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href="../22093/glossary-break-even-analysis.html" title="Glossary: Break-even analysis">Glossary: Break-even analysis</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21747/34-final-accounts.html" title="3.4 Final accounts">3.4 Final accounts</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../31367/glossary-final-accounts.html" title="Glossary: Final accounts">Glossary: Final accounts</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21748/35-profitability-and-liquidity-ratio-analysis.html" title="3.5 Profitability and liquidity ratio analysis">3.5 Profitability and liquidity ratio analysis</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../25111/glossary-profitability-and-liquidity-ratio-analysis.html" title="Glossary: Profitability and liquidity ratio analysis">Glossary: Profitability and liquidity ratio analysis</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21749/36-efficiency-ratio-analysis-hl-only.html" title="3.6 Efficiency ratio analysis (HL only)">3.6 Efficiency ratio analysis (HL only)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../25114/glossary-efficiency-ratios.html" title="Glossary: Efficiency ratios">Glossary: Efficiency ratios</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21750/37-cash-flow.html" title="3.7 Cash flow">3.7 Cash flow</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../25118/cash-flow-forecasts.html" title="Cash flow forecasts">Cash flow forecasts</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../31376/glossary-cash-flow.html" title="Glossary: Cash flow">Glossary: Cash flow</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21751/38-investment-appraisal.html" title="3.8 Investment appraisal">3.8 Investment appraisal</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../31377/glossary-investment-appraisal-.html" title="Glossary: Investment appraisal ">Glossary: Investment appraisal </a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21752/39-budgets-hl-only.html" title="3.9 Budgets (HL only)">3.9 Budgets (HL only)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../31378/39-budgets-hl-only-glossary.html" title="3.9 Budgets (HL Only) Glossary">3.9 Budgets (HL Only) Glossary</a></li></ul></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../21684/unit-4.html" title="Unit 4">Unit 4</a></li><ul class="level-2 "><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21767/41-the-role-of-marketing.html" title="4.1 The role of marketing">4.1 The role of marketing</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../25618/glossary-the-role-of-marketing.html" title="Glossary: The role of marketing">Glossary: The role of marketing</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21768/42-marketing-planning.html" title="4.2 Marketing planning">4.2 Marketing planning</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../28328/glossary-marketing-planning.html" title="Glossary: Marketing planning">Glossary: Marketing planning</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21769/43-sales-forecasting-hl-only.html" title="4.3 Sales forecasting (HL only)">4.3 Sales forecasting (HL only)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../25713/glossary-sales-forecasting.html" title="Glossary: Sales forecasting">Glossary: Sales forecasting</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21713/44-market-research.html" title="4.4 Market research">4.4 Market research</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../25208/glossary-market-research.html" title="Glossary: Market research">Glossary: Market research</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21770/45-the-four-ps.html" title="4.5 The four Ps">4.5 The four Ps</a></li><ul class="level-3 "><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="Product">Product</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../22627/glossary-product.html" title="Glossary: Product">Glossary: Product</a></li></ul><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../22525/price.html" title="Price">Price</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../22548/glossary-price.html" title="Glossary: Price">Glossary: Price</a></li></ul><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../22567/promotion.html" title="Promotion">Promotion</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../22704/45-promotion-glossary.html" title="4.5 Promotion - Glossary">4.5 Promotion - Glossary</a></li></ul><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../22745/place.html" title="Place">Place</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../23813/45-place-glossary.html" title="4.5 Place - Glossary">4.5 Place - Glossary</a></li></ul></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21774/46-the-extended-marketing-mix-7-ps-hl.html" title="4.6 The extended marketing mix (7 Ps) (HL)">4.6 The extended marketing mix (7 Ps) (HL)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../23814/glossary-the-extended-marketing-mix-hl.html" title="Glossary: The extended marketing mix (HL)">Glossary: The extended marketing mix (HL)</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21772/47-international-marketing-hl-only.html" title="4.7 International marketing (HL only)">4.7 International marketing (HL only)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../23815/glossary-international-marketing-hl.html" title="Glossary: International Marketing (HL)">Glossary: International Marketing (HL)</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21773/48-e-commerce.html" title="4.8 E-commerce">4.8 E-commerce</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../23797/glossary-e-commerce.html" title="Glossary: E-commerce">Glossary: E-commerce</a></li></ul></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../21688/unit-5.html" title="Unit 5">Unit 5</a></li><ul class="level-2 "><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21937/51-the-role-of-operations-management.html" title="5.1 The role of operations management">5.1 The role of operations management</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../24843/glossary.html" title="Glossary">Glossary</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21938/52-production-methods.html" title="5.2 Production methods">5.2 Production methods</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../24848/glossary.html" title="Glossary">Glossary</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21939/53-lean-production-quality-management-hl.html" title="5.3 Lean production & quality management (HL)">5.3 Lean production & quality management (HL)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../24839/glossary-lean-production-and-quality-management.html" title="Glossary: Lean Production and quality management">Glossary: Lean Production and quality management</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21700/54-location.html" title="5.4 Location">5.4 Location</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../24959/glossary.html" title="Glossary">Glossary</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21695/55-production-planning-hl.html" title="5.5 Production planning (HL)">5.5 Production planning (HL)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../25032/glossary-production-planning.html" title="Glossary: Production planning">Glossary: Production planning</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../33222/56-research-development-hl.html" title="5.6 Research & development (HL)">5.6 Research & development (HL)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../34014/glossary-research-development.html" title="Glossary: Research & Development">Glossary: Research & Development</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21941/57-crisis-management-contingency-planning-hl.html" title="5.7 Crisis management & contingency planning (HL)">5.7 Crisis management & contingency planning (HL)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../25042/glossary.html" title="Glossary">Glossary</a></li></ul></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../25115/cuegis.html" title="CUEGIS">CUEGIS</a></li><ul class="level-2 "><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="The 6 CUEGIS concepts">The 6 CUEGIS concepts</a></li><ul class="level-3 "><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="Ethics">Ethics</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../21954/mcdonalds-supersize-me.html" title="McDonald's - Supersize Me">McDonald's - Supersize Me</a></li></ul></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="The CUEGIS essay">The CUEGIS essay</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../22876/planning-your-cuegis-essay.html" title="Planning your CUEGIS essay">Planning your CUEGIS essay</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../33806/paper-2-section-c-questions.html" title="Paper 2 Section C Questions">Paper 2 Section C Questions</a></li></ul></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../33959/the-ia.html" title="The IA">The IA</a></li><ul class="level-2 "><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="HL IA">HL IA</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../22190/35-sample-research-questions-for-the-hl-ia.html" title="35 sample research questions for the HL IA">35 sample research questions for the HL IA</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../22200/hl-ia-student-checklist.html" title="HL IA - Student Checklist">HL IA - Student Checklist</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../33508/ia-hl-poster.html" title="IA HL Poster">IA HL Poster</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="SL IA">SL IA</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../22146/sl-ia-20-sample-titles.html" title="SL IA - 20 Sample Titles">SL IA - 20 Sample Titles</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../38181/faq-about-the-sl-ia.html" title="FAQ about the SL IA">FAQ about the SL IA</a></li></ul></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../22114/exams.html" title="Exams">Exams</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../22115/command-terms.html" title="Command Terms">Command Terms</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../36599/glossary-of-key-terms.html" title="Glossary of key terms">Glossary of key terms</a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../38059/flashcards-revision.html" title="Flashcards - Revision">Flashcards - Revision</a></li><ul class="level-3 "><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../38060/flashcards-revision-unit-1.html" title="Flashcards - Revision (Unit 1)">Flashcards - Revision (Unit 1)</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38056/unit-11-revision-flashcards.html" title="Unit 1.1 Revision Flashcards">Unit 1.1 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38061/unit-12-revision-flashcards.html" title="Unit 1.2 Revision Flashcards">Unit 1.2 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38067/unit-13-revision-flashcards.html" title="Unit 1.3 Revision Flashcards">Unit 1.3 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38092/unit-14-revision-flashcards.html" title="Unit 1.4 Revision Flashcards">Unit 1.4 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38096/unit-15-revision-flashcards.html" title="Unit 1.5 Revision Flashcards">Unit 1.5 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38102/unit-16-revision-flashcards.html" title="Unit 1.6 Revision Flashcards">Unit 1.6 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38103/unit-17-revision-flashcards.html" title="Unit 1.7 Revision Flashcards">Unit 1.7 Revision Flashcards</a></li></ul><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../38114/flashcards-revision-unit-2.html" title="Flashcards - Revision (Unit 2)">Flashcards - Revision (Unit 2)</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38121/unit-21-revision-flashcards.html" title="Unit 2.1 Revision Flashcards">Unit 2.1 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38125/unit-22-revision-flashcards.html" title="Unit 2.2 Revision Flashcards">Unit 2.2 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38126/unit-23-revision-flashcards.html" title="Unit 2.3 Revision Flashcards">Unit 2.3 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38144/unit-24-revision-flashcards.html" title="Unit 2.4 Revision Flashcards">Unit 2.4 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38146/unit-25-revision-flashcards.html" title="Unit 2.5 Revision Flashcards">Unit 2.5 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38147/unit-26-revision-flashcards-hl-only.html" title="Unit 2.6 Revision Flashcards (HL only)">Unit 2.6 Revision Flashcards (HL only)</a></li></ul><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../38149/flashcards-revision-unit-3.html" title="Flashcards - Revision (Unit 3)">Flashcards - Revision (Unit 3)</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38153/unit-31-revision-flashcards.html" title="Unit 3.1 Revision Flashcards">Unit 3.1 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38154/unit-32-revision-flashcards.html" title="Unit 3.2 Revision Flashcards">Unit 3.2 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38182/unit-33-revision-flashcards.html" title="Unit 3.3 Revision Flashcards">Unit 3.3 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38183/unit-34-revision-flashcards.html" title="Unit 3.4 Revision Flashcards">Unit 3.4 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38191/unit-35-revision-flashcards.html" title="Unit 3.5 Revision Flashcards">Unit 3.5 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38192/unit-36-revision-flashcards-hl.html" title="Unit 3.6 Revision Flashcards (HL)">Unit 3.6 Revision Flashcards (HL)</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38193/unit-37-revision-flashcards.html" title="Unit 3.7 Revision Flashcards">Unit 3.7 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38194/unit-38-revision-flashcards.html" title="Unit 3.8 Revision Flashcards">Unit 3.8 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38195/unit-39-revision-flashcards.html" title="Unit 3.9 Revision Flashcards">Unit 3.9 Revision Flashcards</a></li></ul><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../38196/flashcards-revision-unit-4.html" title="Flashcards - Revision (Unit 4)">Flashcards - Revision (Unit 4)</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38198/unit-41-revision-flashcards.html" title="Unit 4.1 Revision Flashcards">Unit 4.1 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38203/unit-42-revision-flashcards.html" title="Unit 4.2 Revision Flashcards">Unit 4.2 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38217/unit-43-revision-flashcards.html" title="Unit 4.3 Revision Flashcards">Unit 4.3 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38218/unit-44-revision-flashcards.html" title="Unit 4.4 Revision Flashcards">Unit 4.4 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38219/unit-45a-product-revision-flashcards.html" title="Unit 4.5a Product Revision Flashcards">Unit 4.5a Product Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38220/unit-45b-price-revision-flashcards.html" title="Unit 4.5b Price Revision Flashcards">Unit 4.5b Price Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38221/unit-45c-promotion-revision-flashcards.html" title="Unit 4.5c Promotion Revision Flashcards">Unit 4.5c Promotion Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38222/unit-45d-promotion-revision-flashcards.html" title="Unit 4.5d Promotion Revision Flashcards">Unit 4.5d Promotion Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38223/unit-46-revision-flashcards-hl.html" title="Unit 4.6 Revision Flashcards (HL)">Unit 4.6 Revision Flashcards (HL)</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38224/unit-47-revision-flashcards-hl.html" title="Unit 4.7 Revision Flashcards (HL)">Unit 4.7 Revision Flashcards (HL)</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38225/unit-48-e-commerce-flashcards.html" title="Unit 4.8 E-commerce Flashcards">Unit 4.8 E-commerce Flashcards</a></li></ul><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../38232/flashcards-revision-unit-5.html" title="Flashcards - Revision (Unit 5)">Flashcards - Revision (Unit 5)</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38233/unit-51-revision-flashcards.html" title="Unit 5.1 Revision Flashcards">Unit 5.1 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38234/unit-52-revision-flashcards.html" title="Unit 5.2 Revision Flashcards">Unit 5.2 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38235/unit-53-revision-flashcards-hl.html" title="Unit 5.3 Revision Flashcards (HL)">Unit 5.3 Revision Flashcards (HL)</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38236/unit-54-revision-flashcards.html" title="Unit 5.4 Revision Flashcards">Unit 5.4 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38237/unit-55-revision-flashcards-hl.html" title="Unit 5.5 Revision Flashcards (HL)">Unit 5.5 Revision Flashcards (HL)</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38238/unit-56-revision-flashcards-hl.html" title="Unit 5.6 Revision Flashcards (HL)">Unit 5.6 Revision Flashcards (HL)</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38239/unit-57-revision-flashcards-hl.html" title="Unit 5.7 Revision Flashcards (HL)">Unit 5.7 Revision Flashcards (HL)</a></li></ul></ul><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../33830/formulae-quiz.html" title="Formulae Quiz">Formulae Quiz</a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="Paper 1 Pre-release case study">Paper 1 Pre-release case study</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../44969/n22-case-study-ele-plc.html" title="N22 Case Study (ELE PLC)">N22 Case Study (ELE PLC)</a></li><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="M22 (Peacewick Uni)">M22 (Peacewick Uni)</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../44106/additional-exam-questions-paper-1.html" title="Additional exam questions (Paper 1)">Additional exam questions (Paper 1)</a></li></ul><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../32840/may-2020-p-s-trawlers.html" title="May 2020 (P&S Trawlers)">May 2020 (P&S Trawlers)</a></li><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="M23 Paper 1">M23 Paper 1</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../47825/paper-1-svt-study-guide-shirin-karimi.html" title="Paper 1 SVT Study Guide (Shirin Karimi)">Paper 1 SVT Study Guide (Shirin Karimi)</a></li></ul></ul><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../26095/exam-study-tips-resources.html" title="Exam & Study tips (resources)">Exam & Study tips (resources)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../31342/revision-exams-top-tips.html" title="Revision & Exams - Top tips">Revision & Exams - Top tips</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../47460/top-tips-for-m23-exams.html" title="Top Tips for M23 Exams">Top Tips for M23 Exams</a></li></ul></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../43522/unit-1-intro-to-bm.html" title="Unit 1 - Intro to BM">Unit 1 - Intro to BM</a></li><ul class="level-1 "><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44034/11-what-is-a-business.html" title="1.1 What is a business?">1.1 What is a business?