All about business management
Management is both an art and a science. It can be defined as the organizational process that includes strategic planning, setting objectives, managing resources, deploying the human and financial assets needed to achieve those objectives, and measuring results. Management also includes recording and storing facts and information for later use.
A Manager is a person who works with and through individuals or groups to perform such functions that help in the effective and smooth running of the organization.
His functions involve:
Apart from exceptional managerial skills and multi-tasking abilities, a good manager needs to possess many more qualities. Leadership skills are extremely essential along with the ability to motivate and inspire co-workers. Other skills required by an efficient manager include d ecision-making skills, analytical and problem solving skills, interpersonal skills and excellent communication skills.
Despite being one of the oldest disciplines, management is keeping pace with the changing times. Information Technology (IT) has today become an integral part of management. This system of Management combines two fields, computers with management.
Data is collected and processed using IT and provided to managers at all levels who use it for decision making, planning, program implementation, and control. The pie chart below illustrates the percentage of management recruitments as per the major industries in the market
Today, a management degree has become an attractive proposition, as there are attractive entry-level salaries (including salaries being offered in dollars by some MNCs).
Typically, a management graduate gets absorbed into a company through the campus placement program of his/ her institute.
The MBA program offers a lucrative career option to both experienced professionals as well as fresh graduates.
How to study management
Management, like any other skill can be improved with study and practice. Management is offered as a subject in a number of institutions and universities in the country and abroad. It is one of the oldest and most sought after disciplines of study. In India IIMs (Indian Institute of Managements) are the premier institutes for management studies.
Management can be studied on a regular or part time basis at both the undergraduate (BBA/BBS/BMS) and postgraduate level (MBA/PGDBM). A lot of institutes and universities are also offering management courses in distance learning programmes.
For admission into the regular management programmes of IIM and other premier institutions, students are required to clear a written competitive entrance exam like CAT/MAT/XAT.
For applying to foreign universities students have to pass an English proficiency test such as TOEFL/ IELTS apart from aptitude assessment tests such as SAT and GMAT.
- IIM (Ahemdabad, Bangalore, Calcutta, Kozikode, Indore, Lucknow)
- XLRI, Jamshedpur
- Amity Business School , Noida & Manesar
- Symbiosis Institute of Business Management, Pune
- MDI, Gurgaon
- GGSIP University, New Delhi
- Jamia Milia Islamia, New Delhi
- College of Business Studies, Delhi
Areas of specialization
Marketing Management: Marketing is a business activity that directs the flow of goods and services from the producer to the consumer or user . Marketing management involves
market research & analysis, product development & pricing and promotion and sales forecasting. Marketing entails a marketing campaign in which all departments, from design to distribution, work towards the marketing objectives keeping the clients' wishes in mind.
Sales Management: Sales is about enabling the person to buy a product. Sales management involves assessing and fixing sales targets and working out strategies for its implementation.
Human Resource / Personnel Management: Human Resource managers take care of recruitments, training (staff/management) and resource development. Personnel managers or human resource managers interpret the progressive needs of the organization and direct individual potential towards a common goal.
Finance Management: Financial operations and services offer a variety of opportunities to specialists in finance. This area of specialization involves drawing up budgets, executing financial programs, conducting profitability appraisals and responsibility for organization’s financial policies
Production / Operations Management: In this area the functions performed by managers involve material procurement, production process, inspection & testing, quality control and cost analysis.
Upcoming areas in management
- International Business
- Retail Management
- Hospital Management
- Event Management
Management graduates can look for job opportunities in the following areas:
- Multinational Corporations
- Banks / Financial Concerns
- Public Sector
- International Agencies
- Consultancy Services
- Placement Services