MeaningManagement, has therefore, been defined as a process of getting things done with the aim of achieving goals effectively

and efficiently According to Harold Koontz, Management is the art of getting things done through and with people in normally organized groups. It is the art of creating an environment, in which people can perform efficiently towards the attainment of group goals. Importance of ManagementAccording to Peter FDrucker. Management is the life-giving element in every business. Without it, the resources of production remain resources and shall never become production. So, it is rightly said, Anything minus management is nothing. Also, various studies have shown that 90% of the business generally fails due to poor Management. The following points show the importance of management. Coordination Definitions According to Koontz & O Don ell, Coordination is the essence of management for the achievement of harmony of individual efforts towards the accomplishment of group goals. Meaning:- It means sum of total of those factors which influence and over which the business has no control Meaning of Business Environment Business Environment means the sum total of all individuals, institutions and other forces that are outside the control of a business enterprise, but that may affect its performance. In other words, Universe- Organization= Environment. The business environment includes government, consumer groups, competitors, courts, media etc. Meaning of Planning Planning is deciding in advance what to do and how to do. It is one of the basic managerial functions. Accordingly to Koontz and O Donnell, Planning is deciding in advance what to do, how to do, when to do and who is to do it. Planning bridges the gap from where we are to where we want to go. It makes it possible for things to occure which would not otherwise happen. Meaning of Organising:Organisationis the process of defining and grouping activities and establishing authority relationships among them. Definitions As said by Louis A. Allen, organizing is the process of identifying and grouping the work to be performed, defining and delegating responsibility and authority, and establishing relationships for the purpose of enabling people to work most effectively together in accomplishing objectives. As said by Theo Haimann, Organizing is the process of defining and grouping the activities of the enterprise and establishing authority relationship among them. Functional structure- Functional structure groups activities on the basis of functions. A functional structure is an organizations design which is formed by grouping the jobs on the basis of their similarity. Here, each major function is organized as a separate department. All departments report to coordinating head. Each department can be further sub-divided into sections. Divisional structure- Divisional structure groups activities on the basis of products. A divisional structure is the organizational design which is formed by grouping the jobs on the basis of products manufactured. Here, each product line is organized as a separate division. Each division is headed by a divisional manager who has complete authority and responsibility of the divisional matters. Each division is multi-functional as within each division, the functions of production, purchase, finance, marketing etc. are performed. Each division works as a profit center as divisional managers are responsible for profits or losses of their divisions.

Formal organization- Formal organization is designed by the management to achieve organisational goals. Definitions According to Louis A. Allen, The formal organization is a system of well-defined jobs, each bearing a definite measure of authority, responsibility and accountability. According to Chester Barnand, Formal organization is a system of consciously coordinated activates of two or more persons towards a common objective.

