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href="../25471/glossary-organizational-structure.html" title="Glossary: Organizational structure">Glossary: Organizational structure</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21755/23-leadership-and-management.html" title="2.3 Leadership and management">2.3 Leadership and management</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../24733/glossary-leadership-management.html" title="Glossary: Leadership & Management">Glossary: Leadership & Management</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../24745/24-motivation.html" title="2.4 Motivation">2.4 Motivation</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../24719/glossary-motivation.html" title="Glossary: Motivation">Glossary: Motivation</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21757/25-organizational-culture-hl-only.html" title="2.5 Organizational culture (HL only)">2.5 Organizational culture (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="../25243/glossary-organizational-culture.html" title="Glossary: Organizational culture">Glossary: Organizational culture</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21758/26-industrialemployee-relations-hl-only.html" title="2.6 Industrial/employee relations (HL only)">2.6 Industrial/employee relations (HL only)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../25125/glossary-industrialemployee-relations.html" title="Glossary: Industrial/employee relations">Glossary: Industrial/employee relations</a></li></ul></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../21670/unit-3.html" title="Unit 3">Unit 3</a></li><ul class="level-2 "><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21744/31-sources-of-finance.html" title="3.1 Sources of finance">3.1 Sources of finance</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../24501/glossary-sources-of-finance.html" title="Glossary: Sources of finance">Glossary: Sources of finance</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../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="../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="../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="../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="../22093/glossary-break-even-analysis.html" title="Glossary: Break-even analysis">Glossary: Break-even analysis</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21747/34-final-accounts.html" title="3.4 Final accounts">3.4 Final accounts</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../31367/glossary-final-accounts.html" title="Glossary: Final accounts">Glossary: Final accounts</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21748/35-profitability-and-liquidity-ratio-analysis.html" title="3.5 Profitability and liquidity ratio analysis">3.5 Profitability and liquidity ratio analysis</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../25111/glossary-profitability-and-liquidity-ratio-analysis.html" title="Glossary: Profitability and liquidity ratio analysis">Glossary: Profitability and liquidity ratio analysis</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21749/36-efficiency-ratio-analysis-hl-only.html" title="3.6 Efficiency ratio analysis (HL only)">3.6 Efficiency ratio analysis (HL only)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../25114/glossary-efficiency-ratios.html" title="Glossary: Efficiency ratios">Glossary: Efficiency ratios</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21750/37-cash-flow.html" title="3.7 Cash flow">3.7 Cash flow</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../25118/cash-flow-forecasts.html" title="Cash flow forecasts">Cash flow forecasts</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../31376/glossary-cash-flow.html" title="Glossary: Cash flow">Glossary: Cash flow</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21751/38-investment-appraisal.html" title="3.8 Investment appraisal">3.8 Investment appraisal</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../31377/glossary-investment-appraisal-.html" title="Glossary: Investment appraisal ">Glossary: Investment appraisal </a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21752/39-budgets-hl-only.html" title="3.9 Budgets (HL only)">3.9 Budgets (HL only)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../31378/39-budgets-hl-only-glossary.html" title="3.9 Budgets (HL Only) Glossary">3.9 Budgets (HL Only) Glossary</a></li></ul></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../21684/unit-4.html" title="Unit 4">Unit 4</a></li><ul class="level-2 "><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21767/41-the-role-of-marketing.html" title="4.1 The role of marketing">4.1 The role of marketing</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../25618/glossary-the-role-of-marketing.html" title="Glossary: The role of marketing">Glossary: The role of marketing</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21768/42-marketing-planning.html" title="4.2 Marketing planning">4.2 Marketing planning</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../28328/glossary-marketing-planning.html" title="Glossary: Marketing planning">Glossary: Marketing planning</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21769/43-sales-forecasting-hl-only.html" title="4.3 Sales forecasting (HL only)">4.3 Sales forecasting (HL only)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../25713/glossary-sales-forecasting.html" title="Glossary: Sales forecasting">Glossary: Sales forecasting</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21713/44-market-research.html" title="4.4 Market research">4.4 Market research</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../25208/glossary-market-research.html" title="Glossary: Market research">Glossary: Market research</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21770/45-the-four-ps.html" title="4.5 The four Ps">4.5 The four Ps</a></li><ul class="level-3 "><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="Product">Product</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../22627/glossary-product.html" title="Glossary: Product">Glossary: Product</a></li></ul><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../22525/price.html" title="Price">Price</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../22548/glossary-price.html" title="Glossary: Price">Glossary: Price</a></li></ul><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../22567/promotion.html" title="Promotion">Promotion</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../22704/45-promotion-glossary.html" title="4.5 Promotion - Glossary">4.5 Promotion - Glossary</a></li></ul><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../22745/place.html" title="Place">Place</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../23813/45-place-glossary.html" title="4.5 Place - Glossary">4.5 Place - Glossary</a></li></ul></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21774/46-the-extended-marketing-mix-7-ps-hl.html" title="4.6 The extended marketing mix (7 Ps) (HL)">4.6 The extended marketing mix (7 Ps) (HL)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../23814/glossary-the-extended-marketing-mix-hl.html" title="Glossary: The extended marketing mix (HL)">Glossary: The extended marketing mix (HL)</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21772/47-international-marketing-hl-only.html" title="4.7 International marketing (HL only)">4.7 International marketing (HL only)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../23815/glossary-international-marketing-hl.html" title="Glossary: International Marketing (HL)">Glossary: International Marketing (HL)</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21773/48-e-commerce.html" title="4.8 E-commerce">4.8 E-commerce</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../23797/glossary-e-commerce.html" title="Glossary: E-commerce">Glossary: E-commerce</a></li></ul></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../21688/unit-5.html" title="Unit 5">Unit 5</a></li><ul class="level-2 "><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21937/51-the-role-of-operations-management.html" title="5.1 The role of operations management">5.1 The role of operations management</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../24843/glossary.html" title="Glossary">Glossary</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21938/52-production-methods.html" title="5.2 Production methods">5.2 Production methods</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../24848/glossary.html" title="Glossary">Glossary</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21939/53-lean-production-quality-management-hl.html" title="5.3 Lean production & quality management (HL)">5.3 Lean production & quality management (HL)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../24839/glossary-lean-production-and-quality-management.html" title="Glossary: Lean Production and quality management">Glossary: Lean Production and quality management</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21700/54-location.html" title="5.4 Location">5.4 Location</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../24959/glossary.html" title="Glossary">Glossary</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21695/55-production-planning-hl.html" title="5.5 Production planning (HL)">5.5 Production planning (HL)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../25032/glossary-production-planning.html" title="Glossary: Production planning">Glossary: Production planning</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../33222/56-research-development-hl.html" title="5.6 Research & development (HL)">5.6 Research & development (HL)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../34014/glossary-research-development.html" title="Glossary: Research & Development">Glossary: Research & Development</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21941/57-crisis-management-contingency-planning-hl.html" title="5.7 Crisis management & contingency planning (HL)">5.7 Crisis management & contingency planning (HL)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../25042/glossary.html" title="Glossary">Glossary</a></li></ul></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../25115/cuegis.html" title="CUEGIS">CUEGIS</a></li><ul class="level-2 "><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="The 6 CUEGIS concepts">The 6 CUEGIS concepts</a></li><ul class="level-3 "><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="Ethics">Ethics</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../21954/mcdonalds-supersize-me.html" title="McDonald's - Supersize Me">McDonald's - Supersize Me</a></li></ul></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="The CUEGIS essay">The CUEGIS essay</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../22876/planning-your-cuegis-essay.html" title="Planning your CUEGIS essay">Planning your CUEGIS essay</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../33806/paper-2-section-c-questions.html" title="Paper 2 Section C Questions">Paper 2 Section C Questions</a></li></ul></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../33959/the-ia.html" title="The IA">The IA</a></li><ul class="level-2 "><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="HL IA">HL IA</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../22190/35-sample-research-questions-for-the-hl-ia.html" title="35 sample research questions for the HL IA">35 sample research questions for the HL IA</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../22200/hl-ia-student-checklist.html" title="HL IA - Student Checklist">HL IA - Student Checklist</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../33508/ia-hl-poster.html" title="IA HL Poster">IA HL Poster</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="SL IA">SL IA</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../22146/sl-ia-20-sample-titles.html" title="SL IA - 20 Sample Titles">SL IA - 20 Sample Titles</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../38181/faq-about-the-sl-ia.html" title="FAQ about the SL IA">FAQ about the SL IA</a></li></ul></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../22114/exams.html" title="Exams">Exams</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../22115/command-terms.html" title="Command Terms">Command Terms</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../36599/glossary-of-key-terms.html" title="Glossary of key terms">Glossary of key terms</a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../38059/flashcards-revision.html" title="Flashcards - Revision">Flashcards - Revision</a></li><ul class="level-3 "><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../38060/flashcards-revision-unit-1.html" title="Flashcards - Revision (Unit 1)">Flashcards - Revision (Unit 1)</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38056/unit-11-revision-flashcards.html" title="Unit 1.1 Revision Flashcards">Unit 1.1 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38061/unit-12-revision-flashcards.html" title="Unit 1.2 Revision Flashcards">Unit 1.2 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38067/unit-13-revision-flashcards.html" title="Unit 1.3 Revision Flashcards">Unit 1.3 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38092/unit-14-revision-flashcards.html" title="Unit 1.4 Revision Flashcards">Unit 1.4 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38096/unit-15-revision-flashcards.html" title="Unit 1.5 Revision Flashcards">Unit 1.5 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38102/unit-16-revision-flashcards.html" title="Unit 1.6 Revision Flashcards">Unit 1.6 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38103/unit-17-revision-flashcards.html" title="Unit 1.7 Revision Flashcards">Unit 1.7 Revision Flashcards</a></li></ul><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../38114/flashcards-revision-unit-2.html" title="Flashcards - Revision (Unit 2)">Flashcards - Revision (Unit 2)</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38121/unit-21-revision-flashcards.html" title="Unit 2.1 Revision Flashcards">Unit 2.1 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38125/unit-22-revision-flashcards.html" title="Unit 2.2 Revision Flashcards">Unit 2.2 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38126/unit-23-revision-flashcards.html" title="Unit 2.3 Revision Flashcards">Unit 2.3 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38144/unit-24-revision-flashcards.html" title="Unit 2.4 Revision Flashcards">Unit 2.4 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38146/unit-25-revision-flashcards.html" title="Unit 2.5 Revision Flashcards">Unit 2.5 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38147/unit-26-revision-flashcards-hl-only.html" title="Unit 2.6 Revision Flashcards (HL only)">Unit 2.6 Revision Flashcards (HL only)</a></li></ul><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../38149/flashcards-revision-unit-3.html" title="Flashcards - Revision (Unit 3)">Flashcards - Revision (Unit 3)</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38153/unit-31-revision-flashcards.html" title="Unit 3.1 Revision Flashcards">Unit 3.1 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38154/unit-32-revision-flashcards.html" title="Unit 3.2 Revision Flashcards">Unit 3.2 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38182/unit-33-revision-flashcards.html" title="Unit 3.3 Revision Flashcards">Unit 3.3 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38183/unit-34-revision-flashcards.html" title="Unit 3.4 Revision Flashcards">Unit 3.4 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38191/unit-35-revision-flashcards.html" title="Unit 3.5 Revision Flashcards">Unit 3.5 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38192/unit-36-revision-flashcards-hl.html" title="Unit 3.6 Revision Flashcards (HL)">Unit 3.6 Revision Flashcards (HL)</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38193/unit-37-revision-flashcards.html" title="Unit 3.7 Revision Flashcards">Unit 3.7 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38194/unit-38-revision-flashcards.html" title="Unit 3.8 Revision Flashcards">Unit 3.8 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38195/unit-39-revision-flashcards.html" title="Unit 3.9 Revision Flashcards">Unit 3.9 Revision Flashcards</a></li></ul><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../38196/flashcards-revision-unit-4.html" title="Flashcards - Revision (Unit 4)">Flashcards - Revision (Unit 4)</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38198/unit-41-revision-flashcards.html" title="Unit 4.1 Revision Flashcards">Unit 4.1 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38203/unit-42-revision-flashcards.html" title="Unit 4.2 Revision Flashcards">Unit 4.2 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38217/unit-43-revision-flashcards.html" title="Unit 4.3 Revision Flashcards">Unit 4.3 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38218/unit-44-revision-flashcards.html" title="Unit 4.4 Revision Flashcards">Unit 4.4 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38219/unit-45a-product-revision-flashcards.html" title="Unit 4.5a Product Revision Flashcards">Unit 4.5a Product Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38220/unit-45b-price-revision-flashcards.html" title="Unit 4.5b Price Revision Flashcards">Unit 4.5b Price Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38221/unit-45c-promotion-revision-flashcards.html" title="Unit 4.5c Promotion Revision Flashcards">Unit 4.5c Promotion Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38222/unit-45d-promotion-revision-flashcards.html" title="Unit 4.5d Promotion Revision Flashcards">Unit 4.5d Promotion Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38223/unit-46-revision-flashcards-hl.html" title="Unit 4.6 Revision Flashcards (HL)">Unit 4.6 Revision Flashcards (HL)</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38224/unit-47-revision-flashcards-hl.html" title="Unit 4.7 Revision Flashcards (HL)">Unit 4.7 Revision Flashcards (HL)</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38225/unit-48-e-commerce-flashcards.html" title="Unit 4.8 E-commerce Flashcards">Unit 4.8 E-commerce Flashcards</a></li></ul><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../38232/flashcards-revision-unit-5.html" title="Flashcards - Revision (Unit 5)">Flashcards - Revision (Unit 5)</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38233/unit-51-revision-flashcards.html" title="Unit 5.1 Revision Flashcards">Unit 5.1 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38234/unit-52-revision-flashcards.html" title="Unit 5.2 Revision Flashcards">Unit 5.2 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38235/unit-53-revision-flashcards-hl.html" title="Unit 