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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 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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="" href="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="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="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="399693.html" title="Entrepreneurship">Entrepreneurship</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="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="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="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="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="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="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="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="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="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="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="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="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="../page/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="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="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="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="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="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="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="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="../page/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="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="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="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="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="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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/45856/benefits-risks-ethical-implications-of-mis.html" title="Benefits, risks, & ethical implications of MIS">Benefits, risks, & ethical implications of MIS</a></li></ul></ul><li class="ancestor parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right fa-rotate-90"></i><a class="" href="../page/42640/bmt-.html" title="BMT ">BMT </a></li><ul class="level-1 expanded"><li class="current" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="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="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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="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="../page/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="../page/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="../page/42311/bmt-15-simple-linear-regression-hl-only.html" title="BMT 15 - Simple linear regression (HL only)">BMT 15 - Simple linear regression (HL only)</a></li></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/42758/concepts.html" title="Concepts">Concepts</a></li><ul class="level-1 "><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/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="../page/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="../page/43435/sustainability.html" title="Sustainability">Sustainability</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/43668/change.html" title="Change">Change</a></li></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/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="../page/41874/the-mandatory-reflection-sessions.html" title="The mandatory reflection sessions">The mandatory reflection sessions</a></li><li class="" 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<div id="main-column" class="span9"><article id="bmt-1-swot-analysis" style="margin-top: 16px;"><h1 class="section-title">BMT 1 - SWOT analysis</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><strong><span style="font-family:arial,helvetica,sans-serif;">Business Management Toolkit 1 - SWOT analysis</span></strong></p></div></div><div class="panel-body"><div><div><span style="font-family:arial,helvetica,sans-serif;"><strong><img alt="" height="172" src="../../ib/businessmanagement/images/swot.png" width="401"></strong></span></div><div><span style="color:#696969;"><em>“Business opportunities are like buses, there’s always another one coming.”</em><br>- Sir Richard Branson, founder of Virgin Group (b. 1950)</span></div><div><section class="tib-hiddenbox"><p><span style="color:#FF0000;">Sir Richard Branson has proven that business opportunities exist even if they are not initially apparent. He co-founded the <em>Virgin Group</em> in 1970, starting with the Virgin record label, and has since diversified into hundreds of different lines of business, including:</span></p><div class="row-fluid"><div class="span6 col-left"><div><ul class="branded"><li><p><span style="color:#FF0000;">Books</span></p></li><li><p><span style="color:#FF0000;">Commercial aviation</span></p></li><li><p><span style="color:#FF0000;">Commercial space flight</span></p></li><li><p><span style="color:#FF0000;">Consumer electronics</span></p></li><li><p><span style="color:#FF0000;">Entertainment and Film</span></p></li><li><p><span style="color:#FF0000;">Health care</span></p></li><li><p><span style="color:#FF0000;">Internet services</span></p></li></ul></div></div><div class="span6"><div><ul class="branded"><li><p><span style="color:#FF0000;">Jewellery</span></p></li><li><p><span style="color:#FF0000;">Mobile phones and telecommunications</span></p></li><li><p><span style="color:#FF0000;">Music</span></p></li><li><p><span style="color:#FF0000;">Radio</span></p></li><li><p><span style="color:#FF0000;">Rail transportation</span></p></li><li><p><span style="color:#FF0000;">Retail</span></p></li><li><p><span style="color:#FF0000;">Travel and tourism</span></p></li></ul></div></div></div><p><span style="color:#FF0000;">Today, the Virgin Group employs over 71,000 people and has gross annual sales revenue in excess of £16.6 billion ($22.6bn).</span></p><p><span style="color:#FF0000;">Source: adapted from </span>https://www.virgin.com/</p></section><hr class="hidden"><p>In the pursuit of achieving their aims and objectives, businesses face challenges from both within and outside of their organizations. Internal and external opportunities and threats will affect a firm’s performance and chances of success. Understanding these factors can facilitate effective decision-making. Internal threats are constraints within a firm’s own control. These limitations tend to be dominated by the rules, policies, and culture of the organization. Examples of internal constraints include:</p><ul class="branded"><li><p>Finance - Most firms lack sufficient sources of finance (see Unit 3.2) thereby limiting their ability to achieve organizational objectives.</p></li><li><p>People - Poor working relations and ineffective communication systems (see Unit 2.6) hinder the performance of an organization. Motivational strategies (see Unit 2.4) can go some way towards resolving these issues.