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href="../page/21699/unit-2.html" title="Unit 2">Unit 2</a></li><ul class="level-2 "><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21753/21-functions-evolution-of-hrm.html" title="2.1 Functions & evolution of HRM">2.1 Functions & evolution of HRM</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/25388/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="../page/21754/22-organizational-structure.html" title="2.2 Organizational structure">2.2 Organizational structure</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/25471/glossary-organizational-structure.html" title="Glossary: Organizational structure">Glossary: Organizational structure</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21755/23-leadership-and-management.html" title="2.3 Leadership and management">2.3 Leadership and management</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/24733/glossary-leadership-management.html" title="Glossary: Leadership & Management">Glossary: Leadership & Management</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/24745/24-motivation.html" title="2.4 Motivation">2.4 Motivation</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/24719/glossary-motivation.html" title="Glossary: Motivation">Glossary: Motivation</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa 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relations</a></li></ul></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/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="../page/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="../page/24501/glossary-sources-of-finance.html" title="Glossary: Sources of finance">Glossary: Sources of finance</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21745/32-costs-and-revenues.html" title="3.2 Costs and revenues">3.2 Costs and revenues</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/22092/glossary-costs-revenues.html" title="Glossary: Costs & revenues">Glossary: Costs & revenues</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21746/33-break-even-analysis.html" title="3.3 Break-even analysis">3.3 Break-even analysis</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/22270/contribution-analysis.html" title="Contribution analysis">Contribution analysis</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="" 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fa-caret-right "></i><a class="" href="../page/44046/16-multinational-companies.html" title="1.6 Multinational companies">1.6 Multinational companies</a></li></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/43530/unit-2-hrm.html" title="Unit 2 - HRM">Unit 2 - HRM</a></li><ul class="level-1 "><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/44253/21-introduction-to-hrm.html" title="2.1 Introduction to HRM">2.1 Introduction to HRM</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/43875/22-organizational-structure.html" title="2.2 Organizational structure">2.2 Organizational structure</a></li><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/44338/23-leadership-and-management.html" title="2.3 Leadership and 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International marketing (HL)">4.6 International marketing (HL)</a></li></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/43565/unit-5-operations-mgt.html" title="Unit 5 - Operations Mgt">Unit 5 - Operations Mgt</a></li><ul class="level-1 "><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/44817/51-introduction-to-operations-management.html" title="5.1 Introduction to operations management">5.1 Introduction to operations management</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/44812/52-operations-methods.html" title="5.2 Operations methods">5.2 Operations methods</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/44861/53-lean-production-quality-management-hl.html" title="5.3 Lean production & quality management 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<div id="main-column" class="span9"><article id="the-nature-of-business" style="margin-top: 16px;"><h1 class="section-title">The nature of business</h1><div class="row-fluid" style="margin-bottom: 14px;"><div class="span12 scrollToTask shadow" data-target="" style="cursor: default; pointer-events: none"><div class="std-taskbar task-not-done"><i class="fa fa-file fa-fw" style="margin-left: 4px;"></i> Reading task</div></div></div><div class="row-fluid"><section class="span12" id="main-content"><div class="panel panel-purple"><div class="panel-heading"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><p><span style="font-family:arial,helvetica,sans-serif;">The nature of business (AO1)</span></p></div></div><div class="panel-body"><div><p><img alt="" src="../../ib/businessmanagement/business-plan.png" style="width: 300px; height: 166px;"></p><p><span style="color:#696969;"><em>“Business shapes the world. It is capable of changing society in almost any way you can imagine.”