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IB Business Management Review

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The IB Business Management covers the key characteristics of business organization and environment and the business functions of human resource management, finance and accounts, marketing and operations management. Links between the topics are central to the course. Through the exploration of six underpinning concepts (change, culture, ethics, globalization, innovation and strategy), the course allows students to develop a holistic understanding of today’s complex and dynamic business environment. The conceptual learning is firmly anchored in business management theories, tools and techniques... Show more

The IB Business Management covers the key characteristics of business organization and environment and the business functions of human resource management, finance and accounts, marketing and operations management. Links between the topics are central to the course. Through the exploration of six underpinning concepts (change, culture, ethics, globalization, innovation and strategy), the course allows students to develop a holistic understanding of today’s complex and dynamic business environment. The conceptual learning is firmly anchored in business management theories, tools and techniques and placed in the context of real world examples and case studies.

The course encourages the appreciation of ethical concerns at both a local and global level. It aims to develop relevant and transferable skills, including the ability to: think critically; make ethically sound and well-informed decisions; appreciate the pace, nature and significance of change; think strategically; and undertake long term planning, analysis and evaluation. The course also develops subject-specific skills, such as financial analysis.
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IB Business Management Review

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25 Questions

1. Advantages of a sole trader

Traditional approach to organizing human resources where emphasis is placed on subordinates reporting to their line manager. One's position in the hierarchy indicates their rank, status and level of authority. Tall structures like this are bureaucratic and narrowly focussed.Total ownership and control of his business, where he is his own boss, not requiring to consult with others before making decisions or share the profits. Simplest form of organization with fewer legal restrictions for setting up the business. Freedom to choose his own holidays, hours of work, prices to be charged, who to employ etc.The process of formulating marketing objectives and devising appropriate marketing strategies to meet these objectives. This requires the necessary finance to act, necessary staff (either newly hired or trained), as well as production capabilities at a certain quality in order to act out the plan.Improves the image of the firm in the eyes of the stakeholders, but perhaps greater consideration should be given to whether consumers react to the better image.

2. Advantages of CSR

Total ownership and control of his business, where he is his own boss, not requiring to consult with others before making decisions or share the profits. Simplest form of organization with fewer legal restrictions for setting up the business. Freedom to choose his own holidays, hours of work, prices to be charged, who to employ etc.The process of formulating marketing objectives and devising appropriate marketing strategies to meet these objectives. This requires the necessary finance to act, necessary staff (either newly hired or trained), as well as production capabilities at a certain quality in order to act out the plan.Improves the image of the firm in the eyes of the stakeholders, but perhaps greater consideration should be given to whether consumers react to the better image.Traditional approach to organizing human resources where emphasis is placed on subordinates reporting to their line manager. One's position in the hierarchy indicates their rank, status and level of authority. Tall structures like this are bureaucratic and narrowly focussed.

3. Marketing plan

The process of formulating marketing objectives and devising appropriate marketing strategies to meet these objectives. This requires the necessary finance to act, necessary staff (either newly hired or trained), as well as production capabilities at a certain quality in order to act out the plan.Traditional approach to organizing human resources where emphasis is placed on subordinates reporting to their line manager. One's position in the hierarchy indicates their rank, status and level of authority. Tall structures like this are bureaucratic and narrowly focussed.Total ownership and control of his business, where he is his own boss, not requiring to consult with others before making decisions or share the profits. Simplest form of organization with fewer legal restrictions for setting up the business. Freedom to choose his own holidays, hours of work, prices to be charged, who to employ etc.Improves the image of the firm in the eyes of the stakeholders, but perhaps greater consideration should be given to whether consumers react to the better image.

4. Hierarchical organizations

Traditional approach to organizing human resources where emphasis is placed on subordinates reporting to their line manager. One's position in the hierarchy indicates their rank, status and level of authority. Tall structures like this are bureaucratic and narrowly focussed.Total ownership and control of his business, where he is his own boss, not requiring to consult with others before making decisions or share the profits. Simplest form of organization with fewer legal restrictions for setting up the business. Freedom to choose his own holidays, hours of work, prices to be charged, who to employ etc.Improves the image of the firm in the eyes of the stakeholders, but perhaps greater consideration should be given to whether consumers react to the better image.The process of formulating marketing objectives and devising appropriate marketing strategies to meet these objectives. This requires the necessary finance to act, necessary staff (either newly hired or trained), as well as production capabilities at a certain quality in order to act out the plan.

