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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. Responsibilities of the HR Manager

Managers, accustomed to taking orders, may feel intimidated about two-way communication. Can lead to managers having a narrow span of control and, thus, the firm has a long chain of command - communications can, at the worst, become distorted and, at the least, take a long time to filter up or down the organization. Employees, who are often dissatisfied with these leaders, may develop negative perceptions and attitudes, which could influence how they receive messages.Planning workforce requirements (assessing current workforce and assessing future requirements) and recruiting staff as appropriate. Induction and training of new staff. Matching employee skills to the strategic direction of the business. Developing a competitive advantage by maximizing quality and motivating the workforce to perform at their best - this will include training as well as employee monitoring and appraisal. Maximizing the efficiency of the workforceA business approach that focuses on making the product first before attempting to sell it. This approach is typically more innovative and differentiated. A riskier approach but potential for more rewards.Involves charging different prices to different groups of customers for the same product, e.g. adult and child airline ticket

2. Price discrimination

Involves charging different prices to different groups of customers for the same product, e.g. adult and child airline ticketPlanning workforce requirements (assessing current workforce and assessing future requirements) and recruiting staff as appropriate. Induction and training of new staff. Matching employee skills to the strategic direction of the business. Developing a competitive advantage by maximizing quality and motivating the workforce to perform at their best - this will include training as well as employee monitoring and appraisal. Maximizing the efficiency of the workforceManagers, accustomed to taking orders, may feel intimidated about two-way communication. Can lead to managers having a narrow span of control and, thus, the firm has a long chain of command - communications can, at the worst, become distorted and, at the least, take a long time to filter up or down the organization. Employees, who are often dissatisfied with these leaders, may develop negative perceptions and attitudes, which could influence how they receive messages.A business approach that focuses on making the product first before attempting to sell it. This approach is typically more innovative and differentiated. A riskier approach but potential for more rewards.

3. Market orientation

Involves charging different prices to different groups of customers for the same product, e.g. adult and child airline ticketPlanning workforce requirements (assessing current workforce and assessing future requirements) and recruiting staff as appropriate. Induction and training of new staff. Matching employee skills to the strategic direction of the business. Developing a competitive advantage by maximizing quality and motivating the workforce to perform at their best - this will include training as well as employee monitoring and appraisal. Maximizing the efficiency of the workforceA business approach that focuses on making the product first before attempting to sell it. This approach is typically more innovative and differentiated. A riskier approach but potential for more rewards.Managers, accustomed to taking orders, may feel intimidated about two-way communication. Can lead to managers having a narrow span of control and, thus, the firm has a long chain of command - communications can, at the worst, become distorted and, at the least, take a long time to filter up or down the organization. Employees, who are often dissatisfied with these leaders, may develop negative perceptions and attitudes, which could influence how they receive messages.

4. Limitations of autocratic leadership

Involves charging different prices to different groups of customers for the same product, e.g. adult and child airline ticketPlanning workforce requirements (assessing current workforce and assessing future requirements) and recruiting staff as appropriate. Induction and training of new staff. Matching employee skills to the strategic direction of the business. Developing a competitive advantage by maximizing quality and motivating the workforce to perform at their best - this will include training as well as employee monitoring and appraisal. Maximizing the efficiency of the workforceA business approach that focuses on making the product first before attempting to sell it. This approach is typically more innovative and differentiated. A riskier approach but potential for more rewards.Managers, accustomed to taking orders, may feel intimidated about two-way communication. Can lead to managers having a narrow span of control and, thus, the firm has a long chain of command - communications can, at the worst, become distorted and, at the least, take a long time to filter up or down the organization. Employees, who are often dissatisfied with these leaders, may develop negative perceptions and attitudes, which could influence how they receive messages.

