Business management is a responsible execution of various executive roles in any business to achieve the objectives of the organization.
In this blog I have explained about business management and 6 departments of business
Moreover, In business, there are many departments, your company might want you to perform various tasks in day to day business activities.
It is similar like forming a budget so that the company can cut costs.
You might also be wanting to do market research of your product or service to learn about the target market, accounting for the company, and many other processes.
Firstly, For instance, There have been ads of different kinds, ads are handled by its marketing company to increase the market of the product which is a department of a business.
Every household as well as the company needs to manage its finance, calculate its cost and keep an account for all expenses and savings.
Similar goes in business. All the finances are managed, tax returns are filed and many finance work is done in a business.
Further this is the department of finance
These are only two of the departments there are more below
Things to learn-:
- What is business management?
- Departments of business management?
- Human resource.
1. What is Business Management?
Business management as explained by the source is an execution of various executive roles in any business to achieve the objectives of the organization.
In addition, there are degrees related to business management to help students develop basic leadership skills and communication skills in addition to providing them knowledge about the fundamentals of business
so that they can enhance their managing skills and can effectively manage any business.
If you want to work in a large corporate or you want to start your venture, learning business skills and concepts of business will be very efficient.
2. Departments of Business Management.
Business management involves different departments that are very much important to continue regular operations in any business.
They help a business grow
3. Marketing Management.
Firstly, Marketing management is all about identifying the target market regarding your product or service and executing perfect market strategies.
A market place is an area where buying and selling of goods and services took place.
Markets have evolved, marketing has shifted from being a offline market to be a online market as well.
It includes planning, organizing, controlling, policies, and strategies.
It is all about creating demand for a product or service.
Marketing does all activities relating to create value for the product in the minds of customers, the company identifies markets and release proper strategies so that they can reach out to more people so that they can sell more an earn profit.
According to Philip Kotler “Marketing is the art and science of choosing target markets and building effective relationships with them”
A marketer will always think from a consumer point of view, also marketing is all about knowing what are the consumer needs conveniences and possibilities to buy the product or service.
Also a thing to cnsider is that marketing is really costly sometimes , it involves a lot of money to convince a customer
4. Financial Management.
Secondly, Financial management is another important department in business management, financial management is planning, organizing, controlling of financial activities such as capital budgeting.
Though It means applying finance strategies to obtain resources for the business organization.
Many decisions regarding finance include investing in fixed assets, finding funds for the company.
Decisions regarding raising funding from sources depending on the period, also the stake of the company offered, and the source of funding.
Taking a dividend decision means the financial manager decides how much dividend is to be distributed if any profit is made.
Also retaining profit decisions regarding what amount to be spent out of profit on buying new assets and many financial decisions.
Finance is an essential part as every business organization has to manage business funds and cash flow.
It ensures effective use of capital and funds in various expenses,
To also ensure the safety of investments, to see if the funds are invested in safe firms and assets with calculated risks and data.
5. Human Resource Management.
Thirdly Human resource management is the managing of people. an important department in business management
It is a strategic approach of managing people in a business or organization so that they can give their best in the company and maximum work output can be extracted from these employees.
Though It deals with strategies regarding managing people with employee benefits, employee recruitment, employee training, selection in the organization.
In other words Human resources involves all the employees and staff from employees, staff workers, accountants, security personnel, and many more
It is personnel management. which is concerned which is concerned with the human involvement of an organization.
- All about what the employees of working on,
- How many people work in the organization,
- What are the positions of job of different employees,
- Are they working efficiently?,
- What salary they offer,
- What benefits they provide to the company,
- Are there any chances of improvement,
And also many more.
6. Operations Management.
Think about all the items you use daily.
From the clothes you wear, to the car you drive, also to the phone you use, likely these are all products of different organizations.
You might not think about the factors that might produce these goods and services, but that’s what the study of operations is all about.
In other words Operations are the processes that companies use to convert raw materials to final goods or services.
In most of the companies, humans or resources are invested in operations,
Hence operations is critical in any organizations success.
The role is to design, plan, direct and improve all the activities involved in producing goods and services.
There are many factors which define any
Business involves high planning decisions on where it is now and where it wants to be. These areas are strategic operations, product design, and also quality.
7. Purchase Management.
Have you bought something you did not like?
Also after buying the product and paying the money do you realize I have made a wrong decision?
However, Let us try to break down the puzzle.
After using the product they may like it or they might regret it.
Purchase is responsible for ensuring purchase is done for the whole organization, the payment is handled by another team, the transportation is handled by another team.
It is also known as procurement management. it is the act of purchasing, finding goods and services to buy for the company often involving competitive buying processes.
Though The process involves that the buyer receives the goods and is used effectively in the organization.
A purchase management team can be formed by one or more people.
It involves ensuring that all goods and necessary equipment required to operate in business are very much kept in stock and in case of emergency additional stock is available.
Key steps involved in procurement are as follows-
Requirement for a new part, selection of a supplier, a Purchase order, Goods receipt, supplied payment.
8. Sales Management.
It includes managing all sales promotion, physical distribution, pricing, and product merchandising. Which means the planning, direction, and controlling the sales.
last but not least, sales is one of the most essential department of business management.
Therefore, The sales process is a goal-oriented and is a continuous process.
Sales also include relationship selling which means not only to do a sale for the sake of it rather creating a strong relationship between the buyer and the seller.
In addition, The goal of a sales manager includes providing customer satisfaction, increase goodwill, attain profit, and many such goals.
In other words, sales are the selling department of a business which manages with its customers and also with the orders meaning it is a continuous involvement which means it is a day to day activity and cannot be skipped
It is an integration with marketing.
And sales has many various positions for distribution, personal selling, sales promotion advisor, and also many more.
|Marketing Management||Sales Management|
|Marketing is a long term business plan||Sales is a short term business plan|
|Marketing focuses on the buyers need||Sales focuses on the sellers need|
|Stresses on buyers need||Stresses on sellers need|
|Marketing is profit based||Sales is volume based|
|More focused on product development||Less focus on product development|
Business management is the execution of various roles in the business organization to achieve the basic objectives of the firm.
In this blog I have explained about the various departments in business
There are about 6 departments overall and all of these play a major role in growing the business
Without one of them the company may fail and it maybe really difficult for a company to sustain.
To sum up, This blog also contains a difference between marketing and sales.
Courses varying in undergraduate programs and postgraduate programs like bachelors in studies and masters in business administration in marketing and masters in marketing.
There are 6 in business management.
There are currently 3.6 million registered business in India