What is Business Management & Types with Functions
Business Management is a whole system of actions and decisions required to create and maintain the culture, structures and people which allow an organization to achieve its mission. Business management can be defined as involving any or all of three categories of functions: strategic planning, operational (or functional) performance of the organization (financial strategy for example), and evaluation.
The role of management in business depends on the specific circumstance involved with those businesses. Whether management is involved with making sure that human resources are directing employees or management is the physical management of the company’s resources such as its inventory, management is a crucial part of any business. Management contributes to the success of businesses because management defines how all available resources are used within an organization.
Management tasks vary depending on the actual position. For example, management positions include management consultants who develop new policies. Other management positions focus on managing employees or maintaining supply chains.
Definitions of Business Management
- management refers to the act of managing something, such as an organization or project.
- management means responsibility for controlling and running another person’s business or property.
- management is committed to providing its employees with a healthy work-life balance in order to achieve adequate work performance and personal satisfaction at work as well as at home.
- management is an essential part of planning and organizing your daily life around your schedule and commitments. You can use the management skills you learn from some jobs to manage your time more effectively.
- management is not relevant any longer because it does not match what we do on a regular basis, but management has been replaced with leadership, engagement, interaction, management, management structure and management roles.
- management is the act of controlling the operations of a company or other organization to achieve its goals.
- management refers to the way an employee directs the activities of others in order to accomplish tasks and reach objectives within an organization or business. Management can also refer to one individual’s ability to lead, direct, control, organize, and coordinate people toward reaching common goals.
- management means carrying out your job duties effectively by using effective time management skills on the job. Time management involves planning all your work activities around specific times during each day so they are completed more quickly and easily. Employers often want managerial candidates who have strong time management skills because it is essential for management positions. Employers often value management skills such as prioritizing tasks and making effective decisions.
What are the five management skills?
The five management skills are leadership skills. They are management skills that management uses to direct and motivate employees.
- Communication: management is about communication – both giving and receiving information. Good communication skills enable management to be effective by encouraging staff to discuss their problems with management, as well as providing regular reports on projects and sales figures. Management has the responsibility of communicating directly to those they manage (e.g., clear goals or objectives), as well as sharing important information about the business (e.g., financial forecasts).
- Delegation: management must effectively delegate tasks in order for projects and goals to be completed successfully. Delegation involves assigning work according to an employee’s knowledge, experience and skills. It also means allowing employees some autonomy and discretion when carrying out assigned tasks. Management must therefore be able to assess staff’s performance and determine whether or not an employee is capable of completing a task before delegating it.
- Goal setting: management is there to set goals for employees. The management function of goal setting involves making decisions regarding how human and material resources will be allocated in order to achieve the desired results. It also means monitoring activities, taking corrective action where necessary, and rewarding employees for a job well done.
- Time management: management has responsibility for the use of company time as their decisions determine how long projects take to complete. This means that management must ensure employees are using their time effectively by assigning tasks according to team members’ strengths as well as working towards deadlines. Management should keep track of company deadlines and individual employees’ performance during the task to identify whether or not milestones are being reached, and whether management needs to take action (i.e., help an employee if he or she has problems).
- Motivation: management is responsible for motivating staff. Management can motivate employees by communicating a vision of the future as well as through compensation and benefits. It’s management’s job to ensure that all work objectives and goals are met by giving appropriate recognition and offering encouragement. When motivating other people, management must be aware of their own management style, as it will influence how those they manage respond to them.
What are the Functions of business management?
There are three management functions, with corresponding management styles. A management function refers to the organizational or operational aspects of management, which is concerned with doing things right. Management style refers to the management behaviors that are most effective in reaching goals. These can be summarized as follows:
- Planning – Strategic management focuses on long-term objectives and developing plans with specific milestones for achievement. It requires an understanding of the external environment in order to identify opportunities. The planning process begins by identifying what is important to customers, after which management develops strategies based on these findings. This is known as situational leadership, which involves assessing employees’ readiness for independence before delegating accordingly. Flexibility in managerial style is also required so that if obstacles are encountered, another management style may be more effective in dealing with them.
- Organizing – management organizes the management functions (e.g., finance, operations, marketing) in order to meet organizational objectives. The management function of organizing involves making decisions regarding how human and material resources will be allocated in order to achieve the desired results. Individuals must identify strategies for meeting goals effectively in an efficient manner. This also requires deciding when to outsource certain management tasks, such as when recruiting temporary employees or hiring a management consultant.
- Directing – management directs people towards achieving specific objectives. Effective management uses delegation to empower others while maximizing efficiency through well-defined rules and procedures. Direction can also take place by monitoring activities, taking corrective action where necessary, and rewarding employees for a job well done.