5.3 Revision Flashcards (HL)">Unit 5.3 Revision Flashcards (HL)</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38236/unit-54-revision-flashcards.html" title="Unit 5.4 Revision Flashcards">Unit 5.4 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38237/unit-55-revision-flashcards-hl.html" title="Unit 5.5 Revision Flashcards (HL)">Unit 5.5 Revision Flashcards (HL)</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38238/unit-56-revision-flashcards-hl.html" title="Unit 5.6 Revision Flashcards (HL)">Unit 5.6 Revision Flashcards (HL)</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38239/unit-57-revision-flashcards-hl.html" title="Unit 5.7 Revision Flashcards (HL)">Unit 5.7 Revision Flashcards (HL)</a></li></ul></ul><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../33830/formulae-quiz.html" title="Formulae Quiz">Formulae Quiz</a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="Paper 1 Pre-release case study">Paper 1 Pre-release case study</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../44969/n22-case-study-ele-plc.html" title="N22 Case Study (ELE PLC)">N22 Case Study (ELE PLC)</a></li><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="M22 (Peacewick Uni)">M22 (Peacewick Uni)</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../44106/additional-exam-questions-paper-1.html" title="Additional exam questions (Paper 1)">Additional exam questions (Paper 1)</a></li></ul><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../32840/may-2020-p-s-trawlers.html" title="May 2020 (P&S Trawlers)">May 2020 (P&S Trawlers)</a></li><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="M23 Paper 1">M23 Paper 1</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../47825/paper-1-svt-study-guide-shirin-karimi.html" title="Paper 1 SVT Study Guide (Shirin Karimi)">Paper 1 SVT Study Guide (Shirin Karimi)</a></li></ul></ul><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../26095/exam-study-tips-resources.html" title="Exam & Study tips (resources)">Exam & Study tips (resources)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../31342/revision-exams-top-tips.html" title="Revision & Exams - Top tips">Revision & Exams - Top tips</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../47460/top-tips-for-m23-exams.html" title="Top Tips for M23 Exams">Top Tips for M23 Exams</a></li></ul></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../43522/unit-1-intro-to-bm.html" title="Unit 1 - Intro to BM">Unit 1 - Intro to BM</a></li><ul class="level-1 "><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44034/11-what-is-a-business.html" title="1.1 What is a business?">1.1 What is a business?</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399681.html" title="1.2 Types of business entities">1.2 Types of business entities</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44041/13-business-objectives.html" title="1.3 Business objectives">1.3 Business objectives</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44044/14-stakeholders.html" title="1.4 Stakeholders">1.4 Stakeholders</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44045/15-growth-and-evolution.html" title="1.5 Growth and evolution">1.5 Growth and evolution</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44046/16-multinational-companies.html" title="1.6 Multinational companies">1.6 Multinational companies</a></li></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../43530/unit-2-hrm.html" title="Unit 2 - HRM">Unit 2 - HRM</a></li><ul class="level-1 "><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44253/21-introduction-to-hrm.html" title="2.1 Introduction to HRM">2.1 Introduction to HRM</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44256/role-of-hrm.html" title="Role of HRM">Role of HRM</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44257/factors-that-influence-hr-planning.html" title="Factors that influence HR planning">Factors that influence HR planning</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44282/reasons-for-resistance-to-change.html" title="Reasons for resistance to change">Reasons for resistance to change</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44283/hr-strategies-for-reducing-the-impact-of-change-resistance-to-ch.html" title="HR strategies for reducing the impact of change & resistance to change">HR strategies for reducing the impact of change & resistance to change</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45458/21-true-or-false-quiz.html" title="2.1 True or False quiz">2.1 True or False quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43677/21-glossary-of-key-terms.html" title="2.1 Glossary of key terms">2.1 Glossary of key terms</a></li></ul><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../43875/22-organizational-structure.html" title="2.2 Organizational structure">2.2 Organizational structure</a></li><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44338/23-leadership-and-management.html" title="2.3 Leadership and management">2.3 Leadership and management</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45462/23-true-or-false-quiz.html" title="2.3 True or False Quiz">2.3 True or False Quiz</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../43829/24-motivation-and-demotivation.html" title="2.4 Motivation and demotivation">2.4 Motivation and demotivation</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44371/types-of-training.html" title="Types of training">Types of training</a></li></ul><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44390/25-organizational-corporate-culture-hl.html" title="2.5 Organizational (corporate) culture (HL)">2.5 Organizational (corporate) culture (HL)</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44247/26-communication.html" title="2.6 Communication">2.6 Communication</a></li></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../43545/unit-3-finance.html" title="Unit 3 - Finance">Unit 3 - Finance</a></li><ul class="level-1 "><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44435/31-introduction-to-finance.html" title="3.1 Introduction to finance">3.1 Introduction to finance</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44431/31-introduction-to-finance-role-of-finance.html" title="3.1 Introduction to finance - role of finance">3.1 Introduction to finance - role of finance</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45634/31-glossary-of-key-term.html" title="3.1 Glossary of key term">3.1 Glossary of key term</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44436/32-sources-of-finance.html" title="3.2 Sources of finance">3.2 Sources of finance</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44437/internal-sources-of-finance.html" title="Internal sources of finance">Internal sources of finance</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44450/external-sources-of-finance.html" title="External sources of finance">External sources of finance</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44479/appropriateness-of-sources-of-finance.html" title="Appropriateness of sources of finance">Appropriateness of sources of finance</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45483/32-true-or-false-quiz.html" title="3.2 True or False Quiz">3.2 True or False Quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43688/32-glossary-of-key-terms.html" title="3.2 Glossary of key terms">3.2 Glossary of key terms</a></li></ul><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44486/33-costs-and-revenues.html" title="3.3 Costs and revenues">3.3 Costs and revenues</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44492/34-final-accounts.html" title="3.4 Final accounts">3.4 Final accounts</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44593/35-profitability-liquidity-ratio-analysis.html" title="3.5 Profitability & liquidity ratio analysis">3.5 Profitability & liquidity ratio analysis</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44627/36-efficiency-ratio-analysis-hl-only.html" title="3.6 Efficiency ratio analysis (HL only)">3.6 Efficiency ratio analysis (HL only)</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44493/37-cash-flow.html" title="3.7 Cash flow">3.7 Cash flow</a></li><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44515/38-investment-appraisal.html" title="3.8 Investment appraisal">3.8 Investment appraisal</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44519/net-present-value-npv-hl.html" title="Net present value (NPV) (HL)">Net present value (NPV) (HL)</a></li></ul><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44564/39-budgets-hl.html" title="3.9 Budgets (HL)">3.9 Budgets (HL)</a></li></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../43547/unit-4-marketing.html" title="Unit 4 - Marketing">Unit 4 - Marketing</a></li><ul class="level-1 "><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44637/41-introduction-to-marketing.html" title="4.1 Introduction to marketing">4.1 Introduction to marketing</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../43823/42-marketing-planning.html" title="4.2 Marketing planning">4.2 Marketing planning</a></li><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44660/43-sales-forecasting-hl.html" title="4.3 Sales forecasting (HL)">4.3 Sales forecasting (HL)</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44669/benefits-limitations-of-sales-forecasting.html" title="Benefits & limitations of sales