Dr. Shahid Amin Trali
Management comprises planning, organizing, staffing, leading or directing, and controlling an organization (a group of one or more people or entities) or effort for the purpose of accomplishing a goal. By resourcing we mean the deployment and manipulation of human resources, financial resources, technological resources, and natural resources etc. The possibilities for a business graduate are almost endless. Business management professionals are required in every industry be it primary, secondary or tertiary sectors. A career in business management can mean working in a startup, start our own business, or working with a large enterprise or even be a part of Fortune 500 companies.
A good option for a career in business management is a Bachelors Degree in Business Administration (BBA). After the graduation courses in any stream aspirants can opt for Masters Degrees in Management. A long list of specializations exist today in management which aspirants can choose to secure a promising and rewarding career. Some of the business management specializations like marketing, human resource management, finance etc. are there from a good period of time but new specializations are emerging and catching demand in the market. Some of the promising MBA specializations are discussed in the sections below:
-Marketing specialization has always been a popular career choice which revolves around the satisfaction of customers. In this specialization students deeply understand consumer behavior, advertising management, competitive marketing, sales force management, service marketing, sales promotion management, and product and brand management etc.
-Digital Marketing nowadays has more demand in the market. It is a booming industry not only in India but across the globe. Almost all businesses are going online in their marketing activities, thus the demand for digital marketers is increasing at a rapid rate and is opening doors for plenty of job seekers.
-Human Resources Management equips students with key skills, concepts and the knowledge to manage human resources in an organization. This specialization offers students understanding to manage recruiting, training, building teams, employee policy, salary, benefits and increments, employee health and safety as well as staff amenities. You can secure a better position in this field if you have good communication skills and have an ability to handle tough situations well.
-Finance is a popular option for MBAs which is well-paid, with plenty of global opportunities. Finance is a great choice for candidates who are ambitious but also want stability. MBA in Finance gives in depth knowledge about the planning and controlling the financial resources of a business. The focus is on management accounting and control, the Indian capital and money market, banking, privatization and international finance etc.
-Information Technology Management is the management of all IT resources of a company like computer hardware, software, networks, data and data center facilities and also the manpower involved. This specialization effectively trains managers for the planning, design, selection, implementation, use, and administration of emerging and converging information and communications technologies.
-Business Analytics involves exploration and analysis of present data to gain insight for planning and execution of future business strategy and goals. A course in Business Analytics offers training and knowledge to develop skills for making business plans and strategies of the future based on accurate analysis of the available data.
-Operations Management is a field in management that focuses on improving productivity, quality and lowering cost. This specialization produces specialists who are responsible for successful production and distribution of products in the organizations.
-Entrepreneurship specialization is for those students who are running their own businesses at a young age or at least have a best idea for one. Nowadays many business schools help develop students’ ventures, with incubator hubs for startups.
-International Business Management is a promising career as most companies run their operations globally or aspire to go global for which they need skilled and educated manpower. To get into this field, one must have an exceptionally good business sense, and ability to manage and settle in a multicultural work environment.
-Event Management is a promising course that sharpens career skills to be used to manage events such as conferences, fairs, exhibitions, seminars, symposiums, festivals, functions and so on. This course in management develops your potential in identifying and understanding the target audience, developing the theme of the event, communicating and promoting the concept, coordinating technical parameters, projecting the cost, successfully conducting the event and more.
-Leadership Management is gaining popularity and equips students with interdisciplinary business education. Aspirants gain the essential aspects of leadership needed for success in the business world. It covers areas like finance, management and marketing and the methods of team building, corporate communication, and conflict resolution.
-Strategic Management emphasizes to develop strategic thinking required for the effective management of competitive market dynamics. This management course focuses on industry and environmental analysis, internal analysis and competitive advantage, organizational structure, design and alignment, market evolution and dynamics and so on.
-Healthcare Management is a promising specialization. The healthcare industry is booming due to increasing population. There are more chronic conditions leading to a demand for healthcare managers in the world.
-Supply chain and Logistics is an emerging field in management and deals with the planning, implementing, controlling of flow and storage of goods and services, between the point of origin and point of consumption. This industry is booming and companies now increasingly need managers having management degrees in Supply Chain Management or Logistics & Operations.
-Rural management is also an emerging specialization which involves the application of management principles to the rural sector. This course in management includes planning, organizing and controlling cooperatives and related organizations in the field of agriculture which are dominant in rural areas.
-MBA in Innovation provides a strong foundation to future managers and helps them in developing their skills, knowledge, and thinking to manage innovations in the organizations.
Management is a beautiful study. There are many more promising specializations in management like Telecom, Pharma, Aviation, Retail, NGO, Advertising, Textile, Hospitality, Forestry etc. Research in management area is even more interesting. Students can think of pursuing higher studies like Doctorate or Postdoctoral degree in this field. Before choosing the research topic, one must pick the area of interest and that must be based on real interest and passion. Earning a Doctorate in this field can help students get ahead of the competition and land a high paying job or join a teaching profession.
It is worthwhile to note that research in business management is very significant. Today businesses are making decisions that shape the life of employees, consumers, and the society. It will continue so for the decades to come. If we want to shape those decisions for greater benefits, we have to make sure that research in management is rigorous and effective.
(The author is Assistant Professor, School of Management, ITM University Gwalior)
Dr. Shahid Amin Trali