• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer
  • Increase Sales
  • Effective Ads
  • Employee Selection
  • Leaderships Quality
  • Business Creativity
  • Small Start-ups

Googlesir

  • Employee Training
  • Marketing and Sales
  • Investment & Earning
  • Managerial Economics
  • Entrepreneurship and Career

6 Mian Importance of Management in Modern Business (Explained)

Updated on: February 11, 2020 2 Comments

Management is an indispensable element for the establishment, proper functioning, and success of all organization’s social, political, religious, charitable or business units.

Importance of management in modern business
Importance of management in modern business

If effectively and efficiently organizes and utilizes the human and non-human resources and directs them towards the accomplishment of organizational goals.

Page Contents

  • Importance of Management in Modern Business
    • 1. Accomplishment of Organizational Goals
    • 2. To Run Large Scale Industries Smoothly
    • 3. Proper Running of Business Organization
    • 4. Designing of Good Organizational Structure
    • 5. Creation of Proper Organization Climate
    • 6. Creating and Maintaining Coordinating

Importance of Management in Modern Business

Following are the Benefits or Importance of Management in Business:

1. Accomplishment of Organizational Goals

Management achieves the organizational goals by properly planning, organizing, staffing, directing, controlling the activities and affairs of the organization.

The success of any business organization depends on the extent of its effective and efficient attainment of the predetermined objectives for goals by properly utilizing its human and physical resources and facilities, and by copying well with its environmental elements, Such as consumers, suppliers’ competitors, etc.

Related: 20 Importance of The Study of Business Environment.

2. To Run Large Scale Industries Smoothly

It is the time of large-scale production nowadays. Large-scale production enjoys some certain advantages over small-scale production but simultaneously faces some difficulties also.

The main difficulty faced by the enterprise having large-scale production is to coordinate the activities and to manage the distribution of goods and services.

Thus, Business administration and management help the Enterprise in overcoming these problems with the help of business administration and management, The business enterprise can carry out the large-scale production easily and can manage for the proper distribution of goods and services.

Related: 20 Types of Entrepreneurs (Informative Explained).

3. Proper Running of Business Organization

Management successfully leads and motivates the workers to put their maximum efforts, skills, ability, and experience in performing their duties and responsibilities.

4. Designing of Good Organizational Structure

People in an enterprise must be properly organized into well-constituted purposeful groups in order to create co-operation and co-ordination in their thinking and activities.

Only then, they will be able to contribute effectively and efficiently towards the achievement of group goals and ultimately the business subjective.

Related: Privatization: Meaning, Features, Scope, Objectives (Explained).

For establishing proper control positions and also the clear relationship between and among them, The management distance the required organization structure, and also fill the created positions with the right persons.

5. Creation of Proper Organization Climate

The good working climate is a must for people to perform their tasks and responsibilities enthusiastically and economically.

So, Managers create a proper organizational climate by Establishing an effective reward system, grievance handling system, problem-solving system, etc.

Related: 19 Factors Influencing Entrepreneurship Development.

6. Creating and Maintaining Coordinating

If people in the organization perform their individual activities without caring for and knowing about their linkage with other one another, such scattered activities and efforts shall result in all futile exercises, Productivity and will be hampered.

Results shall be dismal and disappointing and objective shall remain unattained.

Hence, Proper integration of Ideas, physical resources, and people is a must for a successful business. Management acts as the force that integrates ideas, men, and physical resources into an effective operating unit. Elon Musk’s Top 12 Tips for Every Entrepreneur & Student (@elonmusk).

Managers create and maintain coordination among human and material resources towards the achievement of organizational objectives.

Thus, now you know the importance of management in modern business.

Read More

  • How to Become a Successful Salesman? 33 Qualities (Complete List)
  • Top 21 Qualities and Characteristics of Creative Person
  • 12 Methods to Correct Disequilibrium in Balance of Payments (Step-by-Step)
  • 22 Types of Planning – Explained (Business Management)
  • 25 Major Benefits or Advantages of Branding (Explained)
  • Top 5 Functions of an Economic System
  • 21 Main Features of Marketing (Explained)

Share Now:

  • Share
  • WhatsApp
  • Tweet

2 Comments

Reader Interactions

Comments

  1. Goudsmit Tang Management says

    June 6, 2019 at 7:28 AM

    The business world is complicated and companies must develop heterogeneous strategies to cope with all changes in their business environment. Strategic management makes it possible to understand and prepare for future developments.

    Reply
    • Manma says

      June 7, 2019 at 1:47 AM

      Right

      Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

E-mail Newsletter

More to See

how to achieve workers participation in management

17 Primary Methods of Workers Participation in Management (WPM)

What are main reasons of industrial disputes

15 Reasons for the Occurrence of Industrial Conflicts

How to Make a Successful Participative Management

How to Make a Successful Participative Management

challenges of workers' participation in management

10 Basic Limitations of Workers Participation in Management

need and importance of collective bargaining

What is Collective Bargaining and Why it is Important to Workers?

Footer

FREE Exclusive Notes via Email

Enter your email below to get access to Our All helpful Tips and Articles

Search

DMCA.com Protection Status

Join Us

  • Home
  • Contact Us
  • Privacy Policy
  • About us
  • Sitemap

© 2021Copyright www.Googlesir.com