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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=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../42640/bmt-.html" title="BMT ">BMT </a></li><ul class="level-1 "><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="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44027/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="ancestor parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right fa-rotate-90"></i><a class="" href="../42758/concepts.html" title="Concepts">Concepts</a></li><ul class="level-1 expanded"><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="current" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="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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<h1 class="section-title">Change</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">Concepts</span><span class="divider">/</span></li><li><span class="active">Change</span></li></ul>
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<div class="panel panel-purple"><div class="panel-heading"><span style="font-family:arial,helvetica,sans-serif;"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a></span><div><p><strong><span style="font-family:arial,helvetica,sans-serif;">The key concepts - Change</span></strong></p></div></div><div class="panel-body"><div><p><span style="font-family:arial,helvetica,sans-serif;"><img alt="" height="166" src="../../../ib/businessmanagement/images/change-pinboard.jpg" width="253"></span></p><p><span style="color:#696969;"><span style="font-family:arial,helvetica,sans-serif;"><em>“It is not necessary to change. Survival is not mandatory.”</em><br>- W. Edwards Deming (1900 - 1993)</span></span></p><hr class="hidden"><p><span style="font-family:arial,helvetica,sans-serif;">In the ever-more competitive business world, organizations have to constantly review their practices and change / adapt accordingly to remain relevant and competitive in the market. However, businesses (and people) tend to find it challenging to adapt to change; it is certainly not very easy for most employees. However, when the rationale for change is presented with clearly and coherently, staff are more likely to accept and embrace the change in a positive manner.</span></p><div class="box"><p><strong>Change </strong>refers to the modification or transformation in the way business is conducted as a response to internal factors or external influences. Change arises when factors that influence the operations of an organization do not stay the same. It can often be disruptive and unsettling, so the process must be managed carefully.</p></div><p>Examples of change include: new product development, innovation, market development, product redesign, outsourcing, the product life cycle, organizational restructuring, relocation, external growth and crisis management. Yet without change, there is always the danger of complacency and there can be no progress without change.</p><p><span style="font-family:arial,helvetica,sans-serif;">As Professor W. Edwards Deming said, it is important for businesses to adapt to change if they are to survive. The external business environment (or the <a href="../44027/bmt-3-steeple-analysis.html" title="New syllabus (first teaching 2022) » Business Management Toolkit (BMT) » BMT 3 - STEEPLE analysis">STEEPLE analysis</a> factors) mean that forces of change require the attention of businesses and decision makers to adapt their practices. For example, competition, new technologies and evolving consumer habits and tastes lead successful organizations to adapt their objectives, strategies and business operations.</span></p><p><span style="font-family:arial,helvetica,sans-serif;">Business success emerges from the willingness and ability to research and respond to signals in both the internal and external business environment in order to meet the ever-changing needs, wants and preferences of customers. Those that do not embrace and adapt to change simply fail to survive.</span></p><p><span style="font-family:arial,helvetica,sans-serif;">For example, in December 2020, after an extremely challenging year for all businesses due to the global coronavirus pandemic, IKEA stopped production and distribution of its physical catalogues. The home furniture retailer had used catalogues for 70 years prior to 2020, and opted for online catalogues instead as an increasing number of customers switched to e-commerce options.</span></p><p><span style="font-family:arial,helvetica,sans-serif;"><img alt="" height="286" src="../../../ib/businessmanagement/images/change_2.jpg" width="288"></span></p><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#696969;"><em>Firms need to change in order to stay relevant</em></span></span></p><hr class="hidden"><div><div><div><div><div class="yellowBg"><div><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 1 - Then and Now</span></span></h5><p><span style="color:#696969;"><em>"You can't go back and change the beginning but you can start where you are and change the ending."</em><br>C.S. Lewis (1898 - 1963), renowned British author</span></p><p><span style="font-family:arial,helvetica,sans-serif;">What did these well-known firms use to produce? How many of these can your students get right?