Contact Us
×

Tag: Business Management Training

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

Posted on by Imarticus Learning

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.

How Business Management Training Can Help To Enhance The Quality of The Product?

Posted on by Imarticus Learning

Business management training allows the trainees to formulate a broad mindset about the functioning of a business and various elements associated with it. One can get a subject-specific understanding through business management training.

Some specific fields that you can master after business management training are:

  • Marketing
  • Product
  • Markets
  • Customers
  • Communication
  • Finance
  • Operations
  • Strategizing
  • Policy Formulation
  • Information Technology

Apart from these fields, there are other subjects as well which can help you become a successful business manager and contribute largely towards the enhancement of the quality of a product.

How can the quality of a product improve through business management training?

  • Understanding the customers

In business management training, the trainees get to know a lot about consumer behavior and various theories like price sensitivity. In this wake, business management training can help to understand the perspective and requirements of the customers.

Changes or modifications in a product can be made based on the customer-oriented research of the market. Accordingly, enhancements in the quality of the product can be made to satisfy the customers.

  • Easing out the communication process

Business Management CoursesTo enhance the quality of a product, all the employees of an organization must have a common mindset and are well coordinated. In case there are some disputes or lack of communication in the organization, it is hard to bring positive changes in any aspect of business functioning.

In business management training, the trainees are guided well about maintaining healthy communication within an organization. This can help in easing out the process of communication leading to a positive work environment that can facilitate enhancement in the product and its quality.

  • Understanding the importance of demand

Whenever the demand for a specific product is created in the market, it needs to be fulfilled quickly. Imagine a situation; where customers are demanding a product but there is no supply in the market, gradually the demand is subject to fall.

In that regard, the managers need to be assured about the proper management of the demand of a product as the quality of any product does not only mean its tangible quality but it also means the services being offered before and after buying it.

Business management training teaches about the demand for a product in the market and some effective ways to deal with it.

  • After-sales services

Lately, the quality of a product has no longer remained its tangible and physical quality but involves associated services as well. Whenever a customer buys a product, after-sales services like fitting the product, exchanging or replacing are necessary.

Business management training plays a pivotal role in enhancing product quality as areas like information technology and consumer behavior are widely covered which can act as the guiding light to improve performance.

  • Market forecasting

A manager must have a knack to foresee the trends of the market soon. This can, however, be attained through business management training. The trainees get a piece of proper knowledge about the product market and the change in trends depending upon various dynamic features.

Anticipating the market trends can help the company to be prepared for the challenges that may arise in the future by making necessary enhancements in product quality.

Considering the current scenario where businesses have begun to flourish, a business management career can turn out to be a great option.

Business Management CourseIn case you require detailed knowledge about the courses and subjects covered under business management training, you must look out Imarticus learning. Imarticus offers you professional courses in the field of business management along with assistance in placements in certified companies.

The Comprehensive Guide to A Business Management Career Path!

Posted on by Imarticus Learning

For a business to grow, it needs to have watertight processes and teams that function seamlessly towards common goals. However, that’s easier said than done– the numerous departments, teams, and procedures are entangled in a complex web that only an expert can navigate. This is where a business manager comes in.

Who is a business manager?

Business Management CareerA business manager is essential to the smooth functioning of any organization. A business management career involves supervising and leading a company’s operations and sets of employees.

It requires designing and implementing business strategies, maximizing employee productivity and identifying opportunities for business growth. In short, it’s an all-hands-on-deck career path. Here is a comprehensive guide to paving a business management career path for yourself:

  • Education

To become a business manager, hopeful candidates will need a Bachelor’s degree in business management at the very least. One can choose either an Arts degree or a Science one; although the approaches are different, both degrees prep students for similar roles.

With a successful business management undergraduate degree, candidates can jump straight into work or continue to pursue an MBA or a Master’s degree in business management.

  • Learning at work

The next step in the path to a successful business management career is learning the ins and outs of your managerial job. Plenty of learning in the world of business happens on the floor and with all hands on deck, rather than behind a desk in the classroom.

Familiarization stage: In this stage, a business manager will be expected to learn their key roles and responsibilities, whether that’s employee- or business-facing. They will also be assigned smaller tasks and projects to work on alone or with a team, depending on how big the organization is.

