This summary provides a fully detailed explanation of how a business operates. It gives you an introduction to the business atmosphere, along with specific vocabulary that will highlight your knowledge. Furthermore, it explains how to use tools in order to evaluate a company's performance that is e...
Case BAM Business Management for the IB Diploma Coursebook
IB business management, 2.4 Motivation
Summaries for Business Management for the IB Diploma Coursebook SL/HL
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Business and Management HL
IB Summary
, UNIT 1: business organization and environment
1.1 Introduction
A Business is an organization that uses resources to meet the needs of customers by
providing a product or service that they demand.
Business inputs:
Business inputs are human, physical, and financial resources needed by businesses to
produce goods and services. There are four main types of inputs:
- Land
- Labour
- Capital (finance needed to set up a business)
- Enterprise (a risky or innovative project)
Business functions
Human Resource Management: The aim of human resources is to manage human
resources to help the business achieve its overall objectives
Finance and Accounts: responsibility for monitoring the flow of finance into and out of the
business
Marketing: responsible for market research and for analyzing the results of such research
so that consumer wants can be correctly identified
Operations Management: responsibility for ensuring adequate resources are available for
production, maintaining quality levels and achieve high productive efficiency
Economic Sectors
These are measured by employment rates of output levels.
Primary Sector: Industries that extract natural resources for production
Secondary Sector: Firms that manufacture and process products from natural resources -
-- industrialization describes its growing
Benefits: improves standard of living / lower imports and higher exports / more
jobs / value is added to the raw materials
Problems: can encourage migration to cities, housing and social problems /
pollution, environmental problems
Tertiary Sector: Firms that provide services to consumers and other businesses
Quaternary Sector: Focused on information technology (IT) businesses and information
service providers such as research and development
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