New And Hot
Areas Of Specialisation

An MBA degree is one of the most prestigious degrees in the world and it is often preferred by employers in the business field who are seeking to fill management and supervisory positions. It is, in fact, a storehouse of exhilarating opportunities that boost up one’s career prospects. Acquiring an MBA degree in your coveted field gives you a competitive edge. Gone are the days when MBA was just done in Finance, HR or Marketing. The huge umbrella of MBA has added many branches under its shade. From MBA in Marketing to MBA in Football Management, the students are gearing up for more professional courses. With colleges offering a wide variety of options, students are often confused about making the right choice. One key consideration in making the right choice should be one’s passion and interest rather than external reasons, such as market conditions and career prospects.

MBA is limited not only to the business field nowadays, it has also seeped deeper into the realms of human lifestyle. The traditional form of MBA which used to provide specialisations in Sales, Marketing, HR or Finance has embraced other arenas with open arms. No sector now is exempt from the influence of the MBA. Over the last decade, the MBA has firmly established itself in the non-profit sector: health, charities, local government, civil services, education, law and even church management.

MBA is no more managing a Business but has transformed itself into a skill which is being mastered by almost everyone. There are courses like Masters in Hospital Administration, Masters in Foreign Trade, Masters in Media Management, Masters in Pharmaceutical Management and even Masters in Event Management. Given below is a list of new and hot options one can consider for one’s specialisation.

Agribusiness Management

Agribusiness/agricultural business is the business of agricultural production. It includes agrichemicals, breeding, crop production (farming and contract farming), distribution, farm machinery, processing and seed supply as well as marketing and retail sales. All agents of the food and fibre value chain and those institutions that influence it are part of the agribusiness system. Within the agriculture industry, agribusiness is used simply as a portmanteau of agriculture and business, referring to the range of activities and disciplines encompassed by modern food production.

A Master of Business Administration (MBA) programme focusing on agribusiness can teach students how to participate in and advance the food and farming market. These programmes cover conservation studies and how to preserve agrarian sources, as well as objectives and effectiveness in commercial operations, and the research of maintainable farming.

Characteristic Features of Agribusiness Management

•   Explores the need and importance of agronomic products as well as probabilities and possibilities in agribusiness.

To promote more development of food economies, many government agencies support the research and publication of economic studies and reports exploring agribusiness and agribusiness practices. Throughout the coursework, students gain experience through seminars and independent studies. Common courses include:

•   Agricultural accounting

•   Livestock management

•   Farming business

•   Distribution techniques

•   Cost evaluation

•   Existing concerns

•   Advertising and promotions

•   Global guidelines

•   Tactical administration and operation

The course explores production, marketing and trading related to agriculture and also covers improved growing techniques, agricultural machinery, fertiliser, pesticides pre- and post-harvest handling, storage, transportation, packaging and labelling. The evolution of agricultural sector from an unorganised and rural activity to a highly organised and corporate activity has increased the demand of Masters in Business Administration in Agribusiness. Institute of Agri-Business Management, IIM Ahmedabad, IIM Lucknow, Amity Business School, Aligarh Muslim University, L.N. Welingker, Mumbai are a few institutions which offer MBA programmes in Agribusiness Management.

Agribusiness Managers

The job of an Agribusiness Manager is similar to any other Manager, the difference is that this business is agriculture and such managers most probably work on farms. They need to have in-depth knowledge about farming, cattle and all other agriculture related businesses. They may not be working in a corporate like office but they have to be just as analytical. The Agribusiness Managers have to have the knowledge about the latest market conditions. They need to have good contacts with buyers and suppliers. They have to get the best prices for all the products because the food prices depend upon the agriculture business and food prices affect inflation.

 Job Profile of Agribusiness Managers

There are a variety of career options available in Agribusiness. These options are often similar to any business-related career but have an agricultural focus. Agribusiness careers can cross into a multitude of industries as well including farming, real estate, retail marketing, food processing and investments to name a few. Some of the most common career options available include:

•   Farm Appraiser—assesses the value of a farm, its employees and facilities

•   Agricultural Policy Analyst—develops and analyses policies that affect agricultural businesses

•   Farm Manager—manages daily operations of a farm, including crops and livestock

•   Crop Producer—grows grains, field crops, vegetables, fruits, nuts and more

•   Grain and Livestock Buyer—buys supplies of grains, seeds and cattle for a farm’s operations

•   Market Analyst—analyses the financial condition of the agribusiness economic market

•   Financer—provides financial assistance for agribusiness, such as matching crop suppliers with farms

•   Quality Controller—focuses on improving the output and quality of a farm’s production

•   Marketing Head—leads marketing strategy for a farm; builds awareness and buzz.