5. Intangible asset

Improves the image of the firm in the eyes of the stakeholders, but perhaps greater consideration should be given to whether consumers react to the better image.Total ownership and control of his business, where he is his own boss, not requiring to consult with others before making decisions or share the profits. Simplest form of organization with fewer legal restrictions for setting up the business. Freedom to choose his own holidays, hours of work, prices to be charged, who to employ etc.The process of formulating marketing objectives and devising appropriate marketing strategies to meet these objectives. This requires the necessary finance to act, necessary staff (either newly hired or trained), as well as production capabilities at a certain quality in order to act out the plan.Is an asset that lacks physical substance and usually is very hard to evaluate, but it can add value to the business.

6. Disadvantages of small organizations

The process of formulating marketing objectives and devising appropriate marketing strategies to meet these objectives. This requires the necessary finance to act, necessary staff (either newly hired or trained), as well as production capabilities at a certain quality in order to act out the plan.Total ownership and control of his business, where he is his own boss, not requiring to consult with others before making decisions or share the profits. Simplest form of organization with fewer legal restrictions for setting up the business. Freedom to choose his own holidays, hours of work, prices to be charged, who to employ etc.Competition by bigger organizations. not enough financial resources. Changing demographics particular to location. Lack of expertise of specialists. Difficulty in gaining a significant market share. Fluctuation in the economy. Liability issues.Improves the image of the firm in the eyes of the stakeholders, but perhaps greater consideration should be given to whether consumers react to the better image.

7. Types of secondary research

Improves the image of the firm in the eyes of the stakeholders, but perhaps greater consideration should be given to whether consumers react to the better image.Total ownership and control of his business, where he is his own boss, not requiring to consult with others before making decisions or share the profits. Simplest form of organization with fewer legal restrictions for setting up the business. Freedom to choose his own holidays, hours of work, prices to be charged, who to employ etc.The process of formulating marketing objectives and devising appropriate marketing strategies to meet these objectives. This requires the necessary finance to act, necessary staff (either newly hired or trained), as well as production capabilities at a certain quality in order to act out the plan.Market analyses. Academic journals. Government publications. Media articles.

8. Consumer goods

Total ownership and control of his business, where he is his own boss, not requiring to consult with others before making decisions or share the profits. Simplest form of organization with fewer legal restrictions for setting up the business. Freedom to choose his own holidays, hours of work, prices to be charged, who to employ etc.Improves the image of the firm in the eyes of the stakeholders, but perhaps greater consideration should be given to whether consumers react to the better image.The process of formulating marketing objectives and devising appropriate marketing strategies to meet these objectives. This requires the necessary finance to act, necessary staff (either newly hired or trained), as well as production capabilities at a certain quality in order to act out the plan.Products bought for personal consumption, such as consumer durables (e.g. furniture, computers and cars) and perishables (e.g. food and flowers)

9. Collective bargaining

Total ownership and control of his business, where he is his own boss, not requiring to consult with others before making decisions or share the profits. Simplest form of organization with fewer legal restrictions for setting up the business. Freedom to choose his own holidays, hours of work, prices to be charged, who to employ etc.'A form of industrial action used by employees. Are important for employees because they enable them to put pressure on management in order to obtain employee objectives such as increased autonomy. Individually, each worker has very little leverage, but together, workers can join forces and ''show muscle'' against management (this is one of the basic principles of trade unionism).'Improves the image of the firm in the eyes of the stakeholders, but perhaps greater consideration should be given to whether consumers react to the better image.The process of formulating marketing objectives and devising appropriate marketing strategies to meet these objectives. This requires the necessary finance to act, necessary staff (either newly hired or trained), as well as production capabilities at a certain quality in order to act out the plan.

10. Niche market

The process of formulating marketing objectives and devising appropriate marketing strategies to meet these objectives. This requires the necessary finance to act, necessary staff (either newly hired or trained), as well as production capabilities at a certain quality in order to act out the plan.Total ownership and control of his business, where he is his own boss, not requiring to consult with others before making decisions or share the profits. Simplest form of organization with fewer legal restrictions for setting up the business. Freedom to choose his own holidays, hours of work, prices to be charged, who to employ etc.Where a business targets a smaller segment of a larger market, where customers have specific needs and wants. Typically have less competition but also make it harder to develop large economies of scale.Improves the image of the firm in the eyes of the stakeholders, but perhaps greater consideration should be given to whether consumers react to the better image.

