Premium Essay

Chapter 03 - Markets, Organizations, and the Role of Knowledge

In: Business and Management

Submitted By yckula
Words 6097
Pages 25
Chapter 03 - Markets, Organizations, And The Role Of Knowledge

CHAPTER 3

MARKETS, ORGANIZATIONS, AND THE ROLE OF KNOWLEDGE CHAPTER SUMMARY This chapter answers three primary questions: How do market systems work? What are the relative advantages of market systems compared to central planning in large economies? Why do we observe so much economic activity conducted within firms in market economies? In addition to covering the basic principles of exchange and supply-and-demand analysis, the chapter introduces two concepts that are critical to the subsequent development in the book: specific knowledge and contracting costs. The chapter also makes the important point that individuals have incentives to choose value-maximizing organizational arrangements. An appendix presents the basics of present value analysis and the valuation of common stock. It also discusses the concept of stock market efficiency. This appendix provides useful background material (for example, when instructors want to discuss the stock market reactions to events).

CHAPTER OUTLINE GOALS OF ECONOMIC SYSTEMS PROPERTY RIGHTS AND EXCHANGE IN A MARKET ECONOMY Dimensions of Property Rights Managerial Application: Patent for Priceline.com Managerial Application: Property Rights Insecurity in Columbia Gains from Trade Managerial Application: While Animosity between the Governments of Venezuela and the U. S. Grow, So Does Trade Managerial Application: Strategic Business Planning—Ignoring Economics of Trade Academic Application: Gains from Trade BASICS OF SUPPLY AND DEMAND The Price Mechanism Managerial Application: Shifts in Demand, Quantity, and Price at the PGA Tournament Linear Supply and Demand Prices as Social Coordinators Managerial Application: Supply of Online Resumes Bogs Down Employers Measuring the Gains from Trade Government Intervention Price Controls Price Floors Academic Application:

Similar Documents

Premium Essay

Term Paper on the Role of Lease Financing in the Capital Market Development

...TERM PAPER ON THE ROLE OF LEASE FINANCING IN THE CAPITAL MARKET DEVELOPMENT TERM PAPER ON “The Role Of Lease Financing In The Capital Market Development” Supervisor: - Mrs. Afsana Yesmin Lecturer Faculty of Business Studies Premier University Chittagong. Submitted by: - Priyanka Das ID# 0613111771 Program: BBA Faculty of Business Studies Major in Finance Premier University, Chittagong Faculty of Business Studies Submitted in partial fulfillment of the requirement for the Bachelor of Business Administration Submission Date: 28th November, 2011 Letter of Transmission Date: 28th November 2011 To The Supervisor Faculty of Business Studies Premier University, Chittagong. Subject: Submission of term paper Sir, It is indeed a great pleasure for me to be able to hand over the result of my hardship of the report on “the role of lease financing in the capital market development”. I take the opportunity to thank you very much for your kind cooperation, supervision and suggestion in preparing this report. I have enjoyed the whole program with great spirit and enthusiasm. I fervently hope that you will find this report worth reading. I hope you will accept my report. Yours sincerely, Priyanka Das ID: - 0613111771 Program:-BBA Major in Finance ACKNOWLEDGEMENT I have the pleasure to express my gratitude to the Almighty God, who has given...

Words: 768 - Pages: 4

Premium Essay

Analysis of International Marketing

...3122-prelims.qxd 10/29/03 2:20 PM Page i International Human Resource Management 3122-prelims.qxd 10/29/03 2:20 PM Page ii 3122-prelims.qxd 10/29/03 2:20 PM Page iii second edition International Human Resource Management edited by A n n e - Wi l H a r z i n g J o r i s Va n R u y s s e v e l d t SAGE Publications London l Thousand Oaks l New Delhi 3122-prelims.qxd 10/29/03 2:20 PM Page iv © Anne-Wil Harzing and Joris van Ruysseveldt, 2004 First published 2004 Apart from any fair dealing for the purposes of research or private study, or criticism or review, as permitted under the Copyright, Designs and Patents Act, 1988, this publication may be reproduced, stored or transmitted in any form, or by any means, only with the prior permission in writing of the publishers, or in the case of reprographic reproduction, in accordance with the terms of licences issued by the Copyright Licensing Agency. Enquiries concerning reproduction outside those terms should be sent to the publishers. SAGE Publications Ltd 1 Olivers Yard London EC1Y 1SP SAGE Publications Inc 2455 Teller Road Thousand Oaks, California 91320 SAGE Publications India Pvt Ltd B-42, Panchsheel Enclave Post Box 4109 New Delhi 100 017 British Library Cataloguing in Publication data A catalogue record for this book is available from the British Library ISBN 0 7619 4039 1 ISBN 0 7619 4040 5 (pbk) Library of Congress Control Number...

