Business management and its importance in today's business activities


The article deals with the importance of business management in today's growing complexity of business and corporal world. A business manager must have various skills and talent. There are various types of management. The article also states the objectives of management and meaning of management as a process, as a group, as a discipline and as a science.

Meaning of management


  • Management as an activity: As an activity, management means the art of getting things done through the efforts of other people. as an activity, management guides, directs, regulates, and integrates human efforts towards the achievement of some common goal. It integrates the inputs of men, money, material, machinery and makes a productive enterprise out of them. There is a great scope in management.

    Implications of management as an activity


  • Management is an interpersonal activity because in order to get things done a manager has to interact with other people.

  • Management is a group activity since a manager coordinates the activities of several staff of the business.

  • Management is a goal oriented activity in the sense that a manager seeks to achieve some common goal.

    Management as a group

    As a group, management refers to all those persons who perform the task of managing the an organization. It is a collective noun consisting of Board of directors, Chief executives, Head of department, branch managers, superintendents, supervisors etc.

    Types of managers


  • Family managers who have become managers by virtue of their being owners or relatives of the owners of the company.

  • Professional mangers who have been appointed on account of their degree or diploma in management.

  • Civil servants or IAS officers who manage public sector undertakings.
    Managers have become a very powerful and respected group in society. This is because the managers of companies take decisions that affects the life of a large number of people. For example, if the manager of Tata iron and Steel Company decides to expand production, it will create jobs for thousands of people.Manger also help to improve the social life of the public and the economic progress of the country. Senior managers also enjoy a high standard of living in society. They have become an elite group of society.

    Management as a discipline

    As a discipline, the management implies a specialized branch of knowledge which involves the study of practices and principles of administration. It refers to the systematized body of knowledge and a sphere field of study. There are now several renowned institutions in which management is taught as a specialized field of knowledge.
    But it is a fast growing and independent body of subject just as a social science.

    Management as a process

    As a process, management is what mangers do. Management is considered as a process because it consists of a series of interrelated elements. These functions should be performed systematically in an orderly manner and proper sequence. These functions are performed to transform inputs into outputs so as to achieve th desired results.

    Implications of management as a process


  • Management is an integrated process as it brings together human, physical, and financial resources and integrates them. it integrates human materials with elements, machinery, methods, money and markets to achieve predetermined goal.

  • Management is a continuous process.

  • Management is an iterative process as all managerial functions are contained with each other. For example, when a manager prepares a plan, he is also laying down standards for controlling.

  • Management is a social process as managers work with and through people.

    Characteristics of management


  • Management is a goal-oriented process: Management aims to achieve economic ans social objectives. it exists and operated to secure certain results. The success of management is measured by the fulfillment of desired goals.

  • Management is universal: Management is all pervading.It is required in all types of organisations, big or small, business or non-business. The basic functions of management are performed at every level of authority.

  • Management is a group activity: Management is concerned with the efforts of a group of people. It unites the efforts of different category of people so that they can function as a team. it implies the skills in getting things done through team efforts.

  • Management is a system of authority: Management is a rule making and rule enforcing authority. There is chain of authority among the people working at different levels of organization. Efficient management is impossible without well defined lines of command or superior subordinate relationships at different levels of decision making.

  • Management is social process: Management involves getting things done with and through people. In order to achieve the desired results, a manger has to direct, regulate and coordinate the efforts of human beings. Human factor is an important and indispensable part of management.

    Management as a process

    As a process, management is what mangers do. Management is considered as a process because it consists of a series of interrelated elements. These functions should be performed systematically in an orderly manner and proper sequence. These functions are performed to transform inputs into outputs so as to achieve th desired results.

    Implications of management as a process


  • Management is an integrated process as it brings together human, physical, and financial resources and integrates them. it integrates human materials with elements, machinery, methods, money and markets to achieve predetermined goal.

  • Management is a continuous process.

  • Management is an iterative process as all managerial functions are contained with each other. For example, when a manager prepares a plan, he is also laying down standards for controlling.

  • Management is a social process as managers work with and through people.

    Characteristics of management


  • Management is a goal-oriented process: Management aims to achieve economic ans social objectives. it exists and operated to secure certain results. The success of management is measured by the fulfillment of desired goals. This is one of the best features of management.

  • Management is universal: Management is all pervading.It is required in all types of organisations, big or small, business or non-business. The basic functions of management are performed at every level of authority.

