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href="../page/21699/unit-2.html" title="Unit 2">Unit 2</a></li><ul class="level-2 "><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21753/21-functions-evolution-of-hrm.html" title="2.1 Functions & evolution of HRM">2.1 Functions & evolution of HRM</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/25388/glossary.html" title="Glossary">Glossary</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21754/22-organizational-structure.html" title="2.2 Organizational structure">2.2 Organizational structure</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/25471/glossary-organizational-structure.html" title="Glossary: Organizational structure">Glossary: Organizational structure</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21755/23-leadership-and-management.html" title="2.3 Leadership and management">2.3 Leadership and management</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/24733/glossary-leadership-management.html" title="Glossary: Leadership & Management">Glossary: Leadership & Management</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/24745/24-motivation.html" title="2.4 Motivation">2.4 Motivation</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/24719/glossary-motivation.html" title="Glossary: Motivation">Glossary: Motivation</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa 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relations</a></li></ul></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21670/unit-3.html" title="Unit 3">Unit 3</a></li><ul class="level-2 "><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21744/31-sources-of-finance.html" title="3.1 Sources of finance">3.1 Sources of finance</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/24501/glossary-sources-of-finance.html" title="Glossary: Sources of finance">Glossary: Sources of finance</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21745/32-costs-and-revenues.html" title="3.2 Costs and revenues">3.2 Costs and revenues</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/22092/glossary-costs-revenues.html" title="Glossary: Costs & revenues">Glossary: Costs & revenues</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21746/33-break-even-analysis.html" title="3.3 Break-even analysis">3.3 Break-even analysis</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/22270/contribution-analysis.html" title="Contribution analysis">Contribution analysis</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/22093/glossary-break-even-analysis.html" title="Glossary: Break-even analysis">Glossary: Break-even analysis</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21747/34-final-accounts.html" title="3.4 Final accounts">3.4 Final accounts</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/31367/glossary-final-accounts.html" title="Glossary: Final accounts">Glossary: Final accounts</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21748/35-profitability-and-liquidity-ratio-analysis.html" title="3.5 Profitability and liquidity ratio analysis">3.5 Profitability and liquidity ratio analysis</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/25111/glossary-profitability-and-liquidity-ratio-analysis.html" title="Glossary: Profitability and liquidity ratio analysis">Glossary: Profitability and liquidity ratio analysis</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21749/36-efficiency-ratio-analysis-hl-only.html" title="3.6 Efficiency ratio analysis (HL only)">3.6 Efficiency ratio analysis (HL only)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/25114/glossary-efficiency-ratios.html" title="Glossary: Efficiency ratios">Glossary: Efficiency ratios</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21750/37-cash-flow.html" title="3.7 Cash flow">3.7 Cash flow</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/25118/cash-flow-forecasts.html" title="Cash flow forecasts">Cash flow forecasts</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/31376/glossary-cash-flow.html" title="Glossary: Cash flow">Glossary: Cash flow</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21751/38-investment-appraisal.html" title="3.8 Investment appraisal">3.8 Investment appraisal</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/31377/glossary-investment-appraisal-.html" title="Glossary: Investment appraisal ">Glossary: Investment appraisal </a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21752/39-budgets-hl-only.html" title="3.9 Budgets (HL only)">3.9 Budgets (HL only)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/31378/39-budgets-hl-only-glossary.html" title="3.9 Budgets (HL Only) Glossary">3.9 Budgets (HL Only) Glossary</a></li></ul></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21684/unit-4.html" title="Unit 