photo.jpg

# Chapter 1: Nature and Significance of Management ## Commerce * Commerce is the part of business. * Commerce is defined as the exchange of goods & services between two or more entities. ## Business * Business is an economic activity that involves the exchange, purchase, or sale of goods & service...

# Chapter 1: Nature and Significance of Management ## Commerce * Commerce is the part of business. * Commerce is defined as the exchange of goods & services between two or more entities. ## Business * Business is an economic activity that involves the exchange, purchase, or sale of goods & services with a profit to earn and satisfy the needs of customers. ## Management: “Management is a process of planning, organizing, motivating and controlling the resources for the achieving the goals of the enterprise purpose of the organization.” * **Planning:** is the art and science of coordination, motivating and controlling the efforts of others towards a specific objective.