Nature and significance of management - class 12 bst pt, 2

Hello, & welcome back 👋

In this blog, we will cover the next topic of management.

If you haven't read the first part, first read it. Otherwise you will ask me what the hell is this.

Objectives of management:

Now what is this new term?

It simply means that, what is the goal or purpose to perform management.

In exam we need to use this fancy word objective.
This is what examiners demand. Because how can some thing be easy.

Organisational objectives:

The main goal is to achieve the objectives of the organisation. It can be done in 3 stages:
1. Survival: earning enough revenue to cover cost.
2. Profit: earn surplus to cover risk & stay in business.
3. Growth: expand business scale & operation.

I know what you are thinking.

Book language hi likhni thi to mai NCERT hi pad leta hu.

Don't run, let me give an example 🧠

Let's assume that you have set a chocolate factory 🍫
The first aim of your business will be to at least build your name in the market & atleast make enough sales that you are able to cover the expenses.

Once you've established your name, you will try to increase the revenue to make profit.

After that, you will try to expand your business by opening more branches or adding more products.

Social objective:

Benefits provided to the society such as,
1. Providing employment opportunities.
2. Selling high quality products.
3. Protecting the environment.
4. Selling products at fair prices.

Do I really need to explain this briefly?
I think not.

But in simple words an organisation must ensure that, the society gets benefit through their business.

Personal objectives:

Focuses on the individual needs of the employees.
1. Financial needs: competitive salary and perks.

Not chocolate vala perk. It means bonus & hikes.

2. Development training: to update knowledge and skills.

Are you tired 😴

But this chapter has a lot for you 🙂

Let's move to

Importance of management:

It is very similar to the objectives and the features of management.
So I will be covering this topic really quickly.

So fast in your seat belts.

Achieving group goals:

It provides a common direction to individual efforts to achieve the overall objective of the organisation.

Increase efficiency:

By reducing cost and increasing productivity through better planning organising and directing.

Wait, what. I want it to be easy.

Simple:

Doing task correctly with optimum utilisation of
resources to increase productivity.

Creating dynamic organisation:

Management helps the people to adapt to the change in environment so the firm remains competitive.

To put it simply, how we have learnt that the organisation has to adapt to the changing trend of the market.

It is the same but just updated itself with a few words.

Achieving personal objectives:

Bye providing motivation and leadership, it helps individual to achieve personal goals while continuing to fullfil the organisational objective.

Basically organisation aur employees saat sat.
Par kisi ne saat nhi dia tha na.

Development of society:

By providing quality products, creating employment, management helps to fulfill the social objective.

Tipt to remember for exam:

Are you thinking that if I read this objectives and importance I can just simply put it in the exam paper?

Well not. Because examiner is like,
Aacha beta ratta lagaya hai, abhi batata hu.

You will not be asked to write the objectives or the importance.
Not even the features.

You will be given a case study which you need to analyse and answer according to.
They might ask you to identify the objectives in the case or give a few objectives and ask to write the remaining.
They might also so ask you to identify which objective is not being followed.

Similarly with importance and features as well.

Well today's Gyan ends here.

We will continue the next topic in the next part.

Till then, keep enjoying.