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    Business Book

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    Cecilia Pintos

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    rare Eee Management Business Management for the IB Diploma SECOND EDITION Peter Stimpson and Alex Smith CAMBRIDGE University Printing House, Cambridge CB2 8BS, United Kingdom (Cambridge University Pres is pat ofthe University of Cambridge. Ie furthers the University’s mission by disseminating knowledge in the pursuit of ‘education leaming and research atthe highest intemasonal levels of excellence. ‘evn cambridge.org Information on this ite: education cambridge org © Cambridge University Press 2015, ‘This publication isn copyright. Subject to statutory exception and tothe provisions of relevant collective licensing agreements, ro reproduction of any part may tke place without the writen permission of Cambridge University Press Fist published 2011 Second ediion 2015, Printed by Latimer tend in the United Kingdom A catalogue record for his publication alle rom the British Library ISBN 978-1-107-45437-7 Paperback (Cambridge University Press has no responsibility forthe persistence or accuracy of URLs for esternal ae third-party internet websites referted oi this publiation, tnd doesnot guarantee that any content on such websites is, or will main fsccurate or appropriate. Information regarding prices travel timetables, and other factual information given inthis work s correct at the time of fist printing but (Cambridge Universty Press does not guarantee the accuracy of such information thereafter Tes illegal to reproduce any pact of this workin material form (inching photocopying and electronic storage) exept under the following circumstances (0) where you ae abiding bya licence granted to your school a institution by ‘the Copyright Licensing Agency, (@_ were no such licence eit, a where you wish to exced the terms ofa licence, and you have gained the wntten permission of Cambridge University Press; (i) were you ae allowed to reproduce without permission under the provsion® ‘of Chapter 3 af the Copyright, Designs and Patents Act 1988, which covers, for fexample, the reproduction of shor passages within certain types of educational anthology and reproduction forthe purposes af setting examination questions. Contents Teeny eee ea nes Peer Pr ected PEC Cry De con ecg Decent DEE Cu Rosco} aCe ee Cea ecu Pe Ree Tad Perera EUR ree cuca Pee 2.5 Organisational (corporate) culture (HL only) aun ayn mL) Petes 3.2 Costs and revenues Bee Can ne Pee a ena cL) 23.5 Profitability and liquidity ratio analysis 3.6 Efficiency ratio analysis (HL only) peed SC con aaa) Ee Merl G oy) POR) Cerra PERN Dees aa) ones Cerca Cae aCe Cc ea) eC L recon SR eC Cua Pee Peru ce ace ee rey aaa) Pree ncn) 5.5 Production planning (HL only) Boone Lo cae) eRe eae oer ate) Cenc ind eee ae Introduction Introduction Nature of the subject ‘The International Baccalaureate Diploma Programme Business Management ie designed to develop an understanding of essential business theory and the ability to apply busines principles, practices and skit. Tt encourages students to analyse the diverse range of busines organisations and activities and the culeaal and economic context in which business operate, The emphasis is placed on strategic devison= sking and the busines functions of marketing, production, human resource management and finance, Business Management is the study ofboth the way in which individuals and groups interact in an organisation and of the transformation of resources. Is therefore, perfectly placed within the group 3 subject area individuals and societies) of the IB Diploma Programme hexagon, Who is this book for? This book accurately and comprehensively fellows the 2014 International Baccalaureate (IB) higher level (HL) and standard level (SL) syllabus for Business Management Ifyou aze «student preparing forthe asessments based on this syllabus, ofa teacher preparing, stadents for the assessments, you can be confident chat this book provides comprehensive coverage ofthe course, Other students of business management courses at equivalent levels could also greatly benefit fom the subject content, activities and advice that this book contains What are the aims of the book? Apart fom providing the appropriate subject content for the TB Business “Management coure, this book aims to + introduce business management asa study ofthe ways in which individuals and groups interact in an organisation and of hovr resources are transformed by businesses + explain that business management i a rigorous snd rewarding subject that ‘examines dynamic decision-making processes and assesses how these decisions impact on and are affected by internal and external enviconments + help students to develop an understanding of businets theory and the ability to apply business principles, practices and skills, + encourage students to consider the activites of busines in a global market and appreciate cultural diversity + evaluate the diverse range of business organisations and activities + develop in students an awareness ofthe cultural and economic context in which businesses operate + encourage the appreciation of ethical issues and the concept of social responsibility in the global busines environment Introduction vi + enable the development of decision-making skills through the use of case studies that enhance students’ ability to make informed business decisions + make 2 clear distinction between higher-level and standard-level content + help students improve their