Modern Management Techniques
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Modern Management Techniques
Core management concepts and cutting-edge managerial skill training, which transform management aspirants into effective managers.
Curated by Abey Francis
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Business Intelligence (BI)

Business Intelligence (BI) | Modern Management Techniques | Scoop.it
Business Intelligence is the process of discovering and analyzing data to make informed business decisions. The management in any business needs this aspect of management as part of the companies integral infrastructure in today's world in order for the business to succeed. 
Abey Francis's insight:
Business intelligence (BI) is a technology-driven process for analyzing data and presenting actionable information to help corporate executives, business managers and other end users make more informed business decisions. BI encompasses a variety of tools, applications and methodologies that enable organizations to collect data from internal systems and external sources, prepare it for analysis, develop and run queries against the data, and create reports, dashboards and data visualizations to make the analytical results available to corporate decision makers as well as operational workers.
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Knowledge Management Cycle

Knowledge Management Cycle | Modern Management Techniques | Scoop.it
Knowledge management system follows a six steps process in a cycle. The reason the system is cyclical is that knowledge is dynamically refined over time.
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Knowledge management cycle is a process of transforming information into knowledge within an organization. It explains how knowledge is captured, processed, and distributed in an organization.
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Leadership Characteristics - What Makes an Effective Leader

Leadership Characteristics - What Makes an Effective Leader | Modern Management Techniques | Scoop.it
There are some specific characteristics that are found inside people who are born that seem like a developed skills and abilities which open themselves in a wise position where they look like a good leader.
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Studying the characteristic of leadership is useful because we tend break things into characteristics to make big concepts easier to handle. There are common traits that define leadership, and finding them only takes some study of those who have been successful. By actively building on these traits you can develop into a stronger leader. 

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Antonius Agus Marhendro's curator insight, March 25, 9:31 PM

Studying the characteristic of leadership is useful because we tend break things into characteristics to make big concepts easier to handle. There are common traits that define leadership, and finding them only takes some study of those who have been successful. By actively building on these traits you can develop into a stronger leader. 

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Kaizen - Japanese Philosophy of Continuous Improvement

Kaizen - Japanese Philosophy of Continuous Improvement | Modern Management Techniques | Scoop.it
Kaizen is a Japanese philosophy that focus upon continuous improvement of processes in manufacturing, engineering, and business management generally.
Abey Francis's insight:

The term, Kaizen refers to continuous improvement or change for the better. It states the philosophy or practices that focus upon continuous improvement of processes in manufacturing, engineering, and business management generally. In business Kaizen encompasses many of the components of Japanese businesses that have been seen as a part of their success. Kaizen includes Quality circles, automation, suggestion systems, just-in-time delivery, Kanban and 5S in running a business. It has improved productivity and made the automotive industry grow according to many companies such as Toyota.

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Hierarchy of Effects Model

Hierarchy of Effects Model | Modern Management Techniques | Scoop.it
Another widely used model in marketing management that attempts to explain consumer decision making process is called the Hierarchy of Effects Model.
Abey Francis's insight:

Among advertising theories, the hierarchy-of-effects model is predominant. It shows clear steps of how advertising works. Hierarchy of effects Model can be explained with the help of a pyramid. First the lower level objectives such as awareness, knowledge or comprehension are accomplished.

Subsequent objectives may focus on moving prospects to higher levels in the pyramid to elicit desired bbehavioral responses such as associating feelings with the brand, trial, or regular use etc. it is easier to accomplish ad objectives located at the base of the pyramid than the ones towards the top. The percentage of prospective customers will decline as they move up the pyramid towards more action oriented objectives, such as regular brand use.

Many marketers know the Hierarchy of Effects (one of several theoretical frameworks that is useful in developing an advertisement for an advertising campaign), but usually by a different name. Some call it AIDA, others the demand chain, still more the purchase funnel. Whatever the name, it invariably begins with the total potential market for your brand. This pool of potential customers then progress through a series of stages that can include awareness, preference, purchase and, hopefully, loyalty.

