Example of business management - Desklib

What is an example of business management?

Introduction 

Business management is the practice of overseeing and coordinating business operations to achieve organizational goals. It involves a range of activities including planning, organizing, leading, and controlling resources to accomplish specific objectives. Business management is a critical function for any organization, as it helps to ensure that resources are utilized efficiently, risks are managed effectively, and the organization is able to adapt to changing circumstances. In this essay, we will explore an example of business management in the context of a successful company, and examine the key strategies and tactics that have contributed to its success.

Example of Business Management 

One example of a company that has excelled in business management is Amazon.com, Inc. Amazon is a multinational technology company that specializes in e-commerce, cloud computing, digital streaming, and artificial intelligence. Founded in 1994 by Jeff Bezos, the company started as an online bookstore and has since grown to become one of the largest retailers in the world. Today, Amazon operates in over 200 countries and territories and employs more than 1.3 million people. Let's have a look as to how this serves as a top notch example of Business Management: 

1. Customer-centric 

Amazon’s success can be attributed to a number of key strategies and tactics employed by the company’s management team. One of the most important of these is its focus on customer obsession. From its inception, Amazon has been committed to providing its customers with the best possible experience, whether they are shopping for books, electronics, or groceries. The company has invested heavily in customer service, offering fast and reliable shipping, easy returns, and 24/7 support.

2. Constant Innovations in existing services

Another key strategy that is being employed in this business is its emphasis on innovation. The company has consistently been at the forefront of technological advancements, introducing new products and services such as Amazon Prime, Alexa, and Amazon Web Services. This focus on innovation has helped Amazon to stay ahead of its competitors and maintain its position as a leader in the e-commerce and technology industries.

3. Adapting to the ever-changing Market

In addition to these strategies, Amazon’s management team has also been successful in managing risk and adapting to changing market conditions. The company has diversified its business to include a range of products and services, and has expanded into new markets such as healthcare and logistics. Amazon has also invested heavily in research and development, allowing it to stay ahead of emerging trends and technologies.

4. Excellent response towards a Calamity 

One example of Amazon’s successful risk management is its response to the COVID-19 pandemic. When the pandemic hit in early 2020, Amazon was faced with a range of challenges, including increased demand for essential products, supply chain disruptions, and health and safety concerns for its employees. The company quickly adapted to these challenges, implementing new safety protocols and expanding its delivery network to meet the surge in demand. In addition, Amazon launched a $25 million relief fund to support its small business partners and donated millions of items to help communities in need.

To Conclude- 

The success of Amazon’s business management strategies can be seen in the company’s financial performance. In 2020, Amazon reported a net income of $21.3 billion on revenues of $386 billion, making it one of the most profitable companies in the world. This success has been driven by a range of factors, including the company’s focus on customer obsession, innovation, risk management, and adaptability.

In conclusion, Amazon provides an excellent example of effective business management. The company’s focus on customer obsession, innovation, risk management, and adaptability has helped it to achieve sustained growth and profitability over the years. By studying Amazon’s strategies and tactics, business leaders can gain valuable insights into how to manage their own organizations effectively and achieve long-term success.