What is Business Management? And Why It May Be a Great Career Choice.
What is Business Management?
Business Management is the coordination and organization of business activities. Business managers oversee operations and help employees reach their top productivity levels. A business manager may also supervise or train new employees, and help a business reach its operational and financial objectives.
Online Education for Aspiring Leaders and Managers
“The leader is one who, out of the clutter, brings simplicity … out of discord, harmony … and out of difficulty, opportunity.”
This great quote from the legendary big-thinker Albert Einstein captures the essence of leadership so well. Without leaders, our world can seem complex, combative, and frustrating. Today’s workplaces need leaders, too, to set the right direction and foster the positive culture that companies need to survive and thrive.
If leading people is something you believe in your heart that you’re good at — or if you would like to acquire these skills — studying management theories and best practices will develop the leader in you.
Every Organization Needs Leaders
Not everyone can be a leader or manager at work, and many people don’t want the responsibilities of overseeing employees and processes. Fortunately, others feel called to work in management roles and want to make a meaningful impact on their teams and their employers.
Some managers go through company training to learn the skills they need. Others who are new to management “learn by doing,” having to figure things out as they go. Some entry-level managers start the job with formal management education under their belts, which helps them be more confident in their supervisory roles.
Associate Degree in Business Management
If a rewarding career in management is on your life’s bucket list, here’s something that can help you conquer that goal: Get a degree in business management.
The University of Cincinnati Online offers an Associate of Business Management Technology (BMTN) degree program that’s focused, flexible, and designed for today’s modern students.
Our BMTN program prepares you to move into an entry-level supervisory or management position in a wide variety of business settings, with a format that allows you to:
- Study part- or full-time. If you attend full-time, you’ll get your associate's degree in two years. Your time in the program will move quickly, and you’ll have your degree before you know it.
- Earn a degree online. 100% of the courses are offered online, and there are no campus visits required — a big time-saver for you.
- Learn about your schedule. If you want to study on weeknights or prefer the weekend, the program gives you the flexibility you need to balance your studies with work and family obligations.
- Get the support you need. Our program is 100% engineered for your success. You learn from experienced educators and get access to helpful tools and technical support. We pair you with a Student Success Coordinator who’s with you from enrollment to graduation — they’ll be your biggest champion.
Business Management Curriculum
Our program curriculum is expertly designed to help you excel in the business world. You’ll complete a minimum of 60 credit hours to graduate, studying subjects that include Entrepreneurship, Financial Accounting, Introduction to Marketing, Personal Selling and Sales Management, and Fundamentals of Human Resources.
Completing UC Online’s business management degree equips you with skills that are highly sought after by employers, such as:
- Effectively communicating in a business setting
- Analyzing scenarios and drawing suitable conclusions
- Demonstrating effective team management skills
- Executing the four functions of management: planning, organizing, leading, and controlling
- Using critical thinking skills to solve problems and make decisions based on accepted business principles
Managers Are in Demand Today
The Bureau of Statistics (BLS) expects employment in management occupations to grow five percent between now and 2029, faster than the average for all occupations. With a projected 505,000 new positions opening up, the opportunities for you to work in management are broad.
You likely know this from past work/life experiences but working as a manager or supervisor doesn’t limit you to one type of company or industry. Every type of workplace needs leaders. That’s the exciting thing about setting your sights on a management career — the opportunities are almost endless!
If you do some research online, you’ll see a variety of entry-level manager positions, including jobs like these:
- Assistant store manager
- Sales support manager
- Assistant office manager
- Customer relationship manager
- Shift manager
People who work in management typically earn higher salaries than the employees they supervise. What you can make as a manager is dependent on several factors — for example, the employer’s preferred compensation for its managers, the company’s industry and financial strength, and your professional background and education.
Ready to Grow Your Management Expertise?
If a career in management sounds exciting to you, you’ll want to get the best education from a reputable school. You’ll be happy to know that the University of Cincinnati has a rich, proud heritage of education that goes back 200 years — and more than 20 years of experience in the online education space. TheBestSchools.org ranks us as #1 in Ohio and #16 nationally as an online college leader.
Our UCO staff is ready to answer your questions about the Associate of Business Management Technology program. You can connect online with an advisor, or call our associate degree specialists’ team at 833-556-7877.
We look forward to helping you manage and lead!
Branches of Business Management
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There are nearly two dozen branches of business management. Here's what you need to know about each sector.
Though some people may consider business management a single industry or career, it is actually a diverse field comprising many sectors. Whether you’re looking to launch a career in business management, start your own business or pursue an advanced degree or certification, this guide should help you distinguish among the many branches of this large sector and understand the role each plays in an organization.
Types of business management
There are nearly two dozen branches of business management. Here is an overview of the 22 sectors in this wide field:
1. Financial management
Financial management deals with finding a healthy balance between profit and risk so that even with a setback, the business is profitable in the long term. This type of business management involves planning, directing, and coordinating with the accounting, investing, banking, insurance, securities, and other financial activities of a business.
The three key elements of financial management are financial planning, financial control, and financial decision-making. Short-term financial management is often referred to as “working capital management” and relates to cash management, inventory management, and debtor management. Both the assessment and technique of financial decisions fall under this type of business management.
2. Marketing management
Marketing management focuses on the practical application of marketing techniques and the management of a company’s marketing resources and activities. The four major areas of marketing management are company analysis, collaborator analysis, competitor analysis, and customer analysis. Marketing management also includes brand management, as well as marketing strategy and pricing.
To maximize return on investment, it’s essential to develop branding opportunities and execute marketing tactics based on careful analysis of all aspects of your business. The scope of a business’s marketing management depends on a business’s size and industry. Effective marketing management uses a company’s resources to increase its customer base, improve customer outlook and feedback, and increase the company’s perceived value.
