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Using the ob concepts and tools that best suit the situation is called a(n) <u>contingency approach</u> to management.
<h3>What is a contingency approach?</h3>
This approach to management is also known as the situational approach and holds that there is no single or textbook rule for the best way to manage an organization..
Most time, the contingency approach to management is based on the idea that there is no single best way to manage the resources.
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IBM's Smarter Planet campaign markets IBM as a company that provides innovative solutions that improve the world's IQ. This is an example of organization marketing.
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Explanation:</u></h3>
Marketing function plays a vital role in the success of any company. It is the process by which the companies will first find the potential markets for selling their products and then promote their products saying how they vary from the other similar products.
Organisation marketing is the strategy that is being used by the business but a difference is that here customers will buy their products and do not used those products personally. In the example given, IBM markets innovative solutions that helps in improving the Intelligence Quotient. This acts as an example of organization marketing.
An extremely large number of vendors, each of whom makes a comparable or same product, make up a competitive market. The total of all these unique outputs, which each provider produces as a small portion of the market as a whole, represents the production of that industry. This includes dry cleaners, corner stores, barbershops, and florists.
A market that has just one supplier is considered a monopolist at the other extreme. Examples include the fact that the National Hockey League is the only provider of top-notch professional hockey matches in North America, Hydro Quebec is the province of Quebec's sole electricity supplier, and Via Rail is the only provider of passenger rail services between Windsor, Ontario, and the city of Quebec.
Equilibrium: What Is It?
When market supply and demand are in balance, prices become steady. This is known as equilibrium. In general, a surplus of goods or services leads to lower prices, which increases demand, whereas a shortfall or under supply raises prices, which decreases demand.
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