</p></li><li><p>Marketing - Firms might not have as attractive marketing campaigns as their rivals, such as inferior products, packaging, customer service, and/or promotions.</p></li><li><p>Production - Firms may lack the resources and/or expertise to improve their operations such as production techniques or stock control systems in order to enhance their operational efficiency and competitiveness.</p></li></ul><p><span style="font-family:arial,helvetica,sans-serif;">As a Business Management tool, <strong>SWOT analysis</strong> provides a framework for strategic analysis to allow managers to assess the current situation facing an organization. SWOT stands for <strong>s</strong>trengths, <strong>w</strong>eaknesses, <strong>o</strong>pportunities, and <strong>t</strong>hreats. SWOT analysis came about from the research conducted at Stanford Research Institute between 1960 and 1970, with the intention of investigating why corporate planning failed.</span></p><p><span style="font-family:arial,helvetica,sans-serif;">SWOT analysis considers both internal factors (strengths and weaknesses) and the external business environment (opportunities and threats). It is one of the most used business management tools in the corporate world.</span></p><p><span style="font-family:arial,helvetica,sans-serif;">Firms have some degree of control over the internal factors, but not over the external factors.</span></p><ul class="branded"><li><p><span style="font-family:arial,helvetica,sans-serif;"><strong>S</strong>trengths – The things that the organization does well or better in comparison to its competitors, e.g. brand recognition, reputation, market share, cost leadership, profitability, quality, staff retention, well-trained staff, and customer loyalty.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><strong>W</strong>eaknesses – The things that the organization does not do so well in relation to its competitors, e.g. low productivity, high staff turnover, outdated technology, liquidity problems, high fixed costs, poor employer-employee relations, skills gap in the organization, overreliance on a product or particular market, or a poor corporate image.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><strong>O</strong>pportunities – External factors that provide openings (prospects) for an organization to succeed, e.g. new technologies, favourable demographic trends, economic recovery, and new prospects in overseas markets.</span></p></li></ul><section class="tib-hiddenbox"><p><strong>Opportunities</strong> require the identification of new or unsatisfied consumer needs. Identifying and exploiting market opportunities allows entrepreneurs to have a better chance of survival and success. Such opportunities can come about in several ways, including:</p><p><em>Identifying a gap in the market </em>- Small firms and new businesses tend to thrive in niche markets (a small or unfilled segment of a market). Large organizations are often put off from entering a niche market because it is too small and hence profits are very limited. This allows market opportunities for smaller businesses. Niche markets do not necessarily stay small however; indeed personal computers, flat-screen televisions and mobile phones all started as small niche markets. <a href="../page/44045/15-growth-and-evolution.html" title="New syllabus 2022 » Unit 1 - Introduction to Business Management » 1.5 Growth and evolution">Unit 1.5</a> examines other reasons why small firms can survive in a highly competitive environment.</p><p><em>Market research</em> (see Unit 4.4) is imperative if business start-ups are to have a decent chance of survival. Many people go into business thinking that they know what is best, or hoping that things will fall into place. The reality is that a significant number of new businesses face problems and fail. The benefits of conducting thorough market research allow owners to better understand the nature of the industry and their customers’ wants and needs. In turn, this improves the organization’s chances of success.</p><p><em>Developing the entrepreneur’s personal qualities, skills and interests</em> - Entrepreneurs such as Russian oil tycoon Roman Abramovich have built their businesses largely on their personal interests. Abramovich’s passion for European football led him to buying Chelsea Football Club. Although the Club was making huge financial losses at the time, Abramovich’s fortunes have significantly improved the trophies of the English Premier League club.</p><p><em>Innovative ideas and creations</em> - Entrepreneurs may come up with new products and/or processes to meet consumer needs. Apple’s iPod, Google’s search engine, and e-Bay’s auctioning business are some examples. The key benefit of this approach is that the owners have good market and product knowledge. They can use their innovation as a form of product differentiation and market this as their unique selling point. New product designs and processes can be legally protected via copyright and patent legislation to prevent others from replicating the firm’s ideas.</p><p><em>Note</em>: in some case, innovation can turn into a strength (rather than opportunity) if the organization is able to develop this into a cultural norm. In product-orientated organizations like Apple or Tesla, innovation and creativity are a core strength. However, do remember that in any SWOT analysis, categorizing variables or characteristics as strengths, weaknesses, opportunities, or threats is not always straightforward. What is an opportunity for one business might be a strength of another. It is therefore important to always justify your answers when constructing a SWOT analysis.</p></section><ul class="branded"><li><span style="font-family:arial,helvetica,sans-serif;"><strong>T</strong>hreats – External factors that hold back the business, preventing it achieving its organizational goals, e.g. detrimental weather conditions / seasonality factors, changing habits and tastes, increased competition in the industry, price wars, oil crises, natural disasters, the outbreak of infectious diseases, political constraints, environmental laws, greater regulation of the industry, media exposure, and economic recession.</span></li></ul><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Note</strong>: what might be considered as a strength for a particular organization might be viewed as a weakness for other firms. For example, whilst the coronavirus pandemic caused millions of job losses across the world due to lockdown laws and temporary closure of businesses, many online businesses such as supermarkets thrived. Sales at fashion retailer Zara were up 95 per cent in April 2020 as stores across the globe were closed during the coronavirus lockdown. Zara's parent company, Inditex, announced in June 2020 that it expected a permanent shift in buying habits, as customers become accustomed to social distancing rules and more comfortable with e-commerce to purchase their clothing items.