3. Sales management
Sales management involves overseeing and leading sales teams. As a sales manager, you drive your sales reps to foster strong relationships with prospects, convert them to leads and move them through the sales pipeline. Sales management often works for hand in hand with marketing management.
4. Human resource management
Human resource management (HRM) focuses on the recruitment and management of an organization’s employees. This includes compensation, hiring, safety and wellness, benefits, and other aspects of employee administration.
A common misconception about HRM is that it’s solely the responsibility of a human resources department or individual. In reality, all department managers should understand that effective HRM enables employees to contribute effectively and productively to the overall direction and goals of the company. In the past, HRM focused more on personnel administration, but a modern HRM approach uses employee programs to make a positive impact on both the staff and the business as a whole.
5. Strategic management
Strategic management is the application of strategic thinking to the job of leading an organization. Many of the other branches of business management revolve around strategic management because the success of a business is often determined by financial, marketing, and operational strategies.
Strategic management focuses on the big picture of a business: Where do you want to be, and how can you get there? Strategic management is adaptive, incorporates a competitive strategy, and keeps an organization relevant. The most important element of strategic management is the formulation of the organization’s goals, taking into account external factors such as regulation, competition, and technology.
6. Production management
Production management is the decision-making involved in the manufacturing of products or services. Production management techniques are used in both manufacturing and service industries. This type of business management is about converting raw materials into a finished product or service, and as such, this sector often references the “four M’s”: machines, methods, materials, and money.
One of the main focuses of production management is ensuring that production is efficient, and this includes inventory control and employee training. Inventory control is by far the most important responsibility of product managers and involves tracking all components of production, such as required materials and finished goods.
Another major focus of a business’s production management team is the research and development (R&D) of both the production process and the product itself. Businesses looking to expand, cut costs and develop newer and better products must conduct R&D as a part of their product management.
7. Program and project management
Project management is the planning, execution, and supervision of projects. Project managers prioritize obtaining the tools or knowledge needed to fulfill both short-term and long-term project requirements. Program management is similar: It involves the same task for many projects, not just one.
8. Knowledge management
Knowledge managers create, distribute and manage a company’s knowledge. Project managers may turn to knowledge managers when their projects call for information that would be difficult to find elsewhere.
9. Operations management
Operations management is the responsibility for ensuring that all departments of business operations are efficient. Managing the operations of a business means dealing with a plethora of departments, strategies, and processes. Operations teams need to consider the acquisition, development, and utilization of resources their business needs to deliver the goods and services clients want.
10. Service management
Service management varies widely depending on the industry and the business. Sometimes, it’s synonymous with IT service management, but the two sectors differ in a few areas. First, service management usually incorporates both automated systems and skilled labor and often provides service development, even if it is not IT-related.
One focus of service management is the managing and streamlining of workflow to automate or support human decision-making. Service management is what enables a provider to understand its services from both the organization’s and the consumer’s perspective and to ensure that the services facilitate the desired outcomes of their clients. No matter the service, managed service providers need to understand and manage the costs and risks involved, as well as the value and importance of the services to their clients.
11. IT management
IT management focuses on overseeing and handling the technology resources of a business to meet its needs and priorities. IT managers and teams ensure a business’s technology is aligned with the company’s strategies. The three key elements of IT management are IT configuration, IT service, and IT financial management.
IT management also involves meeting business goals while fulfilling customer expectations. IT managers must focus on individual components and the delivery of end-to-end services using the best methods for reducing costs and improving employee efficiency. IT management incorporates the education and development of managers who can effectively manage the planning, design, selection, implementation, use, and administration of emerging and converging information and communications technologies.
12. Public relations management
In public relations management, you communicate with public figures, primarily journalists, who can inform the public about your company’s latest news, products, and more. Public relations strategies may vary by industry, but they have a consistent end goal: a strong public image.
13. Supply chain management
Supply chain management is the oversight of how raw materials move from manufacturers, wholesalers, or other starting points to your business. Your business ultimately uses these raw materials to create its products.
14. Procurement management
Like supply chain management, procurement management can involve the acquisition of products from another entity. It may also involve arrangements for services from third-party providers, and its focus is typically more on budgetary limits and deadlines than on the supply chain.
15. Research and development management
An R&D manager oversees the product research and development efforts of a team or an entire company. R&D managers may manage researchers and developers, conduct research and development tasks themselves, or perform both of these roles.
16. Engineering management
Engineering management and R&D management are among the types of management with the most overlap. Engineering management may involve more manufacturing – turning research into sellable items – than R&D management, but often, these two types of management entail similar tasks.
17. Design management
Like R&D management, design management is the oversight of how products evolve from an idea to tangible items. However, design managers may focus equally on an item’s appearance and functionality, whereas R&D managers often prioritize function over form.
18. Quality management
Quality management is the oversight of all quality assurance tasks. It often involves product or service planning. After customers or clients first use the product or service, a quality manager will assess the improvements that users seek and guide the team through implementing these changes.
19. Risk management
Risk management involves assessing business practices and identifying problem areas. Once potential flaws are identified, risk managers consult company executives and other department heads to discuss how these risks can be minimized.
20. Change management
Change management is a broad type of management that addresses a wide variety of company transitions, whether internal or external. Change management may entail guiding teams through policy changes or the implementation of new teams. It can be as broad as assisting with company mergers and acquisitions.
21. Innovation management
Innovation management is the oversight of several other types of management. Innovation managers may work to coordinate the tasks of R&D, and strategic and change managers to streamline work toward overarching company goals.
22. Facility management
As with other types of management, resource allocation plays a key role in facility management. However, with facility management, the resource in question is usually a full building, such as an office or data center.
