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What job Can I Get With A Degree In Business Management?

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Introduction

 The corporate structure has changed drastically in recent times. This has brought in the need for understanding the business better. Also, this has given rise to different job titles and functions and you have to be qualified enough to apply for these jobs. A business management degree would bring you in a position where you will be considered as an ideal candidate for the job.

 What is business management?

 Business Management refers to the act of managing all the functions and operations of the business to get productive results. People are entrusted with a different set of responsibilities and are held accountable for those activities. It also involves coordination with the other departments and also the delegation of responsibility.

Business Management is an integration of money, production of goods, machines, and innovation. Then the products manufactured are brought to the consumer with the help of sales and marketing functions.

Functions of Business Management

 Business Managers are at the helm of affairs at any kind of organization. Therefore, they are obliged to perform several functions. Some of these functions are:

  1. Planning includes both regular and strategic plans
  2. Building hierarchy and proper organizational structure
  3. Staffing
  4. Directing
  5. Taking control measures

Business Managers make use of different tools from the business management system to make decisions. A Business Management degree will give you a better insight into things that are important while managing or leading a business.

Jobs with a degree in business management

 A degree in business management will open the gate for a plethora of opportunities. A business management degree will enable you to look for opportunities in different domains including finance, marketing, etc.

A degree in business management gives you a holistic approach to how things work in the business world. Some of the popular jobs in this field are:

  1. Marketing Manager

Business management courseThe job of a marketing manager is to prepare a proper marketing strategy to bring the product and service offerings to potential customers.

With a degree in business management, you can apply for the position of marketing manager in different industries.

The job also includes identifying potential job markets for the organization.

  1. Business Analyst

Business Management Course

This job role is increasingly becoming popular in all kinds of organizations. Their job is data-oriented as they have to analyze huge sets of data to come to different conclusions.

These conclusions are then translated into business decisions. Data collection is also a part of the business analyst’s job.

  1. Investment banker

Investment banking is one of the highest paying industries. With a business management degree and a specialization in finance, you can easily become an investment banker. Investment bankers manage financial securities. Also, they lead to different mergers and acquisitions deals. This role is quite challenging but is equally rewarding.

  1. Sales Manager

Sales managers set goals in terms of revenues and the quantity sold. They strategize and formulate a way to achieve these goals. Also, sales managers contribute towards the preparation of budgets. They are equally involved in demand forecasting activities. Sales managers take care of different sales territories.

  1. Account Manager

Business Management CourseThis role comes into the picture in an organization that deals with different clients regularly. Account managers represent the entire company in front of the client. They are responsible for building relationships with clients. Also, they act as the face of the organization as they become the pivot of the two-way interaction.

This is not an exhaustive list. People with a degree in business management have experience in different domains.

This enables them to try their hands in different departments, functions, and organizations. Both junior and senior level positions are available for these degree holders.

Difference Between MBA & Business Management

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What is Masters Of Business Administration (MBA)?

With a Masters in Business Administration, one can learn technical skills as well as skills in management and leadership. It is a general business degree for graduates. Earning it would equip students with valuable skills and information and help increase the size of their professional network while also creating a large number of novel opportunities.

It helps students in transitioning to a completely new industry, creates opportunities for aspiring entrepreneurs, and increases the rate of success in their careers.

What is a Masters in Business Management (MiM)?

A Masters in Business Management is a postgraduate degree that targets individuals who have recently graduated or young professionals. It equips students with information about a variety of streams in management. These include streams like finance, marketing, entrepreneurship, and so on. It is a perfect degree for people looking and aspiring to work in a management field. It also gives leverage to people who wish to change from one stream to another early on.

What Are the Differences Between MBA and Business Management?

In top MBA Universities, there are a large number of criteria and high requirements that their students must reach in order to get in. These include job experience, professional achievements, academic achievements, and so on. Even though this raises the quality of applicants for an MBA course, it also leaves a large number of younger and smarter students behind.

One of the major differences between a Masters’s in Business Administration and a master’s in Business Management is work experience. When we talk of a master in Business Management, work experience is not as important even though appreciated, solely because of the nature of the degree. Hence it does not play a very important role in the eligibility of a candidate for the degree.