</span></p><hr><h5><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-check-circle-o fa-lg" style="color: rgb(103, 7, 124);"> </span> Advantages of SWOT analysis</span></h5><ul class="branded"><li><p><span style="font-family:arial,helvetica,sans-serif;">It is a useful visual management tool with a very broad range of applications in dealing with real-world problems, issues and decisions for managers and decision makers in businesses and organizations.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">It helps managers to develop a better understanding of the organization’s position in the market.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">It enables the organization to reflect on its strengths (to be protected) and weaknesses (to be developed into strengths).</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">It encourages decision makers to examine the strategic opportunities for the organization and the possible threats (risks) of certain decisions, such as growth (expansion), diversification, or relocation.</span></p></li><li><p>It facilitates strategic thinking. For example, a SWOT analysis can help managers and decision makers to build on the strengths of the organization and focus on the opportunities or try to protect itself against the risks of weaknesses and threats.</p></li></ul><h5><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-times-circle-o fa-lg" style="color: rgb(103, 7, 124);"> </span> Disadvantages of SWOT analysis</span></h5></div><ul class="branded"><li><p><span style="font-family:arial,helvetica,sans-serif;">It is a static business management tool, i.e. it only provides a snapshot of the current situation for an organization. Changes in internal and external factors could make the SWOT analysis outdated quite quickly. For example, how many business back a the beginning of 2020 would have identified the potential for a prolonged global pandemic in their SWOT analysis?</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">It requires the organization to be honest, although it is not always easy to acknowledge or disclose to one's weaknesses or shortcomings.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Like any business management tool, a SWOT analysis is only as good as the person(s) who compiled it, i.e. there may be errors, biases and/or omissions.</span></p></li><li><p>SWOT analysis does not guarantee that a strategy will be successful, e.g. identifying weaknesses and threats does not necessarily mean that the business has sufficient resources to tackle these risks.</p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Hence, a SWOT analysis needs be used in conjunction with other business management tools in order to make more informed decisions.</span></p></li></ul><div class="yellowBg"><h5><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-lightbulb-o fa-lg" style="color: rgb(103, 7, 124);"> </span> Top tip 1!</span></span></h5><p>Although a SWOT analysis can be presented in a table format, all bullet points must be clearly outlined and written in the context of the business organization.</p></div><div class="yellowBg"><h5><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"><span class="snippet-fa fa fa-lightbulb-o fa-lg" style="color: rgb(103, 7, 124);"> </span> Top tip 2!</span></span></h5><p><span style="font-family:arial,helvetica,sans-serif;">When constructing a SWOT analysis, remember the importance of writing in the context of the <strong>organization</strong> in question. It can be helpful if students consider the <strong>industry </strong>in which the organization operates, and the <strong>economy </strong>in which the business operates.</span></p></div><p><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-youtube fa-lg" style="color: rgb(202, 72, 26);"> </span> Watch this short 5-minute YouTube video about how to create a SWOT analysis:</span></p><p><span style="font-family:arial,helvetica,sans-serif;"><iframe allowfullscreen="" frameborder="0" height="360" src="https://www.youtube.com/embed/NVwQNOIu808" width="640"></iframe></span></p><div class="yellowBg"><h5><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-question-circle-o fa-lg" style="color: rgb(61, 30, 128);"> </span> SWOT analysis Quiz</span></span></h5><p>For each statement below, state the most likely category this would appear in a SWOT analysis. Whilst taking this quiz, also consider how SWOT analysis can be integrated in different parts of the Business Management syllabus.</p><table><tbody><tr><td><strong>No.</strong></td><td><strong>Statement</strong></td><td><strong>SWOT category</strong></td></tr><tr><td>1.</td><td>Increased market share.</td><td><section class="tib-hiddenbox"><p><span style="color:#FF0000;">Strength</span></p></section></td></tr><tr><td>2.</td><td>A sustained increase in the general level of prices, including raw material costs.</td><td><section class="tib-hiddenbox"><p><span style="color:#FF0000;">Threat</span></p></section></td></tr><tr><td>3.</td><td>Highly experienced senior management team.</td><td><section class="tib-hiddenbox"><p><span style="color:#FF0000;">Strength</span></p></section></td></tr><tr><td>4.</td><td>New entrants in the market.</td><td><section class="tib-hiddenbox"><p><span style="color:#FF0000;">Threat</span></p></section></td></tr><tr><td>5.</td><td>Low labour productivity in the organization.</td><td><section class="tib-hiddenbox"><p><span style="color:#FF0000;">Weakness</span></p></section></td></tr><tr><td>6.</td><td>Limited access to external sources of finance.</td><td><section class="tib-hiddenbox"><p><span style="color:#FF0000;">Weakness</span></p></section></td></tr><tr><td>7.</td><td>Rising interest rates in the domestic economy.</td><td><section class="tib-hiddenbox"><p><span style="color:#FF0000;">Threat</span></p></section></td></tr><tr><td>8.</td><td>Sustainable levels of economic growth.</td><td><section class="tib-hiddenbox"><p><span style="color:#FF0000;">Opportunity</span></p></section></td></tr><tr><td>9.</td><td>High rates of market growth.</td><td><section class="tib-hiddenbox"><p><span style="color:#FF0000;">Opportunity</span></p></section></td></tr><tr><td>10.</td><td>Advances in cybersecurity and Internet technologies.</td><td><section class="tib-hiddenbox"><p><span style="color:#FF0000;">Opportunity</span></p></section></td></tr><tr><td>11.</td><td>Having a unique or distinctive selling point.</td><td><section class="tib-hiddenbox"><p><span style="color:#FF0000;">Strength</span></p></section></td></tr><tr><td>12.</td><td>Political instability in the domestic economy.</td><td><section class="tib-hiddenbox"><p><span style="color:#FF0000;">Threat</span></p></section></td></tr><tr><td>13.</td><td>Higher rental payments for commercial property.</td><td><section class="tib-hiddenbox"><p><span style="color:#FF0000;">Threat</span></p></section></td></tr><tr><td>14.</td><td>Industrial unrest in the workplace, such as strike action.</td><td><section class="tib-hiddenbox"><p><span style="color:#FF0000;">Threat</span></p></section></td></tr><tr><td>15.