A company can develop a new product by two ways: Acquisition New Product Development ACQUISITION To buy a patent or license to produce other’s product. NEW PRODUCT DEVELOPMENT A new product means original products, product improvements and modification and new brand that a firm develops through …
There are two approaches to understand businesses social responsibility Classical View Socioeconomic View Classical View of Social Responsibility According to the Milton Friedman an economist that today managers are professionals, their social responsibility is to minimize the profit. According to him their first priority should be …
What is Strategic Approach to HRM The strategic approach to human resource management applies the concept of strategy to managing a firm’s human resources. This approach has six key elements as shown below: Explicitly recognizes the impact of the outside environment. Explicitly recognizes the impact of …
Define of Organizational Behavior OB Organizational Behavior is the understanding, prediction and management of human behavior in organization. It represents the human side of management. All managers, besides their technical functions, have to deal with human beings, so they need to have the understanding of organizational …
What is Perceptual Organization Perceptual selectivity is concerned with internal and external variables that gave individual’s attention. Perceptual organization is concerned with process of organizing the inputs into identifiable whole objects. A person’s perceptual process organizes the incoming information into meaningful whole. Principles of Perceptual Organization …
What is Paradigm Paradigm is derived from Greed paradigma which means model, pattern. It is used to mean a broad model, a frame work, a way of thinking, or a scheme of understanding reality. Definition of Paradigm Shift According to Joel Barker A paradigm simply establishes …
Important and Basic Economics Concepts Economics is the science of choice. It studies the human behavior in matching the limited resources with the unlimited wants. The scarcity of resources for fulfilling unlimited wants, gives births to economic problem. Every economic problem is the problem of choice …
