Business management is the practice of the planning, co-ordination and control of a business. To survive in the long run, a business must be profitable. To do so, it must create adequate value for its customers and stake holders so that its revenues exceed its total costs. The overall task of business management is to address successfully the problems that confront a business in its role as a value-creating organization.

Additionally, besides their problem-solving abilities and skills, business managers must have knowledge and expertise in the seven functional areas of business: production, marketing, finance, accounting, human resources, management information systems, and product research and development. Moreover, top management must be able to co-ordinate these activities within the business so as to maximize the value of the business to its shareholders and its other stakeholders, such as employees, suppliers, customers and the surrounding community.

Business management covers several areas such as Production Managers, Marketing Managers, and Finance Managers. Each of them performs a specific role in business management. Role of Production manager is to carry out purchase and take inventory of raw materials and semi finished inputs, manage the use of these inputs in the production process, and control final goods inventory and the shipping, transportation and distribution of final products.

Similarly, marketing manager carries out market research to determine which products, at which prices and quantities and with which characteristics, will create value for consumers. They also manage the advertising, promotion and sales of the firm’s products.

Finance managers also play a important role in business management. They raise capital for the firm from external sources, such as the stock market, banks individuals and the public debt market, and manage the internal allocation of funds within the firm. They also evaluate capital expenditures for plant and equipment and for research and development.