</td><td>Prospects of relocation, such as external economies of scale.</td><td><section class="tib-hiddenbox"><p><span style="color:#FF0000;">Opportunity</span></p></section></td></tr></tbody></table><section class="tib-teacher-only" readonly="true" title="This box is not visible to students"><div class="header" readonly="true"><img class="icon" src="../../thinkib/icons/teacher-only.svg"> Teacher only box</div><div class="content" readonly="false"><p>Teachers can download a PDF version of this quiz to use with students in class by using the hyperlink <a href="../../media/ib/businessmanagement/files/bmt/swot-analysis-quiz.pdf.html">here</a>.</p></div></section></div><div class="yellowBg"><h5><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"><span class="snippet-fa fa fa-file-text-o fa-lg" style="color: rgb(103, 7, 124);"> </span> Case Study 1 - Coronavirus: Threats only?</span></span></h5><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;"><img alt="" height="205" src="../../ib/businessmanagement/images/coronavirus1.jpg" width="380"></span></span></span></span></span></p><p><span style="color:#696969;"><em>COVID-19 has been the greatest threat to businesses across the world in living memory</em></span></p><p>The coronavirus pandemic, which started in late 2019, has affected businesses in every country in every continent on the planet, with over 265.4 million cases of people with the virus, and more than 5.26 million recorded deaths globally by December 2021.</p><p>Examples of <strong>threats </strong>faced by businesses include:</p><ul class="branded"><li><p><em>Airbus </em>cutting 15,000 jobs, mainly in Germany and France due to the decline in demand for its planes as a result of the stagnant air travel industry. The European aircraft manufacturer had previously furloughed 3,200 workers due to a cash flow crisis.</p></li><li><p>Oil giant <em>BP </em>announced 10,000 job cuts following the global slump in demand for oil (as people were stuck indoors during The Great Lockdown), around 15% of its global workforce.</p></li><li><p><em>British Airways</em> announced in August 2020 that it would make around 10,000 employees redundant as the airline carrier struggled with a huge decline in flights to/from the UK.</p></li><li><p>In October 2020, <em>Cathay Pacific</em><strong> </strong>(Hong Kong's flagship airline carrier) announced 6,000 job cuts globally along with closure of Cathay Dragon (formerly known as Dragonair) - its subsidiary airline. The company also announced that existing staff would need to take a pay cut - the more senior, the larger the pay cut.</p></li><li><p>In August 2020, <em>Coca-Cola</em><strong> </strong>announced 4,000 job cuts in the USA, Canada and Puerto Rico due to declining sales caused by the coronavirus pandemic. The company said it may need to make job cuts in other countries at a later date. It estimates the severance expenses of the job losses could cost between $350 million to $550 million.</p></li><li><p><em>Dyson</em>, famous for its bagless vacuum cleaner, announced in August 2020 that it would have to cut 600 jobs in the UK plus a further 300 jobs worldwide as the coronavirus harmed its global sales.</p></li><li><p><em>Frankie & Benny's</em> (a bar and grill restaurant chain owned by the Wagamama group) closed 125 restaurants in the UK, causing 3,000 people to lose their jobs.</p></li><li><p><em>Rolls-Royce</em> announced 9,000 job cuts around the world due to the global decline in air travel, hurting demand for its jet engines and maintenance services.</p></li></ul><p>Examples of <strong>opportunities </strong>that businesses took advantage of, arising from the COVID-19 pandemic, included:</p><ul class="branded"><li><p>E-commerce businesses with well-developed online retail stores, such as <em>Amazon </em>and <em>Taobao</em>, gained from the huge rise in online shopping during the pandemic.</p></li><li><p>Entertainment streaming service providers (such as <em>Netflix</em>, <em>Disney+</em>, and <em>Sky</em>) gained from more subscribers who stayed at home far more often. During national lockdowns, cinemas and theatres were closed, so created commercial opportunities for online streaming providers.</p></li><li><p>Food delivery companies (such as <em>Deliveroo</em>, <em>Delivery.com</em>, <em>DoorDash</em>, <em>Grab</em>, <em>Grubhub</em>, <em>Just Eat</em>, <em>Meituan Waimai</em>,<em> OLO</em>,<em> Postmates</em>, <em>Snapfinger</em>, and <em>UberEats</em>) made the most of national Lockdowns by seeing an increase in the demand for their services as people worked and studied from home.</p></li><li><p>Logistics and courier companies (such as <em>DHL</em>, <em>FedEx</em>, <em>TNT</em>, <em>UPS</em>, and the post office) also gained immensely from the rise in online shopping.</p></li><li><p>Supermarkets and other retailers of food products (as more people ordered products online and/or ate at home instead of dining at restaurants).</p></li><li><p>Personal protective equipment (PPE) manufacturers of products such as surgical masks, hand sanitizing products, disinfectants, medical gowns, and gloves.</p></li><li><p>Video conferencing technology firms (such as Adobe Connect, Google Meet, Skype, and Zoom) enjoyed a huge boost for their services for online meetings, conference, and education. Zoom has more than 300 million daily meeting participants - around 10 million more each day before the coronavirus hit.</p></li></ul></div><div class="greenBg"><h5><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-file-text-o fa-lg" style="color: rgb(103, 7, 124);"> </span> Case Study 2 - Coronavirus: The entrepreneurs who started businesses in lockdown</span></span></h5><p><img alt="" src="../../ib/businessmanagement/images/corona.jpg" style="width: 320px; height: 286px;"></p><p>Despite the social and economic turmoil caused by the Coronavirus pandemic in 2019 - 2020, some entrepreneurs made the most of the business opportunities by setting up businesses. Opportunities for businesses to not only survive but to thrive included:</p><ul class="branded"><li><p>E-commerce businesses with well-developed online retail stores, such as Amazon and Taobao</p></li><li><p>Entertainment streaming service providers, such as Netflix and Disney+</p></li><li><p>Food delivery companies, such as Deliveroo, Delivery.com, DoorDash, Grab, Grubhub, Just Eat, Meituan Waimai, OLO, Postmates, Snapfinger and UberEats</p></li><li><p>Logistics and courier companies, such as DHL, FedEx, TNT, UPS, and the post office.</p></li><li><p>Supermarkets (as more people ordered online and/or ate at home instead of dining at restaurants)</p></li><li><p>Personal protective equipment (PPE) manufacturers of products such as surgical masks, hand sanitizing products, disinfectants, medical gowns, and gloves. An example is <a href="https://camikolondon.com/">Camiko London</a>. Also, see the BBC article referenced below.</p></li><li><p>Video conferencing technology firms, such as Adobe Connect, Google, Skype and Zoom (for online meetings, conference and online education).