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relations (HL only)">2.6 Industrial/employee relations (HL only)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../25125/glossary-industrialemployee-relations.html" title="Glossary: Industrial/employee relations">Glossary: Industrial/employee relations</a></li></ul></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../21670/unit-3.html" title="Unit 3">Unit 3</a></li><ul class="level-2 "><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21744/31-sources-of-finance.html" title="3.1 Sources of finance">3.1 Sources of finance</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../24501/glossary-sources-of-finance.html" title="Glossary: Sources of finance">Glossary: Sources of finance</a></li></ul><li class=" 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href="../22093/glossary-break-even-analysis.html" title="Glossary: Break-even analysis">Glossary: Break-even analysis</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21747/34-final-accounts.html" title="3.4 Final accounts">3.4 Final accounts</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../31367/glossary-final-accounts.html" title="Glossary: Final accounts">Glossary: Final accounts</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21748/35-profitability-and-liquidity-ratio-analysis.html" title="3.5 Profitability and liquidity ratio analysis">3.5 Profitability and liquidity ratio analysis</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../25111/glossary-profitability-and-liquidity-ratio-analysis.html" title="Glossary: Profitability and liquidity ratio analysis">Glossary: Profitability and liquidity ratio analysis</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21749/36-efficiency-ratio-analysis-hl-only.html" title="3.6 Efficiency ratio analysis (HL only)">3.6 Efficiency ratio analysis (HL only)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../25114/glossary-efficiency-ratios.html" title="Glossary: Efficiency ratios">Glossary: Efficiency ratios</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21750/37-cash-flow.html" title="3.7 Cash flow">3.7 Cash flow</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../25118/cash-flow-forecasts.html" title="Cash flow forecasts">Cash flow forecasts</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../31376/glossary-cash-flow.html" title="Glossary: Cash flow">Glossary: Cash flow</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21751/38-investment-appraisal.html" title="3.8 Investment appraisal">3.8 Investment appraisal</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../31377/glossary-investment-appraisal-.html" title="Glossary: Investment appraisal ">Glossary: Investment appraisal </a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21752/39-budgets-hl-only.html" title="3.9 Budgets (HL only)">3.9 Budgets (HL only)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../31378/39-budgets-hl-only-glossary.html" title="3.9 Budgets (HL Only) Glossary">3.9 Budgets (HL Only) Glossary</a></li></ul></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../21684/unit-4.html" title="Unit 4">Unit 4</a></li><ul class="level-2 "><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21767/41-the-role-of-marketing.html" title="4.1 The role of marketing">4.1 The role of marketing</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../25618/glossary-the-role-of-marketing.html" title="Glossary: The role of marketing">Glossary: The role of marketing</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21768/42-marketing-planning.html" title="4.2 Marketing planning">4.2 Marketing planning</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../28328/glossary-marketing-planning.html" title="Glossary: Marketing planning">Glossary: Marketing planning</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21769/43-sales-forecasting-hl-only.html" title="4.3 Sales forecasting (HL only)">4.3 Sales forecasting (HL only)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../25713/glossary-sales-forecasting.html" title="Glossary: Sales forecasting">Glossary: Sales forecasting</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21713/44-market-research.html" title="4.4 Market research">4.4 Market research</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../25208/glossary-market-research.html" title="Glossary: Market research">Glossary: Market research</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21770/45-the-four-ps.html" title="4.5 The four Ps">4.5 The four Ps</a></li><ul class="level-3 "><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="Product">Product</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../22627/glossary-product.html" title="Glossary: Product">Glossary: Product</a></li></ul><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../22525/price.html" title="Price">Price</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../22548/glossary-price.html" title="Glossary: Price">Glossary: Price</a></li></ul><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../22567/promotion.html" title="Promotion">Promotion</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../22704/45-promotion-glossary.html" title="4.5 Promotion - Glossary">4.5 Promotion - Glossary</a></li></ul><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../22745/place.html" title="Place">Place</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../23813/45-place-glossary.html" title="4.5 Place - Glossary">4.5 Place - Glossary</a></li></ul></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21774/46-the-extended-marketing-mix-7-ps-hl.html" title="4.6 The extended marketing mix (7 Ps) (HL)">4.6 The extended marketing mix (7 Ps) (HL)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../23814/glossary-the-extended-marketing-mix-hl.html" title="Glossary: The extended marketing mix (HL)">Glossary: The extended marketing mix (HL)</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21772/47-international-marketing-hl-only.html" title="4.7 International marketing (HL only)">4.7 International marketing (HL only)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../23815/glossary-international-marketing-hl.html" title="Glossary: International Marketing (HL)">Glossary: International Marketing (HL)</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21773/48-e-commerce.html" title="4.8 E-commerce">4.8 E-commerce</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../23797/glossary-e-commerce.html" title="Glossary: E-commerce">Glossary: E-commerce</a></li></ul></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../21688/unit-5.html" title="Unit 5">Unit 5</a></li><ul class="level-2 "><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21937/51-the-role-of-operations-management.html" title="5.1 The role of operations management">5.1 The role of operations management</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../24843/glossary.html" title="Glossary">Glossary</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21938/52-production-methods.html" title="5.2 Production methods">5.2 Production methods</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../24848/glossary.html" title="Glossary">Glossary</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21939/53-lean-production-quality-management-hl.html" title="5.3 Lean production & quality management (HL)">5.3 Lean production & quality management (HL)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../24839/glossary-lean-production-and-quality-management.html" title="Glossary: Lean Production and quality management">Glossary: Lean Production and quality management</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21700/54-location.html" title="5.4 Location">5.4 Location</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../24959/glossary.html" title="Glossary">Glossary</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21695/55-production-planning-hl.html" title="5.5 Production planning (HL)">5.5 Production planning (HL)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../25032/glossary-production-planning.html" title="Glossary: Production planning">Glossary: Production planning</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../33222/56-research-development-hl.html" title="5.6 Research & development (HL)">5.6 Research & development (HL)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../34014/glossary-research-development.html" title="Glossary: Research & Development">Glossary: Research & Development</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21941/57-crisis-management-contingency-planning-hl.html" title="5.7 Crisis management & contingency planning (HL)">5.7 Crisis management & contingency planning (HL)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../25042/glossary.html" title="Glossary">Glossary</a></li></ul></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../25115/cuegis.html" title="CUEGIS">CUEGIS</a></li><ul class="level-2 "><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="The 6 CUEGIS concepts">The 6 CUEGIS concepts</a></li><ul class="level-3 "><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="Ethics">Ethics</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../21954/mcdonalds-supersize-me.html" title="McDonald's - Supersize Me">McDonald's - Supersize Me</a></li></ul></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="The CUEGIS essay">The CUEGIS essay</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../22876/planning-your-cuegis-essay.html" title="Planning your CUEGIS essay">Planning your CUEGIS essay</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../33806/paper-2-section-c-questions.html" title="Paper 2 Section C Questions">Paper 2 Section C Questions</a></li></ul></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../33959/the-ia.html" title="The IA">The IA</a></li><ul class="level-2 "><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="HL IA">HL IA</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../22190/35-sample-research-questions-for-the-hl-ia.html" title="35 sample research questions for the HL IA">35 sample research questions for the HL IA</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../22200/hl-ia-student-checklist.html" title="HL IA - Student Checklist">HL IA - Student Checklist</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../33508/ia-hl-poster.html" title="IA HL Poster">IA HL Poster</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="SL IA">SL IA</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../22146/sl-ia-20-sample-titles.html" title="SL IA - 20 Sample Titles">SL IA - 20 Sample Titles</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../38181/faq-about-the-sl-ia.html" title="FAQ about the SL IA">FAQ about the SL IA</a></li></ul></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../22114/exams.html" title="Exams">Exams</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../22115/command-terms.html" title="Command Terms">Command Terms</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../36599/glossary-of-key-terms.html" title="Glossary of key terms">Glossary of key terms</a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../38059/flashcards-revision.html" title="Flashcards - Revision">Flashcards - Revision</a></li><ul class="level-3 "><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../38060/flashcards-revision-unit-1.html" title="Flashcards - Revision (Unit 1)">Flashcards - Revision (Unit 1)</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38056/unit-11-revision-flashcards.html" title="Unit 1.1 Revision Flashcards">Unit 1.1 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38061/unit-12-revision-flashcards.html" title="Unit 1.2 Revision Flashcards">Unit 1.2 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38067/unit-13-revision-flashcards.html" title="Unit 1.3 Revision Flashcards">Unit 1.3 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38092/unit-14-revision-flashcards.html" title="Unit 1.4 Revision Flashcards">Unit 1.4 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38096/unit-15-revision-flashcards.html" title="Unit 1.5 Revision Flashcards">Unit 1.5 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38102/unit-16-revision-flashcards.html" title="Unit 1.6 Revision Flashcards">Unit 1.6 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38103/unit-17-revision-flashcards.html" title="Unit 1.7 Revision Flashcards">Unit 1.7 Revision Flashcards</a></li></ul><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../38114/flashcards-revision-unit-2.html" title="Flashcards - Revision (Unit 2)">Flashcards - Revision (Unit 2)</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38121/unit-21-revision-flashcards.html" title="Unit 2.1 Revision Flashcards">Unit 2.1 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38125/unit-22-revision-flashcards.html" title="Unit 2.2 Revision Flashcards">Unit 2.2 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38126/unit-23-revision-flashcards.html" title="Unit 2.3 Revision Flashcards">Unit 2.3 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38144/unit-24-revision-flashcards.html" title="Unit 2.4 Revision Flashcards">Unit 2.4 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38146/unit-25-revision-flashcards.html" title="Unit 2.5 Revision Flashcards">Unit 2.5 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38147/unit-26-revision-flashcards-hl-only.html" title="Unit 2.6 Revision Flashcards (HL only)">Unit 2.6 Revision Flashcards (HL only)</a></li></ul><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../38149/flashcards-revision-unit-3.html" title="Flashcards - Revision (Unit 3)">Flashcards - Revision (Unit 3)</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38153/unit-31-revision-flashcards.html" title="Unit 3.1 Revision Flashcards">Unit 3.1 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38154/unit-32-revision-flashcards.html" title="Unit 3.2 Revision Flashcards">Unit 3.2 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38182/unit-33-revision-flashcards.html" title="Unit 3.3 Revision Flashcards">Unit 3.3 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38183/unit-34-revision-flashcards.html" title="Unit 3.4 Revision Flashcards">Unit 3.4 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38191/unit-35-revision-flashcards.html" title="Unit 3.5 Revision Flashcards">Unit 3.5 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38192/unit-36-revision-flashcards-hl.html" title="Unit 3.6 Revision Flashcards (HL)">Unit 3.6 Revision Flashcards (HL)</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38193/unit-37-revision-flashcards.html" title="Unit 3.7 Revision Flashcards">Unit 3.7 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38194/unit-38-revision-flashcards.html" title="Unit 3.8 Revision Flashcards">Unit 3.8 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38195/unit-39-revision-flashcards.html" title="Unit 3.9 Revision Flashcards">Unit 3.9 Revision Flashcards</a></li></ul><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../38196/flashcards-revision-unit-4.html" title="Flashcards - Revision (Unit 4)">Flashcards - Revision (Unit 4)</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38198/unit-41-revision-flashcards.html" title="Unit 4.1 Revision Flashcards">Unit 4.1 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38203/unit-42-revision-flashcards.html" title="Unit 4.2 Revision Flashcards">Unit 4.2 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38217/unit-43-revision-flashcards.html" title="Unit 4.3 Revision Flashcards">Unit 4.3 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38218/unit-44-revision-flashcards.html" title="Unit 4.4 Revision Flashcards">Unit 4.4 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38219/unit-45a-product-revision-flashcards.html" title="Unit 4.5a Product Revision Flashcards">Unit 4.5a Product Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38220/unit-45b-price-revision-flashcards.html" title="Unit 4.5b Price Revision Flashcards">Unit 4.5b Price Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38221/unit-45c-promotion-revision-flashcards.html" title="Unit 4.5c Promotion Revision Flashcards">Unit 4.5c Promotion Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38222/unit-45d-promotion-revision-flashcards.html" title="Unit 4.5d Promotion Revision Flashcards">Unit 4.5d Promotion Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38223/unit-46-revision-flashcards-hl.html" title="Unit 4.6 Revision Flashcards (HL)">Unit 4.6 Revision Flashcards (HL)</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38224/unit-47-revision-flashcards-hl.html" title="Unit 4.7 Revision Flashcards (HL)">Unit 4.7 Revision Flashcards (HL)</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38225/unit-48-e-commerce-flashcards.html" title="Unit 4.8 E-commerce Flashcards">Unit 4.8 E-commerce Flashcards</a></li></ul><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../38232/flashcards-revision-unit-5.html" title="Flashcards - Revision (Unit 5)">Flashcards - Revision (Unit 5)</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38233/unit-51-revision-flashcards.html" title="Unit 5.1 Revision Flashcards">Unit 5.1 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38234/unit-52-revision-flashcards.html" title="Unit 5.2 Revision Flashcards">Unit 5.2 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38235/unit-53-revision-flashcards-hl.html" title="Unit 5.3 Revision Flashcards (HL)">Unit 5.3 Revision Flashcards (HL)</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38236/unit-54-revision-flashcards.html" title="Unit 5.4 Revision Flashcards">Unit 5.4 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38237/unit-55-revision-flashcards-hl.html" title="Unit 5.5 Revision Flashcards (HL)">Unit 5.5 Revision Flashcards (HL)</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38238/unit-56-revision-flashcards-hl.html" title="Unit 5.6 Revision Flashcards (HL)">Unit 5.6 Revision Flashcards (HL)</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38239/unit-57-revision-flashcards-hl.html" title="Unit 5.7 Revision Flashcards (HL)">Unit 5.7 Revision Flashcards (HL)</a></li></ul></ul><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../33830/formulae-quiz.html" title="Formulae Quiz">Formulae Quiz</a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="Paper 1 Pre-release case study">Paper 1 Pre-release case study</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../44969/n22-case-study-ele-plc.html" title="N22 Case Study (ELE PLC)">N22 Case Study (ELE PLC)</a></li><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="M22 (Peacewick Uni)">M22 (Peacewick Uni)</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../44106/additional-exam-questions-paper-1.html" title="Additional exam questions (Paper 1)">Additional exam questions (Paper 1)</a></li></ul><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../32840/may-2020-p-s-trawlers.html" title="May 2020 (P&S Trawlers)">May 2020 (P&S Trawlers)</a></li><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="M23 Paper 1">M23 Paper 1</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../47825/paper-1-svt-study-guide-shirin-karimi.html" title="Paper 1 SVT Study Guide (Shirin Karimi)">Paper 1 SVT Study Guide (Shirin Karimi)</a></li></ul></ul><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../26095/exam-study-tips-resources.html" title="Exam & Study tips (resources)">Exam & Study tips (resources)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../31342/revision-exams-top-tips.html" title="Revision & Exams - Top tips">Revision & Exams - Top tips</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../47460/top-tips-for-m23-exams.html" title="Top Tips for M23 Exams">Top Tips for M23 Exams</a></li></ul></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../43522/unit-1-intro-to-bm.html" title="Unit 1 - Intro to BM">Unit 1 - Intro to BM</a></li><ul class="level-1 "><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44034/11-what-is-a-business.html" title="1.1 What is a business?">1.1 What is a business?</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399695.html" title="The nature of business">The nature of business</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399694.html" title="Primary, secondary, tertiary, & quaternary sectors">Primary, secondary, tertiary, & quaternary sectors</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399693.html" title="Entrepreneurship">Entrepreneurship</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399692.html" title="Challenges & opportunities for starting a business">Challenges & opportunities for starting a business</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399691.html" title="1.1 True or False Quiz">1.1 True or False Quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399690.html" title="1.1 Revision Flashcards">1.1 Revision Flashcards</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399689.html" title="1.1 Glossary of key terms">1.1 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399681.html" title="1.2 Types of business entities">1.2 Types of business entities</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399688.html" title="Public & private sectors">Public & private sectors</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399687.html" title="Types of for-profit organizations">Types of for-profit organizations</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399686.html" title="For-profit social enterprises">For-profit social enterprises</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399685.html" title="Non-profit social enterprises">Non-profit social enterprises</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399684.html" title="True or False quiz">True or False quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399683.html" title="1.2 Revision Flashcards">1.2 Revision Flashcards</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399682.html" title="1.2 Glossary of key terms">1.2 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44041/13-business-objectives.html" title="1.3 Business objectives">1.3 Business objectives</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399679.html" title="Vision and mission statements">Vision and mission statements</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399680.html" title="Common business objectives">Common business objectives</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399678.html" title="Strategic & tactical objectives">Strategic & tactical objectives</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399677.html" title="Corporate social responsibility">Corporate social responsibility</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399676.html" title="1.3 Revision Flashcards">1.3 Revision Flashcards</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399674.html" title="True or False quiz">True or False quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399675.html" title="1.3 Glossary of Key terms">1.3 Glossary of Key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44044/14-stakeholders.html" title="1.4 Stakeholders">1.4 Stakeholders</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399673.html" title="The interests of stakeholders">The interests of stakeholders</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399672.html" title="Conflict between stakeholders">Conflict between stakeholders</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399670.html" title="Unit 1.4 Revision Flashcards">Unit 1.4 Revision Flashcards</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399669.html" title="1.4 True or False">1.4 True or False</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399671.html" title="1.4 