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Essay / Research Paper Abstract
This 3 page paper looks at the management models of Baumol, Marris and Williamson, the models are assessed regarding their application in today's commercial environment and the model of Baumol, then the sales revenue maximization approach is considered in more detail. The bibliography cites 4 sources.
Page Count:
3 pages (~225 words per page)
File: TS14_TEbaumol.rtf
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Unformatted sample text from the term paper:
are becoming outdated due to the rapid pace of change in the business environment. Baumol, Marris and Williamson have all developed management model. Baumols model looks at the concept
of sales revenue maximization. This appears to be a model where there is still some degree of application, where revenue maximization over profit maximization may be the most appropriate strategy,
especially in highly competitive markets where there are fall barriers to trade, as seen in recent decades. Marris and the gd model
provides an interesting contrast, Marris took the view that there was the potential to achieve and maintain an optimum growth rate where there was an optimum dividend to profit ratio,
resulting in shareholders that were satisfied where there is growth that does not create a cash ripe business due to the growth that is attractive takeover (George et al, 1992)
This may also be seen as dated, the failure to maximize opportunities may be difficult in todays environment, especially where many executives are paid or increasing the value of
the firm. There may also be perceived opportunity costs associated with this model (Nellis and Parker, 2000). Williamson developed an agency model,
the basis of the model was economic theory, markets were seen as medium where efficient exchanges could take place, but at the same time under certain conditions the market would
fail where the information needed was not communicated in the market. This may also be supported by some of todays theories and approaches, there are certainly asymmetries as seen with
the peaks and troughs, but the ideal of the markets being of medium efficiency may be more questionable. Each of the theories has pints that may be relevant, Baumols
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