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Decentralization
The transfer of authority and responsibility of a organization transferred to multiple people instead being ran by one person
Examples: WM Morrison and Tesco -
Trust
Trust in the business world can be factor in many situations,you would need to trust your co-workers in situations or to reply on certain people to make the big decisions for a company.
For example,Rockefeller tactics were successful by 1879 when he combined dozens of companies into a single trust. -
Monopoly
A Monopoly in business is when a company doesn't have any other companies to go against,so they are free to sell their product however they want or price it however they would like(firm companies like microsoft,sheetz,google and more).A monopoly can occur too when a company maintains control over a type of industry.
An example is when John D Rockefeller in 1884 lowered his prices he charged for oil to make his competition either join him or go out of business. -
Scientific management
An assumption of management that analyzes workflow, in which is mainly focused on improving economic efficiency In which is one the earliest attempts is management. An example is a large chain or fast food. -
Hierarchy of needs
A theory that puts forth that people are motivated by five basic categories of needs, used to help achieve complete development and actualization. Examples are Physiological, safety, friendship, esteem, and self-actualization. -
Theory Y
Theory x in business is when people find satisfaction in their work and when workers are put into the right environment to work they will work productively.With this in play workers will feel more motivated too with their freedom in their job.This theory allows workers to be self desire and to seek responsibility to be creative while solving problems or creating ideas within their job. -
Theory X
Theory x – Theory X Assumes That People Are Basically lazy And Will Avoid working If they Can
Ex.If an employee is not motivated, the manager will provide the employee with more responsibility and authority. -
Theory Z
A management approach based on a combination of American and Japanese management philosophies, characterized by, among other things, long-term employment stability, consensual decision-making, slow evaluation and promotion processes, and individual responsibility in a group context. -
Total quality management
A management system based on the principle that all employees must be dedicated to maintaining high standards of work in all aspects of the company's operations.
Ex: Toyota -
Centralization
Management centralization is when one person or one department makes all decisions for an entire organization
Ex. A person running a departmental store appoints a manager, a cleaning staff, a salesperson and a helper.
