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Management: Definition
Management: Definition
According to F W Taylor - “Management is known exactly what you want men to do and then
seeing that they do it the best and cheapest way
Meaning: Management is an art of getting things done through others. Management is to plan,
organize, direct and control the resources of the organization for obtaining common objectives or
goals. It is related with resources like material, money, machinery, methods, manufacturing and
marketing.
Nature of Management
Nature of Management
1. Universality: Management is a universal process and is essential for all organizations. If
there is human activity, there is management. Without efficient management, the objectives
of the company cannot be achieved.
2. Social process: The nature of management is all about grouping people together and learning
them effectively. Management goals are to retain, motivate and develop people at work and
ensuring their satisfaction and connected as part of a social group.
3. Intangible: Management is intangible. It’s not a thing or object which you can touch but you
can feel its presence through the results of its efforts as adequate, orderly work output and
employee satisfaction.Â
4. Purposeful or goal oriented: All the activities performed in management processes are goal-
oriented. They all focus on achieving specific goals. Management processes aim to achieve the
organization’s goals that are practical and accurate.
It is purposeful as its success is measured by the extent to which it achieves the desired goals.Â
5. Co-coordinating: Management requires coordination between groups of people. All physical
6. Dynamic function: Management should be equipped to face the changes in the business
environment brought about by economic, social, political, technological or human factors . They
must be adequate training so that they can enable them to perform well even in critical situations.
7. Production factor: Managers are energetic to utilizing capital and labour. That’s why
management is a significant factor of production.Â
8. Essential part of society: All individuals that a manager deals with, have different levels of
sensitivity, understanding, and dynamism
9. Professional: Managers must have the proper knowledge and managerial training. They must
also conform to the code of conduct and be aware of their humans and social responsibilities.Â
10. Process: Management consists of a sequence of actions that we conduct towards an end.
SCOPE OF MANAGEMENT
SCOPE OF MANAGEMENT
Financial Management includes accounting, budgetary control, quality control, financial planning, and managing the overall finances of an organization
Marketing Management
Marketing Management: Marketing management deals with marketing of goods, sales promotion, advertisement and publicity, channels of distribution, market research etc.
Personnel Management includes recruitment, training, transfer promotion, demotion, retirement, termination, labor-welfare, and social security industrial relations.
Production Management includes production planning, production control techniques, quality control and inspection, and time and motion studies.
Office Management includes activities to properly manage the layout, staffing, and equipment of the office.
Purchasing Management
Purchasing Management: Purchasing management includes inviting tenders for raw materials, placing orders, entering into contracts etc.Â
Maintenance Management
Maintenance Management: Maintenance Management relates to the proper care and maintenance of the buildings, plant and machinery etc.
Distribution Management includes marketing, market research, price-determination, taking market risk and advertising, publicity, and sales promotion.
Development Management involves experimentation and research of production techniques, markets, etc.
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