1. Management According to Marrie and Douglas.

“Management is the process by which a co-operative group directs actions of others toward common goals.”

2. Management is defined as the process of planning, organising and controlling an organisation’s operations in order to achieve the target efficiently and effectively. It is essential for all organisations.

3. Management is a Goal Oriented Process: Organisation’S existence is based on objectives and management is the process which unites the efforts of
every individuals to achieve the goal.

 Planning Process

(i) Setting Objectives In planning function manager begin with setting up of objectives because all the policies procedures and methods are framed for achieving objectives only.

(ii) Developing Premises Premises refers to making assumptions regarding future. The assumptions are made on the basis of forecasting. Forecast is the technique of gathering information.

(iii) Identifying Alternative Courses of Action After setting up of objectives the managers make a list of alternatives through which the organisation can achieve its objectives.

(iv) Evaluating Alternative Courses After making the list of various alternatives along with the assumptions supporting them the manager starts evaluating each and every alternative.

(v) Selecting an Alternative The best. alternative is selected but as such there is no mathematical formula to select the best alternative. Some times instead of selecting one alternative a combination of different alternatives can also be selected.

(vi) Implementing the Plan This is the step where other managerial functions also come in to the picture. The step is concerned with putting the plan into action i.e., doing what is required.

(vii) Follow-up Action Planning is a continuous process so the manager’s job does not get over simply by putting the plan into action. The manager monitor the plan carefully while it is implemented.

The term ‘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.

DIMENSIONS/COMPONENTS OF BUSINESS ENVIRONMENT

1. Economic Environment: It has immediate and direct economic impact on a business. Rate of interest, inflation rate, change in the income of people, monetary policy, price level etc. are some economic factors which could affect business firms. Economic environment may offer opportunities to a firm or it may put constraints.

2. Social Environment: It includes various social forces such as customs, beliefs, literacy rate, educational levels, lifestyle, values etc. Changes in social environment affect an organization in the long run. Example: Now a days people are paying more attention towards their health, as a result of which demand for mineral water, diet coke etc. has increased while demand of tobacco, fatty food products has decreased.

3. Technological Environment: It provides new and advance ways/techniques of production. A businessman must closely monitor the technological changes taking place in the industry as it helps in facing competition and improving quality of the product. For Example, Digital watches in place of traditional watches, artificial fabrics in place of traditional cotton and silk fabrics, booking of railway tickets on internet etc.

4. Political Environment: Changes in political situation also affect business organizations. Political stability builds confidence among business community while political instability and bad law & order situation may bring uncertainty in business activities. Ideology of the political party, attitude of government towards business, type of government-single party or coalition government affects the business Example: Bangalore and Hyderabad have become the most popular locations for IT due to supportive political climate.

5. Legal Environment: It constitutes the laws and legislations passed by the Government, administrative orders, court judgements, decisions of various commissions and agencies. Businessmen have to act according to various legislations and their knowledge is very necessary. Example: Advertisement of Alcoholic products is prohibited and it is compulsory to give statutory warning on advertisement of cigarettes.

Management is defined as a process of getting things.done with the aim of achieving goals effectively and efficiently.

1. Management is a Goal Oriented Process: No goal in the hand-no need of management. In other words, we need management when we have some goals to be achieved. A manager on the basis of his knowledge and experience tries to achieve the goals which are already decided. Hence, nothing is wrong to say that management is a goal oriented process.
2. Management is all Pervasive: Anything minus management is nothing or zero. Here, by anything we mean all types of activities-business and non-business. If we deduct management out of these activities, the result will be failure or zero. It means management is necessary to conduct any type of activities. Hence, it is pervasive or universal.
3. Management is a Group Activity: It means that it is not a single person who con-summates all the activities of an organisation but it is always a group of persons (Managers).Hence, management is a group effort.
4. Management is an Intangible Force: Management is that power which cannot be seen. It can only be felt. If any organisation is heading toward higher levels of achievement, it signifies an existence of good management and vice-versa.
5. Management is based on some principles which are dynamic: Principles of management are changing according to the changing business environment. For the reason that environment is dynamic, many old principles have been replaced by new ones. 

Features of Planning :

1. Planning Focuses on Achieving Objectives
   Every organisation has a set of goals to be achieved. Planning involves setting goals and determining the most economical and viable course of action to achieve the predetermined goals. Thus, planning is purposeful.
2. Planning is a Primary Function of Management
   It lays down the base for all other functions of management. All other managerial functions are performed within the framework of the plans drawn. Thus, it can be said that planning precedes other functions. This is also called the ‘primacy’ of planning.
3. Planning is Pervasive
   It is required at all levels of management as well as in all the departments of the organisation. It is not a function restricted to top level but it is performed by managers at every level.
   While the top management forms organisational plans, middle level does departmental planning, and the lower level makes plans for the day-to-day working of the organisation.
4. Planning is Continuous
   Plans are made for a specific time period. At the end of such tirtie period, new plans have to be drawn. When plans are objective-based and goals are achieved, new plans are drawn with new objectives. On the other hand, if goals are not achieved, plans are revised to achieve success in future.
5. Planning is Futuristic
   It is essentially looking ahead, as it is based on forecasting and is prepared for the future.
   The purpose of planning is to me* future events effectively to the best advantage of an organisation. It implies peeping into the future, analysing it and predicting it. Thus, it is a futuristic process.
6. Planning Involves Decision-making
   Planning is essentially the process of choosing among various alternatives. So, in order to make an effective choice, examination and evaluation of each alternative is necessary.
   If there is only one possible goal or action, then there is no need for planning. Thus, it is concerned with decision-making.
   7.Planning is a Mental Exercise
   It is a mental exercise as it requires creativity, imagination and higher thinking skills with sound judgement.
   It is an intellectual activity of thinking rather than doing. It requires logical and systematic thinking rather than guess work or wishful thinking.

Management as a Profession
Like a profession, management has well defined body of knowledge but it is not considered a full fledged profession because it does not fulfil all the characteristics of profession.
(i) Management has certain characteristics of profession like:
(a) It has well defined body of knowledge.
(b) Existence of Management Association (AIMA).
(c) Must abide the code of conduct, more and more ethical practices to be followed.
(d) It has service motive, concerns over social responsibility is gaining importance.

Management as an Art
Like an art, management is a personalised and skillful application of existing knowledge to achieve desired results.
Mangement is regarded as an art because of:
(a) Existence of theoretical knowledge.
(b) Personalised application.
(c) Based on practice and creativity.

(i) Management is regarded as a science because of
(a) Existence of systematised body of knowledge.
(b) Scientific methods of observation.
(c) Certain principles are universally accepted.
 

Liberalisation means removing all unnecessary control and restrictions like permits licences, protectionist duties quotas etc. In other words, It may defined as loosening of govt. regulation in a country to allow for private sector companies to operate business transactions with fewer restrictions.