Business Management HL
6
Chapters
223
Notes
Unit 1 - Introduction To Business Management - QB
Unit 2 - Human Resource Management - QB
Unit 3 - Finance & accounts - QB
Unit 4 - Marketing - QB
Unit 5 - Operations management - QB
Unit 6 - Assessment
Business Management HL
Unit 1 - Introduction To Business Management - QB
Defining Business: From Raw Materials to Recognized Revenue
648 words
4 mins read
Last edited on 5th Nov 2024
Table of content
What is a business? 🏢
- At its core, a business seeks to satisfy human needs and wants through a variety of activities.
- Real-World Example: Imagine a bakery (business). They use flour, sugar, and other ingredients (inputs) to make delicious cakes and pastries (output) to satisfy your sweet tooth (a want)!
Types of business activities
- Producing or extracting: Growing crops or mining raw materials.
- Example: A farm growing strawberries or a company mining gold.
- Creating products: Manufacturing and assembling goods.
- Example: A factory making toys or gadgets.
- Providing services: Offering non-tangible assistance or activities.
- Example: A hair salon giving haircuts or a gym offering fitness classes.
Diverse business approaches 🎭
- Single Activity Businesses: Focus on one type of activity.
- Example: An olive farm.
- Multi-Activity Businesses: Engage in multiple related or unrelated activities.
- Example: A farm that grows olives and also produces its own olive oil.
The business value creation process 🚀
- Businesses take resources (inputs) and process them to generate products or services (outputs).
- By doing this, they add value to the inputs. That's how a raw apple is turned into a yummy apple pie!
- The reward? Revenue from sales and recognition!
Unconventional businesses? 🤔
- Not all entities that operate like businesses are traditionally seen as businesses.
- Charities, religious organizations, clubs – they all operate with business principles.
- Example: A church may need financial resources for renovations or a charity might sell merchandise to fund its causes.
Unlock the Full Content! 
Dive deeper and gain exclusive access to premium files of Business Management HL. Subscribe now and get closer to that 45 🌟
Business Management HL
Unit 1 - Introduction To Business Management - QB
Defining Business: From Raw Materials to Recognized Revenue
648 words
4 mins read
Last edited on 5th Nov 2024
Table of content
What is a business? 🏢
- At its core, a business seeks to satisfy human needs and wants through a variety of activities.
- Real-World Example: Imagine a bakery (business). They use flour, sugar, and other ingredients (inputs) to make delicious cakes and pastries (output) to satisfy your sweet tooth (a want)!
Types of business activities
- Producing or extracting: Growing crops or mining raw materials.
- Example: A farm growing strawberries or a company mining gold.
- Creating products: Manufacturing and assembling goods.
- Example: A factory making toys or gadgets.
- Providing services: Offering non-tangible assistance or activities.
- Example: A hair salon giving haircuts or a gym offering fitness classes.
Diverse business approaches 🎭
- Single Activity Businesses: Focus on one type of activity.
- Example: An olive farm.
- Multi-Activity Businesses: Engage in multiple related or unrelated activities.
- Example: A farm that grows olives and also produces its own olive oil.
The business value creation process 🚀
- Businesses take resources (inputs) and process them to generate products or services (outputs).
- By doing this, they add value to the inputs. That's how a raw apple is turned into a yummy apple pie!
- The reward? Revenue from sales and recognition!
Unconventional businesses? 🤔
- Not all entities that operate like businesses are traditionally seen as businesses.
- Charities, religious organizations, clubs – they all operate with business principles.
- Example: A church may need financial resources for renovations or a charity might sell merchandise to fund its causes.
Unlock the Full Content!
Dive deeper and gain exclusive access to premium files of Business Management HL. Subscribe now and get closer to that 45 🌟