Which philosophy to use to guide practice of Management?
Management philosophies are developed to meet the expectations and specific goals of the company. The different philosophies aims to direct various aspects of the company, including the level of organizational efficiency, customer relationships and employee motivation
Level of Organizational Efficiency
This philosophy approach focuses on how a business is organized between the various divisions within a company. The organization’s philosophies will address areas such as clearly identifying roles and responsibilities amongst management. For example, do you support the democratic management style? The democratic management style supports full employee advice and feedback.
Understanding and Building Customer Relationship
Customer (consumer) philosophies focus on the way the customer relates to the company based upon the buying power of the customer. These philosophies include transactional marketing, which involves large and expensive items made by customers less often. Then there is relationship marketing. Relationship marketing focuses on less expensive items that are purchased more often, such as food, clothes and basic everyday household items.
This philosophy focus on ways to motivate employees to improve or keep up positive performance. The goal is to create and develop a work environment that is conducive to the success of the company through utilizing both extrinsic and intrinsic incentives to encourage employees to continuously meet and improve performance. For example, an extrinsic reward would be incorporating a monthly employee recognition program that includes the employee be names in a company newsletter. The intrinsic reward could be something as simple as a $25 gift card.