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Many of my students specifically mentioned this article as a ‘key takeaway’ from the class. Review of "Leading Change: Why Transformation Efforts Fail"

Best article that clarifies how sustainability can be embedded in strategy. Review of "Creating Shared Value"

This article offers a complete perspective on persuasion that is not explored in other material. Review of "Harnessing the Science of Persuasion"

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When Expanding into a Foreign Market, Your Outsider Status Is a Competitive Advantage

How global companies can not only navigate but thrive in new territories.

6 Common Leadership Styles — and How to Decide Which to Use When

Being a great leader means recognizing that different circumstances call for different approaches.

Rebecca Knight

The Challenge of Leaving a Long-Term Job to Start Something New

Making a big change can feel both thrilling and perilous. Here’s now to navigate these conflicting emotions.

Dorie Clark and Natalie Nixon

4 Types of Gen AI Risk and How to Mitigate Them

The strategic advantage omnichannel retailers have over amazon, ai will increase the quantity — and quality — of phishing scams.

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The Pregnant Workers Fairness Act: What U.S. Employers Need to Know

Tech at work: how to get the most out of digital collaboration tools, 3 challenges to hybrid work — and how to overcome them, why you should be tracking customer surplus value, all business strategies fall into 4 categories, what venture capitalists can teach companies about decision-making, personalize your customer’s shopping experience with ai, how one energy ceo is leading a transition toward clean energy, the magazine.

To Create a Greener Future, the West Can’t Ignore China

Shameen Prashantham and Lola Woetzel

For Success with AI, Bring Everyone On Board

David De Cremer

Why the Influencer Industry Needs Guardrails

How your business should tap into the creator economy, research: why people really buy upcycled products, how to market sustainable products, what companies get wrong about skills-based hiring, highly skilled professionals want your work but not your job, hr’s new role, how technology can help drive dei success, the right way to build your brand, to prove your company isn’t greenwashing, endorse smart regulation, you need new skills to make a career pivot. here’s how to find the time to build them., make your workday work for your mental health, 3 career-building strategies for an increasingly complex world of work, 3 ways to make a request that doesn’t feel coercive, keep your team motivated when a project goes off the rails, do you manage too many people, how to rethink your career as an empty nester, working parents, plan for the week with this simple exercise, the research-backed benefits of daily rituals, 4 strategies to guide your team through a departmental transition, transformations that work, why playing it safe is the riskiest strategic choice, your team members aren't participating in meetings. here's what to do., 3 ways to clearly communicate your company's strategy, the art of asking smarter questions, ai is making economists rethink the story of automation, newsletters, weekly hotlist.

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Resources, practical advice, and personal stories to lift you up and move you forward.

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Career and life advice for young professionals.

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Tesla and elon musk, are you a collaborative leader, building your company's vision, how to make your leadership potential more visible, partner center.

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Business and management articles from across Nature Portfolio

Latest research and reviews.

The impact of corporate social responsibility in technological innovation on sustainable competitive performance

Decent work and innovative work behavior of academic staff in higher education institutions: the mediating role of work engagement and job self-efficacy

• Rasha S. Hassan
• Hala M. G. Amin
• Hebatallah Ghoneim

How does the circular economy achieve social change? Assessment in terms of sustainable development goals

• Dolores Gallardo-Vázquez
• Sabina Scarpellini
• Carlos Fernández-Bandera

Better or worse? Revealing the impact of common institutional ownership on annual report readability

• Zhenyu Jiang
• Lingshan Hu
• Zongjun Wang

How the communication style of chatbots influences consumers’ satisfaction, trust, and engagement in the context of service failure

• Shuhong Gao

How spirituality affects individuals’ attitudes towards corporate social responsibility: a moderated mediation model

• Wenchuan Huang
• Shouming Chen
• Ahmed Rabeeu

News and Comment

The role of justice is set to shift accountability and responsibility in the energy sector.

The understanding of justice in the energy sector has now been harmonized across stakeholders, causing risk, reward and — in particular — responsibility to be reallocated towards energy companies and governments. Energy decision-makers today will be held legally accountable for past decisions, and this will influence how decisions are made today.

