Management is very important part of the modern business firms, each and every business firm that is operating needs a management team. In simple words, if I want to explain the term management then it will be something like the operations of the business.
But don’t worry I will tell you what is management along with the features, definition, and meaning in this article of mine. I have made the things simpler so that you guys can understand it easily if you face any difficulties then feel free to comment down below.
What is Management?
A business firm faces many difficulties and managing a business firm is a difficult task. So there is a need for the existence of subject of management. Management is not only used in the business firm but also in government organizations, schools, and hospitals etc.
If you think of the what is management then we will end up getting something like the process of dealing with or controlling things or people.
Meaning of Management
Management is an art of getting things done by the people with an effective utilization of the available resources.
Definition of Management
According to Henri Fayol, “to manage is to forecast and to plan, to organize, to command, to coordinate and to control.
Fredmund Malik defines it as “the transformation of resources into utility.”
Ghislain Deslandes defines it as “a vulnerable force, under pressure to achieve results and endowed with the triple power of constraint, imitation, and imagination, operating on subjective, interpersonal, institutional and environmental levels”.
Peter Drucker (1909–2005) saw the basic task of management as twofold: marketing and innovation. Nevertheless, innovation is also linked to marketing (product innovation is a central strategic marketing issue). Peter Drucker identifies marketing as a key essence for business success, but management and marketing are generally understood as two different branches of business administration knowledge.
Characteristics or Features of Management
The features of management are as mentioned below.
- Management is a process.
- Management is a group activity.
- Management is a social process.
- Principles of management are of universal application.
- Management is science as well as arts.
- Management involves decision making.
- Management is a system of authority.
- Management is a profession.
- Management is essential in all the levels of the organization.
The features are explained in detail below.
Management is a process
Management is a process which converts the input into output. It is a process of planning, organizing, staffing, controlling, coordinating etc. hence management is a process.
Management is a group activity
It requires integrated and coordinated efforts of a group of people and it can not be done by a single person. That is the reason why it is a group activity.
Management is a social process
The primary function of the management is to utilize the human resources properly and effectively. After all, it is an art of getting things done by a group of people.
Harold Koontz defines it as “art of getting things done through and with an informally organized group of people”. That is the reason why it is a social process.
Principles of management are of universal application
We have got 14 principles of management which are written by Henry Fayol. If you don’t know about those principles you can follow this link to read about them.
Those principles are not only applied in the field of business but many other too. Like they are applied in government organizations, schools, hospitals etc.
Wherever there are dealings with the human resources these principles come into the picture.
Management is science as well as arts
It is both science as well as arts, as science it provides us the set of principles and as arts, it tells us how to effectively get the work done by the group of people.
Management involves decision making
The management of the business firm has to take a number of decisions while running their business operations. And effective decision making is required for the smooth functioning of the management.
There are 10 types of decision making which are followed by every organization.
Management is system of authority
Here the term authority means the right and the power to give orders to the subordinates which are often done. Hence it is a system of authority in which the powers are delegated from the top level to lower level properly.
Management is a profession
They are money management courses and are emerging as a profession because business firms need people who can manage their operations.
Management is essential in all the levels of organization
There are mainly 3 levels of management in every organization and they are top, middle, and lower in all these levels the management is essential.
So this was all about what is management along with its features, meaning, and definition. I hope you are clear with all the information that is mentioned in this article. But in case you have any kind of doubts in your mind then you can comment below.