</em><br>- Dame Anita Roddick (1942 – 2007), Founder of The Body Shop</span></p><hr class="hidden"><p>The first section of the IB Business Management syllabus looks at the nature of businesses in terms of why they exist, what they do, and how they do this. Businesses exist to satisfy the needs and wants of their customers by selling goods and services, usually in return for profit. They do this by combining human, physical, and financial resources to create goods and services to meet the needs and wants of individuals and societies.</p><p><span style="font-family:arial,helvetica,sans-serif;">A <strong>business</strong> can be defined as a decision-making organization established to produce goods and/or provide services. <strong>Goods</strong> are physical products, e.g., food, clothes, furniture, cars and smartphones. <strong>Services</strong> are intangible products, e.g., haircuts, tourism, public transport, banking, insurance education, and healthcare.</span></p><div class="box"><p>Goods and services differ in four ways. Specifically, services are:</p><ul class="branded"><li><p><em>Intangible </em>– Unlike goods, services are not physical in their nature.</p></li><li><p><em>Inseparable </em>– The service received is attached to the people who deliver the service and the processes used to deliver the service.</p></li><li><p><em>Perishable </em>– Services do not last but are usually consumed at the time of purchase.</p></li><li><p><em>Variable </em>– services are heterogeneous, i.e., each customer experience is unique.</p></li></ul></div><p>As management guru Peter Drucker (1909 - 2005) said, the purpose or nature of a business is to create a customer, i.e., to provide goods and/or services that meet the needs or desires of customers:</p><p><em>“There is only one valid definition of business purpose: to create a customer. It is the customer who determines what a business is. For it is the customer, and he alone, who through being willing to pay for a good or for a service, converts economic resources into wealth, things into goods. What the business thinks it produces is not of first importance - especially not to the future of the business and to its success. What the customer thinks he is buying, what he considers ‘value’, is decisive - it determines what a business is, what it produces and whether it will prosper.”</em><br>- Peter Drucker, The Practice of Management (1954), HarperCollins</p><hr class="hidden"><p>Therefore, businesses exist to produce goods and services to satisfy the needs and wants of their customers (individuals, other businesses and/or governments), usually in return for a profit. There may be additional or alternative objectives, such as survival, increasing their market share, being the market leader, or being a socially responsible business.</p><p><span style="font-family:arial,helvetica,sans-serif;">To produce goods and services, businesses need to combine human, physical and financial resources in an effective way. Economists call these resources <strong>factors of production</strong>, which are comprised of:</span></p><ul class="branded"><li><span style="font-family:arial,helvetica,sans-serif;"><strong>Land </strong>– These are natural resources needed to produce goods and services. Examples include water, timber, sand, minerals, metal ores, plants and animals. <span style="font-family:arial,helvetica,sans-serif;">Hence, these are sometimes referred to as physical resources.</span></span></li><li><span style="font-family:arial,helvetica,sans-serif;"><strong>Labour </strong>– This refers to human effort used to produce goods and services. Hence, this is often referred to as human resources.</span></li><li><span style="font-family:arial,helvetica,sans-serif;"><strong>Capital </strong>– This refers to non-natural (or manufactured) resources used in the production process. Examples include tools, machinery, motor vehicles, physical premises, and infrastructure. As these are all funded by money, capital resources are sometimes referred to as financial resources.</span></li><li><span style="font-family:arial,helvetica,sans-serif;"><strong>Entrepreneurship </strong>– This refers to the knowledge, skills and experiences of individuals who have the capability to manage the overall production process. Entrepreneurs have the ability and willingness to take risks in order to produce goods and provide services to customers, profitably.