What is Business Management?

May 11, 2020

Business management is the art and science of working with people and leading in a business world that hinges on strategy and decision-making.

Interested in managing the coordination, organization and operation of business activities? A degree in business management might be for you. Obtaining a degree in business management will give you the skill set necessary to excel while managing a company. While some may think that business management just pertains to managing people, it’s much more than that.

Management is used everywhere in business—it is an integral part in operations, logistics and everything on the backend of business development. For example, a grocery store could have a business manager who makes decisions on where to place items to make the most profit. Or a corporation could have someone who maintains and strengthens relationships with clients.

What are potential careers for business management graduates?

As you can probably tell, business management is a broad field. Business management involves two broad domains: One is working with people—hiring, training, coordinating and creating an effective environment for the attainment of organizational objectives. The other is laying a foundation for becoming a manager of a business or organizational unit where strategy and decision-making skills are important.

Here is a sample of the career paths you can pursue as a business management graduate.

Business Analyst

Business analysts gather data concerning problems within a company. They analyze the information to seek out any possible solutions or alternatives.

Account Manager

Account managers act as the company’s representative for a client. Account managers nurture client relationships, work with sales and marketing teams to find new clients and prepare presentations and pitches and communicate client agendas to the rest of the company.

Financial Analyst

Financial analysts focus on conducting analyses that apply to a company’s finances and investments. They create relevant charts, graphs and spreadsheets.

Marketing Manager

Marketing managers assess and help generate the demand for certain products and services that a company offers. They look for potential markets that the organization can approach and advertise their products or services to potential customers.

Sales Manager

Sales managers are responsible for developing the strategy behind sales initiatives and goals.

What is the difference between Business Management versus Business Administration?

Although the core courses are similar, there are a few major differences between business management and business administration programs. Business management usually pertains to the personnel aspect of businesses. This can include human resources, communication, logistics, planning and organization. Business administration includes a broader background on how to run a business and setting strategic long-term and short-term goals for the organization.

For example, here are some courses offered in our business management program:

  • Global Business in the Emerging Region
  • Labor Arbitration
  • Social Innovation Organizations
  • Management of Effective Nonprofit Organizations
  • Nonprofit Consulting
  • Business Law
  • Applied Topics in Bargaining and Negotiations

Career Fields in Business Management

If you’re interested in pursuing a degree in business management, there are dozens of potential fields of study to choose from, including:

  • Advertising
  • Entrepreneurship
  • Hospitality Management
  • Information Systems Management
  • International Business
  • Nonprofit Management
  • Operations Management
  • Public Administration
  • Sales Management
  • Supply Chain Management

Salaries

Starting salaries for Business Management graduates vary by the size and type of employer, the location, course work and experience. National average starting salary offers:

  • Starting Salary Projections for Business Administration/Management for the class of 2019: $57,133 (NACE Salary Survey, 2019)

Eller Undergraduate Business Management Program

Eller offers a four-year business management major for undergraduate students. Learn more about our business management program on our website.