Management Theories And Concepts Of Management - 1663 Words

Management is a vital role within any business environment, as managers are responsible for leading people, making decisions and taking control of situations, to name just a few duties. This essay will outline various management theories and concepts, whilst also discussing the importance of managers being able to understand and apply them to their businesses. Porter’s Generic Strategy Model Michael Porter devised a model which outlined three generic strategies that a firm can implement in order to give them a competitive advantage over rivals. These strategies are: ‘cost leadership’, whereby a firm’s main objective is to offer the lowest price to customers by keeping their own costs to a minimum; ‘differentiation’, where a particular product has unique attributes, consequently adding value in the eyes of the consumer, meaning that they perceive it as superior to rivals’ products (Parsons, 2010); and ‘focus’, whereby a firm targets its goods/services to a niche market, thus exploiting the particular needs of customers in a particular market (University of Cambridge, no date). Cost Leadership An example of a firm which operates a cost leadership strategy is budget airline Ryanair. Ryanair is the fastest growing aviation company in Europe, mainly due to its competitive pricing strategy (AbsolutZero, 2012). Their 2014-15 year-end report boasted an 11% rise in passenger numbers and a 12% rise in revenue (BBC, 2015). This is likely to be due to the rising demand for cheaperShow MoreRelatedEvaluation Of Theory And Concept Of Change Management3730 Words   |  15 Pages1. Evaluation of Theory and Concept of Change Management a. Hybrid structure b. The McKinsey 7-S Model c. Lewin s Change Management Model - Unfreezing Period - Transition Period - Refreezing Period Change Management Planning Process 2. Roles and Perspectives: Attitudes and Behavior of Key Players a. Behavior of Key Role Players b. Changing Behaviors Impacting Employees Convergence of Planning into Strategy Conclusion References î ¿ ¾ Introduction The change management for organizationsRead MoreTheories And Management Concepts As Solutions For Managing Challenges876 Words   |  4 Pagestwo predominant HRM models: soft model and hard model. Any bias towards one of which could lead to serious problems. While Fredrick Taylor’s scientific management represents the hard model, the soft model is best described with Elton Mayo’s human relations approach. The purpose of this essay is to address several theories and management concepts as solutions for managing challenges. The following is a case study of Alex, an administration manager of an organization called Active Aging Today (AAT)Read MoreLeadership And Management Theories, Principles And Best Practice Concepts Benefit My Nursing Leadership Development2400 Words   |  10 Pageswill focus on leadership and management with the aim of developing knowledge from the discussion of theories and strategies to the provision of quality care. In the last section I will ref lect on how knowledge gathered about leadership and management theories, principles and best practice concepts benefit my nursing leadership development. To begin with, fundamentals of leadership are to believe in the vision and to enjoy the journey as it is a very important concept in life. Leadership define byRead MoreDouglas McGregor’s Human Side of Enterprise Essay1332 Words   |  6 Pagespsychology, coupled with his profession experiences in multiple facets of industry, McGregor was in a position to propose a ground breaking concept of management in the workplace. According to a book review by Eileen Kelly (2000), McGregor left an indelible impression of the American business landscape and on management thought with his Theory X and Theory Y. Interestingly enough, the aforementioned book review was done on a book called Douglas McGregor, Revisited: Managing the Human Side of theRead More Theory of Acute Pain Management Essay1273 Words   |  6 PagesTheory of Acute Pain Management Marion Good, PhD, RN, has focused her study, â€Å"A Middle-Range Theory of Acute pain Management: Use in Research,† on complementary medicine for pain and stress, acute pain, and stress immunity. The purpose of this theory is to put into practice guidelines for pain management. Good, 1998, noted the need for a balance between medication usage and side effects of pain medications. The theory also promoted patient education related to pain management following surgeryRead MoreManagement Thoughts and Theories1727 Words   |  7 PagesMANAGEMENT THOUGHTS AND THEORIES The industrial revolution, which began in Europe in mid-1700s, was the starting point for the development of management concepts and theories. PRECLASSICAL CONTRIBUTORS TO MANAGENENT THOUGHT Name Period Contribution Robert Owen 1771- 1858 Proposed legislative reforms to improve working conditions of labor Charles Babbage 1792-1871 Advocated the concept of ‘division of labor; devised a profit-sharing plan which led to the modern-day Scanlon Plan AndrewRead MoreOrganizational Management Approach Analysis : Organization1550 Words   |  7 PagesORGANIZATIONAL MANAGEMENT APPROACH ANALYSIS 1 Organization Management Approach Analysis Shweta Hallen ORG 502 – Effective Organization: Theory and Practice Colorado State University – Global Campus Dr. Claudia Santin December 01, 2015 ORGANIZATIONAL MANAGEMENT APPROACH ANALYSIS 2 Organizational Management Approach Analysis The following analysis examines the organizational approach to management that I work for. Since many of the approaches to management are based on historical approaches to management, thisRead MoreThe Middle Range Theory Of Acute Pain Management1249 Words   |  5 PagesThe middle range theories consist of two more concepts, and these concepts are concrete and operationally explained. The hypothesis from middle range theories is testable. These theories are specific to the problem (McEwen, . Wills, 2014). The middle range theory of Acute Pain Management by Good and Moore established in1996 used in the management of acute and chronic pain. Marion Good is working as an Associate Professor of Nursing at, Case Western Reserve University, Cleveland, Ohio. She conductedRead MoreAre the Classical Functions Put Forward by Henri Fayol in 1949 Still Valid and True Today?1263 Words   |  6 Pageseffectiveness of classical approaches to newer conceptualizations within management functions. Are the classical functions put forward by Henri Fayol in 1949 still valid and true today?, or are the theories put forward by other academics such as Mintzberg more valid?, or would the scientific type management concepts be more fitting?. To answer such questions this report examines two Journal journals, â€Å"Are the classical management functions useful in describing managerial work?† (Journal 1) and â€Å"SomeRead MorePeople in Organisations955 Words   |  4 PagesThe purpose of this paper is to define the concept of Organisational Behaviour and identify the most important areas of the topic which considerably impact on organi sational efficiency and effectiveness. Nowadays, due to the rapidly changing business environment, perceiving organisational behaviour is recognised as one of the most significant aspects of all business operations (Robbins and Judge, 2010). According to Financial Times Mastering Management (1997) â€Å"Organisational behaviour is one of the