Session 3 Market Based Management Appli Essay

1209 WordsDec 1, 20145 Pages
Nova Southeastern University H. Wayne Huizenga School of Business and Entrepreneurship MGT 5012–Twenty First Century Management Practices Assignment for Course: MGT 5012-Twenty First Century Management Practices Submitted to: Dr. Bahaudin G. Mujtaba Submitted by: Sharon M. Rodriguez 4204 Renaissance Way, Boynton Beach, FL 33426 Work phone number: 561-226-7057 Home phone number: 772-332-1083 Date of Submission: 10/19/14 Title of Assignment: Market-Based Management Application CERTIFICATION OF AUTHORSHIP: I certify that I am the author of this paper and that any assistance I received in its preparation is fully acknowledged and disclosed in the paper. I have also cited any sources from which I used data, ideas…show more content…
MBM is a scientific approach to management that integrates theory and practice, and provides a framework for dealing with the ongoing challenges of growth and change (KOCH, 2007). Five Dimensions The theory of MBM is rooted in the Science of Human Action and is defined by five dimensions: (figure 1) (GP, 2014). Until now I have never heard of or read about Market-Based Management. I’m privileged to know someone who worked at Georgia-Pacific where the employees were required to take courses. They used guiding principles for reviews and evaluations. By using these dimensions along with the guiding principles we presume and organization will be successful both internal and external. This has been proved successful for Koch Industries, however there are still arguments that it doesn’t apply to all business sectors. For example: Let’s take the dimension Incentives. An employee performing the day to day activities improves a process and the accomplishments of time saving or elimination. Based on the MBM Incentive, this should be rewarded. This will be acknowledged by direct reports but then taken up the chain command, only to find out that it’s not relevant at that level. How does this employee get rewarded based on the guidelines? Also, a salary increase would be an incentive for the employee to perform good work. In the MBM culture, salary is based on the market for the area the employee works in. A

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