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Summary IB Business 6 Business Concepts revision
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IB Business 6 Business Concepts revision and summary
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The 6 Business ConceptsCulture
- Every organization operates in a range of environments in which its role may
be interpreted differently. These expectations affect planning, decision making
and strategy implementation.
- Within an organization,values and backgrounds influence what stakeholders
focus on and how they work.
Definition: a business that takes into account values and backgrounds and influence
their decisions
Example: Car Culture- seeing what changes based on culture and how companies
adapt to these changes
Ethics
- Every business decision has moral implications. This is linked to the social
conscience of a business and corporate social responsibility.
- These consequences can be significant for internal and external stakeholders
and the natural environment.
Definition: a business that has moral implications regarding all their stakeholders
Example: Starbucks donating money during the COVID-19 outbreak
Globalization
- A wide range of international forces (such as the increasing social, cultural,
technological and economic integration) influence business organisations. In
turn, business organisations shape these forces.
- Many business organisations operate across national boundaries. Even local
businesses and consumers are influenced by global forces.
Definition: a business that integrates increasing social, cultural, technological and
economic influence, influenced by global forces
Example: Victoria Secret now modeling all race, shape, sizes and gender when
before they were known to only model one specific type of women
Innovation
- Incremental or radical improvements to a business idea, or the generation of
new ideas in relation to a final product, service or process are the result of
internal or external influences.
- For many business organizations, a key challenge is bringing in in “the new”
and managing the process of improvement in a sustainable way.
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