</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399695.html" title="The nature of business">The nature of business</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399694.html" title="Primary, secondary, tertiary, & quaternary sectors">Primary, secondary, tertiary, & quaternary sectors</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399693.html" title="Entrepreneurship">Entrepreneurship</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399692.html" title="Challenges & opportunities for starting a business">Challenges & opportunities for starting a business</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399691.html" title="1.1 True or False Quiz">1.1 True or False Quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399690.html" title="1.1 Revision Flashcards">1.1 Revision Flashcards</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399689.html" title="1.1 Glossary of key terms">1.1 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399681.html" title="1.2 Types of business entities">1.2 Types of business entities</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399688.html" title="Public & private sectors">Public & private sectors</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399687.html" title="Types of for-profit organizations">Types of for-profit organizations</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399686.html" title="For-profit social enterprises">For-profit social enterprises</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399685.html" title="Non-profit social enterprises">Non-profit social enterprises</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399684.html" title="True or False quiz">True or False quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399683.html" title="1.2 Revision Flashcards">1.2 Revision Flashcards</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399682.html" title="1.2 Glossary of key terms">1.2 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44041/13-business-objectives.html" title="1.3 Business objectives">1.3 Business objectives</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399679.html" title="Vision and mission statements">Vision and mission statements</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399680.html" title="Common business objectives">Common business objectives</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399678.html" title="Strategic & tactical objectives">Strategic & tactical objectives</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399677.html" title="Corporate social responsibility">Corporate social responsibility</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399676.html" title="1.3 Revision Flashcards">1.3 Revision Flashcards</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399674.html" title="True or False quiz">True or False quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399675.html" title="1.3 Glossary of Key terms">1.3 Glossary of Key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44044/14-stakeholders.html" title="1.4 Stakeholders">1.4 Stakeholders</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399673.html" title="The interests of stakeholders">The interests of stakeholders</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399672.html" title="Conflict between stakeholders">Conflict between stakeholders</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399670.html" title="Unit 1.4 Revision Flashcards">Unit 1.4 Revision Flashcards</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399669.html" title="1.4 True or False">1.4 True or False</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399671.html" title="1.4 Glossary of Key terms">1.4 Glossary of Key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44045/15-growth-and-evolution.html" title="1.5 Growth and evolution">1.5 Growth and evolution</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44212/economies-diseconomies-of-scale-1.html" title="Economies & diseconomies of scale">Economies & diseconomies of scale</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44214/internal-and-external-growth-1.html" title="Internal and external growth">Internal and external growth</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44220/external-growth-methods-1.html" title="External growth methods">External growth methods</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44219/reasons-to-grow-or-stay-small-1.html" title="Reasons to grow or stay small">Reasons to grow or stay small</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45586/unit-15revision-flashcards-1.html" title="Unit 1.5 Revision Flashcards">Unit 1.5 Revision Flashcards</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45450/true-or-false-quiz-1.html" title="True or False quiz">True or False quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43673/15-glossary-of-key-terms-1.html" title="1.5 Glossary of key terms">1.5 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44046/16-multinational-companies.html" title="1.6 Multinational companies">1.6 Multinational companies</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44236/the-impact-of-mncs-on-host-countries-ao3-1.html" title="The impact of MNCs on host countries (AO3)">The impact of MNCs on host countries (AO3)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44240/video-documentaries-mncs-1.html" title="Video documentaries - MNCs">Video documentaries - MNCs</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45587/16-glossary-of-key-terms-1.html" title="1.6 Glossary of key terms">1.6 Glossary of key terms</a></li></ul></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../43530/unit-2-hrm.html" title="Unit 2 - HRM">Unit 2 - HRM</a></li><ul class="level-1 "><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44253/21-introduction-to-hrm.html" title="2.1 Introduction to HRM">2.1 Introduction to HRM</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44256/role-of-hrm.html" title="Role of HRM">Role of HRM</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44257/factors-that-influence-hr-planning.html" title="Factors that influence HR planning">Factors that influence HR planning</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44282/reasons-for-resistance-to-change.html" title="Reasons for resistance to change">Reasons for resistance to change</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44283/hr-strategies-for-reducing-the-impact-of-change-resistance-to-ch.html" title="HR strategies for reducing the impact of change & resistance to change">HR strategies for reducing the impact of change & resistance to change</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45458/21-true-or-false-quiz.html" title="2.1 True or False quiz">2.1 True or False quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43677/21-glossary-of-key-terms.html" title="2.1 Glossary of key terms">2.1 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../43875/22-organizational-structure.html" title="2.2 Organizational structure">2.2 Organizational structure</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44296/terminology-for-understanding-organizational-structures-1.html" title="Terminology for understanding organizational structures">Terminology for understanding organizational structures</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44310/types-of-organization-charts-1.html" title="Types of organization charts">Types of organization charts</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44323/appropriateness-of-organizational-structures-and-external-factor-1.html" title="Appropriateness of organizational structures and external factors">Appropriateness of organizational structures and external factors</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44316/changes-in-organizational-structures-hl-1.html" title="Changes in organizational structures (HL)">Changes in organizational structures (HL)</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44338/23-leadership-and-management.html" title="2.3 Leadership and management">2.3 Leadership and management</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44343/scientific-intuitive-management-hl-1.html" title="Scientific & intuitive management (HL)">Scientific & intuitive management (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44339/management-and-leadership-1.html" title="Management and leadership">Management and leadership</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44340/leadership-styles-1.html" title="Leadership styles">Leadership styles</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45462/23-true-or-false-quiz.html" title="2.3 True or False Quiz">2.3 True or False Quiz</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../43829/24-motivation-and-demotivation.html" title="2.4 Motivation and demotivation">2.4 Motivation and demotivation</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44349/motivation-theories-sl-hl-1.html" title="Motivation theories (SL & HL)">Motivation theories (SL & HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44353/motivation-theories-hl-1.html" title="Motivation theories (HL)">Motivation theories (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44354/labour-turnover-hl-1.html" title="Labour turnover (HL)">Labour turnover (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44361/types-of-appraisal-hl-1.html" title="Types of appraisal (HL)">Types of appraisal (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44383/methods-of-recruitment-hl-1.html" title="Methods of recruitment (HL)">Methods of recruitment (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44382/internal-external-recruitment-hl-1.html" title="Internal & external recruitment (HL)">Internal & external recruitment (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44363/types-of-financial-rewards-1.html" title="Types of financial rewards">Types of financial rewards</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44370/types-of-non-financial-rewards-1.html" title="Types of non-financial rewards">Types of non-financial rewards</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44371/types-of-training.html" title="Types of training">Types of training</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44390/25-organizational-corporate-culture-hl.html" title="2.5 Organizational (corporate) culture (HL)">2.5 Organizational (corporate) culture (HL)</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44392/organizational-culture-hl-1.html" title="Organizational culture (HL)">Organizational culture (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44393/types-of-organizational-culture-hl-1.html" title="Types of organizational culture (HL)">Types of organizational culture (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44394/cultural-clashes-hl-1.html" title="Cultural clashes (HL)">Cultural clashes (HL)</a></li></ul><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44247/26-communication.html" title="2.6 Communication">2.6 Communication</a></li></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../43545/unit-3-finance.html" title="Unit 3 - Finance">Unit 3 - Finance</a></li><ul class="level-1 "><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44435/31-introduction-to-finance.html" title="3.1 Introduction to finance">3.1 Introduction to finance</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44431/31-introduction-to-finance-role-of-finance.html" title="3.1 Introduction to finance - role of finance">3.1 Introduction to finance - role of finance</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45634/31-glossary-of-key-term.html" title="3.1 Glossary of key term">3.1 Glossary of key term</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44436/32-sources-of-finance.html" title="3.2 Sources of finance">3.2 Sources of finance</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44437/internal-sources-of-finance.html" title="Internal sources of finance">Internal sources of finance</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44450/external-sources-of-finance.html" title="External sources of finance">External sources of finance</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44479/appropriateness-of-sources-of-finance.html" title="Appropriateness of sources of finance">Appropriateness of sources of finance</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45483/32-true-or-false-quiz.html" title="3.2 True or False Quiz">3.2 True or False Quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43688/32-glossary-of-key-terms.html" title="3.2 Glossary of key terms">3.2 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44486/33-costs-and-revenues.html" title="3.3 Costs and revenues">3.3 Costs and revenues</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44487/types-of-costs-1.html" title="Types of costs">Types of costs</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44491/total-revenue-revenue-streams-1.html" title="Total revenue & revenue streams">Total revenue & revenue streams</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45484/33-true-or-false-quiz-1.html" title="3.3 True or false quiz">3.3 True or false quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45657/33-glossary-of-key-terms-1.html" title="3.3 Glossary of key terms">3.3 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44492/34-final-accounts.html" title="3.4 Final accounts">3.4 Final accounts</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44527/the-purpose-of-accounts-to-different-stakeholders-1.html" title="The purpose of accounts to different stakeholders">The purpose of accounts to different stakeholders</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44577/profit-loss-account-2.html" title="Profit & loss account">Profit & loss account</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44579/balance-sheets-1.html" title="Balance sheets">Balance sheets</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44560/types-of-intangible-assets-1.html" title="Types of intangible assets">Types of intangible assets</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44585/depreciation-hl-1.html" title="Depreciation (HL)">Depreciation (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45919/34-true-or-false-quiz-1.html" title="3.4 True or False Quiz">3.4 True or False Quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45658/34-glossary-of-key-terms-1.html" title="3.4 Glossary of key terms">3.4 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44593/35-profitability-liquidity-ratio-analysis.html" title="3.5 Profitability & liquidity ratio analysis">3.5 Profitability & liquidity ratio analysis</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44595/profitability-ratios.html" title="Profitability ratios">Profitability ratios</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44626/liquidity-ratios-1.html" title="Liquidity ratios">Liquidity ratios</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45486/35-true-or-false-quiz-1.html" title="3.5 True or False Quiz">3.5 True or False Quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45661/35-glossary-of-key-terms-1.html" title="3.5 Glossary of key terms">3.5 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44627/36-efficiency-ratio-analysis-hl-only.html" title="3.6 Efficiency ratio analysis (HL only)">3.6 Efficiency ratio analysis (HL only)</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44805/efficiency-ratios-hl-1.html" title="Efficiency ratios (HL)">Efficiency ratios (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44633/insolvency-versus-bankruptcy-1.html" title="Insolvency versus bankruptcy">Insolvency versus bankruptcy</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45488/36-true-or-false-quiz-1.html" title="3.6 True or False Quiz">3.6 True or False Quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45662/36-glossary-of-key-terms-1.html" title="3.6 Glossary of key terms">3.6 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44493/37-cash-flow.html" title="3.7 Cash flow">3.7 Cash