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Dominant Logic
Dominant logic relates to the main means a company uses to make a Profit (economics), profit. In essence, it is an interpretation of how a company has succeeded. It describes the cultural norms and beliefs that the company espouses. Dominant logic can be useful when applied to Diversification (marketing strategy), corporate diversification. In this sense, dominant logic is a common way of thinking about strategy across different businesses. Negatively, it is logic which locks a company into thinking about making money in only one way, called as "blinder effect." It is often used when talking about inefficient reasons for diversification of a company. This narrowed approach by a company can prevent a conducive environment for innovating and can stifle creativity. Dominant Logic is antipodal to the idea of using different methods and ways for generating profit. It is similar to the idea of kaizen which focuses on one process. Recently, the concept of dominant logic is further expand ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Profit (economics)
In economics, profit is the difference between the revenue that an economic entity has received from its outputs and the total cost of its inputs. It is equal to total revenue minus total cost, including both explicit and implicit costs. It is different from accounting profit, which only relates to the explicit costs that appear on a firm's financial statements. An accountant measures the firm's accounting profit as the firm's total revenue minus only the firm's explicit costs. An economist includes all costs, both explicit and implicit costs, when analyzing a firm. Therefore, economic profit is smaller than accounting profit. ''Normal profit'' is often viewed in conjunction with economic profit. Normal profits in business refer to a situation where a company generates revenue that is equal to the total costs incurred in its operation, thus allowing it to remain operational in a competitive industry. It is the minimum profit level that a company can achieve to justify its con ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Diversification (marketing Strategy)
Diversification is a corporate strategy to enter into a new products or product lines, new services or new markets, involving substantially different skills, technology and knowledge. Diversification is one of the four main growth strategies defined by Igor Ansoff in the Ansoff Matrix: Ansoff pointed out that a diversification strategy stands apart from the other three strategies. Whereas, the first three strategies are usually pursued with the same technical, financial, and merchandising resources used for the original product line, the diversification usually requires a company to acquire new skills and knowledge in product development as well as new insights into market behavior simultaneously. This not only requires the acquisition of new skills and knowledge, but also requires the company to acquire new resources including new technologies and new facilities, which exposes the organisation to higher levels of risk. Note: The notion of diversification depends on the subject ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Kaizen
is concept referring to business activities that continuously improve all functions and involve all employees from the CEO to the assembly line workers. ''Kaizen'' also applies to processes, such as purchasing and logistics, that cross organizational boundaries into the supply chain. It has been applied in healthcare, psychotherapy, life coaching, government, and banking. By improving standardized programs and processes, kaizen aims to eliminate waste and redundancies (lean manufacturing). Kaizen was first practiced in Japanese businesses after World War II, influenced in part by American business and quality-management teachers, and most notably as part of The Toyota Way. It has since spread throughout the world and has been applied to environments outside of business and productivity. Overview The Japanese word means 'change for better', with the inherent meaning of either 'continuous' or 'philosophy' in Japanese dictionaries and in everyday use. The word refers to any ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Strategic Management
In the field of management, strategic management involves the formulation and implementation of the major goals and initiatives taken by an organization's managers on behalf of stakeholders, based on consideration of Resource management, resources and an assessment of the internal and external Market environment, environments in which the organization operates.qn, date=June 2018 Strategic management provides overall direction to an enterprise and involves specifying the organization's goal, objectives, developing policy, policies and plans to achieve those objectives, and then allocating resources to implement the plans. Academics and practicing managers have developed numerous models and frameworks to assist in strategic decision-making in the context of complex environments and competitive dynamics. Strategic management is not static in nature; the models can include a feedback, feedback loop to monitor execution and to inform the next round of planning. Michael Porter identif ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Richard A
