Question

Explain nature of principles of management.

Hint:

Entrepreneurship, marketing, and management principles are interconnected pillars that ensure business growth and consumer satisfaction.

Answer 1

Principles of management act as guidelines to managers in decision making and efficient functioning of the organization. Their nature is as follows:
Universal Application: The principles are applicable to all types of organizations – business or non-business.
Flexible: They can be adjusted and modified according to the changing needs and situations of the organization.
General Guidelines: They do not provide ready-made solutions but act as broad guidelines for managerial action.
Based on Cause and Effect Relationship: The principles explain the relationship between managerial actions and their outcomes.