flow</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44502/the-difference-between-profit-cash-flow-1.html" title="The difference between profit & cash flow">The difference between profit & cash flow</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44506/working-capital-1.html" title="Working capital">Working capital</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44557/liquidity-position-1.html" title="Liquidity position">Liquidity position</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44558/cash-flow-forecasts-1.html" title="Cash flow forecasts">Cash flow forecasts</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44507/relationship-between-investment-profit-cash-flow-1.html" title="Relationship between investment, profit & cash flow">Relationship between investment, profit & cash flow</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44509/strategies-for-dealing-with-cash-flow-problems-1.html" title="Strategies for dealing with cash flow problems">Strategies for dealing with cash flow problems</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45493/37-true-or-false-1.html" title="3.7 True or False">3.7 True or False</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43687/37-glossary-of-key-terms-1.html" title="3.7 Glossary of key terms">3.7 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44515/38-investment-appraisal.html" title="3.8 Investment appraisal">3.8 Investment appraisal</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44516/payback-period-average-rate-of-return-1.html" title="Payback period & Average rate of return">Payback period & Average rate of return</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44519/net-present-value-npv-hl.html" title="Net present value (NPV) (HL)">Net present value (NPV) (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45494/38-true-or-false-quiz-1.html" title="3.8 True or False Quiz">3.8 True or False Quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43693/38-glossary-of-key-terms-1.html" title="3.8 Glossary of key terms">3.8 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44564/39-budgets-hl.html" title="3.9 Budgets (HL)">3.9 Budgets (HL)</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44565/the-difference-between-cost-profit-centres-1.html" title="The difference between cost & profit centres">The difference between cost & profit centres</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44568/the-roles-of-cost-profit-centres-1.html" title="The roles of cost & profit centres">The roles of cost & profit centres</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44576/constructing-budgets-1.html" title="Constructing budgets">Constructing budgets</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44569/variances-1.html" title="Variances">Variances</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44571/the-importance-of-budgets-variances-1.html" title="The importance of budgets & variances">The importance of budgets & variances</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45495/39-true-or-false-quiz-1.html" title="3.9 True or False Quiz">3.9 True or False Quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43694/39-glossary-of-key-terms.html" title="3.9 Glossary of key terms">3.9 Glossary of key terms</a></li></ul></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../43547/unit-4-marketing.html" title="Unit 4 - Marketing">Unit 4 - Marketing</a></li><ul class="level-1 "><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44637/41-introduction-to-marketing.html" title="4.1 Introduction to marketing">4.1 Introduction to marketing</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44638/market-orientation-vs-product-orientation-1.html" title="Market orientation vs Product orientation">Market orientation vs Product orientation</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44639/market-share-1.html" title="Market share">Market share</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44641/market-growth-1.html" title="Market growth">Market growth</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44642/importance-of-market-share-market-leadership-hl-1.html" title="Importance of market share & market leadership (HL)">Importance of market share & market leadership (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43695/41-glossary-of-key-terms-1.html" title="4.1 Glossary of key terms">4.1 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../43823/42-marketing-planning.html" title="4.2 Marketing planning">4.2 Marketing planning</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44645/the-role-of-marketing-planning-1.html" title="The role of marketing planning">The role of marketing planning</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44654/segmentation-targeting-and-positioning-1.html" title="Segmentation, targeting, and positioning">Segmentation, targeting, and positioning</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44646/difference-between-niche-mass-market-1.html" title="Difference between niche & mass market">Difference between niche & mass market</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43821/the-importance-of-having-a-usp-1.html" title="The importance of having a USP">The importance of having a USP</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44655/how-organizations-differentiate-themselves-1.html" title="How organizations differentiate themselves">How organizations differentiate themselves</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43834/42-vocab-quiz-1.html" title="4.2 Vocab Quiz">4.2 Vocab Quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45528/42-true-or-false-quiz-1.html" title="4.2 True or False Quiz">4.2 True or False Quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43696/42-glossary-of-key-terms-1.html" title="4.2 Glossary of key terms">4.2 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44660/43-sales-forecasting-hl.html" title="4.3 Sales forecasting (HL)">4.3 Sales forecasting (HL)</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44669/benefits-limitations-of-sales-forecasting.html" title="Benefits & limitations of sales forecasting">Benefits & limitations of sales forecasting</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45530/43-true-or-false-quiz-1.html" title="4.3 True or False Quiz">4.3 True or False Quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43711/43-glossary-of-key-terms-1.html" title="4.3 Glossary of key terms">4.3 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44679/44-market-research.html" title="4.4 Market research">4.4 Market research</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44680/why-how-organizations-carry-out-market-research.html" title="Why & how organizations carry out market research">Why & how organizations carry out market research</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44692/methodstechniques-of-primary-market-research-1.html" title="Methods/techniques of primary market research">Methods/techniques of primary market research</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44693/methodstechniques-of-secondary-market-research-1.html" title="Methods/techniques of secondary market research">Methods/techniques of secondary market research</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44694/qualitative-quantitative-research-1.html" title="Qualitative & quantitative research">Qualitative & quantitative research</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44695/methods-of-sampling-1.html" title="Methods of sampling">Methods of sampling</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45531/44-true-or-false-quiz-1.html" title="4.4 True or False Quiz">4.4 True or False Quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43712/44-glossary-of-key-terms-1.html" title="4.4 Glossary of key terms">4.4 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44720/45-the-seven-ps-of-the-marketing-mix.html" title="4.5 The seven Ps of the marketing mix">4.5 The seven Ps of the marketing mix</a></li><ul class="level-2 "><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44740/451-product.html" title="4.5.1 Product">4.5.1 Product</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../44741/the-product-life-cycle-1.html" title="The product life cycle">The product life cycle</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../44745/extension-strategies-1.html" title="Extension strategies">Extension strategies</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../44981/relationship-between-the-plc-investment-profit-cash-flow-1.html" title="Relationship between the PLC, investment, profit & cash flow">Relationship between the PLC, investment, profit & cash flow</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../44748/aspects-of-branding.html" title="Aspects of branding">Aspects of branding</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../44757/the-importance-of-branding-1.html" title="The importance of branding">The importance of branding</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../45766/starterplenary-activity-anagrams-quiz-brands-1.html" title="Starter/Plenary activity - Anagrams Quiz (Brands)">Starter/Plenary activity - Anagrams Quiz (Brands)</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../45957/starterplenary-activity-whats-in-a-brand-name-1.html" title="Starter/Plenary activity - What's in a (brand) name?">Starter/Plenary activity - What's in a (brand) name?</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../43713/45-glossary-of-key-terms-product-1.html" title="4.5 Glossary of key terms (Product)">4.5 Glossary of key terms (Product)</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../42547/452-price-1.html" title="4.5.2 Price">4.5.2 Price</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../43719/45-key-terms-price-1.html" title="4.5 Key Terms (Price)">4.5 Key Terms (Price)</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44782/453-promotion.html" title="4.5.3 Promotion">4.5.3 Promotion</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../44783/above-the-line-promotion-1.html" title="Above the line promotion">Above the line promotion</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../44795/below-the-line-promotion-1.html" title="Below the line promotion">Below the line promotion</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../44797/through-the-line-promotion-1.html" title="Through the line promotion">Through the line promotion</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../44801/social-media-marketing-1.html" title="Social media marketing">Social media marketing</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../43721/45-glossary-of-key-terms-1.html" title="4.5 Glossary of key terms">4.5 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44803/454-place-1.html" title="4.5.4 Place">4.5.4 Place</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../44804/the-importance-of-different-distribution-channels-1.html" title="The importance of different distribution channels">The importance of different distribution channels</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../43722/45-glossary-of-key-terms-1.html" title="4.5 Glossary of key terms">4.5 Glossary of key terms</a></li></ul><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44758/455-people-1.html" title="4.5.5 People">4.5.5 People</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44773/456-processes-1.html" title="4.5.6 Processes">4.5.6 Processes</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44774/457-physical-evidence-1.html" title="4.5.7 Physical evidence">4.5.7 Physical evidence</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44982/appropriate-marketing-mixes-1.html" title="Appropriate marketing mixes">Appropriate marketing mixes</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44697/46-international-marketing-hl.html" title="4.6 International marketing (HL)">4.6 International marketing (HL)</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44698/opportunities-threats-posed-by-entry-into-international-markets-1.html" title="Opportunities & threats posed by entry into international markets">Opportunities & threats posed by entry into international markets</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45537/46-true-or-false-quiz-1.html" title="4.6 True or False Quiz">4.6 True or False Quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45736/46-glossary-of-key-terms-1.html" title="4.6 Glossary of key terms">4.6 Glossary of key terms</a></li></ul></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../43565/unit-5-operations-mgt.html" title="Unit 5 - Operations Mgt">Unit 5 - Operations Mgt</a></li><ul class="level-1 "><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44817/51-introduction-to-operations-management.html" title="5.1 Introduction to operations management">5.1 Introduction to operations management</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44818/the-role-of-operations-management-1.html" title="The role of operations management">The role of operations management</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44812/52-operations-methods.html" title="5.2 Operations methods">5.2 Operations methods</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44815/operations-methods-1.html" title="Operations methods">Operations methods</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44861/53-lean-production-quality-management-hl.html" title="5.3 Lean production & quality management (HL)">5.3 Lean production & quality management (HL)</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44864/features-of-lean-production.html" title="Features of lean production">Features of lean production</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44872/methods-of-lean-production.html" title="Methods of lean production">Methods of lean production</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44874/cradle-to-cradle-design-manufacturing.html" title="Cradle to cradle design & manufacturing">Cradle to cradle design & manufacturing</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44875/quality-control-quality-assurance.html" title="Quality control & quality assurance">Quality control & quality assurance</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44876/methods-of-managing-quality.html" title="Methods of managing quality">Methods of managing quality</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44877/the-impact-of-lean-production-tqm.html" title="The impact of lean production & TQM">The impact of lean production & TQM</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44878/national-international-quality-standards.html" title="National & international quality standards">National & international quality standards</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44840/55-break-even-analysis.html" title="5.5 Break-even analysis">5.5 Break-even analysis</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44843/contribution.html" title="Contribution">Contribution</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44848/aspects-of-break-even-analysis.html" title="Aspects of break-even analysis">Aspects of break-even analysis</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44851/changes-in-price-and-costs.html" title="Changes in price and costs">Changes in price and costs</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44852/limitations-of-break-even-analysis.html" title="Limitations of break-even analysis">Limitations of break-even analysis</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44890/56-production-planning-hl.html" title="5.6 Production planning (HL)">5.6 Production planning (HL)</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44902/the-local-global-supply-chain-process.html" title="The local & global supply chain process">The local & global supply chain process</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44922/the-difference-between-jit-jic.html" title="The difference between JIT & JIC">The difference between JIT & JIC</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44931/stock-control-charts.html" title="Stock control charts">Stock control charts</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44970/capacity-utilization-rate.html" title="Capacity utilization rate">Capacity utilization rate</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45125/defect-rate.html" title="Defect rate">Defect rate</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43832/productivity.html" title="Productivity">Productivity</a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45187/cost-to-buy-cost-to-make.html" title="Cost to buy & Cost to make">Cost to buy & Cost to make</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../46353/sinterklaas-putting-ctb-vs-ctm-into-practice.html" title="Sinterklaas - Putting CTB vs CTM into practice">Sinterklaas - Putting CTB vs CTM into practice</a></li></ul></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../45242/57-crisis-management-contingency-planning-hl.html" title="5.7 Crisis management & contingency planning (HL)">5.7 Crisis management & contingency planning (HL)</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45243/difference-between-crisis-management-contingency-planning.html" title="Difference between crisis management & contingency planning">Difference between crisis management & contingency planning</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45268/impact-of-contingency-planning.html" title="Impact of contingency planning">Impact of contingency planning</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45260/factors-that-affect-effective-crisis-management.html" title="Factors that affect effective crisis management">Factors that affect