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Nature and Significance of Management
XYZ Power Ltd. set up a factory for manufacturing solar lanterns in a remote village as there was no reliable supply of electricity in rural areas. The revenue earned by the company was sufficient to cover the costs and the risks. The demand of lanterns was increasing day by day, so the company decided to increase production to generate higher sales. For this, they decided to employ people from nearby villages as very few job opportunities were available in that area. The company also decided to open schools and crèches for the children of its employees.
(i) Identify and explain the objectives of management discussed above.
(ii) State any two values which the company wanted to communicate to the society.
The objective of management referred here is their social objectives. It includes:
1) Providing quality goods at reasonable cost.
2) Creating employment opportunities.
3) Environmental protection.
4) Providing education etc.
The values which the company want to communicate to the society are:
1) Increasing employment opportunity in rural and backward areas,
2) Community development through opening schools and crèches for the children of employees.
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How is Management a 'Goal Oriented Process'?
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