Summary- The purpose of this article is to give you a brief insight into what exactly is business management. You will also learn about how this subject is further classified into different categories, including financial management, production management, operations management, and customer management. After reading this whole article, you would be able to tell what exactly it is, what are its various subcategories and how useful it is to study it.
What is Business Management?
It is one of those basic subjects that are made compulsory to be studied by the students who pursue MSc, MBA, and BA Hons in any of the country. Business Management is one of the main subjects of the course’s curriculum. This subject helps in deciding upon the ways of practicing control in an organization with the usage of available resources for manufacturing services and goods within a specific time period. Thus, it includes studying the activities such as planning, supervising, and devising suitable strategies as per the working of a market or the country’s situation.
It makes the students understand the management and regulation processes of an organization. The organization can be anyone, including the big and small business organizations and a group of few individuals who are involved in the performance of certain activities. It is also known as an element that creates strategies for maintaining a business or firm and helps in the execution of best practices in it.
Categories of Business Management
Business Management is further divided into various subcategories. A few of them are given below:
- Financial Management: It is used in the process of managing and running the funds and finances of an organization. It deals with all the economic activities happening in an organization, including the cash flow, running expenditures and other basic financial operations. Financial Management is that part of the business management that helps the top management make or take any type of financial decisions.
- Production Management: It is one of the most important and key business management factors. The work of production management is basically to look for the development of vast skill sets and to focus on the effectiveness and quality of the production steps. The steps not just mean the manufacturing process; instead, it includes improvising an organization’s general efficiency and operating power. This will automatically result in the growth of a company.
- Operations Management: Operation Management focuses on finding out the best activities done by a business team or an individual working in an organization. It also helps in creating such strategies, which are required for boosting up the productivity and capability of the main members involved in the operations. This automatically helps in the growth of the organization by executing desired policies and by managing operations appropriately.
- Customer Management: A tool that is basically concerned with the clientele upfront and is enhanced for assisting them. It targets to provide the clients and customers of the company with proper help and assistance. It basically focuses on improving the customers’ experience towards the products and the services being provided by the organization.
Thus, it is important for all those who are pursuing such a degree which consists of business management, to know and understand the importance of all the business aspects and also to learn proper management of the activities being conducted in an enterprise or the business organization. If I talk as a student, then I would be able to do my assignment only if I would be having proper knowledge about the whole of it.
This subject also gives an insight on developing the ability of managerial decision making in the students in the era of change management. It helps in teaching them about how to manage resources in a proper and efficient way.