Estimating the cost of equity
This free course, Estimating the cost of equity, looks at how to estimate the cost of equity using the dividend valuation model (DVM) and the capital asset pricing model (CAPM), and how to evaluate the use of the DVM and the CAPM from a financial and strategic perspective. It then explores the implications regarding selection of the inputs to the DVM and CAPM and assesses the implications of using the beta measure in the CAPM.Author(s): Creator not set

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Introducing corporate finance
This free course, Introducing corporate finance, introduces you to the importance of finance and the role it plays in organisations. It explains the different functions of money and the ways in which finance is linked to organisational strategies. The course also explores the ways in which finance is linked to the governance of organisations, how organisations fund their activities, and the role of the finance and accounting functions.Author(s): Creator not set

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Planning a project
Gantt charts, critical path analysis, SMART objectives and estimation skills are just some of the topics covered in this free course, Planning a project, to help you understand how to plan for a project. You will gain an appreciation of the range of planning techniques available and the situations in which it is appropriate to use them. First published on Mon,
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Managing and managing people
This free course, Managing and managing people, will introduce you to the world of management. We will be looking at a range of topics, including what managers do, what skills they require, and how you can develop as a manager. First published on Tue, 07 May 2019 as Author(s): Creator not set

4.2.2 Rational organisations

The third source of authority, based on rational-legal precepts, is exactly what Weber identified as the heart of bureaucratic organisations. People obey orders rationally because they believe that the person giving the order is acting in accordance with a code of legal rules and regulations (Albrow, 1970, p. 43). Members of the organisation obey its rules as general principles that can be applied to particular cases, and which apply to those exercising authority as much as to those who must
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2.4 Glocalisation

‘Glocalisation’ combines the words ‘globalisation’ and ‘localisation’ to emphasise the idea that a global product or service is more likely to succeed if it is adapted to the specific requirements of local practices and cultural expectations. The term started to appear in academic circles in the late 1980s, when Japanese economists used it in articles published by the Harvard Business Review. For the sociologist Roland Robertson, who is often credited with popularising the
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Learning outcomes

After studying this course, you should be able to:

  • think critically about and be able to comment on processes by which local practices are situated within their wider contexts

  • think critically about and be able to comment on dimensions of globalisation

  • think critically about and be able to comment on the nature and significance of institutional rules of practice

  • think critically about and be able to comment on some differences between
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5.3 Wace Burgess: the importance of managing relationships

The case study below illustrates the importance of managing relationships. Read the case study, then answer the questions that follow it.

Case study: Wace Burgess

Background

Wace Burgess is a member of the Wace Group, a compan
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4.3.3 Customer intimacy

[Customer-intimate companies] focus on delivering not what the market wants but what specific customers want. [They… ] do not pursue one-time transactions; they cultivate relationships. They specialize in satisfying unique needs, which often only they, by virtue of their close relationship with – and intimate knowledge of – their customer, recognize. The proposition to the customer is: we have the best solution for
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4.3.2 Operational excellence

Companies that pursue this [value discipline] are not primarily product or service innovators, nor do they cultivate a deep one-to-one relationship with their customers. Instead, operationally excellent companies provide middle-of-the-market products at the best price with the least inconvenience. Their proposition to customers is simple: low price and hassle-free service.

(Treacy and Wiersema, 1996)


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3.2 Who is the customer?

Customers are people who buy our products and services, and may or may not use them. The key to defining these people as ‘customers’ is that each engages in an exchange relationship that adds value to the organisation providing the product or service. Consumers do not give any value to organisations – there is no exchange relationship. They use products and services, but do not buy them.

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References

Ansoff, H.I. (1965) Corporate Strategy, Penguin, Harmondsworth.
Galambos, L. and Sturchio, J. (1996) ‘The pharmaceutical industry in the twentieth century: a reappraisal of the sources of innovation’, History and Technology, Vol. 13, pp. 83–100.
Gambardella, A. (1995) Science and Innovation in the US Pharmaceutical Industry, Cambridge University Pres
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Conclusion

We hope this course has set you thinking about how you and others make decisions. It has been a very brief and to some extent shallow introduction to some quite complex ideas. The reference list should give you some pointers to further resources which will help you explore this topic in greater depth.


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7.5 Becoming an institutional entrepreneur

While acting in ways that are seen to be legitimate is important for both individuals and organisations, social institutions are not immutable. Some people and organisations seem to have a talent for changing the rules of the game.

Some writers have referred to this as being an institutional entrepreneur. At the organisational level examples might include organisations such as Microsoft or Sun Microsystems working actively to establish industry standards which favour them. At the
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5.3 Social institutions

Of course, the extent of agreement about meaning can be highly variable: from the ephemeral (a certain style of clothing may come to stand for a shared attitude among a small group of teenagers for a short period) to the more profound (such as the idea of ‘a market’ or ‘marriage’). Sociologists refer to these more profound shared meanings as institutions. In this sense, an institution is a persistently reproduced social pattern that is relatively self-sustaining. However, to sa
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2.1 What makes a good project manager?

The performance of the project manager is crucial to the success of any project, since he or she is the person responsible for ensuring that it reaches a successful conclusion. Although criteria for project success are likely to be expressed in terms of meeting deadlines, budgets and standards, much of the project manager's work will involve achieving these benchmarks through people involved in the project. While the role of the project manager has traditionally been powerful in professions s
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1.6.2 Education

Education is obviously one of the crucial dimensions in any attempt to develop a future European identity or at least more understanding and convergence among Europeans. If the school made the nation, it should also be a key factor in promoting Europeanness. Observers of the school scene in Europe acknowledge the existence of a growing sentiment of interest for European themes (institutions, politics, peoples, languages). Furthermore, the EU-based exchange programmes have recognised the impor
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References

Balibar, E. (2007) ‘Uprisings in the Banlieues’, Constellations, vol. 14, no. 1, pp. 47–71.
Bradshaw, L. and Slonsky, L.B. (2005) ‘The real heroes and sheroes of New Orleans’, Socialist Worker (US, 9 September; also available online at http://www.socialistworker.org (Access
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