Words: 205529 - Pages: 823

Premium Essay

Ch01 Testbank Hih9E

...Chapter 1—Strategic Management and Strategic Competitiveness TRUE/FALSE 1. The Opening Case shows that McDonald’s is one of the few firms able to achieve strategic competitiveness from its founding until the present time. ANS: F PTS: 1 DIF: Medium OBJ: 01-01 TYPE: application NOT: AACSB: Multicultural & Diversity | Management: Environmental Influence | Dierdorff & Rubin: Managing strategy and innovation 2. By focusing on product innovations and upgrades of its properties, McDonald’s was able to achieve strategic competitiveness and above average returns. ANS: T PTS: 1 DIF: Medium OBJ: 01-01 TYPE: application NOT: AACSB: Business Knowledge and Analytical Skills | Management: Strategy| Dierdorff & Rubin: Managing strategy and innovation 3. Strategic competitiveness is achieved when a firm successfully formulates and implements a value-creating strategy. ANS: T PTS: 1 DIF: Easy OBJ: 01-01 TYPE: knowledge NOT: AACSB: Business Knowledge & Analytical Skills | Management: Strategy | Dierdorff & Rubin: Managing strategy & innovation 4. Part of McDonald’s strategy was the choice that it would remain involved in additional food concepts such as Boston Market and Chipotle. ANS: T PTS: 1 DIF: Easy OBJ: 01-01 TYPE: application NOT: AACSB: Business Knowledge & Analytical Skills | Management: Strategy | Dierdorff & Rubin: Managing strategy & innovation 5. Alligator Enterprises has earned above-average returns since its founding five years ago. Since no other firm has challenged Alligator in...

Words: 10891 - Pages: 44

Premium Essay

Project Paper

...on Future Market prospects of Asian paints in Bangladesh B.B.A Dissertation Supervised by Mr. Sajeeb Saha Lecturer, Department of Business Administration IBAIS UNIVERSITY Submitted by Sk Md Alauddin Student ID: =2001070807 A dissertation submitted in partial fulfillment Of the requirements of the degree of BACHELOR OF BUSINESS ADMINISTRATION (Marketing) OF IBAIS UNIVERSITY Dhaka,Bangladesh Submitted date 28.02.2010 CERTIFICATE OF THE SUPERVISOR This to certify that the Internship report on “FUTURE MARKET PROSPECT OF ASIAN PAINTS IN BANGALDESH LTD” is done by Sk Md Alauddin as partial fulfillment of requirement of “Bachelor of Business Administration” degree from “IBAIS University” The thesis has been carried out under my guidance and is a record of the bonfire work carried out successfully Signature: ………………………. Supervisor’s Full Name Mr. Sajeeb Saha Date:…………… ……………………. Faculty/School: Business Administration DECLARATION I hereby do solemnly declare that the work resented in this dissertation project/thesis has been carried out by me and has not been previously submitted to any other University / College / Organization for an academic...

Words: 1002 - Pages: 5

Premium Essay

Management Information System

...Management Information Systems Course Code | CSC-490 | Course Title | Management Information Systems | Credit Hours | 03 | Prerequisites by Course(s) and Topics | | Assessment Instruments with Weights (homework, quizzes, midterms, final, programming assignments, lab work, etc.) | Quizzes | 10 % | Assignment | 20 % | Mid-Term Examination | 20 % | Final Examination | 50 % | Total | 100 % | | Instructor e-mail address (if any) | ravianz99@gmail.com | Current Catalog Description | Understanding and knowledge of use of computer-based information systems in all functional areas of business. Computer and information technology, resources, management and end-user decision making, and system development. Study and present a comprehensive case study/Assignment regarding the understanding and knowledge of the of the skills learned in the course. | Textbook (or Laboratory Manual for Laboratory Courses) | Management Information Systems-Managing Digital Firm, by Laudon, Kenneth C., and Laudon, Jane P., 12th Edition, Publisher: Pearson/Prentice Hall, 2012/13. | Reference Material...