4">Unit 4</a></li><ul class="level-2 "><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21767/41-the-role-of-marketing.html" title="4.1 The role of marketing">4.1 The role of marketing</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/25618/glossary-the-role-of-marketing.html" title="Glossary: The role of marketing">Glossary: The role of marketing</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21768/42-marketing-planning.html" title="4.2 Marketing planning">4.2 Marketing planning</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/28328/glossary-marketing-planning.html" title="Glossary: Marketing planning">Glossary: Marketing planning</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21769/43-sales-forecasting-hl-only.html" title="4.3 Sales forecasting (HL only)">4.3 Sales forecasting (HL only)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/25713/glossary-sales-forecasting.html" title="Glossary: Sales forecasting">Glossary: Sales forecasting</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21713/44-market-research.html" title="4.4 Market research">4.4 Market research</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/25208/glossary-market-research.html" title="Glossary: Market research">Glossary: Market research</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21770/45-the-four-ps.html" title="4.5 The four Ps">4.5 The four Ps</a></li><ul class="level-3 "><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="Product">Product</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/22627/glossary-product.html" title="Glossary: Product">Glossary: Product</a></li></ul><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/22525/price.html" title="Price">Price</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/22548/glossary-price.html" title="Glossary: Price">Glossary: Price</a></li></ul><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/22567/promotion.html" title="Promotion">Promotion</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/22704/45-promotion-glossary.html" title="4.5 Promotion - Glossary">4.5 Promotion - Glossary</a></li></ul><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/22745/place.html" title="Place">Place</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/23813/45-place-glossary.html" title="4.5 Place - Glossary">4.5 Place - Glossary</a></li></ul></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21774/46-the-extended-marketing-mix-7-ps-hl.html" title="4.6 The extended marketing mix (7 Ps) (HL)">4.6 The extended marketing mix (7 Ps) (HL)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/23814/glossary-the-extended-marketing-mix-hl.html" title="Glossary: The extended marketing mix (HL)">Glossary: The extended marketing mix (HL)</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21772/47-international-marketing-hl-only.html" title="4.7 International marketing (HL only)">4.7 International marketing (HL only)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/23815/glossary-international-marketing-hl.html" title="Glossary: International Marketing (HL)">Glossary: International Marketing (HL)</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21773/48-e-commerce.html" title="4.8 E-commerce">4.8 E-commerce</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/23797/glossary-e-commerce.html" title="Glossary: E-commerce">Glossary: E-commerce</a></li></ul></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21688/unit-5.html" title="Unit 5">Unit 5</a></li><ul class="level-2 "><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21937/51-the-role-of-operations-management.html" title="5.1 The role of operations management">5.1 The role of operations management</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/24843/glossary.html" title="Glossary">Glossary</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21938/52-production-methods.html" title="5.2 Production methods">5.2 Production methods</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/24848/glossary.html" title="Glossary">Glossary</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21939/53-lean-production-quality-management-hl.html" title="5.3 Lean production & quality management (HL)">5.3 Lean production & quality management (HL)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/24839/glossary-lean-production-and-quality-management.html" title="Glossary: Lean Production and quality management">Glossary: Lean Production and quality management</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21700/54-location.html" title="5.4 Location">5.4 Location</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/24959/glossary.html" title="Glossary">Glossary</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21695/55-production-planning-hl.html" title="5.5 Production planning (HL)">5.5 Production planning (HL)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/25032/glossary-production-planning.html" title="Glossary: Production planning">Glossary: Production planning</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/33222/56-research-development-hl.html" title="5.6 Research & development (HL)">5.6 Research & development (HL)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/34014/glossary-research-development.html" title="Glossary: Research & Development">Glossary: Research & Development</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21941/57-crisis-management-contingency-planning-hl.html" title="5.7 Crisis management & contingency planning (HL)">5.7 Crisis management & contingency planning (HL)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/25042/glossary.html" title="Glossary">Glossary</a></li></ul></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/25115/cuegis.html" title="CUEGIS">CUEGIS</a></li><ul class="level-2 "><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="The 6 CUEGIS concepts">The 6 CUEGIS concepts</a></li><ul class="level-3 "><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="Ethics">Ethics</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21954/mcdonalds-supersize-me.html" title="McDonald's - Supersize Me">McDonald's - Supersize Me</a></li></ul></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="The CUEGIS essay">The CUEGIS essay</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/22876/planning-your-cuegis-essay.html" title="Planning your CUEGIS essay">Planning your CUEGIS essay</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/33806/paper-2-section-c-questions.html" title="Paper 2 Section C Questions">Paper 2 Section C Questions</a></li></ul></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/33959/the-ia.html" title="The IA">The IA</a></li><ul class="level-2 "><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="HL IA">HL IA</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/22190/35-sample-research-questions-for-the-hl-ia.html" title="35 sample research questions for the HL IA">35 sample research questions for the HL IA</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/22200/hl-ia-student-checklist.html" title="HL IA - Student Checklist">HL IA - Student Checklist</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/33508/ia-hl-poster.html" title="IA HL Poster">IA HL Poster</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="SL IA">SL IA</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/22146/sl-ia-20-sample-titles.html" title="SL IA - 20 Sample Titles">SL IA - 20 Sample Titles</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38181/faq-about-the-sl-ia.html" title="FAQ about the SL IA">FAQ about the SL IA</a></li></ul></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/22114/exams.html" title="Exams">Exams</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/22115/command-terms.html" title="Command Terms">Command Terms</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/36599/glossary-of-key-terms.html" title="Glossary of key terms">Glossary of key terms</a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38059/flashcards-revision.html" title="Flashcards - Revision">Flashcards - Revision</a></li><ul class="level-3 "><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38060/flashcards-revision-unit-1.html" title="Flashcards - Revision (Unit 1)">Flashcards - Revision (Unit 1)</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38056/unit-11-revision-flashcards.html" title="Unit 1.1 Revision Flashcards">Unit 1.1 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38061/unit-12-revision-flashcards.html" title="Unit 1.2 Revision Flashcards">Unit 1.2 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38067/unit-13-revision-flashcards.html" title="Unit 1.3 Revision Flashcards">Unit 1.3 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38092/unit-14-revision-flashcards.html" title="Unit 1.4 Revision Flashcards">Unit 1.4 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38096/unit-15-revision-flashcards.html" title="Unit 1.5 Revision Flashcards">Unit 1.5 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38102/unit-16-revision-flashcards.html" title="Unit 1.6 Revision Flashcards">Unit 1.6 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38103/unit-17-revision-flashcards.html" title="Unit 1.7 Revision Flashcards">Unit 1.7 Revision Flashcards</a></li></ul><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38114/flashcards-revision-unit-2.html" title="Flashcards - Revision (Unit 2)">Flashcards - Revision (Unit 2)</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38121/unit-21-revision-flashcards.html" title="Unit 2.1 Revision Flashcards">Unit 2.1 