BUSINESS MANAGEMENT: Definition and Introduction Business Management Degrees

Business management

Business management is concerned with the organization, planning, and analysis of business activities that are essential to efficiently manage and run a business. A business management degree is a popular choice for ambitious entrepreneurs and business leaders.
You will discover what makes an organization successful in a crowded global business climate, and you will get the information and skills needed to work for firms of all sizes, from multinational corporations to start-ups.

What is Business Management?

The coordination and organization of business activity are managed by business management. This often comprises the creation of materials, money, and machines, as well as the application of both invention and marketing. Business management is in charge of planning, organizing, directing, and regulating the resources of the business in order to accomplish the policy objectives.

What Is the Purpose of Business Management?

Managers and directors have the authority and responsibility to oversee an organization and make decisions. The size of management can range from a single person in a business to thousands of managers in different countries. The board of directors defines policy in larger corporations, which is subsequently carried out by the CEO, or chief executive officer.

Some people believe that the greatest approach to assess a company’s future and current worth is based on the experience and quality of its managers. The goal of management is to bring people together to achieve the same intended objectives and goals by utilizing existing resources in an effective and efficient manner.

Management responsibilities include the following:

  • Organizing
  • Leading or directing
  • Planning
  • Staffing
  • Managing an Organization

They also include the manipulation and deployment of financial, natural, human, and technical resources. Management is required to encourage a collaborative effort to achieve the company’s objectives.

Why Should You Study Business Management?

A business management degree is a popular choice for ambitious entrepreneurs and business leaders. It gives you the academic information and skills you need to explore worldwide job prospects, as well as a comprehensive grasp of business and particular sectors like finance and human resources. But if you’re still not sure if a business management degree is right for you, here are five arguments that will persuade you.

#1. Sharpen critical management skills.

One of the most rewarding aspects of pursuing a business management degree is gaining critical management skills that will enable you to be a significant contribution to any organization. You will develop a skill set that will enable you to adapt to problems and current trends in business and society, allowing you to make educated managerial decisions that take into account ethical, economic, and social ramifications. Among these critical business management skills are:

  • Strategic and critical thinking
  • Communication
  • Problem-solving
  • Organisation
  • Presenting
  • Reporting
  • Leadership
  • Project management

#2. Recruitability

Students who study business management at university graduate with highly desirable transferable skills and solid business knowledge, both of which are highly sought after by potential employers. You will be able to choose the trajectory of your career as you advance through your business management degree, selecting a specialty field of business that interests you, such as entrepreneurship or human resource management. Business management graduates can find work in a range of fields, including:

  • management
  • consultancy
  • advertisement and marketing
  • human capital
  • retailing and selling
  • finance.

#3. An introduction to the world of business

A business management degree can help you develop in-depth knowledge and comprehension of the key principles of business and management; it is also an excellent way to get started in the business world if you have no prior experience. It gives industry information, such as market trends and industry reports, which can be important, and you will be encouraged to apply academic theory to real-life business issues, which will help you launch your career once you graduate.

#4. Act as your own boss

Not only will you have amazing professional prospects after graduation, but you will also have the foundation for starting your own business – all you need is a business idea to get started. A business management degree sets you on the path to being your own boss by improving your entrepreneurial skills and allowing you to test launch any business ideas you may have – you might even meet your future business partner at university.

Universities such as Kingston provide specialized extracurricular programs to assist aspiring entrepreneurs who want to start their own businesses. You may benefit from inspirational guest speakers who manage multi-million-pound businesses and even propose your business ideas to professional judges through the University’s annual Bright Ideas competition – £1,000 is up for grabs.

#5. Learn about a variety of fields.

If you aren’t sure what you want to do with your future profession or simply want to broaden your knowledge, a business management degree is an ideal choice. You will gain an overview of the basic business operations that contribute to an organization’s success and will frequently be able to specialize in an area of your choice. Typical examples include:

  • Management of human resources
  • Entrepreneurship
  • Finance
  • Operations of service

Other fields of study include consulting, supply chain management, and global business.

When you earn a business management degree, you become a well-rounded learner with a broad understanding of the business world.