performance on the internal and external asesments ‘ed in the Business Management syllabus + show how the Business Management syllabus relates to the Theory of Knowledge patt ofthe IB Programme. "The six key concepts that underpin the Diploma Programme ar referred to throughout the book. These concepts are featured in the ‘Setting the scene’ cate studies and a key concept question is included in all ofthe exam practice questions What are the key features of this book? + Learning objectives ~ identifying the key syllabue-related topics and concepts covered in each chapter + ‘Setting the scene’ case studies ~ raking important areas for discussion on busines sues through cate studies drawn from many different countries These provide 4 context to the busines applications of the material to be covered in cach chapter. + Clearly Iaid-out text — with easy-to-follow subsections and many tables of dats and key advantages and diadvantages + Exam tips— helping to avoid common errors made by students in examinations + Activities — bused on business case studies, these give practice st applying learning, + Revision checklists — allowing monitoring of understanding of key issues + Revision case studies and exam practice questions — testing the skis of application, analysis and evaluation, asing international busines: situations, + Theory of Knowledge assignments ~ these reflec the very close relationship between Theory of Knowledge and Busines: Management. Skills needed by Business Management students ‘The sills acquited and developed by succesful students of Business Management interlink withthe IB lesrner profile. In patticuls, decision-making, risk-taking and thinking ski ae needed to weigh up and make judgements on a wide range of busines strategies, and options will be transferable both to other disciplines and to higher-level undergraduate eudy at university "The assessments used in the 1B Business Management course will test the following skills + Knowledge and understanding of business terminology, concept, principles and theories + Application of skil: and knowledge learned to hypothetical and real-busines + Analysis and evaluation of busines decisions and business strategies and practices using critical ehinking Introduction + Decision-making by identigying the iste), selecting and interpreting dats, applying appropriate tools and techniques, and recommending suitable solutions + Synthesise knowledge in order to develop a framework for business decsion- making, Difference between higher and standard levels ‘The HIL course in Business Management differs from the SL course in 4 number of important ways. These diferences are reflected in this book by the clear distinction rmade between SL. and HL material with several chapters specifically devoted to HL content. The HIL material is supported by moze evalutive questions and stritegic ecision-based tasks within the activities and exam practice questions IB assessment ‘The exam practice questions atthe end of each chapter are IB-xtyle questions erigned to give nudents practice at answering examination questions “The final chapter of the book gives clear guidance on the forms of assessment used at both SL and HL. It explains the requirements for the extended eway coursework, internal astessment and examination papers. Weitten by a senior IB examiner with ‘many yeas’ experience in preparing students for both levels ofthe IB Diploma, itis esential reading forall hote preparing forthe asessment in IB Business Management. Peter Stimpson Alex Smith, February 2015, vii LORI Lah ORGANISATION AND SALOU Pena The role of business (A02) Sn Ce uCRuCi (ao2) Dee aC ORC Uy Brccattor)} The nature of business activity (AO2) Seen EM eea Cer) eC nee tt ar) De a eee eee cd Eee Nord} Cenc The role of entrepreneurship and intrapreneurship in overall business activity (AO3) a enol PR en eae en ae Re oe ee ee Ce a aca business to give his family more security, Sean is a keen jet skier and power boater but he cannot afford to own these expensive leisure products. When he tried to hire a jet ski at a large lake in the USA he was surprised by the price ~ $400 a day - and the refusal of the renting company to offer insurance. Sean did not, want to take any uninsured risks ~ he had a young family to re eee oe ee RUC a) Pee oe eure ne a drives and parking lots and the idea occurred to him that these could be rented out to people who loved the sport but could = Pee ec Eee Peer CE Ne what he considered to be a profitable gap in the market. He set up an online agency putting boat Bee rae OT ae Une trea ye was agreed. He also arranged insurance for both the renter and the boat owner. That was six years ago he has since set up his own boatyard buying and selling second-hand power boats and jet skis, Bee eee eae on PO Ru eae) Near ts New enterprises need to differentiate themselves from rivals, many of whom will be well established, One way of achieving this is by innovation — providing either a different type of product or a service which is CS en eae a Poe et ht What resources (or inputs) does Sean need to Meters What problems do you think Sean experienced Peer test! Introduction to business management Introduction — what is a business? ‘A busines is any organisation that wees resources to mect the needs of eustomers by providing a product or service chat they demand. There ae several stages in che production of finished goods, Business activity a al tages involves adding value to resources such a rw materials and semi-Gnished goods and making them more

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