• Raphael J. Heffron
• Aoife Foley
• Dylan D. Furszyfer Del Rio

Five journeys from nanotechnology research to successful products in the water industry

Nanotechnology-based semipermeable membranes have been actively studied for their potential application in the production of clean water. Fundamental nanotechnology research has been turned into award-winning water industry products.

• Adrian M. Brozell
• Joris de Grooth
• Eric M. V. Hoek

Innovative dietary fat production

Fats and oils are crucial dietary supplements for human health. However, animal fats and palm oil dominate the food industry, with concerns over health and the environment that call for the development of fat alternatives. The fat industry offers a vast market potential, with several startups pioneering new technical solutions and attracting venture capital interest.

• Enrico Costanzo
• Giorgia Spigno

Hybrid intelligence for reconciling biodiversity and productivity in agriculture

Hybrid intelligence — arising from the sensible, targeted fusion of human minds and cutting-edge computational systems — holds great potential for enhancing the sustainability of agriculture. Leveraging the combined strengths of both collective human and artificial intelligence helps identify and stress-test pathways towards the reconciliation of biodiversity and productivity.

Post-pandemic acceleration of demand for interpersonal skills

Aggregate demand for interpersonal skills in the Australian labour market has accelerated since the onset of the COVID-19 pandemic. Further, there has been a high degree of complementarity between remote work and demand for interpersonal skills during this period.

A challenge for the law and artificial intelligence

Borrowing the format of public competitions from engineering and computer science, a new type of challenge in 2023 tested real-world AI applications with legal assessments based on the EU AI Act.

• Thomas Burri

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What is ‘ethical AI’ and how can companies achieve it?

Dennis Hirsch , The Ohio State University and Piers Norris Turner , The Ohio State University

Why your company needs an innovation strategy in 2023

Grant Alexander Wilson , University of Regina and Tyler Case , University of Saskatchewan

Elon Musk’s archaic management style prioritizes profit over people

Eli Sopow , University Canada West

Six models of successful team leadership from Game of Thrones and House of the Dragon

Fiona Moore , Royal Holloway University of London

Social networks play a key role when entrepreneurs cut ties to their companies

Narongsak (Tek) Thongpapanl , Brock University ; Eugene Kaciak , Brock University ; Izabela Koladkiewicz , Kozminski University , and Marta Wojtyra , Kozminski University

Informal feedback: we crave it more than ever, and don’t care who it’s from

Nathan Eva , Monash University ; Alex Newman , Deakin University ; Hannah Meacham , Monash University , and Tse Leng Tham , RMIT University

US business schools failing on climate change

Nancy E. Landrum, Ph.D. , Loyola University Chicago

Why algorithms won’t necessarily lead to utopian workplaces

Uri Gal , University of Sydney

It’s not all about government, business managers can foster innovation too

Kieran O'Brien , University of Tasmania and Anthony Arundel , University of Tasmania

How to free business scholars from their ivory tower chains

Stephan Manning , UMass Boston

Why autocratic bosses are a dying breed

Morgen Witzel , University of Exeter

Economic perspective on business research too narrow

Australian National University

Rethinking innovation: harnessing the collective creativity of the crowd

Jochen Schweitzer , University of Technology Sydney and Joanne Jakovich , University of Technology Sydney

All talk, no action: why company strategy often falls on deaf ears

Timothy Devinney , University of Technology Sydney

Searching for an olive branch in the global war for talent

Will Harvey , University of Sydney

Short-term gain or long-term pain? Finding HR solutions for a flexible workforce

Peter Holland , Monash University

All hail Jugaad? Understanding the latest management fad from India

Thomas Birtchnell , University of Wollongong

How individual firms can solve the ‘productivity paradox’

Danny Samson , The University of Melbourne

Productivity growth provides a reality check for the lucky country

Rosemary Howard , UNSW Sydney

Australians use Facebook on the job

Monash University

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Business and Management Journals

New journal, frontiers of business research in china, editor-in-chief: jiye mao.

FBR publishes original academic and practical research articles that extend, test, or build management theories, as well as contributions to business administration practice, either in the Greater China region or beyond.   More about the journal  | Read all articles  |  Submit here

Featured Journals

Journal of innovation and entrepreneurship, editor-in-chief: elias g. carayannis.

