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Multidimensional Organization
A multidimensional organization is an organization that pursues its objectives simultaneously through multiple dimensions (product, region, account, market segment). The multidimensional organization was discussed as early as the 1970s. It required the combination of the fall of costs of information, the development of dynamic multidimensional markets, and a new generation of workers and managers, to create this paradigm shift in organization forms. Introduction The multidimensional organization exhibits the following: #the overall performance of the firm is reported simultaneously on multiple dimensions and on multiple levels; #each of these dimensions has a manager who is held accountable for the contribution of his dimension to the overall performance; #these managers depend on each other for required resources; and #these managers collectively are accountable for the overall performance. Defining characteristics *The most important reported profit center in its accou ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Product (business)
In marketing, a product is an object, or system, or service made available for consumer use as of the consumer demand; it is anything that can be offered to a market to satisfy the desire or need of a customer. In retailing, products are often referred to as '' merchandise'', and in manufacturing, products are bought as raw materials and then sold as finished goods. A service is also regarded as a type of product. In project management, products are the formal definition of the project deliverables that make up or contribute to delivering the objectives of the project. A related concept is that of a sub-product, a secondary but useful result of a production process. Dangerous products, particularly physical ones, that cause injuries to consumers or bystanders may be subject to product liability. Product classification A product can be classified as tangible or intangible. A tangible product is an actual physical object that can be perceived by touch such as a buildi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Information Asymmetry
In contract theory and economics, information asymmetry deals with the study of decisions in transactions where one party has more or better information than the other. Information asymmetry creates an imbalance of power in transactions, which can sometimes cause the transactions to be inefficient, causing market failure in the worst case. Examples of this problem are adverse selection, moral hazard, and monopolies of knowledge. A common way to visualise information asymmetry is with a scale with one side being the seller and the other the buyer. When the seller has more or better information the transaction will more likely occur in the seller's favour ("the balance of power has shifted to the seller"). An example of this could be when a used car is sold, the seller is likely to have a much better understanding of the car's condition and hence its market value than the buyer, who can only estimate the market value based on the information provided by the seller and their own a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Organizational Theory
Organizational theory refers to the set of interrelated concepts that involve the sociological study of the structures and operations of formal social organizations. Organizational theory also attempts to explain how interrelated units of organization do or do not connect with each other. Organizational theory also concerns understanding how groups of individuals behave, which may differ from the behavior of an individual. The behavior organizational theory often focuses on is goal-directed. Organizational theory can cover intra-organizational as well as inter-organizational fields of study. In the early 20th century, theories of organizations initially took a rational perspective but have since become more diverse. In a rational organization system, there are two significant parts: Specificity of Goals and Formalization. The ''division of labor'' is the specialization of individual labor roles, associated with increasing output and trade. Modernization theorist Frank Dobbin wrot ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Enterprise Resource Planning
Enterprise resource planning (ERP) is the integrated management of main business processes, often in real time and mediated by software and technology. ERP is usually referred to as a category of business management software—typically a suite of integrated applications—that an organization can use to collect, store, manage and interpret data from many business activities. ERP systems can be local based or cloud-based. Cloud-based applications have grown in recent years due to information being readily available from any location with Internet access. Traditional on-premise ERP systems are now considered legacy technology. ERP provides an integrated and continuously updated view of core business processes using common databases maintained by a database management system. ERP systems track business resources—cash, raw materials, production capacity—and the status of business commitments: orders, purchase orders, and payroll. The applications that make up the system ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
M-form
Multi-divisional form (also known as M-form or MDF) refers to an organizational structure by which the firm is separated into several semi autonomous units which are guided and controlled by (financial) targets from the center. Overview Multi-divisional forms that are all part of a single legal entity (Chandler 1962, 1977, 1990). Although the corporation is controlled by management located in the central office, most operating decisions are left to autonomous divisions. Generally, the central office will provide services such as managerial expertise and capital for the divisions. The multidivisional form (M-form) is a particular organizational structure in which a firm is divided into semi-autonomous divisions that have their own unitary structures. The firm is essentially divided into corporate entities with each being responsible for a component of the production product or product line (Chandler 1977). Top management is located in the central office where they coordinate the div ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economies Of Scale
