1. The things I will use the most –
I will use these concepts and skills the most, as all these will help in handling the routine operations at work in an efficient manner.
- Bargain effectively – With the know-how of the market culture, one can procure the best resources available at minimal cost by being present at the right place at the right time.
- Motivate employees to work in the firm’s best interests – Employees can be motivated through the application of various motivational theories and effective implementation of these at the workplace will help in extracting out the desired result out of employee performance, and further that can be added to the firm’s best interests.
- Predict how your own actions will influence other people’s actions – With access to various personality theories and organizational behavior concepts one can predict actions that will influence others. This helps in extracting out the desired outcome from an individual. This helps in the minimization of grievances when implemented in an organizational setup. Knowledge of it helps in handling the performances of the workforce as one can predict what will add to the performance of employees.
- Set optimal prices and price discrimination – Deep understanding of marketing management techniques and methods helps in setting an optimal price for a product and its discrimination in terms of quality, quantity, location, etc. Effective implementation of such practices helps an organization in surpassing its competitors and widening its customer base.
- Solve the problems caused by moral hazards and adverse selection – The knowledge of management’s financial parts helps in solving the problem of irrelevant and unreliable investments by providing complete information of the risks involved.
2. The things I find most interesting –
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I find these concepts and skills most interesting, as these play a vital role in the smooth functioning of an organization and an effective level of understanding on part of all these will help in maintaining efficiency in terms of productivity and profitability.
- Understand the long-run forces that erode profitability – The management learnings help in the identification of elements acting as a barrier on the path of the organization’s profitability and also helps in formulating the ways to overcome these hurdles.
- Make decisions in uncertain environments – Uncertainty can be tackled with the help of prior experiences and a pro active approach, and, access to management concepts helps in anticipation of the changes at an organizational level, and these predictions help in coming up with a solution for uncertainties arising at the business level.
- Make profitable investments and shutdown decisions – Adequate knowledge on part management theories and concepts helps us in determining areas where to make an investment that will result in increased revenue and it also helps in the identification of areas from where a firm should withdraw operations to protect losses.
3. Things that I had never known before –
These are the concepts I have never known before, as these cannot be learned and applied without the guidance of one, proficient with all these concepts.
- Use the rational-actor paradigm, identify problems, and then fix them – The rational actor paradigm distinguishes alternatives available for overcoming a problem, based on utility attached to them. Problems are identified at the initial step, alternatives formulated are evaluated on a parameter of utility, and the one selected is applied for eradication of the problem. For example, if one uses it in the identification of a medium to reach the desired destination, application of it will help in coming up with an alternative that is effective and efficient on part of both time and cost.
- Use benefit-cost analysis to evaluate decisions – This helps in the analysis of a project in terms of cost attached and benefit expected, if the cost to be incurred is higher than the rewards expected, it results in rejection of a decision and vice-versa. For example, a company XYZ needs to select a project out of the two i.e. A and B, this analysis will help in coming up with one that is more productive in terms of returns, in comparison to the cost involved.
- Use marginal analysis to make extent (how much) decisions – Marginal analysis helps in coming up with a decision of ‘Where to stop’. For example, when we are hungry, the first bite seems to be of utmost benefit and then the level of benefit attached keeps on decreasing taking us to the point where we stop consumption, similarly, in the case of an organization, marginal analysis helps in determining a point where a firm should end operation or diversify the same.
- Develop long-run strategies to increase firm value – Deep understanding of managerial concepts and, external and internal environment of an organization helps in developing long run strategies that add to the value of the firm, and with possession of these skills and knowledge one can identify a firm’s strengths and weakness, based on which one can develop a strategy that results in optimal utilization of the opportunities available, minimizing the ill effects of threats present.