</p></li></ul><p>Read the BBC article <a href="https://www.bbc.co.uk/news/business-54062717">here</a> to see how four women took the brave step to start their businesses during the lockdown period.</p></div><div class="yellowBg"><h5><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"><span class="snippet-fa fa fa-linode fa-lg" style="color: rgb(103, 7, 124);"> </span> ATL Activity 1 (Research skills) - SWOT analysis</span></span></h5><p><span style="font-family:arial,helvetica,sans-serif;"><img alt="" height="207" src="../../ib/businessmanagement/images/swot.jpg" width="311"></span></p><p><span style="font-family:arial,helvetica,sans-serif;">As part of this background research task, students are to prepare a full SWOT analysis for an organization of their choice. This will help them to be better prepared for questions that may require strategic analysis of an organization in the external exams.</span></p><p><span style="font-family:arial,helvetica,sans-serif;">Students should be encouraged to:</span></p><ul class="branded"><li><p><span style="font-family:arial,helvetica,sans-serif;">Compile a full SWOT analysis for the organization of their choice</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><u>Explain</u> why a particular point is a strength, weakness, opportunity or threat (discourage them from just listing these as unexplained bullet points)</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Include citation and referencing of their sources - this helps to substantiate their responses</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Only refer to internal factors within the control of the organization as strengths and weaknesses</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Only refer to external (<a href="../page/24494/glossary-external-environment.html" title="Unit 1 » 1.5 External environment » Glossary: External environment">STEEPLE</a>) factors beyond the control of the organization as opportunities and threats</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Conduct the SWOT analysis for the <em>organization</em>, rather than for a <em>decision </em>or <em>situation </em>the business faces.</span></p></li><li><p>Present their findings to the rest of the class. Prior to their presentation, students should also review their SWOT analysis as conditions may have changed; what was a strength at the time of the investigation may no longer be the case, for example.</p></li></ul><section class="tib-hiddenbox"><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"><a href="https://strategicmanagementinsight.com/swot-analyses.html">Strategic Management Insight</a> is a great website to get your students started with this task - which contains 30 SWOT analyses for different companies to choose from; just make sure they don't just copy/paste but are able to explain the various components in the context of their chosen organization.</span></span></p><p><span style="font-family:arial,helvetica,sans-serif;"><img alt="" src="../../ib/businessmanagement/images/swots.png" style="width: 360px; height: 323px;"></span></p></section></div><div class="yellowBg"><h5><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-linode fa-lg" style="color: rgb(103, 7, 124);"> </span> ATL Activity 2 - Compiling a SWOT analysis</span></span></h5><p>Watch this short video from <a href="https://www.mindtools.com/">MindTools</a> before having a go at the tasks below. Make note of the questions presented in this video for each of the four components of a SWOT analysis.</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/EJ4uVsSqQ9k" title="How to Use SWOT Analysis" width="640"></iframe></p><p style="margin-top:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:21.3pt;
text-indent:-21.3pt;mso-list:l1 level1 lfo1"><span style="font-family:"Arial",sans-serif;mso-fareast-font-family:Arial"><span style="mso-list:Ignore">1.<span style="font:7.0pt "Times New Roman""> </span></span></span><span style="font-family:"Arial",sans-serif">In groups of three or four, prepare a SWOT analysis for an organization of your choice.</span></p><p style="margin-top:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:21.3pt"><span style="font-family:"Arial",sans-serif"> </span></p><p style="margin-top:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:21.3pt;
text-indent:-21.3pt;mso-list:l1 level1 lfo1"><span style="font-family:"Arial",sans-serif;mso-fareast-font-family:Arial"><span style="mso-list:Ignore">2.<span style="font:7.0pt "Times New Roman""> </span></span></span><span style="font-family:"Arial",sans-serif">Swap your SWOT analysis with another group.</span></p><p style="margin-top:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:21.3pt"><span style="font-family:"Arial",sans-serif"> </span></p><p style="margin-top:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:21.3pt;
text-indent:-21.3pt;mso-list:l1 level1 lfo1"><span style="font-family:"Arial",sans-serif;mso-fareast-font-family:Arial"><span style="mso-list:Ignore">3.<span style="font:7.0pt "Times New Roman""> </span></span></span><span style="font-family:"Arial",sans-serif">Check this other group’s SWOT analysis to make sure their points are correctly classified into each SWOT category, such as:</span></p><p style="margin:0cm"><span style="font-family:"Arial",sans-serif"> </span></p><p style="margin-top:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:42.55pt;
text-indent:-21.25pt;mso-list:l0 level1 lfo2"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family:
Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span><span style="font-family:"Arial",sans-serif">Strengths are internal, positive factors affecting the business</span></p><p style="margin-top:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:42.55pt;
text-indent:-21.25pt;mso-list:l0 level1 lfo2"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family:
Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span><span style="font-family:"Arial",sans-serif">Weaknesses are internal, negative factors affecting the business</span></p><p style="margin-top:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:42.55pt;
text-indent:-21.25pt;mso-list:l0 level1 lfo2"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family:
Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span><span style="font-family:"Arial",sans-serif">Opportunities are external, positive factors affecting the business</span></p><p style="margin-top:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:42.55pt;
text-indent:-21.25pt;mso-list:l0 level1 lfo2"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family:
Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span><span style="font-family:"Arial",sans-serif">Threats are external, positive factors affecting the business</span></p><p style="margin:0cm"><span style="font-family:"Arial",sans-serif"> </span></p><p style="margin-top:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:21.3pt;
