Business management is divided into nearly two dozen subfields. Here's what you should know about each of them.
Fremont, CA: Though some people think of business management as a single industry or career, it is a broad field with many sub-sectors.
Different Types of Business Management
Business management is divided into nearly two dozen subfields. Here is a rundown of the key sub-sectors of this broad field:
Financial Management
Financial Management is concerned with achieving a healthy balance of profit and risk so that, even if a setback occurs, the business remains profitable in the long run.
Marketing Management
Marketing Management is concerned with the practical application of marketing techniques and the administration of a company's marketing resources and activities.
Sales Management
Supervising and leading sales teams is part of sales management.
Human Resource Management (HRM)
Human Resource Management is bothered with recruiting and managing employees in a company.
Strategic Management
The application of strategic thinking to leading an organization is strategic Management.
Production Management
Production management is the decision-making process involved in producing goods or services.
Program and Project Management
Project management is the process of planning, executing, and supervising projects.
Knowledge Management
Knowledge managers are in charge of creating, disseminating, and managing a company's knowledge.
Operations Management
Operations management is in charge of ensuring that all business operations departments run smoothly.
Service Management
The Management of services varies greatly depending on the industry and the business.
IT Management
IT Management is concerned with overseeing and managing a company's technological resources to meet its needs and priorities.
Public Relations Management
In public relations, you communicate with public figures, primarily journalists, who can inform the public about your company's latest news, products, etc.
Supply Chain Management
Managing raw materials from manufacturers, wholesalers, or other starting points to your business is supply chain management.
Procurement Management
Like supply chain management, procurement management can entail acquiring products from a third party.
Research and Development Management
An R&D manager is in charge of a team's or an entire company's product research and development efforts.
Design Management
Design management, like R&D management, oversees how products evolve from an idea to a tangible item.
Quality Management
Quality management is in charge of overseeing all quality assurance tasks. It frequently involves the development of a product or service.
Risk Management
Assessing business practices and identifying problem areas is part of risk management.
Change Management
Change management is a broad type of Management that addresses a wide range of internal and external company transitions.
Innovation Management
Management of innovation is the oversight of several other types of Management.
Facility management
Resource allocation is essential in facility management, as it is in other types of Management.
