The development of Generative Artificial Intelligence (GenAI) marks a new era in the field of education that offers both novel opportunities and substantial challenges for Business Management Education (BME). This paper explores how GenAI affects three major educational paradigms: teaching (through content generation, case creation, and personalized tutoring); learning (by fostering student engagement, improving critical thinking skills, and providing immersive simulations); and assessment (by automating grading, generating qualitative feedback, and detecting plagiarism). Based on a mixed-methods approach used to analyze responses from 1,200+ BME students and 80 faculty members from 12 universities, the study provides quantitative insights into the potential benefits of integrating GenAI in education. These include a 47% decrease in grading workload for educators, 35% higher student engagement, and a fundamental shift in focus from product-oriented to process-oriented assessment practices. To mitigate risks associated with increased efficiency at the expense of educational authenticity, we offer an empirically-driven Augmented Pedagogy model.