Management Theories

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Business Concepts
Management Theories
Scientific Management – an approach that emphasizes the scientific study of work methods in order to improve worker efficiency.
Bureaucratic Management – an approach that emphasizes the need for organizations to operate in a rational manger rather than relying on the arbitrary whims of owners and managers.
Administrative Management – an approach that focuses on principles that can be used by managers to coordinate the internal activities of organizations.
Fayol’s General Principles of Management
1. Division of work. Concept of specialization of work.
2. Authority. Formal(positional) authority versus personal authority.
3. Discipline. Based on obedience and respect.
4. Unity of command. Each
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Total Quality Management – Programs designed to constantly improve the quality of products, services and marketing processes.
Exchange – the act of obtaining a desired object from someone by offering something in return.
Transaction – a trade between two parties that involves at least two things of value, agreed – upon conditions, a time of agreement and a place of agreement.
Relationship Marketing – the process of creating, maintaining, and enhancing strong, value-laden relationships with customers and other stakeholders.
Market – the set of all actual and potential buyers of a product or service.

Marketing Management Philosophies – it is described as carrying out tasks to achieve desired changes with target markets. There are five alternative concepts under which organization conduct their marketing activities. These are:
1. Production Concept – the philosophy that consumers will favour products that are available and highly affordable and that management should therefore focus on improving production and distribution efficiency.
Two types of situations:
• When the demand for a product exceeds the supply, management should look for ways to increase production.
• When the product’s cost is too high, improved productivity is needed to bring it down.
2. Product Concept – the idea that consumers will favour products that offer the most quality, performance and features and that the organization should

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