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Mentors Guide to Psychological Journey: Annotated Bibliography essay assignment
Gückler, J., & Armbrüster, T. (2003). Bridging uncertainty in management consulting: The mechanisms of trust and networked reputation. Organization Studies, 24(2), 269-297.
This article aims to identify and rate the key competitive mechanisms within the management consulting market. The first section describes the origins of management consulting and growth explosion of the 1990s. The authors hypothesize that as management consulting is not an institutionally protected profession and has low barriers to entry, this creates a volatile market with a high degree of uncertainty for clients. An economic sociology approach is used to assess three factors of market choice, the publicly available reputation of the management consulting firm, trust gained from direct personal experience, and recommendations from an already established network of trusted relations. The second section uses previously collected survey data from the German consulting market to support the hypotheses raised. The authors’ assert that when a client selects a management consulting firm, price is not as important as many other industries. The management consulting marketplace is characterized by uncertainty in the industry and the inherent risk in sharing confidential business information. This means trust is paramount and the firm’s reputation within a network of business relations is the most important competitive attribute.
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