Advertising Management

Advertising Management is a planned managerial process designed to oversee and control the various advertising activities involved in a programme to communicate with the target market of a firm and which is ultimately designed to influence the consumer’s purchase decisions. Advertising is just one element in a company’s promotional mix and as such, must be integrated with the overall marketing communications programme. Advertising is, however, the most expensive of all the promotional elements and therefore must be managed with care and accountability. The promotion of a company’s products and services is carried out through different mediums to increase the sales of the product and services. It works by making the customer aware of the product and by focusing on customer’s need to buy the product. Globally, advertising has become an essential part of the corporate world. Therefore, companies allot a huge part of their revenues to the advertising budget. Advertising also serves to build a brand of the product which goes a long way to make effective sales.

Characteristic Features of Advertising Management

•   To distinguish a product from the product of a competitor

•   To communicate product information

•   To urge product use

•   To expand product distribution

•   To increase brand preference

•   To reduce overall sale cost

Masters advertising curriculum incorporates business and research principles with classes like the following:

•   Advertising management

•   Quantitative research methods

•   Advertising research

•   Marketing communication

•   Consumer behaviour concepts

Advertising Manager

An Advertising Manager oversees the advertising activity of a business. The specific role of the Advertising Manager varies depending on the business. During a specific advertising campaign, a Manager must estimate the campaign’s budget and approve the advertising material as well as evaluate the campaign’s overall performance following its conclusion.

 Job Profile of Advertising Managers

•   Forming and directing the business’ strategy for advertising

•   Implementing advertising campaigns and supervising various advertising-related departments

•   Collaborating with multiple agencies on projects and supervise employees

•   Managing the staff and activities of an outside ad agency that the business has hired or create the business’ advertising in house.

The Advertising Managers must possess the following characteristics:

•   Excellent communication skills, with the ability to speak and listen as well as clearly express their ideas

•   Ability to make swift decisions, work through stressful situations and solve problems quickly

•   Creative personality

•   Effective management and supervising skills

Aviation Management

The Aviation Management MBA programme examines the fast-moving aviation industry, which has witnessed enormous growth in a relatively short period of time. The fast transit times offered by air transportation, coupled with the ever-increasing number of routes, has resulted in a huge demand from both leisure and business passengers. At the same time, there has been an increasing requirement for airfreight services as a result of globalisation, shorter product life cycles and higher customer expectations. These factors have generated a demand for appropriately skilled personnel which is compounded by the need to develop the associated infrastructure including expanding existing airports and building new ones. The degree programmes prepare students for a variety of careers associated with commercial and military aircraft.

Characteristic Features of Aviation Management

•   To provide individuals with the education necessary to oversee the departments of airlines and airports

•   To offer basic management courses along with those specific to the aviation industry

•   Learning about aviation laws and regulations is a vital part of this degree programme

•   Focuses on management concepts and practical aviation industry knowledge to business-related aspects of an airline or airport, including marketing, operations, financial accounting, public relations, sales and technical assistance.

The core course ranges from human resources management to aviation laws. Examples include:

•   Business law

•   Corporate finance

•   Aviation insurance

•   Aviation labour relations

•   Airport planning and design

•   Airline management

Courses in an MBA programme in Aviation Management combine business concepts with practical knowledge of aviation and human resources in the field. Some examples include:

•   Airline operations & management

•   Air cargo & logistics management

•   Business policy

•   Decision-making

•   Business research methods

Aviation Managers

Aviation Managers work for airports and airlines and are responsible for ensuring that overall business operations run smoothly. On an average day, an Aviation Manager may be involved in fleet planning, revenue management, safety enforcement, employee hiring and marketing. Aviation Managers are also responsible for ensuring that their company adheres to federal safety regulations.