As mentioned above, even though work experience is not important at all when it comes to being eligible for a management degree, work experience of even six months is appreciated. If one has collected more work experience than this, it is suggested that they apply for an MBA. A large number of institutions create a cut-off of one year for work experience when considering management applicants.

MBA, on the other hand, looks for a job experience of three or more years. Fresh graduates and candidates holding lesser than two years of job experience are urged to apply for a Masters in Business Management. By taking a Business Management an applicant would be able to have a stronghold on the information required to start their business career.

The various other differences between the two are listed below:

  1. Due to the years of work experience, the average age of applicants for an MBA is 27 and ranges between 25-32 years of age. On the other hand, Masters of Business Management applicants have an average age of 23 with an age range of 21-25 years of age.
  2. The teaching methods vary as well with MBA using a practical orientation method involving case studies and thus deepening the learning experience for applicants. It also focuses on equipping students with knowledge about the application of various business techniques. For those taking a Masters of Business Management course, however, uses a more theoretical approach involving group projects and lectures focusing on the theoretical basics of business.
  3. Another difference is the duration of each course. It is one or two years for MBA courses and around ten months for a Business Management course.
  4. MBA students tend to earn more than management students later on.
  5. People with an MBA degree tend to occupy mid-level positions in a company while MiM (Business) students tend to occupy entry-level positions.

What is The Growth Potential in Choosing To Become a Business Development Manager as a Career Path?

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What is the role of a Business Development Manager?

A person working as a business development manager has the key role of identifying sales targets or prospects in the market and with the help of his acumen, chasing the targets and converting them into customers of the business. The role of a business development manager is significant as he is the one having direct contact with the customers.

The person at this position must have prowess in certain fields especially in communication. A saying, ‘a person without a smiling face must never open a shop’ righteously concurs with a fact that the person presenting the offerings of the business must have a delightful personality suitable to persuade the buyers. Along with this, a business development manager must be well aware of every element of the business.

How business development management is evolving in the current scenario

Business Management CourseConsidering the present times of Covid-19, most of the businesses have been relocated to online platforms which have surged the workload of business development managers.

Now, the clients have to be pitched telephonically or by the way of using online social media platforms.

 Growth potential in business development management as a career path

Following points can help to elucidate the fact that how vast and resourceful the career path of being a business development manager can turn out to be.

  1. Field Options

Any individual from varying work fields like sales, marketing or even with a technical background can excel as a business development manager. This is a great speciality of this career. Along with business acumen and fair dedication, a great deal of personal insight is required to become a business development manager.

This also comes with experience. This blend of some knowledge of your field with experience can make you stand out in this particular career.

  1. Promotions

Working as a BDM can land you in a very good position. Any BDM who has a great experience of 5-7 years can be promoted as a strategic planner who has a great experience in designing the advertising and publicity programs and formats of any company. It is a great leap from a job that involved public dealing with a position where you have to assign work to the business development managers working under you.

With some recognizable experience as a business development manager, an individual can also secure the position of an Account Executive. This position requires a comprehensive set of skills as it does not only involve talking to prospects but it gives your company different clients.

The role of a BDM provides a lucrative pay-scale involving a greater proportion of incentives.

Business Management CourseFor professional assistance or to kick-start your career in business management, you can always rely on learning institutes like Imarticus which are always ready to provide you with various courses and placement opportunities in fields like these.

Business management aspirants must check the Business Management course and contact Imarticus and sharpen their skills before others do.

The Top Tips to Become A Pro Business Development Manager!

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In a strategic role in a successful organization, the ultimate goal of a Business Development Manager is to generate revenue and steer the company towards growth. The role is built on the fundamental responsibility of identifying new markets and exploring new ways to improve the business footprint in the current markets.

A business development manager is also responsible for identifying new qualified business opportunities, working on new partnerships, and ideating new products or services to cater to the changing needs of the clients and the market. Along with these responsibilities, a business development manager is also responsible for maintaining good relationships.