Dedicated to exchanging the latest academic research and practical findings on all aspects of innovation and entrepreneurship in spatial context and over time.  More about the journal  | Read all articles | Submit here

J o urnal of Organization Design

Editors-in-chief: john joseph, metin sengul.

The mission of the (JOD) is to publish theoretical and empirical research on organization design. Organization design is an applied discipline based on the literature of the organization sciences.  More about the journa l  | Read all articles |  Submit here

Journal Highlights

Asian journal of sustainability and social responsibility, editor-in-chief: jong dae kim.

The journal  provides a platform for research articles on Corporate Social Responsibility and Sustainability Development/Management issues specific to the Asian region.  More about the journa l  | Read all articles |  Submit here

International Journal of Quality Innovation

Editor-in-chief: sang m. lee.

The journal welcomes state-of-the-art papers from researchers and practitioners working worldwide.   More about the journal  | Read all articles  |  Submit here

Journal of Global Entrepreneurship Research

Editor-in-chief: nezameddin faghih.

The journal publishes peer-reviewed original open access articles on Entrepreneurship in a global perspective.  More about the journal  | Read all articles |  Submit here

Journ al of Shipping and Trade

Editor-in-chief: venus lun.

Multi-disciplinary publication that focuses both on business & management, as well as transportation-related fields. JST aims to promote practices in shipping and to improve the management of global trade activities.  More about the journal  | Read all articles | Submit here

Business Research

Editor-in-chief: thomas gehrig.

publishes high-quality articles covering both traditional fields of business administration and cross-functional, multidisciplinary research that reflects the complex character of business problems.   More about the journal  | Read all articles | Submit here

International Journal of Corporate Social Responsibility

Editors-in-chief: rené schmidpeter, samuel o. idowu.

The journal offers a unique platform for the latest theoretical and empirical research and for innovative concepts for sustainable business strategies which create value for business and society (shared value).   More about the journal  | Read all articles | Subm it here

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The journal publishes research in Social Science, Humanities, Economics, Business and much more.  More about the journal 

What is Business Management?

Author: University of North Dakota May 24, 2024

Business management is a key driver that helps companies achieve their goals by coordinating efforts and smoothing out the process.

Request Information

It's a crucial force that's always at work, though you might not always see it—think of it as the oil that keeps the engine of a business running smoothly.

Imagine a place where every decision is carefully considered, tasks are organized efficiently and everyone is pulling in the same direction. This is what effective business management looks like. It's all about good planning, smart organizing and strong leadership that together push a business toward success. 

Keep reading to discover more about business management, starting with the basic question, "What is business management?" and looking into how it shapes the future of companies.

Business management involves coordinating organizational activities to achieve its objectives and goals. This is done through functions such as planning, organizing, directing and controlling various aspects of operations, including finance, marketing and human resources.

Business management is distinct from business administration in that while business administration focuses on the day-to-day operations and administrative tasks within an organization, business management takes a broader view, encompassing strategic planning, leadership and decision-making processes that drive the organization forward.

The Importance of Business Management

Business management is crucial in determining an organization's success and sustainability. One of the most critical areas where effective management shines is retaining employees. Research shows that a staggering 57% of employees have left one or more companies due to poor management. Therefore, good management habits are essential for fostering a workplace culture that encourages long-term employee engagement and retention.

Additionally, effective business management significantly impacts productivity within an organization. The quality of leadership and management practices directly correlates with employee productivity levels . A supportive and inspiring leadership style motivates employees to perform at their best throughout the workday, driving higher productivity levels. 

Conversely, ineffective management practices or a toxic company culture can lead to communication breakdowns, demotivation and ultimately hindered productivity. Therefore, strong management practices are essential for optimizing employee performance and maximizing overall productivity.

Lastly, effective business management is crucial for bolstering an organization's capacity to weather challenging circumstances, such as economic recessions. During times of crisis, competent management becomes even more critical in navigating uncertainties and guiding the organization toward resilience and recovery. 

A well-equipped management team can make strategic decisions, implement cost-saving measures and adapt swiftly to changing market conditions, safeguarding the organization's stability and ensuring its long-term survival. 

Core Functions of Business Management

Effective business management encompasses several core functions essential for achieving organizational goals and driving success. Each function helps guide the organization's operations and activities toward desired outcomes and ensures overall efficiency and effectiveness.