Glossary of Key terms">1.4 Glossary of Key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44045/15-growth-and-evolution.html" title="1.5 Growth and evolution">1.5 Growth and evolution</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44212/economies-diseconomies-of-scale-1.html" title="Economies & diseconomies of scale">Economies & diseconomies of scale</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44214/internal-and-external-growth-1.html" title="Internal and external growth">Internal and external growth</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44220/external-growth-methods-1.html" title="External growth methods">External growth methods</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44219/reasons-to-grow-or-stay-small-1.html" title="Reasons to grow or stay small">Reasons to grow or stay small</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45586/unit-15revision-flashcards-1.html" title="Unit 1.5 Revision Flashcards">Unit 1.5 Revision Flashcards</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45450/true-or-false-quiz-1.html" title="True or False quiz">True or False quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43673/15-glossary-of-key-terms-1.html" title="1.5 Glossary of key terms">1.5 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44046/16-multinational-companies.html" title="1.6 Multinational companies">1.6 Multinational companies</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44236/the-impact-of-mncs-on-host-countries-ao3-1.html" title="The impact of MNCs on host countries (AO3)">The impact of MNCs on host countries (AO3)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44240/video-documentaries-mncs-1.html" title="Video documentaries - MNCs">Video documentaries - MNCs</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45587/16-glossary-of-key-terms-1.html" title="1.6 Glossary of key terms">1.6 Glossary of key terms</a></li></ul></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../43530/unit-2-hrm.html" title="Unit 2 - HRM">Unit 2 - HRM</a></li><ul class="level-1 "><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44253/21-introduction-to-hrm.html" title="2.1 Introduction to HRM">2.1 Introduction to HRM</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44256/role-of-hrm.html" title="Role of HRM">Role of HRM</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44257/factors-that-influence-hr-planning.html" title="Factors that influence HR planning">Factors that influence HR planning</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44282/reasons-for-resistance-to-change.html" title="Reasons for resistance to change">Reasons for resistance to change</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44283/hr-strategies-for-reducing-the-impact-of-change-resistance-to-ch.html" title="HR strategies for reducing the impact of change & resistance to change">HR strategies for reducing the impact of change & resistance to change</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45458/21-true-or-false-quiz.html" title="2.1 True or False quiz">2.1 True or False quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43677/21-glossary-of-key-terms.html" title="2.1 Glossary of key terms">2.1 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../43875/22-organizational-structure.html" title="2.2 Organizational structure">2.2 Organizational structure</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44296/terminology-for-understanding-organizational-structures-1.html" title="Terminology for understanding organizational structures">Terminology for understanding organizational structures</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44310/types-of-organization-charts-1.html" title="Types of organization charts">Types of organization charts</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44323/appropriateness-of-organizational-structures-and-external-factor-1.html" title="Appropriateness of organizational structures and external factors">Appropriateness of organizational structures and external factors</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44316/changes-in-organizational-structures-hl-1.html" title="Changes in organizational structures (HL)">Changes in organizational structures (HL)</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44338/23-leadership-and-management.html" title="2.3 Leadership and management">2.3 Leadership and management</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44343/scientific-intuitive-management-hl-1.html" title="Scientific & intuitive management (HL)">Scientific & intuitive management (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44339/management-and-leadership-1.html" title="Management and leadership">Management and leadership</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44340/leadership-styles-1.html" title="Leadership styles">Leadership styles</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45462/23-true-or-false-quiz.html" title="2.3 True or False Quiz">2.3 True or False Quiz</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../43829/24-motivation-and-demotivation.html" title="2.4 Motivation and demotivation">2.4 Motivation and demotivation</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44349/motivation-theories-sl-hl-1.html" title="Motivation theories (SL & HL)">Motivation theories (SL & HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44353/motivation-theories-hl-1.html" title="Motivation theories (HL)">Motivation theories (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44354/labour-turnover-hl-1.html" title="Labour turnover (HL)">Labour turnover (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44361/types-of-appraisal-hl-1.html" title="Types of appraisal (HL)">Types of appraisal (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44383/methods-of-recruitment-hl-1.html" title="Methods of recruitment (HL)">Methods of recruitment (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44382/internal-external-recruitment-hl-1.html" title="Internal & external recruitment (HL)">Internal & external recruitment (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44363/types-of-financial-rewards-1.html" title="Types of financial rewards">Types of financial rewards</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44370/types-of-non-financial-rewards-1.html" title="Types of non-financial rewards">Types of non-financial rewards</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44371/types-of-training.html" title="Types of training">Types of training</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44390/25-organizational-corporate-culture-hl.html" title="2.5 Organizational (corporate) culture (HL)">2.5 Organizational (corporate) culture (HL)</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44392/organizational-culture-hl-1.html" title="Organizational culture (HL)">Organizational culture (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44393/types-of-organizational-culture-hl-1.html" title="Types of organizational culture (HL)">Types of organizational culture (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44394/cultural-clashes-hl-1.html" title="Cultural clashes (HL)">Cultural clashes (HL)</a></li></ul><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44247/26-communication.html" title="2.6 Communication">2.6 Communication</a></li></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../43545/unit-3-finance.html" title="Unit 3 - Finance">Unit 3 - Finance</a></li><ul class="level-1 "><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44435/31-introduction-to-finance.html" title="3.1 Introduction to finance">3.1 Introduction to finance</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44431/31-introduction-to-finance-role-of-finance.html" title="3.1 Introduction to finance - role of finance">3.1 Introduction to finance - role of finance</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45634/31-glossary-of-key-term.html" title="3.1 Glossary of key term">3.1 Glossary of key term</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44436/32-sources-of-finance.html" title="3.2 Sources of finance">3.2 Sources of finance</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44437/internal-sources-of-finance.html" title="Internal sources of finance">Internal sources of finance</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44450/external-sources-of-finance.html" title="External sources of finance">External sources of finance</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44479/appropriateness-of-sources-of-finance.html" title="Appropriateness of sources of finance">Appropriateness of sources of finance</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45483/32-true-or-false-quiz.html" title="3.2 True or False Quiz">3.2 True or False Quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43688/32-glossary-of-key-terms.html" title="3.2 Glossary of key terms">3.2 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44486/33-costs-and-revenues.html" title="3.3 Costs and revenues">3.3 Costs and revenues</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44487/types-of-costs-1.html" title="Types of costs">Types of costs</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44491/total-revenue-revenue-streams-1.html" title="Total revenue & revenue streams">Total revenue & revenue streams</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45484/33-true-or-false-quiz-1.html" title="3.3 True or false quiz">3.3 True or false quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45657/33-glossary-of-key-terms-1.html" title="3.3 Glossary of key terms">3.3 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44492/34-final-accounts.html" title="3.4 Final accounts">3.4 Final accounts</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44527/the-purpose-of-accounts-to-different-stakeholders-1.html" title="The purpose of accounts to different stakeholders">The purpose of accounts to different stakeholders</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44577/profit-loss-account-2.html" title="Profit & loss account">Profit & loss account</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44579/balance-sheets-1.html" title="Balance sheets">Balance sheets</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44560/types-of-intangible-assets-1.html" title="Types of intangible assets">Types of intangible assets</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44585/depreciation-hl-1.html" title="Depreciation (HL)">Depreciation (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45919/34-true-or-false-quiz-1.html" title="3.4 True or False Quiz">3.4 True or False Quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45658/34-glossary-of-key-terms-1.html" title="3.4 Glossary of key terms">3.4 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44593/35-profitability-liquidity-ratio-analysis.html" title="3.5 Profitability & liquidity ratio analysis">3.5 Profitability & liquidity ratio analysis</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44595/profitability-ratios.html" title="Profitability ratios">Profitability ratios</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44626/liquidity-ratios-1.html" title="Liquidity ratios">Liquidity ratios</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45486/35-true-or-false-quiz-1.html" title="3.5 True or False Quiz">3.5 True or False Quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45661/35-glossary-of-key-terms-1.html" title="3.5 Glossary of key terms">3.5 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44627/36-efficiency-ratio-analysis-hl-only.html" title="3.6 Efficiency ratio analysis (HL only)">3.6 Efficiency ratio analysis (HL only)</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44805/efficiency-ratios-hl-1.html" title="Efficiency ratios (HL)">Efficiency ratios (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44633/insolvency-versus-bankruptcy-1.html" title="Insolvency versus bankruptcy">Insolvency versus bankruptcy</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45488/36-true-or-false-quiz-1.html" title="3.6 True or False Quiz">3.6 True or False Quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45662/36-glossary-of-key-terms-1.html" title="3.6 Glossary of key terms">3.6 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44493/37-cash-flow.html" title="3.7 Cash flow">3.7 Cash flow</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44502/the-difference-between-profit-cash-flow-1.html" title="The difference between profit & cash flow">The difference between profit & cash flow</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44506/working-capital-1.html" title="Working capital">Working capital</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44557/liquidity-position-1.html" title="Liquidity position">Liquidity position</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44558/cash-flow-forecasts-1.html" title="Cash flow forecasts">Cash flow forecasts</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44507/relationship-between-investment-profit-cash-flow-1.html" title="Relationship between investment, profit & cash flow">Relationship between investment, profit & cash flow</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44509/strategies-for-dealing-with-cash-flow-problems-1.html" title="Strategies for dealing with cash flow problems">Strategies for dealing with cash flow problems</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45493/37-true-or-false-1.html" title="3.7 True or False">3.7 True or False</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43687/37-glossary-of-key-terms-1.html" title="3.7 Glossary of key terms">3.7 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44515/38-investment-appraisal.html" title="3.8 Investment appraisal">3.8 Investment appraisal</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44516/payback-period-average-rate-of-return-1.html" title="Payback period & Average rate of return">Payback period & Average rate of return</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44519/net-present-value-npv-hl.html" title="Net present value (NPV) (HL)">Net present value (NPV) (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45494/38-true-or-false-quiz-1.html" title="3.8 True or False Quiz">3.8 True or False Quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43693/38-glossary-of-key-terms-1.html" title="3.8 Glossary of key terms">3.8 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44564/39-budgets-hl.html" title="3.9 Budgets (HL)">3.9 Budgets (HL)</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44565/the-difference-between-cost-profit-centres-1.html" title="The difference between cost & profit centres">The difference between cost & profit centres</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44568/the-roles-of-cost-profit-centres-1.html" title="The roles of cost & profit centres">The roles of cost & profit centres</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44576/constructing-budgets-1.html" title="Constructing budgets">Constructing budgets</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44569/variances-1.html" title="Variances">Variances</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44571/the-importance-of-budgets-variances-1.html" title="The importance of budgets & variances">The importance of budgets & variances</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45495/39-true-or-false-quiz-1.html" title="3.9 True or False Quiz">3.9 True or False Quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43694/39-glossary-of-key-terms.html" title="3.9 Glossary of key terms">3.9 Glossary of key terms</a></li></ul></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../43547/unit-4-marketing.html" title="Unit 4 - Marketing">Unit 4 - Marketing</a></li><ul class="level-1 "><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44637/41-introduction-to-marketing.html" title="4.1 Introduction to marketing">4.1 Introduction to marketing</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44638/market-orientation-vs-product-orientation-1.html" title="Market orientation vs Product orientation">Market orientation vs Product orientation</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44639/market-share-1.html" title="Market share">Market share</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44641/market-growth-1.html" title="Market growth">Market growth</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44642/importance-of-market-share-market-leadership-hl-1.html" title="Importance of market share & market leadership (HL)">Importance of market share & market leadership (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43695/41-glossary-of-key-terms-1.html" title="4.1 Glossary of key terms">4.1 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../43823/42-marketing-planning.html" title="4.2 Marketing planning">4.2 Marketing planning</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44645/the-role-of-marketing-planning-1.html" title="The role of marketing planning">The role of marketing planning</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44654/segmentation-targeting-and-positioning-1.html" title="Segmentation, targeting, and positioning">Segmentation, targeting, and positioning</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44646/difference-between-niche-mass-market-1.html" title="Difference between niche & mass market">Difference between niche & mass market</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43821/the-importance-of-having-a-usp-1.html" title="The importance of having a USP">The importance of having a USP</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44655/how-organizations-differentiate-themselves-1.html" title="How organizations differentiate themselves">How organizations differentiate themselves</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43834/42-vocab-quiz-1.html" title="4.2 Vocab Quiz">4.2 Vocab Quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45528/42-true-or-false-quiz-1.html" title="4.2 True or False Quiz">4.2 True or False Quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43696/42-glossary-of-key-terms-1.html" title="4.2 Glossary of key terms">4.2 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44660/43-sales-forecasting-hl.html" title="4.3 Sales forecasting (HL)">4.3 Sales forecasting (HL)</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44669/benefits-limitations-of-sales-forecasting.html" title="Benefits & limitations of sales forecasting">Benefits & limitations of sales forecasting</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45530/43-true-or-false-quiz-1.html" title="4.3 True or False Quiz">4.3 True or False Quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43711/43-glossary-of-key-terms-1.html" title="4.3 Glossary of key terms">4.3 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44679/44-market-research.html" title="4.4 Market research">4.4 Market research</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44680/why-how-organizations-carry-out-market-research.html" title="Why & how organizations carry out market research">Why & how organizations carry out market research</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44692/methodstechniques-of-primary-market-research-1.html" title="Methods/techniques of primary market research">Methods/techniques of primary market research</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44693/methodstechniques-of-secondary-market-research-1.html" title="Methods/techniques of secondary market research">Methods/techniques of secondary market research</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44694/qualitative-quantitative-research-1.html" title="Qualitative & quantitative research">Qualitative & quantitative research</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44695/methods-of-sampling-1.html" title="Methods of sampling">Methods of sampling</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45531/44-true-or-false-quiz-1.html" title="4.4 True or False Quiz">4.4 True or False Quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43712/44-glossary-of-key-terms-1.html" title="4.4 Glossary of key terms">4.4 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44720/45-the-seven-ps-of-the-marketing-mix.html" title="4.5 The seven Ps of the marketing mix">4.5 The seven Ps of the marketing mix</a></li><ul class="level-2 "><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44740/451-product.html" title="4.5.1 Product">4.5.1 Product</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../44741/the-product-life-cycle-1.html" title="The product life cycle">The product life cycle</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../44745/extension-strategies-1.html" title="Extension strategies">Extension strategies</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../44981/relationship-between-the-plc-investment-profit-cash-flow-1.html" title="Relationship between the PLC, investment, profit & cash flow">Relationship between the PLC, investment, profit & cash flow</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../44748/aspects-of-branding.html" title="Aspects of branding">Aspects of branding</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../44757/the-importance-of-branding-1.html" title="The importance of branding">The importance of branding</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../45766/starterplenary-activity-anagrams-quiz-brands-1.html" title="Starter/Plenary activity - Anagrams Quiz (Brands)">Starter/Plenary activity - Anagrams Quiz (Brands)</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../45957/starterplenary-activity-whats-in-a-brand-name-1.html" title="Starter/Plenary activity - What's in a (brand) name?">Starter/Plenary activity - What's in a (brand) name?