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Business Management Notes

Business management involves planning, organizing, leading, and controlling resources to achieve goals efficiently. Key functions include planning, organizing, leading, and controlling, while management levels range from top executives to supervisors. Important areas include human resources, operations, marketing, financial, and strategic management, along with essential skills like leadership and decision-making.

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116 views3 pages

Business Management Notes

Business management involves planning, organizing, leading, and controlling resources to achieve goals efficiently. Key functions include planning, organizing, leading, and controlling, while management levels range from top executives to supervisors. Important areas include human resources, operations, marketing, financial, and strategic management, along with essential skills like leadership and decision-making.

Uploaded by

tareqasikbhuiyan
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Business Management Notes

1. Definition
Business management is the process of planning, organizing, leading, and
controlling resources (human, financial, physical, and informational) to achieve
organizational goals efficiently and effectively.

2. Functions of Management (Fayol’s Principles)


1. Planning – Setting objectives and determining how to achieve them.
2. Organizing – Allocating resources and assigning tasks.
3. Leading – Motivating and directing employees.
4. Controlling – Monitoring performance and making adjustments.

3. Levels of Management
 Top-level (Executives/CEO): Strategic decisions, vision-setting.
 Middle-level (Managers): Implementing plans, overseeing departments.
 Lower-level (Supervisors): Day-to-day operations and team management.

4. Key Areas in Business Management


 Human Resource Management – Hiring, training, performance evaluation.
 Operations Management – Production, quality control, logistics.
 Marketing Management – Market research, promotion, sales strategy.
 Financial Management – Budgeting, investing, financial reporting.
 Strategic Management – Long-term planning and competitive positioning.

5. Skills Required for Effective Management


 Leadership
 Communication
 Decision-making
 Problem-solving
 Time management
 Delegation

6. Types of Business Structures


 Sole Proprietorship
 Partnership
 Corporation
 Limited Liability Company (LLC)
 Cooperative

7. Decision-Making Process
1. Identify the problem
2. Gather information
3. Analyze options
4. Choose the best alternative
5. Implement the decision
6. Evaluate the results

8. SWOT Analysis
 Strengths
 Weaknesses
 Opportunities
 Threats
Used for strategic planning and situational analysis.

9. Management Styles
 Autocratic – One-way communication, top-down control.
 Democratic – Two-way communication, employee input valued.
 Laissez-Faire – Minimal supervision, high employee freedom.

10. Trends in Modern Business Management


 Digital transformation & AI integration
 Remote & hybrid work models
 Sustainable & ethical practices
 Globalization
 Data-driven decision-making

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