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Spiral of Silence Theory

Spiral of Silence Theory | Modern Management Techniques | Scoop.it
Elizabeth Noelle–Neumann’s Spiral of Silence theory analyses and demonstrates how interpersonal communication and media operate together in the development of public opinion.
Abey Francis's insight:

Neumann (1974) introduced the “spiral of silence” as an attempt to explain in part how public opinion is formed. She wondered why the Germans supported wrong political positions that led to national defeat, humiliation and ruin in the 1930s-1940s.


The phrase "spiral of silence" actually refers to how people tend to remain silent when they feel that their views are in the minority. The model is based on three premises: 1) people have a "quasi-statistical organ," a sixth-sense if you will, which allows them to know the prevailing public opinion, even without access to polls, 2) people have a fear of isolation and know what behaviors will increase their likelihood of being socially isolated, and 3) people are reticent to express their minority views, primarily out of fear of being isolated.

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Balanced Scorecard (BSC)

Balanced Scorecard (BSC) | Modern Management Techniques | Scoop.it
The Balanced Scorecard is a framework, or what can be best characterized as a strategic management system that claims to incorporate all quantitative and abstract measures of true importance to the enterprise.
Abey Francis's insight:

The Balanced Scorecard concept, popularised by Robert S Kaplan and David P Norton, is a performance management tool that encompasses the financial measures of an organisation and key non-financial measures relating to customers or clients, internal processes, and organisational learning and growth needs. It places these into a concise ‘scorecard’ that can be used to monitor performance.  

Early implementations of the Balanced Scorecard tended to focus on including a balance of measures in the four domains or perspectives rather than on execution of strategy, but over time it has become a widely used strategic management tool. The Balanced Scorecard process attempts to identify important links between financial performance and the underlying customer, internal processes and organisational metrics. This creates a mechanism for translating the strategic vision into concrete actions necessary to achieve success.  

This characteristic of the Balanced Scorecard places strategy at the core of management. When implemented properly, it can be used to align measures, actions and rewards to create a proper focus on the execution of strategic initiatives and achievement of strategic objectives, rather than a sole focus on the annual budget.  The widespread adoption of the Balanced Scorecard is due in part to its flexibility. Many companies have implemented their own variations to suit their strategic purposes.

The Tesco ‘Steering Wheel’, for example, includes five perspectives, capturing their commitment to the community in addition to their financial, customer, operations and people aspects.  The Balanced Scorecard has also been successfully adapted for use by not-for-profit and public sector organisations. While the top line financial objectives of for-profit organisations are replaced by mission-related objectives, the process of identifying relevant stakeholder, internal process and resource measures serves much the same purpose.

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Role of Leadership in Organizations

Role of Leadership in Organizations | Modern Management Techniques | Scoop.it
What is that differentiates successful organizations from the rest in this competitive world? It is effective and dynamic leadership.
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Setting a clear vision means influencing employees to understand and accept the future state of the organization. A good leader will influence the employees to perform their duties by explaining the vision and the importance of their role in the outcome.

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Personality in Organizational Behavior

Personality in Organizational Behavior | Modern Management Techniques | Scoop.it
Personality is the dynamic organisation within the individual of those psychological systems that determine his unique adjustment to environment.
Abey Francis's insight:

Personality encompasses the relatively stable feelings, thoughts, and behavioral patterns a person has. Our personality differentiates us from other people, and understanding someone’s personality gives us clues about how that person is likely to act and feel in a variety of situations. In order to effectively manage organizational behavior, an understanding of different employees’ personalities is helpful. Having this knowledge is also useful for placing people in jobs and organizations.