forecasting">Benefits & limitations of sales forecasting</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44679/44-market-research.html" title="4.4 Market research">4.4 Market research</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44680/why-how-organizations-carry-out-market-research.html" title="Why & how organizations carry out market research">Why & how organizations carry out market research</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44720/45-the-seven-ps-of-the-marketing-mix.html" title="4.5 The seven Ps of the marketing mix">4.5 The seven Ps of the marketing mix</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44740/451-product.html" title="4.5.1 Product">4.5.1 Product</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44782/453-promotion.html" title="4.5.3 Promotion">4.5.3 Promotion</a></li></ul><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44697/46-international-marketing-hl.html" title="4.6 International marketing (HL)">4.6 International marketing (HL)</a></li></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../43565/unit-5-operations-mgt.html" title="Unit 5 - Operations Mgt">Unit 5 - Operations Mgt</a></li><ul class="level-1 "><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44817/51-introduction-to-operations-management.html" title="5.1 Introduction to operations management">5.1 Introduction to operations management</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44812/52-operations-methods.html" title="5.2 Operations methods">5.2 Operations methods</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44861/53-lean-production-quality-management-hl.html" title="5.3 Lean production & quality management (HL)">5.3 Lean production & quality management (HL)</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44840/55-break-even-analysis.html" title="5.5 Break-even analysis">5.5 Break-even analysis</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44890/56-production-planning-hl.html" title="5.6 Production planning (HL)">5.6 Production planning (HL)</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../45242/57-crisis-management-contingency-planning-hl.html" title="5.7 Crisis management & contingency planning (HL)">5.7 Crisis management & contingency planning (HL)</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../45669/59-management-information-systems-hl.html" title="5.9 Management Information Systems (HL)">5.9 Management Information Systems (HL)</a></li></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../43603/exams.html" title="Exams">Exams</a></li><ul class="level-1 "><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../43740/command-terms.html" title="Command terms">Command terms</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../45612/glossary-of-key-terms.html" title="Glossary of key terms">Glossary of key terms</a></li></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../33955/the-core.html" title="The Core">The Core</a></li><ul class="level-1 "><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" 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="../32857/ee-planning-form.html" title="EE Planning form">EE Planning form</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../37390/managing-the-ee-process.html" title="Managing the EE process">Managing the EE process</a></li></ul><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../25192/tok-bm.html" title="TOK & BM">TOK & BM</a></li></ul><li class="ancestor parent 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<h1 class="section-title">Unit 1 Key terms - Business organization & environment</h1>
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<h4><span style="font-family:arial,helvetica,sans-serif;">Unit 1 Key terms - Business organization and environment</span></h4><div class="polaroid-left"><span style="font-family:arial,helvetica,sans-serif;"><img alt="" src="../../../ib/businessmanagement/images/bm-unit-1-intro.png" style="width: 150px; height: 121px;"><img alt="" src="../../../ib/businessmanagement/images/bm-unit-1-intro.png" style="width: 150px; height: 121px;"><br><em>Unit 1 - Business organization and environment</em></span></div><p><span style="font-family:arial,helvetica,sans-serif;">It is through the correct use of subject terminology that students show their knowledge and understanding. This unit of the IB Business Management syllabus provides the introductory context to business management.</span></p><p><span style="font-family:arial,helvetica,sans-serif;">Unit 1 examines both the internal and external business environments, using a range of business management tools, theories and techniques. These include types of business organizations, organizational objectives, SWOT analysis, the Ansoff matrix, stakeholder analysis, and HL Only topics such as force field analysis, Gantt charts, and decision trees.</span></p><div class="panel" style="box-shadow: rgba(0, 0, 42, 0.3) 0px 10px 30px -15px; border-color: rgb(61, 30, 128);"><div class="panel-heading" style="background-color: rgb(61, 30, 128);"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><h6><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"></span>Unit 1.1 Key terms - Introduction to business management</span></h6></div></div><div class="panel-body" style="background-color: inherit;"><div><table border="0" cellpadding="0" cellspacing="0"><tbody><tr><td style="width:148px;height:47px;"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Adding value</strong></span></p></td><td style="width:487px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">The process of producing a particular good or service that is worth more than the cost of the resources used to produce it.</span></span></section></td></tr><tr><td style="width:148px;height:47px;"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Business</strong></span></p></td><td style="width:487px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">A decision-making organization established to produce goods and/or provide services.</span></span></section></td></tr><tr><td style="width:148px;height:47px;"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Business plan</strong></span></p></td><td style="width:487px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">An official document with details of an organization and the proposals for reaching its aims and objectives (goals).</span></span></section></td></tr><tr><td style="width:148px;height:47px;"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Entrepreneur</strong></span></p></td><td style="width:487px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">A business-minded person who manages, organizes and plans the production process, taking risks with business decision-making.</span></span></section></td></tr><tr><td style="width:148px;height:47px;"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Entrepreneurship</strong></span></p></td><td style="width:487px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">The knowledge, skills and experiences of individuals who have the capability to manage the overall production process.</span></span></section></td></tr><tr><td style="width:148px;height:47px;"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Factors of production</strong></span></p></td><td style="width:487px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">The collective term for the resources used in the production process, i.e. land, labour, capital and entrepreneurship.</span></span></section></td></tr><tr><td style="width:148px;height:47px;"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Finance and accounts</strong></span></p></td><td style="width:487px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">Function of an organization responsible for ensuring that the business has sufficient funds in order to conduct its daily operations.</span></span></section></td></tr><tr><td style="width:148px;height:47px;"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Goods</strong></span></p></td><td style="width:487px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">Physical products, such as food, clothes, furniture, cars and smartphones.</span></span></section></td></tr><tr><td style="width:148px;height:47px;"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Human resources (HR)</strong></span></p></td><td style="width:487px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">The function that handles all aspects relate to the workforce, involving all aspects of business operations related to staff (personnel) within an organization.</span></span></section></td></tr><tr><td style="width:148px;height:47px;"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Intrapreneurship</strong></span></p></td><td style="width:487px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">Describes the traits of individuals who work for an organization (so are not self-employed) but act as entrepreneurs.</span></span></section></td></tr><tr><td style="width:148px;height:47px;"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Marketing</strong></span></p></td><td style="width:487px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">Function of identifying the needs and wants of customers so that the business can provide goods and services to meet these requirements and desires, usually in a profitable way.