Informal organizationInformal organisationarises out of interaction amongst people at work. According to Chester Barnand, An informal organization is an aggregate of interpersonal relationship without any conscious purpose but which may contribute to joint results. According to keithdavis, Informal Organization is a network of personal and social relations not established or required by the formal organization but arising spontaneously as people associate with one another. Example- employees taking part in cricket matches on Sundays, employees meeting in cafeteria for coffee, employees interested in dramatics etc. Delegation- Delegation is the transfer of authority from superior to subordinate. According to Theo Haimman, Delegation of authority merely means granting of authority to subordinates to operate within prescribed limits. Authority- Authority means right to command the subordinates for getting the work done. It is the right to decide and direct others. According to Henri Fayol, Authority is the right to give orders and the power to extract obedience. Responsibility According to George R Terry, Responsibility is the obligation to carry out activities to the best of his abilities. Accountability- It means answerability of a person for performance of the assigned task. It indicates that a manager has to ensure proper discharge of duties by the subordinates. Importance of Delegation As said by Koontz & O Donnell, Just as authority is the key to managers job, delegation of authority is key to organization. Meaning and definition Centralization It refers to systematic concentration of authority at top level management. Decentralization It refers to delegation of authority throughout all the levels of organization. According to Louis A. Allen, Decentralization refers to systematic effort to delegate to the lowest level all authority expects that which can exercise at central points. MeaningStaffing has been described as the managerial function of filling and keeping filled, the positions in an organisation structure. This is achieved by, first of all, identifying requirement of work force, followed by recruitment, selection, placement, promotion, appraisal and development of personnel, to fill the roles designed into the organisation structure. *Staffing is putting people to job. It is that part of management process which is concerned with obtaining, utilizing and maintaining a satisfactory and satisfied work force. According to Koontz & O Donnel, The managerial function of staffing involves manning the organization structure through proper and effective selection,appraisal and development of personnel to fill the roles designed into the structure. Recruitment -Recruitment refers to the process of finding possible candidates for a job or function. In the words of Edwin B. Flippo, Recruitment is the process of searching for prospective employees and stimulating them to apply for jobs in the organization. Process of Selection: According to stone, Selection is the process of differentiating between applicants in order to identify and hire those with a greater likelihood of success in a job. According to Dale Yoder, Selection is the process of choosing from among the candidates from w ithin the organization or from the outside, the most suitable person for the current position or for the future position. Trainingis any process by which the aptitudes, skills and abilities of employees to perform specific jobs are increased. EducationEducation is the process of increasing the knowledge and understanding of employees. It is the understanding and interpretation of knowledge. Training In the words of Flippo, Training is the act of increasing the knowledge and skill of an employee for doing a particular job.

Education It is the process of increasing knowledge, understanding and interpretation of the knowledge. It develops logical and rational minds. It imparts the qualities of mind and character and develops the principles of analysis, synthesis and objectivity. Development

Development refers to the learning opportunities designed to help employees grow. Development It refers to the process of learning and overall growth of the employee. It not only covers job related activities but also growth of employees personally. It makes the employees mature and helps them to actualize their hidden potential. It helps them to become better men and women and not just better employees. MeaningGiving instruction and guiding people in doing work. INTRODUCTION The planning organizing and staffing functions are preparatory in nature. The directing function of management is related to the implementation stage. That is why directing is called life spark of the organization as if sets the organization into motion. * In general sense, directing means giving instruction and guidelines people for doing work. But in context of management, directing is the process of instructing, guidelines, counseling, motivating and leading people in the organization to achieve its objective. Thus, directing includes, Supervision, Motivation, Communication and Leadership. In the word of Earnest Dale, Directing is telling people what to do and seeing that they do it to it to the best of their ability. It includes making assignment, explaining procedure, seeing that the mistake are corrected, providing on the job instructions of course, issuing order. SupervisionMeaning of Supervision A function performed by the supervisor

Simple words, Overseeing what is being done by subordinates and giving instruction to ensure optimum utilization of resources and achievement of work targets. According to Keith Davis, Supervision is the function of assuring that the work is being done as per plans and instruction. Importance/ Role of supervisor/ Function of Supervisor

Motivation- It means incitement or inducement to act or move Motivation is a mental state. It stimulates and guide people to action. According to William G. Scott, Motivation means a process of stimulating people to action to accomplish desired goals.

LeadershipINTRODUCTION Leaders play a key role in the success of the organization. Example of few leader are Bill Gates of Microsoft, Ambanis of reliance.

In the words of Koontz & o Donnel, Leadership is the ability of a manager to induce the subordinates to work with confidence and zeal. Means to motivate the followers to contribute for achieving organizational objective CommunicationThe term communication has been derived from the latin word communis which means common. So, communication means creating a common understanding between 2 or more persons. According to Rogers, Communication is a process by which people create and share information with one another in order to reach common understanding. It is the process of exchange of ideas views facts feelings etc. among people to create common understanding. Elements of communication /Communication process

Formal communicationMeaningIt refers to the official communication which takes place through chain of command. Such communication may be oral or written but it is recorded and filed in the office. Communication taking place within the organization authentically. Types of Formal Communication 1. Vertical Communication a. Downward Communication-

b. Upward Communication-

2.Horizontal/ Lateral/Sideward/Parallel Communication

3. Diagonal Communication Communication Networks of a Formal Communication. Communication network refers to the pattern through which communication flows within the organization. Types of Communication networks. 1. Wheel:

2.Single chain:

3. Circular: 4.Free flow/ All channel network:

5.Inverted V.

