Concept of Management

Concept of Management

The management concept can be understood from its profound characteristic features as follows:

1. Body of Knowledge:

Management has now developed into a specialised body of management theory and philosophy. Management literature is growing in all countries. In fact, management knowledge is the best passport to enter the world of employment either in business world or government or private.

2. Management Tools:

Tools of management have been developed such as, accounting, business law, psychology, statistics, econometrics, data processing, etc. These branches of management profession have enhanced the practical utility of the science of management.

3. Separate Discipline:

Management studies in many universities and institutions of higher learning are recognised as a separate discipline. Since 1951, many specialised schools of management offering master‘s degree in business management and administration.

Seminars, special courses, training programmes are becoming fashionable and popular for orientation and retraining in management areas, e.g., export management, personnel management, general management, production management, marketing management, financial management, etc.

4. Specialisation:

There is a growing tendency to select and appoint highly qualified, trained and experienced persons to manage the business in each functional areas of management. Thus we have today an increasing tendency in favour of management by experts or professionals.

5. Code of Conduct:

Enlightened businessmen have recognised that business management is a social institution and it has social responsibilities to be fulfilled — towards customers, employees, and the public or community. Corporations have now social conscience and awareness.

Consumer-oriented marketing concept is the reflection of a corporate code of conduct. Pressure of consumerism, trade unionism, public opinion, and legislation are definitely inducing the management to evolve a code of ethics. No longer ‘buyer beware’ is ruling the exchange relations in the market. At present ‘seller beware’ in place of ‘buyer beware’ influencing market practices.

6. Professional Association

The Business Management Associations in many countries to promote the spread of knowledge in all management areas and to build up the bright public image of managerial profession.