</span></p><table><tbody><tr><td><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Company</strong></span></p></td><td><p><span style="font-family:arial,helvetica,sans-serif;"><strong>What they originally produced</strong></span></p></td></tr><tr><td><p><span style="font-family:arial,helvetica,sans-serif;">Lego</span></p></td><td><section class="tib-hiddenbox"><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">wooden toys</span></span></p></section></td></tr><tr><td><p><span style="font-family:arial,helvetica,sans-serif;">Nintendo</span></p></td><td><section><section class="tib-hiddenbox"><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">playing cards</span></span></p></section></section></td></tr><tr><td><p><span style="font-family:arial,helvetica,sans-serif;">Nokia</span></p></td><td><section><section class="tib-hiddenbox"><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">pulp mill (wooden fibre boards)</span></span></p></section></section></td></tr><tr><td><p><span style="font-family:arial,helvetica,sans-serif;">Motorola</span></p></td><td><section><section class="tib-hiddenbox"><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">battery eliminators (devices powered by an electrical source other than a battery, e.g. solar power)</span></span></p></section></section></td></tr><tr><td><p><span style="font-family:arial,helvetica,sans-serif;">LG</span></p></td><td><section><section class="tib-hiddenbox"><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">hygiene and cosmetics products</span></span></p></section></section></td></tr><tr><td><p><span style="font-family:arial,helvetica,sans-serif;">Wrigley</span></p></td><td><section><section class="tib-hiddenbox"><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">soap and baking powder</span></span></p></section></section></td></tr><tr><td><p><span style="font-family:arial,helvetica,sans-serif;">Tiffany & Co</span></p></td><td><section><section class="tib-hiddenbox"><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">stationery</span></span></p></section></section></td></tr><tr><td><p><span style="font-family:arial,helvetica,sans-serif;">Colgate</span></p></td><td><section><section class="tib-hiddenbox"><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">soaps, candles and starch product</span></span></p></section></section></td></tr></tbody></table></div></div></div><hr><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 to see how change can happen right in front of us, without us even noticing:</span></p><p><span style="font-family:arial,helvetica,sans-serif;"></span><iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="360" src="https://www.youtube.com/embed/vJG698U2Mvo" title="selective attention test" width="640"></iframe></p><p><span style="font-family:arial,helvetica,sans-serif;"></span></p><section><p><span style="font-family:arial,helvetica,sans-serif;">Students (and teachers!) who have not seen this video before are unlikely to have seen the gorilla if they focus only on counting the number of passes made by the team wearing white t-shirts. Although this concept is based on Psychology, it has direct implications for business <span data-scayt-word="organizations" data-wsc-id="l11eyyo2692bn1red" data-wsc-lang="en_GB">organizations</span> who ignore change at their own risk.</span></p><p><span style="font-family:arial,helvetica,sans-serif;">The concept of selective attention also applies to many students with their assessments - how many times do they read a question but fail to answer it? This is no different from ignoring the gorilla that is right in front of their eyes...</span></p></section><hr><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> If you’ve seen this video before, try this one:</span></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/IGQmdoK_ZfY" title="The Monkey Business Illusion" width="640"></iframe></p><p><span style="font-family:arial,helvetica,sans-serif;"></span></p><section><p><span style="font-family:arial,helvetica,sans-serif;">Whilst many students may well have seen the previous vide clip (Psychology teachers have used it for many years, as have some TOK teachers), it is less likely they have seen this video. This is more representative of the real world of business, where multidimensional changes occur at the same time in the external business environment (see STEEPLE analysis). Unless a business is aware of changes in the markets in which it operates, it is less likely to remain relevant and competitive. As US Army General Eric <span data-scayt-word="Shinseki" data-wsc-id="l11eyz3e64zfvsh21" data-wsc-lang="en_GB">Shinseki</span> (b.1942) said, "<em>If you don't like change, you’re going to like irrelevance even less.</em>"</span></p></section><hr><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> And finally, what about this one, where <span data-scayt-word="Derren" data-wsc-id="l11eyz6tz4eou8mtn" data-wsc-lang="en_GB">Derren</span> Brown tests the psychological concept of <strong>‘change blindness’</strong> (change that happens in front of our eyes without us even noticing it) on the general public:</span></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/4-HxtKgKrL8" title="change blindness experiment :)" width="640"></iframe></p><p><span style="font-family:arial,helvetica,sans-serif;"></span></p><p>Take a look <a href="https://www.visualcapitalist.com/wp-content/uploads/2022/03/automaker-logo-evolution-infographic.jpg">here</a> to see how some of the world's largest car producers have changed their company logos over time, due to changes in the internal and external business environments.</p><div><p><span style="font-family:arial,helvetica,sans-serif;">The importance of change for business <span data-scayt-word="organizations" data-wsc-id="l11ez784xqnqnixpa" data-wsc-lang="en_GB">organizations</span> can, perhaps, be summed up by the words of former British Prime Minister, Sir Winston Churchill (1874 - 1965):</span></p></div><p><span style="font-family:arial,helvetica,sans-serif;"><em>“To improve is to change; to be perfect is to change often."</em></span></p><hr><div><div class="yellowBg"><h5><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> <span style="color:#FF0000;">Case Study 1- The demise of the encyclopaedia</span></span></h5><p><span style="color:#696969;"><span style="font-family:arial,helvetica,sans-serif;"><em>"Progress is impossible without change, and those who cannot change their minds cannot change anything."</em><br>- George Bernard Shaw, Irish playwright (1856 - 1950)</span></span></p><p><span style="font-family:arial,helvetica,sans-serif;"><img alt="" height="145" src="../../../ib/businessmanagement/images/encyclopaedia(1).jpg" width="368"></span></p><p><span style="font-family:arial,helvetica,sans-serif;">The first edition of the Encyclopaedia Britannica was printed in Edinburgh, Scotland in 1768. After 244 years of operation, the Encyclopaedia Britannica went out of print in 2012.</span></p><p><span style="font-family:arial,helvetica,sans-serif;">This is the harsh reality of the digital age - and of competition from the Wikipedia.