The functional area of management are : export management, personnel management, general management, production management, marketing management and financial management.

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 manger.

Responsibility means obligation for performance. It is the amount of work expected from a man by his superior.

Tools of managements have been developed such as accounting, business law, psychology, statistics, econometrics, data processing, etc.

Management is the process of giving direction and controlling the various activities of the people to achieve the objectives of an organisation.

The two terms 'management' and 'administration' are used inter changeably.
(i) While management is more executive in nature. But the concept of administration denotes the art of decision - making.
(ii) Management is all about plans, actions, but the administration is concerned with framing policies and setting objectives.
(iii) The manager looks after the management of the organisation, whereas administration is responsible for the administration of the organisation.

(i) The substance of management should be identified as a process
(ii) A process is something that what a person does in the context of his individual duties and responsibilities assigned by his or her immediate higher authority.
(iii) A process also implies on going and unceasing cyclical operations.
(iv) In management, we have planning - action - control cycle.
(v) A process indicates the dynamic nature of management.
(iv) It also implies that change is a constant reality of organisational life and management is the management of change.

Is Management a Science:
(i) Management is an in exact science, because in pure science, the principles are put into test in a laboratory and they are either proved or disproved exactly and precisely.
(ii) Similarly the management principles can be put to test in an organization where men, machine, money, and materials (4 Ms) are practically integrated towards achieving some chosen organizational goals.
(iii) These principles cannot be exactly proved or disproved either as they tend to be flexible to changing environment, policies and practical difficulties while synchronizing them together.
(iv) Everyone believes that management is an art. No, it is not an art in Toto. Because, the concept of art denotes the learning of skills and practicing them in day to day life.
(v) To conclude, Management is neither a science nor an art, but a combination of both requiring people holding managerial positions.

According to Koontz and Weihrich, "Management is the process of designing and maintaining of an environment in which individuals working together in groups efficiently accomplish selected aims.

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.
 

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

"Management is a multipurpose organ that manages a business and manages manager, and manages worker and work.- Peter F. Drucker: The Practice of Management.
Drucker stresses three jobs of management:
(i) Managing a business;
(ii) Managing manager; and
(iii) Managing workers and work.
Even if one is omitted, It would not have management anymore and it also would not have a business enterprise or an industrial society. According to P. Drucker, the manager has to balance and integrate the above mentioned three major jobs of a business enterprise.