5. Vision statement

Announces the business's highest and long-term aspirations. Its intended audience is all stakeholders in the business. Are typically lofty, aspirational, motivational and distant.Involves charging different prices to different groups of customers for the same product, e.g. adult and child airline ticketA business approach that focuses on making the product first before attempting to sell it. This approach is typically more innovative and differentiated. A riskier approach but potential for more rewards.Planning workforce requirements (assessing current workforce and assessing future requirements) and recruiting staff as appropriate. Induction and training of new staff. Matching employee skills to the strategic direction of the business. Developing a competitive advantage by maximizing quality and motivating the workforce to perform at their best - this will include training as well as employee monitoring and appraisal. Maximizing the efficiency of the workforce

6. Intrapreneur

Planning workforce requirements (assessing current workforce and assessing future requirements) and recruiting staff as appropriate. Induction and training of new staff. Matching employee skills to the strategic direction of the business. Developing a competitive advantage by maximizing quality and motivating the workforce to perform at their best - this will include training as well as employee monitoring and appraisal. Maximizing the efficiency of the workforceAllows for risk taking, creativity and innovation within a firm. Given the intense competition from globalized firms, the opportunity to develop new products and services will be vital to increase or maintain market share.Involves charging different prices to different groups of customers for the same product, e.g. adult and child airline ticketA business approach that focuses on making the product first before attempting to sell it. This approach is typically more innovative and differentiated. A riskier approach but potential for more rewards.

7. Benefits of e-commerce to firms and consumers

Involves charging different prices to different groups of customers for the same product, e.g. adult and child airline ticketPlanning workforce requirements (assessing current workforce and assessing future requirements) and recruiting staff as appropriate. Induction and training of new staff. Matching employee skills to the strategic direction of the business. Developing a competitive advantage by maximizing quality and motivating the workforce to perform at their best - this will include training as well as employee monitoring and appraisal. Maximizing the efficiency of the workforcegreater efficiency larger markets more convenient for customers Sales and profits can increase by taking advantage of e-commerce's rapid growth. Selling online can help to create brand awareness in international markets and reach a worldwide audience with relatively low costs. targeting new customers locally, nationally and even globally. sales volumes will increase, revenue will grow and - assuming costs are kept under control - profits will increase economies of scale, eg with suppliers. possible reduced operating costs eg fewer staff needed to operate website vs store lower rents without retails outletsA business approach that focuses on making the product first before attempting to sell it. This approach is typically more innovative and differentiated. A riskier approach but potential for more rewards.

8. Disadvantages of ARR

Planning workforce requirements (assessing current workforce and assessing future requirements) and recruiting staff as appropriate. Induction and training of new staff. Matching employee skills to the strategic direction of the business. Developing a competitive advantage by maximizing quality and motivating the workforce to perform at their best - this will include training as well as employee monitoring and appraisal. Maximizing the efficiency of the workforceInvolves charging different prices to different groups of customers for the same product, e.g. adult and child airline ticketDoes not take time into consideration. This makes forecasting become more important as future if future cash inflows (even the last years of the investment) are incorrect then this method is incorrect. Does not include time value of money. Would you rather have a $1,000 today or $1,000 5 years from now? This method does not differentiate this.A business approach that focuses on making the product first before attempting to sell it. This approach is typically more innovative and differentiated. A riskier approach but potential for more rewards.

9. Unique Selling Point

Involves charging different prices to different groups of customers for the same product, e.g. adult and child airline ticketA business approach that focuses on making the product first before attempting to sell it. This approach is typically more innovative and differentiated. A riskier approach but potential for more rewards.Is any aspect of the organization, brand or product that enables differentiation in consumers' minds from the competitors.Planning workforce requirements (assessing current workforce and assessing future requirements) and recruiting staff as appropriate. Induction and training of new staff. Matching employee skills to the strategic direction of the business. Developing a competitive advantage by maximizing quality and motivating the workforce to perform at their best - this will include training as well as employee monitoring and appraisal. Maximizing the efficiency of the workforce

10. Levels of hierarchy

Involves charging different prices to different groups of customers for the same product, e.g. adult and child airline ticketA business approach that focuses on making the product first before attempting to sell it. This approach is typically more innovative and differentiated. A riskier approach but potential for more rewards.Planning workforce requirements (assessing current workforce and assessing future requirements) and recruiting staff as appropriate. Induction and training of new staff. Matching employee skills to the strategic direction of the business. Developing a competitive advantage by maximizing quality and motivating the workforce to perform at their best - this will include training as well as employee monitoring and appraisal. Maximizing the efficiency of the workforceA system or organization in which people or groups are ranked one above the other according to status or authority. Those higher up have more authority. Organizations can have multiple layers, which slow down decision making and flexibility but increases uniformity for the organization.

