by Table of Contents
Meaning-Definition-Need of management
Meaning of Management
To achieve the goals and objectives of a business organization, you need people and resources. Using them properly is called ‘management’. Management is a very comprehensive process. In which managerial tasks related to business are mainly considered. Organizing, planning, controlling, coordinating and directing are the functions of management. Employee is a social entity.
The person likes working in a group. So it becomes easy for those employees to overcome their limitations and achieve their goals. Therefore, with the mutual cooperation of social elements, harmony and coordination, the individual achieves his goals effectively and successfully. Management requires control and direction to run successfully and efficiently. This central system for directing and controlling is called management.
Management is essential to organize, direct and control the efforts of all the means of production in a business. In business there is no confusion if everyone is freed to work according to their habits. Control is needed to maintain speed, discipline, regular and controlled work in work. In order for a business to run well, a business needs to have specific goals and direction and control to achieve them.
In the same way that the brain is the most important organ in the human body, management has a high place in business. Business management is in complete control just as the brain is in complete control of the body. A business has no meaning without management, just as a body has no meaning without a brain. So management is very important while doing any business.
12 Definitions of Management
1. “Management is forecasting business events, planning and organizing work, co-ordinating all activities and controlling activities.” • Henri Fayol
2. “Management is the art of knowing what work you have to do and how to do it better and at the least cost.” – F. W. Taylor
3. Management is what works. Management is an organ that can be described and defined only by its function.” — Peter Drucker
Definitions of Management
4. “Management includes the duties and functions of business growth, financing, planning the main strategy, arranging the necessary resources, determining the general form of organization under which business operations will be carried out, and selecting the principal officers.” – Kimball and Kimball
5. “Management is the creation and maintenance of an environment for individuals to function effectively for the group to achieve group goals.” – Kuntz and O’Donnell
6. “Management is the act of making decisions and controlling the movement of workers employed in an enterprise for the attainment of predetermined objectives.” -Stanley Vance
Definitions of Management
7. “Management is the process of planning and controlling various activities in an enterprise.” – Branch
8. “Management is personnel administration. Management is personal development, not instruction. According to him working satisfactorily with the people is not a part of the work of management but it is a complete work. “Lawrence Appley
9. “Management is the person who leads, directs, and directs an entire organization to achieve predetermined goals.” – J. N. Schulz
Definitions of Management
10.”Management is planning, coordinating and controlling the efforts of others to achieve a specific goal and mastering their work.” James Lundy
11.”Management is a process which involves planning, organizing, motivating employees and applying art and science in each of these activities to achieve predetermined objectives.” George Terry
12.“Management is an art. Management is the art of obtaining maximum results from minimum effort with the aim of achieving maximum prosperity and happiness for employers and workers as well as excellent service to the public. ” – John Me
13.”Management is the equalization of planning, control, co-ordination to achieve good business results.” – Dr. A. M. Doke
Need For Management Study
The need/requirement of management studies can be explained to you as follows.
1. Utilization of available resources:
The tools available in any business can benefit the business if they are used in a very good way. Dr. According to Taylor, business needs not only capital, employees, land, water, materials but also management. Business has to integrate various tools and use them effectively. It is 1st Need For Management Study
2.Cost of production can be reduced by:
Production costs are high in every business. So their effect is on the profit. Scientific management can also save production costs. Therefore, in the future, if scientific management is used in the business, the cost of production can be reduced. It is 2nd Need For Management Study
3.Increasing Profits :
Management is needed to increase profits in business. Management can reduce overspending as well as cost savings. The available resources can be fully utilized. It helps in increasing the profit. It is 3rd Need For Management Study
4.Increase in production
The main objective of business is to increase the productivity of the business. Management is very much needed to increase production. Because management can reduce the purchase price of raw materials, transportation costs. Also lower cost of raw material helps you to increase production. It is 4th Need For Management Study
5.Market research:
There is a very close relationship between market research and management. Market research involves researching the actual market, customers and prices of goods (weight, color, size, taste). Market research results in good demand for the product. They can be well known. Market research allows one to easily research the likes and dislikes, habits, customs etc. of the customers. Market research makes it easy for management to notice the boom-bust cycle of business. So you can avoid future losses in business.
6.Bringing stability to the business:
There are many risks in business. This threat creates instability in trade and business. Business management is needed to avoid this volatility. Management needs to make accurate decisions to stabilize the business.
7.Complexity and innovation in business
Management has to constantly study new changes in the market and new technologies used by competitors. Such changes have to be made in our business. E.g., television, telephone, radio, mass media etc.
8.Increase in efficiency:
Business efficiency depends on planning and planning is done by management. According to many authors, administration and management are one concept. Also according to Henri Fayol many times business failure is not due to lack of capital but due to lack of proper coordination of available resources and personnel. For that, management needs to be efficient.
9.Accomplishment of Business Objectives :
Every business has predetermined business objectives. The management also has the responsibility to fulfill it. Management depends on physical resources and personnel. The employee component is based on the concept of ‘organisation’. Therefore, it is necessary to have good coordination between business organization and management.
10.Technological and Scientific Development:
Management can lead to technical and scientific development. The management has to keep a constant eye on the technological and scientific developments in the market. Otherwise the business has to exit the market. E.g., H.M.T. Watch, Radio, Kodak Company etc.
11.Participation of Employees in Management :
It is necessary to involve employees in management. Because success of business depends on employees. If the employees are satisfied, the goods produced in the business can be produced of good quality.
12.Control of Intense Competition :
Management can control the intense competition in the market. Because today’s customer is conscious. He can easily compare things. Mahatma Gandhi even considered customers as gods. According to him, the success of the business depends on the customers. Therefore, if a business wants to survive in the market competition, it should pay attention to the goods with good management.
13.Continuity of production :
Management can maintain consistency in the production of the business. For example, management can monitor things like taste, size, color, weight, price, design, etc. of the product.