</span></span></section></td></tr><tr><td style="width:148px;height:47px;"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Operations (or operations management)</strong></span></p></td><td style="width:487px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">The process of making goods and providing services from the available resources of a business to meet the needs and wants of its customers.</span></span></section></td></tr><tr><td style="width:148px;height:47px;"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Primary sector</strong></span></p></td><td style="width:487px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">Business activity involved with the extraction of natural resources, e.g. fishing, mining and agriculture.</span></span></section></td></tr><tr><td style="width:148px;height:47px;"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Production</strong></span></p></td><td style="width:487px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">The process of creating goods and/or services using the factors of production available to the business.</span></span></section></td></tr><tr><td style="width:148px;height:47px;"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Quaternary sector</strong></span></p></td><td style="width:487px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">Business activity involving the creation or sharing of knowledge and information.</span></span></section></td></tr><tr><td style="width:148px;height:47px;"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Secondary sector</strong></span></p></td><td style="width:487px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">Business activity involved with the manufacturing or construction of finished products.</span></span></section></td></tr><tr><td style="width:148px;height:47px;"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Services</strong></span></p></td><td style="width:487px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">Intangible products, such as haircuts, tourism, public transport, banking, insurance education, and healthcare.</span></span></section></td></tr><tr><td style="width:148px;height:47px;"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Tertiary sector</strong></span></p></td><td style="width:487px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">Business activity that involves providing services to customers, i.e. consumers and business clients.</span></span></section></td></tr><tr><td style="width:148px;height:47px;"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Value added</strong></span></p></td><td style="width:487px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">The numerical difference between the cost of factor inputs in the production process and the price that the final output is sold for.</span></span></section></td></tr></tbody></table></div></div><div class="panel-footer" style="background-color: rgba(61, 30, 128, 0.1);"><div><p>text</p></div></div></div><div class="panel" style="box-shadow: rgba(0, 0, 42, 0.3) 0px 10px 30px -15px; border-color: rgb(61, 30, 128);"><div class="panel-heading" style="background-color: rgb(61, 30, 128);"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><h6><span style="font-family:arial,helvetica,sans-serif;">Unit 1.2 Key terms - Types of business organizations</span></h6></div></div><div class="panel-body" style="background-color: inherit;"><div><table border="1" cellpadding="0" cellspacing="0"><tbody><tr><td style="width:143px;height:47px;"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Charities</strong></span></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">These are altruistic organizations that operate predominantly in the private sector with the goal of promoting a worthwhile social cause.</span></span></section></td></tr><tr><td style="width:143px;height:47px;"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Companies (corporations)</strong></span></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">This refers to any business organisation that is owned by its shareholders, who have limited liability.</span></span></section></td></tr><tr><td style="width:143px;height:68px;"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Cooperatives</strong></span></p></td><td style="width:491px;height:68px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">These are for-profit social enterprises owned and run by their members (usually employees, managers or customers). Their primary goal is to create value for their member-owners.</span></span></section></td></tr><tr><td style="width:143px;height:75px;"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Deed of Partnership</strong></span></p></td><td style="width:491px;height:75px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">A legally binding contract that all joint owners of a partnership sign, stating the purpose of the business, the formal rights of the partners, and how any profits should be split.</span></span></section></td></tr><tr><td style="width:143px;height:66px;"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Limited liability</strong></span></p></td><td style="width:491px;height:66px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">This legal status of a business enables its shareholders (business owners) not to be liable for more than the original amount of money invested in the business.</span></span></section></td></tr><tr><td style="width:143px;height:95px;"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Limited partnership</strong></span></p></td><td style="width:491px;height:95px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">This is a special type of partnership where some partners contribute capital and enjoy a share of the profits but do not participate in the running of the business. At least one partner must still have unlimited liability.</span></span></section></td></tr><tr><td style="width:143px;height:68px;"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Microfinance providers</strong></span></p></td><td style="width:491px;height:68px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">Financial organizations that advance very small amounts of money to entrepreneurs of small businesses, especially females and those on low incomes.</span></span></section></td></tr><tr><td style="width:143px;height:47px;"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Non-governmental organizations (NGOs)</strong></span></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">A type of non-profit organization (NPO) operating in the private sector of the economy for the benefit of others in society (rather than for shareholders).</span></span></section></td></tr><tr><td style="width:143px;height:71px;"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Partnership</strong></span></p></td><td style="width:491px;height:71px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">A business alliance consisting of between 2 and 20 individual owners who are jointly responsible for the business (although this number can vary between countries).</span></span></section></td></tr><tr><td style="width:143px;height:69px;"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Private sector</strong></span></p></td><td style="width:491px;height:69px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">This section of the economy is made up of businesses that are owned by individuals or groups of individuals, rather than by the government.</span></span></section></td></tr><tr><td style="width:143px;height:71px;"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Public limited company (PLC)</strong></span></p></td><td style="width:491px;height:71px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">A joint-stock company owned by shareholders. The shares in a PLC can be bought and sold by the general public, without prior approval of existing owners.</span></span></section></td></tr><tr><td style="width:143px;height:75px;"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Public-private partnerships</strong></span></p></td><td style="width:491px;height:75px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">These are organizations jointly stablished by the government and a private sector business(es) in order to provide certain goods or services.</span></span></section></td></tr><tr><td style="width:143px;height:71px;"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Public sector</strong></span></p></td><td style="width:491px;height:71px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">Businesses in this section of the economy are run and owned by the government in order to provide essential services for society as a whole, e.g. education and healthcare services.</span></span></section></td></tr><tr><td style="width:143px;height:47px;"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Sleeping partner</strong></span></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">Also known as a <strong>silent partner</strong>, this is an investor in a partnership but who does not get involved in the daily running and management of the organization.</span></span></section></td></tr><tr><td style="width:143px;height:84px;"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Social enterprises</strong></span></p></td><td style="width:491px;height:84px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">These organizations are revenue-generating businesses with community (social) objectives at the core of their operations in order to benefit the general public, rather than private shareholders.