IB Business Management: 1.3, 1.4, 1.5, 1.6

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Business Objectives

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Unit 1 - only 1.3, 1.4, 1.5, 1.6

26 Terms

1

Business Objectives

Articulated, measurable targets necessary to achieve a business's long-term goals, categorized into strategic, tactical, and operational objectives.

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2

SMART Objectives

Specific, Measurable, Achievable, Relevant, Time-specific criteria for effective goal setting.

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3

Business Strategies

Plans to achieve strategic objectives, involving careful analysis, planning, implementation, and evaluation.

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4

Stakeholders

Individuals or groups with a direct interest in a business, categorized as internal and external stakeholders.

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5

SWOT Analysis

Examination of Strengths, Weaknesses, Opportunities, and Threats to aid strategic planning and market positioning.

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6

Ansoff Matrix

Tool for assessing growth strategies based on market and product considerations, including Market Penetration, Market Development, Product Development, and Diversification.

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7

PESTLE Analysis

Examination of Political, Economic, Social, Technological, Legal, and Ethical factors influencing business operations and growth.

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8

Scale of operations

The size or volume of output of a business.

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9

Economies of scale

The reduction in average unit cost as a business increases in size.

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10

Diseconomies of scale

The increase in per unit production cost as output or activity increases.

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11

Efficiency

Measured in terms of costs of production per unit.

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12

Fixed costs

Costs that do not change according to the amount of goods or services produced.

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13

Variable costs

Costs that increase or decrease according to the amount of goods or services produced.

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14

Average costs

The total cost per unit produced.

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15

Internal economies of scale

Advantages gained by a business due to its size or scale.

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16

External economies of scale

Benefits that occur outside a business due to its size or scale.

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17

Internal diseconomies of scale

Disadvantages experienced within a business due to its size or scale.

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18

External diseconomies of scale

Disadvantages experienced outside a business due to its size or scale.

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19

Internal growth

Business expansion relying on its own resources and capabilities.

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20

External growth

Business expansion with resources not developed internally.

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21

Mergers and acquisitions

Methods of external growth involving combining or acquiring other companies.

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22

Joint ventures

Cooperation between businesses to enhance value without creating a new entity.

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23

Strategic alliances

Legal cooperation between businesses to enhance value without creating a new entity.

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24

Franchising

Distributing products or services by selling the right to use a brand to franchisees.

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25

Globalisation

Integration of regional economies into a global unit.

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26

Multinational companies (MNCs)

Companies operating in two or more countries.

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