</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../43713/45-glossary-of-key-terms-product-1.html" title="4.5 Glossary of key terms (Product)">4.5 Glossary of key terms (Product)</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../42547/452-price-1.html" title="4.5.2 Price">4.5.2 Price</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../43719/45-key-terms-price-1.html" title="4.5 Key Terms (Price)">4.5 Key Terms (Price)</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44782/453-promotion.html" title="4.5.3 Promotion">4.5.3 Promotion</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../44783/above-the-line-promotion-1.html" title="Above the line promotion">Above the line promotion</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../44795/below-the-line-promotion-1.html" title="Below the line promotion">Below the line promotion</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../44797/through-the-line-promotion-1.html" title="Through the line promotion">Through the line promotion</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../44801/social-media-marketing-1.html" title="Social media marketing">Social media marketing</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../43721/45-glossary-of-key-terms-1.html" title="4.5 Glossary of key terms">4.5 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44803/454-place-1.html" title="4.5.4 Place">4.5.4 Place</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../44804/the-importance-of-different-distribution-channels-1.html" title="The importance of different distribution channels">The importance of different distribution channels</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../43722/45-glossary-of-key-terms-1.html" title="4.5 Glossary of key terms">4.5 Glossary of key terms</a></li></ul><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44758/455-people-1.html" title="4.5.5 People">4.5.5 People</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44773/456-processes-1.html" title="4.5.6 Processes">4.5.6 Processes</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44774/457-physical-evidence-1.html" title="4.5.7 Physical evidence">4.5.7 Physical evidence</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44982/appropriate-marketing-mixes-1.html" title="Appropriate marketing mixes">Appropriate marketing mixes</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44697/46-international-marketing-hl.html" title="4.6 International marketing (HL)">4.6 International marketing (HL)</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44698/opportunities-threats-posed-by-entry-into-international-markets-1.html" title="Opportunities & threats posed by entry into international markets">Opportunities & threats posed by entry into international markets</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45537/46-true-or-false-quiz-1.html" title="4.6 True or False Quiz">4.6 True or False Quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45736/46-glossary-of-key-terms-1.html" title="4.6 Glossary of key terms">4.6 Glossary of key terms</a></li></ul></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../43565/unit-5-operations-mgt.html" title="Unit 5 - Operations Mgt">Unit 5 - Operations Mgt</a></li><ul class="level-1 "><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44817/51-introduction-to-operations-management.html" title="5.1 Introduction to operations management">5.1 Introduction to operations management</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44818/the-role-of-operations-management-1.html" title="The role of operations management">The role of operations management</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44812/52-operations-methods.html" title="5.2 Operations methods">5.2 Operations methods</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44815/operations-methods-1.html" title="Operations methods">Operations methods</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44861/53-lean-production-quality-management-hl.html" title="5.3 Lean production & quality management (HL)">5.3 Lean production & quality management (HL)</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44864/features-of-lean-production.html" title="Features of lean production">Features of lean production</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44872/methods-of-lean-production.html" title="Methods of lean production">Methods of lean production</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44874/cradle-to-cradle-design-manufacturing.html" title="Cradle to cradle design & manufacturing">Cradle to cradle design & manufacturing</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44875/quality-control-quality-assurance.html" title="Quality control & quality assurance">Quality control & quality assurance</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44876/methods-of-managing-quality.html" title="Methods of managing quality">Methods of managing quality</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44877/the-impact-of-lean-production-tqm.html" title="The impact of lean production & TQM">The impact of lean production & TQM</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44878/national-international-quality-standards.html" title="National & international quality standards">National & international quality standards</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44840/55-break-even-analysis.html" title="5.5 Break-even analysis">5.5 Break-even analysis</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44843/contribution.html" title="Contribution">Contribution</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44848/aspects-of-break-even-analysis.html" title="Aspects of break-even analysis">Aspects of break-even analysis</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44851/changes-in-price-and-costs.html" title="Changes in price and costs">Changes in price and costs</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44852/limitations-of-break-even-analysis.html" title="Limitations of break-even analysis">Limitations of break-even analysis</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44890/56-production-planning-hl.html" title="5.6 Production planning (HL)">5.6 Production planning (HL)</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44902/the-local-global-supply-chain-process.html" title="The local & global supply chain process">The local & global supply chain process</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44922/the-difference-between-jit-jic.html" title="The difference between JIT & JIC">The difference between JIT & JIC</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44931/stock-control-charts.html" title="Stock control charts">Stock control charts</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44970/capacity-utilization-rate.html" title="Capacity utilization rate">Capacity utilization rate</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45125/defect-rate.html" title="Defect rate">Defect rate</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43832/productivity.html" title="Productivity">Productivity</a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45187/cost-to-buy-cost-to-make.html" title="Cost to buy & Cost to make">Cost to buy & Cost to make</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../46353/sinterklaas-putting-ctb-vs-ctm-into-practice.html" title="Sinterklaas - Putting CTB vs CTM into practice">Sinterklaas - Putting CTB vs CTM into practice</a></li></ul></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../45242/57-crisis-management-contingency-planning-hl.html" title="5.7 Crisis management & contingency planning (HL)">5.7 Crisis management & contingency planning (HL)</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45243/difference-between-crisis-management-contingency-planning.html" title="Difference between crisis management & contingency planning">Difference between crisis management & contingency planning</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45268/impact-of-contingency-planning.html" title="Impact of contingency planning">Impact of contingency planning</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45260/factors-that-affect-effective-crisis-management.html" title="Factors that affect effective crisis management">Factors that affect effective crisis management</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45554/57-true-or-false-quiz.html" title="5.7 True or False Quiz">5.7 True or False Quiz</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../45669/59-management-information-systems-hl.html" title="5.9 Management Information Systems (HL)">5.9 Management Information Systems (HL)</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../42633/data-analytics.html" title="Data analytics">Data analytics</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45861/database.html" title="Database">Database</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44966/cybersecurity-and-cybercrime.html" title="Cybersecurity and cybercrime">Cybersecurity and cybercrime</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45859/critical-infrastructures.html" title="Critical infrastructures">Critical infrastructures</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../46175/virtual-reality.html" title="Virtual reality">Virtual reality</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45862/the-internet-of-things.html" title="The internet of things">The internet of things</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45858/artificial-intelligence.html" title="Artificial intelligence">Artificial intelligence</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../42634/big-data.html" title="Big data">Big data</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43392/customer-loyalty-programmes.html" title="Customer loyalty programmes">Customer loyalty programmes</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43395/digital-taylorism.html" title="Digital Taylorism">Digital Taylorism</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45671/data-mining.html" title="Data mining">Data mining</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45856/benefits-risks-ethical-implications-of-mis.html" title="Benefits, risks, & ethical implications of MIS">Benefits, risks, & ethical implications of MIS</a></li></ul></ul><li class="ancestor parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right fa-rotate-90"></i><a class="" href="../42640/bmt-.html" title="BMT ">BMT </a></li><ul class="level-1 expanded"><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399696.html" title="BMT 1 - SWOT analysis">BMT 1 - SWOT analysis</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399697.html" title="BMT 2 - Ansoff matrix">BMT 2 - Ansoff matrix</a></li><li class="current" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="bmt-3-steeple-analysis.html" title="BMT 3 - STEEPLE analysis">BMT 3 - STEEPLE analysis</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../42577/bmt-4-boston-consulting-group-matrix.html" title="BMT 4 - Boston Consulting Group matrix">BMT 4 - Boston Consulting Group matrix</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../42956/bmt-5-business-plans.html" title="BMT 5 - Business plans">BMT 5 - Business plans</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../43606/bmt-6-decision-trees.html" title="BMT 6 - Decision trees">BMT 6 - Decision trees</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../42362/bmt-7-descriptive-statistics.html" title="BMT 7 - Descriptive statistics">BMT 7 - Descriptive statistics</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../42226/bmt-8-circular-business-models.html" title="BMT 8 - Circular Business Models">BMT 8 - Circular Business Models</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../43605/bmt-9-gantt-chart-hl-only.html" title="BMT 9 - Gantt chart (HL only)">BMT 9 - Gantt chart (HL only)</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../42214/bmt-10-porters-generic-strategies-hl-only.html" title="BMT 10 - Porter's generic strategies (HL only)">BMT 10 - Porter's generic strategies (HL only)</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../42216/bmt-11-hofstedes-cultural-dimensions-hl-only.html" title="BMT 11 - Hofstede's cultural dimensions (HL only)">BMT 11 - Hofstede's cultural dimensions (HL only)</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399698.html" title="BMT 12 - Force field analysis (HL only)">BMT 12 - Force field analysis (HL only)</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../42375/bmt-13-critical-path-analysis-hl-only.html" title="BMT 13 - Critical path analysis (HL only)">BMT 13 - Critical path analysis (HL only)</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../42344/bmt-14-contribution-hl-only-.html" title="BMT 14 - Contribution (HL only) ">BMT 14 - Contribution (HL only) </a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../42311/bmt-15-simple-linear-regression-hl-only.html" title="BMT 15 - Simple linear regression (HL only)">BMT 15 - Simple linear regression (HL only)</a></li></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../42758/concepts.html" title="Concepts">Concepts</a></li><ul class="level-1 "><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../43633/creativity.html" title="Creativity">Creativity</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../43631/ethics.html" title="Ethics">Ethics</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../43435/sustainability.html" title="Sustainability">Sustainability</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../43668/change.html" title="Change">Change</a></li></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../42836/ia-.html" title="IA ">IA </a></li><ul class="level-1 "><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44415/formulating-suitable-ia-questions.html" title="Formulating suitable IA questions">Formulating suitable IA questions</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../47685/supporting-documents-for-the-ia.html" title="Supporting documents for the IA">Supporting documents for the IA</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../47840/top-tips-for-the-ia-primary-research.html" title="Top tips for the IA – Primary research">Top tips for the IA – Primary research</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44047/50-sample-ia-research-questions-1.html" title="50+ Sample IA research questions">50+ Sample IA research questions</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../46719/recommended-format-for-the-ia.html" title="Recommended format for the IA">Recommended format for the IA</a></li></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../43603/exams.html" title="Exams">Exams</a></li><ul class="level-1 "><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44091/paper-1.html" title="Paper 1">Paper 1</a></li><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="Paper 2">Paper 2</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../46637/01-ikea.html" title="01 - IKEA">01 - IKEA</a></li></ul><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../45839/quantitative-techniques.html" title="Quantitative techniques">Quantitative techniques</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../46025/abbreviations-quiz.html" title="Abbreviations Quiz">Abbreviations Quiz</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../43740/command-terms.html" title="Command terms">Command terms</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../45612/glossary-of-key-terms.html" title="Glossary of key terms">Glossary of key terms</a></li></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../33955/the-core.html" title="The Core">The Core</a></li><ul class="level-1 "><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../34902/cas-bm.html" title="CAS & BM">CAS & BM</a></li><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../21665/the-ee.html" title="The EE">The EE</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21934/the-bm-extended-essay.html" title="The BM Extended Essay">The BM Extended Essay</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../32857/ee-planning-form.html" title="EE Planning form">EE Planning form</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../37390/managing-the-ee-process.html" title="Managing the EE process">Managing the EE process</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../37496/top-10-tips-for-the-bm-ee.html" title="Top 10 tips for the BM EE">Top 10 tips for the BM EE</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21930/70-top-bm-ee-research-questions.html" title="70 top BM EE Research Questions">70 top BM EE Research Questions</a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../22196/tools-techniques-theories-for-the-ee.html" title="Tools, techniques & theories for the EE">Tools, techniques & theories for the EE</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../44048/the-triple-bottom-line.html" title="The triple bottom line">The triple bottom line</a></li></ul><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21836/understanding-the-assessment-criteria.html" title="Understanding the assessment criteria">Understanding the assessment criteria</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../37960/reflections-and-engagement-in-the-ee.html" title="Reflections and engagement in the EE">Reflections and engagement in the EE</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../41874/the-mandatory-reflection-sessions.html" title="The mandatory reflection sessions">The mandatory reflection sessions</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../37659/top-10-tips-for-completing-the-rppf-1.html" title="Top 10 Tips for completing the RPPF">Top 10 Tips for completing the RPPF</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21945/academic-integrity-the-ee-1.html" title="Academic Integrity & the EE">Academic Integrity & the EE</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../37573/citation-and-referencing.html" title="Citation and Referencing">Citation and Referencing</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../39260/ee-checklist.html" title="EE Checklist">EE Checklist</a></li></ul><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../25192/tok-bm.html" title="TOK & BM">TOK & BM</a></li></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../22100/misc.html" title="Misc">Misc</a></li><ul class="level-1 "><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../22208/how-well-do-you-know-the-bm-course.html" title="How well do you know the BM course?">How well do you know the BM course?</a></li><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="Distance Learning">Distance Learning</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../39730/financial-literacy-simulation-game.html" title="Financial literacy simulation game">Financial literacy simulation game</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../34551/starter-activities-business-management-trivia-quizzes.html" title="Starter Activities - Business Management Trivia Quizzes">Starter Activities - Business Management Trivia Quizzes</a></li></ul><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" 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<div id="main-column" class="span9"> <article id="bmt-3-steeple-analysis" style="margin-top: 16px;">
<h1 class="section-title">BMT 3 - STEEPLE analysis</h1>
<ul class="breadcrumb"><li><a title="Home" href="../../../businessmanagement.html"><i class="fa fa-home"></i></a><span class="divider">/</span></li><li><span class="gray">BMT </span><span class="divider">/</span></li><li><span class="active">BMT 3 - STEEPLE analysis</span></li></ul>
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<div class="panel panel-purple"><div class="panel-heading"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><p><strong>Business Management Toolkit 3 - STEEPLE analysis</strong></p></div></div><div class="panel-body"><div><p><span style="font-family:arial,helvetica,sans-serif;"><img alt="" height="232" src="../../../ib/businessmanagement/images/steeple.png" width="300"></span></p><p><span style="color:#696969;"><em>“The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself.”</em><br>- George Bernard Shaw (1856 -1950), Irish author and awardee of the Nobel Prize in Literature (1925)</span></p><hr class="hidden"><p>This section of the IB Business Management syllabus examines the (positive and negative) consequences of a change in any of the STEEPLE factors for a business’s objectives and its corporate strategy.</p><p><span style="font-family:arial,helvetica,sans-serif;">A STEEPLE analysis is a Business Management situational and planning tool used to study the factors in the external business environment that impact on its operations. STEEPLE comprises of seven categories of <span style="font-family:arial,helvetica,sans-serif;">factors that affect business operations and decision </span><span style="font-family:arial,helvetica,sans-serif;">making. </span><span style="font-family:arial,helvetica,sans-serif;">STEEPLE </span>stands for:</span></p><div class="row-fluid"><div class="span6 col-left"><div><ul class="branded"><li><p><span style="font-family:arial,helvetica,sans-serif;"><strong>S</strong>ocial</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><strong>T</strong>echnological</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><strong>E</strong>conomic</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><strong>E</strong>thical</span></p></li></ul></div></div><div class="span6"><div><ul class="branded"><li><p><span style="font-family:arial,helvetica,sans-serif;"><strong>P</strong>olitical</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><strong>L</strong>egal</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><strong>E</strong>nvironmental</span></p></li></ul></div></div></div><hr class="hidden"><p>The focus of this BMT is to allow managers to brainstorm the external business environment and its impacts on the organization. External threats and opportunities either restrict or aid the performance of a business but are beyond its control. <span style="font-family:arial,helvetica,sans-serif;">The <strong>external business environment</strong> refers to the factors that are beyond the control of an individual organization, i.e. the external environment affects all businesses in the economy.</span></p><p><span style="font-family:arial,helvetica,sans-serif;">Businesses need to consider the external environment in which they operate, in order to make the most effective decisions by minimizing threats and making the most of opportunities. However, most businesses are unlikely to have much, if any, control over the external business environment - just look at what happened during the coronavirus pandemic as an example.</span></p><p><span style="font-family:arial,helvetica,sans-serif;">Therefore, businesses need to continually monitor their the market in which they operate and how the external environment can affect their operations and profits. Planning ahead will help them to react more appropriately and effectively to any changes in the STEEPLE factors that might occur. The most competitive businesses are those that anticipate change, rather than react to it.</span></p><p><span style="font-family:arial,helvetica,sans-serif;">Changes in any of the STEEPLE factors can have positive or negative impacts on businesses. Successful organizations are the ones that can adapt to changes in the external business environment.</span></p><hr class="hidden"><p><span class="snippet-fa fa fa-youtube fa-lg" style="color: rgb(202, 72, 26);"> </span>Watch this introductory video about PESTLE (a variation of STEEPLE) analysis here, and answer the questions that follow:</p><p><iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="360" src="https://www.youtube.com/embed/NaofchxbhXo" title="PESTLE Analysis explained" width="640"></iframe></p><p><strong>Questions</strong></p><ol><li><p>What does a PESTLE analysis focus on, rather than the business itself or its immediate surroundings?</p></li><li><p>PESTLE is an acronym for Political, Economic, Social, Technological, Legal and ... ?</p></li><li><p>What are the first two steps of a PESTLE analysis?</p></li><li><p>Inflation and unemployment are examples of which PESTLE factor?</p></li><li><p>What is the environmental factor used in the example of a PESTLE analysis for a coffee shop?</p></li></ol><section class="tib-teacher-only" readonly="true" title="This box is not visible to students"><div class="header" readonly="true"><img class="icon" src="../../../thinkib/icons/teacher-only.svg"> Teacher only box</div><div class="content" readonly="false"><p><strong>Answers</strong></p><p>Note: timings have been included here for illustrative purposes only.</p><p>1. What does a PESTLE analysis focus on, rather than the business itself or its immediate surroundings? 0:26</p><p><span style="color:#FF0000;">The macro (external) environment in which the organization operates</span></p><hr class="hidden"><p>2. PESTLE is an acronym for Political, Economic, Social, Technological, Legal and ... ? 1:06</p><p><span style="color:#FF0000;">Environmental</span></p><hr class="hidden"><p>3. What are the first two steps of a PESTLE analysis? 1:41</p><p>(i) Identifying external trends, and (ii) determining implications and decide actions</p><hr class="hidden"><p>4. Inflation and unemployment are examples of which PESTLE factor? 