Informal communicationMeaning---It refers to the communication based on informal relations. It is the communication that takes place outside the official channels of communication. It results from social interaction among members of an organization. Exampleworkers chit chatting in the canteen about behavior of a superior. Communication that taking place without following the formal lines of Communication Grapevine Communication Networks 1. Single strand network:

2. Gossip network:

3.Probability network:

4. Cluster:

Meaning: it means ensuring that activities in organization are performed as per the plans. In the words of Henri Fayol , Control consists in verifying whether everything occurs in conformity with the plan adopted, the instructions issued and principlesestablished. Importance of Controlling:Controlling is the key for organizational success. Just as the traffic signals at a busy road crossing ensure smooth flow of traffic, similarly, control keeps an organization moving in the right direction. A sound system of controlling offers the Meaning of Business Finance Money required for carrying out business activities is called business finance. It is required for establishment, running and growth of business. That is why, finance is called life blood of business. Financial Management:- it is concerned with optimal procurement as well as usage of finance. It aims at reducing the cost of funds, keeping the risk under control and achieving effective deployment of such funds. Financial management is concerned with optimal procurement usage of finance. According to Gauhman&Dougal, Financial Management means the activity concerned with planning, raising, controlling and administering of funds used in business. According to J. L. Massie. Financial Management is the operational activity of a business that is responsible for obtaining and effectively utilizing the funds necessary for efficient operations. Meaning and definition of Capital structure The appropriate mix of owners funds (equity) and borrowed funds (debt) is called capital structure. In the words of Gestendberg, Capital structure of a company refers to the make upo its capitalization. A company must choose that capital structure which maximizes shareholders wealth. Capital market:- it refers to facilities and institutional arrangements through which long-term funds both debt and equity are raised and invested. Types of capital market:i) Primary market ii) Secondary market Primary market:- it is also known as the new issue market. It facilitate the transfer of investible funds from savers to enterprenerurs seeking to establish new enterprises or to expand existing. Secondary market:- it is a market for purchase and sale of existing securities. Stock Exchange:- it is an institution which provide platform for buying and selling of existing securities.

According to securities Contract ( Regulation) Act, 1956, Stock Exchange means an association, organization or body of individuals,whether incorporated or not, established for the purpose of assisting,regulating and controlling of business in buying, selling and dealing in securities. National Stock Exchange:- It is the latest, most modern and technology driven exchange. It was incorporated in 1992.It has two market segment a) Whole sale debt market segment b) capital market segment. Only those companies are listed whose issued capital is 3 crores or more. Promoters of NSE:IDBI, ICICI, IFCI, LIC, GIC, SBI CAPITAL MARKET LTD, Stock holding corporation of India Ltd, The Infrastructure leasing and Financial Services Ltd.

