This is the perspective for a Marketing PhD students, but other business fields should be close enough.
Usually, the expectation is that you will get a tenure-track position, working as a professor at some other research university. In most cases, you will work for a university that is ranked below the one you studied to get a PhD.
If things go well, we usually go to job market around our 4th year in the PhD. Interviews are held during a conference of the American Marketing Association (AMA), with universities from many countries.
It's important to check the placement of the universities you are applying to. See where former PhD students are working now, this should give you an idea about the quality of the job placement after graduating. AMA also has publishes the results of a survey called Who Went Where, showing information about job placement of Marketing PhD students (among other useful data).
The job market is very competitive, you better have at least one published paper before going to the job market. PhD students apply to a lot of universities, it's a long process, which requires lot of work.
If you get a tenure-track position, you will work several years at that position. After that time, if you are able to show that you deserve tenure, the university will offer a full position. If you don't get tenure, you will need to look for a job again.