Customer relationship management (CRM) is a process in which a business or other organization administers its interactions with customers, typically using data analysis to study large amounts of information.
A startup or start-up is a company or project undertaken by an entrepreneur to seek, develop, and validate a scalable business model. While entrepreneurship includes all new businesses, including self-employment and businesses that do not intend to go public, startups are new businesses that intend to grow large beyond the solo founder. At the beginning, startups face high uncertainty and have high rates of failure, but a minority of them do go on to be successful and influential.
Koch Industries, Inc. is an American privately held multinational conglomerate corporation based in Wichita, Kansas and is the second-largest privately held company in the United States, after Cargill. Its subsidiaries are involved in the manufacturing, refining, and distribution of petroleum, chemicals, energy, fiber, intermediates and polymers, minerals, fertilizer, pulp and paper, chemical technology equipment, cloud computing, finance, raw materials trading, and investments. Koch owns Flint Hills Resources, Georgia-Pacific, Guardian Industries, Infor, Invista, KBX, Koch Ag & Energy Solutions, Koch Engineered Solutions, Koch Investments Group, Koch Minerals & Trading, and Molex. The firm employs 122,000 people in 60 countries, with about half of its business in the United States.
In the field of management, strategic management involves the formulation and implementation of the major goals and initiatives taken by an organization's managers on behalf of stakeholders, based on consideration of resources and an assessment of the internal and external environments in which the organization operates. Strategic management provides overall direction to an enterprise and involves specifying the organization's objectives, developing policies and plans to achieve those objectives, and then allocating resources to implement the plans. Academics and practicing managers have developed numerous models and frameworks to assist in strategic decision-making in the context of complex environments and competitive dynamics. Strategic management is not static in nature; the models can include a feedback loop to monitor execution and to inform the next round of planning.
In business, a competitive advantage is an attribute that allows an organization to outperform its competitors.
Benjamin Graham was a British-born American economist, professor and investor. He is widely known as the "father of value investing", and wrote two of the founding texts in neoclassical investing: Security Analysis (1934) with David Dodd, and The Intelligent Investor (1949). His investment philosophy stressed investor psychology, minimal debt, buy-and-hold investing, fundamental analysis, concentrated diversification, buying within the margin of safety, activist investing, and contrarian mindsets.
Value investing is an investment paradigm that involves buying securities that appear underpriced by some form of fundamental analysis. The various forms of value investing derive from the investment philosophy first taught by Benjamin Graham and David Dodd at Columbia Business School in 1928, and subsequently developed in their 1934 text Security Analysis.
Investment management is the professional asset management of various securities, including shareholdings, bonds, and other assets, such as real estate, to meet specified investment goals for the benefit of investors. Investors may be institutions, such as insurance companies, pension funds, corporations, charities, educational establishments, or private investors, either directly via investment contracts or, more commonly, via collective investment schemes like mutual funds, exchange-traded funds, or REITs.
Design management is a field of inquiry that uses project management, design, strategy, and supply chain techniques to control a creative process, support a culture of creativity, and build a structure and organization for design. The objective of design management is to develop and maintain an efficient business environment in which an organization can achieve its strategic and mission goals through design. Design management is a comprehensive activity at all levels of business, from the discovery phase to the execution phase. "Simply put, design management is the business side of design. Design management encompasses the ongoing processes, business decisions, and strategies that enable innovation and create effectively-designed products, services, communications, environments, and brands that enhance our quality of life and provide organizational success." The discipline of design management overlaps with marketing management, operations management, and strategic management.
The Toyota Way is a set of principles defining the organizational culture of Toyota Motor Corporation. The company formalized the Toyota Way in 2001, after decades of academic research into the Toyota Production System and its implications for lean manufacturing as a methodology that could be adopted by other organizations. The two pillars of the Toyota Way are respect for people and continuous improvement. The philosophy was popularized by Jeffrey K. Liker in his 2004 book, The Toyota Way: 14 Management Principles from the World's Greatest Manufacturer. Subsequent research has explored the extent to which the Toyota Way can be applied in other contexts.