text-indent:-21.3pt;mso-list:l1 level1 lfo1"><span style="font-family:"Arial",sans-serif;mso-fareast-font-family:Arial"><span style="mso-list:Ignore">4.<span style="font:7.0pt "Times New Roman""> </span></span></span><span style="font-family:"Arial",sans-serif">Swap your SWOT analysis with a third group. You are now the senior management team for this group’s business. Decide how this business should:</span></p><p style="margin-top:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:21.3pt"><span style="font-family:"Arial",sans-serif"> </span></p><p style="margin-top:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:42.55pt;
text-indent:-21.25pt;mso-list:l0 level1 lfo2"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family:
Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span><span style="font-family:"Arial",sans-serif">Maximize its strengths</span></p><p style="margin-top:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:42.55pt;
text-indent:-21.25pt;mso-list:l0 level1 lfo2"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family:
Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span><span style="font-family:"Arial",sans-serif">Overcome its weaknesses</span></p><p style="margin-top:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:42.55pt;
text-indent:-21.25pt;mso-list:l0 level1 lfo2"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family:
Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span><span style="font-family:"Arial",sans-serif">Take advantage of the opportunities</span></p><p style="margin-top:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:42.55pt;
text-indent:-21.25pt;mso-list:l0 level1 lfo2"><span style="font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family:
Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman""> </span></span></span><span style="font-family:"Arial",sans-serif">Mitigate (reduce) the impact of the threats</span></p><p style="margin-top:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:21.3pt"><span style="font-family:"Arial",sans-serif"> </span></p><p style="margin-top:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:21.3pt;
text-indent:-21.3pt;mso-list:l1 level1 lfo1"><span style="font-family:"Arial",sans-serif;mso-fareast-font-family:Arial"><span style="mso-list:Ignore">5.<span style="font:7.0pt "Times New Roman""> </span></span></span><span style="font-family:"Arial",sans-serif">Provide feedback to the rest of the class (for Task 4).</span></p><hr class="hidden"><p style="margin-top:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:21.3pt;
text-indent:-21.3pt;mso-list:l1 level1 lfo1">The accompany notes for the video can be accessed <a href="https://www.mindtools.com/pages/article/newTMC_05.htm">here</a>.</p></div><div class="blueBg"><h5><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"><span class="snippet-fa fa fa-linode fa-lg" style="color: rgb(103, 7, 124);"> </span> ATL Activity 3 (Thinking and Communication skills) - Marco's Craft Beer (MCB)</span></span></h5><p><span style="font-family:arial,helvetica,sans-serif;"><img alt="" height="133" src="../../ib/businessmanagement/images/beer.png" width="218"></span></p><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Marco’s Craft Beer (MCB)</strong></span></p><p><span style="font-family:arial,helvetica,sans-serif;">Marco’s Craft Beer (MCB) is a microbrewery located in Poblacion, Manila, an old historic centre of Philippines capital’s wealthy neighbourhood. MCB produces a variety of craft beers, popular with beer enthusiasts. MCB also runs a bar called Marco’s Bar, located in an entertainment district, famous for jazz, clubs and bars. Marco’s Bar is a popular hangout place for young professionals. There is growing demand for good craft beers in Manila, and the brewery supplies its draft beers to many restaurants, including Marco’s Bar.</span></p><p><span style="font-family:arial,helvetica,sans-serif;">Three months ago, Marco’s Bar gained negative attention when the police raided its premises, accusing the bar of selling illegal drugs. Their sales plummeted for a brief period of time. MCB has also been facing intense competition from other local microbreweries. With the rising rent in Poblacion, MCB is finding it challenging to make Marco’s Bar profitable.</span></p><p><span style="font-family:arial,helvetica,sans-serif;">MCB has outsource some talented marketers from an agency who have focussed on aggressive marketing campaigns, to attract and retain loyal customers. With the growing number of people buying alcoholic drinks online, MCB is struggling as it was not able to establish its brand in the online market. Although the government of the Philippines provides financial support for small-scale businesses, the high sales tax and the volatility of the political situation in the country are of significant concerns for MCB.</span></p><p><span style="font-family:arial,helvetica,sans-serif;">Based on the above information, and working with another member of your class, create a full SWOT analysis of MCB.</span></p><section class="tib-teacher-only" title="Teacher only"><img class="icon" readonly="true" src="../../thinkib/icons/teacher-only.svg" title="Teacher only"><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">Possible answers could include:</span></span></p><hr class="hidden"><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;"><strong>Strengths</strong></span></span></p><ol><li><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">MCB and Marco’s Bar are both located in one of most the popular and wealthy parts of the city.</span></span></p></li><li><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">Being located at the centre of the historic city, Marco’s Bar gets lots of passing trade from tourists, in additional to local customers.</span></span></p></li><li><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">MCB and Marco’s Bar have a loyal customer base.</span></span></p></li><li><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">MCB supplies draft beers to many restaurants. So also benefits from economies of scale.</span></span></p></li></ol><hr class="hidden"><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;"><strong>Weaknesses</strong></span></span></p><ol><li><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">MCB is unable to establish an online presence.</span></span></p></li><li><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">Negative publicity due to accusations of Marco’s Bar selling illegal drugs; this can permanently damage its competitiveness.</span></span></p></li></ol><hr class="hidden"><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;"><strong>Opportunities</strong></span></span></p><ol><li><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">There is growing appreciation of craft beers in Manila, so growth potential for MCB if it can attract more of these enthusiasts.</span></span></p></li><li><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">Government support for small-scale businesses might be able to help provide a vital source of finance for MCB.