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Business management is the process of the planning, co-ordination and control of a business. To survive in the long run, a business must be profitable and liquid. To do so, it must create sufficient value for its customers 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.
In addition on their problem-solving abilities and skills, business managers must have konwledge 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.
In addition on their problem-solving abilities and skills, business managers must have konwledge 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.