New Features and Importance of Business Management in 2022

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Features and Importance of Business Management |
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What is Business Management ?/ Features and Importance of Business Management

    While understanding the meaning of the word management, we first need to understand the evolution of the word management. In the past, grain was used as a source of wealth. This is where the currency started. In 1867, he started working as a first graduate manager in the Siemens Company in Germany. Also, at the end of the nineteenth century, classical management emerged in America. During this period in India, Tata, Kirlo Scar, Walchandani laid the foundation of industrial self-employment and started the growth of industry. Since ancient times, agriculture has been the only occupation in all the countries of the world. Not all people in those days used to trade currency in daily transactions like today. Instead, goods were exchanged. The act of exchanging these goods is called exchange of goods. E.g. Give the wheat that I have to another and the millet that I have to you. That is to say, from this example, it was time to use grain as wealth. Next etc. C. Coins are found to have been used in Europe around 700 BC. Coins have been known to Indians since the time of Mahabharata. Also, in the above period no country had this type of th cross; Also, the industries that are factories today were not there. Because of that, the management of the business today is not what it used to be. But usually two or more people would come together and do something for a specific purpose. Individuals working at such times would occasionally or sometimes give orders to individuals on how, when, and how to do the work. This process of giving orders was roughly called management. Later, in the middle of the 19th century, the Industrial Revolution took place in England. Also, new techniques were developed. The industry grew in the mercury. The industrial revolution brought about a radical change in the situation. The machine began to be used in the field of production. The size of business and social organizations increased. Large-scale pre-demand products began to appear. As a result, competition and uncertainty increased.
    The growing scope of business organizations, huge machinery, large capital investment, number of workers, division of labor, specialization, allocation of rights and responsibilities, labor issues, government and many other complex issues have arisen. β€˜Management’ is about guiding, leading and controlling a group of individuals to solve all these problems. It is difficult to define or define the term management.
Features and Importance of Business Management |
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10 Definitions of Management

Features and Importance of Business Management/ Definition

1. Henry Fayol –
    “Management is about deciding the future, planning, selling the organization, acquiring the tools, coordinating and controlling.”
2. Pvt. H. Kuntz – 
    “The act of getting things done by others is ‘management’.”
3. James Lundy –
    “Planning” means planning, coordinating and controlling the efforts of others to achieve a specific goal.
4. George Terry – 
    “Management is an independent process for achieving the goals set by planning control, organization and entrepreneurship using manpower and other means of production.”
5. Peter Drucker – 
    “Management is a multipurpose tool that manages businesses and managers, managers and managers, workers and work.”
Features and Importance of Business Management
6. Sheldon – 
    “Management is a function of the industry, which involves the implementation of predefined policies within the framework set by the administration and the use of the organization to achieve specific objectives.”
7. William Spriegel –
    “Management is the business function related to the direction and control of various actions to achieve business objectives.”
Features and Importance of Business Management
8. Pvt. Batch – 
    “It is not possible to imagine a manager in terms of goods, machinery or mechanical operations, but management can be considered in terms of the employees who are hired to use them.”
9. Stanley Vance –
    β€œDeciding to meet predetermined objectives; Also, management is the act of controlling the movements of the people working in the enterprise. ”
10. Davies –
    “Management is the function of executive leadership everywhere.”
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What are the Features of Management ?