Management can be divided into two types:
Management by objective (MBO) is management using goal-oriented management. It involves four steps: setting objectives, implementing plans to achieve these objectives, making decisions on the basis of progress made toward reaching them, and taking corrective action where necessary. MBO leaves room for flexibility in achieving set goals by identifying strategies that are most effective with regard to environmental factors, which means that it is situational management.
Management command style focuses on planning rather than delegating tasks or giving feedback, meaning that management has control over most decision-making. This approach is, therefore, more structured than situational management.
Types of Business Management
“Financial management is the management of money in an organization. It has three primary functions: generating financial resources, allocating financial resources and utilization, and monitoring the financial resources.” All types of Accounting and their analysis come in this head.
“Marketing management is management in particular marketing. It describes management’s responsibility for the entire range of activities involved in carrying out an organizational strategy and securing profitable sales.”
Sales management is management in particular management. It describes management’s responsibility for the entire range of activities involved in carrying out an organizational strategy and securing profitable sales.
Strategic management can be defined as “the process that sets direction and evaluates performance to meet the long-term objectives of a business.” it answers the question of “what business are you in?”
It is management-oriented toward corporate strategy development and corporate or business unit level policy management. Strategic management provides the framework within which management is conducted, appraising opportunities for growth by assessing external environments (global, local, industry) & making decisions to achieve strategic objectives. it aims at accomplishing long-term organizational goals in all types of Trade.
“strategic management is management that focuses on the long-term vision of an organization. it aims at accomplishing long-term organizational goals.”
Human resource management
Human resource management, also known as HRM, refers to management functions in a company with human resources involved. It considers how people are managed, and deals with issues of fairness, recruitment, performance management, training and development, labour relations, compensation and benefits management, and overall productivity of the workforce.
Human resource management (HRM) provides value to an organization by increasing efficiency, transparency, accountability, management control and employees’ sense of commitment. HRM is the management function that has human resources involved. It considers how people are managed, and deals with issues of fairness, recruitment, performance management, training and development, labour relations, compensation and benefits management, and overall productivity of the workforce.
Process management refers to management-oriented toward production, execution or transformation of goods/services/ideas by the application of available resources through systematic control. The scope can be limited to the management of a single process or management of multiple processes. management is management in particular management. It describes management’s responsibility for the entire range of activities involved in carrying out an organizational strategy and securing profitable sales.
process management can be defined as “management-oriented toward production, execution or transformation of goods/services/ideas by the application of available resources through systematic control .”
A business will never be successful if it lacks top-notch customer service. In fact, customers will leave and never return if they don’t feel an issue was handled properly. How can you improve custom relations in your business? Whether it begins by anticipating customer needs or ends with following up on an issue, you can keep your customers happy. The following are a few critical customer relations tips.
Anticipate Customer Needs
You should always try to anticipate a customer’s needs. For example, if a customer has had a problem with a product and has emailed you, it pays to have several remedies in mind before calling. Her email may even state what she wants done. Try to do what you can to go above and beyond the call of duty so your customer will be more focused on how caring you were than the original mistake made.
Don’t wait for a customer to make the call when you know there is something wrong. For example, let’s say you’re social media analyst comes to you about a customer complaining on Facebook about a product. Take the initiative and contact the customer. This will show that your company cares about her concerns.
Never try to fix a problem without listening to the customer. Not only will you irritate the customer by not letting him finish what he was saying, but you may not even know what the real problem is. For example, the customer may start his complaint about the product being cheaply made, but the real issue is the salesman who sold it to him. Always listen to what the customer has to say.
It helps to make notes, especially when you’re not dealing with the customer face-to-face. This allows you to not only have a record of what’s been done to try to fix the situation, but ensures you’ve got the right details and a firm understanding of the problem.
Repeat for Clarification
When the customer has finished making her complaint, repeat the problem to her just to clarify that you have all the details that are needed and that everything she wants taken care of is written down or engraved into your memory.
Don’t Make Unrealistic Promises
The worst thing you can do when trying to solve a customer service problem is to make unrealistic claims. For example, to tell the customer that the problem will be taken care of first thing tomorrow morning may not be feasible. Instead, telling the customer that you will get back with him within 24 to 48 hours not only gives you time to work on the problem, but also makes the customer happy when you’re able to get back with him sooner than promised.
Last, but not least, always follow up with the customer to make sure the problem was handled in a way that makes her happy. This shows that the company cares about the situation and cares about their customers.
Customer relations doesn’t have to be a difficult job. It doesn’t matter if you plan on starting a retail store or if you want to start ebay online business dealings. There will be customers that need to blow off steam, but once you allow them to do so, you can’t get down to fixing the problem.