This is a summary of IB Business and Management HL Chapter 1: Introduction to business and management . You will find definitions, examples, explanations... It is a complete summary that together with the other xIB Business and Management HL notes I offer you can get a really good grade. You will ...
1.1 Introduction to business and management
1 A business is a decision making organization It combines human physical andfinará
resources to produce goods and provide cervices
2 Main business functions
21 HumanResources Thefunction of using managing anddeveloping an organization
workforce to meetthecompany objectives E recruitment wages
g
22 FinanceandaccountsThemanagement function
of managing Theorganization's money
and assets It andreporting of finara
ensures accurate recording
documentation
23 Marketing Themanagement process predicting identifying andmeetingMe
of
needs and wants customers in a profitable manner Incharge
of
Promotion advertisement
of
24 Operations concentrated with researchanddevelopmentdelivery Stock management
It is incharge providing Theright goods andservices at right
of
quantity in a cost
effective manner
3 Businesssectors
Primary Extractionharvesting andconversion ofnatural sources Lowvalueaded
Secondary Manufacturing construction
4 Sectorial change
Impactofsectorial change Industrialization primary tosecondaryandtertiary
1 Products become morerefined more export potential
2 Increased standard of education
3 Greaterfocus an customer service
4 Higher household income
5 Entrepreneurship andintrapronewship
EntrepreneursIndividualwhoplansorganizes and
manages a business taking an financial
risks in doingso Rewarded withprofit
Intraproneurs Beingan entrepreneurbut asan employee in an organization Rewarded
withpayand remuneration
, 1.1
6 Reasons forstarting a business GETCASH
GROWTH CHALLENGE AUTONOMY SECURITY HOBBIES
7 Steps in starting a business
1 Writtenbusinessplan 2 Obtain startup capital andrecognition 3 Openbusinessbankaccam
8 ProblemsNEWbusiness may face
Lackof financeCashflow problems Lack ofmanpower
Legalities can be Complex Highproduction costs
9 Elements of a business
plan
TheBusiness Theproduct tThefinance marketing market t personnel
4.2 Types of organizations
1 Distinction between PRIVATE and PUBLIC sectors
a PRIVATESector businesses Goalof PROFITMAXIMIZATION
Owned andcontrolled by private individuals businesses
e PUBLICSECTORbusinesses Mainaim provide essential goods andservices
Business owned and controlled
a SOLETRADER
by one person
of
simplestform business
TheONEowner takes all profits and liabilities
Profittaking Unlimited liability
town boss Limited sources of finance
Fastdecisionmaking Limited economies ofscale
control
e PARTERSHIP Is by
a business rom twoormore individuals who forma partnership
Theowners raise finance collectively and share responsibilities
Financial strengthandprivacy Unlimited liability
Work división Slowerdecision making
costeffective Disagreements and conflicts
Businessowned
e COMPANYKORPORATION
by
money toprovide
shareholders Shareholders arethosewhohaveinvested
capitalfor a Company
LaPeoplewhoinvests are risquingTheir own mamey Limitedliability
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