Task stage: The mentored experience gathered from the previous stage is critical to success in this level of your career. Business managers will now be expected to manage their tasks and supervise their teams on their own, without anyone monitoring. Naturally, this stage involves creative problem-solving, fast decision-making and putting analytical skills and business knowledge to use.

Strategy stage: Once business managers have shown themselves as adept at handling multiple tasks, they’re ready for the strategy stage. This is a critical stage that heavily impacts the inner workings of a business, from the way it’s organized to the way it meets company goals. Business managers at this level will be expected to make tough decisions while keeping several factors in mind, including business models, employee strengths, USPs, market outlook and industrial environments.

  • Upskilling

Business Management CareerSeveral business managers choose to work and study at the same time, by signing up for a business management course, certification or a diploma from highly-ranked institutions. These add weight to their CV and allow them to look at more avenues for innovation and exploration.

Upskilling is a great way to stay relevant, hone much-needed skills and keep up with a dynamic market, especially if technology is involved. It also enables business managers to apply for higher-ranking roles within the same organization, or develop the skills needed to shift tracks to another company.

Roles in a Business Management Career

A person with a business management degree need not strictly become a business manager. The knowledge gained in this field lends itself well to several other domains which intersect, including data science, HR and sales. Other than becoming a business manager, candidates with such a degree can look at the following roles:

  • Sales associates and managers

Business knowledge proves invaluable when marketing products and services to clients and increase brand awareness and loyalty.

  • Marketing manager

These roles involve promoting the business across channels and working with diverse teams to establish the company’s brand name and image.

  • Business analysts

People in these roles evaluate business data, spot anomalies and create actionable insights to improve business functioning.

The final word

Business management is a vast and complex field, and everyone experiences it differently. A determined attitude, razor-sharp wits and honed skills will help you stand your ground.

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

Posted on by Imarticus Learning

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.

Which Sectors Could Have Half A Million Job Openings For Beginners And Older Workers?

Posted on by Imarticus Learning

Introduction

In today’s apprehensive era, employment is changing its dimensions like never before. There create uncertainty and panic. A gap between the demand for jobs and skills required for it is quite evident. A lot of sectors are going through ambiguity as to what will happen next, in terms of demand, supply, distribution, hiring, and much more. So, the question that arises is what is the scope of business management in a VUCA environment? Which sectors will contribute heavily in generating job and income opportunities?

The sectors which will see growth in hiring

Technology: With the advent of new technologies, there is an increasing blend of life and work for a new reality. We are ever so connected at a global scale which has evolved the job scenario, mindsets and skills. Tech companies are hiring exponentially as they move to capitalize on a world shifting increasingly to digital as a result of the coronavirus.

Technology in Business ManagementDespite mass lay-offs elsewhere and growing concerns over plummeting global markets, Technology companies like Amazon hired more than 100,000 people. Working seamlessly from home and learning on the go has already been a known corner in the technology space. These days, as other sectors are still accepting the shift, the tech companies are way ahead of it.

Banking & Finance: In a disruptive and technological time, banking and finance professionals will emerge as the innovators, pivoting on data to direct businesses into the future. These businesses will also serve customers on a global scale. A good understanding of disruptive technology such as blockchain, cryptocurrencies and digital reality will be required to lead the banking and finance sector into the new age.

Banking and Finance Future banking professionals should be skilled at not only theory or practical aspects of banking but should also have an edge in technological skills. Job profiles such as financial analysts, risk managers, financial forecasts etc are very lucrative and promise overall career growth and development.

Communications: With every passing day we realise how communication plays a very important role. It is indispensable and pretty many drives the free flow of information in the economy. Automation, digital platforms, and other innovations in all our life dimensions are changing the fundamentals of work. This has put a greater emphasis on the importance of strong communication skills.

 The capability to articulate our point of view to influence and engage the stakeholders will be vital, whether it’s customers, media, employees, shareholders, community groups, government or regulators. It is imperative to communicate effectively if we want to establish valuable partnerships. This is where the role of communication professionals comes into play. Content creation, PR and Branding management etc are rising opportunities.

Market Research: With the broadening scope of business management, a lot of new avenues are being discovered. Businesses are exploring and scrutinizing these areas with comprehensive research to assess the feasibility for the same. At such a time the demand for professional researchers has increased.