</span></span></section></td></tr><tr><td style="width:143px;height:47px;"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Sole trader (sole proprietor)</strong></span></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">An organization which is owned by a single entrepreneur who has exclusive responsibility for the running of the business.</span></span></section></td></tr><tr><td style="width:143px;height:56px;"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Stock exchange</strong></span></p></td><td style="width:491px;height:56px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">This is any marketplace where the general public and other companies can buy and/or sell shares.</span></span></section></td></tr><tr><td style="width:143px;height:66px;"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Unlimited liability</strong></span></p></td><td style="width:491px;height:66px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">This means the owner(s) of a business (such as a sole trader or partner) is personally liable for any business debts, even if this requires the debts to be settled by selling off personal assets.</span></span></section></td></tr></tbody></table></div></div><div class="panel-footer" style="background-color: rgba(61, 30, 128, 0.1);"><div><p>text</p></div></div></div><div class="panel" style="box-shadow: rgba(0, 0, 42, 0.3) 0px 10px 30px -15px; border-color: rgb(61, 30, 128);"><div class="panel-heading" style="background-color: rgb(61, 30, 128);"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><h6><span style="font-family:arial,helvetica,sans-serif;">Unit 1.3 Key terms - Organizational objectives</span></h6></div></div><div class="panel-body" style="background-color: inherit;"><div><table border="1" cellpadding="0" cellspacing="0"><tbody><tr><td style="width:143px;height:47px;"><p><strong>Aims</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">These are the long-term aspirations of an organization.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Ansoff Matrix</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">This is a strategic management tool, used to devise product and market growth strategies for an organization.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Corporate social responsibility (CSR)</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">This is an organization’s decisions and actions that impact society in a positive way.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Diversification</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">A growth strategy in the Ansoff matrix, which involves a business launching new products in new markets, such as Honda (motor vehicles) manufacturing lawnmowers and jet planes.</span></section></td></tr><tr><td style="width:143px;height:47px;"><strong>Ethical objectives</strong></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">Organizational goals based on moral guidelines that determine decision-making.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Ethics</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">These are moral guidelines or codes of practice which govern good organizational behaviour.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Market development</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">A growth strategy in the Ansoff matrix which focuses on using customer loyalty to persuade them (and prospective customers) to buy a new product.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Market penetration</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">A growth strategy in the Ansoff matrix that focuses on developing existing markets with existing products to increase sales revenue and market share.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Mission statement</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">A succinct and motivating declaration of an organization’s purpose of existence, who they are, and what they do.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Objectives</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">These are the clearly defined targets of a business in order to achieve its aims. They are often based on the SMART acronym – specific, measurable, agreed, realistic and time specific. </span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Product development</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">This growth strategy in the Ansoff matrix that involves introducing new products to existing customers by developing or replacing current products.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>SMART objectives</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">Peter Drucker’s framework for setting organization objectives, which should be <strong>s</strong>pecific, <strong>m</strong>easurable, <strong>a</strong>greed (or achievable), <strong>r</strong>ealistic (or relevant), and <strong>t</strong>ime bound.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Strategy</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">Strategies are the ways in which a business plans to reach its long-term organizational aims.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>SWOT analysis</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">A strategic analysis tool that allows managers to assess the current situation facing an organization, including both internal factors and the external business environments.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Tactic</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">The short-term methods, often on a daily basis, used to implement business strategy.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Vision statement</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">An inspiring declaration of what an organization ultimately strives to be, or to achieve, in the distant future.</span></section></td></tr></tbody></table></div></div><div class="panel-footer" style="background-color: rgba(61, 30, 128, 0.1);"><div><p>text</p></div></div></div><div class="panel" style="box-shadow: rgba(0, 0, 42, 0.3) 0px 10px 30px -15px; border-color: rgb(61, 30, 128);"><div class="panel-heading" style="background-color: rgb(61, 30, 128);"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><h6><span style="font-family:arial,helvetica,sans-serif;">Unit 1.4 Key terms - Stakeholders</span></h6></div></div><div class="panel-body" style="background-color: inherit;"><div><table border="1" cellpadding="0" cellspacing="0"><tbody><tr><td style="width:143px;height:47px;"><p><strong>Arbitration</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">Method of stakeholder conflict resolution with all stakeholder groups in conflict agreeing to accept the decision or judgment of the independent arbitrator.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Competitors</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">These are the firm’s rivals, which operate in the same industry and contest for the same customers.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Conciliation</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">Method of stakeholder conflict resolution which aims to align the incompatible interests of different stakeholder groups by helping different parties to better understand each other’s interests.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Conflict</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">This refers to the mutually exclusive and incompatible interests of different stakeholder groups. If this is not managed, it often leads to protracted disagreements, disputes and arguments in the workplace.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Customers</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">These are the firm’s clients, individuals and other businesses, who purchase the organization’s goods and/or services. Their interests include competitive prices, fit-for-purpose products and overall value for money.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Directors</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">The group of senior managers who run a company on behalf of the owners of the company.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Employees</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">These are the workers within an organization. Their interests include: job security, a competitive remuneration package, a safe working environment, and opportunities for career development.</span></section><p><span style="color:#FF0000;"></span></p></td></tr><tr><td style="width:143px;height:47px;"><p><strong>External stakeholders</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">Stakeholder groups that are not directly involved in the running of an organization but have a direct interest in its operations.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Financiers</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">Financial institutions (such as banks) and individual investors who provide source of finance for businesses. They are interested in the organization’s ability to generate profits and to repay debts.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Internal stakeholders</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">These stakeholders are part of the organization, such as employees, managers, directors, and shareholders.