StudentShare solutions
Got a tricky question? Receive an answer from students like you! Try us!

Book Report/Review example - Strategic Management

Only on StudentShare
Book Report/Review
Pages 10 (2510 words)
It hs been recognized t lest since dm Smith tht profits re the driving force in cpitlist economy. There re no stte plnners to issue directives concerning the productive use of the stte's resources. Hbit, though not without importnce, cnnot be held responsible for the production nd exchnge of goods…

Extract of sample

"The considertion of his own privte profit is the sole motive which determines the owner of ny cpitl to employ it either in griculture, in mnufctures, or in some prticulr brnch of the wholesle or retil trde." (Smith, 1965)
In the following pper I will discuss the theories of profit mximiztion tht rgue bout different pproches to the question. Discussion includes Bumol's theory of sles mximiztion, mngeril utility theory by Willimson nd the theory of stisficing introduced by Simon.
Sles mximistion under profit constrint does not men n ttempt to obtin the lrgest possible physicl volume (which is hrdly esy to define in the modern multi-product firm). Rther it refers to mximistion of totl revenue (dollr sles) which, to the businessmn, is the obvious mesure of the mount he hs sold. Mximum sles in this sense need not require very lrge physicl outputs. To tke n extreme cse, t zero price physicl volume my be high but
dollr sles volume will be zero. There will normlly be well determined output level which mximises dollr sles. This level cn ordinrily be fixed with the id of the well known rule tht mximum revenue will be ttined only t n output t which the elsticity of demnd is unity, i.e. t which mrginl revenue is zero. (Johnson, Scholes, 2006)
The essentils of Bumol's model cn most esily be exmined with the help of digrm showing totl cost nd totl revenue cu ...
Download paper
Not exactly what you need?

Related papers

Management Book Report/Review
The author critically differentiates the two expressions. A historical analysis by Aristotle serves as a convincing and illuminating paradigm of the difference between chance and fortune. The terminologies fortune and chance, luck and misfortune are compared in daily or normal parlance and also in the business milieu. It is imperative that chance and fortune being evaluated in the business and the…
4 pages (1004 words)
Human Resource Management Book Report/Review
ownership is separated from the day-to-day running of the organisation. It assumes that in all but owner- managed organisations the owner or owners (known in agency theory as the "principal") of an organisation must vest authority to an "agent"-corporate management- to act on their behalf. Harrison R and Kessels J. (2004, Pp 25-26). The principal recognises the risk, here and act on the assumption…
10 pages (2510 words)
Knowledge Management Book Report/Review
The modern day organisation operates essentially in the public sphere. This implies that its level of competitive advantage is connected with its knowledge management process and the competence level demonstrated by this process. In this context, knowledge management may be defined as the process of transmitting information regarding various quarters within the organisation's operational sphere to…
4 pages (1004 words)
Management Master Book Report/Review
For instance the management skills required by the ancient Egyptians to build the pyramids; by the ancient Chinese to build the Great Wall of China; the management skills of the Mesopotamians to irrigate their land and wall their cities; of the Romans when building their roads, aqueducts and Hadrian's Wall; the understanding of uniform work methods by the ancient Greeks soldiers to act out…
8 pages (2008 words)
Project Management Book Report/Review
In the book Leading Change, Kotter has used the word urgency to describe the first phase so as to get a head start into the process of project management. This has to do with taking stock of competitive and market realities with a focus on crises and opportunities. (Kotter, 1996; Pp 242 - 340) This has been paralleled in Organizational Behavior and Management through a focus on competitive…
6 pages (1506 words)