Course Code: MGT- 1103Course Title: Principles of Management

Assignment On

Case Application

Submitted to:Fariah TasnimLecturer

Submitted By:Frenzy Group

Department of MarketingJagannath University

Group in Details

Group Name: Frenzy

Group Member in Details:Class Serial No. Class Name Roll No.

1. Fatema Tuj Johura 1154012. Jarin Tasnim 1154023. Md. Rejannobi 1154035. Atikur Rahman Riad 1154056. Shahriar Razin (Group Leader) 115406

Case Application Name: Image Is Everything

Some Getty Images Inc. Photo of Bangladesh…….

Case Summary:

A photo can capture historical moments and provide visual links to the past – to that brief moment in time when the photo was snapped. Getty Images, Inc. is a stock photo agency, based in Seattle, Washington, USA. It is a supplier of stock images for business and consumers with an archive of 80 million still images and illustrations and more than 50,000 hours of stock film footage. It targets three markets—creative professionals (advertising and graphic design), the media (print and online publishing), and corporate (in-house design, marketing and communication departments). It now conducts its business by internet. But there was a time it was not easy to get images like today. In the old economy, it after took days, even weeks for customers to get a photo. They would have to look through pages and pages of expensively produced color catalogues, trying to find that perfect image. But now it is a matter if a click. In 1993, Mark Getty and Chief Executive Officer Jonathan Klein co-founded Getty Investments LLC. Mark Getty is the company's chairman. By using internet, customer can easily get the perfect image they want. Getty Images is a blend of acquired businesses, most of which were competitors. It began with two acquisitions; London-based Tony Stone Images and Settle-based Photo Disc. As difficult and after unpleasant as the merger between two companies was, eventually company executives realized that they had the opportunity to create something new, unique and potentially valuable by combining the both companies.

Through extensive training, radical restructuring and investments in technology, Getty Images is positioned as a leader and innovator in the visual content market. In the conclusion, especially in a web-base business, success today does not guarantee success tomorrow. For Mark and other manager, yes, image is everything!

Question no - 1

Being a web-based business, would principles of scientific management ever be useful to Getty Images? Explain. Would the quantitative approach be useful?

Answer: I think being a web-based business; the principle of scientific management would be useful to Getty Images. Because internet based business has a big network or has a big market and to manage such a big market principles of scientific management should be applied here. Because, in the scientific management, there will be an established plan or we can say a science will be here to replace the old rule of thumb method. There will be scientifically selected and trained workers. And the manager should corporate the worker heartily so as to ensure that all work is done in accordance with the principles of scientific management. There will be almost equal work and responsibilities between workers and managers. Then all tasks will be done successfully. So, I think principles of scientific management could be very useful to Getty Images.

And quantitative approach can be a little helpful to Getty Images. But it can support it or it could help it as such the way scientific management process can because it is not more about the quantity; it is about the science or technology to manage a web base business.

So, according to my perception, as a web-based business, to run the business successfully, principles of scientific management could be more useful than quantitative approach.

Question no - 2

Does Getty Images fit the description of a learning organization? Why or why not?

Answer:To fit Getty Images with the description of learning organization we have to know about a learning organization. What is learning organization? Learning organization is an organization that has developed the capacity to continuously learn, adapt and change. By knowing about a learning organization we can say that Getty Images is a learning organization. Because learning organization every people who worked in the organization have to learn about the organization activities. In Getty Images every customer can learn about the organization through accessing its website by using a key word. In learning organization everyone in organization is responsible for innovation. In Getty Images all employees are responsible for innovation an idea bank committee. In a learning organization, main fear is not learning or not adapting with the environment. In Getty Images main fear is not adapting with the customers demand. In learning organization if organization does not change its activity they won’t be working for long. Thus if Getty images don’t change or update its images regularly, they won’t enhance their company for long. That is why, Getty images fit with the description of a learning organization.

Question no- 3

What type of e-business would you call Getty images?

Answer: Before pointing what type of e-business Getty Images refers, we have to know about the e-business and types of e-business. E-business is a comprehensive term describing the way an organization does its work by using electronic linkages with its key constituencies in order to efficiently and effectively achieve its goal. There are three categories of e-business involvement. They are e-business enhanced organization; E-business enables organization and total e-business organization.

An e-business enhanced organization is a traditional organization that sets up e-business capabilities, usually e-commerce while maintain its traditional structure.

An e-business enabled organization is a type of e-business that uses the internet to perform its traditional business functions better but not to sell anything. In other word, the internet enables organizational members to do their work more efficiently and effectively.

The last category of e-business involvement is total e-business. A total e-business organization is one whose entire work processes are structured around the internet.

After learning that I think Getty images is a e-business enhanced organization. Because, e-business enhanced organizations use the internet to enhance their traditional ways if doing business. Getty Images also use internet to collect images from professional photographers and sell them to the customers to enhance their business. By using internet

Getty Images transforming the old ways and in the process creating a company poised to profit in an e-business world. Any customer can access Getty Images web site anytime, anywhere and download images from them. To download a final image customers have to enter a credit card number. We can see that Getty images enhance its business bay using internet so we can say it is an e-business enhanced organization.

Question no- 4

What characteristics and management practices does this company exhibit that might be important for successful organizations in the twenty-first century?

Answer: Getty Images is positioned as a leader and an innovative in the visual content market.

They followed some effective characteristics and management practices for being a successful organization. They give extensive training, reduce, radical, restricting and provide investment in technological side.

The customization option now accounts for over 40 percent of sales revenue. Then there’s the back room operation of Getty Images. Where two shifts of technicians digitally scan an average of 750 photos every 12 hours.

They made group and work to add value to the basic photos. For instance, they tag the photo with digital information that customer can use to control their computer settings to get more accurate color. That’s why Getty Images is now top class organization in the 21st century.

Reference

Management, 7th Edition – Stephen P. Robbins, Mary Coulter

www.gettyimages.com

www.hoovers.com

www.wikipedia.com

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