100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Introduction to Business Management £7.26
Add to cart

Interview

Introduction to Business Management

 5 views  0 purchase
  • Module
  • Institution
  • Book

This is the entire notes and study guide for the Introduction to Business Management, which is Chapter 1 of the International Baccalaureate course for Business Management. There are pictures that describe things in detail and the notes are well explained and easy to understand.

Preview 3 out of 27  pages

  • April 26, 2021
  • 27
  • 2020/2021
  • Interview
  • Unknown
  • Unknown
  • Secondary school
  • Bachillerato
  • 1
avatar-seller
1.1 Introduction to Business Management

The role of businesses

Business → decision-making organization involved in the process of using inputs to produce
goods and services

Goods → physical products (cars, computers, books)

Services → intangible products (haircuts, bus rides, education, healthcare)

Needs → basic necessities that a person must have to survive (food, water)

Wants → people’s desires, things they would like to have (new smartphone, vacation)



The main functions of business

Human Resources → responsible for managing personnel of the organization (workforce,

recruit, training, etc)

Finance and Accounts → in charge of managing the organization's money (recording of

financial documentation)

Marketing → identifying and satisfying the needs and wants of customers (product, price,

promotion, place)

Operations Management → responsible for converting raw materials into finished goods

ready for sale



Business Sectors

Primary sector → business involved in cultivation/extraction of natural resources (farming)

Secondary sector → construction and manufacturing of products (clothes manufacturer)

Tertiary Sector → providing services to the general public (health care, banking)

Quaternary sector → subcategory of tertiary, intellectual knowledge-based activities (ICT,

scientific research)

,The role of entrepreneurship and intrapreneurship

Entrepreneur → individual who plans, organizes and manages a business, taking on

financial risks in doing so

Entrepreneurship → the trait of business leaders who tend to be distinctive in their

temperament, attitude and outlook who drive the business

Intrapreneurship → the act of being an entrepreneur but as an employee within a large

organization

Intrepreneur → an employee who thinks and acts as an entrepreneur within a section of the

organization. Independent, proactive, creative and generates new ideas and innovations to the

organization.



Reasons for starting up a business (GET CASH)

Growth → benefit personally

Earnings → earn money if costs are outweighed

Transference & Inheritance → passing on assets/businesses to next generation

, Challenge → drives people to perform and give personal satisfaction

Autonomy → independence, freedom of choice and flexibility

Security → more job security for someone who is their own boss

Hobbies → some people may want to pursue their passion or turn hobby into business



Steps in the process of starting up a business (WOOOM!)

Write a business plan → document that includes goals and objectives for new business

Obtain start-up capital → starting a business requires money (own savings, loans)

Obtain business registration → registration and licensing requirements

Open a business bank account → owner(s) needs to set up a bank account

Marketing → potential customers need to know about the business and its products

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller myspamlv. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for £7.26. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

53068 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now

Start selling
£7.26
  • (0)
Add to cart
Added