50 Management Ideas You Really Need to Know (50 Ideas You Really Need to Know series)

50 Management Ideas You Really Need to Know (50 Ideas You Really Need to Know series)

Edward Russell-Walling

Language: English

Pages: 208


Format: PDF / Kindle (mobi) / ePub

50 Management Ideas You Really Need to Know demystifies the management concepts that any budding entrepreneur would want to grasp. The 50 bite-sized topics expound the wisdom of the well-known business gurus (from Peters and Porter to Welch and Gates), explain helpful theories and tools (Ansoff's Product/Market grid, the 4Ps, Boston Matrix), and cover the latest commercial concepts from the online world.

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retailer, now wants to sell online storage and computing power. Google, the search engine, is squaring up to Microsoft with its own office software package. Can they pull it off? Diversification, the route both are now taking, is never the safe option. Diversification is a classic growth strategy, and every successful company will consider it, at the very least, at some point in its evolution. In its pure form—new product, new market—it is the riskiest of the four growth options in Ansoff’s

phases are: Launch—acceptance is more important than profit, and promotion is needed to build awareness. In a competitive market, low penetration pricing may maximize early sales and accelerate the experience curve. If competition is weak, skimming prices can recover development costs. At this stage, distribution is often selective. Growth—demand is increasing, so pricing can be maintained. Distribution channels are added and promotion stepped up to reach a wider audience. Maturity—competition

responsibility. If the job can’t use all the employee’s abilities, automate or hire someone less skilled. McGregor felt that Theory Y was best suited to professional services and knowledge workers, and was particularly conducive to participative problem solving. Its ideas are sometimes collectively referred to as “soft” management, leaving Theory X as the “hard” variety. Others have called the styles “participative” vs. “authoritarian.” Experimentation has revealed Theory Y to be inflexible,

selection and advertising; service—support for customers after they have bought the product, including installation, after-sales service and complaints handling. “Value is what customers are willing to pay.” Michael Porter, 1985 Support activities help to improve the efficiency or effectiveness of the primary activities. These are: procurement—the purchasing of all goods, raw materials and services needed to create the product or service (the “value-creating” activities); technology

there are many who would regard the “probably” as redundant. No other management thinker, alive or dead, comes as close to Peter Drucker in terms of the respect he commands. Porter and Drucker are very different creatures. Drucker, the visionary, always put people at the center of his philosophy. Porter doesn’t really do people but is an academic all the way to the end of his fingertips—relentlessly analytical and averse to showmanship. Harvard made him a University Professor—a rare honor—and

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