In this first introductory unit, business management is set in context: students learn to analyse organizations’ internal environment (for example, stakeholders, strategic objectives and CSR) and external environment (for example, the impact of technological change and globalization).
Unit 1 covers traditional business areas such as the different types of organization and the idea of economies of scale, but it also includes more contemporary topics such as the features of social enterprises, the nature of business activity in the quaternary sector and the distinction between entrepreneurship and intrapreneurship.
Both SL and HL students learn to apply fundamental strategy models such as social, technological, economic, environmental, political, legal and ethical (STEEPLE) analysis as well as the strengths, weaknesses, opportunities and threats (SWOT) analysis; HL students also learn to apply and evaluate more specific tools such as fishbone diagrams, decision-trees and force field analysis.
|Introduction to Business Management||>>The role of business|
>> Business Functions
>> Sectors of business activity
>> Entrepreneurship & Intrapreneurship
>> Reasons for starting a business
>> Element of a business plan
|Types of Organization||>> Non-profit organization|
>>Other types of organization
>> For profit organization
|Organizational Objectives||>>Vision & Mission Statement|
>>Aims, Objectives, Strategies & >>Tactics
|Stakeholders||>> Interest of internal stakeholder|
>> Interest of external stakeholder
>> Areas of mutual benefit & conflict
|External Environment||>>Explain different changes in the external environment that firms operate in.|
>>Identify each component of the STEEPLE analysis.
>>Explain the purpose of STEEPLE analysis.
>>Prepare a STEEPLE analysis of a given organisation and situation.
>>Use STEEPLE analysis to examine the impact of the external environment on a firm.
>>Evaluate the impact on a firm’s objectives and strategy of a change in any of the STEEPLE factors
|Growth & evolution||>> Economies & diseconomies of scale|
>> Merits of small & large organization
>> Internal & external growth
>> Impact of globalization
>> Multinational companies
|Organizational planning tools|
|>> Fish bone diagram|
>> Decision tree
>> Gantt Chart
>> Force field analysis