</span></li></ul><p><span style="font-family:arial,helvetica,sans-serif;"><img alt="" height="201" src="../../ib/businessmanagement/images/wind-power.jpg" width="324"></span></p><p><span style="color:#696969;"><span style="font-family:arial,helvetica,sans-serif;"><em>Factors of production are needed to generate output</em></span></span></p><hr class="hidden"><p><span style="font-family:arial,helvetica,sans-serif;">In order to provide goods and services, businesses carry out a number of functions. In large organizations, there is scope for these functions to be split into departments (or functional areas):</span></p><div class="row-fluid"><div class="span6 col-left"><div><ul class="branded"><li><span style="font-family:arial,helvetica,sans-serif;">Human resources</span></li><li><span style="font-family:arial,helvetica,sans-serif;">Finance and accounts</span></li></ul></div></div><div class="span6"><div><ul class="branded"><li><span style="font-family:arial,helvetica,sans-serif;">Marketing, and</span></li><li><span style="font-family:arial,helvetica,sans-serif;">Operations management</span></li></ul></div></div></div><p><span style="font-family:arial,helvetica,sans-serif;">However, entrepreneurs of smaller businesses such as sole traders are likely to have to carry out these functions by themselves.</span></p><hr class="hidden"><h5><span style="font-family:arial,helvetica,sans-serif;">Human resources</span></h5><p><span style="font-family:arial,helvetica,sans-serif;"><img alt="" height="182" src="../../ib/businessmanagement/images/hrm.jpg" width="234"></span></p><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Human resources </strong>(HR) is the function that handles all aspects relate to the workforce. It involves all aspects of business operations related to staff (personnel) within an organization. Examples include the: recruitment, induction, training, development, appraisal, promotion, remunerating (rewarding) and dismissal of staff.</span></p><p><span style="font-family:arial,helvetica,sans-serif;">The HR Department must also comply with legal aspects of the external <a href="../page/24075/steeple-analysis-of-a-given-organization.html" title="Unit 1 » 1.5 External environment » STEEPLE analysis of a given organization">business environment</a> business environment. In particular, it must observe different labour laws in all the countries it operates in. Examples include laws about: minimum wages, working hours, gender equality, equal opportunities, and anti-discrimination.</span></p><hr class="hidden"><h5><span style="font-family:arial,helvetica,sans-serif;">Finance and accounts</span></h5><p><span style="font-family:arial,helvetica,sans-serif;"><img alt="" height="153" src="../../ib/businessmanagement/images/finance1-1.jpg" width="228"></span></p><p><span style="font-family:arial,helvetica,sans-serif;">The <strong>finance and accounts</strong> function of an organization refers to the responsibility for ensuring that the business has sufficient funds in order to conduct its daily operations. Essentially, the finance and accounts department is responsible for managing the organization’s money and maintaining accurate accounts (financial records) of the firm’s funds.</span></p><hr class="hidden"><h5><span style="font-family:arial,helvetica,sans-serif;">Marketing</span></h5><p><span style="font-family:arial,helvetica,sans-serif;"><img alt="" height="137" src="../../ib/businessmanagement/images/marketing.jpg" width="389"></span></p><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Marketing </strong>is about identifying the needs and wants of customers so that the business can provide goods and services to meet these requirements and desires, usually in a profitable way.</span></p><p><span style="font-family:arial,helvetica,sans-serif;">Marketing activities include:</span></p><ul class="branded"><li><p><span style="font-family:arial,helvetica,sans-serif;">Market research to discover the products that customers want, in an ever-changing and dynamic business environment</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Determining appropriate pricing methods to sell the products</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Promotion to inform and persuade customers about buying the products</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Distributing the products to customers efficiently.</span></p></li></ul><hr class="hidden"><h5><span style="font-family:arial,helvetica,sans-serif;">Operations management (production)</span></h5><p><span style="font-family:arial,helvetica,sans-serif;"><img alt="" height="143" src="../../ib/businessmanagement/images/ops-mgt.jpg" width="212"></span></p><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Operations</strong> (also known as <strong>operations management </strong>or <strong>production</strong>) is the process of making goods and providing services from the available resources of a business to meet the needs and wants of its customers. It involves ensuring that goods and services meet production targets, deadlines and certain quality standards.</span></p><p><span style="font-family:arial,helvetica,sans-serif;">All four of these functions of a business are <strong>interdependent</strong>, i.e. depend and are reliant upon one another. For example, the marketing department cannot determine an appropriate marketing campaign without necessary discussions and approval from the finance and accounts department. Production of a certain good may need to change if recent market research shows changes in consumer habits, fashions and tastes. All business decisions have implications on the human resources department as people are needed to carry out the other three functions.