Summary IB Business and Management HL Chapter 1: Introduction to business and management
81 views 0 purchase
Course
Business economics
Institution
Bachillerato
Book
Business and Management
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 ...
Chapter 1: introduction to business and management
November 14, 2021
12
2020/2021
Summary
Subjects
ib hl
ib business and management hl
ib
ib business and management hl revision notes
ib business and management hl notes
ib business and management hl chapter 1 introduction to business and managemen
Connected book
Book Title:
Author(s):
Edition:
ISBN:
Edition:
More summaries for
Unit 1 Introduction to Business - IB Business Management
BUSS_421_FT BUSINESS AND MANAGEMENT STUDIES Latest Update
IB Business Unit 5 Summary (SL)
All for this textbook (8)
Written for
Secondary school
Bachillerato
Business economics
2
All documents for this subject (69)
Seller
Follow
marcoviladevall
Reviews received
Content preview
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
The benefits of buying summaries with Stuvia:
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
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
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 marcoviladevall. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $5.95. You're not tied to anything after your purchase.
