the process of production is now quite complicated. People. an organization is needed to determine what each person will do and how much authority each will have. Any organization needs finances to obtain physical resources, carry out the production activities and other business operations, pay compensation to the suppliers, etc. 1. The scope of personnel Management was very much restricted before 20th century. Tesco mainly used strategies to build customer loyalty. Nature 2. "To manage is to forecast and to plan, to organize, to command, to co-ordinate and to control.“ Management Includes 1). Abstract Individual lives in a business environment which is an indispensable part of society. Nature and Significance of Management class 12 Notes Business Studies. Management is required in all aspects of life and forms an integral part of all businesses. The nature Of management Management is a set of activities (including planning and decision making, organizing, leading, and controlling) directed at an organization's resources (human, financial, physical, and information) with the aim of achieving organizational goals in an efficient and effective manner. Management Economics teaches us that any business is required to make proper management to move forward. http://on-app.in/app/oc/18660/arfgn Click the above link to study all the chapters. Scope of Organizational Behaviour. Introduction to Management - Meaning, Nature, Scope, Levels of Management 1. The large scale businesses operations have led to the specialisation of ail business activities. Compared with domestic financial management 3. Current assets management, 5. Management is an art of getting things done with and through others. Management is the art of getting things done through others’’. It is within the scope of business economics to analyze this. This includes various related points like: 1. The people constitute the internal social system of … John Fischer of Longmont, Colorado, fits the profile.. To decrease the risk, a stable equilibrium is required between debt and equity. For demand creation what is more important is advertisement. The principles of management can be applied in all managed situations regardless of size, nature and locations of organisation. Production Management: The research performs an important function in product development, diversification, introducing a new product, product improvement, process technologies, choosing a site, new investment etc. Finance is termed as the backbone of every business and is required for carrying out each and every activity. A marketing system is directly related to the distribution and production of goods, ideas, services, place, and persons for the satisfaction of human needs. Financial Management is a methodology that a business implements to monitor and govern its revenue, expenses, and assets in order to maximize profitability and ensure sustainability. Marketing management is a business process, to manage marketing activities in profit seeking and non profit organisations at different levels of management. It is also referred to as a body of knowledge… These components form the subject-matter of management. Benefits 7. Only an optimum finance mix can maximize the market price of the company’s shares in the long run. 1. Aims 6. INDEX 3. 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. NATURE/SCOPE OF FINANCIAL MANAGEMENT Below are few points that clearly state the nature and/or scope of financial management: 1. 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