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1) MBO was first described by Peter Drucker and consists of four elements:
i) Goal specificity
ii) Participative decision making
iii) Explicit time period
iv) Performance feedback
2) MBO makes objectives operational through the process by which they cascade down through the organization.
Q: Logically explain Motivators & Hygiene Factors.
Hygiene factors are factors that eliminate dissatisfaction. They include things such as supervision, company policy, salary, working conditions, security and so forth—extrinsic factors associated with job context, or those things surrounding a job.
Hygiene factors are necessary to keep workers away from feeling dissatisfied. There are several hygiene factors.
b. Working conditions
d. Company policies
Motivators are factors that increase job satisfaction and hence motivation. They include things such as achievement, recognition, responsibility, advancement and so forth—intrinsic factors associated with job content, or those things within the job itself.
Motivator factor can only lead workers to feel satisfied and motivated.
c. Work itself
e. Growth and achievement
Q: Define & explain BCG matrix?
The BCG matrix, developed by the Boston Consulting Group, is a strategy tool to guide resource allocation decisions based on market share and growth of SBUs.
a. Relative market share is determined by the ratio of a business’s market share compared to the market share of its largest rival.
b. Market growth rate is the growth in the market during the previous year relative to growth in the economy as a whole.