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38125/unit-22-revision-flashcards.html" title="Unit 2.2 Revision Flashcards">Unit 2.2 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38126/unit-23-revision-flashcards.html" title="Unit 2.3 Revision Flashcards">Unit 2.3 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38144/unit-24-revision-flashcards.html" title="Unit 2.4 Revision Flashcards">Unit 2.4 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38146/unit-25-revision-flashcards.html" title="Unit 2.5 Revision Flashcards">Unit 2.5 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38147/unit-26-revision-flashcards-hl-only.html" title="Unit 2.6 Revision Flashcards (HL only)">Unit 2.6 Revision Flashcards (HL only)</a></li></ul><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38149/flashcards-revision-unit-3.html" title="Flashcards - Revision (Unit 3)">Flashcards - Revision (Unit 3)</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38153/unit-31-revision-flashcards.html" title="Unit 3.1 Revision Flashcards">Unit 3.1 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38154/unit-32-revision-flashcards.html" title="Unit 3.2 Revision Flashcards">Unit 3.2 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38182/unit-33-revision-flashcards.html" title="Unit 3.3 Revision Flashcards">Unit 3.3 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38183/unit-34-revision-flashcards.html" title="Unit 3.4 Revision Flashcards">Unit 3.4 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38191/unit-35-revision-flashcards.html" title="Unit 3.5 Revision Flashcards">Unit 3.5 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38192/unit-36-revision-flashcards-hl.html" title="Unit 3.6 Revision Flashcards (HL)">Unit 3.6 Revision Flashcards (HL)</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38193/unit-37-revision-flashcards.html" title="Unit 3.7 Revision Flashcards">Unit 3.7 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38194/unit-38-revision-flashcards.html" title="Unit 3.8 Revision Flashcards">Unit 3.8 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38195/unit-39-revision-flashcards.html" title="Unit 3.9 Revision Flashcards">Unit 3.9 Revision Flashcards</a></li></ul><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38196/flashcards-revision-unit-4.html" title="Flashcards - Revision (Unit 4)">Flashcards - Revision (Unit 4)</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38198/unit-41-revision-flashcards.html" title="Unit 4.1 Revision Flashcards">Unit 4.1 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38203/unit-42-revision-flashcards.html" title="Unit 4.2 Revision Flashcards">Unit 4.2 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38217/unit-43-revision-flashcards.html" title="Unit 4.3 Revision Flashcards">Unit 4.3 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38218/unit-44-revision-flashcards.html" title="Unit 4.4 Revision Flashcards">Unit 4.4 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38219/unit-45a-product-revision-flashcards.html" title="Unit 4.5a Product Revision Flashcards">Unit 4.5a Product Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" 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fa-caret-right "></i><a class="" href="../page/44046/16-multinational-companies.html" title="1.6 Multinational companies">1.6 Multinational companies</a></li></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/43530/unit-2-hrm.html" title="Unit 2 - HRM">Unit 2 - HRM</a></li><ul class="level-1 "><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/44253/21-introduction-to-hrm.html" title="2.1 Introduction to HRM">2.1 Introduction to HRM</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/43875/22-organizational-structure.html" title="2.2 Organizational structure">2.2 Organizational structure</a></li><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/44338/23-leadership-and-management.html" title="2.3 Leadership and 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International marketing (HL)">4.6 International marketing (HL)</a></li></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/43565/unit-5-operations-mgt.html" title="Unit 5 - Operations Mgt">Unit 5 - Operations Mgt</a></li><ul class="level-1 "><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/44817/51-introduction-to-operations-management.html" title="5.1 Introduction to operations management">5.1 Introduction to operations management</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/44812/52-operations-methods.html" title="5.2 Operations methods">5.2 Operations methods</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/44861/53-lean-production-quality-management-hl.html" title="5.3 Lean production & quality management 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<div id="main-column" class="span9"><article