Business Studies

What is Management? Importance of Management

len Alfred Ajibola - Tue, 31st December, 2019 @ 17:19: PM

Topics in Business Studies

Franchise Business Structure: Types, Advantages and Disadvantages What is Corporation? Types, Advantages and Disadvantages of Corporations What is Limited Liability Company? Its Advantages and Disadvantages Partnership in Business: Types, Advantages and Disadvantages Business Studies: What is Business Studies and Business? Management: Elements of Management What is Management? Importance of Management Advantages and Disadvantages of Air Transport Advantages and Disadvantages of Rail Transport Methods of Payment: Cheque - What is a Cheque? Cheque: Types of Cheque Cheque: Characteristics of Cheque Advantages and Disadvantages of Cheque Advertising and Types of Advertising Advantages and Disadvantages of Road Transport Advantages and Disadvantages of Water Transport Consumer Protection - Agencies of Consumer Protection Consumer Right and Protection Methods of Payment: Credit Cards and Debit Cards Methods of Payment: Bank Notes and Coins | Characteristics of Legal Tender


Academic Questions in Business Studies

Please check out our Test Your Knowledge page to see all Questions and Answers

Which of the following is NOT a characteristics of business?

  • A. The buyer and seller must always come into a contract agreement

  • B. Risk from unforseen circumstances is involved

  • C. They are subject to policies made by the government

  • D. All business transaction is aimed at making profit

  • E. It requires a discontinuous transaction between the buyer and the seller

  • F. Investments are required to begin a business

Which of the following is not a Right of Consumer Protection?

  • A. Right to Education
  • B. Right to Choose
  • C. Right to Safety
  • D. Right to the Good things of Life
  • E. Right to be Assured
  • F. Right to Compel

Which of the following is NOT a government agency of consumer protection?

  • A. Ministry of Sports
  • B. Ministry of Commerce
  • C. Consumer Protection Council
  • D. Ministry of Health
  • E. Ministry of Environment
  • F. National Drug Law Enforcement Agent

Define Consumer Protection.

In buying and selling, the retailer will usually operate from the stall while the wholesaler operates from the _____.

  1. Chain store
  2. Hyper market
  3. Hypo market
  4. Warehouse
  5. Mobile shop
  6. Supermarket

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What is Management?

A good business structure is highly dependent on how it is managed. The leaders in any organization or institution play an integral part in management.

Note: As an entrepreneur, a business man or woman, the growth of one's business will depend on how properly it's being managed.

Please read on Business and Characteristics of Business here.

The term "management" had be defined differently by various scholars. Below are some definitions:

According to Harold Koontz

Management is an art of getting things done through and with the people in formally organized groups.

According to F.W. Taylor

Management is an art of knowing what to do, when to do and see that it is done in the best and cheapest way.

You can read on Your Civic Responsibilities here.

Management can also be defined as the art of creating an environment in which individuals and people can perform with cooperation towards attainment of group goals.

Please read on Cooperation and Factors that promote Cooperation here.

For me, I will simply define Management to be the process of doing things and achieving the desired goals with the input of other people.

Good management is a crucial factor required for the development of various business structures.

Please read on Business Structures (Sole Proprietorship), it's Advantages and Disadvantages here.

Note: If developing countries can be properly managed by their leaders and those in government, businesses and other economic activities will thrive.

You can read on the Functions of Government here.

A good management will include the elements of management. In fact, it is the various elements of management that make a business successful. It is a required skill for every entrepreneur or business minded person.

Please read on the Elements of Management here.

 

Importance of Management:

  1. It gives one an edge in starting a business in a very competitive environment.
    Please read on how to start a home based fish farming.
  2. It helps maximize the ideas of business strategy.
    Please read on the 4 P's of Marketing and Branches of Marketing here.
  3. It enables business owners to comprehend and interpret various laws for starting a business in foreign land.
    Please read on the Constitution here.
  4. It enables one to comprehend the general rules regarding a specific type of business.
    Please read on Production and Examples of Production here.
  5. It provides knowledge on reviving a falling business.

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Alfred Ajibola is a Medical Biochemist, a passionate Academician with over 7 years of experience, a Versatile Writer, a Web Developer, a Cisco Certified Network Associate and a Cisco CyberOps Associate.


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Amazing facts in Business Studies

The world's 💰💰💰100 richest people 💰💰💰  earned enough money in 2012 to end global poverty four times over


NOTABLE POINTS IN Business Studies

Consumer protection refers to the ways or methods through which consumers enjoy maximum satisfaction from the goods they buy and services rendered to them.

The agencies of consumer protection assists in protecting the consumer rights. These agencies may also be referred to as the organs of consumer protection. Basically, we have three of them, they are:

  1. Government Agencies
  2. Independent Agencies
  3. Legislation

Please read on Consumer Protection here

One of the responsibilities of the government of every nation is to set up agencies or organizations that will protect the interest of the consumers and invariably, the people.

Below are some of the Government Agencies of consumer protection:

  • National Drug Law Enforcement Agency (NDLEA)
  • National Agency for Food, Drug Administration and Control (NAFDAC)
  • Consumer Protection Council (CPC)
  • Rent Tribunal
  • Ministry of Health
  • Ministry of Commerce
  • Ministry of Transportation
  • Ministry of Environment
  • National Wages and Salaries Commission

Please read on the Government Agencies of consumer protection here