Business ManagementResearchers who are an expert with statistical tools, data analysis and techniques, observations etc are growing in leaps and bounds. These researchers are also hired to solve various kinds of problems that an organisation faces and are paid heavily for it. A Business Management training will give you better insights.

Website development: Due to the online shift, all businesses are investing in developing their online presence. The first way to grab a consumer’s attention, online, is through a strategically designed and developed website. Owing to such scenarios, website designing becomes very crucial. User interaction and User experience have been the buzz of the digital town.

A good website is not only the one which has an interactive design but which is also intuitive is by nature. With website development, comes a lot of interconnected technological profiles such as that of an SEO manager, SEM specialist, graphic designer and much more.

The Top Tips to Become A Pro Business Development Manager!

Posted on by Imarticus Learning

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?

Posted on by Imarticus Learning

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

Posted on by Imarticus Learning

 

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/

Feasibility Study: Types and Importance in Business Management!

Posted on by Imarticus Learning

Feasibility study, as the name indicates, is an analysis of the feasibility of a project both technically and legally and if it is economically justifiable. This helps an organization from making the wrong investment. A project can be unreasonable for many reasons. Some might require too many resources that would keep them from doing other tasks.

This might eventually cost the company more than what they have invested in the projects.  A good feasibility study covers key areas like the details of the services or products related to the project, account statements, legal obligations, tax requirements, financial data, and policies. Some projects might require additional investment in technology and for implementation of the project. Feasibility study finds relevant in the current-day business landscape which is severely affected by the COVID-19 pandemic.

Many organizations prefer to ensure the feasibility of a project before investing in that. This makes it an excellent career choice more than ever. To pursue this career, you may enrol in a Business Management Course.

Different Kinds of Feasibility Studies

Depending upon the type of project evaluated, feasibility studies can of different types. Some important types are:

Business Management CourseTechnical Feasibility Study 

In this type of project assessment, the focus is on technical resources in a company, and if their technical team is skilful and capable of converting the concepts and ideas into practical working models. The person is also responsible to evaluate the technical requirements including software, hardware, and other components.

Economic Feasibility Study

As the title suggests, the role deals with the cost factor. This role is designed to help the organization to decide if a project is viable and economically feasible, after evaluating various factors. This is done before allocating the financial resources needed for a project. Assessing a project independently also helps enhance the credibility of that project, and to evaluate the economic benefits the proposed project brings to the organization.

Legal Feasibility Study

While finalizing and approving a project, it is important to make sure that it does not conflict with the legal aspects about the subject – data protection rules, social media regulations or zoning laws.

Business Management CourseFor example, if an organization is planning to build a new office or moving to new premises, the legal feasibility manager is responsible for making sure that that kind of business is allowed in that location, and that locality is not part of any special zone with restrictions to certain businesses.

Operational Feasibility Study

Operational feasibility assessment involves a thorough analysis of a project and its outcome to determine if that project can satisfy the needs of the organization. Mostly requirement analysis is done while the system development is in progress, and while doing a feasibility study, the capability of the project to satisfy the needs identified during requirement analysis.

Scheduling Feasibility Study

For any project, the timeline is important. A project will not be able to deliver the expected result if not completed on time. Scheduling feasibility is concerned with estimating how much time would it take to finish.

The Relevance of the Feasibility Study

Organizations need to invest in the right project. So before committing, organizations prefer to analyse the project in terms of resources, budget, and time. Sometime, feasibility studies could help to unearth a new idea or scope. Also, conducting a feasibility study is important for the stakeholders to get a clear picture of the project. Conducting such a feasibility study has many other benefits including:

  • Helps in decision-making (about the project).
  • Improves the success rate by assessing multiple factors.
  • Identifies and establishes a strong reason to take on the project.
  • Recognizes new opportunities for improvement.
  • Identifies flaws and unreasonable grounds to call off a project.
  • Improves the focus of the project team.

You now know the importance of feasibility studies. If you want to pursue a business management career, enrol in a good course offered by a reputed organization like Imarticus Learning.

Not only you get business management training from good faculties, but also get to build your network and secure a good job. Imarticus has partnered with many leading organizations to get a good launching pad for their students. After all, what could be a better beginning than working with a market leader!

Top Business Management Questions and Answers!

Posted on by Imarticus Learning

“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.