bluuebunny/crossref_metadata_2025 huggingface dataset:
Strategy
Authors: Mackay Dave , Arevuo Mikko , Meadows Maureen
Published: September 2023

Strategy is made up of five parts. Part 1 defines strategy in terms of
process and outcomes. Part 2 looks at the context and options, which includes the strategic
organization, the external environment and the internal environment. Part 3 considers how to
scope, compete, and perform. It covers corporate strategies and structures, competitive
advantage, functional strategy, and performance. The fourth part examines topics such as
strategies for growth; innovation, disruption, and digitalization; competing in a globalized
world; and sustainability. The last part is about active strategy and how to learn from
experience.
Strategies for Achieving Competitive Advantage
Authors: Mackay Dave , Arevuo Mikko , Meadows Maureen
Published: September 2023

This chapter discusses one of the most important tasks in strategizing: how the
organization has to compete in a way that creates value for customers so that they
are willing to pay more than the cost of creating that value. The chapter begins by
considering what constitutes the nature and the sources of a firm’s competitive
advantage and how this advantage can be maintained in a competitive marketplace. It
critically evaluates the mechanisms that may protect an organization from
competitive imitation and how strategy practitioners can slow down the inevitable
competitive erosion in fast-moving competitive environments. The chapter also
examines the most common types of competitive advantage and hybrid strategies that a
business can deploy. In market economies, few firms have the luxury of having no
serious competitors or threats to their market position. The chapter explains why it
is necessary for firms to change the way they compete in response to evolving
competitive conditions and the threat of new competitors. Faced with ever-present
competitive pressures, firms must develop business models that align with strategies
that seek to produce a competitive advantage over their rivals.
Theoretical perspectives on leadership
Authors: Bolden Richard , Gosling Jonathan , Hawkins Beverley
Published: September 2023

This chapter discusses the main theoretical perspectives on leadership, noting how these have shifted over time. It begins by considering the philosophical foundations of contemporary leadership theory, looking at the significance of Chinese and Greek philosophers, in particular. The chapter then summarizes the development of contemporary leadership theory from a predominant focus on the ‘leader’, to the relationship between ‘leaders’ and ‘followers’ and, more recently, the notion of leadership as a social process. It concludes with a working definition of leadership which is used throughout the book. The chapter proposes that leadership is a process of social influence to guide, structure, and/or facilitate behaviours, activities, and/or relationships to achieve shared aims and/or mobilize change in groups, organizations, and society.
Leading strategy, change, and performance in organizations
Authors: Bolden Richard , Gosling Jonathan , Hawkins Beverley
Published: September 2023

This chapter evaluates leadership in organizations from the perspective of strategy, change, and performance. In so doing, it shows that while many frameworks still associate leadership with the characteristics, behaviours, and responsibilities of senior leaders, there is increasing recognition of the complex, emergent, and collective nature of leadership practice. In a complex world, the ability to set out and implement a planned strategy or change process is far from certain. A process perspective, that acknowledges the uncertainties and complexities of life in contemporary organizations, can be daunting but reveals a range of alternative ways of thinking about the nature of leadership, strategy, and change and how this contributes towards performance. The chapter concludes by considering the relationship between management and leadership development, capacity, and performance.
Grand challenges: Leading the issues that matter
Authors: Bolden Richard , Gosling Jonathan , Hawkins Beverley
Published: September 2023

This chapter addresses leadership in relation to some of the world's ‘grand challenges’. An underlying question is: how can leadership help us to bring about necessary changes in direction and power relations? The chapter looks at the intransigence that seems to be built into the global economy and massive corporations. It recognizes the need for some form of ‘earth stewardship’, and therefore for governance. The chapter then examines models of leadership that are deemed necessary for building and sustaining a more balanced and regenerative economy, and also considers the possibility that sustainability might not be achieved, in which case adaptation to changing climate might have to extend to societal collapse. Finally, it identifies three kinds of beliefs about how systems change before discussing the leadership of social movements.
Conclusion: Where next for leadership studies?
Authors: Bolden Richard , Gosling Jonathan , Hawkins Beverley
Published: September 2023

This concluding chapter addresses the question of ‘where next for leadership?’ It considers issues of responsibility, spirituality, and alternatives to leadership before outlining a call to re-route leadership theory, research practice, and development. The chapter looks at the principles underpinning the neoliberal, ‘corporate social responsibility’ (CSR)/stakeholder, and interactive/revised stakeholder models of the corporation and the implications for leadership and management practice. It then suggests that the topic of leadership requires us to grapple with fundamental questions about purpose and meaning for which there are no universal answers. Instead, we must develop a deep curiosity and a capacity and willingness to reflect and learn from experience if we are to achieve what is best for ourselves and others.
The Marketing Environment
Authors: Baines Paul , Rosengren Sara , Antonetti Paolo
Published: September 2023