In microeconomics, economies of scale are the cost advantages that enterprises obtain due to their scale of operation, and are typically measured by the amount of output produced per unit of time. A decrease in cost per unit of output enables an increase in scale. At the basis of economies of scale, there may be technical, statistical, organizational or related factors to the degree of market control. This is just a partial description of the concept. Economies of scale apply to a variety of the organizational and business situations and at various levels, such as a production, plant or an entire enterprise. When average costs start falling as output increases, then economies of scale occur. Some economies of scale, such as capital cost of manufacturing facilities and friction loss of transportation and industrial equipment, have a physical or engineering basis. The economic concept dates back to Adam Smith and the idea of obtaining larger production returns through the us ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Dominance (economics)
Market dominance describes when a firm can control markets. A dominant firm possesses the power to affect competition and influence market price. A firms' dominance is a measure of the power of a brand, product, service, or firm, relative to competitive offerings, whereby a dominant firm can behave independent of their competitors or consumers, and without concern for resource allocation. Dominant positioning is both a legal concept and an economic concept and the distinction between the two is important when determining whether a firm's market position is dominant. Sources of Market Dominance Firms can achieve dominance in their industry through multiple means, such as; * First-mover advantage, * Innovation, * Brand Equity, and * Economies of scale. First-Mover Advantages Many dominant firms are the first "important" competitor in their industry. These firms can achieve short- or long-term advantages over their competitors when they are the first offering in a new indus ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Distribution (business)
Distribution (or place) is one of the four elements of the marketing mix. Distribution is the process of making a product or service available for the consumer or business user who needs it. This can be done directly by the producer or service provider or using indirect channels with distributors or intermediaries. The other three elements of the marketing mix are product, pricing, and promotion. Decisions about distribution need to be taken in line with a company's overall strategic vision and mission. Developing a coherent distribution plan is a central component of strategic planning. At the strategic level, there are three broad approaches to distribution, namely mass, selective and exclusive distribution. The number and type of intermediaries selected largely depend on the strategic approach. The overall distribution channel should add value to the consumer. Definition Distribution is fundamentally concerned with ensuring that products reach target customers in the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Goods And Services
Goods are items that are usually (but not always) tangible, such as pens, physical books, salt, apples, and hats. Services are activities provided by other people, who include architects, suppliers, contractors, technologists, teachers, doctors, lawn care workers, dentists, barbers, waiters, online servers, a digital book, a digital video game or a digital movie. Taken together, it is the production, distribution, and consumption of goods and services which underpins all economic activity and trade. According to economic theory, consumption of goods and services is assumed to provide utility (satisfaction) to the consumer or end-user, although businesses also consume goods and services in the course of producing other goods and services (see: Distribution: Channels and intermediaries). History Physiocratic economists categorized production into productive labour and unproductive labour. Adam Smith expanded this thought by arguing that any economic activities ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Customers
In sales, commerce, and economics, a customer (sometimes known as a client, buyer, or purchaser) is the recipient of a good, service, product or an idea - obtained from a seller, vendor, or supplier via a financial transaction or exchange for money or some other valuable consideration. Etymology and terminology Early societies relied on a gift economy based on favours. Later, as commerce developed, less permanent human relations were formed, depending more on transitory needs rather than enduring social desires. Customers are generally said to be the purchasers of goods and services, while clients are those who receive personalized advice and solutions. Although such distinctions have no contemporary semantic weight, agencies such as law firms, film studios, and health care providers tend to prefer ''client'', while grocery stores, banks, and restaurants tend to prefer '' customer'' instead. Clients The term client is derived from Latin ''clients'' or ''care'' meaning "t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Information
Information is an abstract concept that refers to that which has the power to inform. At the most fundamental level information pertains to the interpretation of that which may be sensed. Any natural process that is not completely random, and any observable pattern in any medium can be said to convey some amount of information. Whereas digital signals and other data use discrete signs to convey information, other phenomena and artifacts such as analog signals, poems, pictures, music or other sounds, and currents convey information in a more continuous form. Information is not knowledge itself, but the meaning that may be derived from a representation through interpretation. Information is often processed iteratively: Data available at one step are processed into information to be interpreted and processed at the next step. For example, in written text each symbol or letter conveys information relevant to the word it is part of, each word conveys information ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