Business Management CoursesThe current COVID-19 situation has emphasized the importance of investing and relying more on digital transformation, with more emphasis on artificial intelligence and machine learning. Thus, the pandemic has reinforced the relevance of a business development manager and underscores the importance of focusing more on expanding the capabilities of this role to accommodate the digitalization of the business.

What Does a Business Development Manager Do?

While the basic responsibility of a business development manager is to grow a business, the actual job role and workflow will be different for different industries.  However, generally, the roles and responsibilities include:

Cold Calls: Though this is mostly done by a salesperson, business development managers might be asked to do cold calls as part of their job. However, in large organizations, this could be delegated to the marketing team or the sales team.

Generating Leads: Business development managers need to collaborate with other teams to generate qualified leads. For this, they might need to actively involve in developing growth strategies and business plans.

Customer Relations: Developing and nurturing customer relations is an important responsibility for a business development manager. This involves ensuring all concerns of the clients are addressed timely and satisfactorily.

Product Specialization: Business development managers should be able to provide specialist advice to clients. This requires an in-depth understanding of the product and/or services and value proposition of the company they are working for.

Other important responsibilities of a business developing manager include:

  • Identifying business strength and mapping the needs of clients.
  • Writing proposals and drafting/renewing business contracts.
  • Stay updated with the local and international industry trends
  • Negotiating with stakeholders

Tips to Become a Pro-Business Development Manager

Enroll in a Good Course: A good Business Management Course is the ideal place to start your career.  It gives you better subject-specific knowledge regarding customers, markets, finance, communication, business operations, etc.

Set Realistic Business Goals: There is nothing wrong with being ambitious. However, it is always better to set realistic and achievable business targets and work on strategies to achieve them. A clear goal with a deadline and a good strategy would help you perform well in this job.

Identify Your Strength: Identifying your strength is important to build confidence and to perform well in this role. You can work on your capabilities to crack a deal.

Find a Mentor: No one can guide you better than an experienced person with a wealth of knowledge in this role, who has been doing this for many years. A guide could help you handle the most difficult client and crack a tough deal.

Build Your Network: Attending career-related events will help you develop a network among professionals in the same field. Interacting with experienced people will help you gather insights and learn more about the profession.

It takes skills and qualifications to become a business management manager.  Learning from a good place like Imarticus Learning is beneficial not only in gaining the relevant qualification but also in building skills.  Projects and case studies are designed to help the students be market-ready when they complete the course. Also, tie-ups with the market leaders and placement services help you start your career from a prestigious organization right after completing your course.

What is Business Management Program?

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Businesses have grown very dynamic over the past few decades with improvement in technology and the evolution of business processes. This evolution has made businesses and organizations more customer-oriented by leveraging cutting edge technology to address traditional problems. There are a lot of variables that affect the functioning of a business enterprise today. This dynamic adoption of new technology and processes has made businesses more complex than ever.

Understanding Business Management

There is a growing need for superior businesses management professionals who can handle and manage this complexity and run the business efficiently. Business Management programs can be defined as an educational discipline that imparts relevant knowledge and training related to planning, analysis, supervision and execution of a business organization. A business management course helps to provide a holistic understanding of businesses in general.

This is designed to provide in-depth knowledge about any business including company establishment, production, marketing, sales, human resource, finances, etc. The roles and responsibilities for business management professionals include managing administrative tasks, assisting in marketing endeavours, performing budget analysis, suggesting cost-cutting strategies, accounting and financial analysis, etc.

Since you will be working in the capacity of a manager you are responsible for overviewing all major operations of the business by supervising the respective teams to achieve their goals. The exact roles and responsibilities of a business management professional might differ depending upon the nature of the business and the industry that your business operates in.

You will need to oversee the business operations and identify any existing discrepancies. In addition to this, you will have to review contracts and help employees boost their productivity by managing the day to day receivables from the teams working under you. At times you can be called for supervising or training recruits, planning important events for the company and other important decision making tasks.

Skills Required for Business Management

The roles and responsibilities of a business management professional are very diverse and require you to overview a majority of business functions related to sales, marketing, finance, etc. This requires you to have a range of skills to succeed as a business manager. The first and foremost in the list is strong analytical abilities; you will need to perform complex business analysis and forecast the future demand for the products or services sold by your business.

