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Meaning and Objective of Management

Management has several objectives including organizational objectives, social objectives, and personal objectives. Organizational objectives are the primary goals of ensuring a company's survival, profitability, and growth through efficiently utilizing resources, improving performance, mobilizing talent, and planning for the future. Social objectives involve benefiting the community, while personal objectives satisfy individual needs and ambitions of employees. The key organizational objectives are survival, earning profits, and continuous growth and development.

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Debamalya Bhattacharya
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179 views2 pages

Meaning and Objective of Management

Management has several objectives including organizational objectives, social objectives, and personal objectives. Organizational objectives are the primary goals of ensuring a company's survival, profitability, and growth through efficiently utilizing resources, improving performance, mobilizing talent, and planning for the future. Social objectives involve benefiting the community, while personal objectives satisfy individual needs and ambitions of employees. The key organizational objectives are survival, earning profits, and continuous growth and development.

Uploaded by

Debamalya Bhattacharya
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 DOCX, PDF, TXT or read online on Scribd
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Management: Definitions (Meaning)

The term ‘management’ has been used in different senses. Sometimes it refers to the process of planning,

organizing, staffing, directing, coordinating and controlling; at other times it is used to describe it as a

function of managing people. It is also referred to as a body of knowledge, a practice and discipline. There

are some who describe management as a technique of leadership and decision-making while some others

have analyzed management as an economic resource, a factor of production or a system of authority.

Objectives of Management:Objectives of Management


Management attempts to accomplish specific objectives which are the solicited outcome of any action.
They must be received from the fundamental view of the business. In any business, there are several
objectives and the administration has to complete all objectives in an efficient and effective manner.
Objectives can be categorised into organisational objectives, social objectives and personal or individual
objectives.

Vital Objectives of Management:

1. Organisational Objectives: Management is accountable for establishing and attaining objectives for the
company. It has to deliver a variety of objectives in all operations contemplating the interest of all
shareholders including, stakeholders, consumers, the government and employees. The principal objective
of any company must be to use material and human resources to the maximum potential benefit, i.e., to
meet the financial objectives of a firm. And, they are survival, profit and growth.

a. Survival: The essential objectives of any industry are survival. Management must attempt to assure the
continuation of the business. In order to survive, an industry must gain enough funds to meet the costs that
would be incurred.
b. Profit: Poor survival is not sufficient for the industry. Management has to make sure that the company
earns the profit. Profit contributes to a necessary catalyst for the sustained successful performance of the
firm. Profit is crucial for meeting the costs and uncertainties of the business concern.
c. Growth: A firm requires to add to its chances, in the long run, for this it is necessary for the concern to
develop. To prevail in the business, management must utilise adequately the growth potential of the firm.

2. Social objectives: It includes the establishment of benefit for the community. As a part of the
community, every business whether it is a trade or non-trading concern has a social responsibility to meet.
This applies to consistently generating financial value for many components of society. This includes using
environmentally beneficial technologies of production, providing job opportunities to the disadvantaged
sections of the community and furnishing the primary facilities like crèches and schools to employees.

3. Personal Objectives: Establishments are made up of resources who possess different backgrounds,
experiences, objectives and personalities. They all become part of the establishment to meet their several
demands. These differ from economic necessities such as ambitious perks and salaries, social obligations
such as equal attention and higher level demands such as individual growth and progress..
Some other broad objectives of management:

1. Proper Utilization of Resources:

The main objective of management is to use various resources of the enterprise in a most economic way.

The proper use of men, materials, machines and money will help a business to earn sufficient profits to

satisfy various interests. The proprietors will want more returns on their investments while employees,

customers and public will expect a fair deal from the management. All these interests will be satisfied only

when physical resources of the business are properly utilized.

2. Improving Performance:

Management should aim at improving the performance of each and every factor of production. The

environment should be so congenial that workers are able to give their maximum to the enterprise. The

fixing of objectives of various factors of production will help them in improving their performance.

3. Mobilizing Best Talent:

The management should try to employ persons in various fields so that better results are possible. The

employment of specialists in various fields will be increasing the efficiency of various factors of

production. There should be a proper environment which should encourage good persons to join the

enterprise. The better pay scales, proper amenities, future growth potentialities will attract more people in

joining a concern.

4. Planning for Future:

Another important objective of management is to prepare plans. No management should feel satisfied with

today’s work if it has not thought of tomorrow. Future plans should take into consideration what is to be

done next. Future performance will depend upon present planning. So, planning for future is essential to

help the concern.

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