11. Safety needs

Total ownership and control of his business, where he is his own boss, not requiring to consult with others before making decisions or share the profits. Simplest form of organization with fewer legal restrictions for setting up the business. Freedom to choose his own holidays, hours of work, prices to be charged, who to employ etc.The process of formulating marketing objectives and devising appropriate marketing strategies to meet these objectives. This requires the necessary finance to act, necessary staff (either newly hired or trained), as well as production capabilities at a certain quality in order to act out the plan.Improves the image of the firm in the eyes of the stakeholders, but perhaps greater consideration should be given to whether consumers react to the better image.2nd stage of Maslow's hierarchy of needs. Personal security and safety. You must first meet the 1st stage before you can reach this stage.

12. Human resources

Improves the image of the firm in the eyes of the stakeholders, but perhaps greater consideration should be given to whether consumers react to the better image.Total ownership and control of his business, where he is his own boss, not requiring to consult with others before making decisions or share the profits. Simplest form of organization with fewer legal restrictions for setting up the business. Freedom to choose his own holidays, hours of work, prices to be charged, who to employ etc.The process of formulating marketing objectives and devising appropriate marketing strategies to meet these objectives. This requires the necessary finance to act, necessary staff (either newly hired or trained), as well as production capabilities at a certain quality in order to act out the plan.Refers to the forecast of future human resources, especially in terms of recruitment and training. It normally involves assessing the current workforce and identifying future needs for new skills, or knowledge, in order to help the organization meet its strategic objectives.

13. Internal growth

When a firm expands without involving other firms. It can occur by increasing market share in existing markets with existing products, or can involve introducing new products or entering new markets. It is considered easier to manage and coordinate, no need to seek synergy, can use tried and trusted managers, creates career opportunities for employees with a known employer and possible retention of future profitsImproves the image of the firm in the eyes of the stakeholders, but perhaps greater consideration should be given to whether consumers react to the better image.Total ownership and control of his business, where he is his own boss, not requiring to consult with others before making decisions or share the profits. Simplest form of organization with fewer legal restrictions for setting up the business. Freedom to choose his own holidays, hours of work, prices to be charged, who to employ etc.The process of formulating marketing objectives and devising appropriate marketing strategies to meet these objectives. This requires the necessary finance to act, necessary staff (either newly hired or trained), as well as production capabilities at a certain quality in order to act out the plan.

14. HR strategies for reducing the impact of change

getting agreement/ownership planning and timing the change communicating the changeImproves the image of the firm in the eyes of the stakeholders, but perhaps greater consideration should be given to whether consumers react to the better image.The process of formulating marketing objectives and devising appropriate marketing strategies to meet these objectives. This requires the necessary finance to act, necessary staff (either newly hired or trained), as well as production capabilities at a certain quality in order to act out the plan.Total ownership and control of his business, where he is his own boss, not requiring to consult with others before making decisions or share the profits. Simplest form of organization with fewer legal restrictions for setting up the business. Freedom to choose his own holidays, hours of work, prices to be charged, who to employ etc.

15. Elements of organizational culture

The process of formulating marketing objectives and devising appropriate marketing strategies to meet these objectives. This requires the necessary finance to act, necessary staff (either newly hired or trained), as well as production capabilities at a certain quality in order to act out the plan.Total ownership and control of his business, where he is his own boss, not requiring to consult with others before making decisions or share the profits. Simplest form of organization with fewer legal restrictions for setting up the business. Freedom to choose his own holidays, hours of work, prices to be charged, who to employ etc.Improves the image of the firm in the eyes of the stakeholders, but perhaps greater consideration should be given to whether consumers react to the better image.style of management/leadership vision/mission statements/goals nature of the workforce - simple reference to employees is not enough nature of the business norms/values/beliefs/morals including tradition organizational structure.

