media firms, etc.) help the company target and promote its products.
    4. Financial intermediaries (such as banks, credit companies, insurance companies, etc.) help finance transactions and insure against risks.
    #Customers:

    The company must study its customer markets closely since each market has its own special characteristics.

    These markets normally include:

    1. Consumer markets (individuals and households that buy goods and services for personal consumption).
    2. Business markets (buy goods and services for further processing or for use in their production process).
    3. Reseller markets (buy goods and services in order to resell them at a profit).
    4. Government markets (agencies that buy goods and services in order to produce public services or transfer them to those that need them).
    5. International markets (buyers of all types in foreign countries).
    #Competitors:

    Every company faces a wide range of competitors. A company must secure a strategic advantage over competitors by positioning their offerings to be successful in the marketplace. No single competitive strategy is best for all companies.

    #Public:

    A public is any group that has an actual or potential interest in or impact on an organization’s ability to achieve its objectives. A company should prepare a marketing plan for all of their major public as well as their customer markets. Generally, the public can be identified as being:

    • Financial publics: influence the company’s ability to obtain funds.
    • Media publics: carry news, features, and editorial opinion.
    • Government publics: take developments into account.
    • Citizen-action publics: a company’s decisions are often questioned by consumer organizations.
    • Local publics: includes neighborhood residents and community organizations.
    • General publics: a company must be concerned about the general public’s attitude toward its products and services.
    • Internal publics: workers, managers, volunteers, and the board of directors.

  • Q. Explain fully the concept of finance.

    Question: Explain fully the concept of finance. 

    Q. What is Finance? Meaning

    Before we begin, first let’s understand the origin of word “FINANCE.” If we trace the origin of finance, there is evidence to prove that it is as old as human life on earth. The word finance was originally a French word. In the 18th century, it was adopted by English speaking communities to mean “the management of money.” Since then, it has found a permanent place in the English dictionary. Today, finance is not merely a word else has emerged into an academic discipline of greater significance. Finance is now organized as a branch of Economics.

    Furthermore, the one word which can easily replace finance is “EXCHANGE.” Finance is nothing but an exchange of available resources. Finance is not restricted only to the exchange and/or management of money. A barter trading system is also a type of finance. Thus, we can say, Finance is an art of managing various available resources like money, assets, investments, securities, etc.

    At present, we cannot imagine a world without Finance. In other words, Finance is the soul of our economic activities. To perform any economic activity, we need certain resources, which are to be pooled in terms of money (i.e. in the form of currency notes, other valuables, etc.). Finance is a prerequisite for obtaining physical resources, which are needed to perform productive activities and carrying business operations such as sales, pay compensations, reserve for contingencies (unascertained liabilities) and so on.

    Hence, Finance has now become an organic function and inseparable part of our day-to-day lives. Today, it has become a word which we often encounter on our daily basis.

    Q. What is Definition of Finance?

    Finance is defined in numerous ways by different groups of people. Though it is difficult to give a perfect definition of Finance following selected statements will help you deduce its broad meaning.

    1. In General sense, “Finance is the management of money and other valuables, which can be easily converted into cash.”

    2. According to Experts, “Finance is a simple task of providing the necessary funds (money) required by the business of entities like companies, firms, individuals, and others on the terms that are most favorable to achieve their economic objectives.”

    3. According to Entrepreneurs, “Finance is concerned with cash. It is so, since, every business transaction involves cash directly or indirectly.”

    4. According to Academicians, “Finance is the procurement (to get, obtain) of funds and effective (properly planned) utilization of funds. It also deals with profits that adequately compensate for the cost and risks borne by the business.”

  • Explain the importance of Financial Management!

    Question: Explain the importance of Financial Management in the present day Business World. 