Read Also: 5 Skills Finance Managers Must Hone to Survive in The Industry

Reasons to study Business Management in the United Kingdom

Once you’ve decided to pursue a business management degree, you’ll need to pick where to study. The United Kingdom, being one of the most academically regarded places in the world, is an excellent alternative for overseas students wishing to begin their business careers. There are numerous advantages of studying business management in the UK, but here are a few of our favorites:

#1. Globally recognized degrees

Studying for a business management degree in the UK means that your degree and certificates will be recognized by employers and academia all around the world. You can study at a top-50 university, such as Kingston University London (The Guardian University Guide 2020), and receive a high-quality education with creative teaching techniques, as well as access to cutting-edge technology and facilities.

#2. Professional experience

Many institutions in the United Kingdom will ensure that you have the necessary skills and experience to launch a successful career. For example, Kingston University London provides practical career help such as interview preparation and advice on launching your own business. Kingston also has various initiatives to support young entrepreneurs, such as the Kingston Entrepreneurs Society and the student program Enterprise!, where you can put your business aspirations into reality.

#3. Develop your business network

There is no better place to begin developing your business network than in university. You will learn from industry executives and professors who are experts in their disciplines, and you will build vital connections via placements and real-life business settings. You will also meet students from all over the world who will go on to work in a range of multinational businesses, allowing you to build a global network and attend networking events, exhibitions, conferences, and guest lectures. If you choose to study at Kingston University London, you will be less than 30 minutes from Central London, allowing you to engage with the worldwide business network.

Your Career Path to Business Management

If you wish to study business management in the UK, whether as an undergraduate or postgraduate student, Kingston University International Study Centre provides route programs to help you prepare for your degree. These include academic modules, English language training, and study skills, preparing you to begin your chosen degree program upon completion.

Depending on your academic background, Kingston University London offers two programs that can prepare you for a business management degree:

#1. Undergraduate

The International Foundation Year in Business, Management, and Law will prepare you for a three-year undergraduate business management degree at Kingston University, ensuring that you meet academic and English language requirements. After completing this program, you will begin the first year of your undergraduate degree.

The International Year One in Business and Management is a fast-track program for students who meet the prerequisites for a business management degree but need assistance transitioning to studying and living in the UK. You will spend your first year at the Kingston University International Study Centre (equivalent to the first year of your undergraduate degree) before continuing on to the second year of your undergraduate degree at the University.

#2. Postgraduate

The Pre-Masters Programme in Business and Management is designed for students who wish to pursue a postgraduate degree in business management but do not meet the direct entry requirements or who need to enhance their English prior to beginning the course. This program is also designed for students who want to improve the comprehension of their subject matter or adjust to their new cultural and academic settings.

The skills you learn during a business management degree enable you to contribute to your employer’s organization quickly and effectively.

Opportunities for Employment In Business Management

Among the jobs that are directly related to your degree are:

  • Actuarial expert
  • Arbitrator
  • Business Consultant
  • Business Analyst
  • Manager of Business Development
  • Management accountant (CMA)
  • Investment banker for corporations
  • Data Analyst
  • Data Scientist
  • Forensics Accountant
  • Insurance Underwriter
  • Management advisor
  • Projects Manager
  • Risk Manager
  • Stockbroker
  • Supply chain Manager

Jobs that would benefit from your degree include:

  • Construction Manager
  • Legal fees lawyer
  • Environment Engineer
  • External examiner
  • Human Resources Officer
  • Logistics and distribution Manager
  • Marketing manager
  • Mortgage consultant
  • Retail Manager
  • Sales Manager
  • Computer systems Analyst
  • Urban environments Designer

Keep in mind that many firms accept applications from graduates with any degree subject, so don’t limit your search to the opportunities listed here.

Work Experience in Business Management

A business management degree prepares you for a business job in any area or industry. Determine the field in which you wish to work and strive to gain suitable work experience.

You can earn experience at university by participating in extracurricular activities such as joining a club or joining a society that will help you enhance your team-building, business, or financial skills. You could also look for part-time work in a field similar to your desired career. Something that teaches you commercial skills or teaches you about business processes and how organizations work would be beneficial.

Typical Employers of Business Managers

Chemicals, utilities, fashion, health, food, and construction all demand functional managers who understand systems, efficiency, and operational difficulties. Management and analysis positions are available with businesses in the private, public, and non-profit sectors.

Large firms’ graduate training programs usually focus on commercial positions. Many provide experience in multiple sectors, while others encourage specialization from the start.

CV skills

A business management degree offers you a general overview of business organizations as well as subject-specific expertise in areas such as markets, customers, finance, operations, communication, information technology, and business policy and strategy. Business issues are frequently discussed at the European and international levels.