Job Profile of Aviation Managers

Aviation management and operations offers a wide range of career opportunities in the airline and airport industry, whether one may begin as an Aviation Manager or work as the Chief Operating Officer of a large airline. Given below are a few careers that one can pursue with a degree in aviation management and operations:

•   Aviation Administration

•   Airport Manager

•   Aviation Manager

Some additional career opportunities include:

•   Aviation Planner

•   Financial Analyst for airlines

•   Senior Staff Analyst for airlines

•   Operations Analyst for airlines

•   Aviation Human Resources Manager

•   Purchasing Manager for airlines

Biotechnology Management

Biotechnology Management or bio-tech management has emerged as one of the hottest career options from management discipline in the recent times. It is a scientific field where knowledge of both management and Biotechnology is required. Working professionals in the biotechnology research and pharmaceutical industries have multiple options if they aspire for positions of authority such as business development manager, consultant, or entrepreneur. A number of schools have set up Biotechnology Management programmes designed to improve a candidate’s managerial skills and extend their knowledge of business operations. Certificate programmes in Biotechnology Management are in most cases a mix of science and business concepts. Programmes are available at the certificate and Masters degree levels, although year-long certificate programmes are relatively rare as compared to 2-year degree programmes.

The course gives one a whole idea about managerial and entrepreneurial aspects in the biotechnology, chemical, pharmaceutical or allied industries. MBA in Biotechnology Management equips the students with skills required to face challenges in biotechnology industry. This field also takes into account the risk management, financial considerations and controlling resources. The admission is based on entrance test (CAT, MAT or GMAT). The course is offered at Amity Institute of Biotechnology, New Delhi, the Department of Management Science of the University of Pune, Universal School of Biosciences, Institute of Public Enterprise (IPE), Tilak Maharashtra University (TMU), Pillai’s Institute of Management Studies & Research (PIMSR) etc.

Characteristic Features of Biotechnology Management

•   Finance, technological innovation, business competition and public policy in the biotech industry and the interaction between these factors are the primary topics considered in this programme

•   Employs life science research as both a process of knowledge acquisition and as a business activity

•   Collaborative relationships with leading companies in the industry through which students can take part in hands-on projects

•   Courses in genetics, biochemistry and molecular biology are core components of some programmes. Others may require courses in bioinformatics and project management.

Students will be versed in these areas during their graduate work:

•   Elementary Bioinformatics

•   Fundamentals of Biotechnology

•   Biotechnology and Personalised Medicine

•   Cancer and Immunity

•   Vaccinology

•   Aquatic Virology

•   Food Safety Management

•   Drug Discovery and Development

•   Nutritional Immunology

•   Dairy Microbiology

•   Clinical Microbiology

•   Applied Virology

•   Environmental Management Systems

•   Tissue Replacement and Engineering

•   Emerging Trends in Biotechnology Industries

•   Innovation and Knowledge Management for Biotechnology

Biotechnology Managers

The biotechnology industry is one of the fastest growing sectors of the Western economy and the pace at which change takes place in this arena places unique demands on Managers. Consequently, Biotech Managers must be able to create and sustain an entrepreneurial and collaborative research-based organisation within a high-risk environment. These Managers cannot simply imitate the management styles of other corporate practices but must develop their own management philosophy compatible with the special nature of the biotechnology industry.

Profile of Biotechnology Managers

The production of materials for diagnosing, preventing and treating human diseases, conducting biotechnological research, vaccinating animals and detecting soil pollutants are some areas used in biotechnology companies. Some specific career titles available to graduates of a Masters degree programme in Biotechnology Management include:

•   Laboratory Supervisor

•   Project Manager

•   Public Relations Officer

•   Marketing Specialist

•   Regulatory Affairs Officer

Brand Management

Brand Management is the process of maintaining, improving and upholding a brand so that the name is associated with positive results. Brand management involves a number of important aspects such as cost, customer satisfaction, in-store presentation, and competition. Brand management is built on a marketing foundation but focuses directly on the brand and how that brand can remain favourable to customers. Proper Brand management can result in higher sales of not only one product but also of other products associated with that brand. For example, if a customer loves Pillsbury biscuits and trusts the brand, he or she is more likely to try other products offered by the company such as chocolate chip cookies. Thus, Brand management is nothing but an art of creating and sustaining the brand. The primary aim of branding is to create differentiation.