2:10</p><p><span style="color:#FF0000;">Economic</span></p><hr class="hidden"><p>5. What is the environmental factor used in the example of a PESTLE analysis for a coffee shop? 3:21</p><p><span style="color:#FF0000;">Climate change</span></p></div></section></div></div><div class="panel-footer"><div></div></div></div><div><div class="panel panel-purple"><div class="panel-footer"><div></div></div></div></div><div class="panel-body"><div><div class="panel panel-expandable panel-default"><div class="panel-heading"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><p><strong><span style="color:#FFFFFF;">Social factors in a <u>S</u>TEEPLE analysis (AO3)</span></strong></p></div></div><div class="panel-body"><div><p><img alt="" src="../../../ib/businessmanagement/images/people(1).jpg" style="width: 320px; height: 159px;"></p><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Social factors</strong> in a STEEPLE analysis are those related to people, their lifestyles and their beliefs (or values). Social factors that affect the level of economic activity in a country include cultural influences, demographics of the population, religious beliefs, society's views on ethical behaviour, and social attitudes towards discrimination (against women, ethnic minorities and other possibly disadvantaged groups). Examples of social factors in a STEEPLE analysis include (although these will vary from country to country):</span></p><ul class="branded"><li><p><span style="font-family:arial,helvetica,sans-serif;">An ageing population, i.e. the average age of the population increases. This has implications for recruitment and different spending patterns.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Many more women are choosing to have children at an older age. This is partly so that they can pursue their professional careers and also because of the increasing costs of raising children.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Changes in the net migration rate – this measures the difference between immigration (when people enter a country to live and to work) and emigration (when people leave a country to work and live abroad), i.e. it indicates changes in the physical movement of people in and out of a country.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">An increase in the retirement age – this has an impact on staffing costs, recruitment and retention, and different spending habits. Retirement age, selected countries</span></p></li></ul><p><em><span style="font-family:arial,helvetica,sans-serif;">Table 1 - Retirement age, selected countries:</span></em></p><table><tbody><tr><td><strong>Country</strong></td><td style="text-align: center;"><strong>Men</strong></td><td style="text-align: center;"><strong>Women</strong></td></tr><tr><td>Greece</td><td style="text-align: center;">67</td><td style="text-align: center;">67</td></tr><tr><td>Iceland</td><td style="text-align: center;">67</td><td style="text-align: center;">67</td></tr><tr><td>United States of America</td><td style="text-align: center;">66</td><td style="text-align: center;">66</td></tr><tr><td>Australia</td><td style="text-align: center;">65</td><td style="text-align: center;">65</td></tr><tr><td>Brazil</td><td style="text-align: center;">65</td><td style="text-align: center;">60</td></tr><tr><td>Canada</td><td style="text-align: center;">65</td><td style="text-align: center;">65</td></tr><tr><td>Kazakhstan</td><td style="text-align: center;">63</td><td style="text-align: center;">58</td></tr><tr><td>Colombia</td><td style="text-align: center;">62</td><td style="text-align: center;">57</td></tr><tr><td>China</td><td style="text-align: center;">60</td><td style="text-align: center;">55</td></tr><tr><td>Japan</td><td style="text-align: center;">60</td><td style="text-align: center;">60</td></tr><tr><td>Sri Lanka</td><td style="text-align: center;">55</td><td style="text-align: center;">55</td></tr></tbody></table></div></div><div class="panel-footer"><div></div></div></div><div class="panel panel-expandable panel-default"><div class="panel-heading"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><p><strong><span style="color:#FFFFFF;"> <span style="font-family:arial,helvetica,sans-serif;">Technological factors in a S<u>T</u>EEPLE analysis</span> </span></strong></p></div></div><div class="panel-body"><div><p><span style="font-family:arial,helvetica,sans-serif;"><img alt="" height="172" src="../../../ib/businessmanagement/images/technology.jpg" width="305"></span></p><p><span style="font-family:arial,helvetica,sans-serif;">In the context of the corporate world, the <strong>technological environment </strong>refers to the changes and developments in machinery and equipment developed for business operations and their growth and evolution. Changing technology has always played an important role in the external business environment. Personal computers become popular in the 1980s. Mobile (cell) phones become popular in the 1990s. Smartphones were launched to the mass market in the 2000s. The last decade has seen an increase in the use of 3-D printed products and wearable technologies, such as smartwatches. The advancements in Internet technologies have created many opportunities for businesses involved in <a href="../21773/48-e-commerce.html" title="Unit 4 » 4.8 E-commerce">e-commerce</a>. Other examples include:</span></p><ul class="branded"><li><p><span style="font-family:arial,helvetica,sans-serif;"><a href="../21939/53-lean-production-quality-management-hl.html" title="Unit 5 » 5.3 Lean production & quality management (HL)">Lean production</a> technologies that improve operation efficiency, quality and productivity in the manufacturing sector.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Technological advances have led to increased use of automation in car manufacturing.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Unemployment in certain industries as technology and automation create opportunities for capital-intensive production methods.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">By contrast, employment opportunities have also been created, such as the need for coders and app developers.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">The increasing use and reliance on social media for marketing purposes. For example, almost all large companies use Facebook, LinkedIn and Twitter as part of their marketing. TripAdvisor is used by marketers in the travel and tourism industry. OpenRice is a popular website used to promote food and restaurants in many South East Asian countries. Instagram is used by businesses to showcase their product range and other aspects of their marketing.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Social media has also revolutionised recruitment for many organizations, such as the popularity of LinkedIn to headhunt workers for specific jobs.</span></p></li></ul><p><span style="font-family:arial,helvetica,sans-serif;"><img alt="" src="../../../ib/businessmanagement/images/mobile-technologies.jpg" style="width: 320px; height: 220px;"></span></p><p><span style="color:#696969;"><span style="font-family:arial,helvetica,sans-serif;"><em>Mobile technologies have created many opportunities for e-commerce</em></span></span></p><p><span style="font-family:arial,helvetica,sans-serif;">Technological factors are not necessarily or always positive. They can create huge barriers to entry into certain industries, thereby limiting the degree of competition on the market. This limits choice for customers, who are likely to be charged a higher price as a result. However, by far the largest threat of technological factors is technological failure, caused by power cuts or due to fraudulent hacking.</span></p></div></div><div class="panel-footer"><div></div></div></div><div class="panel panel-expandable panel-default"><div class="panel-heading"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><p><strong><span style="color:#FFFFFF;"> <span style="font-family:arial,helvetica,sans-serif;">Economic factors in a ST<u>E</u>EPLE analysis</span> </span></strong></p></div></div><div class="panel-body"><div><p><img alt="" height="244" src="../../../ib/businessmanagement/images/trade-fair.jpg" width="327"></p><p><span style="font-family:arial,helvetica,sans-serif;">Economic factors in a STEEPLE analysis refer to the determinants of an economy's performance. Changes in economic factors that affect the external business environment can be explained by the <strong>business cycle</strong> (also known as the <strong>trade cycle</strong>). The level of economic activity is measured by gross domestic product (GDP) in an economy. GDP measures the total value of national output, per time period (usually one year).</span></p><p><span style="font-family:arial,helvetica,sans-serif;"><img alt="" height="302" src="../../../ib/businessmanagement/images/business-cycle.jpg" width="580"></span></p><p><span style="color:#696969;"><span style="font-family:arial,helvetica,sans-serif;"><em>The business cycle (also called the trade cycle) shows the level of economic activity, over time</em></span></span></p><hr class="hidden"><p><span style="font-family:arial,helvetica,sans-serif;">The different phases in the business cycle include:</span></p><ul class="branded"><li><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Boom </strong>(expansion) – when spending, employment and prices rise due to an increase in economic activity in the economy.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Peak </strong>– a high point in the business cycle, before a recession sets in as booms are not sustainable in the long run; prices are high, thus causing a fall in the economy’s competitiveness.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Recession </strong>– a decline in economic activity, leading to lower employment and falling business and consumer confidence levels.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Slump </strong>(or <strong>trough</strong>) – the bottom/lowest point in the business cycle, with mass-scale unemployment and falling prices; government intervention is likely to occur to rectify the situation. As Harry S Truman (the 33rd President of the United States, 1884-1972) said, <em>“It’s a recession when your neighbour loses his job; it’s a depression when you lose yours.”</em></span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Recovery </strong>– when economic activity and employment start to rise following a slump.</span></p></li></ul><hr class="hidden"><p><span style="font-family:arial,helvetica,sans-serif;">Interrelated factors that cause fluctuations in the level of economic activity* in an economy include changes in:</span></p><ul class="branded"><li><p><span style="font-family:arial,helvetica,sans-serif;">The level of consumer and business confidence – improved confidence levels will have a positive impact on economic activity in the economy.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Costs of production – higher costs will typically cause prices to increase. This is likely to deteriorate the economy’s international competitiveness and level of economic activity.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">The exchange rate – a currency appreciation means that export prices rise relative to import prices. This will tend to reduce the international competitiveness of the economy as exporters will generally find it more difficult to sell their products due to the higher prices.</span></p><section class="tib-hiddenbox"><p><span style="color:#FF0000;"><strong>Exports </strong>are the goods and/or services produced in one country and sold to customers located in other countries.</span></p><span style="color:#FF0000;">By contrast, <strong>imports </strong>are the goods and services produced overseas but purchased by domestic customers.</span></section></li><li><p><span style="font-family:arial,helvetica,sans-serif;">The interest rate – higher interest rates make borrowing more expensive for households, so they tend to spend less. In addition, higher interest rates reduce the incentive to invest in the economy due to the higher costs of borrowing money. Hence, higher interest rates tend to constrain economic activity.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">The inflation rate – the higher the inflation rate, the higher prices are in general. Hence, higher rates of inflation in the economy tend to reduce its international competitiveness, thereby reducing the level of economic activity.</span></p></li></ul><p><span style="color:#696969;">* Read more about economic growth by clicking the icon here.</span></p><section class="tib-hiddenbox"><p><strong>Economic growth</strong></p><p>Economic growth refers to an increase in the level of economic activity over time, as illustrated in a business cycle diagram. It can be achieved by enhancing the <em>quality </em>of factors of production, which normally requires an investment in any combination of the following:</p><ul><li><p><strong>Capital goods </strong>- the greater the level of investment, the higher economic growth tends to be in the long run, e.g. developing an economy’s infrastructure to aid economic activity and competitiveness.</p></li><li><p><strong>Education and training</strong> - a better educated and trained workforce becomes a more productive and internationally competitive labour force.</p></li><li><p><strong>Health technology </strong>- advances in health care help to ensure workers are healthy and therefore more productive. It can also prevent workers having to take time off work or retire early due to illness.</p></li></ul><p>Economists also attribute economic growth to an increase in the <em>quantity</em> of resources. For example, discovering new sources of raw materials will increase the productive capacity of an economy. For example, changes in the size of the labour force can be caused by a number of factors:</p><ul><li><p><em>Changes in demography</em>. A fall in the birth rate in high-income countries has led to an ageing population and a smaller workforce. If people choose to start work later (due to university commitments) and retire earlier (due to rising incomes), this will also reduce the size of the workforce. Conversely, a ‘baby boom’ will lead to a larger workforce in the next couple of decades.</p></li><li><p><em>Changes in labour participation rates</em>. The labour participation rate measures the number of people who are employed or self employed as a percentage of the total labour force. Government policies (such as lower rates of income tax or reduced social welfare payments) can boost the participation rate. A rising number of women returning to or starting work has also led to higher participation rates in many regions of the world.</p></li><li><p><em>Changes in net migration</em>. This refers to the difference between <em>immigration</em> (the number of people entering a country for work purposes) and <em>emigration</em> (those leaving the country). If the net migration figure is positive, then the size of the workforce will increase, thereby helping to raise the productive capacity of the economy.</p></li></ul></section><hr class="hidden"><p><span style="font-family:arial,helvetica,sans-serif;"><img alt="" height="203" src="../../../ib/businessmanagement/images/imports-exports.jpg" width="411"></span></p><p><span style="color:#696969;"><span style="font-family:arial,helvetica,sans-serif;"><em>The demand for imports and exports is affected by exchange rates</em></span></span></p><hr class="hidden"><div class="yellowBg"><h5><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-file-text-o fa-lg" style="color: rgb(103, 7, 124);"> </span> Case Study 1 - LVMH delays takeover of Tiffany & Co.</span></span></h5><p><img class="small" height="181" readonly="false" src="../../../ib/businessmanagement/images/diamond-ring.png" style="float: left;" width="190">In November 2019, the French luxury goods conglomerate <em>LVMH </em>announced it would be acquiring Tiffany & Co. for $16.2 billion. However, the COVID-19 pandemic that caused a huge global recession changed the terms of the deal in 2020 as business confidence plummeted. <em>LVMH </em>had requested a delay to the deal until January 2021 (at the very earliest).</p><p>In October 2020, a spokesperson for Tiffany & Co. commented <em>“We are very pleased to have reached an agreement with LVMH at an attractive price and to now be able to proceed with the acquisition. The Board concluded it was in the best interests of all of our stakeholders to achieve certainty of closing.”</em></p></div><div class="greenBg"><h5><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"><span class="snippet-fa fa fa-file-text-o fa-lg" style="color: rgb(103, 7, 124);"> </span> Case Study 2 - Hyperinflation in Germany, Venezuela, Zimbabwe and Hungary</span></span></h5><p><span style="font-family:arial,helvetica,sans-serif;">History has recorded some staggering rates of hyperinflation, leading to the collapse of the economy or even the currency. Examples include Weimer, Germany (1923) when prices soared so quickly that people used wheelbarrows to carry their cash!</span></p><p><span style="font-family:arial,helvetica,sans-serif;">More recently, <span style="font-family:arial,helvetica,sans-serif;">in 2019, </span>hyperinflation left Venezuela in a major economic crisis as average price levels exceeded 1.3 million per cent! However, this is still relatively low compared with Zimbabwe which recorded an inflation rate of an incomprehensible 231,000,000% <span style="font-family:arial,helvetica,sans-serif;">in July 2008. This was caused by the government’s gross mismanagement of the economy between 2003 and 2009. <span style="font-family:arial,helvetica,sans-serif;">Zimbabwe had fuelled inflation by </span>printing banknotes with a denomination value of 100 trillion Zimbabwean dollars (ZWD100,000,000,000,000)! This meant the currency became literally worthless, so was eventually abandoned (and replaced with the US dollar).</span></span></p><p><span style="font-family:arial,helvetica,sans-serif;"><img alt="" height="122" src="../../../ib/businessmanagement/images/zwd.jpg" width="206"></span></p><p><span style="font-family:arial,helvetica,sans-serif;">However, the largest denomination banknote ever officially issued for circulation was in 1946 by the Hungarian National Bank for <strong>100 quintillion</strong> pengő (100,000,000,000,000,000,000, or 10<sup>20</sup>; or “100 million trillion”). In July 1946, Hungary’s daily inflation hit a world record rate of 207%. This meant that prices doubled every 15 hours! Today, Hungary’s highest denomination banknote is a modest 20,000 forint (the currency that replaced the pengo).</span> As a member of the European Union (EU) since May 2004, the long-term goal of the Hungarian government is to replace the forint with the euro.</p></div><h4><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"></span></span></h4><div class="greenBg"><h5><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"><span class="snippet-fa fa fa-file-text-o fa-lg" style="color: rgb(103, 7, 124);"> </span> Case Study 3 - China's economic growth</span></span></h5><p><span style="font-family:arial,helvetica,sans-serif;">China’s phenomenal economic growth in the past four decades has seen the country overtake the USA in many industries, both as a consumer and producer. Shenzhen was officially named as China's first Special Economic Zone, back in 1980. This entails special tax concessions to the region to attract domestic and foreign direct investment. Shenzhen's GDP per capita increased from RMB600 (USD87) in 1979 to over RMB200,000 (US$29,045) in 2020. This is an increase of 33,233%, or an annualised rate of 810%(!) The city's GDP per capita exceeded that of Hong Kong's in 2018.</span></p><p><span style="font-family:arial,helvetica,sans-serif;">In 2009, China became the world’s largest market for car manufacturers. This has huge impacts for the operations of global car makers, such as production and marketing. China has also had more cars on its roads than the USA since 2006!</span></p><p><span style="font-family:arial,helvetica,sans-serif;"><img alt="" height="231" src="../../../ib/businessmanagement/images/traffic-china.png" width="373"></span></p><p><span style="color:#696969;"><em>China has enjoyed high rates of growth for the past 35 years</em></span></p></div><div class="yellowBg"><h5><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-file-text-o fa-lg" style="color: rgb(103, 7, 124);"> </span> Case Study 4 - China slaps 212% tariffs on Australian wines</span></span></h5><p><img alt="" height="186" src="../../../ib/businessmanagement/images/vineyard.jpg" width="278"></p><div dir="auto"><div class="ecm0bbzt hv4rvrfc ihqw7lf3 dati1w0a" data-ad-comet-preview="message" data-ad-preview="message" id="jsc_c_nb"><div class="j83agx80 cbu4d94t ew0dbk1b irj2b8pg"><div class="qzhwtbm6 knvmm38d"><span class="d2edcug0 hpfvmrgz qv66sw1b c1et5uql rrkovp55 a8c37x1j keod5gw0 nxhoafnm aigsh9s9 d3f4x2em fe6kdd0r mau55g9w c8b282yb iv3no6db jq4qci2q a3bd9o3v knj5qynh oo9gr5id hzawbc8m" dir="auto"></span><div class="kvgmc6g5 cxmmr5t8 oygrvhab hcukyx3x c1et5uql ii04i59q"><div dir="auto" style="text-align: start;"><span class="d2edcug0 hpfvmrgz qv66sw1b c1et5uql rrkovp55 a8c37x1j keod5gw0 nxhoafnm aigsh9s9 d3f4x2em fe6kdd0r mau55g9w c8b282yb iv3no6db jq4qci2q a3bd9o3v knj5qynh oo9gr5id hzawbc8m" dir="auto">Would you still buy a certain good if it tripled in price?</span><span class="d2edcug0 hpfvmrgz qv66sw1b c1et5uql rrkovp55 a8c37x1j keod5gw0 nxhoafnm aigsh9s9 d3f4x2em fe6kdd0r mau55g9w c8b282yb iv3no6db jq4qci2q a3bd9o3v knj5qynh oo9gr5id hzawbc8m" dir="auto"></span></div><div dir="auto" style="text-align: start;"><span class="d2edcug0 hpfvmrgz qv66sw1b c1et5uql rrkovp55 a8c37x1j keod5gw0 nxhoafnm aigsh9s9 d3f4x2em fe6kdd0r mau55g9w c8b282yb iv3no6db jq4qci2q a3bd9o3v knj5qynh oo9gr5id hzawbc8m" dir="auto"></span><hr class="hidden"><p><span class="d2edcug0 hpfvmrgz qv66sw1b c1et5uql rrkovp55 a8c37x1j keod5gw0 nxhoafnm aigsh9s9 d3f4x2em fe6kdd0r mau55g9w c8b282yb iv3no6db jq4qci2q a3bd9o3v knj5qynh oo9gr5id hzawbc8m" dir="auto">The wine wars between China and Australia intensified at the end of 2020, when China imposed tariffs (import taxes) of up to<strong> 212%</strong> on Australian wine. Australian wine exporters said there is “no way that we can compete at those levels” and an estimated 800 wine manufacturers that were established to specifically export to China need another strategy to survive, especially as China accounts for around 39% of Australia's total wine exports.</span></p><p>A tariff refers to an import tax placed on certain goods coming into the country from overseas. As a form of trade restriction, it raises the price of the imported product, thereby making this less attractive and giving domestic producers a relative competitive advantage.</p><p><span style="color:#696969;">Source: adapted from <a href="https://www.bbc.co.uk/news/business-55097100">BBC News</a></span></p></div></div></div></div></div></div></div><div class="yellowBg"><h5><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"><span class="snippet-fa fa fa-linode fa-lg" style="color: rgb(61, 30, 128);"> </span> ATL Activity 1 (Thinking skills) - Calculating exchange rates</span></span></h5><p><span style="font-family:arial,helvetica,sans-serif;"><img alt="" height="222" src="../../../ib/businessmanagement/images/exchange-rates.jpg" width="295"></span></p><p><span style="font-family:arial,helvetica,sans-serif;"></span></p><hr class="hidden"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Question 1</strong></span></p><p><span style="font-family:arial,helvetica,sans-serif;">Taryn Corporation, based in the UK, is considering the purchase of a property in the United States for $13,280,000. Calculate the change in the price for Taryn Corporation if the US dollar falls in value from £1 = $1.45 to £1 = $1.55, and comment on your answer.