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

  • Authors

    • Julie Vardhan Manipal University, Dubai
    2015-04-21
    https://doi.org/10.14419/ijaes.v3i1.4491
  • 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: 2015-03-17

    Accepted date: 2015-04-13

    Published date: 2015-04-21