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Several contexts. Not sure if it means the same in all and what it means exactly.

X (Manages a number of business units or sub functions e.g. Regional Sales Director, Marketing Brand Director - Product Division)

X (Manages a business function such as finance or sales e.g. Information Technology Director, Chief Financial Officer)

X (Manages a business unit e.g. Bank Branch Manager, Store Manager, Sales Manager)

Business Manager (Managing Director or President of a single country or product line or owner of small to mid-size organization (e.g., Managing Director of Poland, President Solar Power Division)