</span></span></p></li><li><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">The aggressive and focused marketing campaigns designed by the outsourced / talented marketers may help to increase MCB’s sales.</span></span></p></li></ol><hr class="hidden"><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;"><strong>Threats</strong></span></span></p><ol><li><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">The craft beers market is getting more competitive, with intense competition.</span></span></p></li><li><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">Marco’s Bar is also located in an area with lots of direct competition from other bars and clubs.</span></span></p></li><li><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">The high sales tax could harm the future profits of MCB.</span></span></p></li><li><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">Rising rents add to MCB’s costs, threatening the firm’s profitability.</span></span></p></li><li><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">The political volatility / instability can negatively impact the economy and MCB’s sales and profitability.</span></span></p></li></ol><p><span style="font-family:arial,helvetica,sans-serif;"><em><span style="color:#FF0000;">This question has been reproduced with the kind permission of</span> <a href="http://www.level7education.com">Level7 Education</a><span style="color:#FF0000;">, © 2020</span></em></span></p></section></div><div class="yellowBg"><h5><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-lightbulb-o fa-lg" style="color: rgb(103, 7, 124);"> </span> Top tip 3!</span></span></h5><p>The real value of conducting any situational analysis, such as SWOT analysis, is to inform managers and decision-makers about what needs to be done:</p><ul class="branded"><li><p>Strengths - maintain, build, and leverage the strengths of the business or organization</p></li><li><p>Weaknesses - tackle and remedy any weaknesses, with the intention of turning these into areas of strength</p></li><li><p>Opportunities - prioritise and optimise opportunities in order to gain and maintain competitive advantages</p></li><li><p>Threats - counter these in order to minimize risks and to turn these into opportunities.</p></li></ul><p>Thus, for the tool to be of real use to managers and decision makers, the findings from a SWOT analysis should be used to address questions associated with strategic analysis with the goal of leading to strategic choice and the implementation of a suitable corporate strategy.</p></div></div></div><div class="panel-footer"><div></div></div></div><div class="panel panel-purple panel-expandable"><div class="panel-heading"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><p><strong>SWOT analysis - Key terms</strong></p></div></div><div class="panel-body"><div><ul class="branded"><li><p><strong>Opportunities </strong>are the external factors that provide commercial prospects for an organization to succeed.</p></li><li><p><strong>Strengths </strong>are the internal things that an organization does well or better in comparison to its competitors.</p></li><li><p><strong>SWOT analysis </strong>is a situational business management tool that provides a framework for strategic analysis, enabling managers to assess the current situation facing an organization.</p></li><li><p><strong>Threats </strong>are the external factors that hold back a business, preventing the firm from achieving its organizational goals.</p></li><li><p><strong>Weaknesses </strong>are the internal things that an organization does not do so well in relation to its competitors.</p></li></ul></div></div><div class="panel-footer"><div></div></div></div><div class="panel panel-purple panel-expandable"><div class="panel-heading"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><p><strong>SWOT analysis - Revision Flashcards</strong></p></div></div><div class="panel-body"><div><p><img alt="" src="../../ib/businessmanagement/flashcards-1.jpg" style="width: 300px; height: 152px;"></p><p>To test your understanding of this topic, have a go at the following Flashcard revision tasks. There are 10 flashcards in this quiz - how many can you get right?</p><div class="tib-flashcard"><button class="show-flashcards btn bg-green btn-large btn-block " data-levels="88,89,90" data-topics="1787" data-general-id="42" data-n-flashcards="5" style="text-align:center">Show flashcards</button></div><hr></div></div><div class="panel-footer"><div></div></div></div><div class="panel panel-purple panel-expandable"><div class="panel-heading"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><p><strong>SWOT analysis - Exam Practice Question</strong></p></div></div><div class="panel-body"><div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse;width:702pt" width="937"><colgroup><col width="42"><col width="796"><col width="99"></colgroup><tbody><tr height="19" style="height:14.25pt"><td height="19" style="height:14.25pt;width:31pt" width="42">(a)</td><td style="width:597pt" width="796">Explain how SWOT analysis is used as a business planning tool by managers and decision makers in a business or organization</td><td class="xl63" style="width:74pt" width="99"><em>[4 marks]</em></td></tr><tr height="19" style="height:14.25pt"><td height="19" style="height:14.25pt">(b)</td><td>Explain how the culture <strong>and </strong>ethics generate both opportunities and threats for a multinational company (MNC).</td><td class="xl63"><em>[6 marks]</em></td></tr></tbody></table><section class="tib-teacher-only" title="Teacher only"><img class="icon" readonly="true" src="../../thinkib/icons/teacher-only.svg" title="Teacher only"><p><span style="color:#FF0000;"><strong>Answer</strong></span></p><p><strong>(a) Explain how SWOT analysis is used as a business planning tool by managers and decision makers in a business or organization. <em>[4 marks]</em></strong></p><p><span style="color:#FF0000;">Possible answers could include an explanation of:</span></p><ul class="branded"><li><p><span style="color:#FF0000;">SWOT analysis is a commonly used business management tool used as part of the process of strategic planning by examining internal and external factors that affect the organization.</span></p></li><li><p><span style="color:#FF0000;">It enables the business to consider strengths, weaknesses, opportunities, and threats before it develops an appropriate business strategy.</span></p></li><li><p><span style="color:#FF0000;">It involves exploring the current position of the organization in terms of its internal strengths and weaknesses, and to identify potential opportunities and threats in the external environment.</span></p></li><li><p><span style="color:#FF0000;">In particular, consideration of weaknesses and threats enables managers and decision makers to assess risks and to minimise the potential harm to the organization.</span></p></li><li><p><span style="color:#FF0000;">It can enable managers and decision makers to examine how weaknesses can be turned into strengths and threats turned into opportunities.