id="challenges-opportunities-for-starting-a-business" style="margin-top: 16px;"><h1 class="section-title">Challenges & opportunities for starting a business</h1><div class="row-fluid" style="margin-bottom: 14px;"><div class="span12 scrollToTask shadow" data-target="" style="cursor: default; pointer-events: none"><div class="std-taskbar task-not-done"><i class="fa fa-file fa-fw" style="margin-left: 4px;"></i> Reading task</div></div></div><div class="row-fluid"><section class="span12" id="main-content"><div class="panel panel-purple"><div class="panel-heading"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><p>Challenges and opportunities for starting up a business (AO2)</p></div></div><div class="panel-body"><div><p><span style="font-family:arial,helvetica,sans-serif;"><strong><img alt="" height="198" src="../../ib/businessmanagement/images/start-up-4.jpg" width="254"></strong></span></p><p><span style="color:#696969;"><em>“There’s no shortage of remarkable ideas, what’s missing is the will to execute them.”</em><br>- Seth Godin (b.1960), American entrepreneur and best-selling author</span></p><p><span style="color:#696969;"><em>"Never start a business just to make money. Start a business to make a difference."</em><br>- Marie Forleo, American entrepreneur and New York Times bestselling author</span></p><p>This section of the syllabus requires students to be able to understand both the challenges (risks or problems) and opportunities (benefits or gains) for starting up a business.</p></div></div><div class="panel-footer"><div></div></div></div><div class="panel panel-has-footer" style="box-shadow: rgba(17, 0, 51, 0.3) 0px 10px 30px -15px; border-color: rgb(61, 30, 128);"><div class="panel-heading" style="background-color: rgb(61, 30, 128);"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><p><span style="font-family:arial,helvetica,sans-serif;">Challenges for starting up a business (AO2)</span></p></div></div><div class="panel-body"><div><p><span style="font-family:arial,helvetica,sans-serif;"><strong><img alt="" height="184" src="../../ib/businessmanagement/images/start-up-2-1.jpg" width="273"></strong></span></p></div></div><div class="panel-footer" style="background-color: rgb(247, 245, 250);"><div><p>All businesses face challenges when they are first set up. Even highly successful large multinational companies once struggled. Netflix, for example, was established in 1997, but was not able to earn any profit until 2003. Amazon was founded in 1994, but it wasn't until the fourth quarter of 2001 that the online company finally declared its first profit.</p><p><span style="font-family:arial,helvetica,sans-serif;">Challenges that new businesses may encounter include the following:</span></p><ul class="branded"><li><p><span style="font-family:arial,helvetica,sans-serif;"><em>Lack of finance </em>– Many new businesses lack the necessary finance to have sufficient liquidity to run the business on a daily basis (such as paying wages and utility bills). Financial challenges are a major problem for many start-up businesses. In some cases, the lack of sufficient working capital can lead to bankruptcies.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><em>Lack of market research</em> – The key to a successful business is having a commercially viable idea. However, what entrepreneurs think may be a good idea may not materialise due to the lack of effective market research. For example, new businesses often overestimate the size of their potential market.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><em>Poor marketing strategy </em>– Another related <span style="font-family:arial,helvetica,sans-serif;">challenge </span>is that new businesses have limited marketing budgets available for promoting and advertising their products. No matter how good an idea might be or how competitively priced it is, customers will not buy it if they are not informed that it exists. For many products, the <span style="font-family:arial,helvetica,sans-serif;">challenge </span>is a lack of differentiation or not having a unique selling point, so they fail to gain any recognition in the market.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><em>Limited human resources – </em>Newly established businesses often find it difficult to attract suitable skilled and experienced staff. Without a well-established business model or corporate image, new firms can struggle to recruit the necessary human resources for its operations.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><em>Long hours – </em>Similarly, a common <span style="font-family:arial,helvetica,sans-serif;">challenge </span>for many new businesses is that the owner(s) often think they can do everything themselves, partly to help keep costs low. However, this if not likely to lead to long-term success for the business. For example, the entrepreneur may spend many hours after the close of business to work on the firm’s financial accounts. It is common for self-employed people to work significantly longer hours than if they were employed by someone else.