Lesson 4: Types of Business Management

• What does Business Management involve?


  • Coordinating and overseeing various activities within a business
  • Achieving desired goals and objectives
  • Strategic planning
  • Organising resources
  • Staffing
  • Implementing control mechanisms
  • Ensuring smooth operations, profitability, and longevity
• What are the 9 types of Business Management?

  1. Financial Management
  2. Human Resource Management
  3. Operations Management
  4. Marketing Management
  5. Sales Management
  6. Strategic Management
  7. Production Management
  8. Service Management
  9. IT Management
• What is the focus of Financial Management in business management?

  Maintaining a balance between business risks and profits.
• What does Human Resource Management entail?

  A strategic and coherent approach to the effective and efficient management of people in a company.
• Why is Operations Management considered the backbone of any business?

  It ensures efficient coordination among various departments.
• What is the purpose of Marketing Management?

  To utilise marketing resources effectively to promote the brand, products, and services.
• What is the focus of Sales Management?

  Driving revenue through effective sales strategies.
• What does Strategic Management involve?

  Long-term planning and decision making to achieve organisational goals.
• What is the role of Production Management?

  Essential for businesses involved in manufacturing or producing goods.
• What does Service Management focus on?

  Delivering excellent customer service, managing service delivery processes, and maintaining customer satisfaction.
• What is the focus of IT Management?

  Centered around the effective use of information technology to support business operations.