Words: 1199 - Pages: 5

Premium Essay

Management Information Technology

...Management Information Systems Course Code | CSC-490 | Course Title | Management Information Systems | Credit Hours | 03 | Prerequisites by Course(s) and Topics | | Assessment Instruments with Weights (homework, quizzes, midterms, final, programming assignments, lab work, etc.) | Quizzes | 10 % | Assignment | 20 % | Mid-Term Examination | 20 % | Final Examination | 50 % | Total | 100 % | | Instructor e-mail address (if any) | ravianz99@gmail.com | Current Catalog Description | Understanding and knowledge of use of computer-based information systems in all functional areas of business. Computer and information technology, resources, management and end-user decision making, and system development. Study and present a comprehensive case study/Assignment regarding the understanding and knowledge of the of the skills learned in the course. | Textbook (or Laboratory Manual for Laboratory Courses) | Management Information Systems-Managing Digital Firm, by Laudon, Kenneth C., and Laudon, Jane P., 12th Edition, Publisher: Pearson/Prentice Hall, 2012/13. | Reference Material...

Words: 1199 - Pages: 5

Free Essay

Effectiveness of Material Requirenents Planning

...in partial fulfilment of the degree Masters in Business Administration at the Mancosa Management College of Southern Africa TABLE OF CONTENTS i CONTENT PAGE 1. Introduction 4 2. Research Context: Background 4 3. Research Problem 6 4. Aim of the Study 7 5. Research Objectives 7 6. Research Questions 7 7. Significance of the Study 8 8. Literature Review 9 9. Research Design and Methodology 12 9.1 Research Methodology 12 9.2 Sampling Strategy 13 9.3 Data Collection Instruments 14 9.4 Data Analysis 15 9.5 Pilot Study 15 10. Ethical Considerations 15 11. Chapter Organization 16 12. Proposed Time-Table 17 13. Bibliography 18 LIST OF TABLES TABLE 1.1 SAMPLE SIZE 13 LIST OF ACRONYMS ii CRP Capacity Requirements Planning DTI Department of Trade and Industry EOQ Economic Order Quantity ERP Enterprise Resource Planning GDP Gross Domestic Product IT Information Technology LEDET Department of Limpopo Economic Development Environment and Tourism LIBSA Limpopo Business Support Agency MPS Master Production Schedule MRP Material Requirements Planning APPENDICES 20 APPENDIX A: Letter of Permission to Conduct Study 20 APPENDIX B: Draft Covering Letter 21 APPENDIX C: Draft...

Words: 6238 - Pages: 25

Premium Essay

Strategic Market Segment

...Confirming Proofs Chapter 3 Strategic Market Segmentation Segmenting markets is a foundation for superior performance. Understanding how buyers’ needs and wants vary is essential to designing effective marketing strategies. Effective approaches to segmenting markets may be one of the most critical factors in developing and implementing market-driven strategy. The need to improve an organization’s understanding of buyers is escalating because of buyers’ demands for uniqueness and the growing array of technology available to generate products to satisfy these demands. Companies are responding to the opportunities to provide unique customer value with products ranging from customized phone pagers for business users to self-designed, individualized greeting cards for consumers. Indeed, McKinsey research underlines the weakness of thinking about markets only in general terms—talking of market trends, growth markets, mass markets, declining markets, and so on—and collecting information that describes only broad trends, where differences within markets are averaged-out. They point to the identification of opportunities from a deeper understanding of markets at a “granular” level. Market fragmentation and increasing granularity characterize a growing number of markets. The compelling logic of market granularity is that effective strategy can emerge only from a much finer understanding of market segments, their needs, and the capabilities required to serve them.1 Best Buy provides an interesting...

Words: 16308 - Pages: 66

Premium Essay

Export Strategy

...people. At the very beginning I would like to express my gratitude to Almighty Allah for enabling me to prepare this report. I express my gratitude to Mr. ABM Siddique, for his kind permission to allow me for three months practical example. I am also thankful to all other departmental heads, official, teachers, for their sincere co-operation and support. Last but not the least; it would not be possible without the help of member of our group. This report is very much effective for a student to get the practical knowledge of the situation of export strategy in Bangladesh. Table of Contents |Sl. No. |Chapter |Topic |Page No. | |01 |One |Introduction |03 | | | |Background |03 | | | |Export policy of Bangladesh |04 | | | |Major Export Item In Bangladesh |05 | | | |Major Product export of Bangladesh | | | | |Barriers to Development of export in Bangladesh | ...