</span></p></div></div><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(103, 7, 124);"> </span> ATL Activity 2 - Change or Collapse</span></span></h5><p><span style="color:#696969;"><span style="font-family:arial,helvetica,sans-serif;"><em>"Change is not a threat, it’s an opportunity. Survival is not the goal, transformative success is.”<br>- </em>Seth <span data-scayt-word="Godin" data-wsc-id="l11eyzam9efvryddn" data-wsc-lang="en_GB">Godin</span> (b.1960), American entrepreneur and best-selling author</span></span></p><p><span style="font-family:arial,helvetica,sans-serif;">Ask students to investigate which other businesses have faced a similar fate due to the digital age. They should try to come up with at least <strong>five </strong>other examples.</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;">Possible answers include:</span></p><p><span style="font-family:arial,helvetica,sans-serif;"><img alt="" height="275" src="../../../ib/businessmanagement/images/blockbuster.png" width="304"></span></p><ul><li><p><span style="font-family:arial,helvetica,sans-serif;">Borders Bookstores.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Blockbuster Video - Video/DVD rentals (see Case Study 2 below); </span><span style="font-family:arial,helvetica,sans-serif;">In 2000, Blockbuster Video had 7,700 stores whilst Netflix had 420,000 subscribers</span>. <span style="font-family:arial,helvetica,sans-serif;">By 2020, Blockbuster had gone bust and there is just 1 store left in the world (more like a <span data-scayt-word="musuem" data-wsc-id="l11eyzgeny3cximyp" data-wsc-lang="en_GB">musuem</span>), whilst Netflix had more than 193 million subscribers from around the world!</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Kodak - Camera film.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Mothercare - British multinational retailer <span data-scayt-word="specializing" data-wsc-id="l11eyzk3vh2o2bmz9" data-wsc-lang="en_GB">specializing</span> in products for mothers and children.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Payless - US shoe retailer.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">RadioShack - Consumer electronics retailer.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Sports Authority - US sports apparel retailer.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Thomas Cook - Travel agency.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Toys R Us - Once the world's largest retailer.</span></p></li></ul></div></section><h5><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">Bonus Activity - Dead Brands Graveyard</span></span></h5><p><span style="color:#696969;"><em>"If everything is under control, you are going too slow."</em><br>- Mario Andretti (b. 1940), Italian-American motorsports racing driver</span></p><p><img alt="" src="../../../ib/businessmanagement/images/4-marketing/halloween.jpg" style="width: 300px; height: 166px;"></p><p>This activity works well for the Halloween season. Students work in pairs to contribute to the ‘Dead Brands Graveyard’ classroom wall display.</p><ul class="branded"><li><p>Each pair selects a brand that no longer exists (reached the end of its product life cycle).</p></li><li><p>Investigate the main reasons why the brand no longer exists. RIP (Research In Progress).</p></li><li><p>Use one of the templates from your teacher to decorate the tombstone for your chosen brand. Feel free to decorate the tombstone.</p></li><li><p>Include a concise paragraph or bullet points underneath to inform the reader why that brand died.</p></li><li><p>Present your findings to the rest of the class prior to placing your tombstone in the graveyard (the classroom wall display).</p></li></ul><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>There are numerous aspects of the syllabus that connect with this activity, such as:</p><div class="row-fluid"><div class="span6 col-left"><div><ul><li><p>Acquisitions</p></li><li><p>Branding</p></li><li><p>Brand value</p></li><li><p>Change, creativity, and sustainability (key concepts)</p></li><li><p>Efficiency ratios (HL only)</p></li></ul></div></div><div class="span6"><div><ul><li><p>Innovation</p></li><li><p>Insolvency vs bankruptcy (HL only)</p></li><li><p>Investment appraisal</p></li><li><p>Market research</p></li><li><p>Product extension strategies</p></li><li><p>Product life cycle</p></li></ul></div></div></div><p>Download a tombstone template here, or ask students to create their own. You can use A4 or A3 sized tombstones.</p><div readonly="true" style="background: #ddd; margin: 20px 0; width: 100%;"><iframe frameborder="0" scrolling="no" src="../../../media/ib/businessmanagement/files/4-marketing/dead-brands-graveyard-templates.pdf.html" style="width: 100%; height: 480px;"></iframe></div><p>Here's an example of a tombstone for Blockbuster Video.</p><p><img alt="" height="465" src="../../../ib/businessmanagement/images/4-marketing/death-brands-graveyard---blockbuster.jpg" width="390"></p><p>Students should be encouraged to research their own "dead brand" but some examples could be suggested if need be:</p><div class="row-fluid"><div class="span6 col-left"><div><ul class="branded"><li><p>Boarders (books)</p></li><li><p>Blackberry</p></li><li><p>Blockbuster</p></li><li><p>iPod</p></li></ul></div></div><div class="span6"><div><ul class="branded"><li><p>Kodak</p></li><li><p>Pontiac</p></li><li><p>Toys R Us</p></li><li><p>Yellow Pages</p></li></ul></div></div></div></div></section></div><section><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 2 - The Rise and Fall of Blockbuster</span></span></h5><p><iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="360" src="https://www.youtube.com/embed/rTVkUHrprk8" title="The Rise And Fall Of Blockbuster" width="640"></iframe></p><p><span style="font-family:arial,helvetica,sans-serif;">Watch this video from <a href="https://youtu.be/rTVkUHrprk8">Business Insider</a> that outlines the global collapse of Blockbuster, largely due to its inability to change and to keep up with changes in the industry. Meanwhile, Netflix adapted to changes in Internet technologies, and thrived with its online streaming video services.