Over the Counter Exchange of India(OTCEI) :- It is a company incorporated under the Companies Act 1956. It was established in 1990. Only those companies are listed whose issued capital is 30 lakhs or more. Securities and Exchange Board of India:-it is an ad administrative body to promote orderly and healthy growth of securities market and for investors protection. It was established on 12 April 1988. It was given statutory status on 30-01-1992. Meaning of Market In traditional sense:- market refers to the place where buyers and sellers gather to enter transactions. Meaning of Market In Modern sense:- it refers to set of actual and potential buyers of a product or service. Philip kotler defines marketing as a social process by which individual groups obtain what they need and want through creating offering and freely exchanging products and services of value with others Meaning of Marketing:- it refers to that process under which valuable goods or services are created, offered and by doing transactions independently ,the needs are satisfied. Marketing management:- it refers to planning, organizing, directing and control of the activities which facilitate exchange of goods and services b/w producers and consumers or users f products and services. Marketing Management It refers to the planning, organizing, directing and controlling of the activities which facilitate exchange of goods and services between producers and consumers. Definition by Philip Kotler-It is the art and science of choosing target markets and getting, keeping and growing customers through creating, delivering and communicating superior customer values of management. So the process of management of marketing involves: o Choosing a target market o Getting, keeping as well as growing customer sin respect of chosen target market. o Creating, developing and communicating superior values in the products and services for the customers. According to American marketing association marketing management is the process of planning and executing the conception, pricing, promotions and distribution of ideas, goods and services to create exchange that satisfy individuals and organizational goal According to Philip Kotler, Marketing mix is a set of marketing tools which a firm uses to pursue it marketing objectives in the target market. Elements of marketing mix i) Product ii) Price iii) Place iv) Promotion

Branding:- this is a process of giving a name or sign or a symbol etc to a product. Brand:- a brand is a name, term, sign , symbol, design, or some combination of them used to identify the products. Brand Name:- It is that part of brand which can be spoken i.e. it is the verbal component of the brand e.g. Asian Paints, Uncle chips etc. Brand mark: that part of brand which can be recognized but which is not utterable. E.g. Devil of Onida, Yogkshama of LIC etc. Trade mark:- a brand or a part of brand that is given legal protection is called trademark. Packaging:-Packaging refers to the act of designing and producing an appropriate container or wrapper of the product. The container which carries the product is called packaging. Levels of Packaging:i) Primary package ii) Secondary package iii) Transportation packaging Labelling:-A label is a carrier of information, which is to provided to the customer, which describes the product, its contents, the manufacturer, date and time of manufacture, etc. Pricing:- The price is the amount a customer pays for the product Price may be defined as the amount of money paid by a buyer (or received by a seller) in consideration of the purchase of a product or as service.

Physical distribution:- It is concerned with making the goods and services available at the right place so that people can purchase the same. Place or physical distribution includes those activities that make firms goods available to the target customers. In other words, physical distribution refers to the physical handing and movement of goods from place of production to the place of distribution. The two important decisions relating to the aspect are regarding. Physical movement of goods, and The channels of distributions. Channels of Distribution:- these are set of firms and individuals that take title, or assist in transferring title, to particular goods or services as it moves from the producers to the consumers. Promotion:- it refers to the use of communication with the objective of informing potential customers about a product and persuading them to buy it. Promotion Mix:- it refers to combination of promotional tools( advertising, personal selling, sales promotion, publicity) used by an org to achieve its communication objectives. Advertising: It is and impersonal form of communication which is paid for by the marketers to promote some goods or service. According to American Marketing Associated, Advertising is any paid form of non-personal presentation and promotion of ideas, goods and services by an identified sponsor. Personal selling:- It involves oral presentation of message in the form of conversation with one or more prospective customers for making sales. According to Richard Buskrik, Personal selling consists of contacting prospective buyers of product personally. Personal selling involves oral presentation of message in the form of conversation with one or more prospective customer for the purpose of making sales. It is a personal form of communication. Sales promotion:- It refers to short term incentives which are designed to encourage the buyers to make immediate purchase of a product or service. Sales promotion refers to short-term incentives, which are designed to encourage the buyers to make immediate purchase of a product. Commonly used sales promotional techniques/activities:i) Rebates: It involves offering products at special prices to clear of excess inventory. Example: (a) Maruti offers to sell a car alto at a discount of Rs. 10,000 for a limited period. (b) Offer of LG to sell 28coloured television at a discount of Rs. 5000/- for a limited period. ii) Discounts: Here a certain percentage of prices are reduced as discount from the list price. Example:(a) Bata offers a discount up to 50%. (b) At the end of the season, brands like Allen Solly, TNG, Peter England etc. offer their product at discount to clear of the stock. iii) Refunds: Refunding a part of the price paid by the customer on some proof of purchase, like on return of empty foils or wrappers, Rs. 3 on return of empty bottle of pepsi. iv) Product combination:- offering other as gift with the purchase of a product. Example:(a) Get 1 GB memory card free with Kodak Digital Camera. (b) Shakti Bhog Attas offer of a pack of rice with a bag of Atta. (c) Get 64 MB memory card free with a Nokia cell phone. (d) 100 gm bottle of sauce free with 1 kg detergent. (e) A tooth brush free with a 200 gm of colgate toothpaste. (f) 100 gmparle biscuit free with purchase of 1 kg kissan tomato sauce etc. v) Quantity gift: Offering extra quantity of the product. Example:(a) But three get one free offer currently available for soaps like nirma and Lux no. 1. (b) 50 grams extra free offer of Fena or 555 detergent bar. (c) Dettol shaving creams offer of 40% extra. (d) Buy 2 get 1 free offer of Peter England shirts. vi) Instant draws and assigned gift: For example, scratch a card and instantly win a Refrigerator, Car, and Computer with the purchase of a TV. vii) Lucky draw: For example:(a) Lucky draw coupon for free petrol on purchase of a certain quantity of petrol from given petrol pump. (b) Lucky draw coupon on purchase of easy undergarments and win a car offer. (c) Gift of computer to the lucky winner declared on the basis of draw taken out from tickets of visitors to Indian International Trade fair.fair. viii) Usable benefits- For example, Purchase goods worth Rs.5000 and get a holiday package worth Rs.2,000 free. ix) Full finance @ 0%-Many marketers of consumer durable such as electronic goods, automobiles, etc offer easy financing schemes such as 12 easy instalments, 4 up front and 8 to be paid post datedcheques. However one should be careful about the file charges, which is nothing but interest recovered in advance.Payment of Rs. 45,000 for a bike can be done as Rs.15,000immedietly and balance in 15 installments of Rs.2,000 each.