This chapter explores the marketing environment. Organizations can influence external environments, performance environments, and internal environments, which are subsequently known as the core areas of the marketing environment. The chapter discusses the notion of PESTLE analysis and how it is used to understand the external environment through political, economic, sociocultural, technological, legal, and ecological factors. It also explains the process of the environmental scanning process and Porter's Five Forces model of competitive analysis. Meanwhile, portfolio analysis like the Boston Box is used to determine different product/service formulations, each of which categorizes differing levels of cash flow and requires different resources if it is to develop.
Place: Channels, Supply Chains, and Retailing
Authors: Baines Paul , Rosengren Sara , Antonetti Paolo
Published: September 2023

This chapter explores the nature and characteristics of a marketing channel. It explains that marketing channels are chains of organizations concerned with the management of the processes and activities involved in creating and moving products from producers and manufacturers to end users. The issues of marketing channel management mostly revolve around the design of the channel and its relationships between channel members. The chapter notes that channel intensity refers to the number and dispersion of outlets an end user can use to buy a particular offering. It also covers the role and function of retailers in the marketing channel as they provide consumers with access to products and help to reduce the uncertainty experienced by other intermediaries in the channel.
Managing groups and teams
Authors: King Daniel , Lawley Scott
Published: September 2023

This chapter focuses on teamwork and why it has become a central feature of organizational life. Why do companies value teamwork so highly? Teamwork is linked to increased productivity, problem-solving, and organizational success; it increases employee satisfaction by fulfilling ‘social needs’ and providing a sense of belonging and identity. Indeed, teamwork is often presented as a universal, unquestioned good. However, being in a team can be hard. The chapter then looks at the factors needed to produce an effective team; explains how group dynamics can impact individual performance; and considers how groupthink can have negative implications for teams. It also examines social identity theory, Bruce Tuckman's stages of group formation, and how teamwork can lead to greater surveillance and control.
Personality and individual differences
Authors: King Daniel , Lawley Scott
Published: September 2023

This chapter addresses how organizations view personality, and how they try to measure this during the recruitment and selection process to appoint the type of personality that they think will fit a job. It examines three approaches to the study of personality: the nomothetic approach, the ideographic approach, and the social–radical approach. The chapter then explains how the key personality distinction of introversion and extraversion relates to the workplace, before describing the Myers–Briggs Type Indicator and how it relates to career development. It also looks at the big five personality scale and explains how this relates to personality testing. Finally, the chapter evaluates several alternative approaches to recruitment and selection, including social media, artificial intelligence (AI), and assessment centres.
Knowledge and learning
Authors: King Daniel , Lawley Scott
Published: September 2023

This chapter explores how people develop as individuals and improve their work by learning and gaining new knowledge from their workplace experience. It begins by looking at individual knowledge and learning, drawing a distinction between explicit knowledge and a deeper tacit knowledge. The chapter specifically considers knowledge that is valuable for being a manager and how people gain that knowledge. It then discusses knowledge management, which is concerned with how individuals learn, but also with how knowledge, both explicit and tacit, is transferred between people in and across the organization. Organizations that promote the sharing of knowledge become learning organizations, and this equips them to deal with change and uncertainty. Finally, the chapter reflects on the implications of the digitization of knowledge—will the knowledge and skills that are valued by employers today still be relevant when such work can be done through artificial intelligence?
Power and politics
Authors: King Daniel , Lawley Scott
Published: September 2023

This chapter reflects on power and how it occurs in everyday situations through office politics. Like organizational culture, power and politics are subterranean, operating below the surface, often invisibly, but impacting everything. While often we cannot see it, it is important to understand how power and politics shape organizational life, and the decisions people make. The chapter then looks at three key theoretical perspectives to understand power: power as property (which sees power as the possession of an individual or group), structure as power (which sees how the social structure shapes the way people think), and power as productive (which examines how power operates in everyday relations between people and organizations). It also explores how some writers and managers have sought to produce more equal and balanced management practices.
Globalization
Authors: King Daniel , Lawley Scott
Published: September 2023

