What is business management
Business management is the 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, through constant innovation to increase productivity and competitiveness.
Some of the jobs and business hierarchies that represent the business management discipline are:
- Representatives of the senior management team: CEO and CEOs
- Intermediate management: commercial directors and area managers
- Management front: sales managers and supervisors
- Support staff: salespeople and consultants
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 authority level (managerial level) and covers more knowledge than merely administrative.
The functions of business management, therefore, are:
- Planning or planning: combine resources for new projects.
- Organization: integration or coordination of work activities together with the grouping of resources.
- Direction: directing the levels of communication and leadership towards the objectives.
- Control: quantitative mechanisms to evaluate the results and improve the process.
- Work 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