Explain Henry Fayol's principles of management.

Henry Fayol, a French mining engineer and management theorist, developed 14 principles of management that serve as fundamental guidelines for organizational success. These principles are widely applied in various industries, including retail management, where efficient communication and structured operations are essential for success. Each principle offers insights into effective management practices that can enhance retail operations.  

1. Division of Work – This principle emphasizes specialization to increase efficiency. In a retail setting, employees are assigned specific roles, such as sales associates, cashiers, and inventory managers, to improve productivity and service quality.  

2. Authority and Responsibility – Managers must have the authority to give orders, and they must be held accountable for their decisions. In retail management, store managers must have decision-making power regarding stock procurement, employee scheduling, and customer service policies.  

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