 

If personality is stable, does this mean that it does not change? You probably remember how you have changed and evolved as a result of your own life experiences, attention you received in early childhood, the style of parenting you were exposed to, successes and failures you had in high school, and other life events. In fact, our personality changes over long periods of time. For example, we tend to become more socially dominant, more conscientious (organized and dependable), and more emotionally stable between the ages of 20 and 40, whereas openness to new experiences may begin to decline during this same time. In other words, even though we treat personality as relatively stable, changes occur. Moreover, even in childhood, our personality shapes who we are and has lasting consequences for us. For example, studies show that part of our career success and job satisfaction later in life can be explained by our childhood personality.

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Performance Prism

Performance Prism | Modern Management Techniques | Scoop.it
Performance Prism helps organizations to develop an integrative approach to performance management that facilitates the effective implementation of strategy.
Abey Francis's insight:

Performance Prism sets out to be a holistic performance measurement framework. Being a three dimensional model, in five perspectives, it addresses all of an organization’s major stakeholder groups: investors, customers & intermediaries, suppliers, regulators and communities. It addresses the key business issues, asking critical questions for decision makers to think through the links between the measures used. The principle behind the Performance Prism is to have a limited number of measures in order to give clarity to what the organisation is trying to achieve.

The Performance Prism is an alternative for the Balanced Scorecard that is worth considering for organizations looking for a system to measure and manage their performance. Based on a stakeholder approach it is richer, more flexible, and more integrative than other systems. Unlike the Balanced Scorecard, the Performance Prism also doesn’t decide for the organization who should be considered its most important stakeholders. The Balanced Scorecard defines two of them – shareholders and customers. No mention is made, though, of other stakeholders such as end-users, employees, suppliers, or local communities. Yet all of these stakeholders can have a substantial impact on the performance of the organization, and for some organizations these may be more important than its shareholders or customers. As the first two questions above show, the Performance Prism leaves it up to the discretion of the management to decide who are the important stakeholders. This makes the Performance Prism more flexible and better applicable to a wide range of organizations.

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Bowman’s Strategy Clock

Bowman’s Strategy Clock | Modern Management Techniques | Scoop.it
Bowman’s Strategy Clock is a model used in marketing to analyse the competitive position of a company in comparison to the offerings of competitors.
Abey Francis's insight:

Bowman’s strategy clock is a diagrammatic representation of the relationship between customer value and prices. Cliff Bowman created the visualization in 1996 based on Michael Porter’s three strategic classic strategies. This method expands Porter's ideas into six strategic options for businesses to follow when comparing competitive edge against competitors. This visualization allows businesses to further investigate exactly what each company offers while choosing the best way to stay above the competition.

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Brand Irritation

Brand Irritation | Modern Management Techniques | Scoop.it
Brand irritation means a negative image created about a particular brand in the mind of a consumer due to their bad experience with the product or service or sales personnel behavior.
Abey Francis's insight:

Brand irritation is not a new concept it was there even when the marketing theories were formed for the first time, but the term ‘brand irritation’ and its impact on the marketing concepts has been gaining momentum for the last decade. 

 

The very best solution to avoid this brand irritation is CVM - Customer Value Management; CVM is different from the customer relationship management (CRM). CVM focuses on the needs and requirements of the INDIVIDUAL customers and offers product or/and services accordingly. It requires the stem to stern integration of the entire organisation and the capacity to meet the challenges in the customisation of product and services.

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Cost Control Techniques

Cost Control Techniques | Modern Management Techniques | Scoop.it
Cost control techniques consists of those actions necessary to assure that the business operations are focused on attaining established objectives, goals and plans.
Abey Francis's insight:

Every business needs to obey one basic principle in order to survive: it must make more money than it spends. In other words, its sales, or revenue, must be higher than its costs. Revenue is the income from sales before expenses, or costs, are subtracted. Cost is the price an operation pays out in purchasing and preparing products or providing services.