Planning and Strategy

Firstly, planning and strategy form the foundation of effective business management. This function involves setting clear objectives and goals for the organization and developing comprehensive plans to achieve them. Strategic planning entails analyzing market trends, assessing internal capabilities and identifying opportunities for growth and innovation. 

By carefully crafting strategies and action plans, businesses can navigate uncertainties, anticipate challenges and position themselves for long-term success.

Organizing and Structuring

Organizing and structuring involve designing the organizational framework and allocating resources to facilitate the execution of plans and strategies. This function encompasses establishing reporting relationships, defining roles and responsibilities as well as creating workflows to ensure seamless employee coordination and collaboration. 

Effective organizational structure fosters clarity, efficiency and accountability within the organization, enabling teams to work cohesively toward common objectives.

Leading and Motivating

Next, leading and motivating is about inspiring and empowering employees to perform at their best and achieve organizational goals. Effective leaders set a compelling vision, communicate clear expectations and provide guidance and support to their teams. They foster a positive work culture that values teamwork, innovation and continuous improvement, thereby motivating employees to contribute their talents and efforts to the organization's success.

Controlling and Evaluating Performance

Lastly, controlling and evaluating performance involves monitoring progress, measuring outcomes and making adjustments as needed to ensure that goals are being met. This function includes establishing performance metrics, conducting regular reviews and implementing corrective actions to address any deviations from the plan. 

By maintaining oversight and accountability, businesses can identify areas for improvement, capitalize on strengths and drive continuous growth and development.

Specialized Areas of Business Management

Business management has various specialized areas encompassing multiple functions, from managing human resources and finances to overseeing marketing initiatives and optimizing operational processes. While each area has its unique focus and responsibilities, they all contribute to the organization's overall efficiency, productivity and profitability.

Human Resource Management

Human resource management (HRM) is a specialized area of business management that revolves around recruiting, developing and managing an organization's workforce. It encompasses various aspects such as total compensation, hiring processes, employee safety and wellness.

Contrary to popular belief, HRM is not solely the HR department's or individual's responsibility; rather, it is a collective effort involving all department managers who recognize the importance of effective HR practices in enabling employees to contribute effectively to the organization's overall goals and direction. In modern HRM approaches, emphasis is placed on utilizing employee programs to foster a positive impact on both staff members and the broader business.

Financial Management

Financial management encompasses a broad spectrum of financial activities, including budget planning, cash flow management and oversight of financial procedures. This facet of business management involves planning, directing and coordinating various activities such as accounting, investing, banking, insurance and securities management. 

Key elements of financial management include financial planning, financial control and financial decision-making, focusing on achieving a healthy balance between profit and risk to ensure long-term profitability. 

Financial management also entails short-term financial management, known as "working capital management," which includes cash management, inventory management and debtor management, all aimed at optimizing financial resources and maintaining profitability.

Marketing Management

Marketing management is a specialized area of business management that focuses on the practical application of marketing techniques and the strategic management of marketing resources and activities. It encompasses various aspects such as company analysis, collaborator analysis, competitor analysis, customer analysis, brand management, marketing strategy and pricing. 

Effective marketing management involves leveraging a company's resources to expand its customer base, enhance customer satisfaction and increase the company's perceived value through strategic branding and marketing initiatives tailored to meet business objectives.

Operations Management

Operations management (OM) is a specialized area of business management concerned with optimizing business practices to achieve maximum efficiency within an organization. It involves efficiently administrating processes to convert materials and labor into goods and services, thereby maximizing profits.

Operations management encompasses various strategic issues, such as determining the sizes of manufacturing plants, project management methods and information technology network structures as well as operational tasks like inventory management, quality control, materials handling and maintenance policies.

By managing resources and processes effectively, operations managers strive to balance costs with revenue to achieve optimal net operating profit and drive organizational success.

Essential Skills for Business Managers

To excel as a business manager, you'll need a diverse set of essential skills, including:

• Financial management skills
• Project management skills
• Team management skills
• Decision-making skills
• Leadership skills
• Communication skills
• Problem-solving skills
• Strategic thinking abilities
• Analytical skills
• Adaptability and flexibility

Studying Business Management

Careers in business management typically begin with obtaining a bachelor of business management degree . Such undergraduate programs provide a foundational understanding of various business principles and practices, including finance, marketing, human resources and operations management.

