Business Management...

                    

Business management 

Business Management...

Management means to manage,it means manage the activities.Management is very important in every field like schools, colleges, hospitals, Business, our everyday life etc,without proper management no one can get success.

Business Management is manage the activities and factors of production so the objectives of business objectives can be achieved effectively and efficiently.Without management ,resources of production never become production, business without management is like a blind men ,like blind men cannot work properly same as business without management cannot work properly.

 Management is concerned with management of work , people & operations. We need management before and after the business is set up.

Management function is performed by efficient managers, Those who have managerial skills and knowledge. Those who lead,direct and motivate the subordinates.

Management is an Art...

Art is a skill in performance.It is acquired by study, observation and experience.In management manager had to direct,motivate ,lead subordinates,in Art they get knowledge how to direct,lead, motivate and work done by others,so objectives of organization can be achieved effectively and efficiently.

Management is a Science...

Science is a body of systematised knowledge & based on principles,as same way management is also a systematised body of knowledge because in management , management functions like planning, organising, directing & controlling  is also perform in a systematic way . Management is also follow management principles that's why Management is a Science.

Management as a Profession..

Like profession we need systematic knowledge, training and code of conduct ,In management also we also need systematic knowledge, training and code of conduct.So Management is a Profession.

Management as a Profession 

                   

 What are the functions of Management?

1) Planning- First and foremost function of management is Planning.Planning is deciding in advance what should be done in future.In planning manager decide the goals of organization and also decide what are the resources required like land , labour,machinery,capital etc to attain goals efficiently and effectively.In planning function manager makes plan for factors of production like....

a) Capital- In planning manager decide how much capital will require in future for attaining goals .From where we get capital,how much loan will be taken,from where we get loan ,how much interest rate will paid on capital.What should be profit rate of organization.

b) Labour-In this factors of production ,manager decide how much labour will required. What should be skill in labour ?What will be salary given to subordinates etc ?What are the training skills development plan for subordinates?

c) Machinery- In this factor of production, manager decide which type of machinery will require for production in future,and other equipments required for production.What will be the cost of production ,what will be the rent of machinery have to pay.?

2) Organising- After making all the planning of organization ,manager make organisation,it means in this function manager employ subordinates in jobs ,they employ subordinates according to their skill, knowledge & Experience.

And this function manager also decide how subordinates get promotion and what will be their salaries ,bonus etc ,In organising function manager also decide their working hours and their holidays and also makes arrangement for their training and development.

3) Directing- After making organisation ,manager most important function is to give direction,it means guiding,instructing,motivating and leading subordinates so that objectives can be achieved effectively and efficiently.In this function manager show direction to subordinates it means how work will perform in best possible way.

4) Motivating- Another most important function is Motivating,in this function manager motivates the subordinates for work . Manager motivate the employees by financial and non financial techniques,in financial technique manager give bonus ,Increament in Salary, mediclaim, retirement benefits, pension, gratuity etc and in non financial techniques manager motivates the subordinates by job Enlargement,job Enrichment,job rotation, praise and recognition competition, contests, promotion, delegation of authority etc these are the Techniques which are used by manager to motivates the subordinates.

5) Controlling-In this function of management manager compare the actual performance with planned performance ,it means in this we come to know how much we actually attained,if there is any deviation between actual performance and planned performance manager take action against the responsible subordinates and give order for future improvement.And again make planning for future.

Characteristics of Management...

📝 Management is a human activity because it is perform by human and on humans .

📝 Pervasive Activity-Management is pervasive activity because it is perform in all the level whether it is top level, middle or lower level.

📝 Universal Activity-Management is universal activity because it is perform in every field whether it is school, college, hospitals, Business,and every day life.

Concept of Supply,law of supply exception to the law of supply..

Supply 

 Supply meaning...

   Supply is the amount of a product that a producer is offering for sale at a given price during a given period of time.A store or amount of something that is provided is supply.

Supply means the amount of good that is available for sale.

Supply v/s Stock

Stock means total goods available to the producer or manufacturer but supply is part of stock which is provided for sale for eg suppose manufacturer manufacture 1000 units of suits but he is offering only 800 goods for sale at a given price so 800 is supply and 1000 is stock.

Supply Function..

It explains the functional relationship between supply of a commodity and the determinants of the supply.

           Supply of a commodity by a firm depends on price of the commodity itself, prices of other commodities, State of technology,cost of factors of production, objectives of the firm etc.The relationship between the quantity supplied and it's determinants is called the supply Function.This can be expressed mathematically as Sx=f(Px,Po,T,F,G...)

Law of Supply..

Other things remains constant, supply increases with a rise in the prices and deceases with the fall in prices there is direct relationship between price and the supply of a commodity.In other words,other things remaining the same, when price of a commodity rises ,it's quantity supplied increases and when the price decreases, quantity supplied also decreases.Thus , keeping all the determinants constant (except price of the commodity) a positive relationship between the price and supply.

Px.   Quantity supplied.

5.     30

6.      40

7.       50

8.        60 

 

Law of supply..

Shape of supply curve (Positively Sloped).

A  curve is said to be positively sloped or upward sloping when it represents relationship between two variables in which increase in value of one is associated with increase in the value of other variable and vice- versa .

Reasons for operation of the law of supply:

🖊️The rise in the price of the commodity causes rise in profit .As a result producers produce more quantity of the commodity to increase their amount of profit.

🖊️A rise in the price of the commodity induces the sellers to dispose off at least a part of their stock .The contrary happens when there is a fall in the price of the commodity.

🖊️A rise in the price causing higher profit attracts the new firms to enter the market and this adds to the supply of the commodity.

Exceptions to the Law in Supply:-

The law of supply i.e lesser supply of the commodity at lower price and more supply at Higher price does not apply in every case and situation the circumstance when the law of supply become ineffective is known as exception to the law sum of these important exceptions are as under...

1) Exceptions of further change in prices-the law does not apply if there are future expectation for further change in prices for example if sailors expect further fallen prices in future they would be ready to sell more right now even at low prices and vice versa.

2)In case of agricultural goods-the supply of agriculture goods depends more on natural factors such as amount of rainfall fertility of the soil and natural calamities etc and less on their prices.

3)In case of perishable goods -the supply of perishable goods like milk vegetables fish eggs etc is also not affected by their prices seller cannot hold these goods for long.

4) Goods of auction -the law does not apply in case of goods of auction because their supply is always limited and fixed which cannot be changed it all even though there is the change in prices.

5) Disposal of old stock -when sailor in 10 to clear of their old stock of goods they would like to sell more goods by reducing their prices.

6) In case of antique items -in case of some precious and rare goods also the law of supply does not apply artistic goods of high quality and poems written by top class poets fall under this category their supply cannot be increased even when their prices rise.