</span></p><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(103, 7, 124);"> </span> ATL Activity - Business functions</span></span></h5><p>For each business activity shown in the table below, state which business function is most appropriate: human resources, finance and accounts, operations management, or marketing. <em>[10 marks]</em></p><table><tbody><tr><td><strong>Business activity</strong></td><td><strong>Business function</strong></td></tr><tr><td>1. Recruitment of staff</td><td><section class="tib-hiddenbox"><p><span style="color:#FF0000;">Human resources</span></p></section></td></tr><tr><td>2. Setting prices for the firm's products</td><td><section class="tib-hiddenbox"><p><span style="color:#FF0000;">Marketing</span></p></section></td></tr><tr><td>3. Deciding where a product should be sold</td><td><section class="tib-hiddenbox"><p><span style="color:#FF0000;">Marketing</span></p></section></td></tr><tr><td>4. Stock (inventory) control and management</td><td><section class="tib-hiddenbox"><p><span style="color:#FF0000;">Operations management</span></p></section></td></tr><tr><td>5. Establishing quality management processes</td><td><section class="tib-hiddenbox"><p><span style="color:#FF0000;">Operations management</span></p></section></td></tr><tr><td>6. Researching the needs, wants, and preferences of customers</td><td><section class="tib-hiddenbox"><p><span style="color:#FF0000;">Marketing</span></p></section></td></tr><tr><td>7. Allocating resources to purchase capital equipment</td><td><section class="tib-hiddenbox"><p><span style="color:#FF0000;">Finance and accounts</span></p></section></td></tr><tr><td>8. Hiring a new production manager</td><td><section class="tib-hiddenbox"><p><span style="color:#FF0000;">Human resources</span></p></section></td></tr><tr><td>9. Financial and non-financial methods of motivation of staff</td><td><section class="tib-hiddenbox"><p><span style="color:#FF0000;">Human resources</span></p></section></td></tr><tr><td>10. Strategies to attract and retain customers</td><td><section class="tib-hiddenbox"><p><span style="color:#FF0000;">Marketing</span></p></section></td></tr></tbody></table></div><p>Businesses produce new goods and services for numerous reasons including new tastes and preferences of customers, changes in technology, and some goods and services becoming obsolete. To stay competitive businesses may also introduce new goods or services or adapt existing products to fill gaps in the market.</p><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Customers </strong>are the people or other businesses that purchase goods and services. They are willing to pay to buy certain goods and services because the production process adds value to the final products. <strong>Adding value </strong>is the process of producing a particular good or service that is worth more than the cost of the resources used to produce it. For example, a good textbook is worth far more to customers (such as IB Diploma students) than the paper and ink used to publish it.</span><span style="font-family:arial,helvetica,sans-serif;">Businesses aim to combine the various human, physical and financial resources to create goods and services that add value to a good or service. This will help the organization to be competitive and, ultimately, to earn profit.</span> </p></div></div><div class="panel-footer"><div></div></div></div><div class="panel panel-expandable panel-purple"><div class="panel-heading"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><p>Key terms</p></div></div><div class="panel-body"><div><ul class="branded"><li><p><strong>Adding value </strong>is the process of producing a particular good or service that is worth more than the cost of the resources used to produce it.</p></li><li><p>A <strong>business</strong> can be defined as a decision-making organization established to produce goods and/or provide services.</p></li><li><p><strong>Consumers </strong>are the people who use goods and services. They are not necessarily the customers though.</p></li><li><p><strong>Customers </strong>are the people or other businesses that purchase goods and services.</p></li><li><p><strong>Factors of production</strong> is the collective term for the resources needed to produce goods and services. Businesses combine human, physical and financial resources in an effective way to create goods and services to meet the needs and wants of consumers.</p></li><li><p><strong>Goods</strong> are physical products, e.g. food, clothes, furniture, cars, and smartphones.</p></li><li><p><strong>Services</strong> are intangible products, e.g. haircuts, tourism, public transport, banking, insurance education, and healthcare.