Characteristic Features of Brand Management

•   Initiates defining the brand, positioning the brand and delivering the brand

•   Making customers committed to business. A strong brand differentiates one’s products from the competitors. It gives a quality image to one’s business

•   Assembling of various marketing mix mediums into a whole so as to give one an identity. It is nothing but capturing the customers’ minds with one’s brand name. It gives an image of an experienced, huge and reliable business

•   Capturing the niche market for one’s product/service and creating confidence in the current and prospective customers’ minds that the unique solution to their problem lies in this particular brand.

•   Branding is to convey brand message vividly, create customer loyalty, persuade the buyer to buy the product, and establish an emotional connectivity with the customers. Branding forms customer perceptions about the product. It should raise customer expectations about the product.

Brand Managers

Brand Managers are responsible for ensuring that the products, services and product lines that fall under their domain resonate with current and potential customers. To do so, these professionals continuously monitor marketing trends and keep a close eye on competitive products in the marketplace. They also regularly meet the clients and senior management and oversee a team of junior marketers.

Working under Marketing Managers or CMOs, Brand Managers serve as the point-person for developing, implementing and executing marketing initiatives and activities for their particular brand. These initiatives and activities include campaigns (print, web, social media, broadcast, etc.), events, corporate responsibility programmes and sponsorships.

Profile of Brand Managers

Brand management helps in building a corporate image. A brand manager has to oversee overall brand performance. A successful brand can only be created if the brand management system is competent. Brand Managers are responsible for more than executing marketing campaigns; they are also in charge of managing and developing P&L and driving market growth. Strong analytical skills, business savvy and the ability to multitask are all essential.

 Following are the important concepts a brand Manager has to deal with while initiating his career with brand management:

•   Brand Name

•   Brand Attributes

•   Brand Positioning

•   Brand Identity

•   Sources of Brand Identity

•   Brand Image

•   Brand Identity Vs Brand Image

•   Brand Personality

•   Brand Loyalty

•   Brand Association

•   Building A Brand

•   Brand Equity

•   Brand Equity & Customer Equity

•   Brand Extension

•   Co-Branding

Design Management

Design Management is a new upcoming specialisation which is gaining prominence in the last few years. Design is considered to be a very broad discipline and its nature and specifications vary immensely depending on the context and field of application. Design is an art of constructing an object (given the diversity of fields where design is used – almost any object, which can be created by a human) and of making preparations and plans for such a construction. The need for strategically managing design, projects, processes, new design related areas and leading innovation have become significant in the job description of not only managers but also designers. The objective of design management is to develop and maintain a business environment in which an organisation can achieve its strategic and mission goals through design and by establishing and managing an efficient and effective system.

Design management prepares an individual with the skills and knowledge to oversee the functioning of creative enterprises. Students learn how to oversee a design team in the creation of services and products that are in line with the business objectives of the organisation based on strategic planning. Annamalai University in technical collaboration with INIFD conducts a 2-year MBA programme in Design Management. National Institute of Design also offers PG in Strategic Design Management.

Characteristic Features of Design Management

•   Design is closely connected to art, engineering and production and each specific field adds some new requirements and characteristics to this ever-changing discipline of designing objects

•   Optimising different objects so that they meet one’s needs without fail. Institutions may offer Masters programme in Design Management, which combines design and business courses

•   Focuses on helping students see the relationship between design and the development and administration of a company’s strategic or competitive advantage.

MBA in Design Management may include:

•   Strategic technology

•   Change and innovation management

•   Negotiation

•   The law of intellectual property

•   Development and management of new products

Design Managers

A Design Manager manages a team of designers and drafters that use computer-aided design (CAD) for products. He also ensures that the drawings and designs are completed in time and adhere to the established specifications and standards. He may also prepare project schedules, bids or proposals. A Design Manager relies on extensive experience and judgment to plan and accomplish goals. He performs a variety of tasks including leading and directing the work of others. A wide degree of creativity and latitude is expected from a Design Manager.

Job Profile of Design Managers

Graphic designers, product designers, web designers and fashion designers are the possible careers for those seeking a Masters Degree in Design Management. They can work as :

•   Art Director

•   Creative Director

•   Design Manager

•   Design Director

•   Graphic Design Manager

Sports Management

Sports Management is an industrious field concerning the business aspects of sports and recreation. Sports management is a broad and highly competitive field that incorporates aspects of many different areas such as business, marketing and accounting. Public interest in health, fitness and spectator sports has also increased over the years, making Sports management a multibillion-dollar industry with a variety of job opportunities for those with experience and education.