This chapter reviews the commonly held view of globalization which suggests that we have become one, united globe, with individual nations becoming less relevant; with the economy, business, and politics increasingly interconnected; and, at the same time, with global culture becoming increasingly homogeneous. It examines the move towards a ‘global village’ and the features of globalization that contribute to this trend, including the role of organizations. The chapter then looks at the history of globalization as a violent and oppressive history of colonialism. While this era has ended, postcolonialism suggests that its legacy still exists in the form of enduring inequalities. The chapter also explores how, despite trends towards globalization, individual nations, and the differences between them, are still important. It considers the implications of national and cultural differences for managing and organizing on a global basis.
Talent Management: Strategies and Models
Authors: Banfield Paul , Kay Rebecca , Royles Dean
Published: September 2023

This chapter focuses on the strategies and models of talent management (TM). The purpose of the chapter is to critically engage with the literature on this topic to establish whether TM represents a new and distinctive approach to the management of people or whether it is little more than a new interpretation with a different emphasis. The chapter proposes that talent is both generic to all and specific to individuals: all people possess certain talents but relatively few are innately talented. The chapter also argues that organizations that concentrate on the special talents of the few run the risk of failing to harness the talents of all employees, and that the economic conditions within which an organization operates shape its approach to TM. The chapter also explains that talent cannot be separated from the person and that its availability to the organization is conditional.
Workforce Planning and Measurement
Authors: Banfield Paul , Kay Rebecca , Royles Dean
Published: September 2023

This chapter addresses one of the core functions of human resources (HR), workforce planning and measurement. It begins by emphasizing the importance of HR's role in ensuring that an optimum balance is struck between the number and quality of people employed, the associated employment costs, the organization's requirements for productive capacity, and financial/budgetary constraints. It presents the concepts, features, and ideas involved in the workforce planning process. Then it considers the most commonly used measurement techniques and the range of metrics that can be used to measure HR management. It also looks at the limitations and problems associated with the use of metrics in HR.
Resource-based and institutional perspectives on strategic human resource management
Authors: Bailey Catherine , Mankin David , Kelliher Clare , Garavan Thomas
Published: September 2023

This chapter examines how the application of one theoretical framework in particular, the resource-based view (RBV), led to a shift in research and thinking in the SHRM domain. It also considers how debates have moved on beyond the RBV to incorporate ideas drawn from new institutionalism and resource-dependence theory to shed more detailed and nuanced light on how SHRM ‘works’. First, it presents the origins of the RBV and its underlying propositions. Second, it looks at the usefulness and limitations of the RBV as a framework for theorizing in strategic human resource management (SHRM). Finally, it considers the contributions made by new institutionalist and resource-dependence perspectives to extending the RBV.
Strategic human resource management and employment relations
Authors: Bailey Catherine , Mankin David , Kelliher Clare , Garavan Thomas
Published: September 2023

This chapter focuses on employment relations. It starts with an introduction to the field of employment relations and discusses how this field relates to strategic human resource management (SHRM). It presents definitions and key concepts. The chapter also examines the choices open to managers for their approach to employment relations and evaluates the type of factors likely to influence these choices. The legal regulation of the employment relationship is then considered. In addition, it tackles the sources of regulation (national and supranational). Finally, the chapter examines the notion of employee voice, analysing the different means by which it may be expressed and the challenges associated with its implementation.
Managing the internationalization process
Authors: Frynas Jędrzej George , Mellahi Kamel
Published: September 2023

This chapter considers the management of the internationalization process. It begins with the explanation of why firms decide to internationalize their business activities and how they should engage in international business activities. Psychic distance is defined as the distance that is ‘perceived’ to exist between characteristics of a firm's home country and a foreign country with which that firm is, or is contemplating, doing business or investing. ‘Born Global’ is a term that describes firms that, right from their birth, seek competitive advantage by using resources from different countries and by selling their products in multiple countries. The chapter also discusses the four modes of entry into foreign markets: export, licensing, franchising, and wholly owned operations. Lastly, it delves into a phenomenon known as de-internationalization or international divestment, which refers to ‘any voluntary or forced actions that reduce a company's engagement in or exposure to current cross-border activities’.
Organization theory and its multiple perspectives
Authors: Hatch Mary Jo
Published: September 2023

This chapter begins by reviewing an important difference between adages and theories. It explains that an adage contains folk or lay wisdom that has proven itself through generations of anecdotal experience, while a theory rests on formalized knowledge that has been subjected to the rigours of philosophy and science. It emphasizes how theories are produced by theorists trained to specify and reflect on their theorizing, correct their errors, and connect their theories to those of others. The chapter highlights concepts and how concepts are taken as phenomena of interest when building a theory. It demonstrates the development of theory from a set of concepts whose relationships are used to elaborate, understand, or appreciate the phenomenon of interest the theorist wants to address.
Organizational identity at Carlsberg Group
Authors: Hatch Mary Jo
Published: September 2023

