Introduction of Business Management

Topic: Business Management



Overview:
Business Management is known as the process of getting things done with the aim of achieving
goals effectively and efficiently.
Elements of concept of business management:
 Business Management is a process as it involves a series of enter-related functions.
 Business Management requires effective performance in terms of achieving
predetermined goals.
 Business Management requires efficiency in achieving the predetermined goals at the
minimum cost.


Characteristics of Business Management:
 Business Management is a goal-oriented process as it aims to integrate efforts of all
members to attain certain organizational goals.
 Business Management is a persuasive as it is essential of all organizations whether big or
small, business or non-business.
 Business Management is a multi-dimensional as it involves three main dimensions.
 Business Management is to translate this work in terms of goals to be achieved and
assigns the mean to achieve it.
 Business Management of people which implies dealing with diverse needs of employees
as individuals and dealing with individuals as a group of people.
 Business Management requires a production process in which inputs are converted into
desired output.
 Business Management is a continuous process as all the management functions are
simultaneously performed on continuous basis.
 Business Management is a group activity as it requires team work and coordination to
achieve individual as well as organizational; goals through group efforts.
 Business Management is a dynamic function as an organization interact with ever
changing external environment and management has to adapt itself to the changing
environment.
 Business Management is an intangible force as it cannot be seen but it presence can be
felt when targets are meet there is orderliness and coordination in the work
environment.