1. A management approach:
    Management is not a group of individuals but a process or technique. To achieve the same goal, everyone joins a group and forms a group. All the people in the group work together and make the business a success. For this they use a technique called management. Management is the process of planning, consolidating, assembling and guiding manpower and efforts to achieve pre-planned objectives.
2. Management is objective:
    Management is a method and deliberate action commitment. Management strives to achieve the objectives set in terms of sales, profit, customers, market. Management is based on actual actions and procedures. Planning is the basic principle of management. It is the job of the management to direct and guide the business organization. Management is a process that achieves pre-planning objectives.
Features and Importance of Business Management
3. Management Group Functions:
    The efficiency of management is not from one individual but from the group. And the task of giving proper leadership to this group is from the management. By leading a group of individuals, their efforts and strengths are used to achieve the same goals. This is why management is basically considered a social process. In this social process, management involves the collective participation of many like-minded, like-minded people. Management is the organization that strives to achieve the best through teamwork.
4. Achieving organizations:
    Management is the art of getting your work done by others. Managers are expected to guide others; They are also expected to perform specific tasks. Management is a guiding and controlling system. The goal of management is to achieve certain goals. Management is a system that works with the help and cooperation of others.
Features and Importance of Business Management
5. Management has no choice:
    The importance and requirements of management are recognized and accepted by people at all levels. There is no body other than the functioning of management. Management is the only body and no technology or body can take the place of management. Although computer technology is useful, it cannot replace it. With the help of this tool, efficiency, accuracy and speed in management work are achieved.
6. Management:
   Management is not visible to the naked eye; But the effects of visible management are felt. High productivity, high policy power, artificiality, business coherence and consistency are the fruits of management efficiency. Management is invisible. Management is a divine power that guides and empowers all those who are related to it, without any touch, like a divine power.
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7. Management is an art:
    Art is the act of achieving certain success effectively through study, constant effort, knowledge or improved skills. Management has developed some skills to achieve the objectives. Management is always creative and effective. Management is the art of dealing effectively with the problems that arise.
8. Management is all about:
    Management relates to all elements of the business in some way. All the departments of the business, their operations, their employees are all related and unmanaged. Each area has different rights managers; But the workings on planning, coordination, coordination and control are the same. This gives a lot of scope to the management principle in the field of business.
Features and Importance of Business Management
9. Management is a business:
    The management profession requires academic qualifications, training and skills. As business is intertwined with society, high ethical values ​​are required. As all these things are included in the management, the management is given the status of a business. A top-notch business, so management has a lifelong commitment.
10. Coordinating-
    Management Objective: Manages the coordination of all departments and individuals related to the business. It is the job of the management to guide all the organizations in a specific direction. This requires harmony and harmony, unity in all areas of the industry. Broadcasting tools are needed for coordination to take place effectively.
Features and Importance of Business Management
11. Management Independent Personality:
    Developed productivity, a conducive business environment and an approach to assisting employees are all hallmarks of the best and most efficient management. From this point of view, management at the top level of administration acquires an independent existence. Management has its own personality. There is existence. The tendency to use managerial knowledge and skills in various areas of business is increasing day by day.
12. Multidisciplinary touch approach:
    Management is used in a variety of areas. Management is a developing science. And in the last few years, it has gained great importance. Therefore, this science has got the status of a fully developed subject. Management thinkers and professionals have started using the new techniques in various fields. Decision makers make decisions in a complex statistical and scientific way.
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What are the Importance of Management ?

1. Help achieve collective goals:
    In order to carry out any business, the manager has to manage the land, labor, capital, manpower and money due to the business. Proper planning of available resources helps in business development. Instinctively helps to achieve set collective objectives.
2. Technical and scientific development:
    The present period is known as the period of scientific development. The use of new technology and scientific ideas in each field accelerates the production process of management. The efficient management of the business can solve the economic and social problems of the business by using technical and scientific methods in the field of technical marketing and distribution in the production process to increase production and reduce costs.
Features and Importance of Business Management
3. Reduction in production costs:
    The cost of production is the most important part of the overall cost of any industry. Management helps to reduce the cost of production in the industry. If the management of the industry is based on a scientific basis, then the management helps to reduce the excess cost by properly analyzing the production cost of the industry. Therefore, in modern times, excellent management has got a more important place. Excellent planning reduces the cost of production by making full use of all available means of production.
4. Incentive undertaking:
    Management is always promoting initiatives. The undertaking needs to take the right action at the right time without being influenced by the superiors. Management motivates employees to do their planning. Also, the organization succeeds by keeping the employees satisfied due to various activities implemented in the business.
5. Increasing efficiency:
    The efficiency of any business depends on the pre-planning of that business. Although pre-planning work is administered, at present many managements appear to have greatly increased the efficiency of the workers.
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6. Essential for community development:
    Efficient management leads to economic productivity for the welfare of the people. Good management is important for the development of various sections of the society.
7. Increase in production capacity:
    The purpose of every business is to increase production capacity. In order to increase productivity, efficient labor and excellent raw materials are required as well as better management. At present, every aspect of production is based on the principle of specialization and division of labor, which has given it a very important place in management. All types of production tools can be fully utilized by the management organization by coordinating the various activities. As a result, the productivity of the industry automatically increases and the industry develops to a large extent.
Features and Importance of Business Management
8. The role of management in industrialization:
    Although management is essential in every human organization in general, it has gained special importance in the operation of industry or business. Many important changes have taken place in management since the Industrial Revolution. Also, large industries and factories have been set up to produce on a large scale. In this innovation, management has evolved due to the two new elements of capital and labor to maximize production and profit at minimum cost.
9. Group work incentives:
    Management always motivates employees to work as a group or team. Management creates team spirit among the workers. This encourages collective action.
10. Overcoming the competition:
    The diversification of production after the Industrial Revolution created competition for the sale of goods in Utpaka. This competition threatens the future of the producer. Competition is not only in the country, but also in international trade. Currently there is competition from the manufacturing sector to the distribution sector. The industry does not have up-to-date machinery or efficient work to eliminate this competition; So good management is needed to keep the competition in check. Excellent and efficient management allows producers to stay competitive by controlling production and other costs in the industry. The industry does not run on using only the finest raw materials to produce good quality finished goods. So it is also necessary to appoint a good manager in the industry.
Features and Importance of Business Management
11. Base of all progress:
    Each country has a wide variety of resources, with some differences. The economic development of a country does not depend on the availability of those resources. It is impossible for these resources to be utilized in the production work without the management making an effort to make these tools operational. All of these tools will continue to operate at an early stage. Only management can use all such tools.
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Features and Importance of Business Management

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