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Characteristics of Principles of Management

The document discusses the scope of management and classifies it into four operational areas: 1) Production management which involves planning, organizing, and controlling production functions; 2) Marketing management which involves identifying customer needs and supplying goods/services to meet those needs; 3) Financial management which involves ensuring proper funding and allocation of financial resources; and 4) Personnel management which involves planning, organizing, and controlling human resources through activities like recruitment, training, compensation, and employee welfare.

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T S Kumar Kumar
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85 views3 pages

Characteristics of Principles of Management

The document discusses the scope of management and classifies it into four operational areas: 1) Production management which involves planning, organizing, and controlling production functions; 2) Marketing management which involves identifying customer needs and supplying goods/services to meet those needs; 3) Financial management which involves ensuring proper funding and allocation of financial resources; and 4) Personnel management which involves planning, organizing, and controlling human resources through activities like recruitment, training, compensation, and employee welfare.

Uploaded by

T S Kumar Kumar
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Principles of Management Unit – I

PRINCIPLES OF MANAGEMENT
UNIT –I

SCOPE OF MANAGEMENT

The field of management is very wide. The operational areas of business management may be
classified into the following categories:

i) Production Management: Production management implies planning, organising,


directing and controlling the production function so as to produce the right goods,
in right quantity, at the right time and at the right cost. It includes the following
activities:
(a) Designing the product
(b) Location and layout of plant and building
(c) Planning and control of factory operations
(d) Operation of purchase and storage of materials
(e) Repairs and maintenance
(f) Inventory cost and quality control
(g) Research and development etc

DEPARTMENT OF BUSINESS ADMINISTRATION - JAWAHAR SCIENCE COLLGE, BLOCK -14, NEYVELI 1


Principles of Management Unit – I

ii) Marketing Management: Marketing management refers to the identification of


consumers’ needs and supplying them the goods and services which can satisfy
these wants. It involves the following activities:
(a) Marketing research to determine the needs and expectation of consumers
(b) Planning and developing suitable products
(c) Setting appropriate prices
(d) Selecting the right channel of distribution, and
(e) Promotional activities like advertising and salesmanship to communicate with
the customers

DEPARTMENT OF BUSINESS ADMINISTRATION - JAWAHAR SCIENCE COLLGE, BLOCK -14, NEYVELI 2


Principles of Management Unit – I

iii) Financial Management: Financial management seeks to ensure the right amount
and type of funds to business at the right time and at reasonable cost. It comprises
the following activities:
(a) Estimating the volume of funds required for both long-term and short-term needs
of business
(b) Selecting the appropriate source of funds
(c) Raising the required funds at the right time
(d) ensuring proper utilisation and allocation of raised funds so as to maintain safety
and liquidity of funds and the creditworthiness and profitability of business, and
(e) Administration of earnings Thus, financial management involves the planning,
organising and controlling of the financial resources.

iv) Personnel Management: Personnel management involves planning, organising


and controlling the procurement, development, compensation, maintenance and
integration of human resources of an organisation. It consists of the following
activities:
(a) Manpower planning
(b) Recruitments,
(c) Selection,
(d) Training
(e) Appraisal,
(f) Promotions and transfers,
(g) Compensation,
(h) Employee welfare services, and
(i) Personnel records and research, etc.

DEPARTMENT OF BUSINESS ADMINISTRATION - JAWAHAR SCIENCE COLLGE, BLOCK -14, NEYVELI 3

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