 

Cost control is the process by which an operation tries to keep its costs as low as possible.Cost control techniques are measures taken by management to assure that the cost objectives set down in the planning stage are attained and to assure that all segments of the organization function in a manner consistent with its policies. For effective cost control, most organizations use standard cost systems, in which the actual costs are compared against standard costs for performance evaluation and the deviations are investigated for remedial actions. Cost control is also concerned with feedback that might change any or all of the future plans, the production method, or both.

 

The most important of all the cost control techniques is to appoint a small team of highly qualified and experienced people well versed in financial management to manage the daily finances of the company in a professional and systematic manner. The finance team should take correct decisions in favor of the company and opt for less expensive materials and resources for the company without compromising on their quality. You should be very clear about the number of employees you require for a particular project. There are many companies who find it difficult to earn decent profits as their employee count is way beyond the necessity. You can also consider the idea of recruiting employees on a contract basis to cut down your costs. While deciding how much salary to pay to a particular employee, you need to be very careful. You should decide the salary strictly on the basis of overall performance. Instead of giving awards to the employees in the form of frequent salary hikes, you should give out bonuses to eligible employees.

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Disaster Recovery Plan (DRP) in Business

Disaster Recovery Plan (DRP) in Business | Modern Management Techniques | Scoop.it
A Disaster Recovery Plan (DRP) helps to identify threats to an existing business such as terrorism, fire, earthquake and flood. It also provides guidance on how to deal with occurrence of such events.
Abey Francis's insight:
The purpose of a business continuity plan or a disaster recovery plan is to prepare your business in the event of extended service outages caused by factors beyond your control (e.g., natural disasters, man-made events), and to restore services to the widest extent possible in a minimum time-frame. All of your company's sites are expected to implement preventive measures whenever possible to minimize operational disruptions and to recover as quickly as possible when an incident occurs.
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Changing Scenario of Advertising Strategies

Changing Scenario of Advertising Strategies | Modern Management Techniques | Scoop.it
In recent years, advertisement has grown dramatically. Many people are exposed to several ads every day. Some people can think that advertisements don’t mean anything, but usually ads sell more than they offer. Sometimes, ads can sell values, norms, lifestyles, love, popularity, and happiness. Ads have an important role in… Continue reading
Abey Francis's insight:

Traditional advertising involves small interruptions which appear in between the content that people are already watching, reading or listening. Ad agencies created ads, media companies bought the space in which they appeared and the message was seen by an audience of predetermined size and demographics. Current trends in advertising are showing a distinct shift away from this traditional “above-the-line” advertising approach and a move towards more integrated brand communications that are closer to the sale and often more accountable. New technology and attitudes to advertising are introducing novel ways of interacting and reaching your target market.

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What is Social Accounting?

What is Social Accounting? | Modern Management Techniques | Scoop.it
Social accounting is also known in various names. These are social and environmental accounting, corporate social reporting, corporate social responsibility reporting, non-financial reporting or sustainability accounting.
Abey Francis's insight:

Social Accounting /Social responsibility accounting aims to measure and inform the general public about the social welfare activities undertaken by an organization and its impact on the society. Social Accounting is defined as a process of measurement and reporting of information concerning the impact of an entity and its activities on society

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Guerrilla Marketing - Non-Traditional Marketing Strategies

Guerrilla Marketing - Non-Traditional Marketing Strategies | Modern Management Techniques | Scoop.it
Guerrilla Marketing, which was coined by the great marketer Jay Conrad Levinson, was created originally as an unconventional system of promotions that relies on time, energy and imagination.
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Guerilla marketing is the act of executing an unusual or unexpected marketing activity in a common, everyday place in order to generate a buzz for products or services. The main point of guerilla marketing is to get your business's name in front of as many people as possible in an unexpected way. Guerilla marketing is usually a low or no-cost form of marketing that can reap substantial profits if implemented correctly.

