6 Questions
Who made important contributions to scientific management?
Fredrick W. Taylor and Frank and Lillian Gilbreth
What is the focus of general administrative theory?
Organizational structure and management principles
Why is studying management history important?
To understand the evolution of management practices
What approach emphasizes the use of mathematical and statistical techniques in management?
Quantitative Approach
Who made significant contributions to management theory in the context of bureaucracy?
Max Weber
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.
Cash cows (High market share – slow market growth)
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.
Test your knowledge of management history with this quiz based on the ninth edition of Stephen P. Robbins and Mary Coulter's "Management Yesterday and Today." Explore the historical background of management and understand the significance of studying management history.
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