Richard is a male given name. It originates, via Old French, from Old Frankish and is a compound of the words descending from Proto-Germanic ''*rīk-'' 'ruler, leader, king' and ''*hardu-'' 'strong, brave, hardy', and it therefore means 'strong in rule'. Nicknames include "Richie", "Dick", "Dickon", " Dickie", "Rich", "Rick", "Rico", "Ricky", and more. Richard is a common English, German and French male name. It's also used in many more languages, particularly Germanic, such as Norwegian, Danish, Swedish, Icelandic, and Dutch, as well as other languages including Irish, Scottish, Welsh and Finnish. Richard is cognate with variants of the name in other European languages, such as the Swedish "Rickard", the Catalan "Ricard" and the Italian "Riccardo", among others (see comprehensive variant list below). People named Richard Multiple people with the same name * Richard Andersen (other) * Richard Anderson (other) * Richard Cartwright (other) * Ri ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bias
Bias is a disproportionate weight ''in favor of'' or ''against'' an idea or thing, usually in a way that is closed-minded, prejudicial, or unfair. Biases can be innate or learned. People may develop biases for or against an individual, a group, or a belief. In science and engineering, a bias is a systematic error. Statistical bias results from an unfair sampling of a population, or from an estimation process that does not give accurate results on average. Etymology The word appears to derive from Old Provençal into Old French ''biais'', "sideways, askance, against the grain". Whence comes French ''biais'', "a slant, a slope, an oblique". It seems to have entered English via the game of bowls, where it referred to balls made with a greater weight on one side. Which expanded to the figurative use, "a one-sided tendency of the mind", and, at first especially in law, "undue propensity or prejudice". Types of bias Cognitive biases A cognitive bias is a repeating or basic mi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Service-dominant Logic
Service-dominant (S-D) logic, in behavioral economics, is an alternative theoretical framework for explaining value creation, through exchange, among configurations of actors. It is a dominant logic. The underlying idea of S-D logic is that humans apply their competences to benefit others and reciprocally benefit from others' applied competences through service-for-service exchange. Service-dominant logic has been developed by Stephen Vargo and Robert Lusch. The goal of developing S-D logic is to contribute to the understanding of human value co-creation, by developing an alternative to traditional logics of exchange. Since Vargo and Lush published the first S-D logic article, "Evolving to a New Dominant Logic for Marketing", in 2004, S-D logic has become a collaborative effort of numerous scholars across disciplines and it has been continually extended and elaborated (most frequently by Vargo and Lusch and in doing so, most of their references are their past papers, which sh ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Dynamic Dominant Logic
Dynamics (from Greek δυναμικός ''dynamikos'' "powerful", from δύναμις ''dynamis'' "power") or dynamic may refer to: Physics and engineering * Dynamics (mechanics) ** Aerodynamics, the study of the motion of air ** Analytical dynamics, the motion of bodies as induced by external forces ** Brownian dynamics, the occurrence of Langevin dynamics in the motion of particles in solution ** File dynamics, stochastic motion of particles in a channel ** Flight dynamics, the science of aircraft and spacecraft design ** Fluid dynamics or ''hydrodynamics'', the study of fluid flow *** Computational fluid dynamics, a way of studying fluid dynamics using numerical methods ** Fractional dynamics, dynamics with integrations and differentiations of fractional orders ** Molecular dynamics, the study of motion on the molecular level ** Langevin dynamics, a mathematical model for stochastic dynamics ** Orbital dynamics, the study of the motion of rockets and spacecraft ** Quantum chro ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Strategic Management
In the field of management, strategic management involves the formulation and implementation of the major goals and initiatives taken by an organization's managers on behalf of stakeholders, based on consideration of Resource management, resources and an assessment of the internal and external Market environment, environments in which the organization operates.qn, date=June 2018 Strategic management provides overall direction to an enterprise and involves specifying the organization's goal, objectives, developing policy, policies and plans to achieve those objectives, and then allocating resources to implement the plans. Academics and practicing managers have developed numerous models and frameworks to assist in strategic decision-making in the context of complex environments and competitive dynamics. Strategic management is not static in nature; the models can include a feedback, feedback loop to monitor execution and to inform the next round of planning. Michael Porter identif ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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