    Answers: The importance/significance of financial management can be discussed/ explained from the following angles:  

    I – Importance to all types of organizations:
    1. Business organizations – Financial management is important to all types of the business organization i.e. Small size, medium size or a large size organization. As the size grows, financial decisions become more and more complex as the amount involves also is large.
    2. Charitable organization / nonprofit organization / Trust – In all those organizations, finance is a crucial aspect to be managed. A finance manager has to concentrate more on the collection of donations/ revenues etc and has to ensure that every rupee spent is justified and is towards achieving Goals of an organization. 
    3. Government / Govt. or public sector undertaking – In central/ state Govt, finance is a key/ important portfolio generally given to most capable or competent person. Preparation of budget, monitoring capital /revenue receipt and expenditure are key functions to be performed by the person in charge of finance. Similarly, in a Govt or public sector organization, financial controller or Chief finance officer has to play a key role in performing/ taking all three financial decisions i.e. raising of funds, investment of funds and distributing. 
    4. Other organizations- In all other organizations or even in a family finance is a key area to be looked in to seriously by a competent person so that things do not go out of gear.      
    II – Importance to all stakeholders:

    Financial Management is important to all stakeholders as explained below: 

    1. Shareholders – Shareholders are interested in getting optimum devidend and maximizing their wealth which is the basic objective of financial management.
    2. Investors/creditors – these stakeholders are interested in the safety of their funds, timely repayment of the principal amount as well as interest on the same. All these aspects are to be ensured by the person managing funds/ finance.
    3. Employees – They are interested in getting the timely payment of their salary/ wages, bonus, incentives and their retirement benefits which are possible only if funds are managed properly and organization is working in profit. 
    4. Customers – They are interested in quality products at reasonable rates which are possible only through efficient management of organization including management of funds. 
    5. Public – Public at large is interested in general public welfare activities under the corporate social responsibility and this aspect is possible only when organization earns the adequate profit. 
    6. Government – Govt is interested in timely payment of taxes and other revenues from the business world where again efficient finance manager has a definite role to play. 
    7. Management – Management is interested in overall image building, increase the market share, optimizing shareholders wealth and profit and all these aspects greatly depends upon the efficient management of financial resources.
    III – Importance of financial management to all deportments of a organization. 

    A large size company has many departments like (besides finance dept.)

    • Production/ Manufacturing Dept.
    • Marketing Dept.
    • Personnel Dept.
    • Material/ Inventory Dept.

    All these departments look for availability of adequate funds so that they could manage their individual responsibilities in an efficient manner. A lot of funds are required in production/manufacturing dept for ongoing / completing the production process as well as maintaining adequate stock to make available goods for the marketing dept for sale. Hence, finance department through efficient management of funds has to ensure that adequate funds are made available to all department and these departments at no stage starve for want of funds. Hence, efficient financial management is of utmost importance to all another department of the organization.

  • Attribution and Motivation Among Ethnicity

    Understanding of Attribution and Motivation Among Ethnicity?

    What is Ethnicity? Meaning of Ethnicity “The fact or state of belonging to a social group that has a common national or cultural tradition.” Some about of Ethnic; Relating to a population subgroup (within a larger or dominant national or cultural group) with a common national or cultural tradition. Relating to national and cultural origins. Denoting origin by birth or descent rather than by present nationality. Characteristic of or belonging to a non-Western cultural tradition.

    An ethnic group or ethnicity is a category of people who identify with each other based on similarities, such as common ancestral, language, social, cultural or national experiences. Unlike other social groups (wealth, age, hobbies), ethnicity is often an inherited status based on the society in which one lives. In some cases, it can be adopted if a person moves into another society. Membership of an ethnic group tends to be defined by a shared cultural heritage, ancestry, origin myth, history, homeland, language or dialect, symbolic systems such as religion, mythology and ritual, cuisine, dressing style, art, and physical appearance.

    Ethnic groups, derived from the same historical founder population, often continue to speak related languages and share a similar gene pool. By way of language shift, acculturation, adoption and religious conversion, it is sometimes possible for individuals or groups to leave one ethnic group and become part of another (except for ethnic groups emphasizing racial purity as a key membership criterion).

    Ethnicity is often used synonymously with ambiguous terms such as nation or people. In English, it can also have the connotation of something exotic (cf. “White ethnic”, “ethnic restaurant”, etc.), generally related to cultures of more recent immigrants, who arrived after the founding population of an area was established.

    Now reading – Attribution and Motivation Among Ethnicity; Do attributional explanations for success and failure act as an important motivational force in different ethnic groups? According to Graham (1989,1994), because attributional theory considers the role of thought in determining behavior, it is particularly fruitful in examining motivation in different cultures and ethnic groups.

