Management
Management is the art of getting things done through people
Management as a process consists of planning, organizing, actuating and controlling, performed to determine and accomplish the objectives by the use of people and resources.
Management is the process of designing and maintaining an environment in which individuals, working together in groups, efficiently accomplish selected aims.
Importance of Management
1) Management is a critical element in the economic growth of a country
2) Management is essential in all organized efforts, be it a business activity or any other activity
3) Management is the dynamic, life-giving element in every organization
Management Functions
1) Planning
2) Organizing
3) Directing
4) Controlling
5) Innovating
6) Representation
Planning
Determination of what is to be done, how and where it is to be done, who is to do it and how results are to be evaluated
Function which is performed by managers at all levels – top, middle and bottom
Organizing
To provide a business with everything useful: majorly human organization and material organization
According to Allen, Organization refers to the structure which results from identifying and grouping work, defining and delegating responsibility and authority, and establishing relationships’.
Directing
Function can also be called leading, directing, motivating, actuating, etc.
Directing involves 3 sub-functions:
1) Communication
2) leadership
3) motivation
Two broad categories of motivation
1) Financial
2) non-financial
Controlling
Function of controlling involves
1) Establishing standards of performance
2) Measuring current performance and comparing it against the established standards
3) Taking action to correct any performance that does not meet those standards
Innovation
Creating new ideas which may improve a product, process or practice
1) Innovation in packaging: HUL’s shampoo sachets
2) Innovation in distribution: Eureka forbes’ DTH salesforce
3) Innovation in business model: ITC’s e-choupal
Representing
A manager is required to spend a part of his time in representing his organization before various outside groups which have some stake in the organization