On your course, you’ll learn a variety of transferable skills, including:

  • a grasp of organizational structure and behavior
  • critical and analytical thinking
  • a problem-solving strategy that is innovative
  • decision-making
  • written and oral communication that is convincing
  • Numeracy, as well as the ability to investigate, interpret, and apply business and financial data
  • Self-sufficiency, initiative, and the ability to manage time, tasks, and resources are required.
  • understanding of the causes and consequences of economic and other external changes

Further Studies

Some graduates choose to extend their education in areas such as marketing, finance, human resources, computing, and international business management in order to specialize in a certain field of business. Another alternative is to pursue an MBA.

Those who combine education and work frequently work for a professional qualification, which is usually supported by their company. Organizations such as the offer professional qualifications that are popular among business studies graduates.

  • The Association of Chartered Certified Accountants (ACCA)
  • Chartered Institute of Management Accountants (CIMA)
  • Chartered Institute of Marketing (CIM)
  • The Chartered Institute of Personnel and Development (CIPD)
  • The Chartered Management Institute (CMI)

If you want to practice law, you can enroll in the Graduate Diploma in Law (GDL) conversion course.

What do Graduates of business Management do?

Business, sales, and human resources are represented in nine of the top 10 jobs held by business management graduates in the UK. The leading job title for business management graduates is marketing associate professional, with slightly under 800 graduates engaged in this field six months after graduation.

Graduate destinations for business management

DestinationPercentage
Employed75.3
Additional research4.1
Working and learning9.2
Unemployed5.6
Other5.8
Graduate destinations for business management

Types of work entered in the UK

Work typePercentage
Business, human resources, and finance23.8
Marketing, public relations, and sales21.2
Clerks, secretarial and numerical15
Managers 10.2
Others29.8
Types of work entered in the UK

Overview of a Business Manager

As a business manager, you are primarily responsible for managing administrative activities for a business. A corporation may expect you to help with its marketing campaign. A corporation may also request that you conduct a budget study in order to identify cost-cutting opportunities. You should have a thorough understanding of the accounting, marketing, and administrative procedures required to run a business.

Competitiveness for roles in business management can be tough. If you want to work in business management, you should get a degree in business administration, accounting, or marketing.

Salary

According to the Bureau of Labor Statistics, the average annual compensation for a business manager is around $77,000. In the next ten years, the role is predicted to rise by at least 15%. As businesses try to adapt to online commerce, they will face growing pressures. If you have a specific understanding of internet sales, you may be able to easily acquire a position as a business manager. Companies will also be looking for persons with accounting knowledge who can reduce a company’s costs.

Education Prerequisites

A four-year bachelor’s degree in administration, accounting, finance, or marketing is required to become a business manager. If you have a professional certification, such as a CPA license, it can be useful when applying for a position as a business manager. Companies are now looking for someone who can help with financial operations as well. You may be required to perform compliance work for a corporation in order to ensure that the company is following freshly enacted financial regulations. Companies are also seeking someone with a master’s degree in business or accounting. At some point in your career, you should anticipate getting an MBA in management or accounting.

Required skills

It is critical to have excellent analytical skills in order to succeed as a business manager. You must anticipate the demands that a company may confront in the future. It is also essential that you have the capacity to work well with others. You should be able to cooperate with people of various personalities. Employees will look to you for motivation and leadership. During times of heavy business pressure, you should be able to inspire colleagues to excel in their work. You may also need solid accounting skills if a business wants you to undertake a monthly budget study of its operations.

Responsibilities

Business managers’ typical responsibilities include managing operations, approving contracts, and assisting employees in reaching their peak productivity levels. A business manager may also be tasked with supervising and training new personnel. He or she may also assist in the organizing of certain events for a corporation. A business manager plays a crucial role in the running of a firm, and he or she must be able to deal with high levels of stress.

What Is a Business Management System?

The Business Management System, or BMS, is a set of tools used for tactical and strategic planning of practices, processes, policies, guidelines, and procedures to be utilized in the deployment, execution, and development of business strategies and plans, as well as any associated management activities. They serve as a foundation for both tactical and strategic business decisions on current processes, tasks, activities, and procedures, with the purpose of accomplishing all of an organization’s objectives as well as satisfying customer expectations and demands.