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Attitude in Consumer Behavior

Attitude in Consumer Behavior | Modern Management Techniques | Scoop.it
The concept of attitude in consumer behavior can be explained in terms of its importance in prediction, diagnostic value and also as relatively inexpensive information that is easily obtained.
Abey Francis's insight:

Consumer attitudes is a composite of three elements: cognitive information, affective information and information concerning a consumer's past behavior and future intentions. In other words, attitude consists of thoughts or beliefs, feelings, and behaviors or intentions towards a particular thing, which in this case is usually a good or service. For example, you may have a very positive view of a particular sports car (for example, you believe it performs better than most), it makes you feel good, and you intend to buy it.

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HR Scorecard

HR Scorecard | Modern Management Techniques | Scoop.it
HR Scorecard is based on the Balanced Scorecard framework developed by Kaplan and Norton and is set to revolutionize the way business perceives HR.
Abey Francis's insight:

The HR Scorecard argues that HR measurement systems must be based on a clear understanding of organizational strategy and the capabilities and behaviors of the workforce required to implement that strategy. Thus, an HR Scorecard is a mechanism for describing and measuring how people and people management systems create value in organizations, as well as communicating key organizational objectives to the workforce.

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Leadership Scorecard

Leadership Scorecard | Modern Management Techniques | Scoop.it
The leadership scorecard is a tool that ensures that the leadership development function is focused on accomplishing objectives that are linked to business strategy.
Abey Francis's insight:

More and more organizations are implementing the Balanced Scorecard approach developed by Robert Kaplan and David Norton. The scorecard approach uses objectives and indicators to channel and align organizational effort to goals. The Balanced Scorecard uses four perspectives: financial, customer, internal business process and learning and growth.

A fully implemented Balanced Scorecard cascades from the top levels of an organization all the way down. 

 

If development is necessary from a leadership perspective, it makes sense that the scorecard concept can be applied to developing a Leadership Balanced Scorecard that can improve leadership abilities. Leaders often operate in a sense of urgency and need to bring others together to share in the development of a vision and action, address risk, work with change and engage in complex communications. Leadership competencies exist to support these activities. Leadership competencies have been developed by many, and the distinction between leadership and management competencies is becoming increasingly clear. Leadership competencies usually include the following:

Establishing Vision, CommunicationAlignment, Interpersonal and Relationship Building Skills, Motivation and Inspiration, Leading Change, Problem Solving and Decision-Making, Knowledge Sourcing and Self-Management

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Level of Involvement

Level of Involvement | Modern Management Techniques | Scoop.it
When consumers decide to buy a product based on the interest and importance of the product to them, this is defined as level of involvement.
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When consumers decide to buy a product based on the interest and importance of the product to them, this is defined as involvement level. In other words, it measures how personally, socially and economically involved the customer is with the product in order to buy it. If a consumer seeks out, researches and feels drawn to the product, there is an involvement level.

 

What is involvement level and how does it affect buyer decision making for large and small purchases? Involvement level divides into two categories: high involvement and low involvement.

 

High involvement purchases are higher priced items such as luxury products. With these purchases, the consumer will research to eliminate the risk. For example, a luxury car is a high involvement purchase. It is risky because the consumer will pay a high amount of money toward the purchase. To spend this much money without research and possibly buy a lemon is risky behavior. Thus, consumers research high involvement purchases such as luxury cars, motorcycles, boats, etc. Also, with high involvement purchases, there is brand loyalty i.e. if you paid for your Porsche and love your Porsche, the next car you will buy is a Porsche.

 

With low involvement purchases, there is little risk if any at all. Examples of low involvement items are toothpaste, bar soap, snack foods, etc. Consumers do not research or put forth a major decision making effort when buying these products. In other words, they automatically buy the product and there is little involvement.