</span></p><section class="tib-teacher-only" readonly="true" title="This box is not visible to students"><div class="header" readonly="true"><img class="icon" src="../../../thinkib/icons/teacher-only.svg"> Teacher only box</div><div class="content" readonly="false"><p><span style="font-family:arial,helvetica,sans-serif;"><strong><span style="color:#FF0000;">Answers</span></strong></span></p><ul class="branded"><li><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">At £1 = $1.45, Taryn Corporation would pay $13,280,000 ÷ $1.45 = £9,158,620.69</span></span></li><li><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">At £1 = $1.55, Taryn Corporation would pay $13,280,000 ÷ $1.45 = £8,567,741.94</span></span></li><li><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Hence, Taryn Corporation benefits from the stronger pound sterling (as it can buy American imports at a lower price), saving £590,878.75 for the property in the USA.</span></span></li></ul></div></section><hr class="hidden"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Question 2</strong></span></p><p><span style="font-family:arial,helvetica,sans-serif;">Calculate the price in USD for American tourists visiting France who wish to purchase Louis Vuitton handbags priced at €3,000 (euros), when the exchange rate is $1 = €0.764.</span></p><section class="tib-teacher-only" readonly="true" title="This box is not visible to students"><div class="header" readonly="true"><img class="icon" src="../../../thinkib/icons/teacher-only.svg"> Teacher only box</div><div class="content" readonly="false"><ul class="branded"><li><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">At the exchange rate of $1 = €0.764, this means €1 = $1.30</span></span></li><li><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Hence, the American tourists would need to pay €3,000 ÷ $3,926.70 (accept answers that show $3,927)</span></span></li></ul></div></section><hr class="hidden"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Question 3</strong></span></p><p><span style="font-family:arial,helvetica,sans-serif;">In the previous example, explain what would happen if the exchange rate changed from $1 = €0.764 to $1 = €0.633.</span></p><section class="tib-teacher-only" readonly="true" title="This box is not visible to students"><div class="header" readonly="true"><img class="icon" src="../../../thinkib/icons/teacher-only.svg"> Teacher only box</div><div class="content" readonly="false"><ul class="branded"><li><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">This means the USD has fallen in value as each dollar is now worth less units of euros. Hence, American tourists would need to spend more money to purchase the Louis Vuitton handbags.</span></span></li><li><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">At $1 = €0.633, this means the tourists need to pay €3,000/€0.633 = $4,739.37 (accept answers that show $4,740 or $4,739</span></span></li></ul></div></section></div><div class="yellowBg"><h5><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"><span class="snippet-fa fa fa-linode fa-lg" style="color: rgb(61, 30, 128);"> </span> ATL Activity 2 (Research skills) - Exchange rates quiz</span></span></h5><p><img alt="" height="199" src="../../../ib/businessmanagement/images/exchange-rates.jpg" width="265"></p><p><span style="font-family:arial,helvetica,sans-serif;">Identify the country that uses the following currencies:</span></p><table><tbody><tr><td><p><span style="font-family:arial,helvetica,sans-serif;">Afghani</span></p><section class="tib-hiddenbox">Afghanistan</section></td><td><p><span style="font-family:arial,helvetica,sans-serif;">Baht</span></p><section class="tib-hiddenbox"><p><span style="font-family:arial,helvetica,sans-serif;">Thailand</span></p></section></td><td><p><span style="font-family:arial,helvetica,sans-serif;">Dồng</span></p><section class="tib-hiddenbox"><p><span style="font-family:arial,helvetica,sans-serif;">Vietnam</span></p></section></td><td><p><span style="font-family:arial,helvetica,sans-serif;">Yen</span></p><section class="tib-hiddenbox"><p><span style="font-family:arial,helvetica,sans-serif;">Japan</span></p></section></td><td><p><span style="font-family:arial,helvetica,sans-serif;">Kyat</span></p><section class="tib-hiddenbox"><p><span style="font-family:arial,helvetica,sans-serif;">Myanmar</span></p></section></td></tr><tr><td><p><span style="font-family:arial,helvetica,sans-serif;">Won</span></p><section class="tib-hiddenbox"><p><span style="font-family:arial,helvetica,sans-serif;">South Korea</span></p></section></td><td><p><span style="font-family:arial,helvetica,sans-serif;">Kip</span></p><section class="tib-hiddenbox"><p><span style="font-family:arial,helvetica,sans-serif;">Laos</span></p></section></td><td><p><span style="font-family:arial,helvetica,sans-serif;">Ringgit</span></p><section class="tib-hiddenbox"><p><span style="font-family:arial,helvetica,sans-serif;">Malaysia</span></p></section></td><td><p><span style="font-family:arial,helvetica,sans-serif;">Zloty</span></p><section class="tib-hiddenbox"><p><span style="font-family:arial,helvetica,sans-serif;">Poland</span></p></section></td><td><p><span style="font-family:arial,helvetica,sans-serif;">Rand</span></p><section class="tib-hiddenbox"><p><span style="font-family:arial,helvetica,sans-serif;">South Africa</span></p></section></td></tr><tr><td><p>Kwanza</p><section class="tib-hiddenbox"><p>Angola</p></section></td><td><p>Florin</p><section class="tib-hiddenbox"><p>Aruba</p></section></td><td><p>Hryvnia</p><section class="tib-hiddenbox"><p>Ukraine</p></section></td><td><p>Ariary</p><section class="tib-hiddenbox"><p>Madagascar</p></section></td><td><p>Pataca</p><section class="tib-hiddenbox"><p>Macau</p></section></td></tr><tr><td><p>Birr</p><section class="tib-hiddenbox"><p>Ethiopia</p></section></td><td><p>Lek</p><section class="tib-hiddenbox"><p>Albania</p></section></td><td><p>Taka</p><section class="tib-hiddenbox"><p>Bangladesh</p></section></td><td><p>Boliviano</p><section class="tib-hiddenbox"><p>Bolivia(!)</p></section></td><td><p>Colón</p><section class="tib-hiddenbox"><p>Costa Rica</p></section></td></tr></tbody></table></div><div class="yellowBg"><h5><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"><span class="snippet-fa fa fa-linode fa-lg" style="color: rgb(61, 30, 128);"> </span> ATL Activity 3 (Research skills) - Job losses caused by the worldwide coronavirus pandemic</span></span></h5><p><span style="font-family:arial,helvetica,sans-serif;"><img alt="" height="190" src="../../../ib/businessmanagement/images/coronavirus1.jpg" width="352"><img alt="" height="188" src="../../../ib/businessmanagement/images/coronavirus.jpg" width="250"></span></p><p><span style="font-family:arial,helvetica,sans-serif;">The coronavirus outbreak of 2019 (and beyond) caused the world's deepest recession in living memory, with business closures and job losses in literally every industry in every country in the world. Use the Internet to investigate the impact of the coronavirus outbreak on jobs in a country of your choice.</span></p><section class="tib-teacher-only" readonly="true" title="This box is not visible to students"><div class="header" readonly="true"><img class="icon" src="../../../thinkib/icons/teacher-only.svg"> Teacher only box</div><div class="content" readonly="false"><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Some examples include:</span></span></p><ul class="branded"><li><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">A historical high of more than 44 million people registered as unemployed in the USA, recorded in June 2020, about 12 weeks after the first national lockdown in an attempt to control the disease.</span></span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"> According to analysis from the New Economics Foundation (NEF), the coronavirus pandemic could cause up to 124,000 job losses in the UK aviation industry without direct government support.</span></span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Data from the Australian Bureau of Statistics (ABS) showed that Australia went into a recession for the first time in 3 decades. Retail spending in the country fell by $5.38 billion between March to April, causing unemployment across the economy. The coronavirus crisis was to blame.</span></span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Airbus cut 15,000 jobs, mainly in Germany and France due to the decline in demand for its planes as a result of the stagnant air travel industry. The European aircraft manufacturer had previously furloughed 3,200 workers due to a </span><a href="../25120/strategies-for-dealing-with-cash-flow-problems.html" title="Unit 3 » 3.7 Cash flow » Strategies for dealing with cash flow problems"><span style="color:#FF0000;">cash flow crisis</span></a><span style="color:#FF0000;">. Read more about this story </span><a href="https://www.bbc.co.uk/news/business-52436741"><span style="color:#FF0000;">here</span></a><span style="color:#FF0000;">, from the BBC.</span></span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Oil giant BP announcing 10,000 job cuts following the global slump in demand for oil (as people were stuck indoors during The Great Lockdown), around 15% of its global workforce.</span></span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">British Airways announced in August 2020 that it would make around 10,000 employees redundant as the airline carrier struggled with a huge decline in flights to/from the UK.</span></span></p></li><li><p><span style="color:#FF0000;">In October 2020, Cathay Pacific (Hong Kong's flagship airline carrier) announced 6,000 job cuts globally along with closure of Cathay Dragon (formerly known as Dragonair) - its subsidiary airline. The company also announced that existing staff would need to take a pay cut - the more senior, the larger the pay cut.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Also in August 2020, Coca-Cola announced 4,000 job cuts in the USA, Canada and Puerto Rico due to declining sales caused by the coronavirus pandemic. The company said it may need to make job cuts in other countries at a later date. It estimates the severance expenses of the job losses could cost between $350 million to $550 million.</span></span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Dyson, famous for its bagless vacuum cleaner, announced in August 2020 that it would have to cut 600 jobs in the UK plus a further 300 jobs worldwide as the coronavirus harmed its global sales.</span></span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Frankie & Benny's (a bar and grill restaurant chain owned by the Wagamama group) closed 125 restaurants in the UK, causing 3,000 people to lose their jobs.</span></span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Rolls-Royce announced 9,000 job cuts around the world due to the global decline in air travel, hurting demand for its jet engines and maintenance services.</span></span></p></li><li><p><span style="color:#FF0000;">According to Business Insider India, more than half of all coronavirus-related business closures since March 2020 are now permanent. Read more about this <a href="https://www.businessinsider.in/stock-market/news/more-than-half-of-all-coronavirus-related-business-closures-since-march-are-now-permanent-according-to-yelp-data/articleshow/77116755.cms">here</a>. Business Insider India also reported that nearly 16,000 restaurants have permanently closed since the pandemic started. Read more about this <a href="https://www.businessinsider.in/retail/news/nearly-16000-restaurants-have-permanently-closed-since-the-pandemic-started-and-even-more-closures-are-on-the-horizon/articleshow/77107297.cms">here</a>.</span></p></li></ul></div></section></div><div class="yellowBg"><h5><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"><span class="snippet-fa fa fa-linode fa-lg" style="color: rgb(61, 30, 128);"> </span> ATL Activity 4 (Research skills) - Job creation during the global coronavirus pandemic</span></span></h5><p><img alt="" src="../../../ib/businessmanagement/images/corona.jpg" style="width: 340px; height: 304px;"></p><p><em><a href="https://camikolondon.com/"><span style="color:#696969;">Camiko London</span></a><span style="color:#696969;"> was established in 2020 during the coronavirus outbreak</span></em></p><hr class="hidden"><p>Between 2019 and 2020, the COVID-19 (coronavirus) pandemic threatened many businesses due to sharp declines in consumer spending (see ATL Activity 3). However, not every business suffered during the deepest recession the world experienced in living memory.</p><p>Investigate and list as many examples as possible of businesses that benefited from the opportunities presented by the coronavirus pandemic.</p><section class="tib-teacher-only" readonly="true" title="This box is not visible to students"><div class="header" readonly="true"><img class="icon" src="../../../thinkib/icons/teacher-only.svg"> Teacher only box</div><div class="content" readonly="false"><p><span style="color:#FF0000;">Encourage students to use both local and international examples, whenever appropriate to do so.</span></p><p><span style="color:#FF0000;">Possible responses could include:</span></p><ul class="branded"><li><p><span style="color:#FF0000;">E-commerce businesses with well-developed online retail stores, such as Amazon and Taobao</span></p></li><li><p><span style="color:#FF0000;">Entertainment streaming service providers, such as Netflix and Disney+</span></p></li><li><p><span style="color:#FF0000;">Food delivery firms, such as Deliveroo, Delivery.com, DoorDash, Grab, Grubhub, Just Eat, Meituan Waimai, OLO, Postmates, Snapfinger and UberEats</span></p></li><li><p><span style="color:#FF0000;">Logistics and courier companies, such as DHL, <span style="color:#FF0000;">FedEx</span>, TNT, UPS, and the post office.</span></p></li><li><p><span style="color:#FF0000;">Supermarkets (as more people ordered online and/or ate at home instead of dining at restaurants)</span></p></li><li><p><span style="color:#FF0000;"></span><span style="color:#FF0000;">Personal protective equipment (PPE) manufacturers of products such as surgical masks, hand sanitizing products, disinfectants, medical gowns, and gloves. An example is <a href="https://camikolondon.com/">Camiko London</a> (see ATL Activity 4 above).</span></p></li><li><p><span style="color:#FF0000;">Video conferencing technology firms, such as Adobe Connect, <span style="color:#FF0000;">Google, Skype and</span> Zoom (for online meetings, conference and education). Zoom says it now has 300 million daily meeting participants - around 10 million more each day before the coronavirus hit.</span><span style="color:#FF0000;"></span></p></li></ul><p><span style="color:#FF0000;">Several large companies announced revenues and profits at the end of 2020, having been able to exploit opportunities from national lockdowns and more people staying at home / working from home during the pandemic. These companies include Netflix, Uber Eats and the Walt Disney Company.</span></p><ul class="branded"><li><p><span style="color:#FF0000;">Twenty years ago, Blockbuster refused a partnership proposal made by Netflix. Blockbuster went bankrupt in 2011. At the start of 2021, Netflix had more than 200 million paid subscribers. The company had sales revenues in excess of $25 billion in 2020 - the equivalent of more than $68.49 million per day or in excess of $2.85 million per hour(!)</span></p></li><li><p><span style="color:#FF0000;">Uber Eats (food delivery services) saw an increase in sales. This signifies the importance of having a diversified product portfolio as global sales revenues for Uber were down in 2020 to $14 billion due to nationwide lockdowns in many parts of the world.</span></p></li><li><p><span style="color:#FF0000;">Whilst some students might associate the Walt Disney Company with theme parks and children's movies, the world's largest entertainment group’s global sales also includes revenue streams from its many strategic business units such as Disney+ and other television cable channels such as ABC Network, ESPN, and The Disney Channel. The company also owns film studios including Walt Disney Pictures, Walt Disney Animation Studios, Pixar, Marvel Studios, Lucasfilm (and the Star Wars franchise), 20th Century Studios, Searchlight Pictures, and Blue Sky Studios. The Walt Disney Company had sales in excess of $65.388 billion in 2020 – by far the largest of the 3 companies listed here.</span></p></li></ul></div></section></div></div></div><div class="panel-footer"><div></div></div></div><div class="panel panel-expandable panel-default"><div class="panel-heading"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><p><strong><span style="color:#FFFFFF;"> <span style="font-family:arial,helvetica,sans-serif;">Environmental factors in a STE<u>E</u>PLE analysis</span> </span></strong></p></div></div><div class="panel-body"><div><p><span style="color:#696969;"> </span></p><p><img alt="" height="197" src="../../../ib/businessmanagement/images/electric-car-(tesla).jpg" width="294"></p><p><span style="color:#696969;"> <em>Tesla has made the most of green technologies</em></span></p><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Environmental factors </strong>in a STEEPLE analysis refer to the <span style="font-family:arial,helvetica,sans-serif;">ecological aspects of business activity that can have positive as well as negative impacts on organizations.</span> Green technologies and environmental aspects of business are increasingly important for businesses. There is a growing expectation from customers, employees, and other stakeholder groups for businesses to act in the best interest of the environment. For example, depletion of the world’s scarce resources, especially non-renewable resources, is not a sustainable business practice. An increasing number of businesses are adapting renewable energy sources for their operations, such as solar power. Similarly, many more producers are using <a href="../24081/features-of-cradle-to-cradle-design-manufacturing.html" title="Unit 5 » 5.3 Lean production & quality management (HL) » Features of cradle to cradle design & manufacturing">cradle to cradle design and manufacturing</a>.</span></p><p><span style="font-family:arial,helvetica,sans-serif;">The ecological environment has direct impacts on the operations of a business. For example:</span></p><ul class="branded"><li><p><span style="font-family:arial,helvetica,sans-serif;">Global warming and climate change have led to more stringent government policies to protect the environment. For example, in 2017, car manufacturers were informed that that British government would ban all diesel and unleaded petrol cars from 2040.</span></p></li></ul><ul class="branded"><li><p><span style="font-family:arial,helvetica,sans-serif;">Adverse weather conditions can cause huge disruptions to businesses. For example, businesses tend to struggle when there are floods, tsunamis, torrential rainstorms, droughts, heat waves, hurricanes or heavy snowfalls. Hand car wash businesses really struggle when it rains!</span></p></li></ul><p><img alt="" height="246" src="../../../ib/businessmanagement/images/toolkit-(bmt)/weather.jpg" width="370"></p><p><span style="color:#696969;"><span style="font-family:arial,helvetica,sans-serif;"><em>Flooding can have devastating effects on business operations</em></span></span></p><p><span class="snippet-fa fa fa-youtube fa-lg" style="color: rgb(202, 72, 26);"> </span> Watch this short YouTube video clip about the torrential rains in South Korea in August 2022, the heaviest rainfall in the country for 80 years.</p><p><iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="360" src="https://www.youtube.com/embed/JLXp9j6Ra4A" title="[Real Footages] The heaviest rainfall in 80 years pounds Seoul" width="640"></iframe></p><hr class="hidden"><p><span class="snippet-fa fa fa-youtube fa-lg" style="color: rgb(202, 72, 26);"> </span> This <a href="https://youtu.be/TpsswOX9FXc">ITV News</a> video clip covers the " " which caused major disruptions in the USA, which experienced the coldest December since the 1980s, causing havoc in the country including tens of thousands of flights being cancelled.</p><p><iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="360" src="https://www.youtube.com/embed/TpsswOX9FXc" title="Warning frostbite can take place in minutes as 'bomb cyclone' forecast to hit US | ITV News" width="640"></iframe></p><ul class="branded"><li><p><span style="font-family:arial,helvetica,sans-serif;">In many countries, businesses have to account for their ecological footprint. This refer to the impact of their operations on the environment, such as waste production and pollution. For example, international climate change agreements (such as the <em>Paris Agreement</em>) place rules and regulations on business operations in order to protect the natural environment.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Businesses that do not consider the impact of their operations on the environment may face public scrutiny and heavy penalties (fines) from the government. Those that do take the environment seriously can benefit from a positive corporate image, and more sustainable business model.</span></p></li></ul><p><span style="font-family:arial,helvetica,sans-serif;"><img alt="" height="174" src="../../../ib/businessmanagement/images/recycling.jpg" width="377"></span></p><p><span style="color:#696969;"><span style="font-family:arial,helvetica,sans-serif;"><em>Recycling, reusing and reducing are good business practices</em></span></span></p><div class="yellowBg"><h5><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-file-text-o fa-lg" style="color: rgb(103, 7, 124);"> </span> Case Study 5 - The growing global problem of waste</span></span></h5><p><img alt="" height="182" src="../../../ib/businessmanagement/images/5-ops-mgt/landfill%2C-bangladesh.jpg" width="280"></p><p><span style="color:#696969;"><em>Waste pickers at a landfill site in Bangladesh</em></span></p><p>The world is producing ever more waste, with serious health and environmental consequences. In urban areas, domestic waste is accumulating fast and landfills fill up quickly. The informal recycling sector of materials (such as metals, plastics, and paper) is a way of making a living for up to 24 million people, according to the International Labour Organization (ILO).</p><p>However, waste - which was once freely available to the poor - is increasingly being appropriated for commercial purposes. The global policy shift towards using private sector firms for waste management automatically limits waste pickers’ access to recyclable materials at landfill sites. As a result, private corporations obtain large profits, while waste pickers lose their livelihoods. Meanwhile, society at large loses the environmental benefits of recycling.</p><p><span style="color:#696969;">Source: adapted from </span><a href="https://www.usnews.com/news/cities/articles/2020-03-02/life-is-getting-even-harder-for-garbage-sifters-in-the-developing-world"><span style="color:#696969;">US News</span></a></p></div><div class="yellowBg"><h5><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-file-text-o fa-lg" style="color: rgb(103, 7, 124);"> </span> Case Study 6 - The Coca-Cola Company</span></span></h5><p><img alt="" height="189" src="../../../ib/businessmanagement/images/coca-cola.jpg" width="291"></p><p><span style="color:#696969;"><em>Coca-Cola is the world's largest plastic polluter</em></span></p><p>Coca-Cola is the world’s largest and most successful consumer drinks company, with over $40 billion in annual sales revenue (which equates to $109,589,041 every day of the year!). However, this also means the company is the planet’s largest plastic polluter. Although the multinational giant is often associated with fuelling child obesity, the company is increasingly being linked with plastic waste and pollution, with more than 100 billion plastic bottles produced each year – that is the equivalent of 273,972,602 plastic bottles every day of the year!