Sports management programmes train students in the analytical and research methods required for a career in academia or sports administration. Sports management is an interdisciplinary field, with coursework drawing upon kinesiology, economics and business law.

Characteristic Features of Sports Management

•   To learn about sports from a business perspective

•   Includes how sports are marketed and how to effectively run sports organisations

•   Provides a managerial development appropriate for those pursuing high-level roles with professional sports teams, university athletic departments, or other athletic organisations.

MBA in Sports Management can prepare individuals to work as sports managers, agents and administrators. Candidates interested in earning a degree in Sports Management can find programmes at the associates,
Bachelors and Masters levels. The curriculum includes the following:

•   Sports law

•   Sports organisation finance

•   Sports management human resources

•   Sports marketing

•   Organisational behaviour in sports

Sports Managers

Sports managers handle business matters for sports teams and athletes in a variety of sports at the college or professional level. As a sports manager, one has to negotiate contract terms and trade deals, handle media relations, and/or organise promotional events for the organisation. A Sports Manager may also draft players as well as hire coaches, scouts, and other athletic staff. Another important aspect of this career is managing the budget of the organisation one works for. This can involve making financial arrangements for uniforms and equipment, setting up accommodation for travel and preparing financial statements.

Those who work in sports management may find themselves performing various functions such as working with the finances of an athletic organisation or creating marketing strategies. Professionals in Sports management might work on international sporting events or local, amateur ones. Other areas in Sports management include college or recreational sports management or sports economics. Sports management professionals are responsible for various financial, promotional, marketing and supervisory responsibilities within sports organisations.

Profile of Sports Managers

Sports management careers typically require individuals to work with athletes and other sports professionals to meet various short and long-term business objectives. Common Sports management careers include:

•   Sports business administration

•   Park management

•   Event planning

•   Sports promotion

•   Community relations director

•   Team general manager

•   Event marketing manager

Educational Management

Educational Management, also sometimes known as Educational Administration, is commonly associated with elementary and secondary schools as well as institutes of higher learning like colleges and universities. Educational management professionals can also be found working in government agencies, private companies and non-profit organisations. Those working in educational management might act as policy-makers, researchers or consultants to help evaluate and develop ways to enrich and enhance the educational system at all levels.

Educational Management covers instructional leadership techniques, socio-economic and cultural diversity, educational technology, conflict resolution and educational politics.

Characteristic Features of Educational Management

•   Examines school oversight, effective teacher training and the overall dynamics of administering an educational institution

•   Prepares an individual for leadership positions in schools and universities

•   Explores the roles of socio-economic status and race, and how they affect the educational outcomes and experiences of students of all ages

•   Examines the process of educational experience by how teachers and school administrators can shape the learning process through effective strategies and leadership practices

•   Provides effective skills to manage conflicts in educational settings to get the best performance out of students, staff and faculty

Here are some of the core concepts to learn while studying educational management:

•   Leadership skills

•   Teacher training

•   Conflict resolution techniques

•   Ethics in education

•   Technology and instruction

•   Curriculum theory

•   Special programmes administration

•   School personnel management

•   Community programmes

•   Teacher appraisal

Job Profile of Education Managers

An education manager is responsible for planning, organising and overseeing the educational approaches and strategies as well as the development of the curriculum for preschool, primary school, secondary school and administrators. These duties require candidates to be highly organised with the ability to prioritise.

Education managers must be able to efficiently communicate rules, ideas, regulations and policies and as such they must have excellent written, verbal and interpersonal communication skills with the ability to act as leaders.

This role requires candidates to be knowledgeable about educational regulations and standards. Applicants must be able to create and interpret performance summaries in order to identify issues, collect information and draw conclusions in an objective manner. They can work as:

•   Superintendent

•   Principal

•   Executive Director

•   College Instructor

•   College Counsellor

Insurance and Risk Management

Risks can arise from causes as varied as shaky financial markets, liability in legal matters and injury from accidents, natural causes or attacks, among others. Companies rely heavily on risk management specialists. These professionals determine risk and develop strategies to preserve the valuable company resources. Companies usually recruit risk management specialists with advanced degrees and experience.

