Business Management is the management of an organization, whether it’s a privately owned company, a public nonprofit organization, or a government agency. It involves many aspects of a company, such as planning, production, finance, marketing, and administration. There are different levels of management in any given organization, with senior-level management running day-to-day operations whereas lower-level management handles day-to-day decisions. Sometimes separate senior and junior levels exist, depending on the nature of the organization. The term “business management” can be used to describe any type of management role in a business.
Some of the key elements involved in business management include planning, production, finance, marketing, and administrative management. The planning stage is often referred to as strategic management and involves the development of a strategic plan. Strategic management is sometimes called planning on the fly because the very nature of that is making decisions on the fly based on a strategy. Strategic management is often used in conjunction with other elements of management, such as production management, for the purpose of efficient production, as well as cost-cutting, and to ensure the company remains profitable.
Production management is also an important part of business management and deals with the methods, materials,, and techniques used to produce the products required by the company. Financial management deals with finances, and planning how to manage those finances so they can be profitable. Marketing management focuses on selling the products and services offered by the company. These three key components need to be tightly managed and are therefore often studied by an MBA applicant who is considering a career in business management. MBA applicants interested in a career in financial management, production management, or marketing management will need to obtain a Bachelor of Business Administration, BBA, prior to embarking on their career.
A more generalized view of business management would include a broader understanding of the global business environment. This includes an understanding of international marketing, supply chains, taxation, regulation, transportation, communications,, and technology. An applicant with a broad understanding of the global business environment will be able to apply her or his learning to various facets of business management, depending on which aspects a particular individual is studying. It is not uncommon for MBA applicants to continue their education through a field-specific MBA program, to further enhance their knowledge of the global business environment.
Graduates of a BBA program have a number of options available to them once they have completed their studies. Businesses in the United States tend to require employees to have at least a bachelor’s degree before being eligible for promotion to upper management positions. While this is not the case in many other countries around the world, most companies still require a formal education before offering any sort of promotion. Many graduates of a BBA program will find a number of rewarding career opportunities that allow them to maximize their earning potential.
Graduates of a BBA program will typically find work in accounting, finance, information systems, planning, production management, and HR management. Graduates will have an ample amount of skills in these areas to help them find rewarding positions in which they can maximize their abilities. Graduates may also have the option to obtain advanced degrees in a variety of subjects if they feel as though they are well-versed in the field of Business Management.