What is commercial management?
Quick Answer
According to The Institute of Commercial Management, commercial management is the identification and development of business opportunities and the profitable management of projects and contracts from inception to completion. Commercial managers oversee company needs, handle daily business issues, manage company associations and recognize business opportunities.
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Full Answer
The role of a commercial manager varies depending on the size of the company. In larger companies, commercial managers may be responsible for overseeing departments related to sales, marketing, contracting, negotiations, finance, contract law or property management. In smaller companies, commercial managers are required to deal with all these roles together. A successful commercial manager typically has a specialized qualification in commercial management and must possess an ability to understand and implement various strategic initiatives within the company.
Commercial managers also need to have working knowledge of business law in order to assist in the approval of commercial agreements and documents. Through their activities within an organization, business managers must ensure that all stakeholders, such as the administration, operations and finance, understand and adhere to all contractual obligations and reflect them accurately. Applying for a role in commercial management requires a higher-level degree in a commercial, financial, marketing or business-related field as well as advanced computer skills.
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