    Beliefs About Effort and Ability

    Are attributional belief patterns similar among different ethnic groups? A comparison of poor African-American, Hispanic, Indo-Chinese, and White fifth- and sixth-grade students found similar attribution patterns for all groups (Bempechat, Nakkula, Wu, & Ginsberg, 1996). All groups rated ability as the most important factor for success in math. In a subsequent study comparing African-American, Hispanic, Indo-Chinese, and White fifthand sixth-graders, Bempechat, Graham, and Jimenez (1999) found cultural similarities as well as cultural specifics. For all ethnic groups, failure was attributed to lack of ability and success to external factors. In contrast, Indo-Chinese students had stronger beliefs that failure was due to lack of effort. Attribution for failure due to lack of ability is a problem for all students because it is believed to be uncontrollable.

    Graham (1984) compared middle- and low-SES African-American and White students on attributions for failure following a problem-solving task. The middle-class children in both ethnic groups were more likely to attribute failure to lack of effort and maintained consistently higher expectancies for success after experiencing failure. For both groups, this is indicative of an adaptive attributional pattern following failure, similar to that found in research by Diener and Dweck (1978). The findings of this research are important because they demonstrate the positive motivation pattern of African-American students—a pattern that has received little attention.

    Stevenson and Lee (1990) compared beliefs of American and Asian students concerning the role of effort and ability for success in mathematics. They asked mothers in Minnesota, Japan, and Taiwan to assign 10 points among ability, effort, task difficulty, and luck to rank their importance in academic success and school performance. All the mothers assigned the points in the same rank order: (1) effort, (2) ability, (3) task, and (4) luck. American mothers scored ability and effort as about equal. In contrast, Taiwanese and Japanese mothers assigned effort a higher value than ability. Peak (1993) noted that, in Japanese elementary schools, ability is rarely mentioned, whereas effort is consistently portrayed as key to success. In contrast, in the United States, students who try very hard are often labeled nerd or grind.

    These perceptions of effort and ability take on increased importance when homework is considered in the context of effort. Japanese and Chinese students spend at least twice the amount of time and effort on homework than do American students (Stevenson & Lee, 1990). American teachers assign less and consider it less valuable. Peak (1993) pointed out that homework reflects teachers’ beliefs on whether extra practice makes a difference and whether students are willing to engage in extra effort on behalf of their studies. American parents do not appear to consider good study habits as critical to academic success as do Asian parents.

    Implications for Teachers

    What can teachers draw from the attributional beliefs among different ethnic groups in terms of classroom practice? The important issue is to understand the motivational processes, such as attribution, operating within a particular ethnic group (Bempechat et al., 1996; Graham, 1994). When similarities are found across ethnic groups, educational interventions do not necessarily have to be targeted to children differentially based on their ethnic group membership.

    Graham (1989) emphasized the importance of teacher feedback in influencing concepts of ability and expectations of minority, low-SES students. Recall the previous discussion of indirect attributional cues. It is important to be aware of feedback that may indirectly convey to students that they have low ability. Graham (1994) suggested that in view of the number of African- American children in negative educational situations, it is especially important to be sensitive to how minorities feel, think, and act in response to non-attainment of goals.

     

  • What are Source of Attributional Information?

    What are Source of Attributional Information?

    How do we decide what caused our success and failure? What cues do we use to explain whether an outcome was influenced by our ability, effort, or some other factor? Information comes from direct and indirect cues (Graham, 1991). Some information comes from direct cues, like failing a test when other students succeeded. Information is also obtained from more indirect cues, often conveyed unintentionally, such as when a teacher communicates pity to a student who failed a test. In addition, there may be a bias toward causes (Weiner, 1992).

    Direct Attributional Cues

    One of the most important informational cues is the outcome of the task. Here students have a direct cue as to their performance. Another source of attributional information comes from comparing one’s performance to that of others (Weiner, 1992). When most of the class fails a test, students are likely to attribute the failure to the difficulty of the task, not to their ability. However, if Sam failed and everyone else in the class made an A or B, he is likely to believe the failure was due to his low ability. If Sarah fails a test and a peer says, “I didn’t study at all and I made an A,” Sarah may take this as a cue that failure must be due to her ability. When a teacher sees students comparing grades on a test, information other than the test score is being communicated. An important role of the teacher is to help students interpret the possible reasons for test scores and make an adaptive attribution.

    Indirect Attributional Cues

    In school, feedback that students receive from teachers is a source of much information about ability. Students’ attributional interpretations may be based on the attributions that teachers communicated to them (Reyna, 2000). Graham (1991) identified three groups of feedback as sources of indirect cues: praise versus blame, sympathy versus anger, and help versus neglect.