effective crisis management</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45554/57-true-or-false-quiz.html" title="5.7 True or False Quiz">5.7 True or False Quiz</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../45669/59-management-information-systems-hl.html" title="5.9 Management Information Systems (HL)">5.9 Management Information Systems (HL)</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../42633/data-analytics.html" title="Data analytics">Data analytics</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45861/database.html" title="Database">Database</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44966/cybersecurity-and-cybercrime.html" title="Cybersecurity and cybercrime">Cybersecurity and cybercrime</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45859/critical-infrastructures.html" title="Critical infrastructures">Critical infrastructures</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../46175/virtual-reality.html" title="Virtual reality">Virtual reality</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45862/the-internet-of-things.html" title="The internet of things">The internet of things</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45858/artificial-intelligence.html" title="Artificial intelligence">Artificial intelligence</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../42634/big-data.html" title="Big data">Big data</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43392/customer-loyalty-programmes.html" title="Customer loyalty programmes">Customer loyalty programmes</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43395/digital-taylorism.html" title="Digital Taylorism">Digital Taylorism</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45671/data-mining.html" title="Data mining">Data mining</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45856/benefits-risks-ethical-implications-of-mis.html" title="Benefits, risks, & ethical implications of MIS">Benefits, risks, & ethical implications of MIS</a></li></ul></ul><li class="ancestor parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right fa-rotate-90"></i><a class="" href="../42640/bmt-.html" title="BMT ">BMT </a></li><ul class="level-1 expanded"><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399696.html" title="BMT 1 - SWOT analysis">BMT 1 - SWOT analysis</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399697.html" title="BMT 2 - Ansoff matrix">BMT 2 - Ansoff matrix</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44027/bmt-3-steeple-analysis.html" title="BMT 3 - STEEPLE analysis">BMT 3 - STEEPLE analysis</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../42577/bmt-4-boston-consulting-group-matrix.html" title="BMT 4 - Boston Consulting Group matrix">BMT 4 - Boston Consulting Group matrix</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../42956/bmt-5-business-plans.html" title="BMT 5 - Business plans">BMT 5 - Business plans</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../43606/bmt-6-decision-trees.html" title="BMT 6 - Decision trees">BMT 6 - Decision trees</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../42362/bmt-7-descriptive-statistics.html" title="BMT 7 - Descriptive statistics">BMT 7 - Descriptive statistics</a></li><li class="current" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="bmt-8-circular-business-models.html" title="BMT 8 - Circular Business Models">BMT 8 - Circular Business Models</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../43605/bmt-9-gantt-chart-hl-only.html" title="BMT 9 - Gantt chart (HL only)">BMT 9 - Gantt chart (HL only)</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../42214/bmt-10-porters-generic-strategies-hl-only.html" title="BMT 10 - Porter's generic strategies (HL only)">BMT 10 - Porter's generic strategies (HL only)</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../42216/bmt-11-hofstedes-cultural-dimensions-hl-only.html" title="BMT 11 - Hofstede's cultural dimensions (HL only)">BMT 11 - Hofstede's cultural dimensions (HL only)</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399698.html" title="BMT 12 - Force field analysis (HL only)">BMT 12 - Force field analysis (HL only)</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../42375/bmt-13-critical-path-analysis-hl-only.html" title="BMT 13 - Critical path analysis (HL only)">BMT 13 - Critical path analysis (HL only)</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../42344/bmt-14-contribution-hl-only-.html" title="BMT 14 - Contribution (HL only) ">BMT 14 - Contribution (HL only) </a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../42311/bmt-15-simple-linear-regression-hl-only.html" title="BMT 15 - Simple linear regression (HL only)">BMT 15 - Simple linear regression (HL only)</a></li></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../42758/concepts.html" title="Concepts">Concepts</a></li><ul class="level-1 "><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../43633/creativity.html" title="Creativity">Creativity</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../43631/ethics.html" title="Ethics">Ethics</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../43435/sustainability.html" title="Sustainability">Sustainability</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../43668/change.html" title="Change">Change</a></li></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../42836/ia-.html" title="IA ">IA </a></li><ul class="level-1 "><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44415/formulating-suitable-ia-questions.html" title="Formulating suitable IA questions">Formulating suitable IA questions</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../47685/supporting-documents-for-the-ia.html" title="Supporting documents for the IA">Supporting documents for the IA</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../47840/top-tips-for-the-ia-primary-research.html" title="Top tips for the IA – Primary research">Top tips for the IA – Primary research</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44047/50-sample-ia-research-questions-1.html" title="50+ Sample IA research questions">50+ Sample IA research questions</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../46719/recommended-format-for-the-ia.html" title="Recommended format for the IA">Recommended format for the IA</a></li></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../43603/exams.html" title="Exams">Exams</a></li><ul class="level-1 "><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44091/paper-1.html" title="Paper 1">Paper 1</a></li><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="Paper 2">Paper 2</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../46637/01-ikea.html" title="01 - IKEA">01 - IKEA</a></li></ul><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../45839/quantitative-techniques.html" title="Quantitative techniques">Quantitative techniques</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../46025/abbreviations-quiz.html" title="Abbreviations Quiz">Abbreviations Quiz</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../43740/command-terms.html" title="Command terms">Command terms</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../45612/glossary-of-key-terms.html" title="Glossary of key terms">Glossary of key terms</a></li></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../33955/the-core.html" title="The Core">The Core</a></li><ul class="level-1 "><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../34902/cas-bm.html" title="CAS & BM">CAS & BM</a></li><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../21665/the-ee.html" title="The EE">The EE</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21934/the-bm-extended-essay.html" title="The BM Extended Essay">The BM Extended Essay</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../32857/ee-planning-form.html" title="EE Planning form">EE Planning form</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../37390/managing-the-ee-process.html" title="Managing the EE process">Managing the EE process</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../37496/top-10-tips-for-the-bm-ee.html" title="Top 10 tips for the BM EE">Top 10 tips for the BM EE</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21930/70-top-bm-ee-research-questions.html" title="70 top BM EE Research Questions">70 top BM EE Research Questions</a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../22196/tools-techniques-theories-for-the-ee.html" title="Tools, techniques & theories for the EE">Tools, techniques & theories for the EE</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../44048/the-triple-bottom-line.html" title="The triple bottom line">The triple bottom line</a></li></ul><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21836/understanding-the-assessment-criteria.html" title="Understanding the assessment criteria">Understanding the assessment criteria</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../37960/reflections-and-engagement-in-the-ee.html" title="Reflections and engagement in the EE">Reflections and engagement in the EE</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../41874/the-mandatory-reflection-sessions.html" title="The mandatory reflection sessions">The mandatory reflection sessions</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../37659/top-10-tips-for-completing-the-rppf-1.html" title="Top 10 Tips for completing the RPPF">Top 10 Tips for completing the RPPF</a></li><li class="" style="padding-left: 28px"><i 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<div id="main-column" class="span9"> <article id="bmt-8-circular-business-models" style="margin-top: 16px;">
<h1 class="section-title">BMT 8 - Circular Business Models</h1>
<ul class="breadcrumb"><li><a title="Home" href="../../../businessmanagement.html"><i class="fa fa-home"></i></a><span class="divider">/</span></li><li><span class="gray">BMT </span><span class="divider">/</span></li><li><span class="active">BMT 8 - Circular Business Models</span></li></ul>
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<div class="panel panel-purple"><div class="panel-heading"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><p><strong><span style="font-family:arial,helvetica,sans-serif;"> <span style="font-family:arial,helvetica,sans-serif;">Business Management Toolkit 8 - </span>Circular business models</span></strong></p></div></div><div class="panel-body"><table><tbody><tr><td><img alt="" src="../../../ib/businessmanagement/images/bmt/circular-business-models.png" style="width: 300px; height: 285px;"></td><td><p><em>“Never doubt that a small group of thoughtful, committed citizens can change the world; indeed, it is the only thing that ever has.”</em><br>- Margaret Mead (1901 - 1978), American cultural anthropologist</p><p><em>“You cannot protect the environment unless you empower people, you inform them, and you help them understand that these resources are their own, that they must protect them.”</em><br>- Wangari Maathai (1940 - 2011), Kenyan social, environmental, and political activist and the first African woman to win the Nobel Peace Prize (2004)</p></td></tr></tbody></table><div class="box">In May 2022, the world's population was 7.9 billion people. According to the <a href="https://www.un.org/en/dayof8billion">United Nations</a>, this reached 8 billion on 15th November 2022. The World Bank estimates that this will grow to 9 billion people by 2030. With a rise in average earnings across the world, the rise in population growth and increased demand for goods and services on an unparalleled level create new challenges for all businesses.</div><p><strong>Traditional business models</strong> (also called <strong>linear business models</strong>) have focused on costs, revenues, and profits related to business activities, often with a short-term outlook. They empathise a linear approach of products that are created, consumed, and chucked away (disposed of) as waste. This has created a <strong>disposable society</strong> where the culture of consumerism is to use products only once and are then disgarded as rubbish. Examples include soft drinks cans, hotel amenities (such as disposable toothbrushes, shower caps, and razors), and fast food packaging. A disposable society leads to overconsumption and excessive generation of waste.</p><p><img alt="" src="../../../ib/businessmanagement/images/bmt/mcdonald-s-waste.jpeg" style="width: 300px; height: 168px;"></p><p><span style="color:#696969;"><em>Fast food packaging has been part of a disposal society</em></span></p><p>By contrast, <strong>circular business models</strong> (CBM) focus on the long-term environmental consequences and sustainability matters related to business activities. Without CBMs, business activity based on traditional models is likely to have negative effects on the environment, such as resource depletion, climate change, and damage or destruction of ecosystems. CBMs are designed to turn all the waste that businesses and consumers produce into valuable and productive resources to be used again.</p><div><p>In essence, traditional business models focus on <em>profitability </em>whereas CBMs also focus on <em>people </em>and the <em>planet</em>. This means that using circular business models can be profitable and sustainable for businesses in the long term.</p><p><span class="snippet-fa fa fa-youtube fa-lg" style="color: rgb(202, 72, 26);"> </span> Watch this short video from <a href="https://youtu.be/zCRKvDyyHmI">The Ellen MacArthur Foundation</a> that introduces the ideas behind a circular economy, on which numerous CBMs are built.</p><p><iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="360" src="https://www.youtube.com/embed/zCRKvDyyHmI" title="Explaining the Circular Economy and How Society Can Re-think Progress | Animated Video Essay" width="640"></iframe></p><hr class="hidden"><p class="Default" style="text-align:justify"><span lang="EN-US" style="mso-fareast-font-family:
"Times New Roman";color:windowtext;mso-fareast-language:ZH-TW"><img alt="" src="../../../ib/businessmanagement/images/bmt/cbm.jpg" style="width: 300px; height: 168px;"></span></p><p class="Default" style="text-align:justify"><span lang="EN-US" style="mso-fareast-font-family:
"Times New Roman";color:windowtext;mso-fareast-language:ZH-TW">The </span><span style="mso-fareast-font-family:"Times New Roman";color:windowtext;mso-ansi-language:
EN-GB;mso-fareast-language:ZH-TW">Organization for Economic Cooperation and Development (OECD) defines circular business models as frameworks that:</span></p><div class="box"><em><span style="mso-fareast-font-family:"Times New Roman";color:windowtext;mso-ansi-language:
EN-GB;mso-fareast-language:ZH-TW">“represent fundamentally different ways of producing and consuming goods and services. They have the potential to drive the transition towards a more resource efficient and circular economy and, in doing so, significantly reduce the environmental pressure resulting from economic (business) activity.”</span></em><span lang="EN-US" style="mso-fareast-font-family:"Times New Roman";color:windowtext;
