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All the information for topic 1 IB Business Management HL
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All the information for topic 1 IB Business Management HL
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Rocío Fernández Martín 1º F (IBDP)Busines management
1.1 What is a business?
Every organization that
What’s the aim of a business? provides needs (basic
The aim of a business is to meet the needs and wants of the customers necessities) and /or
(individuals/organizations) in return for a profit. wants, is a business, even
Some business focus on one activity, and others engage in multiple activities. charities, clubs, religious
organizations…
Businesses must carry out their activities while protecting the environment and supporting
human well-being both locally and globally. To do this, businesses need to be creative in Main concepts:
sustainability, ethics,
coming up with ideas and organizing resources to make useful products. They need to be
change and creativity.
willing and able to take the initiative to make a product that does not yet exist, or to
influence a group of people to do things differently.
A business inputs resources and processes them to generate an outcome. This is how the business creates an
added value to the original products.
Imputs What’s the economy?
The word ‘economics’ comes from
(resources) the Greek philosopher Xenophon. It
human physical financial enterprise combines the word oikos
• the people required • materials, machinery • money • the business idea (household) with nomos (rules or
to make the produce and land space and the norms). So, economics is about
or provide the determitation to managing a household. Nowadays
service make it into a
we use the word economy to refer
business
to a system for producing and
distributing goods and services
Production among a group of people.
Businesses are part of that
system.
Outputs
Command terms
(the product sold)
AO1 Knowledge and understanding
goods services AO2 Application and analysis
• tangible products • intangible experiences AO3 Synthesis and evaluation
AO4 Use and application of
appropriate skills
After a company produces an output, they often receive feedback from the customers, which helps the
company improve its product.
,Rocío Fernández Martín 1º F (IBDP)
Business functions
Human resources (HR)
• Hiring and recruitment • Manage the payroll (nómina)
• HR policies • Promote motivation
• Promote wellness strategies • Training the people
• Disciplinary actions • Talent management
Marketing
• Marketing research • Brand management
o What does your potential customer want? o What does the company stand for?
o Are there enough people who would buy your o Customer experience
product? • Promote the product
o Who are your competitors? o Digital promotion
• Set the price of the products
Finance and accounts
• Risk analysis (to asses potential investments)
• Forecast requirements
• Long-term business plan
• Keep accurate records
• Ensure that the owner gets money
• Procure financial resources from various providers
• Income statements
• Ensure proper payments for acquired goods and
• Profit and loss balance To pay:
services
• Monitoring the cash flow
• Prepare budgets 1. Hacienda
• Mange tax payments 2. Social security
3. Employees
Operation management and production
• Ensuring the process is the adequate one • Purchasing
• Quality control • Inventory control
• Control of quantity and flow of stock • Look for ways to produce the service more
• Determine the appropriate methods of production efficiently
All of the functions are interdependent, which means that any change in one of them will affect and therefore
also modify the functions of the others. This can change over time because of internal changes (for example, if
the company becomes bigger it will focus more on expanding its market rather than only ‘surviving’ on it) or
external changes (for example, the appearance of the Internet).
Owners of small business have to deal with all these functions themselves, while owners of large companies can
hire specialized people. Small business have an advantage in that they can respond quickly to changes in the
marketplace. On the other hand, large business have more resources, wider reach and more name recognition.
,Rocío Fernández Martín 1º F (IBDP)
However, even a dominating business must be vigilant because if they become complacent the business might fail,
even if it’s large.
Sectors
Spain’s prime sector:
Goods Services tertiary (tourism)
+ 1st world transplant
Primary sector Secondary sector Tertiary sector Quaternary sector + 3rd health
Commodities = raw
raw materials finished products services higher knowledge
materials
GDP: Gross Domestic
Primary sector:
Product (all the goods and
The primary sector’s aim is to obtain commodities from nature. Therefore, primary
services produced in a
sector activities can involve mining, farming, fishing…
country within a year)
Nowadays, governments closely monitor these activities, because of the scarcity of
resources or the potential to damage fragile environments. Traditionally, less-developed countries
It has more presence in less developed countries and very little in developed would go from the primary to the
countries, because it has low added value to the GDP of a country. secondary sector when their economy
started to develop, before having a
Secondary sector strong tertiary sector.
In the secondary sector, raw materials are processed, usually by Nowadays, developing countries are
more likely to jump from having a
manufacturing.
dominant primary sector to a dominant
It used to have more presence in more developed countries (because of
tertiary sector.
industrialization etc.), but since the 1970s, this sector has had more
Ex: India provides IT services to many
presence in developing countries, because their costs are lower than in countries. (It also has a strong
developed countries but their economy has improved enough to have secondary sector, but it is not the main
factories, etc. in the country. one)
To measure the size of
Tertiary sector
each sector, economists
All services are provided in the tertiary sector, sometimes using manufactured
count the number of people
products from the secondary sector. These services can be financial, leisure, employed in that sector.
healthcare, education… Many, but not all, businesses in the tertiary sector
are small. Large businesses in the tertiary sector include companies like The four sectors are typically linked to
Walmart, which sells a variety of goods, and banks. the chain of production. A chain of
production is the steps through the
It has more presence in more developed countries because it has a high
different sectors that have to occur in
added value to the GDP.
order to produce a good or a service.
Many businesses are often involved in
Quaternary sector a single sector. Businesses that involve
more than one sector are called
integrated businesses.
, Rocío Fernández Martín 1º F (IBDP)
This is a subgroup of the tertiary sector that provides services that are focused on knowledge. For example,
the services involving IT, the media, web-based services…
This sector is typical of post-industrial economies.
Sectoral change
How can change (internal and external) affect a business?
Example: COVID-19 (external change). Businesses that anticipated/adapted to change
could survive (image 1).
Restaurants with strong ties to the local community were supported by their
neighbors; people in the community wanted to keep the character and services of their
neighborhoods. It is important to note that flexibility and strong networks help maintain
strong and healthy businesses.
Image 1
The more advanced sectors require more complex social contexts for businesses to thrive. Thus, whereas raw
material extraction is often possible with relatively few skilled workers and large numbers of low-skilled workers,
the quaternary sector relies both on highly skilled workers.
More developed economies typically see social technologies and economies advance in tandem: as the economy
develops, social technologies improve, and economies develop. However, technological innovation in one area can
make other (more traditional) occupations obsolete.
When we analyze how a change affects a company, we have to analyze it from the pov of every sector of the
business (HR, finances…)
Vocabulary
https://www.youtube.com/user/eliaszlewinski/featured
Sustainability
Sustainability is “meeting the needs of the present without compromising the ability of future generations to meet their
own needs”. Business decisions should consider their impacts on people, planet and profit (the “triple bottom line”)
Labor-intense business: means that the company needs a lot of people to work properly.
Private company: The owner is not the government
Public company: The owner is the government
Privately held companies: not in the stock market
Publicly held companies: in the stock market
Consumer/customer:
• A customer is the person who pays for a good/service but is not necessarily the consumer
• A consumer is the person that actually enjoys the good/service
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