11. Marketing plan

A business approach that focuses on making the product first before attempting to sell it. This approach is typically more innovative and differentiated. A riskier approach but potential for more rewards.Planning workforce requirements (assessing current workforce and assessing future requirements) and recruiting staff as appropriate. Induction and training of new staff. Matching employee skills to the strategic direction of the business. Developing a competitive advantage by maximizing quality and motivating the workforce to perform at their best - this will include training as well as employee monitoring and appraisal. Maximizing the efficiency of the workforceInvolves charging different prices to different groups of customers for the same product, e.g. adult and child airline ticketThe 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.

12. Benefits of market segmentation

A business approach that focuses on making the product first before attempting to sell it. This approach is typically more innovative and differentiated. A riskier approach but potential for more rewards.Enables a firm to identify and target specific groups, for example developing promotional campaigns specifically for the type of price conscious customers. If its marketing effort was more general, it would be wasting time and money trying to attract people from the outside their target market. May also influence the products a firm decides to sell in their stores, catering for the needs of customers who look for particular prices rather or particular for qualityInvolves charging different prices to different groups of customers for the same product, e.g. adult and child airline ticketPlanning workforce requirements (assessing current workforce and assessing future requirements) and recruiting staff as appropriate. Induction and training of new staff. Matching employee skills to the strategic direction of the business. Developing a competitive advantage by maximizing quality and motivating the workforce to perform at their best - this will include training as well as employee monitoring and appraisal. Maximizing the efficiency of the workforce

13. Flat / horizontal organizational chart

Planning workforce requirements (assessing current workforce and assessing future requirements) and recruiting staff as appropriate. Induction and training of new staff. Matching employee skills to the strategic direction of the business. Developing a competitive advantage by maximizing quality and motivating the workforce to perform at their best - this will include training as well as employee monitoring and appraisal. Maximizing the efficiency of the workforceInvolves charging different prices to different groups of customers for the same product, e.g. adult and child airline ticketHave the advantage of allowing workers to participate more fully in the everyday running of the firm, becoming more active and committed to the decisions taken. A firm could cut a layer of managers, empowering workers which would save money.A business approach that focuses on making the product first before attempting to sell it. This approach is typically more innovative and differentiated. A riskier approach but potential for more rewards.

14. External sources of finance

A business approach that focuses on making the product first before attempting to sell it. This approach is typically more innovative and differentiated. A riskier approach but potential for more rewards.Planning workforce requirements (assessing current workforce and assessing future requirements) and recruiting staff as appropriate. Induction and training of new staff. Matching employee skills to the strategic direction of the business. Developing a competitive advantage by maximizing quality and motivating the workforce to perform at their best - this will include training as well as employee monitoring and appraisal. Maximizing the efficiency of the workforceInvolves charging different prices to different groups of customers for the same product, e.g. adult and child airline ticketShare capital. Loan capital. Overdrafts. Trade credit Grants. Subsidies. Debt factoring. Leasing. Venture capital. Business angels

15. Limitations of secondary research

Involves charging different prices to different groups of customers for the same product, e.g. adult and child airline ticketPlanning workforce requirements (assessing current workforce and assessing future requirements) and recruiting staff as appropriate. Induction and training of new staff. Matching employee skills to the strategic direction of the business. Developing a competitive advantage by maximizing quality and motivating the workforce to perform at their best - this will include training as well as employee monitoring and appraisal. Maximizing the efficiency of the workforceA business approach that focuses on making the product first before attempting to sell it. This approach is typically more innovative and differentiated. A riskier approach but potential for more rewards.The main assumption that what happened in the past will likely happen in the future is overly simplistic and often inaccurate, given the fast moving and often unstable both internal and external environment. The figures used may be outdated and to some extent also unreliable - it depends on who collected the figures; and how. Long-term forecasts from the trend are likely to be less reliable.