mso-fareast-language:ZH-TW"></span></div><p class="Default">This means that CBMs aim to replace the use of scarce resources, such as single-use plastics or non-renewable resources, with renewable, recyclable and/or bio-degradable resources for a sustainable corporate future. By doing so, organizations can reduce the harmful environmental side-effects resulting from business activity such as the extraction, use, and eventual disposal of non-renewable resources and other raw materials.</p><p class="Default">Antoine Frérot, the Chairman and CEO of French multinational company Veolia, which produces electricity from chicken droppings and wood scrap, said about the circular economy:</p><p class="Default" style="text-align: center;"><em>"We are witnessing the dawn of a new industrial revolution which introduces the circular economy. By being more sparing and efficient, the circular economy provides an antidote to overexploitation of the environment and to the more pessimistic forecasts, by prolonging the life cycle of raw materials, water and energy. It teaches us something not theoretical but is based on facts, and it draws inspiration from nature, in which everything is a resource."</em></p><p class="Default">CBMs are increasingly important due to changing production and consumption patterns, such as shorter life spans of consumer goods such as smartphones, tablet computers, motor vehicles, trainers (sneakers), and other items of clothing (fast fashion). Many of these consumer goods are simply replaced (and often thrown away) long before their useful product life cycle.</p><p class="Default">For businesses, traditional business models have led to instead use of natural and non-renewable resources in an inefficient way. The fast fashion industry (a term used to describe a highly profitable and exploitative business model based on replicating high-fashion designs by mass-producing these at low cost) has been heavily criticised for leading to huge amounts of waste and damage to the natural environment. As put succinctly by Lucy Siegle (b.1974), a British journalist and environmental activist said, <em>"Fast fashion isn’t free. Someone else is paying.” </em>(the generations of the future). Wedding dresses are another example - these are typically bespoke items that are produced for single-use, and contribute to the depletion of scarce resources. Overall, the fashion industry accounts for around 10% of global greenhouse gas emissions due to the long supply chains and energy-intensive production involved.</p><p class="Default">Another example is food waste. Hotel and restaurant buffets, for example, lead to huge amounts of food waste across the globe. Hence, the use of CBMs have grown in popularity as they involve firms using renewable energy sources and recycled, reused or upcycled materials for a more sustainable world.</p><p class="Default"><img alt="" src="../../../ib/businessmanagement/images/bmt/cbm---buffet-(food-waste).jpg" style="width: 300px; height: 200px;"></p><p class="Default"><span style="color:#696969;"><em>Buffets at hotels and restaurants lead to significant amounts of food waste</em></span></p><hr class="hidden"><p><span class="snippet-fa fa fa-youtube fa-lg" style="color: rgb(202, 72, 26);"> </span> By contrast, some businesses such as IKEA are encouraging consumers to waste less. Watch this short news report about how IKEA creates incentive for customers to recycle (and resell) their once-loved (unwanted) furniture.</p><div class="yellowBg"><h5><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-file-text-o fa-lg" style="color: rgb(61, 30, 128);"> </span> Case Study 1 - CoffeeB</span></span></h5><p>In terms of real-life applications, many businesses across all industries are taking CBMs more seriously. Take this example of CoffeeB, a brand of Swiss retail giant Migros, which strives to eliminate waste from consumers who use coffee capsules in the home and office. The "B" is CoffeeB stands for balls, as the innovative system uses coffee balls, that are easily and quickly compostable, rather than coffee capsules made by companies such as Keurig and Nespresso.</p><p>Read more about the CoffeeB system <a href="https://dailycoffeenews.com/2022/09/06/from-new-swiss-brand-coffeeb-the-coffee-ball-has-dropped/">here</a>.</p></div><p>The IB syllabus refers to the five circular business models featured in the The Organization for Economic Cooperation and Development's "Re-Circle Resource Efficiency and Circular Economy Project". The OECD's five circular business models are:</p><div class="row-fluid"><div class="span6 col-left"><div><p>(i) Circular supply models</p><p>(ii) Resource recovery models</p><p>(iii) Product life extension models</p></div></div><div class="span6"><div><p>(iv) Sharing models, and</p><p>(v) Product service system models</p></div></div></div><p>What all these models have in common is they use already existing materials and products as inputs in the production process and therefore their environmental footprint tends to be considerably smaller than that for traditional business models.</p><div class="yellowBg"><h5><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-lightbulb-o fa-lg" style="color: rgb(61, 30, 128);"> </span> Top Tip 1!</span></span></h5><p>The above 5 circular business models from the Organization for Economic Co-operation and Development (OECD) are the only ones that DP Business Management students need to learn. Although there are alternative models on CBMs in the world of academia (such as the Doughnut Economy or the Circularity Matrix), there is absolutely no need to teach these in this course.</p><p>Also, note that there is no commonly accepted definition of the curricular economy or CBM. In fact, according to "Conceptualizing the circular economy" by J. Kirchherr, D. Reike, and M. Hekkert (2017), there are about 114 definitions for "circular economy". Therefore, please stick to the definitions and models used by the OECD that feature in the IB DP Business Management Guide.</p></div></div></div><div class="panel-footer"><div></div></div></div><div class="panel panel-default panel-expandable"><div class="panel-heading"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><p><strong><span style="font-family:arial,helvetica,sans-serif;">1 Circular supply models</span></strong></p></div></div><div class="panel-body"><div><table><tbody><tr><td><img alt="" src="../../../ib/businessmanagement/images/bmt/cbm---circular-supply.jpg" style="width: 300px; height: 200px;"></td><td><p><strong>Circular supply models</strong> are a type of circular business model that focus on replacing scarce and natural resources with renewable, recyclable, and/or biodegradable resource inputs. They are suitable for businesses that need and/or wish to replace scarce non-renewable resources with fully renewable, recyclable, or biodegradable resources in the production process.</p><p>Hence, with a circular supply approach, the resulting benefits are waste minimization, efficient use of scarce resources, and a reduction in the firm's overall costs of production.</p></td></tr></tbody></table><p>For example, an increasing number of farmers are using agricultural residue or waste as renewable fuel. Chicken droppings and wood waste have also been used successfully to to power turbine boilers to create electricity. By contrast, Coca-Cola is the world’s largest plastic polluter, selling over 100 billion throw-away bottles every year - that's more than 11.4 million single-use plastic bottles every hour!</p><hr class="hidden"><p><span class="snippet-fa fa fa-youtube fa-lg" style="color: rgb(202, 72, 26);"> </span> Watch this short <a href="https://youtu.be/VUVuUXv2UDI">BBC video clip</a> about the Pacific Island of Samoa which has suffered the consequences of Coca-Cola's switch from glass to plastic bottles (in order to save money) on the tropical island in 2021. Samoa is too small of an island nation to operate its own recycling plants, whereas the glass bottles had provided an incentive for people to return and reuse them.</p><p><iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="360" src="https://www.youtube.com/embed/VUVuUXv2UDI" title="How can Coca-Cola solve its plastic problem? - BBC News" width="640"></iframe></p><hr class="hidden"><p><span class="snippet-fa fa fa-youtube fa-lg" style="color: rgb(202, 72, 26);"> </span> This video that shows how one business, <em><a href="https://youtu.be/CaFHc5YvFVA">Greens for Good</a>,</em> grows leafy greens and other plants underground, using vertical farming techniques that reduce the demand for the extraction of raw resources (such as soil) by replacing traditional material inputs with bio-based, renewable, and recovered materials. It offers a potentially sustainable solution to industrial agriculture.</p><p><iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="360" src="https://www.youtube.com/embed/CaFHc5YvFVA" title="Vertical Farming Underground! | Greens For Good" width="640"></iframe></p></div></div><div class="panel-footer"><div></div></div></div><div class="panel panel-default panel-expandable"><div class="panel-heading"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><p><strong><span style="font-family:arial,helvetica,sans-serif;">2 Resource recovery models</span></strong></p></div></div><div class="panel-body"><div><table><tbody><tr><td><p><img alt="" src="../../../ib/businessmanagement/images/bmt/cbm---recycling.jpg" style="width: 300px; height: 169px;"></p></td><td><p><strong>Resource recovery models </strong>are a type of CBM that focus on recycling waste (such as glass, plastics, and aluminium cans) into reusable raw materials, thereby diverting waste from final disposal. At the same time, this puts less pressure on the economy's scarce resources, and reduces the need for further extraction and processing of non-renewable natural resources.</p><p>According to a report by the <a href="http://www.oecd.org/environment/business-models-for-the-circular-economy-g2g9dd62-en.htm">OECD</a>, producing raw materials via recycling, rather than from non-renewable natural resources, can reduce greenhouse gas emissions by as much as 90%.</p></td></tr></tbody></table><div><p>An example is IKEA, the Swedish furniture company. IKEA uses an initiative called Buy Back as part of its resource recovery model. This scheme encourages customers to bring back their old IKEA furniture for recycling or repurposing. This allows the multinational company to keep resources in use for longer, reducing waste and depletion of the earth's scarce natural resources.</p><p>The benefits of using a resource recovery circular business model include:</p><ul class="branded"><li><p>Preservation of the earth's scare and natural resources</p></li></ul><ul class="branded"><li><p>Minimizing risks of harm to people and the planet, including wildlife and ecosystems</p></li><li><p>Saving landfill space (traditionally used for waste disposal and accumulation)</p></li><li><p>Reducing pollution to the land, air, and waters.</p></li></ul><div class="yellowBg"><h5><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-file-text-o fa-lg" style="color: rgb(61, 30, 128);"> </span> Case Study 2 - Walt Disney World Resort</span></span></h5><p><img alt="" src="../../../ib/businessmanagement/images/businesses/walt-disney-world.jpg" style="width: 300px; height: 200px;"></p><p>The Walt Disney World Resort (also referred to as Walt Disney World or Disney World) in Florida, USA, sends its food waste (which includes uneaten food items, grease, cooking oils, and food scraps) from its restaurants in the entertainment complex. The company's organic waste is then converted into renewable biogas, with the energy created to generate electricity in Central Florida, including Walt Disney Resort’s own hotels and theme parks. The steam trains and the <em>Mark Twain Riverboat </em>at Disneyland Resort in California run on biodiesel made from Disney's own recycled cooking oil. The remainder of the solid material food waste is processed into fertilizers for plants.</p><p><span style="color:#696969;">Source: adapted from </span><a href="https://thewaltdisneycompany.com/environmental-sustainability/">The Walt Disney Company</a></p></div><div class="yellowBg"><h5><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-linode fa-lg" style="color: rgb(103, 7, 124);"> </span> ATL Activity 1 (Research skills) - Biffa</span></span></h5><p><img alt="" src="../../../ib/businessmanagement/images/bmt/cbm-rubbish.png" style="width: 300px; height: 214px;"></p><p>Biffa is a British publicly held company founded in 1912 that specialises in waste management services, including collections, recycling services, and hazardous waste management. It caters specifically to local authorities as well as industrial and commercial clients in the UK. The company's operations cover around 95% of the UK.</p><p>Refer to <a href="https://www.biffa.co.uk/biffablog/2018/june/your-guide-to-closed-loop-recycling">Biffa's website</a> to discover how the company embraces "closed loop recycling" (a type of resource recovery circular business model), which are at the heart of its daily operations.</p><p>Note that circular business models are not a new idea (at all). The importance of the circular economy and the concept of sustainability have been discussed for decades. Watch this short video about <a href="https://youtu.be/zFQdcDqv5jg">Net-Works</a>, a programme that adopts a social, environmental, and commercial solution tackling the problem of discarded fishing nets in the oceans - a great real-world example of the triple bottom line and resource recovery models:</p><p><iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="360" src="https://www.youtube.com/embed/zFQdcDqv5jg" title="Net-Works, a community-based supply chain for collecting discarded fishing nets" width="640"></iframe></p></div></div></div></div><div class="panel-footer"><div></div></div></div><div class="panel panel-default panel-expandable"><div class="panel-heading"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><p><strong><span style="font-family:arial,helvetica,sans-serif;">3 Product life extension models</span></strong></p></div></div><div class="panel-body"><div><p><img alt="" src="../../../ib/businessmanagement/images/smartphone.jpg" style="width: 280px; height: 165px;"></p><p>As the name suggests,<strong> product life extension</strong> <strong>models </strong>are circular business models based on the notion that businesses try to extend the product life cycle of their goods. In a traditional disposable society, products and materials, such as old consumer electronic goods, would be thrown away or wasted after their useful life. Conversely, product life extension models rely on methods such as repairing, reconditioning, refurbishing, and renovating products so that they can be continued to be used.</p><ul class="branded"><li><p>Repairs involve replacing faulty parts so the product is restored to working condition.</p></li><li><p>Reconditioning (or remanufacturing) involves disassembling a used product (such as a smartphone or motor vehicle), replacing faulty or worn out parts, and reassembling the product back to like-new condition.</p></li><li><p>Refurbishment involves restoring a used product to its original functionality, including any cosmetic upgrades that are required.</p></li><li><p>Renovation means to upgrade or improve the functionality of a product by adding new features to an existing product to improve its performance and to extend its life.</p></li></ul><p>Extending the product life cycle of consumer goods and educating people about the harm caused by frequent upgrades and purchasing of replacement products before their best sell-by date can help to reduce the need for businesses to use the earth's finite resources to produce more consumer goods and services.</p><p>Typical processes include remanufacturing, rebuilding, recycling, refurbishing, reconditioning, and repairing products to extend the lifespan of products, e.g., Patagonia, the outdoor clothing and equipment company, has a strong commitment to environmental sustainability. It has implemented a number of CBM initiatives to reduce waste and pollution. For example, the company has a programme called Worn Wear, which allows customers to trade in their old Patagonia clothing for repairs or discounts on new products. This keeps old clothing in use for longer, reducing the need for new resources to be used to produce new clothing.</p><p>Businesses that use product life extension models also focus on designing and deliberately producing goods to last longer. This is because products with longer life spans result in customers make fewer purchases.</p><div class="yellowBg"><h5><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"><span class="snippet-fa fa fa-file-text-o fa-lg" style="color: rgb(103, 7, 124);"> </span> Case Study 3 - (Not) The end of the line</span></span></h5><p><img alt="" src="../../../ib/businessmanagement/images/bmt/train-(iow).jpg" style="width: 300px; height: 169px;"></p><p><span style="color:#696969;"><em>Remanufactured train on the Isle of Wight, UK</em></span></p><p>The trains on the Isle of Wight, UK, are an example of remanufacturing as an aspect of product life extension models. These trains were formally used on the London Underground. Having been decommissioned in favour of newer trains in London, the trains that were retired from service underwent a process of remanufacturing by Vivarail, a British rolling stock manufacturer. The reconditioned trains were delivered to the Isle of Wight, UK, where they are used on the Island Line, with an expected useful life of another 40 years.</p></div><div class="yellowBg"><h5><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-file-text-o fa-lg" style="color: rgb(103, 7, 124);"> </span> Case Study 4 - Caterpillar</span></span></h5><p><img alt="" height="169" src="../../../ib/businessmanagement/images/1-intro-to-business/mining1.jpg" style="float: left;" width="257">Caterpillar, the American manufacturer of construction equipment, uses a product life extension model for remanufacturing its engines and spare component parts, turning these products into what looks like new component and engine parts.</p><p>According to the company's website:</p><p><em>"virtually the only difference between a new part and a (remanufactured) part is the price."</em></p><hr class="hidden">The process used by Caterpillar for its remanufactured engines and component parts consists of numerous stages:<ul><li><p>Disassembling engine and component parts to their smallest parts, losing their original identity</p></li><li><p>Cleaned to remove dirt and microscopic debris</p></li><li><p>Inspected for imperfections, such as cracks</p></li><li><p>Using state-of-the-art technology to salvage otherwise scrap parts</p></li><li><p>Assembled into like-new components with the company's latest engineering updates</p></li><li><p>Tested to the same standards as new Caterpillar parts</p></li><li><p>Backed by a Cat Parts Warranty (guarantee)</p></li></ul><p><span style="color:#696969;">Source: adapted from </span><a href="https://www.cat.com/en_US/products/new/parts/reman.html"><span style="color:#696969;">Caterpillar</span></a><span style="color:#696969;"> - "What remanufacturing is, and what it is not"</span></p></div><p><span class="snippet-fa fa fa-youtube fa-lg" style="color: rgb(202, 72, 26);"> </span> Watch this short report from <a href="https://youtu.be/tLfNUD0-8ts"><em>The Economist</em></a> about the true costs of the fast fashion industry.</p><p><iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="360" src="https://www.youtube.com/embed/tLfNUD0-8ts" title="The true cost of fast fashion" width="640"></iframe></p><hr class="hidden"><p><span class="snippet-fa fa fa-youtube fa-lg" style="color: rgb(202, 72, 26);"> </span> Watch this short <a href="https://youtu.be/fVpJJcPZrG8">BBC video</a> about the "de-printer" that removes ink from printer paper, so that it can be used for up to another 10 times. The technology uses a powerful laser to evaporate the ink so the paper can be used again, and again. This helps to reduce the worldwide demand for pulp and paper, which is the fourth largest carbon-emitting industry.