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There has also been a debate whether management is a science or an art or the both. This can be best answered if we examine management with each of these aspects separately.

Basic components of scientific management are: (1) separation of planning from doing (2) functional foremanship (3) determining ‘fair day’s work’ and one best way of doing it (4) differential piecework system of wage payment and (5) bilateral mental revolution.

Some of the procedural changes for industrial licensing in India are as follows:

12 Different Types of Marketing Strategy and Techniques are as follows:

Turnaround strategy means backing out, withdrawing or retreating from a decision wrongly taken earlier in order to reverse the process of decline.

Diversification is defined as entry into new products or product lines, new services or new markets, involving substantially different skills, technology and knowledge. It involves expansion into new businesses that are outside the current businesses and markets.

Intensification refers to growth by working with its current businesses more vigorously. Intensification, in turn, encompasses three alternative routes:

Expansion strategy refers to redefining the business by adding the scope of business substantially through major reformulation of objectives and goals, involving new investments, introduction of new products, new technology and new markets, innovative decisions and so on.

1. Stability is basically a safety-oriented, status quo-oriented strategy.

Michael Porter’s three generic strategies that allow organisations to gain competitive advantage areas follow:

Focus strategy means concentrating on a particular group of customers, geographic markets or on particular product-line segments in order to serve a well-defined but narrow market better than competitors who serve a broader market.

Differentiation is a strategy aimed at producing products and services considered unique and directed at consumers who want something unique or different and are relatively price-insensitive.

Cost leadership strategy emphasizes on being a cost leader by producing standardized products at a very low per-unit cost for consumers who are price-sensitive.

Formulation of a strategy for an organization starts with making the intended plan in advance, based on assumptions about the future and how the organisations wish to respond i.e. proactive approach.

A company would enter any industry if it has a vision that the industry would be prospective and financially attractive. The factors that determine prospects and financial attractiveness of an industry area follow:

Key Success Factors (KSFs) in an industry are those things that determine the ability of members of an industry to prosper in the industry such as low cost, best quality, good product features, resources available, competitive capabilities and so on. For example: