Management is an activity concerned with guiding human and physical resources such that organizational goals can be achieved. The nature of management can be highlighted as follows:
1. Management is Goal-Oriented
The success of any management activity is assessed by its achievement of the predetermined goals or objectives. Management is a purposeful activity. It is a tool which helps the use of human and physical resources to fulfill the pre-determined goals.
For example, the goal of an enterprise is maximum consumer satisfaction by producing quality goods at reasonable prices. This can be achieved by employing efficient persons and making better use of scarce resources.
2. Management Integrates Human, Physical, and Financial Resources
In an organization, human beings work with non-human resources like machines, materials, financial assets, buildings, etc. Management integrates human efforts with these resources. It brings harmony among the human, physical, and financial resources.
3. Management is Continuous
Management is an ongoing process. It involves continuous handling of problems and issues. It is concerned with identifying problems and taking appropriate steps to solve them.
For example, the target of a company is maximum production. For achieving this target, various policies have to be framed, but this is not the end. Marketing and advertising also have to be done, for which policies have to be framed again. Hence, management is an ongoing process.
4. Management is All-Pervasive
Management is required in all types of organizations, whether political, social, cultural, or business, because it helps and directs various efforts towards a definite purpose. Thus, clubs, hospitals, political parties, colleges, and business firms all require management.
Whenever more than one person is engaged in working for a common goal, management is necessary. Whether it is a small business firm engaged in trading or a large firm like Tata Iron & Steel, management is required everywhere irrespective of size or type of activity.
5. Management is a Group Activity
Management is much less concerned with individual efforts and is more concerned with groups. It involves the use of group effort to achieve predetermined goals. The management of ABC & Co. is good refers to a group of persons managing the enterprise.