x) Sampling-Offering a free sample of the product to potential customer. Example-HLL did extensive sampling of the product when it was launched.Godrej company introduced Ezee it distributed its samples as it wanted the people to try them. xi) Contests-Here consumers are asked to participate in some competitive events involving application of skills or luck, like solving a quiz or answering some questions.ExampleHarvest Gold maker of Premium Bread usually have children drawing competitions. Publicity:- it refers to the non paid non-personal presentation of ideas, goods and service through a mass media in the form of news item Who is a consumer? Under the Consumer Protection Act, a consumer is defined as: a) Any person who buys any goods for a consideration, which has been paid or promised, of partly paid and partly promised, or under any scheme of deferred payment. It includes any user of such goods, when such use is made by the approval of the buyer, but does not include a person who obtains goods for re-sale or any commercial purpose. b) Any person who hires or avails of any service, which has been paid or promised, or partly paid and partly promise, or under any scheme of deferred payment. It includes any beneficiary of services when such services are availed of with the approval of the person concerned, but does not include a person who avails of such services for any commercial purpose. Redressal Agencies Under the Consumer Protection Act i) District Forum:-Acc to CPA state govt can set up one or more district forum in each district **It consists of a President and Two other members one of whom should be a women. **District forum hears disputes involving a sumupto Rs. 20 lacs. **If any party is not satisfied with the judgement of the district forum, it can file appeal against it with the state commission within 30 days. ii) State commission:- One state commission is appointed by the state govt in each state. **It consists of a President and not less than two other members one of whom should be a women. **State commission hears disputes involving a sum exceeding Rs. 20 lacs. andupto Rs. 1 crore. **If any party is not satisfied with the judgement of the state commission, it can file appeal before the National commission within 30 days. iii) National commission:- It is appointed by Central govt. **It consists of a President and atleast four other members, one of whom should be a woman. **National commission hears disputes involving a sum exceeding Rs. 1 crore. **If any party is not satisfied with the judgement of the national commission, it can file appeal before the Supreme Court within 30 days