Indian Journal of Marketing
By: Associated Management Consultants (P) Ltd.Single Issue
Single Issue
- IJM-May08-Article4-80/20 Rule : How to Use It for Effective Business
- Price : 80.00
- Published on May 1, 2008
- Associated Management Consultants (P) Ltd.
- Issues 520
- Language - English
- Published monthly
About this issue
Any individual business can gain immensely through practical application of Pareto’s Principle.This rule states that in many aspects of business and life, 80% of the potential value can be achieved from just 20% of the effort, and that one can spend the remaining 80% of effort for relatively little return. The key theme of the 80/20 Principle applied to business is how to create the greatest stakeholder value and generate most money with the least expenditure of assets and efforts. The most important use of the 80/20 Principle is "to isolate where the company is really making the profits and, just as important, where company is loosing money”. The reverse is true too, that things that take up 80% of time and resources will only produce 20% of results. It has been said that the 80/20 rule exists in every field, ranging from business to people. We can apply the 80/20 Rule to almost anything, from the science of management to the physical world. The present article focuses on how companies can achieve progress by applying this principle and also examines the top 10 Pareto’s principles that can be applied for effective business.
About Indian Journal of Marketing
INDIAN JOURNAL OF MARKETING (ISSN 0973-8703) is a double blind peer reviewed refereed monthly journal, which was started in 1968. It is the oldest and the only monthly journal of Marketing in India. It is an authentic research publication dealing with Marketing; Advertising; Consumer Behaviour; Sales Management; Advertising & Promotion Management; Business Education; Business Information Systems (MIS); Business Law; Communication; Direct Marketing; E-Commerce; Global Business; Health Care Administration; Marketing Research; Marketing Theory & Applications; Office Administration/Management; Organizational Development; Production/Operations; Public Administration; Retailing; Sales/Selling; Services; Tourism, Hospitality & Leisure; and Industrial Organization.