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Business Organization

The term business organization is very often used in different senses. Firstly, it is used to represent a business enterprise such as Tata Iron and Steel Co., Reliance Industries, Maruti Udyog, Indian Oil Corporation, etc. Secondly, business organization is a subject of study, consisting of topics concerned with organization and management of industrial and commercial organizations. Their, the term ‘organization’ is used to mean bringing together various elements of business with the object of establishing harmonious relationship and adjustment in their functioning. Taken in this sense, business organization is the effective coordination f various components or sub-systems of the business enterprise. It embraces planning and control of production, procurement of materials, distribution of products, management of personnel, etc.

Organization is the harmonious combination of various factors of production for the purpose of acquisition of wealth. It may also be defined as the technique of conducting industrial and commercial activities for the achievement of certain objectives through production and exchange of goods and services.

Organization is one of the basic functions of management. It involves the determination and provision of whatever capital, materials, equipment and personnel may be required for the achievement of certain predetermined goals. By performing this function, management brings together human and non-human resources to form a manageable unit. Thus, organization is a process of integrating and coordinating the efforts of manpower and material resources for the accomplishment of certain objectives.

The importance of business organization has increased so much these days that it has been introduced as a subject of study for the undergraduate students of Commerce and Management in most of the educational institutions. Under this subject, many topics are taught to the students such as scope and objectives of business, functional areas of business, role of government in business. Organization’ will enable the entrepreneur to organize and run his business successfully.

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