Class 12 Business Studies Notes
Chapter 1: Nature and Significance of Management
Introduction
Every organization — whether it is a school, hospital, business, or government office — needs
people to manage its activities. Management is the process that helps in getting work done
efficiently and effectively through others.
Management is needed at every step — from planning what to do, organizing people and
resources, giving directions, and checking whether work is being done properly.
WHAT is management?(meaning)
Management is a process of getting things done with the aim of achieving goals effectively and
efficiently.
Effectiveness means completing tasks and achieving goals.
Efficiency means using minimum resources (time, money, effort) to achieve those goals.
Simple Definition:
“Management is getting work done through others in an efficient and effective manner.”
Peter Drucker:
“Management is doing things right; leadership is doing the right things.”
Characteristics (Features) of Management
1. Goal-Oriented Process:
Every management activity aims to achieve specific objectives.
2. Pervasive Function:
Management is required in all organizations — business or non-business, big or small.
3. Multidimensional:
It involves work management, people management, and operations management.
4. Continuous Process:
Management is an ongoing process as organizations always have goals to achieve.
, 5. Group Activity:
Management involves teamwork and coordination among people.
6. Dynamic Function:
It changes according to the needs of the environment (e.g., technology, market trends).
7. Intangible Force:
Management cannot be seen, but its presence is felt through results and coordination.
Q1. Why is management called a goal-oriented process?
Q2. State any three characteristics of management.
Objectives of Management
The main objective of management is to ensure success and growth of the organization by
achieving its goals efficiently.
1. Organizational Objectives
Survival: Continue to exist and earn enough revenue.
Profit: Earn adequate returns to grow.
Growth: Expand in size, market, and products.
2. Social Objectives
Providing quality products at fair prices.
Generating employment.
Using eco-friendly methods.
3. Personal Objectives
Helping employees achieve personal and professional growth.
Q3. Explain any three objectives of management.
Q4. What are social objectives of management?
Chapter 1: Nature and Significance of Management
Introduction
Every organization — whether it is a school, hospital, business, or government office — needs
people to manage its activities. Management is the process that helps in getting work done
efficiently and effectively through others.
Management is needed at every step — from planning what to do, organizing people and
resources, giving directions, and checking whether work is being done properly.
WHAT is management?(meaning)
Management is a process of getting things done with the aim of achieving goals effectively and
efficiently.
Effectiveness means completing tasks and achieving goals.
Efficiency means using minimum resources (time, money, effort) to achieve those goals.
Simple Definition:
“Management is getting work done through others in an efficient and effective manner.”
Peter Drucker:
“Management is doing things right; leadership is doing the right things.”
Characteristics (Features) of Management
1. Goal-Oriented Process:
Every management activity aims to achieve specific objectives.
2. Pervasive Function:
Management is required in all organizations — business or non-business, big or small.
3. Multidimensional:
It involves work management, people management, and operations management.
4. Continuous Process:
Management is an ongoing process as organizations always have goals to achieve.
, 5. Group Activity:
Management involves teamwork and coordination among people.
6. Dynamic Function:
It changes according to the needs of the environment (e.g., technology, market trends).
7. Intangible Force:
Management cannot be seen, but its presence is felt through results and coordination.
Q1. Why is management called a goal-oriented process?
Q2. State any three characteristics of management.
Objectives of Management
The main objective of management is to ensure success and growth of the organization by
achieving its goals efficiently.
1. Organizational Objectives
Survival: Continue to exist and earn enough revenue.
Profit: Earn adequate returns to grow.
Growth: Expand in size, market, and products.
2. Social Objectives
Providing quality products at fair prices.
Generating employment.
Using eco-friendly methods.
3. Personal Objectives
Helping employees achieve personal and professional growth.
Q3. Explain any three objectives of management.
Q4. What are social objectives of management?