</p><p>In response to negative media exposure, the company’s global chief executive, James Quincey, stated that the Coca-Cola Company aims to recover every plastic bottle that the company sells, and to use 50 per cent of this for new bottles, by 2030. The company also announced that it would replace the plastic shrink-wraps used in multipacks with 100 per cent recyclable cardboard.</p></div><div class="yellowBg"><h5><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-file-text-o fa-lg" style="color: rgb(103, 7, 124);"> </span> Case Study 7 - Pollution in the River Nile</span></span></h5><p><img alt="" height="182" src="../../../ib/businessmanagement/images/river-nile%2C-uganda.jpg" width="298"></p><p><span style="color:#696969;"><em>The River Nile, Uganda</em></span></p><p>Plastic waste is illegally dumped into the River Nile, the world’s longest river. Over 300 million people in eleven countries rely on the River Nile for their livelihoods. However, the unlawful dumping of plastic waste has threatened businesses, ecosystems and people’s lives as massive amounts of micro plastic wastes get back into the food chain in countries such as Ethiopia, South Sudan, and Uganda.</p></div><div class="yellowBg"><h5><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-file-text-o fa-lg" style="color: rgb(103, 7, 124);"> </span> Case Study 8 - The costs of deforestation</span></span></h5><p><img alt="" height="172" src="../../../ib/businessmanagement/images/deforestation.jpg" width="301"></p><p>According to Natural Resources Canada (www.nrcan.gc.ca), Brazil’s continual reduction of forest areas is harmful for the country’s long-term environmental sustainability. By contrast, Bhutan has continually increased its forest areas. The NRC states that the ratio of forest areas to the total land area of a country is a major indicator of environmental sustainability. The NRC, a Canadian government agency, states that forestry helps to sustain ecological functions such as carbon storage, nutrient cycling, water and air purification, and maintenance of wildlife.</p></div><div class="yellowBg"><h5><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"><span class="snippet-fa fa fa-file-text-o fa-lg" style="color: rgb(103, 7, 124);"> </span> Case Study 9 - An unstable ecological environment?</span></span></h5><p><span style="font-family:arial,helvetica,sans-serif;"><img alt="" height="190" src="../../../ib/businessmanagement/images/rain.jpg" width="336"> </span></p><p><span style="color:#696969;"><span style="font-family:arial,helvetica,sans-serif;"><em>Adverse weather has negative impacts on businesses</em></span></span></p><ul class="branded"><li><p><span style="font-family:arial,helvetica,sans-serif;">Sept 2010: Major flooding hits Kaohsiung, Taiwan, costing the economy $211m.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Dec 2010: Snowstorms hit the whole of the UK, causing major disruptions to all businesses during the festive season.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Feb 2011: A shattering 6.3-magnitude earthquake hits Christchurch, New Zealand.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Feb 2011: South Korea experiences its heaviest snowfall in a century, bringing the country to a standstill.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Feb 2011: Cyclone Yasi hits Queensland, Australia – the country’s worst ever storm.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Mar 2011: Devastating 9.0-magnitude earthquake hits Japan (the worst in Japanese history), followed by a destructive tsunami.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Nov 2013: Super typhoon Haiyan (Yolanda) hits the Philippines with winds of up to 275 km per hour and waves as high as 15 metres.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Aug 2014: A 6.5-magnitude earthquake in Zhaotong, China, damaged or destroyed almost 155,000 homes and 268 schools, plus roads and other infrastructure. Around 230,000 people were displaced.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Apr 2015: A 7.8-magnitude earthquake struck Nepal, damaging or destroying nearly 900,000 buildings, and leaving almost 1 million children out of school. This was Nepal’s deadliest disaster on record, taking the lives of almost 9,000 people.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">May 2015: A severe and prolonged heat wave hits southern India, with temperatures reaching 118 degrees Fahrenheit and claiming 2,000 lives.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Sept 2018: Super Typhoon Mangkhut became Hong Kong’s most devastating typhoon, causing havoc across the economy and causing schools to close for up to a week.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Aug 2020: Hurricane Laura wiped out electricity for 500,000 households and businesses. The 150 mph winds left behind major damage to property and people's livelihoods.</span></p></li><li><p>Nov 2020: Hurricane Goni brought catastrophic winds and rain to the Philippines, affecting an estimated 20 million people in the country. Strong winds of up to 175 kmph were recorded, marking Hurricane Goni the world's strongest storm in 2020 - a year that was plagued by the devastating and widespread impacts of the coronavirus pandemic. Around 400,000 homes were destroyed or damaged, according to the International Federation of Red Cross and Red Crescent Societies.</p></li></ul></div><div class="yellowBg"><h5><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-file-text-o fa-lg" style="color: rgb(103, 7, 124);"> </span> Case Study 10 - Australian bush fires crisis</span></span></h5><p><img alt="" height="167" src="../../../ib/businessmanagement/images/bushfire.jpg" width="310"></p><p>The 2019 - 2020 Australian bushfire crisis was one of the worst bush fires in the country's recorded history. The prolonged natural disaster lasted from September 2019 to March 2020 (around eight consecutive months). The bush fires caused havoc to livelihoods and widespread damage to every state and territory in the country. The bush fires are said to have been caused by climate change, due to an increase in the planet's average temperature.</p><p>The Australian bush fires of 2019 - 2020 burnt an estimated 18.6 million hectares (46 million acres or 186,000 square kilometres) of land, destroying buildings, habitats and lives. An estimated 1 billion animals were killed, and the air quality dropped to hazardous levels. NASA estimated that 306 million tonnes of CO<sub>2</sub> had been emitted into the earth's atmosphere.</p></div><p><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-youtube fa-lg" style="color: rgb(202, 72, 26);"> </span> Watch this video clip of Typhoon Hato, which hit Macau on 23rd August 2017, causing major damage to the economy:</span></p><p><span style="font-family:arial,helvetica,sans-serif;"><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="360" src="https://www.youtube.com/embed/PwiGcHWzAUI" width="640"></iframe></span></p><p><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-youtube fa-lg" style="color: rgb(202, 72, 26);"> </span> Watch this video about how San Francisco strived to become a zero waste city by 2020:</span></p><p><span style="font-family:arial,helvetica,sans-serif;"><iframe allowfullscreen="" frameborder="0" height="360" src="https://www.youtube.com/embed/Cg3OA1s8-SI" width="640"></iframe></span></p></div></div><div class="panel-footer"><div></div></div></div><div class="panel panel-expandable panel-default"><div class="panel-heading"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><p><strong><span style="color:#FFFFFF;"> <span style="font-family:arial,helvetica,sans-serif;">Political factors in a STEE<u>P</u>LE analysis</span> </span></strong></p></div></div><div class="panel-body"><div><p><img alt="" height="181" src="../../../ib/businessmanagement/images/government.jpg" width="302"></p><p><span style="color:#696969;"><em>The Houses of Parliament, Westminster, London</em></span></p><p><span style="font-family:arial,helvetica,sans-serif;">The <strong>political environment </strong>in a STEEPLE analysis refers to the role that governments play in business operations. It affects business operations in an array of facets. Examples include, but are not confined to, the following:</span></p><ul class="branded"><li><p><span style="font-family:arial,helvetica,sans-serif;">The degree of political stability in a country has a large impact on business and consumer confidence levels. For example, prolonged political conflict within a country is likely to threaten prospects of foreign direct investment. The UK’s decision in 2016 to pull out of the European Union (the decision known as “Brexit”) has caused huge instabilities to British businesses and the UK economy.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Restrictions on international trade, such as the use of quotas (quantitative limits) on the number of imported goods that can be sold in the domestic economy. The government might also impose tariffs (import taxes) in order to protect domestic jobs. Another example is the use of subsidies to help domestic firms be more competitive. For example, the governments of the European Union provide subsidies to their farmers. The Hong Kong and Chinese governments provide subsidies to protect their domestic film industries. However, this makes it more difficult for MNCs trying to sell their goods in overseas markets.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Different tax laws or changes in the tax system have a significant impact on business operations. For example, many MNCs are attracted to countries where migrant workers do not pay any income tax, such as in Bahrain, Brunei and Kuwait. Similarly, MNCs can be attracted to countries that do not impose sales taxes, such as in Saudi Arabia, Gibraltar and Hong Kong SAR.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Governments are huge establishments that also function as an organization. They are major consumers of goods and services in domestic and international markets. This can provide many opportunities for businesses.</span></p></li></ul><p><span style="font-family:arial,helvetica,sans-serif;"> <img alt="" height="190" src="../../../ib/businessmanagement/images/brexit.jpg" width="300"></span></p><p><span style="color:#696969;"><span style="font-family:arial,helvetica,sans-serif;"><em>Brexit has caused instability in Britain</em></span></span></p><div class="greenBg"><h5><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-file-text-o fa-lg" style="color: rgb(103, 7, 124);"> </span> Examples of common taxes</span></span></h5><ul class="branded"><li><p><span style="font-family:arial,helvetica,sans-serif;"><em>Capital gains tax (CGT) </em>- a levy on the earnings made from investments such as buying shares and private property.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><em>Carbon tax </em>- imposed on firms that produce excessive carbon emissions, such as car manufacturers and commercial airlines.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><em>Corporation tax</em> - imposed on the amount of profit earned by businesses.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><em>Customs duties</em> - cross-border taxes imposed on foreign imports.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><em>Excise duties</em> - taxes imposed on certain products deemed potentially harmful to society, e.g. alcohol, tobacco, petrol, sugary drinks, and gambling.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><em>Income tax</em> - imposed on personal incomes, e.g. tax deductions on wages and salaries, interest earned from savings accounts, or dividends payments to shareholders.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><em>Sales taxes</em> - imposed on the production, sale or consumption of goods and services, e.g. Value Added Tax (VAT) in the European Union, or a Goods and Services Tax (GST) in Singapore and Australia.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><em>Stamp duty</em> - progressive tax paid on the sale and purchase of commercial and residential properties.</span></p></li><li><p><em>Inheritance tax </em>- a tax imposed on the transfer of income and wealth, such as money or property bequeathed (passed onto) another person.</p></li><li><p><em>Windfall tax - </em>charged on individuals and firms that gain an unexpected one-off amount of income, such as a person winning the lottery or the gains from a takeover bid for a firm.</p></li></ul></div><div class="yellowBg"><h5><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"><span class="snippet-fa fa fa-file-text-o fa-lg" style="color: rgb(103, 7, 124);"> </span> Case Study 11 - Mass demonstrations in France</span></span></h5><p><img alt="" height="193" src="../../../ib/businessmanagement/images/protests.jpg" width="323"></p><p>Nationwide protests in France took place following the government's plans to introduce a 75 per cent income tax rate in 2012 for individuals earning incomes in excess of €1million ($1.09m per year). However, the proposals were overturned, with some analysts arguing that the government would actually receive more tax revenues by <em>cutting </em>tax rates. This is because lower income taxes can create greater incentives to work and also help to reduce tax avoidance and tax evasion. Mass demonstrations began in Paris in November 2018 due to protests against the government for its perceived unfair tax system.</p></div><div class="greyBg"><h5><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"><span class="snippet-fa fa fa-linode fa-lg" style="color: rgb(61, 30, 128);"> </span> ATL Activity 5 (Thinking skills) - Political turmoil in Hong Kong</span></span></h5><p><span style="font-family:arial,helvetica,sans-serif;">Read this <a href="https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3026428/hong-kong-tourism-suffers-worst-downturn-sars">article from the South China Morning Post</a> about the political turmoil that caused Hong Kong’s tourism to fall by 40% in the summer of 2019. Pro-democracy demonstrators and ant-government protestors caused havoc for businesses such as Hong Kong Disneyland and temporary closure of Hong Kong International Airport.</span></p><p><span style="font-family:arial,helvetica,sans-serif;"><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="360" src="https://www.youtube.com/embed/UtmR-KiYvBo" width="640"></iframe></span></p><p><strong><span style="font-family:arial,helvetica,sans-serif;">Discussion points</span></strong></p><ol><li><p><span style="font-family:arial,helvetica,sans-serif;">How many stakeholder groups can you identify from the article?</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Apart from businesses directly involved in tourism, which other businesses were most affected by the protests?</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">What contingency plans can businesses make in order to minimise the impact of political crises?</span></p></li></ol><section class="tib-hiddenbox"><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Taking this one step further, the protests were never resolved and only stopped due to another, much larger, crisis - the outbreak of the coronavirus that led to a global pandemic in 2019 - 2020. Ask students to discuss how this major threat would have affected businesses such as Hong Kong Disneyland.</span></span></p></section></div></div></div><div class="panel-footer"><div></div></div></div><div class="panel panel-expandable panel-default"><div class="panel-heading"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><p><strong><span style="color:#FFFFFF;"> <span style="font-family:arial,helvetica,sans-serif;">Legal factors in a STEEP<u>L</u>E analysis</span> </span></strong></p></div></div><div class="panel-body"><div><p><img alt="" height="186" src="../../../ib/businessmanagement/images/police.jpg" width="300"></p><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Legal factors </strong>in a STEEPLE analysis refer to the laws that affect the way in which businesses operate as well as how customers behave. Changes in the legal systems or laws have a direct impact on business operations, including the production and sale of certain goods and services. Examples of legal factors in a STEEPLE analysis include:</span></p><ul class="branded"><li><p><span style="font-family:arial,helvetica,sans-serif;">Legal procedures for the growth and expansion of businesses, such as laws about setting up a sole trader business or share issues on a stock exchange.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Minimum quality standards must be met in order to protect consumers and the general public. The <a href="../23832/factors-that-affect-effective-crisis-management.html" title="Unit 5 » 5.7 Crisis management & contingency planning (HL) » Factors that affect effective crisis management">Volkwagen Scandal</a> is an example of how quality standards can have major implications on a firm’s operations, corporate image and profits.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Consumer protection laws safeguard the interests of consumers. These laws include trade descriptions (such as rules in labels and packaging), and weights and measures.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Employment laws*, such as changes to the National Minimum Wage, maternity and paternity leave, maximum working hours, statutory sick leave, health and safety at work, and anti-discrimination laws.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Intellectual property rights (IPRs) help to protect the intellectual ideas and creations of businesses. These laws cover copyrights, trademarks and patents.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Laws on environmental protection and climate change can change the way in which a business operates and on foreign direct investment.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Some products are deemed so harmful that they are banned or have age limits imposed (such as the purchase of alcohol or tobacco). In some countries, such as Australia, cigarette advertising is totally banned, including on cigarette packets.</span></p></li></ul><p><span style="color:#696969;">* Read more about employment laws by clicking the icon below. </span></p><section class="tib-hiddenbox"><h5><span style="font-family:arial,helvetica,sans-serif;">The legal environment - Employment rights</span></h5><p>Some laws constrain business activities whilst others can enhance the performance of a business. Although countries vary in their use of employment legislation, the laws typically found in most economically developed countries are outlined below.<br> <br><strong>a) Anti-discrimination legislation</strong></p><p>These laws make it illegal to discriminate (show prejudice) against individuals because of their gender, race (ethnicity), religion, disability, marital status or age. The laws apply to recruitment, training and promotion. The social argument for such laws is that they provide equal opportunities. The economic argument is that it is inefficient to decline a person a job or career opportunity simply because of these factors, especially if s/he is clearly the best person for the job. Examples of these laws include:</p><ul><li><p>Racial discrimination laws mean that it is illegal to discriminate employees because of their nationality, ethnic background or the colour of their skin.</p></li><li><p>Sex discrimination laws make it illegal to discriminate workers on the grounds of gender or marital status. In 2001, around 1.6 million female workers accused Walmart (the largest employer in the USA) of favouring men over women for pay and promotion. Since 2005, Walmart has publicly released data on its employment of women and minority groups.</p></li><li><p>Disability discrimination legislation makes it unlawful for employers to mistreat a person because of his or her disability.</p></li><li><p>There are some exceptions where positive discrimination can be lawful. For instance, it is possible for modelling agencies to recruit only female models; for Indian restaurants to employ only India chefs; or for an all-girls school to hire only female teachers of physical education.</p></li></ul><hr class="hidden"><p><strong>b) Equal pay legislation</strong></p><p>Equal pay legislation makes it unlawful to reward people differently if they are doing work or jobs deemed to be of equal value. The laws cover both pay and conditions of employment, including paid holidays, pension rights, bonuses and other benefits. It is possible, however, to offer greater rewards to those with higher qualifications and greater experience. Geographical considerations are also a possible exemption to equal pay legislation; it is more expensive to work/live in central business districts such as London, New York, Paris or Tokyo so employers in these areas can compensate workers with higher pay.</p><hr class="hidden"><p><strong>c) Health and Safety at Work legislation</strong></p><p>Health and Safety at Work Acts (HASAWA) cover the provision of safe and adequate working conditions. Businesses need to offer a secure and hygienic working environment for their staff. Adequate facilities, such as lighting and washrooms, are also required. Training must be provided so that workers know how to operate equipment and machinery in a safe manner. Implementing HASAWA can be expensive if training costs are high. Maintaining health and safety standards also costs money. However, in the long run, businesses should benefit from having lower absenteeism and fewer compensation claims caused by injuries at work. They may also gain from a better corporate image, thereby reducing staff turnover. Furthermore, maintaining health and safety standards is a necessary hygiene factor which is required to prevent a demotivated workforce (see <a href="../24745/24-motivation.html" title="Unit 2 » 2.4 Motivation">Unit 2.4</a>).</p><hr class="hidden"><p><strong>d) Statutory employment benefits</strong></p><p>Statutory benefits are the legal benefits that all businesses are obliged to offer to their workers (see Box 2.1h). To protect the business, employees must first qualify for certain statutory benefits, such as maternity leave or holiday pay. This is usually based on a qualifying period linked to the length of time that the worker has been employed for by the business. Some businesses choose to offer more than the statutory benefits, such as extended maternity leave. However, all businesses must offer the minimum statutory benefits.</p><p>Examples of statutory benefits include:</p><ul><li><p>Statutory Sick Pay - payment made to workers who are unable to work due to general illness. Firms may request a doctor’s certificate as proof of the employee’s sickness before wages or salaries are paid.</p></li><li><p>Statutory Maternity Pay - payment made to female workers who are expecting a baby. They are entitled to paid leave for a period of time after the baby is born and are guaranteed to be able to return to their job on the same terms and conditions as before.</p></li><li><p>Statutory Paternity Pay - payment made to male workers whose partner or spouse is expecting a baby. The period of time tends to be shorter for males than for expectant mothers. In many countries, both maternity and paternity laws extend to the adoption of a child.