Systems management theory is a foundational approach to management that views the organization as an open system made up of interrelated and interdependent parts that interact as sub-systems. This approach differs from the more traditional hierarchical approaches to management in that it focuses on the dynamic interactions between the component parts of an organization rather … Continue reading Systems Management Theory
To compare economic productivity and standards of living between countries, economists use an analysis metric called the Purchasing Power Parity that allows them to compare different countries’ currencies through a “basket of goods” approach. The Purchasing Power Parity (PPP) theory is a long-held belief that the exchange rate between two currencies should be the same … Continue reading Theory of Purchasing Power Parity
People living in groups(societies) and sharing resources(commons) could either act according to their self-interests or seek the common good. This idea was first discussed in a pamphlet published in 1883 by the British economist William Forster Lloyd. He described a phenomenon called “Tragedy Of The Commons” according to which when people have open access to … Continue reading Tragedy Of The Commons
“The aim of marketing is to know and understand the customer so well the product or service fits him and sells itself”, this quote from Peter Drucker places the emphasis on how crucial it is for businesses to have a good understanding of the consumer base they are dealing with, thus puts us in front … Continue reading The Study Of Consumer Behavior.
The Lean Startup: How Today’s Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses is a book by Eric Ries(1978-) who is an American entrepreneur, blogger, and author. “The Lean Startup” was originally published in 2011. According to the publisher, the book has sold over one million copies and has been translated into more than thirty … Continue reading The Lean Startup, by Eric Ries.
If you are a business leader, then facing challenges is something you must be used to, no matter the industry or the type of business you are in. Although problems and challenges come across every leader’s road, they don’t all handle them in the same way. Some are reactive to situations, while others have a … Continue reading Proactive Attitude In Leadership.
In order to choose securities to buy, usually, investors conduct a lot of research and do a lot of analysis and calculus to find the best options. But ‘best options’ don’t always mean the same thing for all investors. Different theories and models try to suggest the best paradigms to follow by investors for higher … Continue reading The Greater Fool Theory:
Classical economic models assume that people are rational, predictable, and make the most optimal choices, but are we really so? Trying to answer this question, a new economic sub-field emerged and it’s called “behavioral economics”. It is an attempt to prove that there are psychological, social, and emotional factors that influence our decision-making. Behavioral … Continue reading What Is Behavioral Economics?
Ethical marketing involves practices that follow ethical standards and focus on how businesses can fulfill their social responsibilities and handle different ethical issues. It is basically about combining social and commercial objectives in a way that benefits both the business and society. Organizations that follow ethical marketing intentionally apply moral standards to their marketing … Continue reading Ethical Marketing | Marketing Ethics
Leadership requires engagement in countless relationships at the organizational level, and in different communities and groups, dealing with a multitude of audiences, and handling rapid flows of information. In short, being a leader means you will need to get a lot of people around you and if so, you need to communicate effectively. But communication … Continue reading Why is communication important in leadership?