The philosophy of accounting is the conceptual framework for the professional preparation and auditing of financial statements and accounts. The issues which arise include the difficulty of establishing a true and fair value of an enterprise and its assets; the moral basis of disclosure and discretion; the standards and laws required to satisfy the political needs of investors, employees and other stakeholders.
Environmental, social, and corporate governance (ESG), also known as environmental, social, governance, is a framework designed to be embedded into an organization's strategy that considers the needs and ways in which to generate value for all organizational stakeholders.
Fred Chase Koch was an American chemical engineer and entrepreneur who founded the oil refinery firm that later became Koch Industries, a privately held company which -- under the principal ownership and leadership of Koch's sons Charles and David -- would be listed by Forbes as the second-largest privately held company in the United States in 2015.
Charles de Ganahl Koch is an American billionaire businessman. As of January 2023, he was ranked as the 14th richest person in the world on Bloomberg Billionaires Index, with an estimated net worth of $68 billion. Koch has been co-owner, chairman, and chief executive officer of Koch Industries since 1967, while his late brother David Koch served as executive vice president. Charles and David each owned 42% of the conglomerate. The brothers inherited the business from their father, Fred C. Koch, then expanded the business. Originally involved exclusively in oil refining and chemicals, Koch Industries now includes process and pollution control equipment and technologies, polymers and fibers, minerals, fertilizers, commodity trading and services, forest and consumer products, and ranching. The businesses produce a wide variety of well-known brands, such as Stainmaster carpet, the Lycra brand of spandex fiber, Quilted Northern tissue, and Dixie Cup. Koch Industries is the largest privately held company by revenue in the United States, according to Forbes. Koch has published three books detailing his business philosophy, The Science of Success, Market Based Management, and Good Profit.
The Market-Based Management Institute (MBM) is a non-profit organization based in Wichita, Kansas that researches management strategies, and utilizes their expertise to educate students, educators, community leaders, non-profit organizations, and government leaders in the concepts and methods of management that their research has developed.
Based in Wichita, Kansas, Youth Entrepreneurs (YE) is a 501(c)(3) non-profit charitable educational organization. Their stated goal is to provide entrepreneurship education to students in middle and high school, inspiring “students to overcome barriers and seize opportunities for the betterment of themselves and others.”
Management accounting principles (MAP) were developed to serve the core needs of internal management to improve decision support objectives, internal business processes, resource application, customer value, and capacity utilization needed to achieve corporate goals in an optimal manner. Another term often used for management accounting principles for these purposes is managerial costing principles. The two management accounting principles are:
- Principle of Causality and,
- Principle of Analogy.
Good Profit: How Creating Value for Others Built One of the World's Most Successful Companies is a 2015 book by Charles G. Koch. It was published in the United States by Crown Business, an imprint of the Crown Publishing Group, a division of Penguin Random House LLC. It was published in the United Kingdom by Piatkus.
Charles Chase Koch, is an American businessman and the son of Charles Koch, the co-owner, CEO, and chairman of Koch Industries. Koch directs the venture capital company Koch Disruptive Technologies, and is a leading figure in Koch Industries and the family's philanthropic activities.
Strategic competitiveness is accomplished when a firm successfully integrates a value-creating strategy. The key to having a complete value-creating strategy is to adopt a holistic approach that includes business strategy, financial strategy, technology strategy, marketing strategy and investor strategy. The objective of the firm has to be based on creating value in an efficient way because it is the starting point for all businesses and it will generate profit after cost. Eric Beinhocker, the Executive Director of the Institute for New Economic Thinking at the Oxford Martin School, University of Oxford, says in his book The Origin of Wealth that the origin of wealth is knowledge. Knowledge does not have to be perceived as an assumption, or as an external factor. It has to be in the heart of the business. For this reason, the value-creating strategy must include a thorough knowledge of each area of the company in order to develop a competitive advantage.