</p></li><li><p>Statutory Holiday Pay - payment made to staff during statutory holidays such as Christmas and New Year. Staff who work during statutory holidays are usually paid an overtime rate (premium wage rate). Employees are also entitled to a period of paid holiday leave, which is usually dependent on their length of service.</p></li><li><p>Retirement Pension Scheme - employers pay a contribution towards the retirement fund of the worker.</p></li></ul><hr class="hidden"><p><strong>e) National Minimum Wage (NMW)</strong></p><p>The NMW is the legal minimum rate of pay that all businesses must pay their workers. One reason for imposing a NMW is that the government believes there are benefits to raising the income of the poorest paid workers in the country. It is usually expressed as an hourly rate and must be paid to all workers, irrespective of the work they do or their experience. Some countries have different rates of the NMW for different age categories (such as in the European Union where younger workers are paid less per hour than those aged 22 and above). The UK’s NMW in 2011 was £6.08 ($8.30) per hour and climbed to £8.21 ($11.22) per hour in 2021 for adults aged over 21, having increased by almost 130% since its introduction in April 1999. The NMW can therefore present a threat to businesses as their costs are increased quite considerably.</p><div><a href="https://www.statista.com/chart/3501/the-countries-with-the-best-minimum-wages/" title="Infographic: How America's Minimum Wage Compares | Statista"><img alt="Infographic: How America's Minimum Wage Compares | Statista" height="auto" src="../../../Infographic/images/normal/3501.jpeg" style="width: 100%; height: auto !important; max-width:960px;-ms-interpolation-mode: bicubic;" width="100%"></a> You will find more infographics at <a href="https://www.statista.com/chartoftheday/">Statista</a></div><hr class="hidden"><p>Just as there are laws to protect employees from mistreatment at work, there are expectations governing employees in their conduct at work. Some of these expectations, which may or may not be stipulated in an employment contract, include the need for employees to:</p><ul><li><p>be willing and able to carry out the roles and tasks set out in their job description and employment contract</p></li><li><p>comply with reasonable (and lawful) instructions given by the management team</p></li><li><p>act in a professional, honest and fair manner at all times</p></li><li><p>take care not to damage property of the business, such as machinery and equipment</p></li><li><p>avoid misconduct, such as: theft of business property, discrimination against fellow employees, deliberate misuse of corporate finance, accepting bribes, drunkenness in the workplace or violent behaviour.</p></li></ul></section><div class="yellowBg"><h5><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"><span class="snippet-fa fa fa-file-text-o fa-lg" style="color: rgb(103, 7, 124);"> </span> Case Study 12 - Findus' Food Fiasco</span></span></h5><p><span style="font-family:arial,helvetica,sans-serif;">In February 2013, frozen food supplier Findus had to withdraw all its beef lasagne products from British supermarkets after authorities determined that 100% horse meat was found in some of its products. This contravened the UK’s Trade Descriptions Act.</span></p><p><span style="font-family:arial,helvetica,sans-serif;">The firm’s website states:</span></p><p style="text-align: center;"><span style="font-family:arial,helvetica,sans-serif;"><em>“For over 50 years, Findus has stood as one of Britain's best loved names in food. Using only the best ingredients and a generous pinch of imagination in our recipes, we'll help you prepare great tasting and effortlessly good food straight from your freezer.”</em></span></p><hr class="hidden"><p><span style="font-family:arial,helvetica,sans-serif;"><img alt="" height="145" src="../../../ib/businessmanagement/images/1.5-findus.png" width="193"></span></p><p><span style="color:#696969;"><span style="font-family:arial,helvetica,sans-serif;"><em>Findus Beef Lasagne was withdrawn from UK supermarkets after 100% horse meat was found in some products</em></span></span></p></div><div class="greenBg"><h5><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"><span class="snippet-fa fa fa-file-text-o fa-lg" style="color: rgb(103, 7, 124);"> </span> Case Study 13 - Culture and the Legal environment</span></span></h5><p><span style="font-family:arial,helvetica,sans-serif;"><img alt="" height="208" src="../../../ib/businessmanagement/images/concert.png" width="361"></span></p><p><span style="font-family:arial,helvetica,sans-serif;">In May 2012, international pop music star Lady Gaga had her concert banned in Indonesia. Authorities deemed her style too inappropriate for Indonesians.</span></p><p><span style="font-family:arial,helvetica,sans-serif;">Lady Gaga’s world tour of her <em>Born This Way Ball </em>concert was outlawed in Jakarta due to major concerns from Islamists and local community leaders. More than 50,000 tickets had been sold for the event.</span></p></div></div></div><div class="panel-footer"><div></div></div></div><div class="panel panel-expandable panel-default"><div class="panel-heading"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><p><strong><span style="color:#FFFFFF;"> <span style="font-family:arial,helvetica,sans-serif;">Ethical factors in a STEEPL<u>E</u> analysis</span> </span></strong></p></div></div><div class="panel-body"><div><p><img alt="" height="212" src="../../../ib/businessmanagement/images/ethics.jpg" width="300"></p><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Ethics </strong>refers to the moral values and beliefs that apply to businesses and how they operate. There is an increasing expectation for businesses to consider the impact of their operations on all stakeholder groups, society as a whole and the environment. Essentially, it is about doing the right or moral things as part of their corporate social responsibilities (CSR). Examples include:</span></p><ul class="branded"><li><p><span style="font-family:arial,helvetica,sans-serif;">The fair treatment of workers</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Fair trade deals with suppliers</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Ethical marketing practices</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Observing intellectual property rights</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Principled accounting procedures</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Operations that are sustainable and protect the environment.</span></p></li></ul><div class="yellowBg"><h5><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-file-text-o fa-lg" style="color: rgb(103, 7, 124);"> </span> Case Study 14 - The Volkswagen diesel scandal</span></span></h5><p><img alt="" src="../../../ib/businessmanagement/images/diesal.jpg" style="width: 300px; height: 177px;"></p><p>In September 2015, the US Environmental Protection Agency (EPA) issued a notice of violation of the Clean Air Act to Volkswagen (VW) - Europe's largest car manufacturer. The EPA found that Volkswagen had deliberately reprogrammed its diesel engines to cheat laboratory emissions tests.</p><p>The nitrogen oxides emitted from VW's vehicles (which causes air pollution) were about 40 times higher than what is legally permitted in the USA. The EPA found that VW had been deliberately untruthful and unethical. This resulted in the German car manufacturer's share price plummeting and the CEO eventually resigning over the diesel scandal.</p><p>The EPA had discovered that approximately 11 million VW vehicles manufactured between 2009 and 2015 were programmed to bypass environmental standards and regulations set by the EPA. An additional 500,000 of these cars were estimated to have been exported to the USA.</p><p>VW stated it would spend $18.32 billion to rectify the emissions scandal - that's around $50,191,780 per day for an entire year! This was an extremely expensive crisis for the company, yet it could have been handled far more effectively. In April 2017, a US federal judge ordered VW to pay a $2.8 billion as a criminal fine for ‘rigging diesel-powered vehicles to cheat on government emissions tests’.</p></div><div class="yellowBg"><h5><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-file-text-o fa-lg" style="color: rgb(103, 7, 124);"> </span> Case Study 15 - Tobacco 'advertising' in Canada</span></span></h5><p><img alt="" src="../../../ib/businessmanagement/images/smoking.jpg" style="width: 280px; height: 148px;"></p><p>Due to potentially unethical business practices, the government may need to intervene to protect the individuals and society as a whole. This is covered under the Legal and/or Political aspects of a STEEPLE analysis.</p><p>For example, many government had place legislation on the advertising and sale of tobacco products. In Canada, <em>Health Canada </em>(the government department responsible for helping Canadians to maintain and improve their health) passed a law in November 2019 requiring cigarette producers to strip off their logos and designs and adopt “drab brown” as the default colour for all tobacco brands. This was part of the Canadian government’s attempt to reduce the appeal of such “deadly products” and to discourage young teens from smoking.</p><p><span style="color:#696969;">Source: adapted from </span><a href="https://globalnews.ca/news/6090958/plain-cigarette-packaging/">Global News Canada</a></p></div><div class="greenBg"><h5><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"><span class="snippet-fa fa fa-lightbulb-o fa-lg" style="color: rgb(61, 30, 128);"> </span> Top tip!</span></span></h5><p><span style="font-family:arial,helvetica,sans-serif;"><a href="../21955/ethics.html" title="CUEGIS » The 6 CUEGIS concepts » Ethics">Ethics </a>is one of the four prescribed <a href="../42758/the-4-key-concepts.html" title="New syllabus 2022 » The 4 key concepts">key concepts</a> in IB Business Management. Read more about ethics and how these impact on all aspects of business operations <a href="../43631/ethics.html" title="New syllabus 2022 » The 4 key concepts » Ethics">here</a>.</span></p></div><div class="yellowBg"><h5><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"><span class="snippet-fa fa fa-lightbulb-o fa-lg" style="color: rgb(61, 30, 128);"> </span> Top tip!</span></span></h5><p><span style="font-family:arial,helvetica,sans-serif;">Whether STEEPLE is used as part of the Internal Assessment, <a href="../21665/the-ee.html" title="The EE">Extended Essay</a> or examination, it is not always a straightforward task to classify factors into a STEEPLE framework. For example, changes in tax system or interest rates may be considered a political, legal or economic factor. This is rather immaterial, so long as the student can justify their reasoning.</span></p></div><div class="greyBg"><div><h5><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"><span class="snippet-fa fa fa-linode fa-lg" style="color: rgb(61, 30, 128);"> </span> ATL Activity 6 (Research and Thinking skills) - The collapse of Toys R Us</span></span></h5><p><span style="font-family:arial,helvetica,sans-serif;"><img alt="" height="204" src="../../../ib/businessmanagement/images/toys-r-us.jpg" width="306"></span></p><p><span style="font-family:arial,helvetica,sans-serif;">Read this <a href="http://www.bbc.com/news/business-43411051">BBC article</a> about the collapse of <strong>Toys R Us</strong> across the USA. The final paragraphs outlines five possible reasons why this happened in the UK. Which of these factors do you think is the most significant, and why?</span></p></div><section class="tib-hiddenbox"><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">The five reasons given are:</span></span></p><ul class="branded"><li><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"> changes in consumer spending habits (e-commerce)</span></span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"> a squeeze on disposable income</span></span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">higher inflation (an increase in the general price level)</span></span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">the extra cost of the national living wage (thereby increasing the labour costs for Toys R Us), and</span></span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">the prospect of increases in business rates in April (which also increase the firm's costs of production).</span></span></p></li></ul><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">There is no specific answer to which of these 5 reasons might be the most important factor - what is important is getting students to think critically and to justify their answer. For example:</span></span></p><p><span style="font-family:arial,helvetica,sans-serif;"><em><span style="color:#FF0000;">I believe that <span style="color:#FF0000;">changes in consumer spending habits was the single largest factor leading to the collapse of Toys R Us. This is because the costs of operation are much higher for a retailer that needs a large amount of retail space, including sufficient space for customer parking (i.e. a car park), whereas the costs of running an e-commerce platform to sell toys is significantly lower. In addition, as more people adapt to the use of mobile and Internet technologies, the increased use and reliance on e-commerce meant Toys R Us was going to collapse sooner or later.</span></span></em></span></p></section></div><div class="pinkBg"><h5><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"><span class="snippet-fa fa fa-linode fa-lg" style="color: rgb(61, 30, 128);"> </span> ATL Activity 7 (Research skills) - The Great Lockdown of 2019/2020/2021</span></span></h5><p><span style="font-family:arial,helvetica,sans-serif;"><img alt="" src="../../../ib/businessmanagement/images/coronavirus2.jpg" style="width: 360px; height: 201px;"></span></p><p><span style="font-family:arial,helvetica,sans-serif;">The global financial crisis of 2008 caused a major recession throughout many parts of the world. Many countries, such as Greece and Spain struggled for many years to get out of the recession.</span></p><p><span style="font-family:arial,helvetica,sans-serif;">But what about the global social, economic and financial crisis caused by the 2019 - 2020 <strong>coronavirus outbreak</strong>? Ask students to investigate the financial and non-financial costs of the COVID-19 pandemic, and present their findings in the format of a STEEPLE analysis.</span></p><section class="tib-teacher-only" readonly="true" title="This box is not visible to students"><div class="header" readonly="true"><img class="icon" src="../../../thinkib/icons/teacher-only.svg"> Teacher only box</div><div class="content" readonly="false"><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Possible answers could include:</span></span></p><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"><strong>Social</strong></span></span></p><ul class="branded"><li><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">School closures across the world, affecting the lives of over 1.2 billion children across the world and their parents</span></span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Panic buying (of items such as pasta, eggs. rice, UHT long-life milk, flour, personal protective equipment such as surgical face masks, home cleaning products, and toilet rolls!)</span></span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Change in work habits and practices, with many more people working from home during the Lockdown.</span></span></p></li></ul><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"><img alt="" height="293" src="../../../ib/businessmanagement/images/coronavirus.jpg" width="393"></span></span></p><p><span style="color:#696969;"><span style="font-family:arial,helvetica,sans-serif;"><em>Empty shelves in supermarkets during the coronavirus outbreak</em></span></span></p><hr class="hidden"><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"><strong>Technological</strong></span></span></p><ul class="branded"><li><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Opportunities for e-commerce, e.g. online grocery shopping and delivery services saw huge increases in demand during The Great Lockdown</span></span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Growth in online learning due to school closures (InThinking provided over 30 different websites/subjects to help schools with online learning); other companies that benefited included Zoom, Google (Hangout) and Microsoft (Teams) as schools and businesses migrated to online platforms for their <span style="color:#FF0000;">meetings and lessons.</span></span></span></p></li></ul><p><span style="font-family:arial,helvetica,sans-serif;"><img alt="" height="174" src="../../../ib/businessmanagement/images/online-shopping-queue.jpg" width="327"></span></p><p><span style="color:#696969;"><span style="font-family:arial,helvetica,sans-serif;"><em>Virtual queues for online orders during the Lockdown</em></span></span></p><hr class="hidden"><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"><strong>Economic</strong></span></span></p><ul class="branded"><li><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Collapse of businesses in almost every industry, from sole traders, national airlines <span style="color:#FF0000;">and multinational companies</span></span></span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Reduced trading hours for retailers and commercial banks, and temporary closure of some stores/branches</span></span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Major collapse in all stock markets across the world</span></span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Decline in exchange rates against the USD (the most stable currency)</span></span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Mass unemployment caused by the prolonged recession (the USA alone registered over 26 million unemployed within the first 5 weeks of the US being on Lockdown, and 44 million by the middle of June 2020 - which represented more than 26 per cent of the US workforce), causing social and economic unrest in the country.</span></span></p></li></ul><hr class="hidden"><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"><strong>Ethical</strong></span></span></p><ul class="branded"><li><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Food banks (food donations) from individuals and businesses to help the local community</span></span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Businesses reaching out to the community - this website was launched in April 2020 as a completely free resources up to the end of the 2020 academic year in response to schools needing resources for distance learning.</span></span></p></li></ul><hr class="hidden"><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"><strong>Political</strong></span></span></p><ul class="branded"><li><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Government closure of schools and universities.</span></span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Social programmes, such as social services to help the elderly living in isolation.</span></span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Huge increase in financial support for the unemployed and people furloughed from their workplace; the USA registered over 30 million unemployed people in the first six weeks of The Great Lockdown, and injected over $2 trillion to support the economy (that's more than $2,000,000,000,000 - or the equivalent of spending $5,479,452,055 per day!)</span></span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Budget deficits as governments borrowed money to finance their support of businesses and households in the economy, e.g. rent subsidies and tax relief as part of government stimulus packages - the European Central Bank (ECB) spent over €750 billion ($822bn) to support the European Union from the costs of the pandemic. In May 2020, the UK government reported a budget deficit of over £337 billion ($473bn), largely due to its "furlough scheme”, which essentially meant that people who are not able to work (during the coronavirus pandemic), but had a job were paid 80% of their salary or up to £2,500 per month ($3,510) funded by the British government.</span></span></p></li></ul><hr class="hidden"><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"><strong>Legal</strong></span></span></p><ul class="branded"><li><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Travel restrictions and travel bans, including the introduction of quarantine regulations</span></span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Social distancing laws</span></span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Closure of "non-essential" businesses during the pandemic, e.g. restaurants, bars, cinemas, hair and beauty salons, theme / leisure parks, and so forth</span></span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Lockdowns in many countries across the world, e.g. China, India, USA, UK, Spain and Italy.</span></span></p></li></ul><hr class="hidden"><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"><strong>Environmental</strong></span></span></p><ul class="branded"><li><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Increased food waste as households stockpiled perishable products, emptying out fresh foods in supermarkets</span></span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Water pollution from increased use of washing products , disinfectants, and detergents</span></span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Improved air quality in many parts of the world, due to the closure of most businesses and the dampened level of economic activity.</span></span></p></li></ul><p><img alt="" height="268" src="../../../ib/businessmanagement/images/1-intro-to-business/coronaviruslogos.jpg" width="490"></p><p><span style="color:#696969;"><em>Organizations across the globe have been affected by the COVID-19 pandemic</em></span></p><p><span style="color:#696969;">Source: Designed by Jure Tovrljan, Creative Director at AV studio, Slovenia</span></p></div></section></div></div></div><div class="panel-footer"><div></div></div></div><div class="yellowBg"><h5><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"><span class="snippet-fa fa fa-lightbulb-o fa-lg" style="color: rgb(103, 7, 124);"> </span> Top tip!</span></span></h5><p><span style="font-family:arial,helvetica,sans-serif;">Students must not make the classic mistake of using STEEPLE analysis to consider a firm’s internal strengths and weaknesses. After all, this tool is used only to examine the potential threats and opportunities based on changes in the external business environment.</span></p></div><hr><h5><span style="font-family:arial,helvetica,sans-serif;"></span><span style="font-family:arial,helvetica,sans-serif;">Advantages of using STEEPLE analysis</span></h5></div></div><p><span style="font-family:arial,helvetica,sans-serif;">STEEPLE analysis provides a brainstorming framework to examine the impact of external factors on businesses. As a result, the analysis can be used to examine a firm’s opportunities and threats. Benefits of using a STEEPLE analysis include the following points:</span></p><ul class="branded"><li><p><span style="font-family:arial,helvetica,sans-serif;">It helps to promote pre-emptive thinking and helps managers to plan more strategically. This is often more effective than to relying on intuition, emotions or gut feelings. Hence, STEEPLE analysis enables managers to make more informed decisions.