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Local community</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">The general public and local businesses that have a direct interest in the activities of the organization. They are interested in the firm’s ability to create jobs and to operate in a socially responsible way.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Managers</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">The people hired to be responsible for overseeing certain functions, operations or departments within an organization.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Pressure groups</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">Individuals who come together or organizations that are set up for a common concern. They aim to influence government and public opinion in order to create the desired social change.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Shareholders</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">The people or organizations that have shares in a company. Their interest is financial, i.e. regular dividends and a higher share price.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Stakeholders</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">The individuals, organizations or groups with a vested interest in the actions and outcomes of a specific organization. They are directly affected by the performance of the business.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Suppliers</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">Organizations that provide the goods and support services for other businesses. Their interests include receiving regular orders and receiving payments from their business customers on time.</span></section></td></tr></tbody></table></div></div><div class="panel-footer" style="background-color: rgba(61, 30, 128, 0.1);"><div><p>text</p></div></div></div><div class="panel" style="box-shadow: rgba(0, 0, 42, 0.3) 0px 10px 30px -15px; border-color: rgb(61, 30, 128);"><div class="panel-heading" style="background-color: rgb(61, 30, 128);"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><h6><span style="font-family:arial,helvetica,sans-serif;">Unit 1.5 Key terms - External environment</span></h6></div></div><div class="panel-body" style="background-color: inherit;"><div><table border="1" cellpadding="0" cellspacing="0"><tbody><tr><td style="width:143px;height:47px;"><p><strong>Business cycle</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">Describes the regular fluctuations in the level of economic activity in an economy, over time.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Direct tax</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">A category of tax, imposed on the income, wealth or profit of an individual or organization. Examples include income tax (imposed on wages and salaries, for example) and corporate tax (imposed on the profits of businesses).</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Economic growth</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">Stage / phase in the business cycle when the value of a country’s output of goods and services (Gross Domestic Product) increases.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Environmental factors</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">Ecological influences which have a direct impact on the operations of a business, such as adverse weather, climate change and green technologies.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Ethical factors</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">External influences concerned with the moral values and beliefs that apply to businesses and how they operate.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>External business environment</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">The framework of factors that are beyond the control of any individual organization, but which affect all businesses and their operations in the economy.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Indirect tax</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">A category of tax, applicable on the sale of goods and services, such as value added tax (VAT), goods and services tax (GST) and excise duties.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Political factors</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><p><span style="color:#FF0000;">Influences from the role that governments play in business operations, e.g. tax laws and rules or restrictions on international trade.</span></p></section></td></tr><tr><td style="width:143px;height:47px;"><strong>Quota</strong></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"> A quantitative restriction on imports. As a form of trade restriction, it is used to limit the number of a particular product that can be imported into the country.</span></section></td></tr><tr><td style="width:143px;height:47px;"><strong>Recession</strong></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">Phase in the business cycle that occurs when there is a decline in the level of economic activity (GDP) for at least half a year.</span></section></td></tr><tr><td style="width:143px;height:47px;"><strong>Social factors</strong></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">Influences related to people, their lifestyles and their beliefs (or values).</span></section></td></tr><tr><td style="width:143px;height:47px;"><strong>STEEPLE analysis</strong></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><p><span style="color:#FF0000;"> </span><br><span style="color:#FF0000;">A management tool used to analyse the factors in the external business environment that impact on business operations, i.e. social, technological, economic, ethical, political, legal, and environmental factors.</span></p></section></td></tr><tr><td style="width:143px;height:47px;"><strong>Tariff</strong></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><p><span style="color:#FF0000;">An import tax placed on certain goods coming into the country from overseas. As a form of trade restriction, it raises the price of the imported product, thereby making this less attractive and giving domestic producers a relative competitive advantage.</span></p></section></td></tr></tbody></table></div></div><div class="panel-footer" style="background-color: rgba(61, 30, 128, 0.1);"><div><p>text</p></div></div></div><div class="panel" style="box-shadow: rgba(0, 0, 42, 0.3) 0px 10px 30px -15px; border-color: rgb(61, 30, 128);"><div class="panel-heading" style="background-color: rgb(61, 30, 128);"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><h6><span style="font-family:arial,helvetica,sans-serif;">Unit 1.6 Key terms - Growth and evolution</span></h6></div></div><div class="panel-body" style="background-color: inherit;"><div><table align="center" border="0" cellpadding="0" cellspacing="0"><tbody><tr><td style="width:143px;height:69px;"><p><strong>Acquisition</strong></p></td><td style="width:491px;height:69px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">Also called a<strong> takeover</strong>, this method of external growth involves one company buying a controlling interest (majority stake) in another company.</span></section></td></tr><tr><td style="width:143px;height:56px;"><p><strong>Backwards vertical M&A</strong></p></td><td style="width:491px;height:56px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">Also referred to as <strong>backward vertical integration</strong>, this growth strategy occurs when a purchasing company buys another company further away from the consumer in the chain of production.</span></section></td></tr><tr><td style="width:143px;height:65px;"><p><strong>Conglomerate M&A</strong></p></td><td style="width:491px;height:65px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">Also known as <strong>diversification</strong>, this form of external growth occurs when two businesses in unrelated industries integrate through a merger or acquisition.</span></section></td></tr><tr><td style="width:143px;height:88px;"><p><strong>Diseconomies of scale</strong></p></td><td style="width:491px;height:88px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">Growth that is excessive results in inefficiencies and higher average costs of production, perhaps due to problems such as miscommunication, misunderstandings and poor management of resources.</span></section></td></tr><tr><td style="width:143px;height:69px;"><p><strong>Economies of scale</strong></p></td><td style="width:491px;height:69px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">These are cost-saving benefits enjoyed by a business as it increases the size of its operations, i.e. lower average costs (the cost per unit).</span></section></td></tr><tr><td style="width:143px;height:62px;"><p><strong>External economies of scale</strong></p></td><td style="width:491px;height:62px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">Category of economies of scale that occurs when a firm’s average cost of production falls as the industry grows, i.e. <em>all</em> firms in the industry benefit.</span></section></td></tr><tr><td style="width:143px;height:65px;"><p><strong>External growth</strong></p></td><td style="width:491px;height:65px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">Also known as <strong>inorganic growth</strong>, this takes place when an organization requires the support of a partner organizations for its growth.