This chapter demonstrates how to work across concepts, theories, and perspectives when confronting an organization, presenting the ins and outs of applying organization theory to a case example. It highlights the concept and main theories associated with organizational identity through a review of a decade-long research study on the Carlsberg Group. It also reviews the themes of power, conflict, and control to investigate and connect multiple layers of organizational identity. The chapter examines the concept of organizational form identity and defines characteristics that members of a category can legitimately possess. It elaborates how organizational form identities are adopted by all organizations constituting a category, such as a bank, newspaper, or brewery, within the population.
Knowledge Management in Organizations
Authors: Hislop Donald , Bosua Rachelle , Helms Remko
Published: September 2023

Knowledge Management in Organizations
consists of six parts. The first part presents epistemologies of knowledge in the knowledge management literature, providing both objective perspectives and practice-based perspectives. Part 2 acts as an introduction to key concepts. The third part is about innovation, knowledge creation, and unlearning. The fourth part presents an introduction to ICTs and knowledge management, again presenting both objective perspectives and practice-based perspectives. The fifth part looks at socio-cultural issues related to managing and sharing knowledge. The last part applies all that has been presented so far to the real world.
The Contemporary Importance of Knowledge and Knowledge Management
Authors: Hislop Donald , Bosua Rachelle , Helms Remko
Published: September 2023

This chapter looks at the contemporary importance of knowledge and knowledge management. It provides an overview on how knowledge management has gained widespread interest. Then it outlines and explains key assumptions in knowledge management literature. The knowledge society concept and its links to Bell's post-industrial society concept is also discussed. The chapter then makes a critical evaluation of the knowledge society concept. Finally, it presents the general aims and philosophy of the book, as well as outlining the themes and issues examined in each chapter.
The Objectivist Perspective on Knowledge
Authors: Hislop Donald , Bosua Rachelle , Helms Remko
Published: September 2023

This chapter articulates the objectivist perspective on knowledge. First, it begins by outlining the key assumptions and characteristics of the objectivist perspective on knowledge. Then, it examines and gives examples of work utilizing the knowledge-based theory of the firm. The next section studies the development of knowledge typologies that highlight and differentiate between distinctive categories of knowledge, such as tacit and explicit knowledge. Finally, it concludes by considering how those adopting an objectivist perspective on knowledge typically conceptualize the sharing and management of organizational knowledge.
The Practice-Based Perspective on Knowledge
Authors: Hislop Donald , Bosua Rachelle , Helms Remko
Published: September 2023

This chapter studies the practice-based perspective on knowledge. It presents an alternative answer to the question ‘what is knowledge?’, based on fundamentally different epistemological assumptions from the objectivist perspective. It begins by outlining the way knowledge is characterized within the practice-based perspective. The practice-based perspective conceptualizes knowledge not as a codifiable object/entity, but instead emphasizes the extent to which it is embedded within and inseparable from work activities or practices. The chapter then considers how knowledge management processes are conceptualized. The chapter's last part presents a practice-based perspective on the management and sharing of knowledge.
Knowledge-Intensive Firms and Knowledge Workers
Authors: Hislop Donald , Bosua Rachelle , Helms Remko
Published: September 2023

This chapter provides a detailed definition of the terms ‘knowledge-intensive firms’ and ‘knowledge workers’ and discusses the character of work and the dynamics of the knowledge processes within knowledge-intensive firms. It studies how writing on knowledge workers and knowledge-intensive firms is typically embedded in the knowledge society rhetoric. Then it presents different perspectives on the definition of knowledge work. The nature of the work carried out within knowledge-intensive firms is illustrated. The character of knowledge processes within knowledge-intensive firms, which links to the topics of intellectual capital, social capital, and innovation, is also discussed. The chapter ends by examining the debate regarding the extent to which knowledge workers represent the ideal employee, being always willing to participate in relevant knowledge processes, and working long hours for their employers.
Unlearning, Knowledge Loss, and the Protection of Knowledge
Authors: Hislop Donald , Bosua Rachelle , Helms Remko
Published: September 2023

