What is business management: Its type, how to work, its important, and how to learn

Business management picture
Management depends on a work plan and decisions. To run a profession smoothly that works together. This also exists in business.

This is what we call business management. Some of the subjects directly related to management are: planning, organizing, leading and controlling.

It works to fulfill the goals and objectives of a business. It is basically a process of making decisions and implementing plans to manage sales of products or services, use resources in the right place and control employees properly.

According to our research, there are basically 15 types of business management. These patterns are very important and one cannot think of running a business without them.

Its importance and needs are understood while running the business. If any one of these 15 managements is damaged, business income is lost. However, a partial loss of any one of these is unlikely to destroy the entire business.

Remember, a management refers to only one part of the business. Therefore, if there is a weakness in any business, immediate action should be taken.

What is business management

Business management is the process of one part of business. For example: strategic management, financial management, product or service management etc. These are part of running a business. All these management solve the problems of different parts of the business. Eg: Handles various problem solving including finance, project work, event management.

What type is it? 

There are wide types of business management. Each of which focuses on different aspects of running and growing a business. Here are 15 types of management for running a business:

1. Customer Relationship Management: Customers are the backbone of a business. A business cannot sell products or services without customers. So a business should have customer relationship management. Engage digitally to connect with customers. Also have to conduct various events, seminars, meetings, 24/7 support.

2. Product or Service Management: Product or service is known as the role of creation of a company. So we need to have product or service management committee for our business. Product or service management can be controlled in various ways. For example: selling products or services, implementing sales strategies, maintaining quality of products or services, planning products or services, etc.

3. Marketing Management: The better the marketing of a business's products or services, the more likely it is to achieve business success. So a business should have marketing management. Its functions are: Marketing of the product or service, Taking the product to the general consumer, Free and paid marketing of the product or service on various platforms including Facebook, YouTube, Google.

4. Financial Management: A business should have financial management to improve its financial condition. All the functions it handles are: budget planning and implementation, fundraising, partner resource management, etc.

5. Information Technology Management: The present era is the era of information technology. In this modern age, there is a touch of modernity in all areas. As a result, technology has entered business and now all business organizations are building information technology management teams. whose job is to share information, create a positive perception of the product or service among customers, and update and maintain technical equipment.

6. Supply Chain Management: A business's supply chain must be very good. Because it involves business transport management. A customer wants his product or service to be good and the product or service he receives to be good. So it is important for a business to have supply chain management. Its functions are: to deliver the product or service correctly, to get the product or service to the customer without damage, to plan supply chain development.

7. Project Management: Running a business involves creating various projects from time to time. For which project management committee should be kept. Their tasks are: project implementation, proper project planning, revenue and expenditure accounting, successful completion of a project etc.

8. Event Management: There is no substitute for organizing events to maintain good relations with companies and customers. So organizing an event beautifully, arranging it, creating an environment for speaking, managing all the work properly on the day of the event etc. is the job of an event management.

9. Asset Management: Managing the assets of customers, banks and partners is important for a business. It is responsible for maintaining a business account. It also serves to protect assets from theft and ensure proper distribution of assets between the company and its customers.

10. Maintenance Management: It is very important to maintain and update all the equipment and machinery products of a business. A maintenance management team is needed to handle this task. This management group will decide which equipment and machinery products to maintain, what to update and what to discard.

11. Brand Management: A business grows when a business becomes a brand. It is the responsibility of brand management to look after it and reach more customers. Their job is: to reach the company to more customers, to retain the brand, to do the brand management properly, to present the company's brand well with the market competition and to plan about it etc.

12. Security Management: The present age is the digital age. Digital security is the new fear for a business in this era. So preventing security threats to a business, securing everything in the company, protecting social media platforms like websites, apps etc from being hacked, planning how to secure a business is the job of security management.

13. Risk Management: There are many activities in business that are very risky. So there must be a risk management team to deal with the risk. Their job is to: see when to take risks in the business and when to take risks, discuss, plan, give right decisions to the company, provide various statistics and risk management.

14. Contract Management: It is necessary to enter into contracts with various companies from time to time to grow the business and reach more people. For which it is essential to have a contract management team within the business. Because the contract management team will provide you with various information about which company is good or bad to contract with, who to renew the contract with and who to cancel the contract with, etc.

15. Media Management: All people in today's world are media oriented. Consequently, it is important to use media to communicate with anyone, including customers. So having a media management group within a business, who will provide 24 hour customer service with people online. Also your business will engage with customers digitally by replying to people's comments on various social media platforms like Facebook, YouTube, Instagram, X, Reddit, etc.

How important is it? 

Management is very important for business success. Because the better the business management, the more successful the business plan will be. Follow the points below to know how important it is:
  1. It helps a company make strategic decisions and implement long-term plans.
  2. It improves the economic condition of a business, reduces time wastage and helps in doing work more efficiently.
  3. It helps in making future strategic decisions and minimizes risks and maximizes opportunities.
  4. It helps to adapt to market changes and stay competitive.
  5. It ensures smoothness in a plan. As a result, tasks can be completed accurately and business productivity increases.
  6. Maintains cost management. Eg: budget, financial planning etc.
  7. It helps a businessman to form strong management committee. This in turn improves leadership skills, strengthens the business and ensures a motivated workforce.
  8. Good management of a business can achieve customer satisfaction. This increases customer attraction and leads to more sales of the product or service.
  9. Ensures sustainability of a business. As a result, businesses operate sustainably, balancing profit with social and environmental responsibility.

How to learn it

There are many institutes and platforms dedicated to learning business management, where you can easily acquire such skills. Eg: Institutional education, practical experience, self study, networking etc.

Institutional education

Institutional education begins early in a person's life. It is of two types. Eg: degree programs, online courses.
  • Degree Program: Enrollment in and completion of a degree program at a college or university (associate, graduate, master's, or MBA) can help earn a management education.
  • Online Courses: Take online courses and certifications. There are various platforms for acquiring such education. For example: Coursera, edX, or Udemy etc.

practical experience

Go to places that offer hands-on experience. For example: internships, part-time jobs and volunteer work.
  • Internship: Gain experience from internship or initial stage.
  • Part Time Jobs: Work in different business functions, to get exposure to different aspects of management.
  • Voluntary work: Participate in voluntary projects, where there is organizational or managerial work and work responsibly.

own lesson

Gain knowledge by yourself from different platforms and by reading books.
  • Reading Books: Read and gain knowledge from various class books and all business management related books available in the market.
  • Follow Industry News: Read and stay updated on the latest business news from trusted sources like lifetricks24.com, Wall Street Journal, Harvard Business Review and Forbes.
  • Watch videos: Watch management education videos and lectures from platforms like YouTube and TED.


Join different networks. So that you can get detailed education about business management. Eg: Joining professional organizations, attending conferences and seminars.
  • Join a professional organization: Become a member of a trade organization. Eg: American Management Association (AMA) and Chartered Management Institute (CMI) etc.
  • Attend Conferences and Seminars: Attend industry events regularly, learn from experts and network with professionals and gain experience in management.


Finally, business management is not just a single subject. Rather it is spread all over the business. Hence, business management plays an important role in planning and making decisions to run the business. It is basically the various important parts of an organization or company. So the better you as a trader can focus on managing it, the easier it will be to achieve business success.

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