Increase on productivity and decrease in unit costs (often identified — Alfred D. Chandler, Jr.

"The market remained the generator of demand for goods and services, but modern business enterprise took over the functions of coordinating flows of goods and services through existing processes of production and distribution, and of allocating funds and personnel for future production and distribution. As modern business enterprise acquired functions hitherto carried out by the market, it became the most powerful institution in the American economy and its managers the most influential group of economic decision makers. The rise of modern business enterprise in the United States, therefore, brought with it managerial capitalism."

"Complete accountability is established and enforced throughout; and if there there is any error committed, it will be discovered on a comparison with the books and can be traced to its source."

"Multi-unit business enterprise replaced small traditional enterprise when administrative coordination permitted greater productivity, lower costs, and higher profits than coordination by market mechanisms."

"To maintain and continue a high volume of flow demanded organizational innovation. It would be achieved only by creating an administrative hierarchy operated by many full-time salaried managers."

"Modern factory management (but not it must be stressed the management of large modern multi-unit enterprises) had the genesis in the United States in the Springfield Armory."

"Strategy can be defined as the determination of the long-term goals and objectives of an enterprise, and the adoption of courses of action and the allocation of resources necessary for carrying out these goals"