Podcast
Questions and Answers
Who made important contributions to scientific management?
Who made important contributions to scientific management?
- Andrew Carnegie and John D. Rockefeller
- Fredrick W. Taylor and Frank and Lillian Gilbreth (correct)
- Henry Ford and Thomas Edison
- Alexander Graham Bell and George Westinghouse
What is the focus of general administrative theory?
What is the focus of general administrative theory?
- Financial management and accounting practices
- Marketing strategies and consumer behavior
- Product development and innovation
- Organizational structure and management principles (correct)
Why is studying management history important?
Why is studying management history important?
- To predict future management trends
- To understand the evolution of management practices (correct)
- To study the impact of technology on management
- To analyze current market conditions
What approach emphasizes the use of mathematical and statistical techniques in management?
What approach emphasizes the use of mathematical and statistical techniques in management?
Who made significant contributions to management theory in the context of bureaucracy?
Who made significant contributions to management theory in the context of bureaucracy?
Customers know and understand the product, and brand value has been established. It is also likely that development costs have already been recouped, increasing profitability further. Cash cows Examples: Ford Focus Kellogg’s Corn Flakes Cadbury’s Dairy Milk Can you think of an example. Stars Stars (High market share – fast market growth) The market may be somewhat immature, with new customers being attracted to the marketplace and new com.
Customers know and understand the product, and brand value has been established. It is also likely that development costs have already been recouped, increasing profitability further. Cash cows Examples: Ford Focus Kellogg’s Corn Flakes Cadbury’s Dairy Milk Can you think of an example. Stars Stars (High market share – fast market growth) The market may be somewhat immature, with new customers being attracted to the marketplace and new com.
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Study Notes
Boston Matrix (BCG, 1960)
- The Boston Matrix was devised by the Boston Consultancy Group in the 1960s to analyze a business's products by dividing them into four categories based on market share and market growth.
Categories of the Boston Matrix
- Products are categorized based on their market share and market growth.
Cash Cows
- Cash cows have high market share and slow market growth.
- They are very profitable products with low advertising expenditure.
- Customers are familiar with the product, and brand value has been established.
- Development costs have likely been recouped, increasing profitability.
- Examples of cash cows: Ford Focus, Kellogg's Corn Flakes, Cadbury's Dairy Milk.
Stars
- Stars have high market share and fast market growth.
- The market may be somewhat immature, with new customers being attracted to the marketplace.
- New competitors may be entering the market, and there is a need for continued investment to maintain market share.
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