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Examining the STEEPLE factors enables the business to identify both opportunities and threats, even though the organization needs to be prepared to deal with the threats.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">A STEEPLE analysis is quite simple to create. Interpretations of each of the factors should be clear and succinct.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">As a planning or analytical tool, STEEPLE analysis can help managers make more objective and sensible decisions. This is because they need to consider the external opportunities and threats for the organization.</span></p></li></ul><hr class="hidden"><p><span style="font-family:arial,helvetica,sans-serif;">Before embarking on the ATL Activity below, have a go at this quiz with your students to remind them of the <a href="../24076/consequences-of-a-change-in-any-of-the-steeple-factors.html" title="Unit 1 » 1.5 External environment » Consequences of a change in any of the STEEPLE factors">STEEPLE</a> factors. For each factor, state whether it represents a political, economic, social or technological factor.</span></p><hr class="hidden"><table><tbody><tr><td><p><span style="font-family:arial,helvetica,sans-serif;">Consumer and business confidence levels</span></p><section class="tib-hiddenbox"><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Economic</span></span></p></section></td><td><p><span style="font-family:arial,helvetica,sans-serif;">Environmentally friendly pressures</span></p><section class="tib-hiddenbox"><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Social</span></span></p></section></td><td><p><span style="font-family:arial,helvetica,sans-serif;">Advances in work processes</span></p><section class="tib-hiddenbox"><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Technological</span></span></p></section></td><td><p><span style="font-family:arial,helvetica,sans-serif;">Actions and activities of rival businesses</span></p><section class="tib-hiddenbox"><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Economic</span></span></p></section></td></tr><tr><td><p><span style="font-family:arial,helvetica,sans-serif;">Inflation</span></p><section class="tib-hiddenbox"><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Economic</span></span></p></section></td><td><p><span style="font-family:arial,helvetica,sans-serif;">Automation</span></p><section class="tib-hiddenbox"><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"></span><span style="color:#FF0000;">Technological</span></span></p></section></td><td><p><span style="font-family:arial,helvetica,sans-serif;">Ageing population</span></p><section class="tib-hiddenbox"><p><span style="font-family:arial,helvetica,sans-serif;">Social</span></p></section></td><td><p><span style="font-family:arial,helvetica,sans-serif;">Cultural exports</span></p><section class="tib-hiddenbox"><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Social</span></span></p></section></td></tr><tr><td><p><span style="font-family:arial,helvetica,sans-serif;">International trade</span></p><section class="tib-hiddenbox"><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Economic</span></span></p></section></td><td><p><span style="font-family:arial,helvetica,sans-serif;">Improved efficiency</span></p><section class="tib-hiddenbox"><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Technological</span></span></p></section></td><td><p><span style="font-family:arial,helvetica,sans-serif;">Employment laws</span></p><section class="tib-hiddenbox"><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Political (legal)</span></span></p></section></td><td><p><span style="font-family:arial,helvetica,sans-serif;">Multiculturalism</span></p><section class="tib-hiddenbox"><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Social</span></span></p></section></td></tr><tr><td><p><span style="font-family:arial,helvetica,sans-serif;">Copyright, patent and trademark protection</span></p><section class="tib-hiddenbox"><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Political (legal)</span></span></p></section></td><td><p><span style="font-family:arial,helvetica,sans-serif;">Fiscal policy (tax policies)</span></p><section class="tib-hiddenbox"><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Political</span></span></p></section></td><td><p><span style="font-family:arial,helvetica,sans-serif;">Consumer protection legislation</span></p><section class="tib-hiddenbox"><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Political (legal)</span></span></p></section></td><td><p><span style="font-family:arial,helvetica,sans-serif;">Cultural and demographic changes</span></p><section class="tib-hiddenbox"><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Social</span></span></p></section></td></tr><tr><td><p><span style="font-family:arial,helvetica,sans-serif;">Price transparency</span></p><section class="tib-hiddenbox"><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Technological</span></span></p></section></td><td><p><span style="font-family:arial,helvetica,sans-serif;">Online (cyber) crime</span></p><section class="tib-hiddenbox"><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Technological</span></span></p></section></td><td><p><span style="font-family:arial,helvetica,sans-serif;">Unemployment</span></p><section class="tib-hiddenbox"><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Economic</span></span></p></section></td><td><p><span style="font-family:arial,helvetica,sans-serif;">Economic growth</span></p><section class="tib-hiddenbox"><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Economic</span></span></p></section></td></tr><tr><td><p><span style="font-family:arial,helvetica,sans-serif;">Attitudes towards women at work</span></p><section class="tib-hiddenbox"><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Social</span></span></p></section></td><td><p><span style="font-family:arial,helvetica,sans-serif;">Monetary policy (interest rate policies)</span></p><section class="tib-hiddenbox"><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Political</span></span></p></section></td><td><p><span style="font-family:arial,helvetica,sans-serif;">Higher costs as businesses have to keep up to date</span></p><section class="tib-hiddenbox"><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Technological</span></span></p></section></td><td><p><span style="font-family:arial,helvetica,sans-serif;">Changes to recruitment practices</span></p><section class="tib-hiddenbox"><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Social</span></span></p></section></td></tr><tr><td><p><span style="font-family:arial,helvetica,sans-serif;">Teleworking</span></p><section class="tib-hiddenbox"><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Technological</span></span></p></section></td><td><p><span style="font-family:arial,helvetica,sans-serif;">Government legislation</span></p><section class="tib-hiddenbox"><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Political (legal)</span></span></p></section></td><td><p><span style="font-family:arial,helvetica,sans-serif;">Minimum wages</span></p><section class="tib-hiddenbox"><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Political (legal)</span></span></p></section></td><td><p><span style="font-family:arial,helvetica,sans-serif;">The business cycle</span></p><section class="tib-hiddenbox"><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Economic</span></span></p></section></td></tr></tbody></table><section class="tib-teacher-only" readonly="true" title="This box is not visible to students"><div class="header" readonly="true"><img class="icon" src="../../../thinkib/icons/teacher-only.svg"> Teacher only box</div><div class="content" readonly="false"><p><span style="color:#FF0000;"><em>Note</em>: There may be more than one correct answer - the important thing is that students are able to explain and justify their reasons.</span></p><p><span style="color:#FF0000;">For example, price transparency could be classified under 'Technological' factors if we consider the power of e-commerce as a platform for empowering customers about the prices charged by different businesses.</span></p><p><span style="color:#FF0000;">Download a PDF version of this activity which you can use as a "cut and paste" activity. The first page of worksheet contains the answer for the teacher. Students should use the second page of the worksheet and cut out each word/phrase and rearrange these in the correct order. Once the answers have been checked by the teacher, students can then stick/glue their answers to a sheet of A4 paper for revision purposes.</span></p><div readonly="true" style="background: #ddd; margin: 20px 0; width: 100%;"><iframe frameborder="0" scrolling="no" src="../../../media/ib/businessmanagement/files/bmt/pest-analysis-cutout-worksheet-(steeple).pdf.html" style="width: 100%; height: 480px;"></iframe></div></div></section><div class="greenBg"><h5><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"><span class="snippet-fa fa fa-linode fa-lg" style="color: rgb(103, 7, 124);"> </span> ATL Activity 8 (Research Skills) - STEEPLE analysis for a given organization</span></span></h5><p><span style="font-family:arial,helvetica,sans-serif;">Students should construct a full STEEPLE analysis for an organization of their choice.*</span></p><p><span style="font-family:arial,helvetica,sans-serif;">Choose how you wish students to present their findings, such as:</span></p><ul class="branded"><li><p><span style="font-family:arial,helvetica,sans-serif;">A Google Doc</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">A printed piece of work</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">A PowerPoint document</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">A classroom presentation to the class.</span></p></li></ul></div><div class="yellowBg"><h5><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-linode fa-lg" style="color: rgb(61, 30, 128);"> </span> ATL Activity 9 - STEEPLE analysis for a chosen industry</span></span></h5><p><span style="font-family:arial,helvetica,sans-serif;">To improve the ability of students to apply context to STEEPLE analysis, they can also be asked to construct a STEEPLE analysis for an industry or market of their choice.*</span></p><p><span style="font-family:arial,helvetica,sans-serif;">Choose how you wish students to present their findings, such as:</span></p><ul class="branded"><li><p><span style="font-family:arial,helvetica,sans-serif;">A Google Doc</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">A printed piece of work</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">A PowerPoint document</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">A classroom presentation to the rest of the class.</span></p></li></ul><p>Students should be prepared to present their findings to the rest of the class.</p></div><div class="greenBg"><h5><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"><span class="snippet-fa fa fa-linode fa-lg" style="color: rgb(103, 7, 124);"> </span> ATL Activity 10 (Research skills) - STEEPLE and COVID-19 Lockdowns</span></span></h5><p><img alt="" src="../../../ib/businessmanagement/images/coronavirus2.jpg" style="width: 300px; height: 168px;"></p><p><span style="font-family:arial,helvetica,sans-serif;">Undoubtedly, the most significant event to have impacted all businesses across the world in living memory is the Great Lockdown of the coronavirus in 2019/2020, which caused a global recession.</span></p><p>A recession is a period of negative economic growth in a country. Technically, this occurs if there is negative economic growth for two consecutive quarters. A recession is characterised by low production (output), falling sales volume, high levels of unemployment and low income levels for workers. If prolonged, a recession will lead to bankruptcies and both social and economic problems.</p><p><span style="font-family:arial,helvetica,sans-serif;">For this inquiry-based task, students need to construct a full STEEPLE analysis of how a business organization or a particular industry has been affected by the coronavirus pandemic. They should cite / reference all their sources.</span></p><section class="tib-hiddenbox"><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">To help, download these infographics from <em>Infographic Journal</em> to share with your students or as a stimulus for them to complete the STEEPLE analysis on the current situation.</span></span></p><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Click </span><a href="../../../wp-content/uploads/2020/04/how-covid-19-impacted-businesses.jpg"><span style="color:#FF0000;">here</span></a><span style="color:#FF0000;"> for the infographic on How COVID-19 has impacted businesses globally.</span></span></p><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Click </span><a href="../../../media/ib/businessmanagement/files/coronavirus-business-success-stories.pdf.html"><span style="color:#FF0000;">here</span></a><span style="color:#FF0000;"> for the infographic on business success stories during the crisis (or download this in PDF format below).</span></span></p><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">For a sample STEEPLE analysis, see</span> <a href="../22205/case-studies-in-crisis-management.html" title="Unit 5 » 5.7 Crisis management & contingency planning (HL) » Case studies in crisis management">this page</a> <span style="color:#FF0000;">on InThinking Business Management.</span></span></p></section></div><div class="greenBg"><h5><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"><span class="snippet-fa fa fa-lightbulb-o fa-lg" style="color: rgb(103, 7, 124);"> </span> Top tip!</span></span></h5><p>I've often heard that STEEPLE analysis a "head-scratcher"! Like SWOT analysis, many students often underestimate the applications of this business management tool, thinking that is it easy to construct and use. In reality, and once students attempt to conduct a full STEEPLE analysis for an organization, they soon realise the level of knowledge required is rather immense. Hence, it will pay dividends for you to spend time reviewing the contents and applications of this specific business management tool.</p></div><div class="greenBg"><h5><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-lightbulb-o fa-lg" style="color: rgb(61, 30, 128);"> </span> Top tip!</span></span></h5><p>In the external exams, it is quite common for students to have to explain the context of a case study using aspects STEEPLE analysis. A typical example is a question like this:</p><div class="box"><p style="text-align: center;">Outline <strong>two </strong>STEEPLE factors that influence Company A’s decision about XX. <em>[4 marks]</em></p></div><p>As in all cases, make sure you read the question very carefully. This question is marked as a 2 + 2.</p><ul class="branded"><li><p>The question requires students to write an outline of <strong>two</strong> of the (seven) STEEPLE factors</p></li><li><p>The response should be outlined in the context of the decision being made at the organization.</p></li><li><p>Each of the (two) STEEPLE factor must be explicitly stated (Social, Technological, Economic, Ethical, Political, Legal, Ecological or Environmental). It must be clear from the response what factor is being referred to for the second mark to be awarded.</p></li><li><p>The answer must present <strong>two </strong>separate STEEPLE factors, as per the instructions of the question. So, for example, if two economic factors or two ethical factors are given, examiners can only award a maximum of 2 marks overall.</p></li></ul></div><div class="greenBg"><h5><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"> <span class="snippet-fa fa fa-lightbulb-o fa-lg" style="color: rgb(103, 7, 124);"> </span> Top tip!</span></span></h5><p><img alt="" src="../../../ib/businessmanagement/images/pest-swot.jpg" style="width: 420px; height: 154px;"></p><p>Many teachers and students often ask about the use of STEEPLE analysis in the Internal Assessment. As the IA focuses on the use of supporting documents (be they from primary or secondary market research), the key question to ask about inclusion of STEEPLE analysis as a BMT is whether this would add any value to the IA. Also, consider whether you are able to include a STEEPLE analysis within the word count limit (of 1,800 words).</p><p>In any case, a potentially suitable resource to help SL and HL student is <a href="https://pestleanalysis.com/">https://pestleanalysis.com/</a> This website includes ready-made STEEPLE analyses (and some SWOT analyses too) for numerous well-known companies that may be applicable to the Internal Assessment, if not to help consolidate understanding of this business management tool. </p></div><div class="yellowBg"><h5><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-pencil-square-o fa-lg" style="color: rgb(103, 7, 124);"> </span> Exam Practice Question</span></span></h5><p>Discuss how changes in STEEPLE factors have affected the strategy for an organization you have studied. <em> [10 marks]</em></p><section class="tib-hiddenbox"><p><span style="color:#FF0000;">Students could choose to use their STEEPLE analysis from ATL Activity 3 above (STEEPLE and COVID-19 Lockdowns) in order to complete this question.</span></p></section></div><div class="yellowBg"><h5><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-key fa-lg" style="color: rgb(103, 7, 124);"> </span> Key terms</span></span></h5><ul class="branded"><li><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Economic factors</strong> in a STEEPLE analysis refer to the determinants of an economy's performance.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Environmental factors </strong>in a STEEPLE analysis refer to the <span style="font-family:arial,helvetica,sans-serif;">ecological aspects of business activity that can have positive as well as negative impacts on organizations.</span></span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Ethical factors </strong>in a STEEPLE analysis refer to the moral values and beliefs that apply to businesses and how they operate. There is an increasing expectation for businesses to consider the impact of their activities on all stakeholder groups, society as a whole, and the planet.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">The <strong>external environment</strong> refers to the (STEEPLE) factors that are beyond the control of an individual organization but have a direct impact on its operations and commercial activities.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Legal factors </strong>in a STEEPLE analysis refer to the laws that affect the way in which businesses operate as well as how employees and customers behave.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">The <strong>political environment </strong>in a STEEPLE analysis refers to the role that governments play in business operations. It affects business operations in an array of facets, such as through employment laws and consumer protection legislation.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Social factors</strong> in a STEEPLE analysis are those related to people, their lifestyles and their beliefs (or values), all of which have a direct impact on business operations.</span></p></li><li><p><strong>STEEPLE analysis</strong> is a situational and planning tool that provides a brainstorming framework for managers to examine the impact of external factors on businesses.</p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">The <strong>technological environment </strong>refers to the changes and developments in machinery and equipment developed for business operations and their growth and evolution.</span></p></li></ul></div><div class="yellowBg"><h5><span class="snippet-fa fa fa-question-circle-o fa-lg" style="color: rgb(61, 30, 128);"> </span> <span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">Review quizzes</span></span></h5><p>To test your understanding of the contents of this tool in the BMT, have a go at the following interactive quizzes.</p><ul><li><p><a href="../32863/15-external-environment-question-bank.html" title="Unit 1 » 1.5 External environment » 1.5 External environment - question bank">External environment - Question bank</a> (over 20 questions for students to test their knowledge of this topic)</p></li><li><p><a href="../39905/15-smart-quiz-questions.html" title="Unit 1 » 1.5 External environment » 1.5 Smart quiz questions">STEEPLE Analyis Smart quiz questions</a></p></li></ul></div><div class="yellowBg"><h5><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-briefcase fa-lg" style="color: rgb(103, 7, 124);"> </span> Using the BMT in the syllabus</span></span></h5><p>Suggested units for integration of STEEPLE analysis (not exhaustive):</p><ul class="branded"><li><p>Unit 1.1 - Examine how STEEPLE analysis can be useful for minimising the risks for a new start-up business.</p></li><li><p>Unit 1.5 - Discuss the importance of STEEPLE analysis for a firm's external growth strategies.</p></li><li><p>Unit 1.6 - Discuss how knowledge of the external environment is essential for the success of multinational companies seeking to grow and expand in overseas markets.</p></li><li><p>Unit 2.5 (HL only) - Discuss the extent to which an organization's STEEPLE analysis might reveal its corporate culture.</p></li><li><p>Unit 3.7 - Examine how changes in the external environment can impact an organization's cash flow position.</p></li><li><p>Unit 3.9 (HL only) - Discuss how changes in the STEEPLE factors influence decisions about budget allocations within business organizations.</p></li><li><p>Unit 4.2 - Examine the importance of the external environment (STEEPLE analysis) for effective marketing planning.</p></li><li><p>Unit 4.5 - Discuss the importance of understanding the external environment when developing an appropriate marketing mix for a product or a business.</p></li><li><p>Unit 5.4 - Examine how STEEPLE analysis can support managers in their location or relocation decision.</p></li><li><p>Unit 5.4 - Discuss how the use of STEEPLE analysis might help businesses to decide between offshoring, reshoring, or insourcing.</p></li><li>BMT (Business plans) - Examine the usefulness of STEEPLE analysis for the creation of business plans.</li><li><p>Key concept - Discuss the links between <a href="../43668/change.html" title="New syllabus 2022 » The 4 key concepts » Change">change</a> in a business context and STEEPLE analysis.</p></li></ul><hr class="hidden"><p>You may find this poster useful as a revision tool or classroom poster display. It has been created by <strong>Malhar Alap Modi</strong> who studies at Chinmaya International Residential School, India. Many thanks for Malhar and his teacher <strong>Rashmi Unnikrishnan </strong>for sharing this with the InThinking community!</p><div readonly="true" style="background: #ddd; margin: 20px 0; width: 100%;"><iframe frameborder="0" scrolling="no" src="../../../media/ib/businessmanagement/files/bmt/steeple-poster.pdf.html" style="width: 100%; height: 480px;"></iframe></div></div><p>Return to the <a href="../42640/business-management-toolkit-bmt.html" title="New syllabus 2022 » Business Management Toolkit (BMT)">Business Management Toolkit (BMT)</a> homepage</p><p><span style="font-family:arial,helvetica,sans-serif;"><a href="../../../businessmanagement.html"><img alt="" src="../../../ib/businessmanagement/logo-blue-black-1.png" style="width: 170px; height: 54px;"></a></span></p><script>document.querySelectorAll('.tib-teacher-only').forEach(e => e.remove());</script>
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