| Business organizations produce goods or services. | | | | resources: materials to convert ideas into |
| Though there are vast differences in the functioning | | | | achievements. Given money, people, and materials, it |
| and approaches of these organizations, they all strive | | | | is the quality of management that determines how |
| to achieve certain objectives. It must also be noted | | | | well and how far will a firm succeed in its work. |
| that organizations cannot achieve the objectives | | | | Management is the critical factor in business |
| effortlessly. They are achieved through systematic | | | | operations that is responsible for the utilization of the |
| effort. This whole process is called business | | | | resources through proper planning, direction and |
| administration. | | | | supervision. |
| The most important objective that has to be | | | | It is the function of those responsible for the |
| implemented when talking about business | | | | management of a firm to lay down objectives and |
| administration is the production and supply of goods | | | | policies for the firm, plan its operations, organize the |
| and services needed by the community. To realize | | | | resources and allocate duties among the staff, issue |
| this objective of maintaining a continuous supply of | | | | directions and guide and co-ordinate their work and |
| goods and services of a specific type for meeting | | | | then check on the operations to make sure that |
| the needs of the community, a business firm makes | | | | these contribute to the realization of objectives. The |
| use of the four basic resources: Men, materials, | | | | operations of a firm are generally subdivided as |
| money and management. | | | | production, finance, marketing, personnel, research |
| With the aid of money or capital, the management | | | | and development. Generally, the functioning of an |
| makes use of human resources as well as physical | | | | enterprise is conditioned by the availability of finance. |