Importance of management for every business organization are:
1.Achieving Group Goals:
The management tries to integrate the objectives of the individuals along with the organizational goal. It directs the efforts of all individuals in the general direction of achieving the organizational goal.
2.Increases Efficiency:
Managers try to reduce costs and improve productivity with minimal waste of resources. Emphasizes efficiency and effectiveness in the work through management planning, organizing, staffing, direction, and control.
3.Creates a Dynamic Organisation:
Organizations have to survive in a dynamic environment so managers keep making changes in the organization to match the environmental changes.
4.Achieving Personal Objectives:
A skilled manager is one who brings maximum prosperity to the employer as well as to the employees. The manager leads the people in such a way that the organizational goal, as well as the individual goals of the employees, is also achieved.
5.Development of the Society:
Efficient management always has multiple objectives, they give due importance to social obligations, towards different groups of people such as employees, customers, suppliers etc. It insists on providing quality goods, Helps in competitive salary, creates employment opportunity etc.
