Importance of management is as follows : 

1. In overcoming competition 

2. Optimising utilisation of resources 

3. Innovation and its application 

4. Increasing and protecting the interests of organisation 

5. Economic development of the nation 

6. Coordination between different interest groups 

7. Stability in society.

1.  In Overcoming Competition : 

In this era of cut-throat competition, management plays an importunt role to overcome it through optimum utilisation of resources in the most effective manner to achieve the organisational goals efficiently to produce quality goods with minimum cost.

2.  optimising utilisation of resources :

Growth and development of an organisation is an important thing. But resources to attain this objective are limited so we have to use these resources in an optimum manner. Management helps us in this regard by proper placement or deployment of resources, so their wastage is minimum.

3. Innovation and its Application: 

In today’s world, innovations and their application is essential for multidimensional development of an enterprise. Innovation means to make new products, or to add new features, new uses, to an existing product. Main aim of innovation is to beat the competition and satisfy the customer with maximum benefits. Management plays a crucial role in innovation because it is management only that perfoms all the activities of innovation.

4. Increasing and Protecting the Interest of Organisation :

For any organisation, there are three important objectives to be achieved i.e., survival, profit and growth. These three objectives are inter-related, as for growth, survival and profits are essential for long term survival, profit and growth is required. Management helps in coordinating different activities of the organisation to ensure the survival growth of the organisation. If management doesn’t coordinate between things, it will be tough for the organisation to survive.

5. Economic Development of the Nation :

Management serves as a crucial factor for the growth and well-being of a nation. To beat the international market competition, it is essential to make domestic organisations effective and sound, to take the advantage of competition for the development of the nation, which is possible only by competent management.

6. Co-ordination Between Different Interest Groups : 

An organisation has different stakeholders or individuals with diverse needs and interest, e.g. in a business organisation, we have owners, employees, consumers, suppliers, creditors, investors, etc. All these have different interests in the organisation. Under this, management of the organisation coordinates the expectations of diverse and groups, so that expectation of each group is equal to their contribution towards the organisation.