Market Based Management: It's Application Today
Running head: MARKET-BASED MANAGEMENT
Market Based Management: It’s Application in Business Today
Lindsey Nelson
Nova Southeastern University
Market-Based Management: It’s Application in Business Today
Introduction
Past management styles or practices have been mostly authoritarian or managed from the top down. There was little regard or consideration for the input of labor, supervisors or middle management. Their opinions and experience was only asked for in times of crisis when their knowledge of a particular situation or project was needed to help upper management make a decision on a particular problem which usually dealt with a financial area that would be solved to best suit the company or benefit the company for the short term instead of looking down the road to the long term objectives—if the company had any long term objectives at all. (CITATION)
[ADD A LITTLE MORE HERE]
Market-Based Management
According to Koch (2007), Market-Based Management (MBM) is, at its most essential level a “philosophy and methodology to encourage innovations and create value for both the company and society” (p. 166). According to the Home Page of The Blog about All Things MBM, a working definition of MBM is that it is “a philosophy that applies the ideas of free societies to the organizational level. It views the organization as a mini-society. [Market-Based Management] practitioners strive to translate the benefits of a free society into the organization, so organizations prosper long-term (http://rootedinprosperity.com/about/).
I believe MBM is a management system that infuses core values and ethical practices to a company’s employees and management to create innovative ideas that benefit the company as well as its clients through cost effective measures, environmentally friendly practices, creative thinking and greater input through straightforward motivation of each employee or department.
To achieve this goal
Market Based Management: It’s Application in Business Today
Lindsey Nelson
Nova Southeastern University
Market-Based Management: It’s Application in Business Today
Introduction
Past management styles or practices have been mostly authoritarian or managed from the top down. There was little regard or consideration for the input of labor, supervisors or middle management. Their opinions and experience was only asked for in times of crisis when their knowledge of a particular situation or project was needed to help upper management make a decision on a particular problem which usually dealt with a financial area that would be solved to best suit the company or benefit the company for the short term instead of looking down the road to the long term objectives—if the company had any long term objectives at all. (CITATION)
[ADD A LITTLE MORE HERE]
Market-Based Management
According to Koch (2007), Market-Based Management (MBM) is, at its most essential level a “philosophy and methodology to encourage innovations and create value for both the company and society” (p. 166). According to the Home Page of The Blog about All Things MBM, a working definition of MBM is that it is “a philosophy that applies the ideas of free societies to the organizational level. It views the organization as a mini-society. [Market-Based Management] practitioners strive to translate the benefits of a free society into the organization, so organizations prosper long-term (http://rootedinprosperity.com/about/).
I believe MBM is a management system that infuses core values and ethical practices to a company’s employees and management to create innovative ideas that benefit the company as well as its clients through cost effective measures, environmentally friendly practices, creative thinking and greater input through straightforward motivation of each employee or department.
To achieve this goal
References: Gable, W. & Ellig, J. (1993). Introduction to Market-Based Management. Fairfax, VA: Center for Market Processes. Retrieved on October 3, 2011 from http://www.huizenga.nova.edu/5012 The Blog about All Things MBM, Retrieved on October 9, 2011 from http://rootedinprosperity.com/about/ Value-Based Management: A System for Transforming the Corporate Culture. Retrieved on October 9, 2011 from http://cog.kent.edu/lib/cesj1.htm Varney, R.J. (2002). Marketing Communication: Principles and Practice. London: Routledge Publisher. Retrieved on 10/08/2011 from http://www.questia.com/PM.qat?a=o&d=108154895