</span></p><p><span style="font-family:arial,helvetica,sans-serif;"></span></p><p><span style="font-family:arial,helvetica,sans-serif;">In 2004, Blockbuster had over 9,000 stores across the world, but this fell to just a single store at the end of 2019. Netflix was founded in 1997 by Reed Hastings and Marc Randolph in California, USA. Prior to its rapid collapse, Blockbuster's CEO Jon <span data-scayt-word="Antioco" data-wsc-id="l11eyzuvvcst45d7f" data-wsc-lang="en_GB">Antioco</span> was given more than one opportunity to buy out Netflix for $50 million. Netflix evolved from a DVD distributor into one of the leading media streaming platforms in the world, driven by its vision statement of “becoming the best global entertainment distribution service”.</span></p><p><span style="font-family:arial,helvetica,sans-serif;">In 2019, Netflix had global sales revenues in excess of $20 billion and total assets of $34 billion. In 2020, Netflix reported record sales revenues of over $25 billion due to the coronavirus pandemic causing more people to stay and work from home. This is equivalent to more than $68.49 million per day or in excess of $2.85 million per hour(!) At the start of 2021, Netflix had more than 200 million paid subscribers.</span></p></div></section></div><div><div class="yellowBg"><h5><span style="color:#FF0000;"><span class="snippet-fa fa fa-file-text-o fa-lg" style="color: rgb(103, 7, 124);"> </span> <span style="font-family:arial,helvetica,sans-serif;">Case Study 3 - Kodak</span></span></h5><p><span style="color:#696969;"><em>“No matter how far you have gone on the wrong road, turn back.”</em><br>- Turkish proverb</span></p><p><span style="font-family:arial,helvetica,sans-serif;">The Eastman Kodak Company (or Kodak for short) was established in 1888. During most of the 20th century, Kodak dominated the photographic film industry. However, the US company began to struggle financially in the late 1990s due to the decline in sales of photographic film and the company's lack of interest and investment in the digital photography industry (despite being the company that first developed the self-contained digital camera).</span></p><p><span style="font-family:arial,helvetica,sans-serif;">In January 2012, Kodak filed for bankruptcy protection in the United States. Shortly after, Kodak announced it would stop producing digital cameras, as it was unable to compete with the likes of Olympus, Sony and Samsung. Instead, the company chose to focus on the corporate digital imaging market where it held high market share.</span></p><p><span style="font-family:arial,helvetica,sans-serif;"><img alt="" height="175" src="../../../ib/businessmanagement/images/kodak.jpg" width="280"></span></p><p><span style="color:#696969;"><span style="font-family:arial,helvetica,sans-serif;"><em>The change from camera film to digital technology harmed Kodak's business</em></span></span></p></div><div class="yellowBg"><h5><span style="color:#FF0000;"><span class="snippet-fa fa fa-file-text-o fa-lg" style="color: rgb(103, 7, 124);"> </span> <span style="font-family:arial,helvetica,sans-serif;">Case Study 4 - IKEA discontinues its iconic catalogues</span></span></h5><div><p><span style="font-family:arial,helvetica,sans-serif;"><img alt="" src="../../../ib/businessmanagement/images/ikea(1).jpg" style="width:280px;height:173px;"></span></p><p><span style="font-family:arial,helvetica,sans-serif;">In December 2020, IKEA, the world’s largest furniture retailer, announced that it would stop printing and distributing its iconic catalogues. The publication reached a peak in 2016 when around 200 million copies were distributed in more than 50 countries - making the IKEA catalogue one of the world's biggest annual publications. The first edition of the IKEA catalogue was produced by IKEA's founder <span data-scayt-word="Ingvar" data-wsc-id="l11ez0p4n6siqacz4" data-wsc-lang="en_GB">Ingvar</span> <span data-scayt-word="Kamprad" data-wsc-id="l11ez0p2z85m1t0kd" data-wsc-lang="en_GB">Kamprad</span> back in 1951. With 'just' 285,000 copies printed back then, the catalogue was distributed in southern Sweden, where the company was established. However, in keeping with the times, the last edition of the IKEA catalogue is to be printed in 2021, with 40 million copies. IKEA said that its online sales had increased by 45% worldwide during the year of the coronavirus pandemic.</span></p><p><span style="font-family:arial,helvetica,sans-serif;">IKEA catalogues have been a key part of the company’s marketing strategy for 70 years. However, with innovations in e-commerce causing consumer habits to change the way they shop, IKEA has adapted its marketing strategy to become more focused on e-commerce.</span></p><p><span style="font-family:arial,helvetica,sans-serif;">Watch this short video clip that reports on IKEA’s decision to discontinue its iconic catalogue, as customers prefer to shop online instead. This ended IKEA's use of catalogues, which had been a key part of the company’s marketing strategy for 70 years.</span></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/3b9rFktKmAQ" title="Ikea drops iconic catalogue after 70 years" width="640"></iframe></p><p><span style="font-family:arial,helvetica,sans-serif;"></span></p></div></div><div class="greenBg"><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 3 - What's in a name?</span></span></h5><p><span style="color:#696969;"><span style="font-family:arial,helvetica,sans-serif;"><em>"Only diversity makes change and progress."<br>- </em>John Dewey, Democracy and Education (1916)</span></span></p><div><p><img alt="" src="../../../ib/businessmanagement/images/cesc-concepts/change-2.jpg" style="width: 300px; height: 188px;"></p><p><span style="font-family:arial,helvetica,sans-serif;">The Walt Disney Company is the world's largest entertainment company. Founded in 1923, the company was originally called "Disney Brothers Cartoon Studio" (1923 - 1926). It has since changed its legal name numerous times, to "The Walt Disney Studio" (1926 - 1929) and "Walt Disney Productions" (1929 - 1986). Amazon was originally called "<span data-scayt-word="Cadabra" data-wsc-id="l11ez0sm75bvpax8q" data-wsc-lang="en_GB">Cadabra</span>" until one of lawyers working for Jeff <span data-scayt-word="Bezos" data-wsc-id="l11ez0smaqb8r3ste" data-wsc-lang="en_GB">Bezos</span> misheard the name "cadaver"(!) Jeff <span data-scayt-word="Bezos" data-wsc-id="l11ez0slfaeufiq7w" data-wsc-lang="en_GB">Bezos</span> had also registered the company as "Relentless" but changed this after listening to the feedback/criticisms from his friends.