This chapter examines unlearning, knowledge loss, and the protection of knowledge. The chapter begins by differentiating between unlearning and forgetting. It then analyses the close and inseparable interrelationship between unlearning, learning, and change. Different individual and organizational-level factors that can act as barriers to forgetting are reviewed. Knowledge leakage is then introduced to distinguish between leakage and loss. The final section deals with how knowledge could be protected in organizations.
The Influence of Socio-cultural Factors in Motivating Workers to Participate in Knowledge Management Initiatives
Authors: Hislop Donald , Bosua Rachelle , Helms Remko
Published: September 2023

This chapter provides an overview of the influence of human, cultural, and social dimensions in motivating workers to participate in knowledge management processes. It begins by conceptualizing the decision workers face about whether to participate in knowledge management initiatives as being comparable to a public good dilemma. It then moves on to an examination of how the context in which most knowledge management initiatives occur. These shapes workers' attitudes to knowledge management processes by influencing the nature of the relationship between employers/managers and workers, and also inter-personal relations between workers. Then, the chapter looks at the role of inter-personal trust and how a worker's sense of belonging to work groups shapes their willingness to codify and share knowledge with colleagues. The chapter closes by examining the literature which considers the influence that national culture and individual personality can have in shaping people's attitudes to participating in knowledge activities.
The economic environment
Authors: Otter Dorron
Published: September 2023

This chapter looks into the economic environment. It explores the essential characteristics of the economic environment. The chapter also includes how human beings are always in need of resources due to needs and wants before listing labour, land, capital, and enterprise as to how resources would be grouped. Anything that satisfies needs, wants, and desires are considered commodities. In addition, the chapter explains addressing allocation, distribution, and production makes up for an efficient economic environment. It discusses the operation of neoclassical and Marxist political economies. The chapter also expounds on how markets operate in line with demand, supply, price, and surplus. It then highlights the significance of equilibrium.
The natural environment: global warming, pollution, resource depletion, and sustainable development
Authors: Judge Eamonn
Published: September 2023

This chapter discusses the natural environment and shows how it affects business. It explores how global warming, pollution, and resource depletion could impact business. Additionally, the chapter notes the changes that sustainable development sparked. Sustainable development is designed to occur in line with cooperative action at global, national, and local levels. Governments at all levels may set frameworks of laws and regulations involving a variety of market and non-market tools to mitigate environmental impacts. The chapter also lists the types of approaches for dealing with environmental problems such as ‘market-based’ policy measures and policy frameworks. It cites business activity as a major contributor to global environmental problems while global environmental problems are a major threat and possible opportunity to business activity.
How has macroeconomic policy changed in an era of uncertainty?
Authors: Mulhearn Chris , Franco Mike
Published: September 2023

This chapter looks into the issue of how macroeconomic policy has changed in an era of uncertainty. Macroeconomics is concerned with the behaviour and performance of the economy as a whole wherein the focus is simultaneously on all consumers, firms, and organizations in all the markets. These together constitute a national economy. The chapter also lists the objectives of macroeconomic policy: stable economic growth, a stable level of employment, and a steady inflation rate. It looks into the split perspective on the stabilisation policy debate why referring to the UK's macroeconomic policy framework. Additionally, the chapter also analyses macroeconomic implications of Brexit for the UK economy.
What role for the public sector?
Authors: Wetherly Paul
Published: September 2023

This chapter notes the role of the public sector in the business environment. It uses the Organisation for Economic Co-operation and Development (OECD) definition of public sector here, wherein ‘the public sector’ is comprised of the general government sector and public corporations including a central bank. The chapter explores the concept of the state as an economic actor alongside the speculation of the public sector becoming the subject of political controversy due to the mix of state and market within. The chapter also looks into the debate over the nationalization of business or public corporations. Additionally, the chapter evaluates the concept of social or welfare rights while looking into the future of welfare states. It adds how the public sector has recently been stuck between the ideological divide of liberalism and socialism.
Leadership
Authors: Wilson Fiona M.
Published: September 2023

This chapter focuses on leadership, which ranks among the most researched and debated topics in organizational behaviour. It examines the difference between management and leadership, and whether leaders are necessary in all kinds of organization. The chapter also talks about the traits or qualities that are required of leaders. It then determines which style of leadership is the most appropriate to adopt, and argues whether there are recipes for a successful leadership. The chapter identifies and discusses several different theories of leadership, including the links between emotion, spirituality, gender, class, and leadership. It talks about leadership being seen as a social myth which induces helplessness with accompanying feelings of despair and resistance to any form of action, maintaining the status quo.
Organizational misbehaviour
Authors: Wilson Fiona M.
Published: September 2023