The second most important skill in the list is a soft one and doesn’t have to do with the technical aspect of managing a business. You need to be a team player and have leadership acumen at the same time. Since you are responsible for managing teams across multiple segments, you need to keep them motivated and should be able to help them achieve high productivity levels. In short, you should be able to inspire and motivate your employees so that they don’t lose sight of their goals.

Scope of Business Management Program

The scope of a business management degree is enormous, the reason being that it has a broader perspective. It teaches you skills that you can use for businesses in multiple industries and doesn’t limit you to a specific sector or business. The exact set of opportunities you have will differ as per your qualification.

If you have completed a business management program for your under-graduation by completing your BBA or BBM then you will have access to entry-level jobs in the industry. In case you have completed your master’s in business management, you will have access to all managerial level jobs depending upon the specialization.

The specific roles and responsibilities of your job will also vary depending upon your specialization for the business management program. There are various specializations for undergraduate and postgraduate business management programs including finance, marketing & sales, human resource, digital marketing, international business, foreign trade, banking & insurance, etc. The scope for business management programs is huge!

What are the Different Types of Business Management?

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Business management is a discipline that is devoted to analyzing, organizing, and strategizing various business operations. It includes plenty of things like money, machines, production, innovation, and marketing, etc. In a corporate environment, business management includes directing or leading the people and controlling or managing the organization.

There are a lot of branches of business management that serve different purposes. They are divided based on their core characteristics. However, some of their functions can overlap.

Types of business management

There are eight types of business management in total. These are:

  •  Financial management
  • Human resource management
  • Production management
  • Marketing management
  • Strategic management
  • Service management
  • IT management
  • Operations management

    Let us discuss them in detail.

  1. Financial Management: Financial management is one of the most important types of business management. It deals with finding the balance between profit and loss to understand the growth of the business. It involves coordination between accounting, banking, investing, etc. A business management course in financial management leads to jobs like finance officer, financial analyst, financial advisor, etc.
  2. Human Resource Management: Human resource management focuses on recruitment, management, and direction of people working in an organization. The main duties of human resource management are compensation, benefits, safety, and wellness implementation in the organization. Earlier human resource management was focused only on personnel administration. However, these days it also includes strategic utilization of employees and implementation of employee benefit programs to add value.
  3. Production Management: Production management involves decision-making about the manufacturing of products and services. Methods, Machines, Materials, and Money are the four M’s that production management revolves around. A business management course in production management ensures good scope in this field. To ensure that production is at the optimal level, production management focuses on inventory control and employee training. Research and development processes for the growth of the organization also come under production management.
  4. Marketing Management: Marketing management deals with the managing of marketing resources and activities of the organization. Strategy, brand management, pricing, etc. are all part of this branch of business management. Effective marketing management ensures maximum ROI for the business. The major areas of marketing management are competitor analysis, company analysis, collaborator analysis, and customer analysis. The scope of marketing management depends on the size of the business.
  5. Strategic Management: Strategic management involves the execution of strategic thinking in major activities of the organization. Many other branches of business management such as finance, operations, and marketing use strategic management for their optimal performance. It helps to see the ‘bigger picture’ of the organization.
  6. Service Management: Service management roles differ from organization to organization. Generally, it involves automated systems and skilled laborers for the effective execution of a task. It helps the business understand its products and services from the consumers’ perspective. A business management course in this branch leads to job roles like mechanical maintenance manager, service manager, Project leader – service management, etc.
  7. IT Management: IT management is the management of the technological resources of an organization. IT management modify the technology of business to align it with the strategies and goals of the business. Service, IT configuration, and financial management are the key elements of IT management. They implement and administer the information and communication technologies of the business.
  8. Operations Management: Operations management’s role is to ensure that all the operations in every department of the organization are running smoothly. It involves dealing with different processes, strategies, and departments. It makes sure that the development and utilization of resources are happening properly within the organization. The functions of operation management can vary depending on the business and industry.

