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Therefore, undercover economies are new fundamental principles that are used to explain the modern economy using familiar economic circumstances to explain unfamiliar economic circumstances.
Tim Harford is the think tank behind this economic revolution. In his contributions, he revealed that the games of negotiations and signals, battles of wits, and contests of strengths as the driving powers behind undercover economic concept. Additionally, the undercover economic revelation can be applied in all levels of the economies including making a choice in an individual’s daily life (Chapin 01). Notably, the La Vie en Rose CEO never hesitated to try a new concept to his business. In opting trying this newly found concept, CEO François Roberge note that in order to achieve in his new venture, he needed to apply the ideals principles of management theories. He was saying, “If you don’t try, there’s no evolution. My concept of retail is… if you don’t move, you die” (Chapin 01). These concepts congregate organizational or business activities thereby bring workforce together with the aim of accomplishing business objectives and goals using available resources. Roberge conciliated his management force towards the venture of newly found opportunity. However, Roberge needed deep understanding of the concepts of management theories to implement his idea towards enhancing his organizational or business productivity and service quality along the same line.
Most of the management theories or concepts are used cumulatively in implementing strategies within a workplace. However, a workplace, workforce, and the purpose of the work often determine the combination of the management theories or concept combination. System theory, contingency theory, and chaos theory are the mostly known management theories. These theories are quite vital for Roberge since he needed to venture in different business market and deal with different
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