IB Business Management Unit 1

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Description and Tags

Management

IB Business & Management (HL)

Business organisation and environment

business management

business

ib

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9 Terms

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Business process for goods and services

Input → Process → Output

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4 Business Function

  1. Human Resources Management (HR)

  2. Finance and Accounts

  3. Marketing

  4. Operations Management

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Sectors of Economy

  1. Primary Sector

  2. Secondary Sector

  3. Tertiary Sector

  4. Quaternary Sector

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Primary Sector

Sector associated with extraction of materials.

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Secondary Sector

Sector associated with converting raw materials to finished goods.

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Tertiary Sector

Sector associated with provision of goods or service.

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Quaternary Sector

Sector associated with provision of goods or service typically related to IT, knowledge, and data.

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Reasons to start a business.

  1. Financial Reward

  2. Independance

  3. Innovation

  4. Work-life Balance

  5. Commercialise personal interests

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Challenges with start-up

  1. Lack of organisational skills

  2. Lack of funds

  3. Limited Expertise

  4. Competition