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ISBN: 978 1 3983 5842 3
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© Paul Hoang 2023

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Contents

How to use this book

Getting to know the exam

Countdown to the exams

Unit 1  Introduction to business management

CHAPTER 1.1  What is a business?

CHAPTER 1.2  Types of business entities

CHAPTER 1.3  Business objectives

CHAPTER 1.4  Stakeholders

CHAPTER 1.5  Growth and evolution

CHAPTER 1.6  Multinational companies (MNCs)

Unit 2  Human resource management

CHAPTER 2.1  Introduction to human resource management

CHAPTER 2.2  Organizational structure

CHAPTER 2.3  Leadership and management

CHAPTER 2.4  Motivation and demotivation

CHAPTER 2.5  Organizational (corporate) culture (HL only)

CHAPTER 2.6  Communication

CHAPTER 2.7  Industrial/employee relations (HL only)

Unit 3  Finance and accounts

CHAPTER 3.1  Introduction to finance

CHAPTER 3.2  Sources of finance

CHAPTER 3.3  Costs and revenues

CHAPTER 3.4  Final accounts

CHAPTER 3.5  Profitability and liquidity ratio analysis

CHAPTER 3.6  Debt/equity and other efficiency ratio analysis (HL only)

CHAPTER 3.7  Cash flow

CHAPTER 3.8  Investment appraisal

CHAPTER 3.9  Budgets (HL only)

Unit 4  Marketing

CHAPTER 4.1  Introduction to marketing

CHAPTER 4.2  Marketing planning

CHAPTER 4.3  Sales forecasting (HL only)

CHAPTER 4.4  Market research

CHAPTER 4.5  The seven Ps of the marketing mix

CHAPTER 4.6  International marketing (HL only)

Unit 5  Operations management

CHAPTER 5.1  Introduction to operations management

CHAPTER 5.2  Operations methods

CHAPTER 5.3  Lean production and quality management (HL only)

CHAPTER 5.4  Location

CHAPTER 5.5  Break-even analysis

CHAPTER 5.6  Production planning (HL only)

CHAPTER 5.7  Crisis management and contingency planning (HL only)

CHAPTER 5.8  Research and development (HL only)

CHAPTER 5.9  Management information systems (HL only)

Business management toolkit

  1  SWOT analysis

  2  Ansoff matrix

  3  STEEPLE analysis

  4  Boston Consulting Group (BCG) matrix

  5  Business plan

  6  Decision trees

  7  Descriptive statistics

  8  Circular business models

  9  Gantt charts (HL only)

10  Porter’s generic strategies (HL only)

11  Hofstede’s cultural dimensions (HL only)

12  Force field analysis (HL only)

13  Critical path analysis (HL only)

14  Contribution (HL only)

15  Simple linear regression (HL only)

Glossary

Introduction

How to use this book

This book will help you to plan your revision and work through it in a methodological way. It follows the IB Business Management syllabus topic by topic, with revision and exam practice questions to help you check your understanding.

Features to help you succeed

EXPERT TIPS

These tips give advice that will help you boost your final grade, in some cases including identifying typical mistakes that students make, and explaining how you can avoid them.

Key terms

Key terms appear in these boxes, and are highlighted and defined throughout the book. A glossary of essential terms is given at the end of the book.

KEY CONCEPTS

The four key concepts will be discussed in these boxes: change, creativity, ethics and sustainability.

WORKED EXAMPLES

Some parts of the course require you to carry out mathematical calculations, plot graphs, and so on. These worked examples show you how.

EXAM PRACTICE QUESTIONS

Exam practice is given for the types of questions you might get. For the longer essay questions, sample sentences and paragraphs are given to show what examiners are looking for in your essay answers. Use these questions to consolidate your revision and to practise your exam skills. Answers are available at www.hoddereducation.com/ib-extras

BUSINESS MANAGEMENT TOOLKIT

Guidance on the set of situational, planning and decision-making tools.

You can keep track of your revision by ticking off each topic heading in the book.

Use this book as the cornerstone of your revision. Do not hesitate to write in it and personalize your notes. Use a highlighter to identify areas that need further work. You may find it helpful to add your own notes as you work through each topic. Good luck!

Getting to know the exam

Exam paper | Duration | Format | Topics | Total marks
Paper 1 | 1 hr 30 mins | Structured questions based on a pre-released statement | All | 30
Paper 2 | 1 hr 30 mins (SL) 1 hr 45 mins (HL) | Structured questions based on stimulus material | All | 40 (SL) 50 (HL)
Paper 3 (HL only) | 1 hr 15 mins | Unseen stimulus material about a social enterprise | All | 25

At the end of your IB Business Management course, SL students will sit two papers – Paper 1 and Paper 2. Paper 1 is worth 35 per cent of the final marks and Paper 2 is worth 35 per cent of the final marks. The other assessed part of the course (the remaining 30 per cent) is made up of the Internal Assessment, which is marked by your teacher and externally moderated.

HL students will sit an additional paper – Paper 3, worth 25 per cent. For HL students, Paper 1 is worth 25 per cent of the final marks and Paper 2 is worth 30 per cent of the final marks. The other assessed part of the course (the remaining 20 per cent) is the Internal Assessment (or IA), which is marked by your teacher and externally moderated.

Countdown to the exams

4–8 weeks to go

•  Start by looking at the syllabus and making sure you know exactly what you need to revise.

•  Look carefully at the contents list in this book and use it to help organize your class notes and to make sure you have covered everything.

•  Work out a realistic revision plan that breaks down the material you need to revise into manageable pieces. Each session should be around 25–40 minutes, with breaks in between. The plan should include time for some relaxation.

•  Read through the relevant chapters of this book and refer to the Expert tips, Key terms definitions, and Worked examples.

•  Tick off the topics that you feel confident about, and highlight the ones that need further work.

•  Look at past exam papers. They are one of the best ways to check your knowledge and practise exam skills. They will also help you identify areas that need further work.

•  Try different revision methods, for example summary notes, mind maps and flash cards.

•  Test your understanding of each topic by working through the Exam practice questions.

•  Make notes of any problem areas as you revise, and ask a teacher to go over them in class.

1 week to go

•  Aim to fit in at least one more timed practice of entire past papers, comparing your work closely with the mark scheme.

•  Examine the contents list of this book carefully to make sure you haven’t missed any of the topics.

•  Tackle any final problems by getting help from your teacher or talking them over with a friend.

The day before the examination

•  Look through this book one final time. Look carefully through the information about each exam paper to remind yourself what to expect, including timings and the number of questions to be answered in each section of the papers.

•  Check the time and place of the exams.

•  Make sure you have all the equipment you need (for example extra pens, a pencil and a ruler for diagrams, a watch, tissues and water).

•  Allow some time to relax and have an early night so you are rested and ready for the exams. There is a huge opportunity cost if you are not refreshed!

My exams

Paper 1

Date: …………………………….

Time: …………………………….

Location: …………………………

Paper 2

Date: …………………………….

Time: …………………………….

Location: …………………………

Paper 3 (HL only)

Date: …………………………….

Time: …………………………….

Location: …………………………