</p><p><iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="360" src="https://www.youtube.com/embed/fVpJJcPZrG8" title="The gadget saving trees by sucking ink off paper – BBC News" width="640"></iframe></p><div class="yellowBg"><h5><span class="snippet-fa fa fa-linode fa-lg" style="color: rgb(103, 7, 124);"> </span> <span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">ATL Activity 2 (Thinking and Research skills)</span></span></span></span></h5><p>Find out more about the benefits of product life extension models in the context of the consumer electronic industry by reading this article from the <a href="https://ellenmacarthurfoundation.org/circular-examples/a-model-offering-multiple-benefits-for-multiple-electronic-products">Ellen MacArthur Foundation</a>.</p><p>As you read the article, consider what are the challenges, possible solutions (in the context of circular business models), and the benefits to producers, consumers, and the planet.</p></div></div></div><div class="panel-footer"><div></div></div></div><div class="panel panel-default panel-expandable"><div class="panel-heading"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><p><strong><span style="font-family:arial,helvetica,sans-serif;">4 Sharing models</span></strong></p></div></div><div class="panel-body"><div><p><img alt="" src="../../../ib/businessmanagement/images/bmt/cbm---sharing-models-(bike-sharing).jpg" style="width: 300px; height: 200px; float: left;"><strong>Sharing models </strong>are a category of circular business models that focus on allowing customers to share products that have a low ownership and/or usage rate, instead of consumers having to purchase and own such items for themselves that are often used just the once. Hence, sharing models enable products to be used more efficiently, providing a better use of an economy's scarce resources.</p><p>Changes in the external environment, including greater awareness of the impact of commercial activities on ecological sustainability mean that an increasing number of businesses are providing services where customers share products rather than owning them outright.</p><hr class="hidden"><p>Examples of businesses that use sharing models include:</p><p><img alt="" src="../../../ib/businessmanagement/images/businesses/airbnb.jpg" style="width: 280px; height: 158px;"></p><ul class="branded"><li><p><span style="font-family:arial,helvetica,sans-serif;">Airbnb - The world’s largest accommodation provider, but doesn't owns any of its own real estate or rental properties. This saves the economy from having to build new hotels and properties, alongside the environmental impacts of large-scale construction projects. According to the OECD, Airbnb rooms are typically around 15 to 20% cheaper than equivalent hotel rooms.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Uber - The world’s largest taxi company, but doesn't owns any physical vehicles or taxis. Other service providers of such sharing models include <span style="font-family:arial,helvetica,sans-serif;">Lyft, Gett, DiDi Global, Grab,</span> RelayRides, and BlaBlaCar.</span></p></li><li><p>Bicycle sharing service (public bike share), such as Mobike, Lime, JUMP Bikes, and Motivate rent bicycles to use in city centres rather than people buying their own bikes. Cities that have established bike sharing services include Shanghai, Taiyuan, Hangzhou, New York City, Montreal, Barcelona, Paris, and London.</p></li><li><p>Zipcar - Global car-sharing company (and a subsidiary of the Avis Budget Group) that provides car rental services to its members, billable by the minute, hour, or day. The global membership of urban car sharing schemes, such as Zipcar, is growing as more people see less of a need to own their own vehicles.</p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Many businesses in the catering industry also rely on the likes of Uber Eats, DoorDash, GrubHub, and Deliveroo as an outsourced sharing model, rather than hiring their own drivers and purchasing a fleet of motorbikes.</span></p></li><li><p>Online businesses can be used as sharing models, such as <a href="https://fatllama.com/">Fat Llama</a> which is an online platform that enables people to rent almost anything from other who live in the same local area. Products that can be hired include bikes, cameras, chairs, drones, games consoles, ladders, musical instruments, power tools, scooters, and even sewing machines.</p></li><li><p>Toy Box Club - Re-sharing of children's toys, board games, puzzles, and books (see case study 5 below).</p></li></ul><div class="yellowBg"><h5><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-file-text-o fa-lg" style="color: rgb(61, 30, 128);"> </span></span></span>Case Study 5 - Toy Box Club</span></span></h5><p><img alt="" height="300" src="../../../ib/businessmanagement/images/toys.jpeg" style="float: left;" width="200">Toy Box Club is a UK-based company that delivers boxes of hand-picked and age appropriate toys, books, and puzzles each month to the homes of their subscribers. At the end of each month, the company swaps the old box for a new one with a different set of toys, books, and puzzles. The old toys are thoroughly cleaned, sanitised, packed as part of another Toy Box and sent out to another member. The service helps customers to cut clutter, save money, and keep their children entertained.</p><p>Toy Box Club was set up in 2016 by school friends Sheela Berry and Jessica Green. As mothers to young children, they had witnessed their homes being cluttered with a wave of plastic materials.</p><p>The founders of the business were convinced that there has to be a better solution for their children, their living environment, and for the planet. They share the vision of a new and more sustainable future, in which children are engaged and stimulated, while growing up in a greener world.</p><p><span style="color:#696969;">Source: adapted from </span><a href="https://toyboxclub.co.uk/"><span style="color:#696969;">https://toyboxclub.co.uk/</span></a></p></div><div class="yellowBg"><h5><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-file-text-o fa-lg" style="color: rgb(61, 30, 128);"> </span> Case Study 6 - Circos</span></span></h5><p>Circos is an online subscription business that provides baby clothing and maternity wear, using a circular business model. The company strives to increase the use and prolong the life of garments that are typically used for only a short period of time. Subscribers to the website pay a monthly fee to access a range of high-quality clothing from different brands such as Adidas and Patagonia, delivered to their homes. As babies outgrow an item of clothing from Circos, the item is returned, cleaned, and redistributed to another customer, thereby eliminating waste and capitalizing on the clothing value, as well as creating convenience for customers. Circos operates across Europe, with its services available in Austria, Belgium, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Luxembourg, the Netherlands, Poland, Portugal, Slovakia, Spain, Sweden, and the UK.</p><p>According to its Erick (founder and CEO of Circos), only 15% of all clothing globally is recycled or donated, with 13 million tons of textile waste each year, of which 95% could be reused or recycled. At Circos, between 8 and 10 families will share and enjoy the same piece of clothing rented from the company. Once the product wears out, the material is repurposed to make new products.</p><p><span class="snippet-fa fa fa-book fa-lg" style="color: rgb(103, 7, 124);"> </span> Read more about Circos and its circular business model <a href="https://circos.co/about/">here</a>.</p></div><div class="yellowBg"><h5><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-search fa-lg" style="color: rgb(103, 7, 124);"> </span> <span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">ATL Activity 3 (Thinking and Research skills)</span></span></span></span></h5><p><em>"Asset sharing is an additional, value creating, business model."</em><br>- Kim Tjoa, Co-founder of FLOOW2</p><p>Many businesses have moved to a B2B (business-to-business) sharing model that enables organizations to share overcapacity of equipment, office space, as well as knowledge and skills of personnel. These businesses can register on the platform such as <a href="https://www.floow2.com/">FLOOW2</a> to advertise their asset sharing. Read more about the benefits of such platforms and circular business models in this article from the <a href="https://ellenmacarthurfoundation.org/circular-examples/business-to-business-asset-sharing">Ellen MacArthur Foundation</a>.</p></div><p>Sharing models, as part of a circular economy, enable products (such as children's toys, games, puzzles, and books) to be used more fully. This reduces the demand for new products, which also helps to conserve and protect the planet's scarce resources. Sharing models also work well with workings of the <a href="../44257/factors-that-influence-hr-planning.html" title="New syllabus 2022 » Unit 2 - Human resource management » 2.1 Introduction to HRM » Factors that influence HR planning">gig economy</a> (or on-demand economy).</p></div></div><div class="panel-footer"><div></div></div></div><div class="panel panel-default panel-expandable"><div class="panel-heading"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><p><strong><span style="font-family:arial,helvetica,sans-serif;">5 Product service system models</span></strong></p></div></div><div class="panel-body"><div><p><strong><img alt="" src="../../../ib/businessmanagement/images/bmt/cbm---product-service-system.jpg" style="width: 300px; height: 161px;"></strong></p><p><strong>Product service system models</strong> are the final type of circular business model in the DP Business Management syllabus. These circular business models focus on organizations providing a service instead of selling tangible products, whilst consumers buy a service to fulfil their needs instead of buying a physical product to do so. Businesses typically use a subscription model as part of their pricing strategy (<a href="../42547/45b-price.html" title="New syllabus 2022 » Unit 4 - Marketing (WIP) » 4.5b - Price">pricing method</a>).</p><p>Examples of businesses that use product service system models include:</p><ul class="branded"><li><p>Cloud computing service providers, such as Google Drive and Dropbox, have reduced the demand for computers and laptops with large storage devices, including physical external hard drives and hardware accessories.</p></li><li><p><a href="https://gerrardstreet.nl/">Gerrard Street</a> has pioneered a subscription service for its modular headphones, meaning fewer virgin (natural) resources are used to create new headphones. The subscription product service model allows Dutch company Gerrard Street to recover and recycle headphones at the end of their life and help to cut down on the millions of tonnes of precious materials and electronics waste that ends up in landfill every year.</p></li><li><p>iTunes and Spotify have revolutionized the music industry, with a huge drop in consumer demand for physical products such as CDs, DVDs, and vinyl records as well as the physical devices to play the music using these platforms.</p></li><li><p>Michelin offers motor vehicle tyres as a service, based on a leasing contract to commercial clients to many business, with corporate customers charged on a rate per mile driven. Customers do not own the tyres but the hire agreement also mean Michelin is responsible for all repairs and maintenance costs (see case study 7 below).</p></li><li><p>Netflix is the world's largest provider of movies but doesn't own any cinemas of its own. Customers do not purchase any movies or programmes (unlike a retailer that sells CDs and DVDs), with customers paying a monthly subscription to access their streaming services.</p></li></ul><div class="yellowBg"><h5><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-file-text-o fa-lg" style="color: rgb(61, 30, 128);"> </span> Case Study 7 - Michelin Service Pro</span></span></h5><p><img alt="" src="../../../ib/businessmanagement/images/businesses/michelin2.jpg" style="width: 300px; height: 200px;"></p><p>Michelin, the French multinational tyre manufacturer, sells its tyres as a service to businesses that have a fleet of vehicles, such as supermarket and courier delivery companies. Rather than owning the tyres (which is an expensive option for corporate clients), business customers pay for the mileage of the tyres driven.</p><p>As corporate customers do not own the Michelin tyres, they do not have to take responsibility for any punctures, repairs, or maintenance of the tyres. Using this circular business model gives Michelin greater motivation to design and develop more durable tyres as well as tyres that can be easily repaired, recycled and/or reused.</p><p><span class="snippet-fa fa fa-youtube fa-lg" style="color: rgb(202, 72, 26);"> </span> Watch this short promotional video to see how <a href="https://youtu.be/22-6cfoAy_c">Michelin</a> supports its business customers. You can read more about Michelin’s Product-as-a-Service Strategy by clicking the link <a href="https://www.iotworldtoday.com/2020/02/25/a-look-at-michelins-product-as-a-service-strategy/">here</a>.</p><p><iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="360" src="https://www.youtube.com/embed/22-6cfoAy_c" title="Sustainable Business Model Innovation using the Business Model Canvas - Michelin Case Study" width="640"></iframe></p></div><div class="yellowBg"><h5><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-linode fa-lg" style="color: rgb(103, 7, 124);"> </span> ATL Activity 4 (Thinking and Research skills)</span></span></h5><p>Investigate how these two businesses have used product service system models in their attempt to be more sustainable and socially responsible businesses. Be prepared to share your findings with the rest of the class.</p><ul class="branded"><li><p><a href="https://www.riversimple.com/riversimple-business-model/#circulareconomy">Riversimple</a> - a UK-based car manufacturer of hydrogen-powered fuel cell electric vehicles, founded in 2007.</p></li><li><p><a href="https://ellenmacarthurfoundation.org/circular-examples/mud-jeans">MUD Jeans</a> - a Dutch company that uses a subscription model that leases jeans made from 40% recycled denim and 60% organic cotton.</p></li></ul></div></div></div><div class="panel-footer"><div></div></div></div><div class="panel panel-default panel-expandable"><div class="panel-heading"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><p><strong><span style="font-family:arial,helvetica,sans-serif;">Advantages of circular business models</span></strong></p></div></div><div class="panel-body"><div><p><img alt="" src="../../../ib/businessmanagement/images/bmt/cbm---sharing-models.jpg" style="width: 300px; height: 213px;"></p><p>Possible advantages of organizations moving away from a traditional and disposable business model in favour of circular business models include:</p><ul class="branded"><li><p>Environmental protection - Using a CBM does less damage to the environment so businesses act in a socially responsible way, which is also beneficial to external stakeholders of the organization.</p></li><li><p>Resource preservation - Using less resources is also good for the planet, and can enables businesses to reduce their costs of production.</p></li><li><p>Adapting to changing consumer needs and preferences - Adopting a CBM helps to the changing needs and wants of a broader customer base, in a more effective way because of the firm’s environmentally friendly business activities.</p></li><li><p>Employee morale - Being ethical and acting in a way that sustains business activity helps to boost morale, motivation and productivity in the workplace. It can also help to attract better staff as an increasing number of people/employees are concerned about the environmental stance of the business that they work for.</p></li><li><p>Attracting investors - Similarly, investors, financiers and commercial lenders are increasing in support of businesses that care about the natural environment and ecosystems, so adopting CBMs can help organizations to secure much-needed sources of finance to fund and expand their operations.</p></li><li><p>Avoiding negative media coverage or media criticism - Businesses that put people and the planet before their own profits tend to have good publicity and avoid pressures from lobbying groups and local or central governments, as well as the mass media (such as the press).</p></li><li><p>Gaining a competitive advantage - Businesses that adopt a CBM tend to have the support of the general public, so this can give the firms a competitive edge over other businesses that do not adopt a more circular approach to their operations.</p></li></ul><p><img alt="" height="169" src="../../../ib/businessmanagement/images/2-hrm/work-from-home.jpg" width="320"></p><p><span style="color:#696969;"><em>Opportunities to work from home help to cut down carbon emissions</em></span></p><p>You can read more about the advantages of the OECD's five circular business models by using the following hyperlink to the World Economic Forum (WEF) website <a href="https://www.weforum.org/agenda/2022/01/5-circular-economy-business-models-competitive-advantage/">here</a>.</p><div class="yellowBg"><h5><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-file-text-o fa-lg" style="color: rgb(61, 30, 128);"> </span> Case Study 8 - Protix</span></span></h5><p><a href="https://www.metabolic.nl/news/how-black-soldier-fly-larvae-can-feed-circular-economy/">Protix</a> is a Dutch insect ingredient company. In 2019, the company unveiled its €35 million ($40 million) commercial-scale production facility that upcycles food waste into sustainable protein for a range of animals, including for fish, chicken, and household pets. The company is a prime example of how insects can be used to feed a circular economy.