</p></li></ul></div></div><div class="panel-footer"><div></div></div></div><div class="panel panel-expandable panel-purple"><div class="panel-heading"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><p>Exam Practice Question</p></div></div><div class="panel-body"><div><table border="0" cellpadding="0" cellspacing="0"><tbody><tr><td style="width:66px;"><p>(a)</p></td><td style="width:491px;"><p>Describe the meaning of <em>adding value.</em></p></td><td style="width:84px;"><p><em>[2 marks]</em></p></td></tr><tr><td style="width:66px;"><p>(b)</p></td><td style="width:491px;"><p>Explain the nature of businesses in combining factors of production to create goods and services.</p></td><td style="width:84px;"><p><em>[4 marks]</em></p></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;"><strong>Answers</strong></span></p><p><strong>(a) Describe the meaning of <em>adding value. [2 marks]</em></strong></p><p><span style="color:#FF0000;">Adding value (in the production process) is about creating value for customers. It can be measured by the difference between a product’s selling price and the material or direct costs of production.</span></p><p><span style="color:#FF0000;">Award <em>[1 mark]</em> for a limited response.</span></p><p><span style="color:#FF0000;">Award<em> [2 marks]</em> for a good response that shows a clear understanding of adding value, similar to the example above.</span></p><hr class="hidden"><p><strong>(b) Explain the nature of businesses in combining factors of production to create goods and services. <em>[4 marks]</em></strong></p><p><span style="color:#FF0000;">The four factors of production are:</span></p><ol><li><p><span style="color:#FF0000;"> <em>Land </em>- natural resources / physical resources</span></p></li><li><p><span style="color:#FF0000;"><em>Labour </em>- human resources in the production process</span></p></li><li><p><span style="color:#FF0000;"><em>Capital </em>- non-natural resources / manufactured resources / financial resources</span></p></li><li><p><span style="color:#FF0000;"><em>Entrepreneurship </em>- the business owner(s) who take financial risks in return (usually) for profit.</span></p></li></ol><p><span style="color:#FF0000;">These resources are needed to create (or to produce) goods and services. They are collectively needed to produce any given good or ser</span><span style="color:#FF0000;">vice. For example, to produce a car, businesses will need:</span></p><ol><li><p><span style="color:#FF0000;"><em>Land </em>- physical resources such as the raw materials needed to make the steel, rubber and glass to produce the car.</span></p></li><li><p><span style="color:#FF0000;"><em>Labour </em>- the employees who work at the car manufacturing plant.</span></p></li><li><p><span style="color:#FF0000;"><em>Capital </em>- such as mass production lines and robots used to make the cars.</span></p></li><li><p><span style="color:#FF0000;"><em>Enterprise </em>- such as the CEO and/or production director who oversees the whole operations of te cars being manufactured and delivered to customers.</span></p></li></ol><p><span style="color:#FF0000;">Award <em>[1 - 2 marks] </em>for an answer that shows some understanding of the demands of the question. There is some understanding of how businesses combine factors of production to generate production but the answer lacks sufficient depth.</span></p><p><span style="color:#FF0000;">Award <em>[3 - 4 marks] </em>for an answer that shows a good understanding of the demands of the question. There is a detailed explanation of how businesses combine factors of production to generate production. The answer makes effective use of business management terminology.</span></p></div></section></div></div></div><p>Return to the <a href="../page/44034/11-what-is-a-business.html" title="New syllabus 2022 » Unit 1 - Introduction to Business Management (WIP) » 1.1 What is a business?">Unit 1.1 - What is a business?</a> homepage</p><p><span style="font-family:arial,helvetica,sans-serif;">Return to the <a href="../page/43522/unit-1-introduction-to-business-management-wip.html" title="New syllabus 2022 » Unit 1 - Introduction to Business Management (WIP)">Unit 1 - Introduction to Business Management</a> homepage</span></p><p><span style="font-family:arial,helvetica,sans-serif;"><a href="../index.htm"><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></section></div></article><br><div class="done-task"><input id="task-type" value="read" type="hidden"><a href="#" class="btn btn-success btn-large mark-as-done"><i class="fa fa-fw fa-check-square-o"></i> Mark as done</a><span id="task-done-badge" title="You have successfully submitted this task" class="badge badge-info" style="display: none"><i class="fa fa-fw fa-check"></i> Submitted</span><br><a id="return-my-tasks" style="display: none;" href="../../index-1.htm?pan=tasks" class="btn btn-large"><i class="fa fa-fw fa-arrow-left"></i> Return to <em>My tasks</em></a></div><input id="ticket" name="ticket" value="fd6a5e8a06cfccf2" type="hidden"><input id="std-task-id" name="std-task-id" value="6400523" type="hidden"></div><!-- /#main-column -->
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