Cost Estimation and Profit Planning

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Liberty University *

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BUSI601

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Business

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Apr 3, 2024

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docx

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COST ESTIMATION AND PROFIT PLANNING 1 Cost Estimation and Profit Planning School of Business, Liberty University

COST ESTIMATION AND PROFIT PLANNING 2 Cost Estimation and Profit Planning Per Pallant et al. (2020) “mass customization is a form of micro-segmentation where firms create product or service variants that can be altered and/or combined to satisfy individual customer needs.” For example, firms and companies could solicit feedback from their customers and encourage active participation to interactively engage in the design process for services and products (Xie et al., 2020). One example of mass customization would be the hotel industry where customers are catered to and companies want to create memorable experiences for their guests (Rahimian et al., 2021). Mass customization is also a viable strategy to mitigate competition and securing the market segments, which may lead to reduced costs (Li et al., 2021). The potential cost reduction can support the dynamic pricing aspect of mass customization. The notion that superior management is a craft technology is widely supported in the literature. “Job crafting is characterized by job holders' own initiatives to alter the content and meaning of their job, as well as the quality of their relationship with others in the workplace” (Shin et al., 2020). The literature further points out the paradox of managerial macromarketing in delivering business instruction on sustainability, emphasizing the formal aspect of management training in education (Peterson, 2021). Further “critical pedagogy is crucial for the teaching of informal educators, enabling lecturer and practitioners to interrupt the hegemony of neo-liberal and neo-managerial thinking in their practice and in higher education, and re-orientate themselves and examine their positionality within their institutions” (Smith & Seal, 2021). This means that critical pedagogy challenges students to think critically by introducing social, economic and political management theories. Managers can leverage technology for a variety of business processes, but it has its drawbacks as well. “Managers and employees in craft enterprises experience increasing

COST ESTIMATION AND PROFIT PLANNING 3 psychological strain due to technostress. However, there is a willingness to take preventive interventions and a desire for more support in creating healthy working conditions in the context of digitalization” (Scheepers et al., 2022). Technology may not fully replace the balance between automation and the human high-touch element, and the excess of technology can induce personal fatigue. With all said, technology cannot undermine human connection and trust, which can be bolstered by face-to-face communications and reading the nonverbal cues between managers and the workforce that include context clues. Lack of face-to-face communication can also undermine strategic relationships that are needed for businesses to progress and grow vertically. One company that busted bureaucracy and applied a novel technique is Zappos, which used Holoracy which consists of implementing decentralized managerial structure for teams to self-organize and replace traditional bureaucracy with circle teams that have clearly accountable roles and inject innovation and agility to daily operations (Weirauch & Galliker, 2023). Another example of busting bureaucracy is Netflix which emphasis “freedom of individual responsibility” and underlines consistency of actions and words (Pucik et al., 2023). Further, Netflix abolished corporate culture in favor of more progressive culture, which promotes driving away from the classic bureaucratic concepts (Kazmi, 2023). According to Kemper et al. (2019) “if institutions, including disciplines and business schools, remain wedded to assumptions regarding the compatibility between the environment and economic growth and acceptance of market forces then the development of alternative perspectives on sustainability remains highly problematic.” This statement questions whether economic growth is compatible with sustainability and pushes the narrative that alternative models for sustainability should be evaluated. No growth philosophy should be approached with caution and prudence to navigate complex business issues with wisdom and experience.

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