  • Management is a group activity: Management is concerned with the efforts of a group of people. It unites the efforts of different category of people so that they can function as a team. it implies the skills in getting things done through team efforts.

  • Management is a system of authority: Management is a rule making and rule enforcing authority. There is chain of authority among the people working at different levels of organization. Efficient management is impossible without well defined lines of command or superior subordinate relationships at different levels of decision making.

  • Management is social process: Management involves getting things done with and through people. In order to achieve the desired results, a manger has to direct, regulate and coordinate the efforts of human beings. Human factor is an important and indispensable part of management.

  • Management is a dynamic function>: Management is performed regularly so as to mold the policies and practices of the organization ass per the changes of the environment. Management always try to modify the environment in ordr to ensure the success of the enterprise.

  • Management is both an art as well as science: Management is a science as it contains certain principles having universal application. But the results of the management depends upon the personal skills of the managers and in this sense management is an art.

  • Managements is distinct entity: Management is a distinct process performed to determine and accomplish stated objectives by the use of human being. It is distinct form its activities, techniques and procedures.

  • Management is intangible: Management is an invisible force. It can be felt in the form of results but cannot be seen. However, the persons who perform the managerial functions are tangible and can be seen.

  • Management is an integrating force:Management is a unifying force as it coordinates individual efforts into a team one. Management reconciles goals and activities so that the total results are more than the individual efforts.

    Objectives of business management


    The main objectives of management are as follows:

  • Profitability: Management must ensure that the organization earns sufficient profits and gains to meet its various needs. The investors must be given a reasonable returns on their investments in the form of dividends, interest, etc. Profits can be earned when the managers make the best use of their skills, men, materials, resources and machinery.

  • Prosperity and growth: Management should aim ate continually improving the performance of the organization. It should create an environment in which the people can give their best to the organization.

  • Change and innovation: An operator operates in an ever changing environment. Management should aim the technological and other innovations so that the enterprise can successfully face the challenges posed by the uncertainties in the future. Management serves an agent of change and progress.

  • Development of people:People are more important than things. It should seek to develop human development by encouraging initiative, skill and technical competence. It should provide to employees opportunities for training and participation in management.

  • Discipline and morale: Management aims at improving discipline among people by exercising authority, assigning responsibility and introducing procedures of evaluation and control. It motivates people through financial and non-financial activities. it ensures a sense of achievement and higher morale by creating and maintaining a better work of environment.

  • Rightful decision making: Decision making is an essential part of management and mangers take decision at every step of the business. The quality of decisions often determines the future of the business.It is due to this factor that the salary of a business manager is in lakh.

  • Improving the image: Good management always try to improve the images of the business in the eyes of people.For this purpose, management always ensures smooth and efficient running of business through better planning and effective control. Importance of business management cannot be revealed in text.

    Importance of business management


  • Achievement of group objectives: A human group consists several persons specialized in doing some work or the other. Each person may be working efficiently but the group as a whole cannot realize its objectives without coordination among the individuals.Managers also inspire the team members of the group to make their best contributions towards the achievement of common objectives. This is the reason why the students have a great career in business management.

  • Optimum utilization of resources: Management brings human together with the materials in the right proportion. Men, money, materials and machinery may prove to be ineffective without sound management.

  • Minimization of cost: In the modern era of cut throat competition, a business can be successful only when it is able to supply the required products and services at the lowest possible cost.Management reduces cost and improves efficiency through effective planning and sound organization and effective control. By eliminating wastage and minimizing cost, management ables an enterprise to face cut throat competition. Most of the institutions for business management stresses on this aspect of business management.

  • Survival and growth:Modern business operates in an highly uncertain environment. It has to adapt itself as per the demand of the consumers. Management continuously monitors environmental changes and take the necessary steps to ensure that the enterprise is successful facing the uncertainties in future. Environmental changes create both opportunities and threat.

  • Development of nation: Efficient management is equally important at the national level. Management is the most crucial factor in the economic and social development. The development of a country largely depends on the quality and of the management of its resources. Capital investment and imported technical know-how cannot lead to economic growth unless wealth producing resources are managed efficiently. There are different courses of business management available.

  • Generation of employment: By setting of new enterprises, and expanding existing business enterprises, managers create jobs for the people. Management helps in developing the human resources through training and guidance.


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