 

What’s the Benefit of Studying Business Management?

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The world is evolving every minute. With this evolution, more and more people are becoming educated and aware. This brings in a need of having an edge over other people. Business Management gives you that edge. With business management, you understand the dynamic world around you and then work according to this dynamic environment. There are several benefits of studying business management and the blog would talk about those benefits.

What is Business Management?

Business management refers to the art of conducting operations and managing errands for a particular business. These activities include delegation, monitoring, implementing, etc. Business Management requires the person to be versatile and pro-active.

Benefits of studying business management

  1. It is considered to be a long term investment: Investing in education is like the best kind of investment. An investment in business management will give you the best returns. The job you secure after doing business management will make sure that you pay off all your debts. Taking up a business management course is like the best way of upskilling yourself.
  2. Employers prefer individuals with a business management degree: In a pool of graduates, an individual who has a business management degree is most likely to be preferred for the job. A business degree will give you all the insights which are important to survive and outperform Employees will give a lot of weightage to people who have formal educational qualifications.
  3. You will gain transferrable skills: A business management course will make you ready for the corporate world. This field of education gives you transferrable skills. These skills can be used in all kinds of jobs like Government Jobs, Private jobs, etc.
  4. Will train you to become a more effective leader as well as a team player: With a business management degree, you are imparted with all kinds of qualities. The course aims at making you a strong and effective leader as well as a team player who contributes effectively to a team. Both of these skills are important as when you start your corporate journey, you are most likely to work in a team. Therefore, it is important to be a good team player. On the other hand, in the corporate world, a person with a business management degree climbs up the ladder quickly. Therefore, you must have the skills which are needed in a good leader.
  5. Competitive edge: By taking up a degree in business management, you are most likely to gain a competitive edge over other people. The course will make you stand out of the crowd. Employers think of people with a management degree to be superior to the rest. You will be getting preference everywhere. In case you feel to take a similar course, you will be forced to take a back seat concerning the job scenario as the employers might think that you are not ready for the market and you will not be able to take initiatives for the growth of the business
  6. Career Opportunities: An individual with a business management degree will be considered for a job in all kinds of gains. The individual can get into finance, marketing, operations, logistics, etc depending on his preference. A business management course gives you an overall understanding of all the domains so that you can take an informed decision on what to choose and what will keep you happy and engaged.

Conclusion

A business management course is like a boon for the individuals. It will open the doors of all the career opportunities possible. It will also give you standing in the professional scenario.

What is Business Management As a Course?

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What is Business Management?

Business management is a culmination of two disciplines which involve organising, planning and investigating various business activities. By taking up a business management course one will have the opportunity to confidently work in a variety of industries at a variety of positions.

Business Management as a Branch of Education
As a subject, business management is a particular division of education that imparts knowledge and coaching on topics related to planning, analysing, overseeing and implementation of a business endeavour.

A person taking up a business management course will learn how the establishment of a corporation or an organization is done along with gaining information on establishing various functional units. These units include production, finance, administration, human resources (HR), sales and marketing.

The best part about a business management course and the field of business management is that it is inclusive of people of all backgrounds, that is, commerce, arts or science. Students can study business management at an undergraduate, postgraduate or even doctoral level.

Courses and Specializations under Business Management

The courses available will differ when considering the level of education an aspirant is looking at. When talking in terms of an undergraduate (UG) student, the courses generally available are as follows:

  1. BBA
  2. BMS
  3. BBM
  4. Integrated MBA
  5. BBA LLB

When talking in terms of a postgraduate (PG) student, the courses generally available are as follows:

  1. MBA
  2. Executive MBA
  3. Distance MBA

If an aspirant is looking for courses at a doctoral level, the generally available ones are as follows:

  1. PhD
  2. MPD
  3. FPM

Some of the various fields in which one can use business management are as follows:

At a BBA level:

  • Human Recourses
  • Finance
  • Marketing
  • Sales
  • Digital Marketing
  • Family Business
  • Banking
  • Insurance
  • Tourism and Hospitality
  • International Trade and Business

At an MBA level the possibilities remain the same as the above along with a few additions:

  •  Entrepreneurship
  • Advertising
  • NGO Management
  • Sports Management
  • Transport
  • Healthcare
  • Infrastructure
  • Retail
  • Material Management
  • Supply Chain
  • Textile Management
  • Public Policy
  • Accountancy
    And the list goes on.

