What is Management? Definition and Overview
Management is the art of planning resources efficiently and effectively to achieve an organisational goal. It is a technical process of utilising the available resources to complete specific tasks at minimum expenditure.
Levels of Management
- Top Level Management: Top level management team consists of chief executives and a board of directors. They focus on planning and executing effective strategies to manage a successful business.
- Mid-Level Management: Middle-level management includes branch and department managers. They are directly answerable to the top-level management. They are responsible for preparing the overall reports and analytical data for their seniors.
- Lower Management: Lower management includes supervisors and foremen responsible for supervising production quality and quantity. They also focus on maintaining discipline and harmony in the workplace.
Importance of Management
The availability of the management team is essential for achieving long-term organisational goals. Managers ensure the smooth functioning and growth of the company while utilising the available resources at minimum expenditure. A company's work efficiency depends on the skills of its managers.
- It works towards cost reduction: Management helps in managing the available resources effectively and efficiently for cost reduction purposes. It works towards planning and calculating resources, manpower, and machinery to ensure maximum returns on minimum inputs.
- It ensures the optimum utilisation of available resources: Management helps select qualified employees with the required skill set to prevent excessive workforce. It ensures the maximum utilisation of available resources to avoid wastage by searching for the best alternatives to scarce resources.
- It helps achieve long-term goals: Management is responsible for planning and executing to achieve them. Managers direct their groups and integrate the available resources efficiently to attain long-term goals without wasting time and effort.
- It contributes towards establishing a solid organisation: Managers divide groups and distribute responsibilities to the right person having a well-defined skillset. They ensure the smooth functioning and financial stability of the organisation.
- It maintains organisational equilibrium: Management continues to work towards the growth and survival of the organisation. It helps the organisation adapt to the ever-changing societal needs and market conditions.
Objectives of Management
- Organisational Objectives: The company's management is responsible for achieving long-term organisational objectives such as survival, profit, and growth. The top management team works towards the development of the company while keeping the interests of all the stakeholders in mind.
- Social Objectives: The company's management is also responsible for benefitting society in some way. For instance, many companies run Corporate Social Responsibility campaigns to enhance their societal benefits.
- Personnel Objectives: Management officials are highly responsive to arranging various employee engagement activities to promote their employees' overall development. They initiate training programs to increase employees' efficiency and working capacity.
What are the Courses at UG and PG Level Under Management?
Various management courses are designed to educate aspiring managers. These courses are specially designed to teach the foundation and basics of management in different disciplines like finance, marketing, hospitality, human resources, etc. They provide you with an in-depth understanding of management principles and understanding.
Eligibility criteria for various management courses:
- For certification courses
- Applicants must possess the equivalent of a 12th or 10th pass from a recognised board.
- Students shall fulfil the other eligibility criteria laid down by the institution.
- For BBA
- The student must have passed the 12th grade with a minimum aggregate of 50-60%.
- Appeared and cleared entrance examinations such as NPAT, SET, CUET, or IPU-CET.
- For MBA
- A degree with a minimum of 50 percent marks in any discipline or equivalent from a recognised university. For reserved students, 45 percent is the minimum requirement.
- Appeared and cleared any entrance exams - CAT, MAT, CMAT, ATMA, XAT, or GMAT.
- For PGDM
- Students must have graduated from a UGC-recognized university with a minimum aggregate of 45-50% for unreserved categories and 40-45% for reserved categories.
- The candidate shall have cleared entrance examinations such as CAT, MAT, XAT, GMAT, SNAP, CMAT, and ATMA.
- For PhD
- The students must have a Masters Degree or PG Diploma with a minimum cumulative grade point average of 55%.
- Students are required to appear in the entrance exams as authorised by the university if needed.
Course Highlights
|
Name of the course |
Business Management courses |
|
Degree |
Undergraduate, Postgraduate, Certificate, Diploma, Doctorate |
|
Course duration |
|
|
Fees Structure |
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Undergraduate Management Courses
If you are looking forward to making a career in management, you should opt for a full-time bachelor's degree in management. Various universities and colleges offer bachelor's degrees in different disciplines of management. The following are some of the popular undergraduate management courses:
- Bachelor in Business Administration
- Bachelor in Business Studies
- Bachelor in Management Studies
- Bachelor in Sports Management
- Bachelor in Hotel Management
- Bachelor in Hospital Management
- Bachelor in Travel & Tourism Management
- Diploma in Marketing Management
- Diploma in Business Administration
Sample of BBA syllabus
|
Semester 1 |
Semester 2 |
Semester 3 |
Semester 4 |
Semester 5 |
Semester 6 |
|
Financial Accounting |
Macroeconomics |
Direct and Indirect Tax |
Financial & Management Accounting |
Strategic Management |
Introduction to Psychology |
|
Principles of Management |
Marketing Techniques |
Human Resource Management |
Personnel Management & Industry Relations |
Production & Material Management |
Consumer Behaviour |
|
Micro Economics |
Environmental Management |
Banking and Insurance |
Business Laws |
Financial Management |
Export/ Import Management |
|
Quantitative Techniques |
Business Analytics |
Introduction to Operations Research |
Leadership and Ethics |
Business Data Processing |
Financial & Commodity Derivatives |
Postgraduate Management Courses
Postgraduate management courses are designed to teach professional skills to graduates. These courses can help you build strong interpersonal skills through real-time projects. You can either opt for general PG management courses or specialised management courses.
