Business Management

What is business management

Business management is strategic, administrative and control process against the management of the company’s resources to increase its productivity, competitiveness, effectiveness and efficiency.

Business management, also known as business management engineering, differs from business administration by combining both strategic management and the application of technology and innovation.

See also Business Administration.

According to the economist and author Joseph Schumpeter (1883-1950), business management ensures that supply meets demand through “creative destruction”, that is, with constant innovation to increase productivity and competitiveness.

Some of the job titles and business hierarchies that represent the discipline of business management are:

  • Senior Management Representatives: CEO and Executive Directors
  • Middle management: commercial directors and area managers
  • Management front: sales managers and supervisors
  • Support staff: vendors and advisors

See also Management.

Business management functions

The functions of business management coincide with those related to business administration, differing from this in that business management is positioned at a higher level of authority (managerial level) and encompasses more knowledge than merely administrative knowledge.

The functions of business management, therefore, are:

  1. planning or planning: Combine the resources for new projects.
  2. Organization: integration or coordination of work activities together with the grouping of resources.
  3. Address: direct the levels of communication and leadership towards the objectives.
  4. Control: quantifying mechanisms to evaluate the results and improve the process.

See also: Employment contract.

Characteristics of business management

  • Search for innovations
  • Innovation management of company projects
  • Management of planned projects
  • Development of products and services according to available resources
  • Economic and financial management
  • technological application
  • Quality control or continuous quality improvement
  • Process optimization
You may be interested:  Meaning of HDMI

See also:

  • QA
  • Innovation