Jobs That a Person Can Bag With a Background in Business Management

The versatility of the fields that a person can choose with a background in business management is what makes the course so popular today. Among these jobs are:

  1. Management Trainee: This job involves working under the guidance of superiors while performing the function of a manager. They would be required to know about the various operations and make sure that the work is handled in time.
  2. Sales Representative: This job involves the selling of goods, maintaining customer relations, keeping a record of present customers, and pulling new customers.
  3. Marketing Executive: People in this job are required to formulate various plans to increase the number of sales by pushing the reach of the goods they provide. They also help in strategising plans and executing them.
  4. Manager: By supervising subordinates work, thus ensure everything gets done on time, a managers job is to maintain stability and increase revenue. They help in organising the daily functioning of particular departments, often pushing them to meet targets by encouraging them.
  5. Assistant Manager: The job of a person at this level would entail helping the manager in any areas they would require assistance while handling and organising a department.
  6. Financial Analyst: By collecting information on various areas of financial improvement and analysing it, a financial analyst is responsible for identifying the various opportunities available to an enterprise. This would require handling stocks, funds, bonds, etc.
  7. Business Analyst: Responsible for predicting and finding the risks and loopholes in a particular project, a business analyst is a very important asset to any organization. They act as advisors to superiors, thus helping in the planning of future projects.

Also Read: What is Business Management Program

What Imarticus Brings For You in A Zero Defects in Business Management Training on The Teacher’s Day??

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Business Management Course in Imarticus Learning

What is business management training all about?

When you enrol yourself for a course like this, you must be ready to explore even the smallest elements of business functioning.

Business management training provides insight into the planning, execution, supervision and an overall analysis of the business.

To begin a business or to be a part of an existing one, one must have a knowledge base about the basics of business operations.

Successful completion of the course on business management Course during graduation and post-graduation level will help you in landing into various managerial positions in top companies.

Business management training in the current scenario

Business Management CoursePeople nowadays are very much interested to build a business management career as there are innumerable business start-up opportunities out there in the world. Having an intricate knowledge of the field can make you thrive in your career.

Concept of Zero Defects

The idea of zero defects came from the mind of Philip B. Crosby who thought that the performance of any employee should have a standard of no or zero defects.

Zero defects Business Management TrainingIn simple words, he tried to explain that the best motivation that can be given to an employee is by making him feel personal about the work he is doing. If employees can relate to the tasks they are involved in, there is no chance of defects in the workplace.

Philip penned ‘Absolutes of Quality Management’ putting forward his thoughts on business management which is still considered significant. According to Crosby, there are a total of four absolutes.

  • The definition of quality is conformance to requirements

This points the fact that production being a paramount department of any business must involve a greater downward flow of product-related information and specifications so that the production employees do not generate a quality of their own. If a new worker is not guided about the exact quality requirements of a product, there are high chances that he establishes quality standards according to his judgement and understanding.

  • The system of quality is prevention

Every production department has a criterion for inspection of goods.

Quality work in business management

Crosby makes a point by stating that rather than being fully reliant on inspection, a defect-free approach of production must be carried out. If the workers are trained in such a way that they commit fewer mistakes in the first place, the tendency of defects can subsequently be brought down. The zero-defects production can, later on, be backed up by inspection.

  • The performance standard is zero defects

If a worker sets a zero defects performance as a standard for himself, the whole problem of wastage of resources can be solved easily.

  • The measurement of quality is the price of non-conformance

With this statement, Crosby tries to override the misimpression that higher quality can only be achieved by incurring higher costs.

Institutions like Imarticus provide thorough professional knowledge and training on these subjects which can help you learn better about this field.  They also provide proper assistance for your placement in a well-known company. You should check out the details of the courses that Imarticus offers.