- Master’s in Business Management
- M.Sc. in Management
- Master’s in Hotel Management
- Master’s in Hospital Management
- MBA in Finance
- MBA in Sales & Marketing
- MBA in Human Resources Management
- MBA in International Business
- MBA in Operations Management
- MBA in Business Analytics
- Post-Graduate Diploma in Management
Sample of MBA syllabus
|
Semester 1 |
Semester 2 |
Semester 3 |
Semester 4 |
|
Organisational Behaviour |
Organisation Effectiveness and Change |
Project Study |
|
|
Managerial Economics |
Management Science |
Strategic Analysis |
Strategic Management |
|
Quantitative Methods |
Legal Environment of Business |
International Business Environment |
|
|
Financial Accounting |
Financial Management |
Educational Requirements – Important Exams One Should Appear for Pursuing a Career in Management
Admissions in various UG and PG courses are based on merit scores and entrance exams. We have mentioned some common competitive state-level and national entrance exams that you should appear in while seeking admission to management courses:
Management Entrance Exams After 12th
The following are some popular entrance exams in which you can appear after completing 10+2 from a recognised board for pursuing a career in management:
- SET: Symbiosis National University conducts the Symbiosis Entrance Test (SET) for admission to BBA. Students who want to pursue a career in management can appear for SET after completing their 10+2 from a recognised board.
- AIMA UGAT: The All India Management Association (AIMA) conducts the AIMA Undergraduate Aptitude Test (UGAT) for students who want to pursue a bachelor's in management. It is a national-level exam for admission to BBA and integrated MBA courses.
- DU JAT: The National Testing Agency (NTA) conducts the Delhi University Joint Admission Test (DU JAT) at a national level to admit deserving candidates to BBA in the top colleges of Delhi University.
Management Entrance Exams After Graduation
The following are some popular entrance exams in which you can appear after completing graduation from a recognized college or university for a career in management:
- CAT: The Common Admission Test (CAT) is one of the most popular national-level competitive exams for pursuing a career in management. It is conducted every November by the Indian Institute of Management. The validity of the CAT scorecard is one year from the date of the result declaration.
- MAT: All India Management Association (AIMA) conducts a Management Aptitude Test (MAT) every year quarterly. It is a national-level exam for admission to top business schools in India.
- XAT: Around 600+ Indian business schools accept Xavier's Aptitude Test for admitting eligible students in their MBA programs. Xavier Labour Relations Institute in Jamshedpur conducts this test every year on the 1st Sunday of January.
- GMAT: The Graduate Management Aptitude Test (GMAT) is common among students who want to pursue their MBA from top-notch international universities. You can retake the GMAT four times yearly and increase your score. The scorecard is valid for five years from the date of the result declaration.
- SNAP: Symbiosis National University conducts Symbiosis National Aptitude Test (SNAP) for admission to MBA in its 15 colleges. The students who clear the exam are then required to appear for group discussions and personal interviews before releasing the final merit list.
Career Opportunities After Doing Management Courses
A degree in management helps you understand the basics and principles of management. It also develops your overall personality and managerial skills. After pursuing a degree in management, you can get your dream job in various disciplines like finance, business management, economic management, marketing, etc. Every organisation requires management professionals to maintain its work efficiency and smooth functioning.
You can get the following roles after studying management courses:
|
Job Title |
Job Descriptions |
Average Annual Salary |
|
Management Trainee |
A management trainee’s job is to perform managerial duties under the guidance of seniors, learn various business operations and ensure that the tasks assigned are completed within the deadline. |
INR 3.5 Lakhs |
|
Sales Representative |
A Sales Representative’s job profile includes selling goods and services, managing customer relations, maintaining records of current customers, and acquiring new customers. |
INR 2.5 Lakhs |
|
Marketing Executive |
The job of a marketing executive is to devise plans to increase the reach of goods and services, thereby increasing sales. |
INR 3.2 Lakhs |
|
Manager |
A manager’s job is to lead and oversee a team’s performance to increase company revenue. |
INR 17 Lakhs |
|
Assistant Manager |
An assistant manager's job is to assist the manager in the smooth functioning of the department, perform some managerial tasks and oversee the team members on the manager’s behalf. |
INR 7.9 Lakhs |
|
Assistant Manager |
An assistant manager's job is to assist the manager in the smooth functioning of the department, perform some managerial tasks and oversee the team members on the manager’s behalf. |
INR 7.9 Lakhs |
|
Financial Analyst |
A financial analyst explores and assesses investment opportunities on behalf of an individual or a business enterprise. |
INR 6 Lakhs |
Top Recruiters:
|
Godrej |
Reliance |
Amazon |
|
Lifestyle |
Myntra |
IBM |
|
Accenture |
Wipro |
KPMG |
Conclusion
The requirements for different managerial positions may vary from industry to industry. Before pursuing a career in management, you must clearly understand the functioning and needs of the industry you want to enter. You should continuously improve your skill set to excel in your career and get promoted to top-level management. With the right managerial skills, strong decision-making power, and deep knowledge of your field, a management career can prove rewarding and exciting.