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Freud's Psychoanalytic Theory of Personality

Freud's Psychoanalytic Theory of Personality | Modern Management Techniques | Scoop.it
According to Sigmund Freud's psychoanalytic theory of personality, the individual’s personality is defined by the relationships among the id, ego, and superego.
Abey Francis's insight:

Sigmund Freud's psychoanalytic theory of personality argued that human behavior was the result of the interaction of three component parts of the mind: the id, ego, and superego. His structural theory placed great importance on the role of unconscious psychological conflicts in shaping behavior and personality. Dynamic interactions among these basic parts of the mind were thought to carry human beings through five psychosexual stages of development: oral, anal, phallic, latency, and genital. Each stage required mastery for a human to develop properly and move on to the next stage successfully. Freud's ideas have since been met with criticism, mostly because of his singular focus on sexuality as the main driver of human personality development.


According to Freud, the human personality was structured into three separate parts: the id, ego, and superego . The id was the most primitive structure, functioned unconsciously, operated on the pleasure principle, and sought instant gratification. The ego was less primitive, functioned in partial consciousness, operated with reason on the reality principle, and regulated the id by satisfying urges only when appropriate. The superego was the most modern structure, functioned consciously, operated on the moral principle, and regulated the id based on social learning and issues of morality. Freud believed that these three basic structures were in constant conflict. The results of these internal struggles throughout childhood were thought to influence the development of adult personality and behavior.

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Melissa alvarez's curator insight, September 17, 5:23 PM

According to freud and his psychoanalytic theory of personality, personality is composed of three elements: the id, the ego, and the superego. The id is the only component of personality that is present from birth.This aspect of personality is entirely unconscious and includes the instinctive and primitive behaviors making it the primary component of personality. Then there is the ego, which is responsible for dealing with reality. The ego develops from the id and ensures that the impulses of the id can be expressed in a manner acceptable in the real world and it functions in the conscious, preconscious, and unconscious mind. Finally, there is the superego, which is the aspect of personality that holds all of our internalized moral standards and ideals that we acquire from both parents and society (aka our sense of right and wrong). According to freud, the superego begins to emerge at around age five and provides guidelines for making judgments. The superego is composed of two parts the ego ideal and the conscience. The ego ideal includes the rules and standards for good behaviors while The conscience includes information about things that are viewed as bad by parents and society.

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Building Block Model by Fitzgerald and Moon

Building Block Model by Fitzgerald and Moon | Modern Management Techniques | Scoop.it
Fitzgerald and Moon's Building Block Model suggests the solution of performance measurement problems in service industries. But it can be applied to other manufacturing and retail businesses to evaluate business performance.
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Fitzgerald and Moon have developed an approach to performance measurement in business services that is based on the three building blocks of dimensions, standards and rewards.

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Ashridge Portfolio Matrix

Ashridge Portfolio Matrix | Modern Management Techniques | Scoop.it
Ashridge portfolio matrix is a strategic tool is used to evaluate the attractiveness of potential acquisition target or existing business to the parent.
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A corporate parent might add value to its business units. Ashridge portfolio matrix used to consider opportunities for parental development, and finally decide whether or not to invest / divest its business units.

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Training and Development Outsourcing

Training and Development Outsourcing | Modern Management Techniques | Scoop.it
Outsourcing of training and development activities means comprehensive, end-to-end outsourcing from the management of the training function to the design, delivery and reporting.
Abey Francis's insight:

Consistent with the trend toward outsourcing, many HR functions and programs are now being referred to outside vendors. Many recent surveys indicate that over 90% of all firms today outsource some aspect of HR. Many of the tasks historically outsourced by HR are either administrative or transactional. Most businesses today recognize the fundamental importance of learning and development in both maximizing the potential of staff and maintaining a competitive edge in the marketplace. An increasing number of businesses are choosing to outsource their learning and development needs to professional organisations which offer managed training services.According to recent research, 30% of training expenditure goes to training consultancies. In government agencies, and business services sector, about 80% of the budget goes to consultants. It was also discovered that 60% of the organizations outsource custom content development, which in turn, results in significant cost savings. The research shows that the cost of custom content development has been reduced to 50% from 30% in the last few years. To save cost, companies are now outsourcing other functions like learning management systems (LMS), training administration, etc as well.

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