    Praise Versus Blame: The praise or blame a student receives from a teacher can function as an indirect low-ability cue (Graham, 1991). The cue provided by praise or blame interacts with the difficulty of the task and effort expended by a student. Praise acts as a low-ability cue when a student is praised for completing an easy task. A low-ability cue is also conveyed when a student fails a task but receives no blame, like lack of effort. The student can interpret this to mean, “There’s nothing I can do about the failure.”

    Sympathy Versus Anger: Did it ever occur to you that communicating sympathy to a student could be interpreted as evidence that he or she has the low ability? Graham (1984) found that when teachers conveyed sympathy following poor student performance, the failing students took this as a cue that they had low ability. Obviously a statement like “I feel sorry for you because you made such a low score” would be a low-ability cue. What might a teacher say that unintentionally conveys a message of low ability to a student? One student remembers a class being told, “All students have to do this except Holly and Ramon.” Holly took her omission as a cue that she would not be able to do the task. In contrast, mild anger for failure can provide an indirect cue that one is capable. For example, “You can do better than this. You handed this paper in with no editing,” provides a cue to the student that he or she is capable of more.

    Unsolicited Help: Another low-ability cue for students is unsolicited help by the teacher (Graham & Barker, 1990). Graham and Barker found that, regardless of whether a helper was a peer or teacher, other students judged the student who received unsolicited help as lower in ability than non-helped peers. The important factor in this example is unsolicited. When the teacher consistently gives help to Sylvia before she requests it, this suggests that the teacher knows that she will not be able to do it.

    Ability Grouping: One powerful cue for ability that affects large groups of students are tracking according to ability groups. Students in both high and low tracks are defined by labels such as high ability, honors, low-achieving, slow, and average (Oakes, 1985). These labels are powerful cues about one’s ability. Oakes observed that students in the lower track are usually seen by others as dumb and also see themselves in this way. A label may have an adverse effect on students in the high-achieving class as well. Students in a high-track class may take this label as a cue that they naturally have high ability and then assume inflated self-concepts. This belief can interfere with students working to develop their academic skills.

    It is important that teachers be aware of the subtle cues that may have unintentional effects on students’ perception of ability. Commonly accepted practices of generous praise, minimal blame, sympathy, and unsolicited help can sometimes be interpreted by students as they have the low ability (M. D. Clark, 1997; Graham, 1991). M. D. Clark found that responses given to students with LD are often interpreted as low-ability cues. Graham further suggested that these cues raise important questions pertinent to the motivation of minority students such as African-Americans. For example, are minority students more likely to be targeted for feedback that conveys sympathy—thus receiving a cue for low ability? Reyna (2000) took this a step further, stating that labeling and indirect cues can lead to stable beliefs about ability and have the negative effect of stereotyping.

    Attribution Bias

    Attribution bias or Attributional bias is a predisposition to make certain attributional judgments that may be in error (Weiner, 1985). Several variations of attributional bias have been identified that are relevant to achievement settings. A common misjudgment is a hedonic bias, the tendency to attribute success to self rather than to attribute failure to self (Weiner, 2000).

    Previous knowledge can also lead to attributions that are erroneous (Frieze, 1980). Potential sources of errors in attributional judgments can be found in stereotypes about certain groups (Reyna, 2000). These preconceptions about certain groups can serve as ready-made explanations for why a student achieves or does not achieve. There is a danger that the stable, uncontrollable attribution for low performance will lead to lower expectations.

    The implication for educators is to recognize that a number of possible causes may explain any given success or failure. Thus, it is important to be aware of potential stereotypical attributional biases. Explore other possible causes by gathering more information when bias may be a factor (see Strategy).

    Strategy of Collect Attributional Information

    Simply ask students why they succeeded, failed, or improved.

    Some teachers elicit information by having students give their reasons for how well they did after assignments or exams.

    Attribution information can be obtained through the use of learning logs, in which students keep records and write about their goals, successes, and failures.

    Conduct an attributional task analysis of student performance. Is it because the student cannot or will not? A teacher may believe that a student is not performing well because he or she has the low ability or is lazy. Instead, the student may be performing low because he or she does not have the essential skills.