</span></p><p><span style="font-family:arial,helvetica,sans-serif;">Change can, and should, be a good thing. Consider these well-known companies that have changed their names, as shown in the table below. How many of these can your students get right?</span></p><p><span style="font-family:arial,helvetica,sans-serif;"><em>Hint: </em>the answers appear in alphabetical order.</span></p><table border="0" cellpadding="0" cellspacing="0"><tbody><tr><td style="width:170px;height:30px;"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Company</strong></span></p></td><td style="width:387px;height:30px;"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Previous name</strong></span></p></td></tr><tr><td style="width:170px;"><section><section class="tib-hiddenbox"><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">About.com</span></span></p></section></section></td><td style="width:387px;"><p><span style="font-family:arial,helvetica,sans-serif;">The Mining Co.</span></p></td></tr><tr><td style="width:170px;"><section><section class="tib-hiddenbox"><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">AOL</span></span></p></section></section></td><td style="width:387px;"><p><span style="font-family:arial,helvetica,sans-serif;">Quantam Computer Services</span></p></td></tr><tr><td style="width:170px;"><section><section class="tib-hiddenbox"><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">Best Buy</span></span></p></section></section></td><td style="width:387px;"><p><span style="font-family:arial,helvetica,sans-serif;">Sound of Music</span></p></td></tr><tr><td style="width:170px;"><section><section class="tib-hiddenbox"><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">BlackBerry</span></span></p></section></section></td><td style="width:387px;"><p><span style="font-family:arial,helvetica,sans-serif;">Research in Motion</span></p></td></tr><tr><td style="width:170px;"><section><section class="tib-hiddenbox"><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">Compaq</span></span></p></section></section></td><td style="width:387px;"><p><span style="font-family:arial,helvetica,sans-serif;">Bridge Gate Computers</span></p></td></tr><tr><td style="width:170px;"><section><section class="tib-hiddenbox"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">eBay</span></span></section></section></td><td style="width:387px;"><p><span style="font-family:arial,helvetica,sans-serif;">AuctionWeb</span></p></td></tr><tr><td style="width:170px;"><section><p><span style="font-family:arial,helvetica,sans-serif;"></span></p><section class="tib-hiddenbox"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">Firefox</span></span></section></section></td><td style="width:387px;"><p><span style="font-family:arial,helvetica,sans-serif;">Firebird</span></p></td></tr><tr><td style="width:170px;"><section><section class="tib-hiddenbox"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">Google</span></span></section></section></td><td style="width:387px;"><p><span style="font-family:arial,helvetica,sans-serif;">Backrub</span></p></td></tr><tr><td style="width:170px;"><section><section class="tib-hiddenbox"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">Hertz Rent-A-Car</span></span></section></section></td><td style="width:387px;"><p><span style="font-family:arial,helvetica,sans-serif;">DrivUrSelf</span></p></td></tr><tr><td style="width:170px;"><section><p><span style="font-family:arial,helvetica,sans-serif;"></span></p><section class="tib-hiddenbox"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">IBM</span></span></section></section></td><td style="width:387px;"><p><span style="font-family:arial,helvetica,sans-serif;">Computing Tabulating Recording Corporation</span></p></td></tr><tr><td style="width:170px;"><section><section class="tib-hiddenbox"><span style="color:#FF0000;">Instagram</span></section></section></td><td style="width:387px;"><p>Bourbn</p></td></tr><tr><td style="width:170px;"><section><section class="tib-hiddenbox"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">L’Oréal</span></span></section></section></td><td style="width:387px;"><p><span style="font-family:arial,helvetica,sans-serif;">Cosmair</span></p></td></tr><tr><td style="width:170px;"><section><section class="tib-hiddenbox"><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">Nike</span></span></p></section></section></td><td style="width:387px;"><p><span style="font-family:arial,helvetica,sans-serif;">Blue Ribbon Sports</span></p></td></tr><tr><td style="width:170px;"><section><section class="tib-hiddenbox"><p><span style="color:#FF0000;">Nintendo</span></p></section></section></td><td style="width:387px;"><p><span style="font-family:arial,helvetica,sans-serif;">Marafuku Company</span></p></td></tr><tr><td style="width:170px;"><section><section class="tib-hiddenbox"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">Nissan</span></span></section></section></td><td style="width:387px;"><p><span style="font-family:arial,helvetica,sans-serif;">Datsun</span></p></td></tr><tr><td style="width:170px;"><section><section class="tib-hiddenbox"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">PayPal</span></span></section></section></td><td style="width:387px;"><p><span style="font-family:arial,helvetica,sans-serif;">Confinity</span></p></td></tr><tr><td style="width:170px;"><section><section class="tib-hiddenbox"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">Pepsi Cola</span></span></section></section></td><td style="width:387px;"><p><span style="font-family:arial,helvetica,sans-serif;">Brad’s Drink</span></p></td></tr><tr><td style="width:170px;"><section><section class="tib-hiddenbox"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">Sony</span></span></section></section></td><td style="width:387px;"><p><span style="font-family:arial,helvetica,sans-serif;">Tokyo <span data-scayt-word="Tsushin" data-wsc-id="l11ez6f99n655m9i8" data-wsc-lang="en_GB">Tsushin</span> <span data-scayt-word="Kogyo" data-wsc-id="l11ez6f9rmyy5ejzx" data-wsc-lang="en_GB">Kogyo</span> (Tokyo Telecom. <span data-scayt-word="Engr" data-wsc-id="l11ez8sv0gehjcfaq" data-wsc-lang="en_GB">Engr</span>. Corp.)