Modern approaches to management theory. Contemporary theories of management 2022-10-21
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Bath & Body Works is a well-known retailer of personal care and home fragrance products. Founded in 1990, the company has grown to over 1,700 stores in the United States and has a strong online presence as well. In this essay, we will conduct a SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis of Bath & Body Works to better understand the company's current position in the market and its potential for growth.
Strong brand recognition: Bath & Body Works is a household name with a loyal customer base. The company's products are well-known for their high quality and appealing scents, which has helped to establish the brand as a leader in the personal care and home fragrance industry.
Wide range of products: Bath & Body Works offers a wide variety of personal care products, including body wash, lotion, and fragrance mist, as well as home fragrance products such as candles and room sprays. This diversity allows the company to appeal to a wide range of customers and meet a variety of needs.
Strong online presence: In addition to its physical stores, Bath & Body Works has a strong online presence, with a user-friendly website and active social media accounts. This allows the company to reach customers beyond its physical locations and make it easy for customers to shop online.
Dependence on mall traffic: A significant portion of Bath & Body Works' stores are located in malls, which have been struggling in recent years due to declining foot traffic. This reliance on mall traffic puts the company at risk of declining sales if mall traffic continues to decline.
Limited international presence: While Bath & Body Works has a strong presence in the United States, the company has limited international expansion compared to some of its competitors. This limits the company's potential for growth in the global market.
Growing demand for natural and organic products: Consumers are increasingly seeking out natural and organic products, and Bath & Body Works has an opportunity to expand its offerings in these areas to meet this demand.
Partnerships and collaborations: Bath & Body Works could consider partnering with other brands or collaborating on limited-edition products to reach new customers and expand its product offerings.
Expansion into new markets: Bath & Body Works could consider expanding into new markets, either through physical stores or online sales, to increase its customer base and revenue.
Competition: Bath & Body Works faces strong competition from other retailers in the personal care and home fragrance industries, both from established brands and smaller, niche companies.
Economic downturns: The personal care industry is generally considered to be recession-proof, but economic downturns could still impact Bath & Body Works' sales if consumers cut back on non-essential purchases.
Changes in consumer preferences: As with any company, Bath & Body Works is at risk of changes in consumer preferences and shifts in the market. The company will need to stay attuned to these changes and adapt its strategies accordingly.
In conclusion, Bath & Body Works is a strong company with a well-established brand and a wide range of products. However, the company's reliance on mall traffic and limited international expansion present potential weaknesses, and it will need to stay vigilant in the face of competition and shifts in consumer preferences. By capitalizing on opportunities such as expanding into natural and organic products and entering new markets, Bath & Body Works can continue to grow and succeed in the personal care and home fragrance industry.
What are the modern approaches to management?
Empirical or case study approach helps us to know what management is through the experiences of various successful managers. Theories :A supposition or a system of ideas intended to explain something, especially one based on general principles independent of the thing to be explained. Theory X takes the stance that professionals are not invested in their work. Thus, there is neither uniformity over the number of approaches nor clarity regarding the suggestion of a particular approach. Which is one of the characteristics of modern approach? Every department of the organisation is considered as a sub-system. Thus, contingency approach with situational emphasis and integration of environment into management and practice seems more appropriate in the contemporary context.
Modern Management Theory Approaches and Limitations with Example
System approach: System approach was developed inlate1960s. Fayol believed work specialization is the best way to use the human resource in an organization. Modern management theory also allows organizations to adapt to complex, fluid situations with local solutions instead of positing a single, overriding principle to drive management. Characterized by or using the most up-to-date techniques, equipment, etc. Thus, they help you become a more versatile leader, who isn't afraid to change tactics or explore more relevant strategies. The socio-technical approach, the contingency or situational approach, and the systems approach are examples of contemporary theories. Decisions should be according to need and requirement of organization which are created by management.
Approaches to Management: Classical, Modern, Scientific and System Approach
Contingency approach has emerged out of the systems approach. Taylor started the scientific management movement with his associates to study how work was performed and how it affected productivity. Modern Management has grown with the growth of social-economics and scientific institution. The systems theory compose dependent and related elements that form a unitary whole during an interaction. Abraham Maslow Hierarchy of Needs Theory6. Kellert 1993 defines Chaos Theory as a qualitative study of unstable aperiodic behavior in deterministic nonlinear dynamical systems p.
Simon are the pioneers who advocated for systems approach to management. It is quite possible that a particular method of doing a thing may be futile and to hope that these principles would be suitable or successful in one situation, but the same may not be the case in some other situation. However, critics point out that there is no theoretical base for contingency approach. Moreover, it discards the universal rationality of principles and advises executives to be situation-oriented instead of biased. Nevertheless, chaoticsystems exhibit a degree of order, enabling short-term forecasting to be undertaken and underlying patterns can be discerned. Structure signifies the organisation structure plus, the organisation manual.
Classical, Behavioural and Modern Management Theories: Here's the Difference
These approaches are Commodity Approach, Institutional Approach, Functional Approach and Decision Making Approach. If our self-esteem is to be maintained our group needs to compare favourably with other groups. The first two contribute to employee efficiency and drive. All previous and current data related to all operations in organization is collected. The organisation as an open system has an interaction with the environment. Problems and Perspectives in Management, 16 1 , 330. As there is no one best way to do things, practice and solution of various problems depends upon the circumstances.
Consequently, it makes control easier. These workers demand an authoritarian style of management. Modern Management Theory Improvements: Every organization has its own specialty and specifications. John Adair Leadership Theory8. Management encourages employees to give their best effort, which will result in the efficient operation of the business. It can be acquired with practice. On the other hand, some other manager treats his subordinates harshly to achieve the same purpose.
Looking into these short comings of systems approach, researchers and management experts have tried to modify the systems approach. Findings Contemporary management theory emphasizes effective qualitative and quantitative procedures in systems and empathetic and scrutinized inter-relationship between management and workers Janudin et al. Contingency approach recognises that managerial functions and principles are useful but should be used with discretion and care to suit the specific situation. According to the system approach, the whole organization is a system and its various departments are its sub-systems. Technology audit and production reserves, 1 4 , 57.
As the jobs become more complex and the workers more skilled, postmodern management theories become commonplace. The administrative approach to management, along with its major contributors, is discussed in subsequent articles. Long-term forecasting isalmost impossible for chaotic systems, anddramatic change can occur unexpectedly; as aresult, flexibility and adaptiveness are essentialfor organizations to survive. On the other hand, the systems approach to modern management focuses on the different systems and components that make up the whole organizational unit. At this time, they happen to be in the form of goods, services and satisfaction. It states that people respond more to social factors, such as personal attention or being part of a group, than environmental factors, such as compensation. Human Relations Approach 8.