In Business Studies, we learn about 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.
Nature and Characteristics of Management
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.
The Nature of Management
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 for carrying 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 –
Goal Oriented
Universal
Integrative force
Social Process
Intangible
Art and Science
Organizations Require Management
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.
Explain the Characteristics of Management
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 –
Universal: Every organization irrespective of their financial position requires management to manage their activities, thus it is universal in nature.
Goal Oriented: Management helps the organization achieve goals systematically and without any fuss.
Continuous Process: 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
Multi-dimensional: Management not only manages the workforce but also manages every sphere of the organization whether it is production, human resource.
Group Activity: 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.
Dynamic Function: 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.
Intangible Force: 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.
FAQs on Introduction and Characteristics of Management
1. What is the definition of the following words
Business,
Commerce,
Management?
A company or an inventive entity engaged in commercial, industrial, or professional activity is referred to as a business. Businesses can either be for-profit or non-profit organizations. Limited liability firms, sole proprietorships, corporations, and partnerships are all examples of business types. There are firms that operate as tiny operations in a particular sector and others that operate as giant operations that span many industries all over the world. Apple and Walmart are two well-known and profitable companies.
Commerce is the exchange of goods and services between economic actors. The exchange of commodities, services, or something of value between firms or entities is referred to as commerce. In general, governments are concerned with regulating trade in a way that improves residents' well-being by creating employment and generating valuable commodities and services.
Management is the process of organizing and arranging a company's resources and actions in order to achieve particular objectives in the most effective and efficient way feasible. In management, efficiency refers to the fulfillment of duties correctly and at a low cost. The execution of activities within stated schedules to produce tangible outcomes is a measure of managerial effectiveness.
2. What are some tips for scoring good marks in exams on topics of Management?
Although there are no foolproof strategies or tactics for getting excellent grades in Management tests, inoculating yourself against some of the behaviors listed below will help you pass any exam.
Keeping revision notes
Inculcating time management strategies while preparing
Solving multiple mocks and worksheets
Taking practise tests and test series
Starting the preparation stage by familiarizing yourself with the curriculum is a good idea.
Revising regularly
Studying smartly by concentrating on the important topics
Getting adequate sleep and eating a healthy diet
Distractions such as smartphones and social media should be minimized.
3. What are some career options for Commerce Students with Management?
Commerce is inextricably tied to business, particularly in terms of distribution. Commerce aids in the establishment of an appropriate distribution route as well as the creation of a market for surplus goods. It has already been established that good commerce plays a critical part in a country's economic success.
Chartered Accountancy, Company Secretary, Business Management, Cost Accountancy, and more well-defined employment prospects exist after obtaining Commerce in Class 10th. Students can study Chartered Accountancy and Cost Accountancy courses right after 10+2, however it is recommended that they first pursue a degree course in B.com coupled with computer education in order to fulfill their future goals and have a successful career.
Students who enjoy working with statistics and who want to pursue a profession in financial economics or the business sector (corporate) can choose Commerce.
4. Why should students pick commerce streams in 11th grade? Is Business Management a sought after career choice?
After passing the Class 10th board exam, many students choose to pursue a career in commerce. After finishing Class 12th, students in commerce streams have a broad selection of job alternatives that can provide them with financial stability and enable them to succeed.
However, most students do not recognise Commerce courses such as science; thus, in order to be successful, a student must have a clear orientation in Commerce subjects. Few students can have a successful and rewarding career in Humanities/Science, but they may struggle to perform and accomplish in Commerce.
Yes, Business Management is quite sought after in the field of Commerce due to the basics of its teachers which are of utmost importance in the corporate world.
5. What is Business?
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.
6. “Management is an All-pervasive Function”. Explain
“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.
7. What is Effective and Efficient?
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.
8. Who is a Manager?
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.