</p></div><div class="yellowBg"><h5><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-file-text-o fa-lg" style="color: rgb(61, 30, 128);"> </span> Case Study 9 - Adidas</span></span></h5><p><img alt="" height="170" src="../../../ib/businessmanagement/images/bmt/cbm---adidas.jpg" width="300"></p><p>In 2019, Adidas launched FUTURECRAFT.LOOP - the company's first running shoe that is “made to be remade.” The running shoes are carefully designed with Adidas's manufacturing and recycling partners so that the products can be returned to Adidas, broken down, and reused to create new running shoes.</p><p>Find out more about the Adidas FUTURECRAFT.LOOP project <a href="https://www.adidas.co.uk/futurecraft">here</a>.</p><p>Students should then justify which of the five OECD circular business models* best fits the operations of Adidas.</p><p><span style="color:#696969;">* (i) circular supply models, (ii) resource recovery models, (iii) product life extension models, (iv) sharing models, or (v) product service system models.</span></p></div><div class="yellowBg"><h5><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-file-text-o fa-lg" style="color: rgb(61, 30, 128);"> </span> Case Study 10 - Mr. Green Africa</span></span></h5><p>Mr. Green Africa is a Kenyan plastics recycling business. The company, based in Nairobi, collects, converts, and sells used consumer plastics and industrial waste and sells ethically sourced recycled plastic pellets <span style="letter-spacing:0.02em">and post consumer plastic waste</span> at fair and competitive prices.</p><p><span class="snippet-fa fa fa-youtube fa-lg" style="color: rgb(202, 72, 26);"> </span> Find out more about <a href="https://youtu.be/TlTgiOPdSw4">Mr. Green Africa</a>'s circular business model by watching this short video interview here with Keiran Smith, the company's CEO.</p><p><iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="360" src="https://www.youtube.com/embed/TlTgiOPdSw4" title="Mr Green Africa" width="640"></iframe></p></div></div></div><div class="panel-footer"><div></div></div></div><div class="panel panel-default panel-expandable"><div class="panel-heading"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><p><strong><span style="font-family:arial,helvetica,sans-serif;">Limitations of circular business models</span></strong></p></div></div><div class="panel-body"><div><p>As with all business tools and models, there are limitations of adopting circular business models. These include:</p><ul class="branded"><li><p>The costs of implementing the various circular business models are unlikely to be cheap, especially in the short run. Developing new production processes that are sustainable and marketing new business models will take time, efforts, and money.</p></li><li><p>Similarly, despite the potential benefits of CBMs, issues including risk liability, insurance, transparency, and workforce protection can all hinder the development of the circular economy.</p></li><li><p>Local and regional contexts are also important. Not all consumers in all regions regard sustainability as a priority, especially if such practices result in higher prices for customers.</p></li><li><p>Similarly, not all business owners (entrepreneurs and shareholders) as well as investors prioritise the circular economy, and focus instead on short-term profits.</p></li><li><p>It is not always clear which business practices.</p></li></ul><div class="greenBg"><h5><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-youtube fa-lg" style="color: rgb(202, 72, 26);"> </span><span style="color:#FF0000;">Review Video</span></span></h5><p>Watch this informative video from <a href="https://youtu.be/-2vOTG49uy0">Sunhak Peace Prize</a> which discusses the idea of zero waste using the 5 Rs model. Although this is not explicitly part of the five CBMs in the IB syllabus, there are certainly integral to all of these circular business models, including coverage of the 5 Rs of sustainability.</p><p><iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="360" src="https://www.youtube.com/embed/-2vOTG49uy0" title="What is Zero Waste?" width="640"></iframe></p><p><strong>Questions</strong></p><ol><li><p>What does zero waste refer to?</p></li><li><p>During the early 2000s, what arose as a major international problem?</p></li><li><p>What volume of garbage is discharged per day?</p></li><li><p>What causes dioxide pollutants in the atmosphere?</p></li><li><p>What creates microplastics and garbage islands, causing severe environmental pollution?</p></li><li><p>What is the purpose of using minimal packaging <u>and</u> efforts to refrain from using disposable products?</p></li><li><p>Which of the 5 Rs means not to make unnecessary waste by not using disposable items?</p></li><li><p>According to the 5 Rs model, what is done only when something cannot be reused?</p></li><li><p>Recent trends, such as producing new products by extracting fibres from plastics, are an example of what sustainable manufacturing practice?</p></li><li><p>Which two resources are given as examples of rotting materials that circulate naturally without damaging the environment?</p></li><li><p>What are the 5 "R"s of sustainability?</p></li></ol><section class="tib-teacher-only" readonly="true" title="This box is not visible to students"><div class="header" readonly="true"><img class="icon" src="../../../thinkib/icons/teacher-only.svg"> Teacher only box</div><div class="content" readonly="false"><p><span style="color:#FF0000;"><strong>Answers</strong></span></p><ol><li><p>0:40 What does zero waste refer to? <span style="color:#FF0000;">The principle of waste prevention while processing, producing, and using a product</span></p></li><li><p>1:03 During the early 2000s, what arose as a major international problem? <span style="color:#FF0000;">Environmental pollution caused by overflowing garbage</span></p></li><li><p>1:22 What volume of garbage is discharged per day? <span style="color:#FF0000;">50,000 tonnes or 45,359,237 kgs (that's 18 million tons or 16.329 billion kgs per year)</span></p></li><li><p>1:35 What causes dioxide pollutants in the atmosphere? <span style="color:#FF0000;">The smoke from burning garbage</span></p></li><li><p>1:55 What creates microplastics and garbage islands, causing severe environmental pollution? <span style="color:#FF0000;">Trash thrown into the sea</span></p></li><li><p>2:26 What is the purpose of using minimal packaging <u>and</u> efforts to refrain from using disposable products? <span style="color:#FF0000;">Minimizing waste in the production process</span></p></li><li><p>2:45 Which of the 5 Rs means not to make unnecessary waste by not using disposable items? <span style="color:#FF0000;">Refuse</span></p></li><li><p>3:10 According to the 5 Rs model, what is done only when something cannot be reused? <span style="color:#FF0000;">Recycled</span></p></li><li><p>3:26 Recent trends, such as producing new products by extracting fibres from plastics, are an example of what sustainable manufacturing practice? <span style="color:#FF0000;">Recycling</span></p></li><li><p>3.44 Which two resources are given as examples of rotting materials that circulate naturally without damaging the environment? <span style="color:#FF0000;">Paper and bamboo</span></p></li><li><p>3:56 What are the 5 "R"s of sustainability? <span style="color:#FF0000;">Refuse, Reduce, Reuse, Recycle, and Rot</span></p></li></ol></div></section></div><div class="yellowBg"><h5><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-briefcase fa-lg" style="color: rgb(103, 7, 124);"> </span> Business Management Toolkit - Hofstede's cultural dimensions</span></span></h5><p>With reference to <a href="../42216/bmt-11-hofstedes-cultural-dimensions-hl.html" title="New syllabus 2022 » Business Management Toolkit (BMT) » BMT 11 - Hofstede's cultural dimensions (HL)">Hofstede's cultural dimensions (HL only)</a> explain the role of long-term versus short-term orientation as a cultural dimension in the context of circular business models.</p></div><p>Final note for reflection - Whilst there is plenty of empirical evidence to suggest that all businesses should adopt a more circular approach, the drawbacks, limitations, and inconveniences of doing so still prevent many organizations from doing so. Still, the warning signs are abundant, such as the global impact of climate change caused by overproduction and overconsumption. Despite their limitations, the widespread use of authentic circular business models has never been so important for the world economy. As put succinctly by Klaus Toepfer, Executive Director of the United Nations Environmental Programme:</p><p style="text-align: center;"><em>“It is becoming more and more evident that consumers are increasingly interested in the ‘world that lies behind’ the product they buy. Apart from price and quality, they want to know how and where and by whom the product has been produced. This increasing awareness about environmental and social issues is a sign of hope. Governments and industry must build on that.”</em></p><div class="yellowBg"><h5><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"><span class="snippet-fa fa fa-lightbulb-o fa-lg" style="color: rgb(103, 7, 124);"> </span> Top Tip 2!</span></span></h5><p><img alt="" src="../../../ib/businessmanagement/images/blockbuster.png" style="width: 300px; height: 271px;"></p><p>Whilst circular business models might create opportunities for some organization, they can also create threats for others. For example, developing a car sharing model is an opportunity for the likes of Uber and Lyft, but could be a threat to car manufacturers because fewer new cars are produced and sold.</p><p>Netflix's digital streaming service effectively put Blockbuster out of business as customers no longer found it attractive to rent movie DVDs by visiting physical outlets.</p></div><div class="yellowBg"><h5><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-linode fa-lg" style="color: rgb(103, 7, 124);"> </span> ATL Activity 5 (Research, Thinking, and Communication skills)</span></span></h5><p>Investigate one of the following examples of real-world businesses that have adopted circular business models. Report on the following to the rest of the class:</p><ul class="branded"><li><p>How the initiative works.</p></li><li><p>The type of circular business model this example falls under.</p></li><li><p>Specific examples of how this is an example of of sustainability.</p></li><li><p>What challenges the business faces with its initiative.</p></li></ul><ol><li><p>Dell’s <em>Global Takeback</em> programme.</p></li><li><p>H&M’s <em>Closing the Loop</em> initiative.</p></li><li><p>IKEA’s <em>Circular and Climate Positive</em>" initiative.</p></li><li><p>Levi Strauss & Co.’s <em>Closing the Loop</em> strategy.</p></li><li><p>Nike’s<em> Reuse-A-Shoe </em>programme.</p></li><li><p>Patagonia’s <em>Common Threads Garment Recycling Programme</em>.</p></li><li><p>Puma’s <em>Closing the Loop</em> scheme.</p></li><li><p>The Body Shop’s <em>Community Trade</em> project.</p></li><li><p>Unilever’s <em>Sustainable Living Plan</em>.</p></li><li><p>Walmart’s <em>Sustainability 360</em> initiative.</p></li></ol></div></div></div><div class="panel-footer"><div></div></div></div><div class="panel panel-default panel-expandable"><div class="panel-heading"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><p><strong><span style="font-family:arial,helvetica,sans-serif;">Key terms</span></strong></p></div></div><div class="panel-body"><div><ul class="branded"><li><p><strong>Circular business models</strong> (CBM) focus on the long-term environmental consequences and sustainability matters related to business activities.</p></li><li><p><strong>Circular supply models</strong> are a type of circular business model that focus on replacing virgin natural resources with renewable, recyclable, and/or biodegradable resource inputs.</p></li><li><p><strong>Product life extension models</strong> are CBMs focus on businesses extending the product life cycle of their goods rather than encouraging consumers to replace and upgrade their products.</p></li><li><p><strong>Product service system models</strong> are CBMs that focus on businesses providing a service instead of tangible products, whilst consumers buy a service instead of buying a physical product.</p></li><li><p><strong>Resource recovery models </strong>are a type of circular business model that focus on recycling waste (such as glass, plastics, and aluminium cans) into reusable raw materials, thereby diverting waste from final disposal.</p></li><li><p><strong>Sharing models</strong> are a type of circular business model that focus on allowing customers to share products that have a low ownership and/or usage rate, instead of them having to purchase and own such products.</p></li><li><p><strong>Traditional business models</strong><span style="color: rgb(36, 36, 36); font-family: Arial, Helvetica, sans-serif; font-size: 14px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;"><span> </span>(or<span> </span></span><strong>linear business models</strong><span style="color: rgb(36, 36, 36); font-family: Arial, Helvetica, sans-serif; font-size: 14px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;">) focus on costs, revenues, and profits related to business activities, often with a short-term outlook.</span></p></li></ul></div></div><div class="panel-footer"><div></div></div></div><div class="panel panel-default panel-expandable"><div class="panel-heading"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><p><strong>Activity: Upcycling Day - The upcycling challenge</strong></p></div></div><div class="panel-body"><div><h5><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-linode fa-lg" style="color: rgb(103, 7, 124);"> </span> ATL Activity 6 (Research, Thinking, Communications, and Self-management skills)</span></span></h5><h5><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">The upcycling challenge</span></span></h5><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;"></span></span> <small class="toc-back-button"> <a class="scroll-to" data-target="toc-1636792933" href="https://www.thinkib.net/#" title="Back to table of contents"> </a> </small></p><p id="header-15"><span style="color:#000000;"><span style="font-family:arial,helvetica,sans-serif;">Did you know that <strong>June 24th</strong> is <strong>Upcycling Day</strong>?</span> </span><small class="toc-back-button"><span style="color:#000000;"> </span><a class="scroll-to" data-target="toc-1636792933" href="https://www.thinkib.net/#" title="Back to table of contents"><span style="color:#000000;"> </span></a><span style="color:#000000;"> </span></small></p><p><img alt="" height="208" src="../../../ib/businessmanagement/images/5-ops-mgt/upcycle.jpg" width="280"></p><p>Upcycling is a relatively new trend but certainly one that is growing in popularity. Although the term has been used since the 1990s, upcycling rose to prominence when it started trending in 2002. Upcycling is about taking old household objects, such as toys and furniture, and adding your own creativity and craft to make something new and of practical value. <strong>Upcycling Day</strong> is on <strong>24th June</strong> each year and is used to celebrate the art of upcycling and focuses on sustainable use of household goods, recycling items instead of being wasteful, and the many different ways we can reuse things that we might otherwise think are no longer useless.</p><p>The book <em>Cradle to Cradle: Remaking The Way We Make Things</em> by architect William McDonough and chemist Michael Braungart, released in 2002, brought upcycling into the modern language. Not only did the book include information and tips about upcycling, but the book itself was upcycled from plastic materials and soy, which was used to form the ink.</p><p>Upcycling Day naturally arose as a way to bring attention to the craze and to encourage people to get involved in wasting less (throwing less away) and upcycling more. The art of upcycling is celebrated by those who are dedicated to finding sustainable ways of living and to save our planet as well as those who are artistically creative to find new ways to use the old things cluttering our homes and lives, avoiding more waste clogging our landfills.</p><hr class="hidden"><h5 id="header-16"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">The challenge</span></span></h5><p><img alt="" src="../../../ib/businessmanagement/images/bmt/upcycled-floppies.jpg" style="width: 300px; height: 199px;"></p><p><strong>Upcycling Day</strong> is about repurposing old items into something new. There are probably numerous items in your home right now that could be upcycled rather than thrown away or wasted.</p><p>All students - and teachers - should try to upcycle one item from home and bring this to school. Each participant should explain their upcycled product and the processes used to create this. This activity works well with the key concept of <a href="../43435/sustainability.html" title="Concepts » Sustainability">sustainability</a> but equally links well with the key concept of <a href="../43633/creativity.html" title="Concepts » Creativity">creativity</a>.</p><p>As a class, you can vote for the best upcycled product! </p><div class="yellowBg"><h5><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-file-text-o fa-lg" style="color: rgb(61, 30, 128);"> </span> Case Study 11 - The Upcycling Challenge at Smt. Sulochanadevi Singhania IB World School</span></span></h5><p>The IB DP students and teachers of Smt. Sulochanadevi Singhania IB World School in Maharashtra, India, rummaged through unused products at home and upcycled them into innovative utility or decorative items. The Upcycling Project was a collaborative project for the Business Management, ESS, Visual Arts, and CAS departments. The difference between recycling and upcycling was brought out clearly through this activity. Students not only earned CAS hours but also learnt numerous ways to upcycle unused items just lying at home.