</span></p></td></tr><tr><td style="width:170px;"><section><p><span style="font-family:arial,helvetica,sans-serif;"></span></p><section class="tib-hiddenbox"><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">Starbucks</span></span></p></section></section></td><td style="width:387px;"><p><span style="font-family:arial,helvetica,sans-serif;">Il <span data-scayt-word="Giornale" data-wsc-id="l11ezaibdjpprjcj8" data-wsc-lang="en_GB">Giornale</span> Coffee Company</span></p></td></tr><tr><td style="width:170px;"><section><section class="tib-hiddenbox"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">Subway</span></span></section></section></td><td style="width:387px;"><span style="font-family:arial,helvetica,sans-serif;">Pete’s Super Submarines</span></td></tr><tr><td style="width:170px;"><section><section class="tib-hiddenbox"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">UPS</span></span></section></section></td><td style="width:387px;"><p><span style="font-family:arial,helvetica,sans-serif;">American Messenger Company</span></p></td></tr><tr><td style="width:170px;"><section class="tib-hiddenbox"><p><span style="color:#FF0000;"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">Yahoo!</span></span></span></p></section></td><td style="width:387px;"><span style="font-family:arial,helvetica,sans-serif;">Jerry’s Guide to the World Wide Web</span></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;">Teachers can download a PDF version of this quiz to use with students in class. It can be used to link the key concept of change with content covered in Unit 4.5, such as aspects of branding (AO2) and the importance of branding (AO2).</span></p><div readonly="true" style="background: #ddd; margin: 20px 0; width: 100%;"></div></div></section></div></div><div class="greenBg"><div><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 4 - The threat of the Internet</span></span></h5><p><span style="font-family:arial,helvetica,sans-serif;">Watch this short video of goods, services and businesses that have been killed off by the Internet.</span></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/xGoow-F-0qQ" title="Top 10 Businesses Killed by the Internet" width="640"></iframe></p><section><p><span style="font-family:arial,helvetica,sans-serif;">This will help some students who may have struggled with the above task / activity.</span></p></section><p><span style="font-family:arial,helvetica,sans-serif;"></span></p><p><span style="font-family:arial,helvetica,sans-serif;">The world of fashion undergoes change in more ways than most other industries. The need to be ahead of the times and creative in meeting the unknown desires and preferences of customers means being successful in this industry is extremely challenging.</span></p></div></div><div class="greenBg"><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 5 - Video documentary: Ralph Lauren</span></span></h5><p><span style="font-family:arial,helvetica,sans-serif;"></span></p><p><span style="font-family:arial,helvetica,sans-serif;">The world of fashion undergoes change in more ways than most other industries. The need to be ahead of the times and creative in meeting the unknown desires and preferences of customers means being successful in this industry is extremely challenging.</span></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/WTqYMoz_inU" title="Ralph Lauren: How I Built a Fashion Empire" width="640"></iframe></p><p><span style="font-family:arial,helvetica,sans-serif;">Watch this 25-minute <em>Bloomberg Game Changers </em>video, which showcases the career of creative fashion designer Ralph Lauren. The video explores the American fashion designer's meteoric rise as an ambassador for America, as well as his personal and professional set-backs.</span></p><hr><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Questions</strong></span></p><ol><li><p><span style="font-family:arial,helvetica,sans-serif;">According to <em>Bloomberg</em>, what is the most recognisable one-man brand on the planet?</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">What was Ralph Lauren’s birth name and what year was he born in?</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Who was the boyhood friend of Ralph Lauren?</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">What did Ralph Lauren ask Warren <span data-scayt-word="Helstein’s" data-wsc-id="l11ezd5pcz8qet8re" data-wsc-lang="en_GB">Helstein’s</span> father to do when he was a teenager?</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Who interviewed Ralph Lauren on his Ranch in Colorado in 2011?</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Who is Ralph Lauren’s brother, and what did they do when Ralph was in his late teens?</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Where did Ralph Lauren get his inspiration for the name “Lauren”?</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Where did Ralph Lauren work and what was his job, upon targeting New York’s fashion industry?</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">What is the name of the former CEO and President of <span data-scayt-word="Bloomingdale’s" data-wsc-id="l11ezd9ebsw60t3pz" data-wsc-lang="en_GB">Bloomingdale’s</span>?</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Upon being called back to <span data-scayt-word="Bloomingdale’s" data-wsc-id="l11ezdcvfo1jailkk" data-wsc-lang="en_GB">Bloomingdale’s</span>, how much did Ralph Lauren make from his ties within a year?</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Who was a <span data-scayt-word="protégé" data-wsc-id="l11ezdgoyc1wru6tk" data-wsc-lang="en_GB">protégé</span> of Ralph Lauren and what is his occupation?</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">What award did Ralph Lauren win in 1970 for his product line?