Que 1) Define Management and list its objectives.
Ans: Management The term ‘management stands for the act of planning, organising, directing and controlling the activities of human beings and physical resources with the intention of accomplishing a predefined objective.
According to Koontz and O'Donnel, “Management is the creation and maintenance of an internal environment in an enterprise where individuals, working in groups, can perform efficiently and effectively toward the attainment of group goals. It is the art of getting the work done through and with people in formally organised groups”.
Objectives of Management
1) Organisational Objectives: Management practices should be such that they help in realising the goals of the organisation. The basic organisational goals are as follows:
i) The prime objective of any management should be to give fair returns to these investors by earning reasonable profits.
ii) Continuing existence of the business in the long-run stands to be a major objective for the management of the organisation.
iii) Expanding the business with the growing demands of the products and searching new business avenues.
iv) Improving the popularity and goodwill of the business enterprise in the market.
2. Personal Objectives: There are different people in every organisation and each of them has their own individual purpose. Some of them are as follows:
i) Reasonable salary and allowances as per the performance.
ii) Proper working environment.
iii) Latest technological updates and training for the employees.
iv) Equal and fair opportunity of participation.
v) Security against termination and prospects of growth. ;
3. Social Objectives: A business enterprise functions in a society, thus being a part of the society it has certain obligations towards it. The objectives of the management towards the society are:
i) Affordable quality and value of the goods and services offered.
ii) Taxes and other returns to be filed on time with the government, regulatory and statutory agencies.
iii) Exploitation of natural resources should not be done for increasing profitability.
iv) Maintaining friendly relations with dealers, suppliers and competitors.