Business Management SL
Business Management SL
6
Chapters
175
Notes
Unit 1 - Introduction To Business Management - QB
Unit 1 - Introduction To Business Management - QB
Defining Business: From Raw Materials to Recognized Revenue
Key Business Functions: The Pillars of Success for All Sizes
Unraveling Economic Sectors: From Raw Materials To Advanced Information
Top Reasons To Start A Business: Opportunities Unveiled!
Unlocking Success: Essential Steps For Start-Up Businesses
6 Steps To Avoid: Common Pitfalls New Businesses Face
Unveiling Business Basics: From Resources To Sectors
Starbucks & Tata Coffee: A Strategic Union Explained
Private Vs. Public Sectors: Key Differences Explained
Exploring Common Types Of Profit-Based Organizations
Unraveling For-Profit Social Enterprises: Purpose Over Profit
Understanding Non-Profit Social Enterprises: Key Insights
Understanding Business Types: From Sole Trader To Social Enterprises
Understanding Private Vs. Public Sectors: O2S Case Study
Vision Vs. Mission: The Key To Successful Business Aspirations
Unlocking Business Success: Aims vs. Objectives, Strategies vs. Tactics
The Imperative for Businesses to Adapt: Internal and External Triggers
Unlocking Corporate Social Responsibility: Its Power & Impact
Mastering SWOT Analysis: Strategic Planning For Business Success
Unlocking Growth: Dive Deep Into Ansoff Matrix Strategies
Essential Business Checklist: Vision, Mission, Strategy & More!
Discover Route 11 Chips: Sustainable Snacking Redefined!
Understanding Stakeholders: Internal Vs. External
Stakeholder Insights: Internal Vs. External Interests Revealed
Ecosoluciones: Transforming Alumbre With Wind Energy
Mastering STEEPLE: Navigate Business Growth Amidst External Factors
Understanding Economies & Diseconomies of Scale in Business
Internal Vs. External Business Growth: Which Is Best?
Unveiling STEEPLE: Key Influencers of Business Success
Unlocking Acquisition Insights: The Tale of Statson Inc & FlowForm
Understanding Globalization: Its Impact On Modern Business
Secrets Behind Multinational Companies' Rapid Growth
Multinational Companies: Boon or Bane for Host Countries?
Unveiling MNCs: Impacts On Global Economies
Khumalo Pottery Vs. American Giant: A Tale Of Authenticity And Scale
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 SL
Business Management SL

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 SL
Business Management SL

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 SL. Subscribe now and get closer to that 45 🌟

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