Japanese quality movement was a miracle and created world-class products. All these methodologies and concepts developed these quality gurus for internal process and quality improvement crisis are still practiced in various companies. These have become universal approach to improve the quality and manage performance crisis. Quality gurus created work culture and dedicated teams, which developed Japanese production systems through group activities. Toyota Corporation developed a new philosophy to create major change in manufacturing systems and delivered world-class products with internal benchmark for quality of vehicles. In reality, Toyota changed external business environment for competitors and created a long-lasting impact on automobile industry. The Toyota Way is a set of principles and behaviors that underlie the Toyota Motor Corporation’s managerial approach and production system. It consists of principles in two key areas: continuous improvement, and respect for people. Toyota use operational excellence as a strategic weapon. Company places the highest value Continue reading
Modern Management Approaches
The Nature of Organizational Change
Organizations introduce changes through people. Unless the people are willing to accept the need and responsibility for organizational change, intended changes can never be translated into reality. In addition, individuals have to learn to adapt their attitudes and behavioral patterns to constantly changing environments. Management of change involves both individual and organizational change. Individual change is behavioral change, which is determined by individual characteristics of members such as their knowledge, attitudes, beliefs, needs, expectations and skills. It is possible to bring about a total change in an organization by changing behaviors of individual members through participative and educative strategies. Although, the degree of difficulty involved in the change and the time taken to bring about the change will depend on the target of change. The attitudes towards change are largely dependent on the nature of the situation and the manner in which changes are initiated and executed. Changing individual behavior Continue reading
Entrepreneurial Marketing
Entrepreneurial Marketing is the combination of two discrete management areas. Existing as distinct disciplines, entrepreneurship and marketing have emerged to capture the several facets of marketing that are often not explained by existing traditional marketing theories and concepts. Definitions of both marketing and entrepreneurship differ considerably and we cannot expect that one single definition of entrepreneurial marketing will cover everything. A contemporary definition that meets the present scope in which entrepreneurial marketing is defined as: “the proactive identification and exploitation of opportunities for acquiring and retaining profitable customers through innovative approaches to risk management, resource leveraging and value creation.” Recently, entrepreneurial marketing has gained popularity in the marketing and entrepreneurship disciplines. The success of business activities pursuing non-traditional marketing approaches can be attributed to entrepreneurial marketing practices. Despite the large numbers of marketing models and concepts, there are notable successes that deviate from these and are labeled “entrepreneurial.” Economic growth Continue reading
Five Domains of Emotional Intelligence
Several studies have demonstrated that individuals with purely high IQs possess a great range of intellectual interests and abilities, they have difficulty dealing with their own emotions and with the emotions of others. Other intangible characteristics and abilities, such as self-motivation, impulse control, the ability to regulate one’s own emotions, and empathizing with others clearly have an effect on a person’s accomplishments in life; these qualities have been collectively termed Emotional Intelligence. People with high emotional intelligence levels excel socially, are outgoing and cheerful, are rarely fearful or worried, and are sympathetic and caring in their relationships. Read More: Four Components of Emotional Intelligence Five Domains of Emotional Intelligence Emotional intelligence can be broken down into five main domains: knowing one’s emotions, managing emotions, motivating oneself, recognizing emotions in others, and handling relationships. 1. Knowing One’s Emotions – Self Awareness People deal with their emotions by either being aware of Continue reading
Judo Strategy in Business
Judo Strategy, a term coined by David Yoffie of Harvard Business School in his book ” Judo Strategy: Turning Your Competitors’ Strength to Your Advantage”. “In the martial art of judo, a combatant uses the weight and the strength of his opponent to his own advantage rather than opposing blow directly to blow. Similarly smart companies aim to turn their opponent’s resources, strength and size against them.” Judo strategy in business scenario effectively means avoiding direct confrontation and leveraging the strength of the opponent to create space. Judo strategy can help small companies to enter new markets and defeat stronger rivals. Through movement, flexibility, and leverage, new players can occupy uncontested ground and turn the strengths of dominant players against them. Movement: In this step one needs to maintain a low profile so that while his business is under growing stage he can avoid attacks from well established players. At Continue reading
Impacts of Internet on Entrepreneur Ventures
In recent years, internet is more and more popular and closely to people in a variable fields. Internet was used as a tool for helping them to connect and seeking information or advising what they need. Almost entrepreneurs also use this tool as a part of creating successfully for their business but sometimes it also creates some problem. Some negative impacts of internet on the entrepreneur venture such as security or lost productivity that make the entrepreneur take a lot of problem. However, almost impacts of internet on entrepreneurial ventures is good such as raise the capacity of accessing information through internet, increase communicate capability among entrepreneurs and others people, help to achieve the target specific venture firm, increase the efficiency of the submission process and specially support marketing strategy. Firstly, the most effective impact of internet is the security of the information. Many businesses conducted online get the trouble Continue reading