A review of market based management as a strategic performance tool- an illustrative example through Tata steel

Authors

  • Julie Vardhan

    Manipal University, Dubai

Received date: March 17, 2015

Accepted date: April 13, 2015

Published date: April 21, 2015

DOI:

https://doi.org/10.14419/ijaes.v3i1.4491

Keywords:

Austrian Economics, Constructivism, Market-Based Management, Performance Tool, Tata Steel.

Abstract

While market economy is being questioned after the recent economic crises for its philosophy of the individual working for oneself, relentless capitalism and an unaccountable profit motive; market as a construct needs to be considered in the right perspective. This study explores the concept of Market-based Management (MBM) which brings the power of a free-market economy inside a firm. Although the strategic tool had been proposed two decades back, its application to organizations as a performance tool has not been much explored. The purpose of the paper is to explore from a constructivist perspective the applicability and relevance of Market-based Management in the context of Tata Steel, an Indian steel manufacturing company with global presence. Through secondary data analysis of Tata and at a conceptual level, it is seen that MBM could be used to transform firms into market-based institutions as a way of improving efficiency. Hopefully, the study will provide a solid ground for a more extensive research in understanding the implementation of MBM in a company.

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How to Cite

Vardhan, J. (2015). A review of market based management as a strategic performance tool- an illustrative example through Tata steel. International Journal of Accounting and Economics Studies, 3(1), 54-59. https://doi.org/10.14419/ijaes.v3i1.4491

Received date: March 17, 2015

Accepted date: April 13, 2015

Published date: April 21, 2015