This chapter cites some examples of behaviour that people at work generally do not want to see or organizational misbehaviours, such as theft, virtual crime, rudeness, and bullying. It covers misbehaviour that is not usually regarded as organizational behaviour but takes place in organizations and is seen among owners, managers, and workers alike. It talks about misbehaviours such as swindling, lying, and denying among workers that pose limits on managerial power and control. The chapter refers to the more ‘seedy’ side of organizational life and appreciates how ‘sanitized’ other accounts of organizational life are. It analyzes a more balanced and realistic view of what is expected of people at work by acknowledging all forms of behaviour in the workplace, including misbehaviour.
Do markets work?
Authors: Gillespie Andrew
Published: September 2023

This chapter evaluates some of the potential failings of markets and how and why governments intervene in them. It starts with highlighting the merits of competitive markets, which in theory can lead to efficiency and innovation. However, this idea is then rebuffed, in that markets may bring dangers and are likely to experience imperfections and failures. This then leads to the discussion on government intervention on areas such as consumer protection, employee protection, business collusion or formation of cartels, and price fixing. The effect of externalities, public goods, asymmetric information and the concept of ‘Too big to fail’ is also considered. The chapter closes by addressing questions on the actions governments can take to intervene in markets, effects of government intervention on businesses, and whether governments should intervene in markets at all.
Introduction: Our Astonishing Economies
Authors: Hayley Simon , Chrystal Alec
Published: September 2023

This chapter discusses general aspects of the economy and looks at its complexity. It suggests that the economy needs to have a detailed plan for it to operate smoothly. The issue is that the government often does not have such a plan. The chapter then goes on to compare the difference between two alternative economies: the centrally planned economy and the market economy. It also provides examples of countries who have implemented these types of economies, emphasizing their marked differences.
Sustainable development
Authors: Blowfield Michael , Murray Alan
Published: September 2023

This chapter investigates the concept of sustainable development and its importance in the business context. It explores the evolution of sustainability. It also evaluates the evidence posed by scientific reports on climate change and identifies the challenges that climate change presents for ‘business as usual’. The chapter also looks into the capital market implications of sustainable development. Finally, it discusses recent ideas on ‘social’ aspects of sustainability.
Corporate social responsibility and governance
Authors: Blowfield Michael , Murray Alan
Published: September 2023

This chapter analyses the two main aspects of governance: the connection between governance and responsibility and how the governance is affected by global issues. It first illustrates what is meant by ‘corporate governance’. It moves on with the exploration of the theories of corporate governance. Then, it traces the development of the UK corporate governance framework. International developments in corporate governance are also surveyed. Finally, it looks at how sustainability, and especially climate change, could affect governance.
Brand Strategies 1—Symbolic Brands
Authors: Rosenbaum-Elliott Richard , Percy Larry , Pervan Simon
Published: September 2023

This chapter discusses how managers might develop strategic plans for brands. It begins by proposing a basic model of how brands are built in mindspace over time. It demonstrates how advertising plays a key role in the process. Brand strategies based on personal meanings, on social differentiation, and on social integration are considered. The chapter emphasizes that the social language of the brand can provide a wide range of benefits to the consumer and help transform their experience of the brand.
Globalization
Authors: Hamilton Leslie , Webster Philip
Published: September 2023

This chapter focuses on globalization. It begins by considering the three main indicators of globalization: international trade in goods and services, transfer of money between countries, and the movement of people across borders. The chapter points out that culture has been influenced by globalization via mass media. It identifies competition, reduction in regulatory barriers, and technology as drivers of globalization. Moreover, the chapter discusses barriers to globalization such as government policies, protection of intellectual property rights, culture, corruption, geography, and border and immigration controls. It argues that globalization simultaneously presents opportunities and threats to business and notes that globalization affects cultural, social, and economic dimensions as well.
The Global Economy
Authors: Hamilton Leslie , Webster Philip
Published: September 2023

This chapter looks at international patterns of wealth, international trade, and exchange rates. It identifies the USA as the richest economy while noting that China has the bigger purchasing power parity (PPP). The chapter explains what it means to make a GDP comparison between countries. It explains that the UNDP also looks at other indicators such as income inequality, life expectancy, literacy rates, and school enrolments to determine a country’s degree of development. The chapter states that economic growth is the key to raising living standards. It looks at the growth of international trade, which is predicted to reach 34% by 2030. The chapter points out that fluctuations in exchange rates could have a major impact on businesses. It considers the accusation that some countries manipulate the exchange rates of their respective currencies to make their goods more competitive in the global market.
Intervening in the market system
Authors: Gillespie Andrew
Published: September 2023

