The management concept can be understood from its profound characteristic features as follows:
1. Body Knowledge:
(i) Management has now developed a specialised body of management theory and philosophy.Management literature is growing in all countries.
2. Management Tools:
Tools of management have been developed such as, accounting, busines law, psychology, statistics, econometrics, data processing, etc.
3. Separate Discipline:
Management studies in many universitis and institutions of higher learning are recognised as a separate discipline.
4. Specialisation:
There is a growing tendency to select and appoint highly qualified, trained and experienced persons to manage the business in each functional area of management.
5. Code of Conduct:
Enlightened businessmen have recognised that business management is a social institution and it has social responsibilities to be fulfilled - towards customers, employees, and the public or community.
 

Henry Fayol is the father ofmodern management. The following are the major principles of modern management are,
1. Division of Work:
According to this principle the whole work is divided into small tasks. The specialization of the workforce according to the skills of a person,creating specific personal and professional development within the labour force and therefore increasing productivity.
2. Authority and Responsibility:
Authority means the right of a superior to give the order to his subordinates; whereas responsibility means obligation for performance.
3. Discipline:
It is obedience, proper conduct in relation to others, respect of authority, etc. It is essential for the smooth functioning of all organisations.
4. Unity of Command:
This principle states that each subordinate should receive orders and be accountable to one and only one superior.
5. Unity of Direction:
All related activities should be put under one group, there should be one plan of action for them and they should be under the control of one manager.
 

1. Science, Not Rule of Thumb:
(i) Rule of Thumb means decisions taken my manager as per their personal judgements.
(ii) This principle is concerned with selecting the best way of performing a job through the application of scientific analysis and not by intuition or hit and trial methods.
(iii) The work assigned to any employee should be observed and analyzed the time involved, so as to decide the best way of performing that the work to achieve the standard output.
2. Harmony, Not Discord:
(i) Taylor emphasized that there should be complete harmony between the workers and the management.
(ii) Both the management and the workers should realize the importance of each other.
(ii) It becomes possible by
(a) sharing a part of surplus with workers,
(b) training of employees,
(c) division of work,
(d) team spirit,
(e) positive attitude,
(f) sense of discipline,
(g) sincerity etc.
(iv) Management should always be ready to share the gains of the company with the workers and the latter should provide their full co-operation and hard work for achieving organizational goals.
3 Mental Revolution:
(i) The technique of Mental Revolution involves a change in the attitude of workers and management towards each other.
(ii) Both should realize the importance of each other and should work with full co-operation.
(iii) Management as well as the workers should aim to increase the profits of the organisation.
4. Co-operation, Not Individualism:
(i) Co-operation, Mutual confidence, sense of goodwill should prevail among both, managers as well as workers.
(ii) The intention is to replace internal competition with co-operation.
(ii) Workers should be considered as part of management and should be allowed to take part in decision making process of the management.
(iv) Management should always their suggestions and should also reward them if their suggestions prove to be beneficial for the organization for example reduction of costs or increase in production etc.
5. Development of each and every person to his or her greatest efficiency and prosperity:
(i) Efficiency of any organization also depends on the skills and capabilities of its employees to a great extent.
(ii) To attain the efficiency, steps should be taken right from the process of selection of the employees. Employees should be selected.
(iii) The work assigned to each employee should suit his/her physical, mental and intellectual capabilities
(iv) Efficient employees produce more to earn more. This ultimately helps to attain efficiency and prosperity for both organisation and the employees.

There are five parts of management as a process
1. Management is Co-ordination:
(i) The manager of an enterprise must effectively co-ordinate all activities and resources of the organisation.
(ii) Namely, Men, Machines, Materials and Money the Four M's of Management.
2. Management is a Process :
(i) The manager achieves proper co-ordination of resources by means of the managerial functions.
(ii) Planning, Organising, Staffing, Directing (or leading and motivating) and controlling.
3. Management is a Purposive Process:
(i) It is directed toward the achievement of predetermined goals or objectives.
(ii) Without an objective, we have no destination to reach or a path to follow to arrive at our destination
(ii) Example; A goal, both management and organisation must be purposive or goal-oriented.
4.  Management is a Social purpose:
It is the art of getting things done through other people.
5. Management is a Cyclical Process:
It represents planning action-control-re-planning cycle. (i.e.,) an ongoing process to attain the planned goals