16. Insourcing

Assigning a project to a person or department within the company instead of hiring an outside person or company to do the work. Insourcing is a business decision that is often made to maintain control of critical production or competencies. Insourcing is widely used in production to reduce costs of taxes, labor and transportation.Planning workforce requirements (assessing current workforce and assessing future requirements) and recruiting staff as appropriate. Induction and training of new staff. Matching employee skills to the strategic direction of the business. Developing a competitive advantage by maximizing quality and motivating the workforce to perform at their best - this will include training as well as employee monitoring and appraisal. Maximizing the efficiency of the workforceA business approach that focuses on making the product first before attempting to sell it. This approach is typically more innovative and differentiated. A riskier approach but potential for more rewards.Involves charging different prices to different groups of customers for the same product, e.g. adult and child airline ticket

17. Way to grow externally

Joint ventures Mergers and acquisitions (M&As) Takeovers Strategic alliances FranchisingPlanning workforce requirements (assessing current workforce and assessing future requirements) and recruiting staff as appropriate. Induction and training of new staff. Matching employee skills to the strategic direction of the business. Developing a competitive advantage by maximizing quality and motivating the workforce to perform at their best - this will include training as well as employee monitoring and appraisal. Maximizing the efficiency of the workforceInvolves charging different prices to different groups of customers for the same product, e.g. adult and child airline ticketA business approach that focuses on making the product first before attempting to sell it. This approach is typically more innovative and differentiated. A riskier approach but potential for more rewards.

18. Advantages of Partnership

Shared decision making Increased capital invested Increased specialisation Easy to set up - few legal requirements Sharing the burden and responsibilities Decision-making in this new business will be improved due to shared skills / experience.Planning workforce requirements (assessing current workforce and assessing future requirements) and recruiting staff as appropriate. Induction and training of new staff. Matching employee skills to the strategic direction of the business. Developing a competitive advantage by maximizing quality and motivating the workforce to perform at their best - this will include training as well as employee monitoring and appraisal. Maximizing the efficiency of the workforceInvolves charging different prices to different groups of customers for the same product, e.g. adult and child airline ticketA business approach that focuses on making the product first before attempting to sell it. This approach is typically more innovative and differentiated. A riskier approach but potential for more rewards.

19. Features of e-commerce

Involves charging different prices to different groups of customers for the same product, e.g. adult and child airline ticketPrice - transparency as easy to compare prices Product - All products can be shown and the firm can better demonstrate features or USP Place - Open 24 hours a day and global customer base Promotion - Ability to enhance information through different languagesPlanning workforce requirements (assessing current workforce and assessing future requirements) and recruiting staff as appropriate. Induction and training of new staff. Matching employee skills to the strategic direction of the business. Developing a competitive advantage by maximizing quality and motivating the workforce to perform at their best - this will include training as well as employee monitoring and appraisal. Maximizing the efficiency of the workforceA business approach that focuses on making the product first before attempting to sell it. This approach is typically more innovative and differentiated. A riskier approach but potential for more rewards.

