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Last crunch for models and theories - Coggle Diagram
Last crunch for models and theories
Hofstede
Identified what distinguishes different cultures
Individualism v collectivism
some cultures value the importance of the individual whereas others value the need of teamwork
thus the financial method of reward to be used will be dependent on the culture in the business' country
for example germany typically has an individualist culture so companies like mercedez benz will likely have employees who are motivated by personal rewards
Power Distance
extent to which there is a strong sense of status in a business
A high PD score would suggest that there is high tolerance for authority in the workplace
A low PD would suggests the workplace values autonomy and personal responsibility
Masculinity v Femininity
considers the differences of decision making style
masculine was more hard edged and feminine was more consultative
therefore this can be used in a decision making question like scientific vs hunch. Whatever you're agreeing with one use this model
Uncertainty Avoidance
different attitudes to risk taking
low levels of uncertainty means that the culture has less fear of risk and is more likely to embrace change
high uncertainty may result in more support for rules and tasks, making them less willing to change
Indulgent v restraint
indulgence allows gratification of to basic natural human instincts that cause life to be enjoyed and valued
restraint suppresses the gratification of needs and ratifies this by following strict social norms
used for ethical and cpr essays
Strategic Drift
Strategy no longer relevant to the external environment that the business is facing
Flux- spotted that its out of touch and tries to respond but doesn't arrive where it needs to be
The business then has to make a great decision align with the external environment
Examples:
Kodak failed to respond to changing and development of digital photography despite creating the technology
Nokia failing to respond to the smartphone adaptation
Myspace was the worlds leading social media brand but didn't respond to changing social trends which meant they lost leadership to facebook
HRM soft v. hard
Hard management views employees as only other resources to the businesses - waiting staff in hospitality chains such as zizzi's
Soft management views employees as the most important resource and as a competitive advantage
democratic, flatter structure, two-way communication, delegation, hackman and oldman, performace related rewards
autocratic, financial motivation, tall structures, less communication, short term changes in employees
Links- Taylor's scientific motivation, less worries over high labour turnover
Segmentation
identifying parts of the market where customers have similar interests and wants.
the aim of this is to then market their products more suitably and directly to consumers
Mass- managing the entire market
Specific- unique parts of the main market
Niche- small, specialised markets
Biggest advantage of using market segmentation is the mapping tool. This allows the business to understand how customers perceive value in different parts of the market and then produce their products this way to grant a competitive advantage