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Summary 1.1 Introduction to Business Management

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  • Course
  • IB HL Business Management
  • Institution
  • Queensland Academy Of Science, Mathematics And Technology
  • Book
  • Business Management for the IB Diploma Study and Revision Guide

These notes are intended for the IB HL Business Management course and contain key information and details for Unit 1: Business Organization and Environment and made specific to 1.1 syllabus objectives. These notes also contain the syllabus objective for Unit 1.1 which is linked to each information....

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Document information

  • No
  • Chapter 1.1
  • January 5, 2018
  • 4
  • 2017/2018
  • Summary

Subjects

  • business management
  • international baccalaureate
  • higher level hl
  • ib

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  • 1.4 Stakeholders
  • 1.3 Organizational Objectives
  • 1.2 Types of Organizations
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  • Queensland Academy of Science, Mathematics and Technology
  • IB HL Business Management
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1.1 Introduction to Business
Management
Explain the role of businesses in combining human, physical and financial resources
to create goods and services? (AO2)
The Role of a business: a business aims to meet the needs and wants of individuals or
organisations through creating a product and providing a service to make a profit.
Definition of Business: decision making organization involved in the process of using
inputs to product goods and to provide services to make a profit.
Difference between customers and consumers:
 Customers are people or an organization that actually buys the product
 Consumer actually uses the product.
Difference between consumer goods and capital/producer goods:
 Consumer goods = products sold to the general public rather
 Capital goods or producer goods = products bought by business to then
produce other goods or services.


Comment on business functions and their roles (AO2)
Main functions of a business:
 Human resources = the department responsible for managing the personnel’s
of the organization or business.
 Finance and accounts = the department that is in charge of managing the
organizations money.
 Marketing = the department that is responsible for identifying and satisfying
the needs and wants of customers.
 Operations Management = is responsible for the process of converting raw
materials and components into finished goods, ready for sale


Analyse primary, secondary and tertiary and quaternary sectors (AO2)
Business sectors:
 Primary sector = business involved with the extraction, harvesting and
conversion of natural resources.

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