16. Politcal for STEEPLE

Total ownership and control of his business, where he is his own boss, not requiring to consult with others before making decisions or share the profits. Simplest form of organization with fewer legal restrictions for setting up the business. Freedom to choose his own holidays, hours of work, prices to be charged, who to employ etc.Improves the image of the firm in the eyes of the stakeholders, but perhaps greater consideration should be given to whether consumers react to the better image.The process of formulating marketing objectives and devising appropriate marketing strategies to meet these objectives. This requires the necessary finance to act, necessary staff (either newly hired or trained), as well as production capabilities at a certain quality in order to act out the plan.Factors relate to how the government intervenes in the economy. Specifically, including tax policy, labour law, environmental law, trade restrictions, taxes on imports, and political stability. May also include goods and services which the government aims to provide or be provided and those that the government does not want to be provided. Furthermore, governments have a high impact on the health, education, and infrastructure of a nation.

17. CSR impact on HR

Improves the image of the firm in the eyes of the stakeholders, but perhaps greater consideration should be given to whether consumers react to the better image.The process of formulating marketing objectives and devising appropriate marketing strategies to meet these objectives. This requires the necessary finance to act, necessary staff (either newly hired or trained), as well as production capabilities at a certain quality in order to act out the plan.It can help recruitment and retention (potential employees might be happier joining a firm with a CSR policy) and actual employees might feel better (increased motivation) working in a firm that cares for society and the environment at large.Total ownership and control of his business, where he is his own boss, not requiring to consult with others before making decisions or share the profits. Simplest form of organization with fewer legal restrictions for setting up the business. Freedom to choose his own holidays, hours of work, prices to be charged, who to employ etc.

18. Advantages of Laissez faire leadership

The process of formulating marketing objectives and devising appropriate marketing strategies to meet these objectives. This requires the necessary finance to act, necessary staff (either newly hired or trained), as well as production capabilities at a certain quality in order to act out the plan.Total ownership and control of his business, where he is his own boss, not requiring to consult with others before making decisions or share the profits. Simplest form of organization with fewer legal restrictions for setting up the business. Freedom to choose his own holidays, hours of work, prices to be charged, who to employ etc.Improves the image of the firm in the eyes of the stakeholders, but perhaps greater consideration should be given to whether consumers react to the better image.It encourages personal growth. Because leaders are so hands-off in their approach, employees have a chance to be hands-on. This leadership style creates an environment that facilitates growth and development. It encourages innovation. The freedom given to employees can encourage creativity and innovation. It allows for faster decision-making. Since there is no micromanagement, employees under laissez-faire leadership have the autonomy to make their own decisions. They are able to make quick decisions without waiting weeks for an approval process.

19. Dogs

Improves the image of the firm in the eyes of the stakeholders, but perhaps greater consideration should be given to whether consumers react to the better image.Products in the BCG matrix that have low market share and operate in low growth or stagnant markets, hence, they do not generate much cash or profit for a businessThe process of formulating marketing objectives and devising appropriate marketing strategies to meet these objectives. This requires the necessary finance to act, necessary staff (either newly hired or trained), as well as production capabilities at a certain quality in order to act out the plan.Total ownership and control of his business, where he is his own boss, not requiring to consult with others before making decisions or share the profits. Simplest form of organization with fewer legal restrictions for setting up the business. Freedom to choose his own holidays, hours of work, prices to be charged, who to employ etc.

20. Profit and loss account

The process of formulating marketing objectives and devising appropriate marketing strategies to meet these objectives. This requires the necessary finance to act, necessary staff (either newly hired or trained), as well as production capabilities at a certain quality in order to act out the plan.Total ownership and control of his business, where he is his own boss, not requiring to consult with others before making decisions or share the profits. Simplest form of organization with fewer legal restrictions for setting up the business. Freedom to choose his own holidays, hours of work, prices to be charged, who to employ etc.The most important final account to most shareholders as it shows whether the firm made a profit or not. It takes all the revenue (including debtors) and subtracts all expenses in order to show the net income for the period.Improves the image of the firm in the eyes of the stakeholders, but perhaps greater consideration should be given to whether consumers react to the better image.