</span></p></li><li><p><span style="color:#FF0000;">It is commonly included as part of a business plan.</span></p></li><li><p><span style="color:#FF0000;"><em>Accept any other relevant reason why SWOT analysis might be used as a strategic planning tool.</em></span></p></li></ul><p><span style="color:#FF0000;"><br>Award <em>[1 – 2 marks]</em> for a limited response that shows some understanding of the demands of the question.</span></p><p><span style="color:#FF0000;">Award <em>[3 – 4 marks]</em> for a clear and accurate answer that shows good understanding of the demands of the question. There is appropriate use of terminology throughout the response.</span></p><hr><p><strong>(b) Explain how the culture <u>and</u> ethics generate both opportunities and threats for a multinational company (MNC). <em>[6 marks]</em></strong></p><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"><strong>Ethics </strong>are about what is deemed to be right and what is considered to be wrong, i.e., morality from society's point of view. Business ethics provide moral guidelines for the conduct of businesses and all aspects of their operations, such as finance and accounting, marketing, and human resource management. Examples of ethical objectives include: improving the overall wellbeing of workers, fair treatment of customers and suppliers, adopting green/clean technologies, pursuing sustainable growth, using socially responsible advertising, and corporate governance (such as financial integrity and transparency). These can provide opportunities/benefits as well as create limitations such as compliance costs.</span></span></p><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"><strong>Culture </strong>is about the norms and the 'way things are done' in the organization.The prevailing organizational culture provide the guiding principles of the attitudes and behaviour at work in the business, that have been established over a long period of time. Essentially, it describes the character or personality of the organization.</span></span></p><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"></span></span><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">The concepts of <strong>culture</strong> and <strong>ethics </strong>generate both opportunities and threats for multinationals. This question gives huge scope for students to investigate a MNC of their choice to see how <u>ethics</u> have affected the company (e.g., the Volkswagen diesel emissions scandal or the many examples of ethical business behaviour during the Coronavirus pandemic of 2019 - 2020). Very importantly, students should also consider how the <u>organizational culture</u> of business affects its activities/operations, and whether the culture is conducive to change, progress and survival in an increasingly globalized world for the MNC.</span></span></p><p><span style="color:#FF0000;">Award <em>[1 – 2 marks] </em>for a response that shows limited understanding of the demands of the question. The answer is generalized and tends to be descriptive and/or lacks detail.</span></p><p><span style="color:#FF0000;"><span style="color:#FF0000;">Award </span><em>[3 – 4 marks]</em> for an answer that shows some understanding of the demands of the question. At the top end of the mark band, there is an explanation of how culture <u>and</u> ethics generate opportunities and/or threats for a multinational company (MNC), but the explanation may lack some substance.</span></p><p><span style="color:#FF0000;"><span style="color:#FF0000;"></span><span style="color:#FF0000;"><span style="color:#FF0000;">Award </span><em>[5 – 6 marks]</em> for an answer that shows good understanding of the demands of the question. The response clearly explains how culture <u>and</u> ethics generate both opportunities <u>and</u> threats for a multinational company (MNC). The explanation is appropriately sustantiated</span>. Appropriate business management terminology is used throughout the answer, with relevant use of examples.</span></p></section></div></div><div class="panel-footer"><div></div></div></div><div class="panel panel-purple panel-expandable"><div class="panel-heading"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><p><strong>Using the BMT in the syllabus</strong></p></div></div><div class="panel-body"><div><p>Please find below some suggested units for integration of SWOT analysis in teaching the contents of the syllabus (this is not an exhaustive list):</p><ul class="branded"><li><p>Unit 1.3 - Examine the advantages and disadvantages of using a SWOT analysis in setting business objectives.</p></li><li><p>Unit 1.5 - Discuss how the use of situational tools such as SWOT analysis might help businesses with decisions about merger and acquisitions.</p></li><li><p>Unit 2.1 - Discuss how a SWOT analysis might support human resource planning.</p></li><li><p>Unit 2.1 - Examine how knowledge of SWOT analysis can help managers to reduce the impact of change and resistance to change in the workplace.</p></li><li><p>Unit 2.5 (HL only) - To what extent can a SWOT analysis reveal the organizational culture of a business?</p></li><li><p>Unit 3.4 - How important is it to include financial accounts in a SWOT analysis?</p></li><li><p>Unit 3.9 (HL only) - Examine how a business can use SWOT analysis to construct appropriate budgets.</p></li><li><p>Unit 4.1 - To what extent does SWOT analysis support managers with decisions about market growth strategies?</p></li><li><p>Unit 4.2 - Examine the importance of SWOT analysis for effective marketing planning.</p></li><li><p>Unit 4.3 (HL only) - To what extent do external threats faced by a business affect the accuracy of sales forecasting?</p></li><li><p>Unit 4.5 - Explain how a SWOT analysis can support the formation of an improved marketing strategy.</p></li><li><p>Unit 4.5 - Discuss the importance of understanding SWOT analysis when developing an appropriate marketing mix for a product or a business.</p></li><li><p>Unit 5.4 - Evaluate how a SWOT analysis can support a business’s location decision.</p></li><li><p>Unit 5.7 - Examine the advantages and disadvantages of using SWOT analysis as a tool to aid contingency planning.</p></li><li><p>Paper 3 - Discuss the importance of SWOT analysis for a non-profit social enterprise of your choice.</p></li><li><p>BMT (STEEPLE analysis) - As situational tools, are SWOT and STEEPLE analyses complementary or substitute business management tools?</p></li><li><p>BMT (Business plans) - Examine the usefulness of SWOT analysis for the creation of business plans.</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="../page/42640/business-management-toolkit-bmt.html" title="New syllabus 2022 » Business Management Toolkit (BMT)">Business Management Toolkit (BMT)</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></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="6400524" type="hidden"></div><!-- /#main-column -->
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