IB Business Management

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www.BusinessManagementIB.com IB Business management T he IB Diploma Business Management course delivered IN STYLE, ONLINE. ©

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© Introduction to Business Management 1.1

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© Factors of production To produce a good or provide a service, resources must be used Factors of production Are the inputs (or resources) necessary for the production process Land: All natural resources Labour: Physical and mental effort used in the production process Capital: All non-natural (i.e. manufactured) resources used in producing other products Enterprise: Entrepreneurship – management, organisation and planning of the other f.o.p .

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© Land All natural resources Labour Physical & mental effort used in the production process Capital All non-natural (i.e. manufactured) resources used in producing other products Enterprise Entrepreneurship – management, organisation and planning of the other FOP Physical land of school grounds Solar power generating heating and electricity Teachers & teaching assistants Technicians & support staff Cleaners Accountant & business manager Buildings Technology Furnishings Funds in bank Department heads Management team Board of directors Finance director Natural resources for producing plastics, rubber, glass and steel Assembly line workers Engineers Designers Quality controllers Distributors/agents Manufacturing plant Machinery Technology Stock of components Retained profits Production managers CEO Finance director Marketing director Sales managers

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© Income is the returns for factor inputs land rent labour capital enterprise wages interest profit Income Factors of production

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© Entrepreneurship Entrepreneurship is the capacity and willingness to develop, organise and manage a business venture along with any of its risks in order to make a profit. The most obvious example of entrepreneurship is the starting of new businesses . Intrapreneurship A person within a large corporation who takes direct responsibility for turning an idea into a profitable finished product through assertive risk-taking and innovation [intra(corporate) + (entre) preneur .]

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© In the production of a particular product there can be further specialisation of a particular activity; e.g. specialist jobs and production lines. Specialisation A business concentrates on the production of a particular good or service (or a small range of products).

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© Specialisation

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© Specialisation

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© Specialisation

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© Business functions Product Production Finance Marketing Human resources Human resources – The human resources (HR) department is responsible for managing the personnel of the organisation. In managing people, the HR department is likely to deal with the following issues: workforce planning, recruitment, training , appraisal , dismissals and redundancies, and outsourcing human resource strategies (see Unit 2). Finance and accounts – The finance and accounts department is in charge of managing the organisation’s money. The finance and accounts director must ensure that accurate recording and reporting of financial documentation takes place. This is to comply with legal requirements and to inform those interested in the financial position of the business ( such as shareholders and potential investors). Finance and accounts topics are covered in Unit 3. Marketing – The marketing department is responsible for identifying and satisfying the needs and wants of customers . It is ultimately in charge of ensuring that the firm’s products sell . This is done through a series of activities such as market research , test marketing, advertising and branding. Functions of the marketing department can be summed up as the traditional four Ps of marketing: Product , Price , Promotion and Place (see Unit 4): Operations management – is concerned with supervising, designing and controlling the procedures of the production process. It is concerned with the responsibility of guaranteeing that business operations are efficient in that the processes are using as few resources as needed, and are effective in terms of meeting customer requirements. Finally, operations management is concerned with managing the process that converts inputs (in the forms of materials, labour, and energy) into outputs (in the forms of products).

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© Business sectors Primary Secondary Tertiary Businesses involved in the cultivation or extraction of natural resources The construction and manufacturing of physical products The provision of services to customers Quaternary The portion of an economy that is based on knowledge applicable to some business activity that usually involves the provision of services . For example, the quaternary sector might include: information gathering, distribution and technology; research and development; vocational education; business consulting; and strategic financial services .

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© Changes in economic structure HL As an economy develops (gets more advanced), economic activity shifts Primary Secondary Tertiary

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© Changes in economic structure HL

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© Changes in economic structure Developing economies e.g. Rwanda Developing countries such as Rwanda and Bangladesh will have the bulk of their economic activity concentrated in primary industries such as farming and mining. Manufacturing will be developing and service sector industries will be in their infancy. HL

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© Newly industrialised economies e.g. China Changes in economic structure HL Overall economic activity has significantly increased in newly industrialised economies (sometimes termed ‘emerging markets’). Manufacturing industries expand to a relatively large share of overall economic activity, often taking advantage of relatively low labour costs. The service sector is likely expanding to cater for an emerging middle class of consumers.

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© Developed economies e.g. UK and France Changes in economic structure HL Developed economies (e.g. the UK) will be primarily service sector focused. The majority of businesses and people employed by businesses will be operating in the service industries . The provision of services is generally and relatively more profitable as services are often purchased on a continual basis by the consumer (e.g. internet and pay television).

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© Changes in economic structure HL

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© Changes in economic structure HL Structural change refers to the shift in relative share of national output and employment that occurs in each business sector 1950 2005 China New Zealand

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© The shift towards services Higher household incomes More leisure time Increased reliance on support services HL

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