Dynamic Role of Management In Changing Business Environment

Abstract

We are living in a world of sweeping changes and swift movements. In every developing civilization a period comes when old instincts and habits prove inadequate to altered stimuli, and ancient institutions and moralities crack like hampering shells under the obstinate growth of life. The type of change which has been witnessed in the realm of business during the past two centuries since the dawn of the Industrial Revolution era in the West, is of such a fundamental character that it has materially altered the entire fabric of man’s way of life. While the Industrial Revolution, thus, has had its decisive impact on the environment, the latter too has reacted in turn by having its own influence felt on business. Recent times have witnessed a significant intensification of this two-way process in the corporate world with the emergence and dynamic role of management. From the point of view of business, it can be safely stated that the most serious problem that business everywhere faces today concerns the challenge of this rapidly changing environment. An attempt has been made in this paper to examine the emergence of management, management’s contribution to world economies, role of management in entrepreneurship, business growth and expansion in changing environmental variables and dynamic role of management to create a sustainable society in future.