    Look for clues that will enable you to determine if the student has the essential skills. Does the student have prerequisite knowledge or skills? Does the task require formal reasoning whereas the student is functioning at the concrete reasoning level? Does the student have the necessary learning or memory strategies?

    If the student cannot, then teach the prerequisite skill or guide student to the appropriate source of help.

  • Nature and Characteristics of Management

    Nature and Characteristics of Management

    What is Management? Define, Management is essential for an organized life and necessary to run all types of management. Also, Good management is the backbone of successful organizations. “Management is the art of getting things done through and with people in formally organized groups.” Managing life means getting things done to achieve life’s objectives and managing an organization means getting things done with and through other people to achieve its objectives. Nature and Characteristics of Management – Goal-oriented, Universal, Integrative Force, Social Process, Multidisciplinary, Continuous Process, Intangible, and Art as well as Science. So, what we discussing is –  The Topic of is Nature and the Characteristics of Management.

    Explain, The Nature and Characteristics of Management.

    The salient features which highlight the nature of management is as follows:

    • Goal-oriented.
    • Universal.
    • Integrative Force.
    • Social Process.
    • Multidisciplinary.
    • Continuous Process.
    • Intangible, and.
    • Art as well as Science.

    Now, Explain each one;

    Management goal-oriented:

    Management is not an end in itself. It is a means to achieve certain goals. Management has no justification to exist without goals. Also, Management goals call group goals or organizational goals. The basic goal of management is to ensure efficiency and economy in the utilization of human, physical and financial resources. The success of management measure by the extent to which one of the established goals achieved. Thus, management is purposeful.

    Management is universal:

    Management is an essential element of every organized activity irrespective of the size or type of activity. Wherever two or more persons engage in working for a common goal, management is necessary. All types of organizations, e.g., family, club, university, government, army, cricket team, or business, require management. Thus, management is a pervasive activity. The fundamental principles of management are applicable in all areas of organized effort. Also, Managers at all levels perform the same basic functions.

    Management is an Integrative Force:

    The essence of management lies in the coordination of individual efforts into a team. Also, Management reconciles the individual goals with organizational goals. As the unifying force, management creates a whole that is more than the sum of individual parts. Also, It integrates human and other resources.

    Management is a Social Process:

    Management is done by people, through people, and for people. It is a social process because it is concerned with interpersonal relations. The human factor is the most important element in management. According to Appley, “Management is the development of people not the direction of things. A good manager is a leader, not a boss. It is the pervasiveness of human element which gives management its special character as a social process”.

    Management is multidisciplinary:

    Management has to deal with human behavior under dynamic conditions. Therefore, it depends upon wide knowledge derived from several disciplines like engineering, sociology, psychology, economics, anthropology, etc. Also, The vast body of knowledge in management draws heavily upon other fields of study.

    Management is a continuous Process:

    Management is a dynamic and on-going process. The cycle of management continues to operate so long as there is an organized activity for the achievement of group goals.

    Management is Intangible:

    Management is an unseen or invisible force. It cannot see but its presence can be felt everywhere in the form of results. However, the managers who perform the functions of management are very much tangible and visible.

    Management is an Art as well as Science:

    It contains a systematic body of theoretical knowledge and it also involves the practical application of such knowledge. Management is also a discipline involving specialized training and an ethical code arising out of its social obligations. Based on these characteristics, management may be defined as a continuous social process involving the coordination of human and material resources to accomplish desired objectives. It involves both the determination and the accomplishment of organizational goals.

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    Nature and Characteristics of Management
    Nature and Characteristics of Management. Image credit from #Pixabay.

  • Concepts of Management

    Concepts of Management:

    The term management has been interpreted in several ways; some of which are given below:

    Management as an Activity:

    Management is an activity just like playing, studying, teaching etc. As an activity, management has been defined as the art of getting things done through the efforts of other people. Management is a group activity wherein managers do to achieve the objectives of the group.

    The activities of management are:

    • Interpersonal activities
    • Decisional activities
    • Informative activities

    Management as a Process:

    Management is considered a process because it involves a series of interrelated functions. It consists of getting the objectives of an organization and taking steps to achieve objectives. The management process includes planning, organizing, staffing, directing and controlling functions.

    Management as a process has the following implications:

    (i) Social Process: Management involves interactions among people. Goals can be achieved only when relations between people are productive. The human factor is the most important part of the management.

    (ii) Integrated Process: Management brings human, physical and financial resources together to put into the effort. Management also integrates human efforts so as to maintain harmony among them.