</p><p>Many thanks to <strong>Sangeeta Kapur</strong>, IB Head and DPC at Smt. Sulochanadevi Singhania IB World School, for leading and facilitating the Upcycling Challenge with her staff and students - and for sharing some of the photos from the day!</p><div><iframe allowfullscreen="true" frameborder="0" height="382" mozallowfullscreen="true" scrolling="no" src="https://docs.google.com/presentation/d/e/2PACX-1vQx-GkqVgaOk22hG2Mf9A2XbGl5Egm8_K9A15_bdEN6PYPcvNzdGQXhdG-DDCpMrmUFt1WypOQvF90S/embed?start=false&loop=false&delayms=3000" webkitallowfullscreen="true" width="680"></iframe></div></div><section class="tib-teacher-only" readonly="true" title="This box is not visible to students"><div class="header" readonly="true"><img class="icon" src="../../../thinkib/icons/teacher-only.svg"> Teacher only box</div><div class="content" readonly="false"><p>Teachers can download a PDF version of this activity to use with their students.</p><div readonly="true" style="background: #ddd; margin: 20px 0; width: 100%;"><iframe frameborder="0" scrolling="no" src="../../../media/ib/businessmanagement/files/bmt/atl-activity-6---upcycling-day-2th-june.pdf.html" style="width: 100%; height: 480px;"></iframe></div></div></section></div></div><div class="panel-footer"><div></div></div></div><div class="panel panel-default panel-expandable"><div class="panel-heading"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><p><strong>Circular Business Models - True or False Quiz</strong></p></div></div><div class="panel-body"><div><p>To test your understanding of this topic (Circular Business Models), have a go at the following true or false questions.</p><div class="tib-quiz" data-quiz-id="4082" data-structure="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" data-score-answers="6d4a526a457a48584f763758344a7649472f76324c53614b78524c393439595570496d5a5971374b38686f3d"><div class="exercise"><div class="q-question"><p>Circular business models have become increasingly popular as more businesses look for ways to reduce their carbon footprint and environmental impact while still generating profits and protecting shareholder value.</p></div><div class="q-answer"><p><label class="radio" data-answer="f827cf462f62848df37c5e1e94a4da74"><input type="radio"><span> True</span></label></p><p><label class="radio" data-answer="f8320b26d30ab433c5a54546d21f414c"><input type="radio"><span> False</span></label></p></div><div class="q-explanation"><p>The ultimate goal of using circular business models is to operate in sustainable ways, thereby protecting the natural environment and protecting shareholder value.</p></div><div class="actions"><span class="score" data-score="0"></span><button class="btn check"><i class="fa fa-check-square-o"></i> Check</button></div></div><p> </p><div class="exercise"><div class="q-question"><p>The ultimate goals of circular business models are to ensure that an economy's scarce resources are used more efficiently and to minimize waste.</p></div><div class="q-answer"><p><label class="radio" data-answer="f827cf462f62848df37c5e1e94a4da74"><input type="radio"><span> True</span></label></p><p><label class="radio" data-answer="f8320b26d30ab433c5a54546d21f414c"><input type="radio"><span> False</span></label></p></div><div class="q-explanation"><p>All circular business models are based on using and reusing resources more efficiently, thereby helping to minimize waste.</p></div><div class="actions"><span class="score" data-score="0"></span><button class="btn check"><i class="fa fa-check-square-o"></i> Check</button></div></div><p> </p><div class="exercise"><div class="q-question"><p>By implementing circular business models, businesses can reduce their environmental impact, as well as improve the sustainability of their business.</p></div><div class="q-answer"><p><label class="radio" data-answer="f827cf462f62848df37c5e1e94a4da74"><input type="radio"><span> True</span></label></p><p><label class="radio" data-answer="f8320b26d30ab433c5a54546d21f414c"><input type="radio"><span> False</span></label></p></div><div class="q-explanation"><p>Acting in a socially responsible way, such as preserving the planet's scarce resources, can improve the sustainability of a business.</p></div><div class="actions"><span class="score" data-score="0"></span><button class="btn check"><i class="fa fa-check-square-o"></i> Check</button></div></div><p> </p><div class="exercise"><div class="q-question"><p>Product service system models focus on reusing, recycling, or repurposing resources.</p></div><div class="q-answer"><p><label class="radio" data-answer="f827cf462f62848df37c5e1e94a4da74"><input type="radio"><span> True</span></label></p><p><label class="radio" data-answer="f8320b26d30ab433c5a54546d21f414c"><input type="radio"><span> False</span></label></p></div><div class="q-explanation"><p>Circular supply models focus on reusing, recycling, or repurposing resources.</p></div><div class="actions"><span class="score" data-score="0"></span><button class="btn check"><i class="fa fa-check-square-o"></i> Check</button></div></div><p> </p><div class="exercise"><div class="q-question"><p>Implementing circular business models can help an organization to sustain or enhance its competitiveness in the marketplace.</p></div><div class="q-answer"><p><label class="radio" data-answer="f827cf462f62848df37c5e1e94a4da74"><input type="radio"><span> True</span></label></p><p><label class="radio" data-answer="f8320b26d30ab433c5a54546d21f414c"><input type="radio"><span> False</span></label></p></div><div class="q-explanation"><p>Given the concerns about global climate change, businesses that behave in more sustainable and environmentally friendly ways are essentially adapting to changing consumer demands and preferences. Hence, the use of CBMs can give them a competitive edge in the long-term.</p></div><div class="actions"><span class="score" data-score="0"></span><button class="btn check"><i class="fa fa-check-square-o"></i> Check</button></div></div><p> </p><div class="exercise"><div class="q-question"><p>Sharing models rely on the use of repairing, reconditioning, and refurbishing products to prolong their use.</p></div><div class="q-answer"><p><label class="radio" data-answer="f827cf462f62848df37c5e1e94a4da74"><input type="radio"><span> True</span></label></p><p><label class="radio" data-answer="f8320b26d30ab433c5a54546d21f414c"><input type="radio"><span> False</span></label></p></div><div class="q-explanation"><p>Product life extension models use methods such as repairing, reconditioning, and refurbishing products.</p></div><div class="actions"><span class="score" data-score="0"></span><button class="btn check"><i class="fa fa-check-square-o"></i> Check</button></div></div><p> </p><div class="exercise"><div class="q-question"><p>Product life extension models focus on ways to prolong the useful life of existing products, thereby reducing the demand for resources as well as the generation of waste.</p></div><div class="q-answer"><p><label class="radio" data-answer="f827cf462f62848df37c5e1e94a4da74"><input type="radio"><span> True</span></label></p><p><label class="radio" data-answer="f8320b26d30ab433c5a54546d21f414c"><input type="radio"><span> False</span></label></p></div><div class="q-explanation"><p>By prolonging the useful life of existing products, there is less consumption expenditure (which leads to less waste and need for new productive resource is to create new products).</p></div><div class="actions"><span class="score" data-score="0"></span><button class="btn check"><i class="fa fa-check-square-o"></i> Check</button></div></div><p> </p><div class="exercise"><div class="q-question"><p>Product life extension models can create new revenue streams for a business, as well as protect the depletion of the planet's scarce resources.</p></div><div class="q-answer"><p><label class="radio" data-answer="f827cf462f62848df37c5e1e94a4da74"><input type="radio"><span> True</span></label></p><p><label class="radio" data-answer="f8320b26d30ab433c5a54546d21f414c"><input type="radio"><span> False</span></label></p></div><div class="q-explanation"><p>Product life extension models can create new revenue streams for a business through the sale of products that have been repaired, reconditioned, refurbished, or renovated.</p></div><div class="actions"><span class="score" data-score="0"></span><button class="btn check"><i class="fa fa-check-square-o"></i> Check</button></div></div><p> </p><div class="exercise"><div class="q-question"><p>Resource recovery models focus on reducing waste, reusing materials, or recycling materials.</p></div><div class="q-answer"><p><label class="radio" data-answer="f827cf462f62848df37c5e1e94a4da74"><input type="radio"><span> True</span></label></p><p><label class="radio" data-answer="f8320b26d30ab433c5a54546d21f414c"><input type="radio"><span> False</span></label></p></div><div class="q-explanation"><p>Resource recovery models emphasise recycling and reusing waste (into secondary materials that can be reused), thereby reducing waste.</p></div><div class="actions"><span class="score" data-score="0"></span><button class="btn check"><i class="fa fa-check-square-o"></i> Check</button></div></div><p> </p><div class="exercise"><div class="q-question"><p>Product service system models promote a more circular economy by reducing the need for new production and the associated environmental impacts.</p></div><div class="q-answer"><p><label class="radio" data-answer="f827cf462f62848df37c5e1e94a4da74"><input type="radio"><span> True</span></label></p><p><label class="radio" data-answer="f8320b26d30ab433c5a54546d21f414c"><input type="radio"><span> False</span></label></p></div><div class="q-explanation"><p>Product service system models rely on the service aspect of a product, rather than selling new physical products to customers, e.g., hiring a car by the minute, as and when needed rather than having to purchase a car outright.</p></div><div class="actions"><span class="score" data-score="0"></span><button class="btn check"><i class="fa fa-check-square-o"></i> Check</button></div></div><p> </p><div class="totals"><span class="score">Total Score: </span><button class="btn btn-success check-total"><i class="fa fa-check-square-o"></i> Check</button></div></div><hr></div></div><div class="panel-footer"><div></div></div></div><div class="panel panel-default panel-expandable"><div class="panel-heading"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><p><strong>BMT 8 - Revision Flashcards</strong></p></div></div><div class="panel-body"><div><p><img alt="" src="../../../ib/businessmanagement/flashcards-1.jpg" style="width: 300px; height: 152px;"></p><p>To test your understanding of this topic, have a go at the following Flashcard revision tasks. There are 8 flashcards in this quiz - how many can you get right?</p><div class="tib-flashcard"><button class="show-flashcards btn bg-green btn-large btn-block " data-levels="88,89,90" data-topics="1793" data-general-id="42" data-n-flashcards="8" style="text-align:center">Show flashcards</button></div><hr></div></div><div class="panel-footer"><div></div></div></div><div class="panel panel-default panel-expandable"><div class="panel-heading"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><p><strong>Exam Practice Question</strong></p></div></div><div class="panel-body"><div><table border="0" cellpadding="0" cellspacing="0" width="714"><colgroup><col width="43"><col width="586"><col width="85"></colgroup><tbody><tr height="19"><td class="xl63" height="19" style="height:14.6pt;width:33pt" width="43">(a)</td><td class="xl63" style="width:440pt" width="586">Define the term <em>circular business model</em>.</td><td class="xl64" style="width:63pt" width="85"><em>[2 marks]</em></td></tr><tr height="39"><td class="xl63" height="39" style="height:29.15pt;width:33pt" width="43">(b)</td><td class="xl63" style="width:440pt" width="586">Explain <strong>two </strong>reasons why organizations might choose to implement a circular business model.</td><td class="xl64" style="width:63pt" width="85"><em>[4 marks]</em></td></tr></tbody></table><section class="tib-teacher-only" readonly="true" title="This box is not visible to students"><div class="header" readonly="true"><img class="icon" src="../../../thinkib/icons/teacher-only.svg"> Teacher only box</div><div class="content" readonly="false"><p><span style="color:#FF0000;"><strong>Answers</strong></span></p><p><strong>(a) Define the term <em>circular business model</em>. <em>[2 marks]</em></strong></p><p><span style="color:#FF0000;">A circular business model is designed to turn all the waste that businesses and consumers produce into a valuable and productive resource that can be used again. It does this by reintroducing the waste into the production process (or production cycle) instead of disposing the products at the end of their useful life.</span></p><p><span style="color:#FF0000;">Award<em> [1 mark] </em>for a definition that shows some understanding of the tool.</span></p><p><span style="color:#FF0000;">Award<em> [2 marks] </em>for a definition that shows good understanding of the tool, similar to the example above.</span></p><p><span style="color:#FF0000;"><em>Note</em>: for definition questions like this, there is no need to include/name all elements of the tool - this has been included above for illustrative purposes only.</span></p><hr class="hidden"><p><strong>(b) Explain <u>two</u> reasons why organizations might choose to implement a circular business model. <em>[4 marks]</em></strong></p><p><span style="color:#FF0000;">Possible reasons could include an explanation of the following:</span></p><ul class="branded"><li><p><span style="color:#FF0000;">The overarching purpose of developing a circular business model is to enable all businesses to reduce, reuse, and recycle waste materials in order to conserve the planet's finite resources for a sustainable future.</span></p></li></ul><ul class="branded"><li><p><span style="color:#FF0000;"><em>Accept any other valid advantage that is clearly explained.</em></span></p></li></ul><p><span style="color:#FF0000;"></span></p><p><span style="color:#FF0000;"><em>Mark as a 2 + 2</em></span></p><p><span style="color:#FF0000;">For each point, award <em>[1 mark] </em>for a valid benefit and a further <em>[1 mark] </em>for an accurate explanation.</span></p></div></section></div></div><div class="panel-footer"><div></div></div></div><div class="panel panel-default panel-expandable"><div class="panel-heading"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><p><strong>Using circular business models as part of the BMT in the syllabus</strong></p></div></div><div class="panel-body"><div><p>Suggested units for integration of circular business models in teaching the contents of the syllabus include (not exhaustive):</p><ul class="branded"><li><p>Unit 1.3 - Using real-world examples, discuss the role of corporate social responsibility (CSR) in relation to circular business models.</p></li><li><p>Unit 1.3 - Examine why business objectives may take consideration of circular business models.</p></li><li><p>Unit 2.2 - Discuss how circular business models, such as sharing models and product service system models, can cause managers to question the appropriateness of existing organizational structures in their institutions.</p></li><li><p>Unit 2.5 (HL only) - Discuss whether there is a direct link between corporate culture and circular business models.</p></li><li><p>Unit 3.4 - Discuss how circular business models impact an organization’s profitability.</p></li><li><p>Uni t 3.7 - Examine how the use of circular business models can impact an organization's investment, profit, <u>and</u> cash flow.</p></li><li><p>Unit 4.5 - Explain how the effective use of circular business models can positively impact brand loyalty.</p></li><li><p>Unit 5.3 (HL only) - Discuss the extent to which circular business models can lead to greater resource efficiency.</p></li><li><p>Unit 5.3 (HL only) - Examine how circular business models promote lean production and waste efficiency in business organizations.</p></li><li><p>Unit 5.3 (HL only) - Discuss the importance of circular business models for effective and sustainable cradle to cradle design and manufacturing.</p></li><li><p>Unit 5.8 (HL only) - Discuss the link between research and development (R&D) and circular business models.</p></li><li><p>Unit 5.9 - Discuss how the use of management information systems (MIS) can facilitate the implementation of circular business models.</p></li><li><p>Key concept - Discuss the links between <a href="../43668/change.html" title="New syllabus 2022 » The 4 key concepts » Change">change</a> in a business context and circular bushiness models.</p></li></ul></div></div><div class="panel-footer"><div></div></div></div><p><span style="font-family:arial,helvetica,sans-serif;">Return to the <a href="../42640/business-management-toolkit-bmt.html" title="New syllabus 2022 » Business Management Toolkit (BMT)">Business Management Toolkit (BMT)</a> homepage</span></p><p><span style="font-family:arial,helvetica,sans-serif;"><img alt="" src="../../../ib/businessmanagement/logo-blue-black-1.png" style="width: 170px; height: 54px;"></span></p><script>document.querySelectorAll('.tib-teacher-only').forEach(e => e.remove());</script>
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