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Introduction_to_Business_ManagementUNIT 1 .pptx

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Introduction_to_Business_ManagementUNIT 1 .pptx

  1. 1. BUSINESS MANAGEMENT AND ENTREPRENEURSHIP
  2. 2. MEANING Business Management is the coordination and administration of tasks to achieve the business goal. Such administration activities include setting the organization’s strategy and coordinating the efforts of staff to accomplish these objectives through the application of available resources.
  3. 3. IMPORTANCE OF BUSINESS MANAGEMENT IN MODERN BUSSINESS ACHIEVEMENT OF ORGANISATIONAL GOAL This is the first importance of management and it means that any management wants only that the objective or goals of the business are achieved and also wants to improve the growth of the business.
  4. 4. OPTIMUM UTILIZATION OF ORGANIZATIONAL RESOURCES This is the second importance of management and it means that if any manager has to work in a good way, then it will have to be highly utilized by all resources of its organization a very proper manner, whether it is material resources, financial resources or human resources.
  5. 5. REDUCE COST It gets maximum results through minimum input by proper planning and by using minimum input & getting maximum output. Management uses physical, human and financial resources in such a manner which results in best combination. This helps in cost reduction.
  6. 6. The main aim of the company is to get the most efficient result i.e. to achieve maximum profit by maximizing the output and minimizing the input. Management involves the optimal utilisation of resources and helps in cost reduction. These two factors consequently increase the efficiency of the company. INCREASING EFFICIENCY
  7. 7. TO SURVIVE IN A DYNAMIC ENVIRONMENT A company operates in a dynamic environment where a number of external factors like political, social, economical etc. affect its functioning. This makes it almost obligatory for the company to be flexible and change its short term goals and working styles according to the changing environment. Management helps the company to adapt to the changing environment in order to remain successful.
  8. 8. Proper management always aims at sound functioning of the organisation and reduces the failure rates. Thus, helping to overcome tough situations and keeps the organisation ahead of competitors. In the modern business environment, one can pursue their organisation in large markets through proper management. TACKLING COMPETITION
  9. 9. Good management not only reduces difficulty of the task but also prevents the wastage of costly and rarely available resources. Management helps in providing good quality of services and products which increases the living standard. It also leads to more profit of the organisation and thus providing fair wages and generating more employment opportunities. ESSENTIAL FOR THE WELFARE OF THE SOCIETY
  10. 10. Management consis ts of actions and plans whereby administra tion entails setting objectives and policies. Management aims at managing not only people but also their work. Whereas Administratio n focuses on how best the resources of an organization can be utilized.
  11. 11. THANK YOU

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