    (iii) Continuous Process: Management involves continuous identifying and solving problems. It is repeated every now and then till the goal is achieved.

    (iv) Interactive process: Managerial functions are contained within each other. For example, when a manager prepares plans, he is also laying down standards for control.

    Management as an Economic Resource:

    Like land, labor, and capital, management is an important factor of production. Management occupies the central place among productive factors as it combines and coordinates all other resources.

    Management as a Team:

    As a group of persons, management consists of all those who have the responsibility for guiding and coordinating the efforts of other persons. These persons are called as managers who operate at different levels of authority (top, middle, operating). Some of these managers have the ownership stake in their firms while others have become managers by virtue of their training and experience. Civil servants and defense personnel who manage public sector undertakings are also part of the management team. As group managers have become an elite class in society occupying positions with enormous power and prestige.

    Management as an Academic Discipline:

    Management has emerged as a specialized branch of knowledge. It comprises principles and practices for effective management of organizations. Management has become as a very popular field of study as is evident from the great rush for admission into institutes of
    management. Management offers a very rewarding and challenging career.

    Management as a Group:

    Management means the group of persons occupying managerial positions. It refers to all those individuals who perform managerial functions. All the managers, e.g., chief executive (managing director), departmental heads, supervisors and so on are collectively known as
    management.

    For example, when one remarks that the management of Reliance Industries Ltd. is good, he is referring to the persons who are managing the company. There are several types of managers which are listed as under.

    1. Family managers who have become managers by virtue of their being owners or relatives of the owners of a company.
    2. Professional managers who have been appointed on account of their degree or diploma in management.
    3. Civil Servants who manage public sector undertakings.

    Managers have become a very powerful and respected group in modern society. This is because the senior managers of companies take decisions that affect the lives of a large number of people. For example, if the managers of Reliance Industries Limited decide to expand production it will create the job for thousands of people. Managers also help to improve the social life of the public and the economic progress of the country. Senior managers also enjoy a high standard of living in society. They have, therefore, become an elite group in the society.

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  • Many Definitions of Management

    Definitions of Management:

    It is very difficult to give a precise definition of the term ‘management’. Different scholars from different disciplines view and interpret management from their own angles. The economists consider management as a resource like land, labor, capital and organization. The bureaucrats look upon it as a system of authority to achieve business goals. The sociologists consider managers as a part of the class elite in the society.

    The definitions by some of the leading management thinkers and practitioners are given below:

    (i) Management consists in guiding human and physical resources into dynamic, hard-hitting organization unit that attains its objectives to the satisfaction of those served and with a high degree of morale and sense of attainment on the part of those rendering the service. —Lawrence A. Appley.

    (ii) Management is the coordination of all resources through the process of planning, organizing, directing and controlling in order to attain stated objectives. —Henry L. Sisk.

    (iii) Management is principally the task of planning, coordinating, motivating and controlling the efforts of others towards a specific objective. —James L. Lundy.

    (iv) Management is the art and science of organizing and directing human efforts applied to control the forces and utilize the materials of nature for the benefit of man. —American Society of Mechanical Engineers.

    (v) Management is the creation and maintenance of an internal environment in an enterprise where individuals, working in groups, can perform efficiently and effectively towards the attainment of group goals. —Harold Koontz and Cyrill O’Donnell.

    (vi) Management is the art of knowing what you want to do and then seeing that it is done in the best and cheapest way. —F.W. Taylor.

    (vii) To manage is to forecast and to plan, to organize to command, to coordinate and to control. —Henry Fayol.

    (viii) Management is the function of executive leadership anywhere. —Ralph C. Davis.

    (ix) Management is concerned with seeing that the job gets done; its tasks all center on planning and guiding the operations that are going on in the enterprise. —E.F.L. Breach.

    (x) Management is a distinct process consisting of planning, organizing, actuating and controlling performed to determine and accomplish the objectives by the use of people and resources. —George R. Terry.

    (xi) Management is guiding human and physical resources into dynamic organizational units which attain their objectives to the satisfaction of those served and with a high degree of morale and sense of attainment on the part of those rendering services. —American Management Association.

    (xii) Management is a multi-purpose organ that manages a business and manages Managers and manages Workers and work. —Peter Drucker.

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    Note: Every Definition wrote by the different writer!