The Risk Management and Insurance specialisation may include subjects such as:

•   Principles of Risk and Insurance 

•   Corporate Risk Management

•   Practical Enterprise Risk Management 

•   Employee Benefits and Worforce Risk Management

•   Global Risk Management

•   Investment Management Analysis 

•   Financial Innovations 

•   Management of Financial Institutions 

•   Real Options and Decisions in Uncertainty 

•   Financial Modelling

Characteristic Features of Insurance and Risk Management

•   Within the finance and insurance areas, a curriculum will delve into actuarial science, management of employee benefits and estate planning

•   Special attention to concepts and techniques necessary for forecasting investment markets and economic conditions

•   Students also learn advanced business theories, organisational behaviours, how to detect fraudulent financial statements and mitigate liabilities

•   Evaluate basic theories behind personal and corporate finance, financial analysis and business organisation

•   To determine the risks involved in insuring particular clients or recommending a particular investment strategy

MBA programme with a concentration in risk management trains students to identify and minimise potential risks involving public and private sector organisations. Courses may also prepare students for:

•   Employee benefits planning

•   Corporate

•   Economics

•   Computer science

•   Supply chain management

•   Corporate financial planning

•   Insurance

 Job Profile of Insurance and Risk Managers

Risk managers work with companies to assess and identify the potential risks that may hinder the reputation, safety, security and financial prosperity of their organisation. Once these risks have been identified, assessed and evaluated, Risk managers are tasked with implementing processes and procedures to ensure that their client is fully prepared to deal with any potential threats.

Risk management careers are highly analytical and a major part of the Manager’s time is focused on conducting detailed risk assessments. This process involves analysing documents, statistics, reports and market trends. A Risk Manager is also required to assess the organisation’s previous risk management policies and protocols.

A degree in Risk Management and Insurance can prepare an individual for a variety of positions within the insurance, credit-lending, banking and corporate sectors. Some of these include:

•   Insurance Underwriter

•   Management Analyst

•   Loss Control Representative

•   Actuary

•   Insurance Operations Manager

•   Investment Analyst

Health Care Management

Few industries in the world are expanding as rapidly as health care and that growth is expected to expand further in the times to come. As the population ages, one’s need for health care services increases. Additionally, advances in
medical science have allowed people to enjoy greater life expectancies. Therefore, the elderly – the group that uses health care services the most – now comprise a greater percentage of the overall population. Even in a slow economy, when many industries have lost ground in capital expenditure and in jobs, the healthcare industry has continued to expand. This expansion translates to plentiful job opportunities for those with the skills and training for this thriving sector of the job market.

With the concept of healthcare going beyond hospitals, the health care industry in India has witnessed remarkable growth in the past few years. According to India Brand Equity Foundation (IBEF) the Indian health care sector, which consists of hospitals, medical devices and equipment and health insurance, is expected to reach U.S. $160 billion. Major factors driving this growth could be increasing demand of superior health care facilities, rising health awareness and health policies.

Unlike any other industry, health care has been and will remain of permanent national and global importance.

Characteristic Features of Health Care Management

•   Explores principles of business, marketing, finance, and effective management to understand the relationship among insurance companies, medical professionals, and patient needs, and explore how these relationships impact health care facilities

•   Prepares students to oversee operations and services in health care facilities and hospital administration

•   The programme prepares industry leaders with a solid foundation in business analysis exposure to real-world health care management and rewarding professional development opportunities.

MBA Degree programmes in this field offer classes on health care planning, business management, financial management, public relations, human resources management, and health care systems operations. Programmes are also likely to cover economics, policy, and ethical decision-making. Some schools require students to participate in internship opportunities for real-world experience. Course topics could include:

•   Hospital organisation

•   Marketing

•   Accounting

•   Budgeting

•   Health economics

•   Health information systems

Career Options in Health Care Management

Students in this track develop leadership and business communications skills and are typically qualified for leadership roles in hospitals, health care agencies, insurance companies or government agencies. They can also seek opportunities in the pharmaceutical, biotech or health insurance industries. Some possible job titles could include:

•   Quality improvement Manager

•   Hospital CEO

•   Hospital Administrator

•   Health Care Administrator

•   Insurance Coordinator

•   Hospital Associate director

•   Pharmaceutical Sales Consultant

•   Pharmaceutical Product Manager

E-Commerce/E-Business Management

E-commerce or e-business refers to a wide range of online business activities for products and services. It also pertains to any form of business transaction in which the parties interact electronically rather than by physical exchanges or direct physical contact. E-commerce/e-business is usually associated with buying and selling over the Internet, or conducting any transaction involving the transfer of ownership or rights to use goods or services through a computer-mediated network. E-business and e-commerce are terms that are sometimes used interchangeably and sometimes they are used to differentiate one vendor’s product from another. But the terms are different and that difference matters to today’s companies. In both cases, the “E”stands for “electronic networks” and describes the application of electronic network technology—including the Internet and electronic data interchange (EDI)—to improve and change business

E-Commerce covers outward-facing processes that touch customers, suppliers and external partners including sales, marketing, order taking, delivery, customer service, purchasing of raw materials and supplies for production and procurement of indirect operating-expense items such as office supplies. It involves new business models and the potential to gain new revenue or lose some existing revenue to new competitors.

E-Commerce and e-business both address these processes as well as a technology infrastructure of databases, application servers, security tools, systems management and legacy systems. Both involve the creation of new value chains between a company and its customers and suppliers, as well as within the company itself.

It involves three types of integration: vertical integration of front-end Website applications to existing transaction systems; cross-business integration of a company with Websites of customers, suppliers or intermediaries such as Web-based marketplaces; and integration of technology with modestly redesigned processes for order handling, purchasing or customer service.

Characteristic Features of E-Commerce/E-Business Management

•   The curriculum initially touches on general business topics, such as finance, accounting, marketing and management. Students then explore the technological tools and resources that allow for increased connectivity and more expedient transactions online

•   Covers internal processes such as production, inventory management, product development, risk management, finance, knowledge management and human resources

•   E-business strategy is more complex, more focused on internal processes, and aimed at cost savings and improvements in efficiency, productivity and cost savings

•   Students have access to labs, computers and various technological resources as they learn about possible applications for electronic commerce.

With an MBA in e-business programme, students develop an understanding of how electronic tools and Internet solutions can link businesses with consumers in efficient ways. Various components are discussed, including network and server set-up and maintenance, Web marketing, information security, electronic payment methods and strategic planning for the Web.

Course topics include:

•   Accounting fundamentals

•   Management fundamentals

•   Introduction to e-Business

•   e-Business technology

•   The global economy

•   Utilising social media

Career Options in E-Commerce/E-Business Management

E-business/e-commerce is a suitable profession for those individuals with a futuristic approach towards business.
E-Business bypasses geographical boundaries, so anyone with an international perspective should find it an interesting profession to go for. It is also one of the fastest growing professions in the world, attracting more and more students wanting to specialise in E-Business. In fact, the adoption of various technology-oriented tools in this sector is making room for more and more jobs for individuals who are trained in e-business.

E-business has an ever increasing job market in the private and public sector. Some of these sectors are:

•   E-government and E governance

•   E-education

•   E-marketing and services

•   Telecommunications

The government sector now largely depends on online sources for reaching out to the public and is a good space for someone with the know-how of electronic communication. The same is the case with education. But the biggest job market for an expert in E-business is marketing, which is a diverse field to explore.

MBA Degree programmes in e-business prepare a candidate for employment opportunities with large and small companies who wish to enhance the delivery of their products and services through online solutions. Potential job titles include:

•   Online Marketing Manager

•   Social Media Consultant

•   Business Strategist

A good and progressive company may decide to consolidate its gains and complete the work involved in its existing and largely separate e-commerce, ERP, CRM or supply-chain initiatives before making a huge leap to become an e-business. Jumping too soon can be as disastrous as moving too late. Thus, all companies should have an e-commerce strategy. Electronic networks in general and the Internet in particular are too important for firms to ignore if they want to interact with customers, suppliers or distribution partners.

