8 Major Schools of Management Thought

Major Schools of Management Thought The various approaches to the study of management as propounded by specialists from different disciplines have come to be called the Schools of Management Thought. The Major Schools of Management Theory are: 1.  Management Process School 2.  Empirical School 3.  Human Behaviors or Human Relations School 4.  Social School 5.  … Read more

McKinsey’s 7-S Framework

McKinsey’s 7-S Framework McKinsey’s 7-S Framework has received considerable attention from management consultants and strategists. This framework was developed in late 1970 by McKinsey, a well-known consultancy firm in the United States. This framework is based on the proposal that effective organizational change is best understood in terms of the complex relationship between hard elements … Read more

Overview of Management

What is Management? Management is essential for an organized life and necessary to run all types of management. Good management is the backbone of successful organizations. 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. Whether management … Read more

Frederick Taylor’s 4Principles of Scientific Management

4 Principles of Scientific Management Frederic Winslow Taylor started his career as a mechanist in 1875. He studied engineering in an evening college and rose to the position of chief engineer in his organization. He invented high-speed steel cutting tools and spent most of his life as a consulting engineer. Frederick Winslow Taylor (1856-1915) is … Read more

Boston Consulting Group Growth Share Matrix (BCG MATRIX)

Boston Consulting Group Growth Share Matrix (BCG MATRIX) • The BCG matrix based on product life cycle theory was developed by Bruce Henderson of the Boston Consulting Group in the early 1970’s.  It has 2 dimensions: Market Growth Rate and Relative Market Share. It is based upon the simple observation that company’s business unit  can … Read more

Nature and Scope of Management

The Nature of Management The salient features which highlight the nature of management is as follows: Universal Process Factor of Production Goal-Oriented Supreme in Thought and Action Group Activity Dynamic Function Social Science Important Organ of Society System of Authority Profession Process Lets, explain each one; Universal Process Wherever there is human activity, there is … Read more

Responsibilities of a Sales Manager: The Ultimate Guide

Responsibilities of a Sales Manager The management is responsible and answerable to many groups. Sometimes, the interests of these groups conflict with each other. Hence, management must conduct its affairs in a manner so as to be fair and equitable to all parties who have a vested interest and claim on management. These interested parties … Read more

Contribution by Peter F. Drucker – Management by Objectives (MBO)

Contribution by Peter F. Drucker – MBO Peter F. Drucker is a highly respected management thinker. He is a prolific writer and has published several books and articles on management practices. He is so versatile that there is hardly any area in management, which is not touched by him. He has drawn heavily from his … Read more

Effective Managerial Skills

Managerial Skills A skill is an acquired and learned ability to translate knowledge into performance. It is the competency that allows for performance to be superior in the field in which the worker has the required skill. All managers need to possess technical, interpersonal, conceptual, diagnostic, communicational and political skills. While technical and diagnostic skills … Read more

Henri Fayol’s 14 Principles of Management

Principles of Management by Henri Fayol Henri Fayol is claimed to be the real father of modern management. He was a Frenchman born in 1841 and was working as an engineer with a mining company. He improved the condition of the company from virtual bankruptcy to high success. From his practical experience, he developed some … Read more

Managerial Roles

Managerial Roles Another approach to study management is to examine the roles that managers are expected to perform. These roles can be defined as the organized sets of behaviors identified with the position. These roles were developed by Henry Mintzberg in the late 1960s after a careful study of executives at work. All these roles … Read more

Advantages and Disadvantages of Management by Objectives (MBO)

Management by Objectives Management by objectives (MBO) can also be referred as Management by Results or Goal Management, and is based on the assumption that involvement leads to commitment and if an employee participates in goal setting as well as setting standards for measurement of performance towards that goal, then the employee will be motivated … Read more

Management by Objectives (MBO)

Management by Objectives (MBO) The ideas behind management by objectives (MBO) were advocated and popularized by Peter Drucker, who stressed that business performance requires that each job be directed towards the objective of the whole business. Even though it is comparatively a new area, a lot of attention has been paid to it, notably by … Read more

Porter’s Five Forces Model of Competitive Industry Structure

Porter’s Five Forces Model of Competitive Industry Structure An industry is a group of firms that market product which are close substitutes of each other. Some industries are more profitable than others. But this difference cannot be totally explained by fact that one industry provides better customer satisfaction than others. There are other determinants of … Read more