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><em>Lack of knowledge, skills, and experiences</em> – Too often, new entrepreneurs do not have sufficient knowledge, skills or experience in the industry they are entering. For example, they may lack knowledge of their target market, competitors and market trends. They may also lack knowledge of the best suppliers, which can cause higher costs and distribution problems. Finally, inexperienced entrepreneurs may lack the experience to make effective strategic decisions. Ultimately, all of this results in the business making huge losses.</span></p></li></ul><p><span style="color:#696969;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-family:arial,helvetica,sans-serif;"><img alt="" src="../../ib/businessmanagement/images/skills.jpg" style="width: 194px; height: 123px;"></span></span></span></span></span><span style="color:#696969;"><span style="font-family:arial,helvetica,sans-serif;"></span></span></p><p><span style="color:#696969;"><span style="font-family:arial,helvetica,sans-serif;"><em>Inexperienced entrepreneurs may lack important skills for business success</em></span></span></p><p>Read more about the main reasons why new start-up businesses fail by reading this insightful article from <a href="https://www.entrepreneur.com/starting-a-business/infographic-the-20-most-common-reasons-startups-fail-and/307724">Entrepreneur.com</a></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 1 (Thinking skills) - Why McDonald's failed in Iceland</span></span></h5><p>Even large and well-established multinational costs face <span style="font-family:arial,helvetica,sans-serif;"><span style="font-family:arial,helvetica,sans-serif;">challenges </span></span>as they expand into new markets.</p><p>McDonald’s is synonymous with fast-food and is one of the best-known global brands, with branches in over 100 countries. However, McDonald's failed to succeed in Iceland. The company entered the European country in 1993, and was initially very successful. Just 15 years into their operations in Iceland, McDonald’s made the decision to exit country. Watch this video to find why the multinational company struggled in the Nordic region, and why remaining in Iceland would not have been cost-effective.</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/AT-E_eMiwgk" title="Why McDonald's Failed In Iceland" width="640"></iframe></p><hr class="hidden"><p><span class="snippet-fa fa fa-question-circle-o fa-lg" style="color: rgb(103, 7, 124);"> </span> <strong>Discussion questions:</strong></p><p>Q1. What are the possible reasons for the <span style="font-family:arial,helvetica,sans-serif;"><span style="font-family:arial,helvetica,sans-serif;">challenges </span></span>faced by McDonald's in Iceland?</p><section class="tib-hiddenbox"><p><span style="color:#FF0000;">Possible reasons for the <span style="font-family:arial,helvetica,sans-serif;"><span style="font-family:arial,helvetica,sans-serif;">challenges </span></span>faced by McDonald's in Iceland include:</span></p><ul class="branded"><li><p><span style="color:#FF0000;">The global financial crisis of 2008 that caused major banks in Iceland to collapse, thereby causing major economic <span style="font-family:arial,helvetica,sans-serif;"><span style="font-family:arial,helvetica,sans-serif;">challenges </span></span>in the country</span></p></li><li><p><span style="color:#FF0000;">The fall in the exchange rate led to a huge increase in import prices (such as the imported onions from Germany)</span></p></li><li><p><span style="color:#FF0000;">A small population (of only around 300,000 people), i.e. a limited customer base</span></p></li><li><p><span style="color:#FF0000;">To remain profitable, franchise owners would have had to raise the price of the Big Mac by 20%, but this would also mean the priciest Big Macs in the world</span></p></li><li><p><span style="color:#FF0000;">Mismanagement of the company; the company was highly indebted with loans from foreign banks</span></p></li><li><p><span style="color:#FF0000;">Iceland is ranked the second most expensive country in the world to live in; McDonald's was not able to control its costs or to keep its prices competitive in Iceland - unlike its rival KFC.</span></p></li></ul></section><p>Q2. What are the positive economic prospects for businesses operating in Iceland?