Luxury Brand Marketing and Management

A rise in the urban elite class has opened up a clientele for luxury merchandise and services ranging from designer dresses, bags, handmade jewellery, watches, accessories and custom cars to premium vacation resorts and exotic real estate apartments. Creating an aura of exclusivity, prestige and social status around a product is a specialised and complex science. Luxury Brand Marketing and Management has become much more dynamic with the radical change in the concept of luxury fashion, the worldwide change in luxury consumption preferences, the differentiation in fashion communication and the retail sector in the recent years. Luxury brand management, as an interdisciplinary subject, helps students to understand the value associated with a brand and set a specific marketing plan for the product. Client association is an integral part of this field to keep the brand popular while retaining its exclusivity.

The degree programmes typically cover the following topics:

•   Consumer psychology

•   Luxury brand management

•   Fashion marketing and production

•   Brand strategies and promotion techniques

•   Contemporary fashion trends and future outlook

•   Product innovation and creative marketing platforms

•   Hospitality

Career options for Luxury Brand and Marketing Manager

A strong business management background, coupled with functional marketing practices, is essential for those who wish to make a career in this field. A Luxury Brand Manager learns to constantly redefine luxury contours keeping in mind the changing times, perceptions and tastes of the public. Students may opt for an MBA or a PG specialisation in European countries like the UK, France and Italy which are home to some of the best luxury brands. Essec and HEC in France, International University of Monaco in Italy, Regents and Southampton University in the UK, and Columbia and NYU in the US also offer courses in luxury and brand marketing and management.

The career prospects range across the industry sectors. The path always being through the front end, people end up as brand managers in a quickly accelerated process with this qualification. Depending on one’s aptitude, one could engage in marketing, PR, design, CRM, back end, logistics, warehousing, finance etc.

Regardless of the job setting, luxury brand managers can expect to perform some or all of the following activities in a given business day:

•   Conduct market research for target products

•   Oversee and organise multimedia advertising campaigns

•   Contribute to product and distribution plans

•   Address and manage brand budgeting and resources

•   Consult outside agencies, promotional representatives and corporate executives

•   Collaborate with brand designers and creators

•   Supervise marketing staff and assignments

Digital Media Management

Digital Media Management examines the fast-paced and rapidly evolving convergence of digital media in both traditional and entertainment environments. The field involves knowledge about digital media management in all its forms including music, television, movies and games. It also explores the business world’s adoption of digital media and studies core business areas such as accounting, marketing, economics and management. In addition, one studies the importance of digital law, digital marketing, project management, social networking and new interactive technologies.

MBA in Digital Marketing teaches students business and media communication using computer technology and new media techniques. With the onset of new media industry introducing twitter, Facebook and the other allies of social media, trends in digital media, digital marketing, brand development, digital media law and social media management are trending at a fast pace. Students learn computer communication skills as they build a foundation of
business leadership and supervisory expertise. In addition to completing the coursework, students are often required to complete a Masters thesis, portfolio or internship. The courses focus on:

•   Digital strategy

•   New media marketing

•   Social media

•   Media law

•   Strategic planning

Career Options in Digital Media Management

MBA programmes with concentrations in entertainment or digital media management prepare the students to provide behind-the-scenes leadership in the development and production of digital media projects such as television,
music, video games and movies. An MBA in Digital Media prepares a candidate to enter mid to upper-level business management careers in publishing, new media or telecommunications. Students may also go on to become entrepreneurs, using new media techniques to drive the success of their own companies. One may find career options in the following:

•   Media and entertainment

•   Marketing

•   Brand management

Graduates of MBA programmes have a range of options, including using entrepreneurial skills to develop new programmes that utilise digital media. Careers available are:

•   Entertainment Manager

•   Event Production Manager

•   Digital Marketing Manager

•   Film and Music Producer

There are many more courses which are providing specialised knowledge in respective fields like MBA in Hotel Management, MBA in Information Technology, MBA in Media Management, MBA in Pedagogy, MBA Pharma, MBA in Systems Management, MBA in Entrepreneurship, MBA in Global Business, MBA in Social Innovation and Impact, MBA in Supply Chain Management and Global Sourcing, Corporate Social Responsibility, Wine Management, Football Management, Masters in Clinical Research and much more. These new specialisations have introduced a new path of profession for students all over the world. With the increasing scope of management skills in every aspect of life, the specialisations are evolving according to the needs of businesses. All specialisations offer endless avenues. It is up to the student to decide which specialisation to follow keeping in mind his own attitude and aptitude.

Leave a Reply

Your email address will not be published. Required fields are marked *