</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">How much did Lauren use for his own personal savings, to invest into his company in order to keep it going?</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">What was Peter Strom’s occupation at Ralph Lauren when he was working there?</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">How much did Ralph Lauren spend to open a standalone flagship store in 1986?</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">What was the reason why Ralph Lauren held back his tears during a fashion show at the St. Regis Hotel and who knew about this problem?</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">When was the “Upscale Purple Label” label introduced?</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">When did Ralph Lauren decide to take his company public?</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Focusing on international sales, name three cities that Ralph Lauren opened stores in.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">How many of Ralph Lauren’s vintage cars were featured in a promotional video, announcing a Paris exhibit in 2010?</span></p></li></ol><section></section><p><span style="font-family:arial,helvetica,sans-serif;">Download a PDF version of these questions to use with students by clicking the link <a href="../../../media/ib/businessmanagement/files/video-documentary---ralph-lauren.pdf.html">here</a>.</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>Answers</strong></span></p><p><span style="font-family:arial,helvetica,sans-serif;">Video timings are shown in brackets for reference.</span></p><p><span style="font-family:arial,helvetica,sans-serif;">1. According to Bloomberg, what is the most recognisable one-man brand on the planet? 1:02</span></p><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">An easy one to start with - Ralph Lauren, of course!</span></span></p><hr><p><span style="font-family:arial,helvetica,sans-serif;">2. What was Ralph Lauren’s original name and what year was he born in? 1:36</span></p><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">Ralph Lipschitz, born in 1939.</span></span></p><hr><p><span style="font-family:arial,helvetica,sans-serif;">3. Who was the boyhood friend of Ralph Lauren? 2:31</span></p><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">Warren <span data-scayt-word="Helstein" data-wsc-id="l11ezdv13sek43m5e" data-wsc-lang="en_GB">Helstein</span> - They watched their first polo match together, which spurred Ralph Lauren to develop an elegant and high-class brand (which later became known as Polo Ralph Lauren).</span></span></p><hr><p><span style="font-family:arial,helvetica,sans-serif;">4. What did Ralph Lauren ask Warren <span data-scayt-word="Helstein’s" data-wsc-id="l11ezdymjz3tvmfda" data-wsc-lang="en_GB">Helstein’s</span> father to do when he was a teenager? 3:47</span></p><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">To make Lauren one of his first suits.</span></span></p><hr><p><span style="font-family:arial,helvetica,sans-serif;">5. Who interviewed Ralph Lauren on his Ranch in Colorado in 2011? 4:15</span></p><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">Oprah Winfrey - for one of the final episodes of her show, and said at one point during the interview that it took her 25 years to get an interview with Mr. Lauren.</span></span></p><hr><p><span style="font-family:arial,helvetica,sans-serif;">6. Who is Ralph Lauren’s brother, and what did they do when Ralph was in his late teens? 4:34</span></p><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">Jerry; Opted for a name change.</span></span></p><hr><p><span style="font-family:arial,helvetica,sans-serif;">7. Where did Ralph Lauren get his inspiration for the name “Lauren”? 4:57</span></p><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">Lauren <span data-scayt-word="Bacall" data-wsc-id="l11eze9a01owplndu" data-wsc-lang="en_GB">Bacall</span> (1924 - 2014); she was known as a style icon as well as a good actress.</span></span></p><hr><p><span style="font-family:arial,helvetica,sans-serif;">8. Where did Ralph Lauren work and what was his job, upon targeting New York’s fashion industry? 5:34</span></p><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">He became a salesman for Brooks Brothers (the oldest retail brand and clothier in the US, founded in 1818).</span></span></p><hr><p><span style="font-family:arial,helvetica,sans-serif;">9. What is the name of the former CEO and President of <span data-scayt-word="Bloomingdale’s" data-wsc-id="l11ezecprk4sdt6m4" data-wsc-lang="en_GB">Bloomingdale’s</span>? 6:57</span></p><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">Marvin <span data-scayt-word="Traub" data-wsc-id="l11ezegbcd4o7pjsa" data-wsc-lang="en_GB">Traub</span> (<span data-scayt-word="Bloomingdale’s" data-wsc-id="l11ezegba97uyjeps" data-wsc-lang="en_GB">Bloomingdale’s</span> is an American luxury department store chain, founded by Joseph B. and Lyman G. <span data-scayt-word="Bloomingdale" data-wsc-id="l11ezegajmp36w8pv" data-wsc-lang="en_GB">Bloomingdale</span> in 1861).</span></span></p><hr><p><span style="font-family:arial,helvetica,sans-serif;">10. Upon being called back to <span data-scayt-word="Bloomingdale’s" data-wsc-id="l11ezejrqsvav8s8a" data-wsc-lang="en_GB">Bloomingdale’s</span>, how much did Ralph Lauren make from his ties within a year? 7:45</span></p><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">US$500,000.</span></span></p><hr><p><span style="font-family:arial,helvetica,sans-serif;">11. Who was a <span data-scayt-word="protégé" data-wsc-id="l11ezeydqd8jnmavb" data-wsc-lang="en_GB">protégé</span> of Ralph Lauren and what is his occupation? 9:10</span></p><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">John <span data-scayt-word="Varvatos" data-wsc-id="l11ezen8zfyjjb0u3" data-wsc-lang="en_GB">Varvatos</span> (born 1954), an American contemporary menswear designer.</span></span></p><hr><p><span style="font-family:arial,helvetica,sans-serif;">12. What award did Ralph Lauren win in 1970 for his product line? 9:34</span></p><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">1970 <span data-scayt-word="Kody" data-wsc-id="l11ezer4rnsgmghtg" data-wsc-lang="en_GB">Kody</span> Award</span></span></p><p><span style="font-family:arial,helvetica,sans-serif;"></span></p><hr><p><span style="font-family:arial,helvetica,sans-serif;">13. How much did Lauren use from his own personal savings to invest in his company to keep it going ? 