There are two types of products – consumer products and industrial products. Consumer products are bought by individuals for their own use, while industrial products are bought by businesses for their operations. The difference between the two types of products is significant, and it impacts how they are marketed. This post will discuss the differences …
Ernest Dale, in his book “Theory and Practice of Management,” has said that: “The modern concept of managerial control envisages a system that not only provides a historical record of what has happened to the business as a whole but also pinpoints the reasons why it has happened and provides data that enable the chief …
Paul Hersey and Ken Blanchard introduced the “Life cycle theory of leadership” in 1969. Afterward, they renamed the theory “situational leadership.” However, it is still famously known as the Heresy and Blanchard Model. According to them, “The Hersey-Blanchard Situational Leadership Model allows business executives and leaders to be flexible in their leadership approach and in …
Definition: A retrenchment strategy helps an organization reduce its operations or cut expenses to achieve a financially stable position. Businesses adopt retrenchment strategies due to economic downfall, losses, or legal issues. A retrenchment strategy can be used to downsize or restructure the business. Types of Retrenchment Strategies Liquidation Turnaround Divestment Liquidation An organization sells off …