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Summary IB Business Management 1.1 - Introduction to B&M CA$4.71   Add to cart
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Summary IB Business Management 1.1 - Introduction to B&M
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  • Course
  • IB Business Management (BM1.1)
  • Institution
  • High School
  • Book
  • Business Management for the IB Diploma Coursebook

IB Business Management summary of Chapter 1.1 - Introduction to Business Management (B&M) made from Cambridge IB Business Management for the IB Diploma (2nd edition). Easy to understand with dynamic charts.

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Document information

  • No
  • Chapter 1.1
  • December 15, 2019
  • 3
  • 2019/2020
  • Summary

Subjects

  • business management
  • business and management
  • unit 1
  • chapter 1
  • standard level
  • ib
  • bm
  • business management
  • 11
  • introduction to business management
  • sl

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  • IB Business Management (BM1.1)
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Business Management 1.1 – INTRODUCTION TO B&M


BUSINESS – An organization that uses resources to meet the needs of customers by providing
a product or service that they demand. They add value to the resources and make them
more desirable to the final purchaser.
Revenues (sells) (Cost of production) + Profit - Loss


CLASSIFICATION:

 consumer goods (tangible) durable consumer goods (car) and non-durable consumer
goods (food)
 consumer services (intangible)
 capital goods (physical): aid in the production of other goods and services (machines)

FACTORS OF PRODUCTION (INPUTS)

 Land – Resources of nature and site for building
 Labour – Manual and skilled labour. Temporary/Permanent
 Capital – Finance to set up a business and pay for its continuing operations and man-
made resources
 Enterprise – Individuals that use the 3 inputs in order to produce goods and services. Risk-
taker, decision-maker and coordinators.

FUNCTIONS

 HR Management: identify workface needs, recruits, selects and trains employees and
provide motivational systems to improve productivity. Manage employees so as the
business achieve his objectives
 Finance and accounts: monitor the flow into and out, keep and analyze accounts and
provide financial information to the departments and senior management.
 Marketing: market research to identify consumers’ wants. Decision of price, promotion,
sells and distribution. Ensure products are sold
 Operations management: controlling resources for production, maintaining production
and quality levels and achieving high levels of productive efficiency. In service industries
the delivery of the services is okay, specific and understood by employees.

ECONOMIC SECTOR / BUSINESS ACTIVITY

 Primary: extractive (raw materials)
 Secondary: manufacture (construction) and process products. ADDS VALUE
 Tertiary: services
 Quaternary: IT (information technology)


STARTING A BUSINESS  Sharing an idea

 Necessity - Losing a job
 Independence, flexibility and control
 Business opportunity
 Money
 Challenge
 Interest
 Finding a gap

1

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