10:17</span></p><p><span style="font-family:arial,helvetica,sans-serif;"></span></p><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">US$100,000</span></span></p><hr><p><span style="font-family:arial,helvetica,sans-serif;">14. What was Peter Strom’s occupation at Ralph Lauren when he was working there? 10:35</span></p><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">President and Vice Chairman of Polo / Ralph Lauren <span data-scayt-word="Corp" data-wsc-id="l11ezeum4w8qnlft5" data-wsc-lang="en_GB">Corp</span>.</span></span></p><hr><p><span style="font-family:arial,helvetica,sans-serif;">15. How much did Ralph Lauren spend to open a standalone flagship store in 1986? 11:52</span></p><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">US$30 million.</span></span></p><hr><p><span style="font-family:arial,helvetica,sans-serif;">16. What was the reason why Ralph Lauren held back his tears during a fashion show at the St. Regis Hotel and who knew about this problem? 14:31</span></p><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">He was diagnosed with a brain tumour, those closest to him.</span></span></p><hr><p><span style="font-family:arial,helvetica,sans-serif;">17. When was the “Upscale Purple Label” label introduced? 17:19</span></p><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">1994 - Purple Label is the luxury menswear fashion label of the Ralph Lauren brand, available exclusively at Ralph Lauren and high-end department stores.</span></span></p><hr><p><span style="font-family:arial,helvetica,sans-serif;">18. When did Ralph Lauren decide to take his company public? 19:10</span></p><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">June, 1997</span></span></p><hr><p><span style="font-family:arial,helvetica,sans-serif;">19. Focusing on international sales, name three cities that Ralph Lauren opened stores in. 21:19</span></p><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">Milan, Tokyo, and Moscow</span></span></p><hr><p><span style="font-family:arial,helvetica,sans-serif;">20. How many of Ralph Lauren’s vintage cars were featured in a promotional video, announcing a Paris exhibit in 2010? 22:36</span></p><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">60 cars</span></span></p></div></section></div></div></div></div></div></div></div></div><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>Change - Integrating the key concepts with the syllabus</strong></p></div></div><div class="panel-body"><div><p><span style="color:#696969;"><em>“Why resist change when it’s the main source of your growth.”</em><br>- Robin Sharma (b. 1964), Canadian author</span></p><p>Examples of content from the IB Business Management syllabus that allows for the exploration of <strong>change </strong>as one of the four key concepts include the following:</p><ul class="branded"><li><p>Unit 1.1 - How might change create both challenges and opportunities for starting up a business?</p></li><li><p>Unit 1.3 - Explain the importance of change when setting or reviewing business objectives?</p></li><li><p>Unit 1.4 - Use example to explain why change can often bring about conflict among different stakeholder groups.</p></li><li><p>Unit 1.5 - Use the concept of change to explain the reasons for businesses to stay small and the reasons for businesses to grow.</p></li><li><p>Unit 2.2 - Examine the changes that cause businesses to restructure their organizational structure.</p></li><li><p>Unit 2.4 - Discuss how change in the internal and external environments can alter our understanding of motivation and demotivation in the workplace.</p></li><li><p>Unit 2.7 (HL only) - Explain how change can initiate or intensify conflict in the workplace.</p></li><li><p>Unit 3.2 - Discuss how change leads to a need for different sources of finance for an organization.</p></li><li><p>Unit 3.7 - Explain the importance of change management in order to prevent a situation of bankruptcy or insolvency.</p></li><li><p>Unit 3.9 (HL only) - Explain the relationship between change, budgets, and variances in business decision-making.</p></li><li><p>Unit 4.2 - Examine the role of change in the marketing planning process.</p></li><li><p>Unit 4.4 - Examine the relationship between change and market research.</p></li><li><p>Unit 4.5 (Product) - Discuss how change has influenced the product life cycle for an organization or brand of your choice.</p></li><li><p>Unit 4.5 (Promotion) - Examine how developments in social media platforms could change an organization’s marketing strategies.</p></li><li><p>Unit 4.6 (HL only) - Discuss how international marketing strategies may evolve in response to a change in customer preferences.</p></li><li><p>Unit 5.4 - Examine the relationship between change and reorganizing production, both nationally and internationally.</p></li><li><p>Unit 5.7 (HL only) - Explain how change can affect the outcome of crisis planning and crisis management.</p></li><li><p>Unit 5.9 (HL only) - How might Data analytics reveal changes in the external business environment?</p></li><li><p>BMT 5 (<a href="../42956/bmt-5-business-plans.html" title="New syllabus 2022 » Business Management Toolkit (BMT) » BMT 5 - Business plans">Business plans</a>) - How do business plans help organizations to manage change more effectively?</p></li><li><p>BMT 3 (<a href="../44027/bmt-3-steeple-analysis.html" title="New syllabus (first teaching 2022) » Business Management Toolkit (BMT) » BMT 3 - STEEPLE analysis">STEEPLE analysis</a>) - Using real-world examples, discuss the connections between change in a business context and STEEPLE analysis.</p></li></ul></div></div><div class="panel-footer"><div></div></div></div><p><span style="font-family:arial,helvetica,sans-serif;">Return to the <a href="../42758/the-4-key-concepts.html" title="New syllabus 2022 » The 4 key concepts">key concepts</a> homepage</span></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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