20. Globalization

Implies an integration and inter-dependence of world economies. It includes a rapid increase in the movement of goods, services and capital across national borders resulting from the removal of many international regulations affecting financial flows. Is related to the increase in the significance of individual businesses that operate in a range of countries.A business approach that focuses on making the product first before attempting to sell it. This approach is typically more innovative and differentiated. A riskier approach but potential for more rewards.Planning workforce requirements (assessing current workforce and assessing future requirements) and recruiting staff as appropriate. Induction and training of new staff. Matching employee skills to the strategic direction of the business. Developing a competitive advantage by maximizing quality and motivating the workforce to perform at their best - this will include training as well as employee monitoring and appraisal. Maximizing the efficiency of the workforceInvolves charging different prices to different groups of customers for the same product, e.g. adult and child airline ticket

21. Leadership

Planning workforce requirements (assessing current workforce and assessing future requirements) and recruiting staff as appropriate. Induction and training of new staff. Matching employee skills to the strategic direction of the business. Developing a competitive advantage by maximizing quality and motivating the workforce to perform at their best - this will include training as well as employee monitoring and appraisal. Maximizing the efficiency of the workforceInvolves charging different prices to different groups of customers for the same product, e.g. adult and child airline ticketA business approach that focuses on making the product first before attempting to sell it. This approach is typically more innovative and differentiated. A riskier approach but potential for more rewards.Meant to inspire, set missions, takes responsibility for strategic decisions, take on the role of spokesperson, delegate, advise, and guides

22. Diversification

Involves charging different prices to different groups of customers for the same product, e.g. adult and child airline ticketA business approach that focuses on making the product first before attempting to sell it. This approach is typically more innovative and differentiated. A riskier approach but potential for more rewards.Targeting new market with new products. Is riskiest of all options. Needs good market research or R&D and effective distribution channels.Planning workforce requirements (assessing current workforce and assessing future requirements) and recruiting staff as appropriate. Induction and training of new staff. Matching employee skills to the strategic direction of the business. Developing a competitive advantage by maximizing quality and motivating the workforce to perform at their best - this will include training as well as employee monitoring and appraisal. Maximizing the efficiency of the workforce

23. Self appraisal

Planning workforce requirements (assessing current workforce and assessing future requirements) and recruiting staff as appropriate. Induction and training of new staff. Matching employee skills to the strategic direction of the business. Developing a competitive advantage by maximizing quality and motivating the workforce to perform at their best - this will include training as well as employee monitoring and appraisal. Maximizing the efficiency of the workforceA business approach that focuses on making the product first before attempting to sell it. This approach is typically more innovative and differentiated. A riskier approach but potential for more rewards.Involves charging different prices to different groups of customers for the same product, e.g. adult and child airline ticketIs an assessment you write to characterize your performance during a specific period at work. You will usually write a self-appraisal as part of your annual performance evaluation. You will most likely include achievements, accomplished goals and any metrics on how you helped the company.

24. Job enrichment

Involves charging different prices to different groups of customers for the same product, e.g. adult and child airline ticketPlanning workforce requirements (assessing current workforce and assessing future requirements) and recruiting staff as appropriate. Induction and training of new staff. Matching employee skills to the strategic direction of the business. Developing a competitive advantage by maximizing quality and motivating the workforce to perform at their best - this will include training as well as employee monitoring and appraisal. Maximizing the efficiency of the workforceA non financial reward. A motivator according to Herzberg. This involves giving employees opportunities to make use of the different skills they have. An enriched job differs from an enlarged job in that it involves a range of tasks and challenges of varying difficulty, as well as a complete unit of work, so that an employee can have a sense of achievement.A business approach that focuses on making the product first before attempting to sell it. This approach is typically more innovative and differentiated. A riskier approach but potential for more rewards.

25. Revenue expenditure

Planning workforce requirements (assessing current workforce and assessing future requirements) and recruiting staff as appropriate. Induction and training of new staff. Matching employee skills to the strategic direction of the business. Developing a competitive advantage by maximizing quality and motivating the workforce to perform at their best - this will include training as well as employee monitoring and appraisal. Maximizing the efficiency of the workforceUsed for daily running of the business (wages, utilities, rent, raw materials and stock). Needed to manage cash flow and avoid liquidity issues or even insolvencyInvolves charging different prices to different groups of customers for the same product, e.g. adult and child airline ticketA business approach that focuses on making the product first before attempting to sell it. This approach is typically more innovative and differentiated. A riskier approach but potential for more rewards.

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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