The primary goal of a Business Management System is to provide management with tools for monitoring, planning, and managing their actions, as well as to measure the performance of a business. They also intend to implement continuous improvement techniques throughout the organization. This system identifies the guiding principles of the organization and is strongly tied to business success criteria. It is a multi-level hierarchy of diverse business solutions that demonstrate how a profit-oriented corporation would perform various responsibilities, such as marketing, sales, staffing, and purchasing, to successfully complete a task.

Management Tactics in Business

A BMS’s functional group determines the tactical procedures and approaches to implementing business plans that are tied to their business strategies. Tactical options should only be discussed throughout the decision-making process. They should be carried out in accordance with the deadlines specified in the business management strategy document. Additional business schedules can also be created and allocated to this tactical implementation strategy.
Business Management Tactics are activities that adhere to the business standards outlined in the company’s rules. They put business tasks and plans into action in order to fulfill prioritized goals.

This functional group also has methods and criteria for developing business management plans. The recommendations include step-by-step instructions and directives that demonstrate how decision-makers can govern all tactical solutions. They include operations and procedures that demonstrate how performers complete daily jobs and activities. This group also guides employees toward the completion of business solutions and identifying implementation strategies that are in line with management methods.

Business Management Styles

Management styles that are commonly used include democratic, autocratic, paternalistic, and laissez-faire. When employees are able to provide feedback or input on business choices, a democratic management style is applied. Autocratic management empowers the business owner to make all decisions and guide the company through the business environment. Paternalistic management is when the finest possible work environment is produced for each employee. Laissez-faire gives employees the most autonomy and allows decisions to be made with little to no monitoring from the business owner.

Traditional management is a hierarchical structure of employees, comprising lower, middle, and upper management. The manager establishes expectations for the goals that staff must achieve.

Business Management vs. Business Administration

While both degrees provide a foundation in the fundamentals of business, their emphasis differs. A Bachelor of Science in Business Management (BSBM) degree, for example, focuses on business management. Coursework may include business communication, accounting fundamentals, and management theory. A Bachelor of Science in Business Administration (BSBA) on the other hand, might have a variety of concentrations. Students might concentrate on more practical business applications such as finance, marketing, economics, and operations. While business theory is taught, BSBA students also study the practical skills that drive business management, leadership, and ethical decision-making.

Similarities

The parallels between business administration and business management are obvious, but the differences between these two-degree routes are also noticeable. If a person is looking for the broader of the two educational pathways, business management may be a good option. According to the Houston Chronicle, the focus of a business management school is often on the larger picture of the economy. Students in business management schools strive for a broad awareness of present business trends, but they may not always focus on the intricacies of each market.

Business administration, on the other hand, is sometimes thought to be most suited for people who intend to work in specialized business roles after completing their studies. Those seeking to work as high-level accountants, chief technology officers, chief operations officers, and other similar positions may benefit from a BSBA degree before pursuing graduate-level schooling.

In some ways, the two core business degrees are similar to the differences between public policy and public administration degree programs. Management is concerned with vision, planning, and communication, whereas administration is more concerned with ensuring that the day-to-day operations of a business continue to run smoothly.

What Is the Distinction Between Management and Business Administration?

Students can get different things out of business administration and business management degrees. They share fundamental courses in finance, economics, accounting, and marketing, among other things. Each degree, however, has a particular specialization that offers a separate career path.

Business management is concerned with the human aspects of running a business. To that purpose, a degree program’s curriculum includes courses in human resources, information systems, logistics, and communication. Management programs train graduates to be team leaders, anticipating the requirements of their coworkers and motivating them to operate efficiently.

On the other end of the spectrum, business administration may also include personnel management, but with a focus on the day-to-day operations of a corporation rather than its long-term strategic goals. Business administration degree programs concentrate on the technical aspects of planning and implementation.

Business Management FAQ’s

Is business management a good career?

A business management degree is a popular choice for ambitious entrepreneurs and business leaders. It gives you the academic information and skills you need to explore worldwide job prospects, as well as a comprehensive grasp of business and particular sectors like finance and human resources.

Does business management require math?

While only a couple of pure math subjects are required for a business management degree, many of the degree’s other requirements, such as economics, require a lot of number crunching.

Does business management pay well?

Management occupations have the highest average annual compensation of any major occupation group, at $105,660. According to the Bureau of Labor Statistics, these positions are predicted to rise by 5% by 2029, creating slightly more than 500,000 new jobs.

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