Beyond a bachelor's degree, individuals interested in advancing their careers in business management can pursue graduate degrees such as a Master of Business Administration (MBA) or Master of Management. These advanced degrees offer opportunities to explore specialized areas of business management and provide students with advanced knowledge, strategic thinking abilities and leadership skills essential for managerial roles in diverse industries.

Career Opportunities in Business Management

One of the key benefits of earning a business management degree is the vast array of career opportunities it opens up. Graduates with a background in business management are sought after by various industries and organizations, offering diverse career paths and advancement opportunities. Some of the potential career opportunities in business management include:

• Business analyst
• Marketing manager
• Human resources manager
• Operations manager
• Project manager
• Sales manager
• Supply chain manager
• Financial analyst
• Management consultant
• Entrepreneur or business owner

The Bottom Line

All in all, the role of a competent business manager is indispensable for the success of any organization. To excel in this field, acquiring the requisite education and training is paramount. Therefore, consider joining us at UND, where our programs empower aspiring managers with the skills and knowledge crucial for navigating the dynamic business landscape. Together, we can transform ambition into achievement. 

What do business managers do? ( Open this section)

Business managers oversee the operations of an organization, including planning, directing and coordinating various activities to achieve company goals and objectives. They are responsible for making strategic decisions, managing resources and ensuring efficient functioning across departments.

What are the four main business management strategies? ( Open this section)

The four main types of business strategies include organizational (corporate) strategy, business (competitive) strategy, functional strategy and operating strategy.

Which management salary is best? ( Open this section)

The best management salary varies depending on industry, location, experience and level of responsibility. However, chief executive officers (CEOs) are among the highest-paying management roles and they often command substantial salaries due to their leadership and strategic responsibilities.

What are the three types of business managers? ( Open this section)

The three types of business managers typically include top, middle and first-line managers. Top-level managers, such as CEOs, are responsible for setting strategic goals and direction. Middle-level managers, like department heads or regional managers, implement these strategies. First-line managers, such as supervisors or team leaders, oversee day-to-day operations and ensure tasks are carried out effectively.

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Environmental Study Allows Gulf of Maine Offshore Wind Research Lease to Advance

The Bureau of Ocean Energy Management has completed an environmental review that’ll allow a Gulf of Maine offshore wind research lease to move forward with further work and completion of a power-purchase agreement

Robert F. Bukaty

FILE - A lobster boat passes the country's first floating wind turbine off the coast of Castine, Maine, Sept. 20, 2013. The Bureau of Ocean Energy Management completed an environmental review that will allow a Gulf of Maine offshore wind research lease to move forward with further work including a power-purchase agreement, officials said Tuesday, May 28, 2024. (AP Photo/Robert F. Bukaty, File)

PORTLAND, Maine (AP) — The Bureau of Ocean Energy Management completed an environmental review that will allow a Gulf of Maine offshore wind research lease to move forward with further work including a power-purchase agreement, officials said Tuesday.

The state of Maine has proposed putting 12 offshore wind turbines producing 144 megawatts of electricity atop University of Maine-developed floating platforms , and the state can move forward after the lease assessment found no significant impacts from leasing and assessment of the proposed site about 28 nautical miles (50 kilometers) off the coast, southeast of Portland.

Democratic Gov. Janet Mills called it a milestone in the state’s efforts to embrace the benefits of ocean wind energy as well as recognition of “our nation-leading work to responsibly develop this promising industry.”

The lease is separate from the Bureau of Ocean Energy Management designation of a larger area in the Gulf of Maine for offshore wind production that sets the stage for a lease sale this fall.

Although more approvals are necessary, the project is on pace to become the first floating offshore wind farm in the United States, said Jack Shapiro from the Natural Resources Council of Maine.

“The research array is the next step in putting Maine on the map for a floating offshore wind industry that will create new jobs, protect our precious natural resources, and provide Maine and the region with the large amount of clean, reliable energy we need to power our future," said Shapiro, the organization's Climate and Clean Energy Director.

Copyright 2024 The  Associated Press . All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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Tags: Associated Press , business , wind power , Maine

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