This chapter explains how governments intervene in the free market. It demonstrates the impact of maximum and minimum prices using supply and demand diagrams. The workings of a buffer stock scheme using supply and demand diagrams are studied. The chapter tackles the reasons for nationalization and privatization. Finally, it proposes the possible problems of nationalization and privatization.
Costs: Short run and long run
Authors: Gillespie Andrew
Published: September 2023

This chapter discusses the different types of costs and how costs may vary in the short and long run. In the short run, decisions about how to produce are constrained by having at least one fixed factor of production. In the long run, all factors are assumed to be variable. Moreover, in the long run, a firm may benefit from internal economies of scale if it increases the scale of its production, but if its size increases too much, then it may experience diseconomies of scale. Finally, costs may be analysed in different ways such as considering their relationship with output (fixed and variable) or whether they are marginal, average or total.
Socially responsible investment
Authors: Mallin Christine A.
Published: September 2023

This chapter returns to the subject of corporate governance. Corporate governance is concerned with many facets of a business and how that business is managed. In recent years, there has been an increasing awareness of socially responsible investment (SRI) issues in the UK and in many other countries, and these have, in many cases, become an integral part of corporate governance policies, both of individual companies and of institutional investors. The chapter shows how SRI involves the ethical, social, and environmental performance of companies selected for investment as well as their financial performance. The chapter analyses the phrase ethical investment, which is often used interchangeably with the phrase ‘socially responsible investment’. The origins of SRI lie in various religious movements, such as the Quakers and the Methodists.
Directors’ performance and remuneration
Authors: Mallin Christine A.
Published: September 2023

This chapter examines the considerable shareholder, media, and policy attention given to the issue of directors' remuneration in the last two decades. It considers the overall level of directors' remuneration and the role of share options, and it explores the suitability of performance measures linking directors' remuneration with performance. The chapter also reviews the role played by the remuneration committee in the setting of directors' remuneration and the influence that shareholders are able to exercise on directors' remuneration. The chapter notes that the debate about directors' remuneration spans continents and is a topic that is as hotly debated in the USA as it is in the UK. Indeed, the UK’s use of share options as long-term incentive devices has been heavily influenced by US practice.
The Regulatory Framework
Authors: Tricker Bob
Published: September 2023

This chapter discusses corporate regulation in the UK, the USA, and other countries, and compares corporate governance codes from international agencies, institutional investors, and companies. It considers corporate governance codes for the public and voluntary sectors and highlights the importance of compliance and corporate governance reports. It also covers the corporate governance debate between principles and prescription. The chapter explains that company law defines the way in which companies are incorporated, how their directors are appointed, and how shareholder relations should be handled. It emphasizes how companies must follow the company law of the jurisdiction in which they are incorporated and the laws of other places where they do business.
Models of Corporate Governance
Authors: Tricker Bob
Published: September 2023

This chapter analyses the distinction between Western and Eastern approaches to corporate governance and the cultural characteristics of corporate governance. It reviews how context affects corporate governance and considers the differences between the UK and USA unitary board models and the two-tier board model used in continental Europe. It also covers Eastern corporate governance models, namely the Asian family-based model, the keiretsu model in Japan, and the chaebol model in South Korea, before considering if corporate governance models around the world are converging or differentiating. The chapter highlights the importance of the context in which corporate governance is practiced, noting different patterns of ownership, alternative markets for corporate control, and different ways of financing corporate entities. It identifies institutional arrangements that are needed to support successful governance, such as a stock market with liquidity, international standing, and institutional investors.
Board Membership: Directors’ Appointment, Roles, and Remuneration
Authors: Tricker Bob
Published: September 2023

This chapter discusses the appointment of directors of major listed companies, which begins with a nomination through the chair and the existing directors, followed by the approval of shareholders during annual general meetings. It highlights the desirable attributes and core competencies in a director, such as integrity: directors need to be stewards of the interests of the company rather than acting in self-interest, which requires them to be ethically aware and able to recognize conflicts of interest. It also stresses roles that directors play as they inevitably make a variety of contributions to their boards, given their various personal attributes and different competencies. The chapter warns that directors of listed companies must be careful not to benefit personally from confidential corporate information they receive as the confidentiality of the boardroom must be respected and not passed to third parties. It details the contentious remuneration of directors, which is at times challenged due to its allegedly excessive levels.
Essential Study and Employment Skills for Business and Management Students
Authors: Gallagher Kevin
Published: September 2023

