Business Management HL
Business Management HL
6
Chapters
223
Notes
Unit 1 - Introduction To Business Management - QB
Unit 1 - Introduction To Business Management - QB
Unit 2 - Human Resource Management - QB
Unit 2 - Human Resource Management - QB
Unit 3 - Finance & accounts - QB
Unit 3 - Finance & accounts - QB
Unit 4 - Marketing - QB
Unit 4 - Marketing - QB
Unit 5 - Operations management - QB
Unit 5 - Operations management - QB
Unit 6 - Assessment
Unit 6 - Assessment
IB Resources
Unit 1 - Introduction To Business Management - QB
Business Management HL
Business Management HL

Unit 1 - Introduction To Business Management - QB

The Imperative for Businesses to Adapt: Internal and External Triggers

Word Count Emoji
637 words
Reading Time Emoji
4 mins read
Updated at Emoji
Last edited on 5th Nov 2024

Table of content

Pop Quiz Time! Do you remember that time your favorite app got a whole new look, and you had to learn how to navigate it again? Now, think about that from the perspective of the app makers - they changed their objectives due to certain factors.

 

Objectives can change for businesses too, and they can be classified under three levels

  • Strategic Objectives - The long-term goals of the business.
  • Tactical Objectives - Short-term goals that help achieve strategic objectives.
  • Operational Objectives - Daily, routine goals set by managers and supervisors.

These objectives can change due to two types of environment

  • Internal Environment: Everything that happens within the business.
  • External Environment: Everything outside the business that influences its operation or performance.

Let's do some digging!

Internal environment changes

  • Leadership: When Steve Jobs returned to Apple in 1996, he completely transformed the company. New leaders can bring fresh perspectives, leading to changes in objectives.

  • Human Resources (HR): Anything related to employees. For instance, if a union goes on strike, the company may need to revise its objectives.

  • Organization: Mergers or acquisitions, like when Kraft bought Cadbury, can shake up a business's objectives.

  • Product: If a product isn't performing well, the company might need to change its objectives. For example, Lucozade switched from being a health drink to a sports drink, tripling its sales!

  • Finance: If funding decreases or becomes hard to come by, businesses need to adapt. In 2009, FIFA's "Financial Fair Play" rule forced football teams to change their spending habits.

  • Operations: Changes in production methods or processes may necessitate changes in objectives. It's like moving your bedroom - you'll have to find a new best place for your gaming setup!

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IB Resources
Unit 1 - Introduction To Business Management - QB
Business Management HL
Business Management HL

Unit 1 - Introduction To Business Management - QB

The Imperative for Businesses to Adapt: Internal and External Triggers

Word Count Emoji
637 words
Reading Time Emoji
4 mins read
Updated at Emoji
Last edited on 5th Nov 2024

Table of content

Pop Quiz Time! Do you remember that time your favorite app got a whole new look, and you had to learn how to navigate it again? Now, think about that from the perspective of the app makers - they changed their objectives due to certain factors.

 

Objectives can change for businesses too, and they can be classified under three levels

  • Strategic Objectives - The long-term goals of the business.
  • Tactical Objectives - Short-term goals that help achieve strategic objectives.
  • Operational Objectives - Daily, routine goals set by managers and supervisors.

These objectives can change due to two types of environment

  • Internal Environment: Everything that happens within the business.
  • External Environment: Everything outside the business that influences its operation or performance.

Let's do some digging!

Internal environment changes

  • Leadership: When Steve Jobs returned to Apple in 1996, he completely transformed the company. New leaders can bring fresh perspectives, leading to changes in objectives.

  • Human Resources (HR): Anything related to employees. For instance, if a union goes on strike, the company may need to revise its objectives.

  • Organization: Mergers or acquisitions, like when Kraft bought Cadbury, can shake up a business's objectives.

  • Product: If a product isn't performing well, the company might need to change its objectives. For example, Lucozade switched from being a health drink to a sports drink, tripling its sales!

  • Finance: If funding decreases or becomes hard to come by, businesses need to adapt. In 2009, FIFA's "Financial Fair Play" rule forced football teams to change their spending habits.

  • Operations: Changes in production methods or processes may necessitate changes in objectives. It's like moving your bedroom - you'll have to find a new best place for your gaming setup!

Unlock the Full Content! File Is Locked Emoji

Dive deeper and gain exclusive access to premium files of Business Management HL. Subscribe now and get closer to that 45 🌟