MANAGEMENT

Management

Management

Market Segmentation is the process of dividing a market into direct groups of buyers who might require separate products or marketing mixes. There are several major bases for segmenting the market; they are geographic, demographic, psychographic and behavioral variables. People in market can be enthusiastic, positive, indifferent, negative or hostile about a product. In the situation such as political campaign, attitudes can be effective segmentation variables.

During the industrial revolution that took place in Western Europe and North America in the 18th century; various machines were built and the economy which was based on manual labor was replaced by machines. Then factories of large scale in the garment sector, automobile sector etc emerged rapidly and the need to increase organizational efficiency and effectiveness has guided the evolution of management theory till today. Managers, theorists, researcher searched for way of how to utilize their resources to the maximum and thereby attain efficiency and effectiveness.

In the pre-classical era, that is during the emerge of various mass production factories after the Industrial revolution, there were two men most responsible for destroying the Old England and launching the world towards industrialization. Adam Smith brought about the revolution in economic thought and James Watt's steam engine provided cheaper power that revolutionized English commerce and industry. In doing so, they also laid the foundation for modern notions of business management theory and practice.

According to Smith, division of labor provided managers with the greatest opportunity for increased productivity. Recognized as Watt's greatest breakthrough, in 1971 he developed a steam engine. This made the engine more adaptable to factory uses as the engine replacing water wheel power for grinding grain, driving textile machines, and operating bellows for iron works. In 1800 the sons of Boulton and Watts took over the management of the company and instituted one of the first complete applications of scientific management.

He compared the relative performance of two different manufacturing methods. The first was similar to crafts-style production, in which each worker was responsible for all of the 18 tasks involved in producing a pin. The other had each worker performing only 1 or a few of the 18 tasks that go into making a completed pin. He found that when a worker is specialized in a single task had greater performance.

o Robert OwenOne of the first to show respect and dignity to workers in his factory. He implemented better working conditions, raised the minimum age for child labor, reduced hours, and supplied meals.

o Charles Babbage: Applied mathematical principles to find ways to make the most efficient use of facilities and materials. He also advocated profit-sharing plans.

Classical View Point: Focuses on finding the “one best way” to perform and manage tasks. Managers thought that authority, very structured and procedural methods would lead them to obtain maximum results. Some major characteristics are:- People are motivated by economic gains.

- Because organizations control economic incentives, an individual is primarily a passive resource to be manipulated, controlled, and motivated by the organization.

- Irrational emotions must be kept from interfering with economic ...