Nature of Management, Social Responsibilities of Business

Posted by admin on 2024-07-04 03:08:23 |

Nature of Management, Social Responsibilities of Business

Concept of management:- The process of planning, organization, leadership, and control of the human, economic, and informative resources of an organization to achieve organizational objectives is known as Management. 

A business can be successful with the proper planning and adequate decisions of the manager. The manager should take necessary actions for the consequences of those decisions, whether positive or negative.

Nature of management:-

The management of a business has a different nature. Some of them are conveyed below-

• Goal-oriented: – To attain the goals of the organization is the predominant objective of leadership. An organization has some dreams that are the foundation of its existence.
• Group activity:- It is a team effort and the employees must be aware of their duties and what needs to be accomplished within the given timeframe.
• Ethereal force:- Management can’t be touched or seen, but its existence can be felt as long as its goals are met.
• Continuous process:- Managing is a progression of ongoing activities, but with different roles, such as planning, organization, hiring, managing, and controlling.
• Multi-dimensional:- Management is a multi-dimensional process.

Concept of Social-responsibility-

Social responsibility is when a company or individual proceeds to make decisions or act in a way that is good for society. Another name for it is Corporate Social Responsibility (CSR). For any business, it's an indication that they recognize and value what society has to offer, and would do its best to achieve its goals.

Importance of social responsibility-

• By making a positive impact on society, companies can stabilize and improve their brand image.
• Once the company begins to contribute to society, it automatically contributes to society. Hence, the company need not to think about the legal safety.

Types of social responsibility in business-

The different types of social responsibilities are discussed below:-

• Economically profitable
• Legal responsibility
• Ethical responsibilities
• Environmental responsibilities