Words: 5939 - Pages: 24

Premium Essay

Accounting

...1 1. | Controlling involves the coordination of daily business functions within an organization.    True    False |   2. | Measuring the performance of managers and subunits is not an objective of managerial accounting.    True    False |   3. | Middle-level managers would likely be considered internal users of accounting information rather than external users.    True    False |   4. | A controller is normally involved with preparing financial statements.    True    False |   5. | The upper limit on the production of goods and services if everything works perfectly is known as practical capacity.    True    False |   6. | Which of the following statements about managerial accountants is false?    A.  | Managerial accountants more and more are considered "business partners." | B.  | Managerial accountants often are part of cross-functional teams. | C.  | An increasing number of organizations are segregating managerial accountants in separate managerial-accounting departments. | D.  | In a number of companies, managerial accountants make significant business decisions and resolve operating problems. | E.  | The role of managerial accountants has changed considerably over the past decade. | |   7. | The day-to-day work of management teams will typically comprise all of the following activities except:    A.  | decision making. | B.  | planning. | C.  | cost minimizing. | D.  | directing operational activities. | E.  | controlling...

Words: 10780 - Pages: 44

Premium Essay

Strategic Brand Management

...(Office) and 836-0206 (Home) EMAIL: Chris_Pullig@Baylor.edu Course Description and Objectives: One of the most valuable assets for any firm is the brand associated with its products and/or services. Despite this, very little attention has been paid to the subject in business education. To address this, Strategic Brand Management is an advanced elective that addresses important branding decisions faced by an organization. Its basic objectives are: 1) to increase understanding of the important issues in planning and evaluating brand strategies; 2) to provide the appropriate theories, models, and other tools to make better branding decisions; and 3) to provide a forum for students to apply these principles. Specifically, we will cover: • Building customers’ brand knowledge • Generating brand identities and value propositions • Using the marketing mix to effectively deliver the brand to the marketplace • Measuring brand equity • Creating a comprehensive and effective brand architecture • Managing brands over time Course Organization and Administration: Strategic Brand Management is...

Words: 3393 - Pages: 14

Premium Essay

Syllabus

...SYLLABUS MGT/448 Global Business Strategies Copyright ©2015 by University of Phoenix. All rights reserved. Course Description The manager's perspective in the fields of international payments, international trade, and investment are analyzed. Emphasis is given to the materials and concepts that illuminate the strategies, structure, practices, and effects of multinational enterprises. Course Dates Jun 30, 2015 - Aug 03, 2015 Faculty Information Name : Email Address : Phone Number : HERB SPALLA (PRIMARY) See Policies Policies Faculty and students/learners will be held responsible for understanding and adhering to all policies contained within the following two documents (both located on your student website): • Academic Policies University policies are subject to change. Be sure to read the policies at the beginning of each class. Policies may be slightly different depending on the modality in which you attend class. If you have recently changed modalities, read the policies governing your current class modality. Academic Resources • Web Links Instructions Review the Web Links. SupportingMaterial Web Links • Interactive World Map Link Instructions Review the Interactive World Map Link. SupportingMaterial Interactive World Map Link • Text Citation Information for Electronic Readings Instructions Review the Text Citation Information for Electronic Readings. SupportingMaterial Text Citation Information for Electronic Readings ...

