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Question
What is meant by management ?
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Solution
• Management is the process of getting a task done with the aim of achieving the goals of the organization in an effective and efficient manner.
• The different functions of management are planning, organizing, staffing, directing and controlling.
• The term effective means completing the given task and efficient means completing the task with minimum cost and time.
• In short, management is the process of planning, organizing, staffing, directing and controlling in such a manner that the goals of the organization are met with minimum cost and time.
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Mita has a successful ice cream business at Bikaner, namely "Smart flavours' ice creams are utterly delicious. She makes ice creams from fresh milk and the same are available in a wide range of flavours and packs. She sets viable business objectives and works with the same in mind in order to ensure that the customers will come back for purchasing.
Having the first-mover advantage, her business was doing well. To earn higher profits, she started cutting costs. This would sometimes lead to delay in delivery and the ice cream was not reaching the market in time. Over a period of time, the demand for her ice cream declined and because of it, the competitors entered the market. She lost some of her market share to competitors.
At the beginning of the summer season, she got back to backorder for the supply of 4,000 ice cream packs of different flavors for special occasions. To ensure that the task was completed and orders delivered in time she hired additional workers. She was, thus able to produce and deliver the ice cream packs but at a high production cost. While completing activities and finishing the given task for achieving goals, Mita realized that she was ignoring one of the important aspects of management.
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Sana is the branch manager of ABC Handicrafts Pvt. Ltd. The company’s objective is to promote the sales of Indian handloom and handicraft products. It sells fabrics, furnishings, ready-mades and household items are made out of traditional Indian fabrics.
Sana decides quantities, variety, colour and texture of all the above items and then allocates resources for their purchase form different suppliers. She appoints a team of designers and crafts people in the company, who developed some prints for bed covers in bright colour on silk. Although the products looked very attractive and impressive, they were relatively expensive on the front of affordability for an average customer.
Sana suggested that they should keep the silk bed covers for special festive occasions and offer the cotton bed covers on a regular basis to keep costs under control.
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Efficiency is concerned with
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Management is the process of designing and maintaining an environment in which ______. work together ______, efficiently and effectively accomplishing selected aims.
Management is a/an ______ process as it is an ongoing and never-ending process.
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Guiding or motivating, such as encouraging teamwork in a household, refers to which management function?