Essential Study and Employment Skills for Business and Management Students starts with an examination of graduate employability and developing skills for business and management. It argues that a student needs to understand how learning takes place and this will help them hone in on organization and communication skills. It is essential, the text argues, that the successful student understands how to locate information and improve their search skills. The text covers a number of other essential skills for business and management students and those include reading skills, writing skills, presentation skills, and teamwork skills. Next, the text examines creativity in addition to discussing the importance of well-being and managing stress. Finally, it looks at experience and CV development.
Communication Principles
Authors: Gallagher Kevin
Published: September 2023

This chapter begins by evaluating the basic principles of communication. It highlights the importance of communication for business and management students. The chapter looks at a basic communication model, explaining how communication, both verbal and non-verbal, may be used to persuade others through processes of logic, emotion, and ethical arguments. It also considers barriers to communication and how we might overcome them. Finally, the chapter emphasises the importance of listening.
Career Preparations
Authors: Gallagher Kevin
Published: September 2023

This chapter provides an overview of the steps in career development that students can take while they are at university. How does a student go about securing a job? As with many things, the answer lies in doing homework first—in this case, job- and career-hunting homework; then, actually doing something by following this up with some action which is going to result in some vital work-related experience. The idea is that this experience will give the student the edge over all those other job-seeking graduates. They can include this experience in their CV (curriculum vitae), which they will continue to develop. The chapter then presents a guide for job- and career-hunting homework.
Marketing Principles and Society
Authors: Baines Paul , Whitehouse Sophie , Antonetti Paolo , Rosengren Sara
Published: September 2023

This chapter develops an understanding of marketing principles and the impact of marketing on society by defining the term ‘marketing’. It considers the origins and development of marketing throughout the twentieth and into the twenty-first centuries. The core principles of marketing, incorporating the marketing mix, the principle of marketing exchange, market orientation, relationship marketing, and service-dominant logic, are all examined. After all, marketing is a two-way exchange process. It is not solely about the marketing organization doing the work; the customer also inputs—sometimes extensively so. Customers specify how the market might satisfy their needs, because marketers cannot read their minds. Customers must then pay for the offering. From here, the chapter discusses the role of marketing within organizations. Finally, it reviews the positive and negative impacts that marketing has on society.
Market Research and Customer Insight
Authors: Baines Paul , Whitehouse Sophie , Antonetti Paolo , Rosengren Sara
Published: September 2023

This chapter takes a look at how companies develop propositions using research programmes designed to identify customers’ changing needs. It begins by defining the difference between ‘marketing research’ and ‘market research’. Whereas market research is conducted to understand markets—customers, competitors, and industries—marketing research also determines the impact of marketing strategies and tactics. Marketing research thus subsumes market research. ‘Customer insight’ refers to actionable knowledge about customers gained through research. The chapter then introduces the different steps through which marketers need to go when conducting research. It also introduces ‘big data’, which is increasingly used to generate insights that lead to strategic marketing decisions. Finally, this chapter considers the challenges of conducting international marketing research.
Marketing, Society, Sustainability, and Ethics
Authors: Baines Paul , Whitehouse Sophie , Antonetti Paolo , Rosengren Sara
Published: September 2023

This chapter addresses issues surrounding sustainability and ethics within marketing. It first considers the need for a critical marketing approach. This is necessary to rethink marketing practices and the negative impact that they can sometimes have on society. The chapter emphasizes that marketing ought to be sustainable, given increasing numbers of more mindful consumers and the need to conserve scarce resources on planet Earth. Organizations are increasingly recognizing this need to consider their environmental impacts. Consequently, the chapter highlights organizations’ responsibilities to consider societal issues while conducting their business. The chapter looks into ethical decision-making and describes what marketers should consider to be unethical actions when implementing the marketing mix. Finally, unsustainable marketing is examined.
Leadership, management, and strategy: Distinctions and overlaps
Authors: Iszatt-White Marian , Saunders Christopher
Published: September 2023

This chapter answers some of the foundational questions underpinning the study and practice of leadership. It begins by exploring the notion of strategy as a discipline and how this is inherently related to the need for leadership. It then introduces strategic leadership, a specific subject within the field of leadership. The chapter also addresses the long-standing debate concerning the difference (if any) between leadership and management. The concept of strategy per se, how it has come to prominence as a management discipline, and why it is important for our understanding of leadership are also presented.