IB Business Management BM Toolkit - Core Business Frameworks and Tools Key Definitions

The Ansoff Matrix is a strategic tool used to analyze and plan business growth strategies based on market and product development.

The BCG Matrix (Boston Consulting Group Matrix) is a strategic tool used in business management to analyze a company’s product portfolio and help with investment decisions. It categorizes products or business units based on market growth rate and relative market share.

A business plan is a formal document that outlines a business's objectives, strategies, market analysis, and financial projections.

An economic system aimed at eliminating waste and the continual use of resources through principles like recycling, reusing, and repairing.

The unique attributes or capabilities that allow a business to outperform its competitors. It enables a company to offer superior value to customers, whether through lower costs, differentiated products, superior quality, brand reputation, or innovation.

Contribution costing is a financial analysis tool that helps businesses determine the profitability of individual products or activities by focusing on the contribution each makes to covering fixed costs and generating profit.

A visual tool that helps you choose between options when each option has uncertain outcomes. It maps out every possible result, how likely it is, and what it's worth.

Force Field Analysis is a decision-making tool used to evaluate the factors that influence change within an organization.

A Gantt chart is a project management tool that uses horizontal bars to represent tasks over a timeline.

Leasing allows businesses to use assets like equipment or vehicles without purchasing them outright.

Market share is the percentage of total sales in a market that is attributed to a particular business.

Stakeholders are individuals or groups who are affected by or have an interest in a business's activities.

STEEPLE stands for Social, Technological, Economic, Environmental, Political, Legal, and Ethical factors.

SWOT analysis is a strategic planning tool used to identify internal strengths and weaknesses and external opportunities and threats affecting an organization.