Essay On Business Management

1316 Words3 Pages

Introduction

While working in a Business Organization, the members are organized in some rules and regulations to achiever required goals effectively and efficiently, known as Management. The economy of India starts with Indus Valley Civilization, where trade was significant. After 1500 years, classic civilization appeared which was known as the largest economy period of ancient and medieval India. In a book, The World Economy: A Millennial Perspective, Angus Maddison described that, “India was the richest country in the world and had world’s largest economy until 17th century AD.” During Independent history, India followed extensive public ownership, regulation, red tape and trade barriers.

Objectives

• Understand Management.
• Functions of Management.
• Understand Traditional Indian Management.
• Businesses in India before 1990s.
• Management of family owned businesses or Management in Joint Hindu Family Businesses.
• Changes occurred in Management of Indian businesses after Indian Economy became open.
• LPG (Liberalization, Privatization and Globalization) Policy.
• Current style of Indian Management.
• Top 3 well managed Companies of India.
• Conclusions

What is Management?
Management's essential capacity is to get individuals to cooperate for the accomplishment of an association's objectives and destinations.
• Management methodologies incorporate planning, organizing, directing and controlling.
• An essential part of management's capacity is the distribution of limited assets.
• Assets might be human, budgetary, mechanical or regular.
The process of using organizational resources to achieve the organization’s goals by four main functions of management: Planning, Organizing, Le...

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...nt owned most of business sectors.
Joint Hindu Family Businesses: Management work was done by the family members headed by the KARTA
Karta: Head of the family who took all business decisions.
Changed style of Indian Management: Implementation of LPG policy. Business owners recognized the need of manager due to the international competitive business environment.
LPG Policy: Implemented in 1990s to make Indian businesses free from restrictions by Liberalization, Privatization and Globalization.
Current Management style: Management is now become a mix of organisational capabilities, management practices, and company culture that sets Indian enterprises apart from firms in other countries.
Conclusions: After adopting new methods of management and hiring top class managers Indian businesses are now running at very competitive speed and competing world class companies.

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