What is business Management?
Business management is the process by which one runs a business organization to achieve its goals utilizing the available resources effectively and efficiently. Only availability of resources is not enough for survival of an organization and hence it is needed to use them effectively and for this planning, staffing, training is the important thing to be implements.
For any business organization its survival with profit point of view is essential. Apart from this satisfaction of customer with its brand with liquidity and profit is also a compulsory factor for the long run survival of the organization. Thus business management helps the organization in achieving its objectives for the successfully running of the organization.
The role of a manager is very important for successfully running of a business organization as management has to monitor not only the planning, staffing and training of the staffs but also be watchful of production, branding, product research and development, marketing, finance, accounting etc. All these factors are important for achieving the business goal and long run survival of a business house and management has to keep a close eye on all these factors.
Parts of Business Management
Products and its quality, its production, branding all comes under production team and so production manager has to manage all these things. He is responsible for the purchasing of raw material and better products with attractive branding so that it can make a position in the market. Apart from this production management has to also manage the transportation and distribution of the products.Marketing management
Marketing management is also another important part for the management, which manage the marketing of the products effectively. Management conducts market research and compares its products with the available product in the market. Marketing management has to decide for the promotional and advertising means for the product as it the necessary part for staying the brands in market in today tough competitions.
Finance management is another important part of business management in which incumbent has to study regarding the financial aspects and needs of the organization. It has to manage the loans and other financial needs from various sources and stock exchanges. Keeping attention regarding the expenditure of plants and its fulfilment is also a part of financial management.
Account management is responsible for the all update regarding the official staff in terms of their wages, salary, equipment and other expenses so that company’s final output or profit can be traced out.Human resources management
Human resources management provides suitable staffs for the organization by choosing effective and efficient candidates. It also helps in the training the staffs and keeping them with the innovative technologies by trained them.Research and Development management
It is necessary to be update regarding the latest technologies, which can effect the production of the company. Research and Development management is the system, which keep watchful about the research and innovative ideas for the products. Today when all the companies have engaged in the following new trends and innovative brands for stay in market, it is important for attract consumers with research their taste and producing the products.