Case Study on Entrepreneurship: Larry Page

Business Analysis

The Boundaryless Career: Modern Contemperory Perspective on Career

Human Resource Management

Concepts of Throughput Accounting and Theory of Constraints

Financial Management

Gantt Charts – Tool for Project Planning and Scheduling

Project Management

Kaizen – Understanding the Japanese Business Philosophy of Continuous Improvement

Operations Management

Schumpeter’s Innovation Theory – Mechanism, Principles, Strengths, and Limitations

Schumpeter’s Innovation Theory provides that the leading role of an entrepreneur in the economic field is the introduction of innovations from which the reward is gaining profits. The model stipulates that entrepreneurship plays a decisive role in fiscal development and that successful creativities are the only way to achieve such goals as financial stability within an organization. It explains that invention could occur in such ways as launching or upgrading a product, introducing new production methods, acquiring advanced supply sources, and bringing unique business structures. The business approach was developed by Joseph Alois Schumpeter, an Austrian political economist and foundational contributor to the topic of development and technological advancements. The idea is based on the more elaborate theory of monetary growth, which focuses on entrepreneurship and its role in industrial empowerment with innovativeness as the linkage. In this regard, Schumpeter worked towards defining and explaining the change in a perspective Continue reading

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Consumerism – Meaning and Effects

Consumerism refers to the process by which individuals acquire new goods and services without making some important considerations. Some of these considerations that the consumers do not mind are their need for the product and the durability of the product. They also do not mind the effects of the manufacture and disposal of the product to the environment. Companies spend huge sums of money to advertise their products so as to create a desire for the product by the consumers. The advertisements convince the consumers that the products are very important and that it is very beneficial for them to acquire the products. Those who acquire the products are convinced that they have made an achievement. Consumerism leads to materialism where consumers are preoccupied with the acquisition of material objects, comforts and considerations and have no concern on the spiritual, intellectual, and cultural values. Consumerism has many effects on the Continue reading

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Strategic Alliances – Definition, Reasons, Types, Advantages, and Disadvantages

Strategic alliances can be seen as one of the fastest growing trends for business today; Alliances are sweeping through nearly every industry and are becoming an essential driver for their super growth. A strategic alliance, by definition, is a form of affiliation that involves a mutual sharing of resources for the benefit of all of the strategic partners. “Mutuality” is key. The business consideration is whether both alliance partners need each other. Strategic alliances range in size and scope from informal business relationships based on simple contracts to joint venture agreements, some times where corporations are set up to manage the alliance. Strategic alliances are cropping up across the global arena mainly due to the maturation of several trends of the 1980s, such as: intensified foreign competition, shortened product life cycles, soaring cost of capital, including the cost of research and development, and ever-growing demand for new technologies. However, strategic Continue reading

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Economic Theories of Pay and Reward

The issue of pay and reward can be said to be the most important part of work for individuals in the work place as they expect a reward or compensation for the efforts they put in. hence, employers and organizations have established regular reward packages to insure that workers are paid and remain loyal to their jobs. Pay however, has been influenced by many factors, and scholars have propounded theories to explain the reasons why wages vary, rise and fall in occupations. There exist the economic theory that stipulates the demand and supply factor to the variation of wages. Here, the demand for labor is a resultant effect of the services labor can produce, and the supply indicates the willingness of any individual to provide labor that will be priced at a certain range. Here, the supply of labor be it low or high, creates a level of demand, that Continue reading

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Grapevine Communication

Meaning of Grapevine Communication Grapevine is an informal communication network, which ignores formal channels of communication and spreads rumors and gossips at all levels of the business organization. Although every business-organization has its formal channels of communication, the informal channel of communication called grapevine also operates in it. It can be easily found that a large portion of the communication in almost every business house is not formal or pre-planned. The employees communicate through informal channels as they do their jobs. It is neither pre-planned nor deliberately motivated by the management. It is neither written nor documented or recorded. Therefore, it refers to any communication that takes place outside the prescribed and pre-planned channels of formal business communication. It is not set with the lines of organizational hierarchy. As it has no set rules and regulations, it is not confined to a particular direction. It just spreads like a grapevine. Continue reading

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Theories of Retailing – Cyclic and Non-Cyclic Theories

Retailing may be defined as the selling of goods to the general public, rather than sales to businesses. The process usually involves sales of relatively small amounts of finished goods, with purchasers mainly motivated by their own consumption needs and not for resale. Numerous theories have bene developed to explain the patterns and trends that manifest in the retailing and selling. These can be divided into two main categories; cyclic and non-cyclic theories. Cyclic Theories Cyclic theories hypothesize the retail environment and competitive practices of retailers will follow a slightly, repeating pattern, with clear identifiable stages. 1. Wheel of Retailing Theory The wheel of retailing theory is one of the most common cyclic retailing theory. This was first proposed by McNair (1958) is one of the oldest retailing theories, and is frequently cited. The idea is that retailers will enter the market and progress through a cycle of strategies. Initially, Continue reading

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