Related Posts:

https://imarticus.org/what-is-business-management-program/

https://imarticus.org/top-business-management-questions-and-answers/

Top Business Management Questions and Answers!

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“Management is the art of knowing what needs to be done, and doing it in the best possible way.”

-F.W. Taylor

From the above definition, we can absorb the basic principles behind any form of management; planning and its implementation. Building on these lines business management is scientific as well as the artistic process by which an organization plans, organizes, directs and controls its workings to maximize its profits.

Business management is often regarded as a lucrative career choice offering a wide range of roles from office managers and product managers to chief executive officers.  This is also a reason why there has been a sudden upsurge in the demand for business management courses like MBA.

A business manager usually needs to take key decisions about the operations of the business which directly affects its profitability. These decisions are usually domain-specific; financing, marketing, operations and human-resource-management, which maps the overall present and future trajectories of a business.

The relevance of business management in this era cannot be overstated as a business manager acts as the policymaker for organizations

What are some common business management questions and answers

  1. How businesses contribute to economic development?

The economic development of a country is measured by the growth in the gross domestic product of a country.

Business ManagementWhen business enterprises are doing well, they directly increase the GDP of an economy (profitably) leading to an increase in the country’s overall wealth.

Moreover, it also generates employment in a nation and increases the standard of living of the people. Therefore, business is the most important contributor to economic development.

  1. What is a SWOT analysis?

SWOT is the acronym for strengths, weaknesses, opportunities and threats.

Business ManagementThe strengths and weaknesses analyse the internal environmental attributes of a business which are under the control of the organization, whereas, opportunities and threats examine the external environment of the business which the organizations cannot control.

A SWOT analysis is an important tool for managerial decision making and is widely used across multiple business functions.

  1. How can one ensure that a business remains relevant and competitive?

To ensure that the business is competitive and relevant, one can develop the following strategies:

  • Spot emerging trends and developments pro-actively
  • Devise a strategy to expand and diversify operations
  • Make sure that the company can attract and retain good talent
  • Utilize scarcely available resources judiciously
  • Keep innovating and satisfying all its stakeholders
  1. Is management a science or art?

Management is an amalgamation of art and science, containing attributes of both. While on one hand it is based on certain principles, practically conceptualized, through a continuous process of experimentation, on the other, it leverages the creativity of personnel, based on one’s experience and knowledge to achieve desired objectives.

  1. Business ManagementHow could one get better results from its subordinates?

Management is the art of getting things done, by people or things. To achieve better results from subordinates one can either delegate authority and responsibility or arrange for employee training.

  • In delegation, a manager provides certain operational authority and responsibility to its subordinates, which builds a mutual relationship of trust, thus boosting employee morale and productivity.
  • A manager can also enhance the skillset of its employees by various training exercises like mentorship, coaching, seminars and so on.
  1. What is the difference between pro-active and Reactive decision making?

A pro-active decision constitutes making decisions in advance to plan for future contingencies so that risks are being dealt with even before they crop up.

Business ManagementA reactive decision making, on the other hand, is one where situations and risks are dealt with, as and when they occur. A reactive decision is taken for emergencies whereas a pro-active decision tries to deal with situational risks through predicting them in advance.

  1. Which approach of decision making is more appropriate – centralization or decentralization?

The choice approach completely depends upon the nature of the decision to be made.

When the decision has to be regarding the overall policies of the organization then a concentrated decision taken by a small group of people makes more sense as it ensures coordination throughout the length and breadth of an organization.

Conversely, when a decision on a particular function has to be made, a decentralized decision making allows the organization to leverage the benefits of specialized knowledge of the functional managers.

Therefore, for a decision regarding the debt-equity ratio in the company balance sheet, the company CFO would be more preferable compared to the board of directors who are more likely to take more centralized decisions, like the percentage of shareholder dividend.

  1. What is BPM life-cycle?

BPM stands for business process management. BPM life-cycle is for continuous business process improvement. It captures the entire business process in a structured way, then monitors and optimizes the process. This cycle of process improvement repeats continuously throughout the life of the processes.

Business Process ManagementA Business Management course from Imarticus learning will help you master the art of answering different questions from the business domain.