Words: 2751 - Pages: 12

Premium Essay

Strategy Square Pharma

...Table of Contents CHAPTER 01: COMPANY OVERVIEW 3 1.1 Introduction 3 1.2 Basic Information and Chronology since Inception 4 1.3 Vision 5 1.4 Mission 5 1.5 Objective 5 1.6 Corporate Focus 5 1.7 Management Philosophy 5 CHAPTER 02: INDUSTRY ANALYSIS 7 2.1 Rivalry among existing firms 7 2.2 Threat of entry of new firms 9 2.3 Threat of Substitute products or Services 10 2.4 Bargaining power of suppliers 10 2.5 Bargaining power of buyers 11 CHAPTER 03: COMPANY ANALYSIS 13 3.1 SWOT ANALYSIS 13 3.1.1 STRENGTHS: 13 3.1.2 WEAKNESSES: 14 3.1.3 OPPORTUNITIES: 14 3.1.4 THREATS: 15 3.2 Competitive Strategy Analysis: 16 3.2.1 Advantage of SPL in using an Integrated Strategy: 17 3.2.2 Disadvantages of SPL in using an Integrated Strategy: 17 CHAPTER 01: COMPANY OVERVIEW 1.1 Introduction The flagship company of the Square group of industries, Square Pharmaceuticals Limited (SPL) is the largest pharmaceuticals company in Bangladesh. Founded in 1958 and headquartered in Dhaka, Bangladesh, SPL develops, manufactures and markets drugs for humans and the animal world. The company owns and operates modern pharmaceutical factories mainly in Bangladesh and also has a separate division to operate a modern chemical factory which produces and sells basic chemical products. It also has divisions to produce and sell agrovet and pesticide products. It exports its products to Europe, Asia, Africa and South America. SQUARE Pharmaceuticals Limited (SPL) is the largest pharmaceutical company...

Words: 3682 - Pages: 15

Premium Essay

Zzzz

...| UNIVERSITI TUNKU ABDUL RAHMAN (UTAR)FACULTY OF BUSINESS AND FINANCE (FBF) | Unit Plan 1. | Unit Code &Unit Title: | UBMM2023 Organisational Behaviour | 2. | Course of Study: | FBF:Bachelor of Marketing (Hons)Bachelor of Business Administration (Hons) Entrepreneurship (EN)Bachelor of Commerce (Hons) Accounting (AC)FICTBachelor of Information Systems (Hons) Information Systems EngineeringBachelor of Information Systems (Hons) Business Information Systems FSCBachelor of Science (Hons) Biotechnology (BT)Bachelor of Science (Hons) Logistics and International Shipping | 3. | Year of Study | Flexi structure | 4. | Year and Trimester: | 201601 | 5. | Credit Hour | 3 credit hours | 6. | Lecturing hours and Tutoring hours | 2 hours lecture per week for the duration of 14 weeks1.5 hours tutorial per week for the duration of 14 weeks | 7. | Lecturer: | Lead Lecturer:Ms. Norhayati Bt Md Isa (norhayatim@utar.edu.my)Co-lecturer:Ms. Lim Yong Hooi (limyh@utar.edu.my) | 8. | Tutors: | FBF/FICT/FSCMs. Lim Yong Hooi (limyh@utar.edu.my) Ms. Cheah Ching Mun (cheahcm@utar.edu.my)Ms. Seow Ai Na (seowan@utar.edu.my)Ms. Norhayati Bt Md Isa (norhayatim@utar.edu.my) | 9. | Moderator | Ms. Lai Ka Fei | 10. | Mode of Delivery: | Lecture and Tutorial | 11. | Objective: | To enable students to understand the impact that individuals, groups/teams and structure have on behaviour within organisations for the purpose of improving...

Words: 6369 - Pages: 26

Premium Essay

Term Paper on Dhaka Bank

...Term Paper on Effect of Personality on Occupational Stress Prepared for: Mrs. Rumana Afroze Course Instructor Sub: MGT251; Section: 05 Group Members: Name ID number Quazi Aritra Reyan 2010-1-10-145 Syed Tasin Jahan 2010-2-20-072 Salman Iftekhar Suny 2010-1-10-131 Date of submission: November 29, 2011 Letter of Transmittal To Mrs. Rumana Afroze Faculty of Business Administration Department East-West University – Bangladesh Mohakhali, Dhaka Subject: Submission of Report. Dear Miss, It is our great pleasure to submit this report that you assigned on “Effect of personality on occupational stress in DHAKA BANK LIMITED” which has been prepared as a part of our Organizational Behavior course. We have tried our best to accomplish our research objectives successfully. This report definitely gives us an exceptional experience that will be of use in the future. The whole experience of this course enabled us to get an insight into the real life research situation. We will always be available for any supplementary interpretation or clarification that may require. Thank You. Quazi Aritra Reyan Salman Iftekhar Suny Syed Tasin Jahan Aknowledgement At this point we would specially like to thank those who had made it possible for us to prepare our report. Without...

Words: 3824 - Pages: 16