IB Business Management Introduction to business management

IB BUSINESS MANAGEMENT:
UNIT 1 – INTRO TO BUSINESS MANAGEMENT

The Introduction to Business Management is one of the five core topics that examines what a business is, including the nature of business, types of businesses, the sectors of the economy they operate in, the challenges and opportunities faced when starting a business. This topic then goes on to explore in detail the different objectives a business may have, its main internal and external stakeholders, how businesses grow and evolve over time, before taking a deep dive into the impact of multinational companies (MNCs) on their host countries.

The IB Business Management Introduction to Business Management unit covers the following topics:

What is a business?

A business is a decision-making organisation involved in the process of using inputs to produce goods and/or provide products. Management guru Peter Drucker famously put forward the premise that only purpose of a business is to create customers. Businesses exist to satisfy the needs and wants of people, organisations and governments.

The Introduction to Business section of the IB Business and Management course will provide you with a great introduction into the nature of business.

Introduction to Business Management

The IB Business Management course Introduction to Business Management topic aims to give the student a good overview of:

What businesses are and what roles and functions they perform, and how they fit with and operate within the economic and political environment
The different types of organisation that operate in our societies. Why people start businesses, how to identify business opportunities and examine possible problems that are faced by start-ups
The aims and objectives of different organisations, both short-term and long-term, and tactical and strategic decisions. ethical objectives and corporate social responsibility is examined
Who the main stakeholders (internal and external) in different businesses are, and how conflict may arise between different groups of stakeholders as well as methods for resolving conflict
The environment that businesses operate in, including the social, political, legal, ethical, and technological opportunities to exploit and threats for organisations to confront
A range of organisational planning tools, such as the business plan, that are available to businesses to help managers analyse their operations and inform decision-making
How businesses grow, develop and evolve; and, in fact, whether it is necessarily a good thing to pursue growth for growth's sake
How businesses must face change and manage change successfully or get left behind
The growing importance and influence of globalisation on the business world and the general social milieu of the modern corporate world; especially how multinational companies affect the countries they operate in

The Corporation

The Corporation is a fascinating insight into the business world. The documentary definitely casts big business in a poor light. There is a lot that is right with businesses today. They generate incomes and wealth for countries, communities, families and individuals. However, unscrupulous business still does a much harm with unfair trade and employment practices, bribery, corruption and environmental harm. The Corporation has been described as being a prescient documentary in as much that what is discussed in it would be borne out in the Great Financial Crisis of 2008, the effects of which are still reverberating around the world today.