May i know what are the advantages and disadvantages of taking master by research or course work? As i plan to pursue my master in business management in USM next year.

for biz mgt, no difference.
but quite difference if it is for science, engineering course, it will affect the path to pursue phd

Is there a course called Master in Business Management in USM?

I only know there are:
MBA (with various specialisations)
Master of Arts (Management)
Master of Project Management
Master of Economic Management

If u wanna pursue Phd, Masterby research will help up.
Otherwise go dor coursework based MBA

do some research on the pre-requisite of your PHD course, because some PHD course would require you to do a thesis-based Masters.

I found course work much easier and fun though