Management education, continuously evolving since the 1990s, recognizes the need to develop proficient management professional's adept at strategic decision-making. The present research delves into the effectiveness of a management course for first-year students at a chosen School of Management, underlining its paramount importance in ensuring student retention and bolstering departmental stability. The purpose of this research is to evaluate the effectiveness of traditional physical and online learning methods in a management course for first-year students at a university in Taiwan, focusing on students' satisfaction with their learning performance. The study aims to compare the educational efficacy of these two instructional modes and analyze the variations in student performance and satisfaction. The methodology involved a longitudinal design with data collection from first-year students in 2022 (online learning) and 2023 (physical learning). The research employed pre-test and post-test evaluations, regression analysis, and Importance Performance Analysis (IPA) to assess the impact of course units on students' learning satisfaction. This study employed regression analysis to determine the influence of enhancing "Management Basis" and "Management Operations" on satisfaction. The results revealed that online learning outperformed physical learning in terms of overall student satisfaction, particularly in understanding "Management Basis" and "Management Operations." However, physical learning demonstrated higher improvements in student scores and satisfaction, particularly in areas requiring detailed explanations and hands-on engagement, such as "Control Tools.". The novelty of this research lies in its comparative approach to evaluating two distinct learning environments during a critical period marked by the COVID-19 pandemic. The findings offer valuable insights into how different teaching modalities impact student satisfaction and learning outcomes, providing guidance for educators to refine instructional strategies to enhance student learning efficacy across different formats. The study underscores the importance of adapting teaching methods to suit the specific demands of online and physical learning environments.