</span></section></td></tr><tr><td style="width:143px;height:43px;"><p><strong>Financial economies of scale</strong></p></td><td style="width:491px;height:43px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">Banks and other lenders charge lower interest to larger businesses for overdrafts, loans and mortgages as they represent lower risk.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Forward vertical M&A</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">Also referred to as <strong>forward vertical integration</strong>, this growth strategy occurs when one business buys another firm that is closer to the consumer in the chain of production.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Franchise</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">This hybrid growth strategy involves the right to trade using another company’s products, brand name and corporate logo.</span></section></td></tr><tr><td style="width:143px;height:65px;"><p><strong>Franchising</strong></p></td><td style="width:491px;height:65px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">A growth method that involves two parties, with the franchisor giving the legal rights to a franchisee to buy, own and sell goods and services using the franchisor’s brand.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Globalization</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">Refers to the process of greater integration and interdependence of businesses and economies throughout the world.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Horizontal M&A</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">Also known as <strong>horizontal integration</strong>, this growth strategfy occurs when a merger or acquisition occurs between two companies operating within the same industry (i.e. they are rivals).</span></section></td></tr><tr><td style="width:143px;height:67px;"><p><strong>Internal economies of scale</strong></p></td><td style="width:491px;height:67px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">Category of economies of scale that occurs for and within a particular organization (rather than the industry in which it operates) as it grows in size.</span></section></td></tr><tr><td style="width:143px;height:52px;"><p><strong>Internal growth</strong></p></td><td style="width:491px;height:52px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">Also known as <strong>organic growth</strong>, this takes place when an organization expands without the help of an external partner firm.</span></section></td></tr><tr><td style="width:143px;height:63px;"><p><strong>Joint venture</strong></p></td><td style="width:491px;height:63px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">An external growth method that involves two or more organizations agreeing to create a new business entity, usually for a finite period of time.</span></section></td></tr><tr><td style="width:143px;height:63px;"><p><strong>Managerial economies of scale</strong></p></td><td style="width:491px;height:63px;"><section class="tib-hiddenbox"><p><span style="color:#FF0000;">Larger businesses can afford to hire specialist functional managers, thus improving the organization’s efficiency and productivity.</span></p></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Marketing economies of scale</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">Larger businesses can spread their fixed costs of marketing by promoting and advertising a greater range of brands and products.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Merger</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">This form of external growth involves two or more companies agreeing to form a single, larger company thereby benefiting from operating on a larger scale.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Multinational company</strong> (MNC)</p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">A business that operates in two or more countries, or is legally registered in more than one country.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Optimal output level</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">The level of output where the average cost of production is at its lowest value, so at this level of output, profit is maximised.</span></section></td></tr><tr><td style="width:143px;height:61px;"><p><strong>Purchasing economies of scale</strong></p></td><td style="width:491px;height:61px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">Larger firms can gain huge cost savings by buying vast quantities of stocks (raw materials, components, semi-finished goods and finished goods).</span></section></td></tr><tr><td style="width:143px;height:62px;"><p><strong>Risk bearing economies of scale</strong></p></td><td style="width:491px;height:62px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">Large businesses can bear greater risks than smaller ones due to a greater product portfolio. Hence, inefficiencies will harm smaller firms to a greater extent.</span></section></td></tr><tr><td style="width:143px;height:62px;"><p><strong>Specialization economies of scale</strong></p></td><td style="width:491px;height:62px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">Larger firms can afford to hire and train specialist workers, thus helping to boost output, productivity and efficiency (thereby cutting average costs of production).</span></section></td></tr><tr><td style="width:143px;height:62px;"><p><strong>Strategic alliances</strong></p></td><td style="width:491px;height:62px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">These are formed when two or more organizations join together to benefit from external growth <em>without</em> having to set up a new separate legal entity.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Technical economies of scale</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">Cost savings by greater use of large-scale mechanical processes and specialist machinery, such as mass production techniques.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Vertical M&A</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">Also known as <strong>vertical integration</strong>, this growth strategy occurs when an acquisition or takeover occurs between two companies operating in different industries.</span></section></td></tr></tbody></table></div></div><div class="panel-footer" style="background-color: rgba(61, 30, 128, 0.1);"><div><p>text</p></div></div></div><div class="panel" style="box-shadow: rgba(0, 0, 42, 0.3) 0px 10px 30px -15px; border-color: rgb(61, 30, 128);"><div class="panel-heading" style="background-color: rgb(61, 30, 128);"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><h6><span style="font-family:arial,helvetica,sans-serif;">Unit 1.7 Key terms - Organizational planning tools (HL Only)</span></h6></div></div><div class="panel-body" style="background-color: inherit;"><div><table border="1" cellpadding="0" cellspacing="0"><tbody><tr><td style="width:143px;height:47px;"><p><strong>Chance node</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">Shown as circles on a decision tree diagram, this represents the probable outcome of different decisions.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Decision node</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">Shown as squares on a decision tree diagram, this refers to a decision that needs to be made.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Decision trees</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">A visual management tool, illustrating the likely outcomes arising from various decisions that an organization can pursue.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Driving forces</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">These are the factors that push for or support change in a business organization.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Fishbone diagram</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">Also known as the cause and effect diagram, this visual tool is used to determine the root cause(s) of a particular problem or issue.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Force field analysis</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">A decision making tool used to identify and weigh up the driving forces for and the restraining forces against change.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Gantt charts</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">A visual organizational tool used to show the sequencing and timing of different tasks in a business project.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Restraining forces</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">These are the are the factors that act against or obstruct change in a business organization.</span></section></td></tr></tbody></table></div></div><div class="panel-footer" style="background-color: rgba(61, 30, 128, 0.1);"><div><p>text</p></div></div></div><hr class="hidden"><p>Click the link here to access resources for<span style="font-family:arial,helvetica,sans-serif;"> the <a href="../21706/unit-1.html" title="Unit 1">Unit 1</a> homepage.</span></p><hr class="hidden"><p>Click the link here to return to the <a href="../33511/key-terms-index.html">Key Terms Index</a> page.</p><p><a href="../../index.htm"><img alt="" src="../../../ib/businessmanagement/logo-blue-black-1.png" style="width: 170px; 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