In Business Studies, we learn about the business management study. We know what a business is. But what about Management? Business Management does not merely mean managing the business, it includes different facets of the business that are being focused to manage the overall business.
In this section we will know about the nature and characteristics of management. Knowing nature and its features will help us to strengthen our concept about management which will help us to know the true meaning of this business function.
Management is an essential to life, in order to organize it we need to manage. In every turn of life, we need to manage. Be it business or household, ‘management’ plays an important function. In the business world, good management is the backbone of every organization.
“Management is the art of getting things done through and with the people in formally organized groups.” – this means that management is the way to get things done by the employees of an organization where they function in an organized way. Nature and Characteristics of management are Goal Oriented, Universal, Integrative Force, Social Process, Multidisciplinary, Continuous Process, Intangible, and Art and Science both.
Management does not work individually, it is a whole set of activities which includes planning, decision making, organizing, leading and controlling. These are directed at the resources which are human, physical, financial and informational. The management is done with the resources along with the activities to achieve the organizational goals efficiently and effectively.
A manager is responsible to carry out the management function. He plans and justifies each decision, leads and controls the human workforce too.
The features that highlights the nature of management are as follows –
Art and Science.
For an organization to work systematically and smoothly, management is an utmost requirement. For the organization to function with its human force, financial resource and other physical resources a manager is engaged in his management duty of syncing the resources.
Without the crucial function of management, the organization cannot work in a full-fledged system. Plans, schedule, sale, promotion, stakes, employees needed everything are required to be managed by the workforce.
To know the true nature of any system we should check the characteristic features of the same. Similarly, to know the management system we need to analyze its characteristics. The characteristics of management are as follows –
Every organization irrespective of their financial position requires management to manage their activities, thus it is universal in nature.
Management helps the organization achieve goals systematically and without any fuss.
Management is an ongoing process which is required in every facet of an organization to function good, be it production system, human resource, finance or marketing
Management not only manages the workforce but also manages every sphere of the organization whether it is production, human resource.
The groups in an organization work together also the members in different groups work in a system, they belong to different backgrounds, culture and they have different aspirations, to work evenly without any difference issue they need to adopt the management.
Business environments have different factors like social, political, legal, technological and economical, with these factors in force an organization is open to changes frequently, with management in their system they can apprehend the changes and work towards responding to it.
Management cannot be touched or seen, its effect can only be experienced and the benefit can only be enjoyed.
Precisely, all the functions, activities and processes of the organization are intertwined to one another. So, it is the task of the management to bring them together in sync in such a way that they help in reaching the already set result.
1. What is Business?
Ans. Business is defined as the act of being busy. Business is the engagement of making one’s living. Earning money, by selling goods or services is known as doing business. In this context we should also be aware of the term ‘management’ which is closely related while functioning with business. Managing the business means keeping the business organized overall.
2. “Management is an All-pervasive Function”. Explain
Ans. “Management is all-pervasive” this means that management can be applied everywhere in every facet of life. Management is a function that helps to organize and keep the things in order and thus management helps the overall structures and can be applied everywhere.
3. What is Effective and Efficient?
Ans. Effectively and Efficiently is different in their interpretation. Effectively means that the work or system has quality standards, it is very smooth and rich. A good work is an effective work done. Whereas, Efficient means working effectively in limited time and with limited resources. In the management system efficient working is moreover required than effective working.
4. Who is a Manager?
Ans. The one who manages the whole management system, working towards synchronization of physical and human resources to achieve corporate goals is known as a manager.