Administrative management is classical management theory developed by the French mining engineer Henri Fayol (1841-1923) in his book “Industrial and general administration ” published in 1916.Fayol suggested 14 principles that focus on the administrative side of management.This theory generally calls for a formalized administrative structure.For Fayol, who was trying to find a rational way to design an organization … Continue reading The principles of administrative management. | Henri Fayol.
S.W.O.T (stands for Strengths, weaknesses, opportunities, threats) analysis is a business strategy tool that helps determining the options offered in a certain area of activity. It’s a very practical and useful tool during the strategic diagnostic phase. It has the advantage of summarizing the strengths and weaknesses of a company as well as the opportunities … Continue reading S.W.O.T analysis and its importance in marketing.
The issue of economic growth and development has always been one of the major concerns of humanity. It has aroused and still arouses the growing interest of researchers to find appropriate ways, policies and approaches, which allow human societies to converge towards an optimum of collective well-being. In 1960 The American economist Walt Whitman Rostow … Continue reading Stages of economic growth according to W. Rostow.
During the 19th century, the world was witnessing an industrial revolution which shifted agrian and artisanal societies towards towards commercial and industrial societies and established new manufacturing processes. This resulted in an increasing pace of industry, large groups of people working together, people working alongside machinery and companies started looking for more effective ways to … Continue reading Classical Management Theory.
Mercantilism: an economic theory that dominated in the modernized parts of Europe from the 16th to the 18th century. This theory is mostly associated with colonialism and the exploitation of the colonies’ natural resources.Mercantilism is considered as the first trade system between nations. Mercantilism is centered around the idea that a country’s wealth is determined … Continue reading Mercantilism: the economic side of colonialism.
Money as it appears today comes in various forms and fulfills different functions in order to facilitate our daily economic transactions. Money can be defined by the functions it performs. It fulfills three essential functions, it is at the same time a unit of account, a medium of exchange and a store of value. … Continue reading Functions of money.
Capital in the 21st century, a book by the french economist and writer Thomas Piketty, published in France in 2013, the English version came up later in April 2014 by Arthur Goldhammer. Chosen as the Financial Times and McKinsey Business Book of the Year in 2014 and won the British Academy Medal in the same … Continue reading Book summary: “Capital In The 21st Century ” by Thomas Piketty.
The Austrian psychologist Fred Edward Fiedler (1922- 2017), one of the leading researchers in the industrial and organizational psychology, was behind one of the most remarkable management and leadership theories in the 20th century: The contingency management theory. According Fiedler’s contingency management theory, there is no one best way to structure a corporation and lead … Continue reading Fiedler’s contingency management theory.
How an economy grows and why it crashes, a book written by the American economist and stock broker Peter Schiff , published in 2010. It covers multiple topics about economics and finance through the story of three men: Able, Baker and Charlie living on an isolated island. These 3 men go fishing every day for … Continue reading Book summary: ” How an economy grows and why it crashes ” by Peter Schiff .
A business’s offer cannot satisfy the entire market. Not all people like the same things and have the same interests and preferences. It is therefore necessary to segment the market. What does market segmentation mean ? Market Segmentation involves identifying distinct groups of customers who will react in the same way to the company’s offering. … Continue reading Market segmentation