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Nature and Significance of Management 9 At the same time management organisation there are different should enable all its members to objectives and management has to grow and develop as needs and achieve all objectives in an effective opportunities change. and efficient manner. Objectives (vi) Management is a dynamic can be classified into organisational function: Management is a objectives, social objectives and dynamic function and has to personal or individual objectives. adapt itself to the changing (i) Organisational Objectives: environment. An organisation Management is responsible for interacts with its external envi- setting and achieving objectives ronment which consists of for the organisation. It has to various social, economic and achieve a variety of objectives in political factors. In order to be all areas considering the interest successful, an organisation must of all stakeholders including, change itself and its goals shareholders, employees, cust according to the needs of the omers and the government. The environment. You probably know mainobjectiveofanyorganisation that McDonalds, the fast food should be to utilise human giant made major changes in its and material resources to the menu to be able to survive in the maximum possible advantage, Indian market. i.e., to fulfill the economic (vii) Management is an intangible objectives of a business. These force: Management is an intangi are survival, profit and growth. ble force that cannot be seen but Survival: The basic objectives its presence can be felt in the of any business is survival. Management must strive to way the organisation functions. The effect of management is ensure the survival of the noticeable in an organisation organisation. In order to survive, wheretargetsaremetaccordingto an organisation must earn plans, employees are happy and enough revenues to cover costs. satisfied, and there is orderliness Profit:Meresurvivalisnotenough instead of chaos. for business. Management has to ensure that the organisation O bjectives of M anagement makes a profit. Profit provides a Management seeks to achieve vital incentive for the continued certain objectives which are the successful operation of the desired result of any activity. They enterprise. Profit is essential for must be derived from the basic covering costs and risks of the purpose of the business. In any business. Reprint 2026-27