</p><section class="tib-hiddenbox"><ul class="branded"></ul><p><span style="color:#FF0000;">The positive economic prospects for businesses operating in Iceland (mentioned at the end of the video) include:</span></p><ul class="branded"><li><p><span style="color:#FF0000;">The economy has bounced back from the global financial crisis (although this video was produced before the coronavirus pandemic of 2019 / 2020!)</span></p></li><li><p><span style="color:#FF0000;">Iceland is proving to be an inviting place to do business - it is ranked 5th in Europe in terms of the Economic Freedom Index</span></p></li><li><p><span style="color:#FF0000;">Icelanders eat out regularly, and the average young person eats fast food every other day (spending around $220 per person per month)</span></p></li><li><p><span style="color:#FF0000;">The country has been become an attractive destination for foreign tourists; the number quadrupled between 2010 and 2017.</span></p></li></ul></section></div><div class="panel panel-has-footer" style="box-shadow: rgba(17, 0, 51, 0.3) 0px 10px 30px -15px; border-color: rgb(61, 30, 128);"><div class="panel-heading" style="background-color: rgb(61, 30, 128);"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><p><span style="font-family:arial,helvetica,sans-serif;">Opportunities for starting up a business (AO2)</span></p></div></div><div class="panel-body"><div><p><span style="font-family:arial,helvetica,sans-serif;"><strong><img alt="" height="147" src="../../ib/businessmanagement/images/start-up.jpg" width="223"></strong></span></p></div></div><div class="panel-footer" style="background-color: rgb(247, 245, 250);"><div><p><span style="font-family:arial,helvetica,sans-serif;">There are many interrelated opportunities why people start their own businesses or an enterprise. These reasons include:</span></p><ul class="branded"><li><p><span style="font-family:arial,helvetica,sans-serif;"><em>Money </em>– Perhaps the key driving force for a person to start their own business is the ambition or motivation to earn profit for themselves. A firm earns profit by selling its products at a price that is higher than its production costs. The owner(s) get to keep the profit as a reward for risk-taking and their entrepreneurship talents.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><em>Autonomy – </em>Many people set up their own business to be their own boss, rather than working for someone else. Some people do not like to work for other people and prefer the autonomy that comes with being an entrepreneur. There is a great sense of satisfaction in being the “boss”. The autonomy of being your own boss also speeds up decision-making.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><em>Challenges</em> – Some people are driven by personal challenges. They enjoy the satisfaction of achieving what they perceive to be greatness and striving for self-actualisation.</span></p></li></ul><ul class="branded"><li><p><span style="font-family:arial,helvetica,sans-serif;"><em>Passions</em> - Some entrepreneurs want to pursue their personal passion/interest and turn this into a business opportunity. For example, Linda McCartney (who married Paul McCartney of the Beatles) was an animal rights activist and entrepreneur who started the famous food brand <em>Linda McCartney Foods</em>, specialising in vegan and vegetarian meals. For such entrepreneurs, the aim of starting their own business is not always to earn a profit.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><em>Family ties</em> – For some entrepreneurs, running their own business is part of a family tradition. For example, <a href="http://www.farrestate.co.uk/luxury-holiday-rentals/117618-farr-house">Farr Estate</a> (luxury holiday rentals) in the Scotland has been owned as a family business for generations. Other more well-known examples of businesses owed wholly or largely by family members include: Mars (still owned by the Mars family), the Trump Organization, Berkshire Hathaway and Walmart. Take a look at the <a href="http://www.forbes.com/pictures/geim45eggj/7-koch-industries/#1470fef84e8a">Forbes website</a> for more examples.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><em>Unfilled market opportunities</em> - Some entrepreneurs spot an unfilled gap in the market for a certain type of good or service, so start their own business. Many online entrepreneurs, for example, have recognised business opportunities in this way, such as Travis Kalanick and Garrett Camp who co-founded Uber in 2009.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><em>Making a difference </em>– Finally, some people start their own enterprises in order to be able to make a difference to others. Examples include providing a service to the local community such as a medical clinic, a day-care centre, or nursing home for the elderly.