21. CSR impact on marketing

It can help create a brand image adding a distinguishing feature to the product and differentiating it from its competitors. Some firms might do this to divert the attention from their core business - which might be essentially contaminating, such as a tobacco company.Improves the image of the firm in the eyes of the stakeholders, but perhaps greater consideration should be given to whether consumers react to the better image.The process of formulating marketing objectives and devising appropriate marketing strategies to meet these objectives. This requires the necessary finance to act, necessary staff (either newly hired or trained), as well as production capabilities at a certain quality in order to act out the plan.Total ownership and control of his business, where he is his own boss, not requiring to consult with others before making decisions or share the profits. Simplest form of organization with fewer legal restrictions for setting up the business. Freedom to choose his own holidays, hours of work, prices to be charged, who to employ etc.

22. Reasons for high labor turnover

Total ownership and control of his business, where he is his own boss, not requiring to consult with others before making decisions or share the profits. Simplest form of organization with fewer legal restrictions for setting up the business. Freedom to choose his own holidays, hours of work, prices to be charged, who to employ etc.Low morale, low pay rates or the job market in a particular geographic location.Improves the image of the firm in the eyes of the stakeholders, but perhaps greater consideration should be given to whether consumers react to the better image.The process of formulating marketing objectives and devising appropriate marketing strategies to meet these objectives. This requires the necessary finance to act, necessary staff (either newly hired or trained), as well as production capabilities at a certain quality in order to act out the plan.

23. Working capital cycle

The process of formulating marketing objectives and devising appropriate marketing strategies to meet these objectives. This requires the necessary finance to act, necessary staff (either newly hired or trained), as well as production capabilities at a certain quality in order to act out the plan.Improves the image of the firm in the eyes of the stakeholders, but perhaps greater consideration should be given to whether consumers react to the better image.Total ownership and control of his business, where he is his own boss, not requiring to consult with others before making decisions or share the profits. Simplest form of organization with fewer legal restrictions for setting up the business. Freedom to choose his own holidays, hours of work, prices to be charged, who to employ etc.Typically, the stages include: Purchase of materials from suppliers →Production of goods → Goods sold, typically on credit (unless a retail store) →Payment received by debtors and back to the start.

24. On the job training

Total ownership and control of his business, where he is his own boss, not requiring to consult with others before making decisions or share the profits. Simplest form of organization with fewer legal restrictions for setting up the business. Freedom to choose his own holidays, hours of work, prices to be charged, who to employ etc.Improves the image of the firm in the eyes of the stakeholders, but perhaps greater consideration should be given to whether consumers react to the better image.Is usually induction or mentoring. Carried out whilst in the immediate workplace. Is delivered by a more experienced or senior member of staff and often involves 'Learning by doing'.The process of formulating marketing objectives and devising appropriate marketing strategies to meet these objectives. This requires the necessary finance to act, necessary staff (either newly hired or trained), as well as production capabilities at a certain quality in order to act out the plan.

25. Limitations of a sole trader

The process of formulating marketing objectives and devising appropriate marketing strategies to meet these objectives. This requires the necessary finance to act, necessary staff (either newly hired or trained), as well as production capabilities at a certain quality in order to act out the plan.Unlimited liability. Limited capital/resources for set up, internal growth and for spending in general. Must largely rely on his own savings and resources, banks are often reluctant to loan to these businesses Limited pool of ideas and limited experience. Must bear the financial risks of the business and all losses on his own. There is no continuity of the business after the death of the owner.Improves the image of the firm in the eyes of the stakeholders, but perhaps greater consideration should be given to whether consumers react to the better image.Total ownership and control of his business, where he is his own boss, not requiring to consult with others before making decisions or share the profits. Simplest form of organization with fewer legal restrictions for setting up the business. Freedom to choose his own holidays, hours of work, prices to be charged, who to employ etc.

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25 Questions

❤ If you liked Fatskills, consider supporting us by checking out The Life Manuals You Never Got.

About | Explore | User Guide | Topics | Subjects | Doubt Solver | Career Aptitude Test | Answers | Free Tools | What Should We Know? Privacy | Terms |

Without work one finishes nothing. - Ralph Waldo Emerson© 2026 Fatskills.com

All trademarks, logos and brand names are the property of their respective owners. All company, product and service names used in this website are for identification purposes only. Use of these names, trademarks and brands does not imply endorsement.

About | Explore | User Guide | Topics | Subjects | Doubt Solver | Career Aptitude Test | Answers | Free Tools | What Should We Know?
Privacy | Terms |

Without work one finishes nothing. - Ralph Waldo Emerson
© 2026 Fatskills.com