</span></p></li></ul><p><span style="font-family:arial,helvetica,sans-serif;"><img alt="" height="126" src="../../ib/businessmanagement/images/start-up-3.jpg" width="252"></span></p><p><span style="color:#696969;"><em>Entrepreneurs turn ideas and into action</em></span></p><p><span style="font-family:arial,helvetica,sans-serif;">For more reasons why people start their own businesses, read this short article from Entrepreneur.com <a href="https://www.entrepreneur.com/article/243145">here</a></span></p><hr class="hidden"><div class="yellowBg"><h5><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"><span class="snippet-fa fa fa-linode fa-lg" style="color: rgb(61, 30, 128);"> </span> ATL Activity 2 - Opportunities and challenges of different business ventures</span></span></h5><p>This activity has been created and shared by my esteemed IBEN colleague, <strong>Dr. Rima Puri</strong>. Many thanks for your creativity and generosity in sharing this on InThinking Business Management.</p><hr class="hidden"><p><strong>Learning outcome:</strong> Challenges and opportunities for starting up a business (AO2)</p><p>This is a simple activity to initiate this introductory topic, gauge student understanding, and strengthen subject knowledge. It further hones the thinking, social, and communication skills of the students as part of the ATL skills.</p><p><img alt="" src="../../ib/businessmanagement/images/1-intro-to-business/1.1-atl-activity.jpg" style="width: 350px; height: 194px;"></p><p><strong>Activity directions:</strong></p><p>1) The teacher should divide the class into groups of 3 to 5 students.</p><p>2) Each group selects a representative who picks up a chit which contains one of the following businesses:</p><p style="margin-left: 40px;">A. Video game parlour<br>B. Manufacturer of healthy foods<br>C. Local café serving traditional food and drink items<br>D. Mobile personal trainer<br>E. A trampoline park operator</p><p>3) The students work in their assigned groups and discuss the challenges and opportunities that they are likely to experience while starting the business on their chit. They should create a list with a minimum <u>four</u> challenges and <u>four</u> opportunities.</p><p>4) The group then presents their discussion points to the entire class.</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>Teachers can download a PDF version of this ATL Activity to use with students in class.</p><div readonly="true" style="background: #ddd; margin: 20px 0; width: 100%;"><iframe frameborder="0" scrolling="no" src="../../media/ib/businessmanagement/files/1-introtobusinessmgt/unit-1.1-atl-activity---what-is-a-business-(dr.-rima-puri).pdf.html" style="width: 100%; height: 480px;"></iframe></div></div></section></div><div class="yellowBg"><h5><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-briefcase fa-lg" style="color: rgb(61, 30, 128);"> </span> Business Management Toolkit</span></span></h5><p>Examine how <a href="../page/44027/bmt-3-steeple-analysis.html" title="New syllabus (first teaching 2022) » Business Management Toolkit (BMT) » BMT 3 - STEEPLE analysis">STEEPLE analysis</a> can help entrepreneurs to minimize the risks associated with a new start-up business.</p></div></div></div></div><p><span style="font-family:arial,helvetica,sans-serif;">Return to <a href="../page/44034/11-what-is-a-business.html" title="New syllabus 2022 » Unit 1 - Introduction to Business Management (WIP) » 1.1 What is a business?">Unit 1.1 - What is a business?</a> homepage</span></p><p><span style="font-family:arial,helvetica,sans-serif;">Return to <a href="../page/43522/unit-1-introduction-to-business-management-wip.html" title="New syllabus 2022 » Unit 1 - Introduction to Business Management (WIP)">Unit 1 - Introduction to Business Management</a> homepage</span><span style="font-family:arial,helvetica,sans-serif;"></span></p><p><span style="font-family:arial,helvetica,sans-serif;"><img alt="" src="../../ib/businessmanagement/logo-blue-black-1.png" style="width: 170px; height: 54px;"></span></p><script>document.querySelectorAll('.tib-teacher-only').forEach(e => e.remove());</script></section></div></article><br><div class="done-task"><input id="task-type" value="read" type="hidden"><a href="#" class="btn btn-success btn-large mark-as-done"><i class="fa fa-fw fa-check-square-o"></i> Mark as done</a><span id="task-done-badge" title="You have successfully submitted this task" class="badge badge-info" style="display: none"><i class="fa fa-fw fa-check"></i> Submitted</span><br><a id="return-my-tasks" style="display: none;" href="../../index-1.htm?pan=tasks" class="btn btn-large"><i class="fa fa-fw fa-arrow-left"></i> Return to <em>My tasks</em></a></div><input id="ticket" name="ticket" value="fd6a5e8a06cfccf2" type="hidden"><input id="std-task-id" name="std-task-id" value="6400520" type="hidden"></div><!-- /#main-column -->
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