IB Business Management Topic 1.1.2 Business Functions Revision Notes (SL/HL)

IB Business Management Topic 1.1.2 Business Functions Revision Notes (SL/HL) | RevisionDojo

Written by official IB examiners

The Role of Business Departments

Imagine you're starting a small café.
You're responsible for hiring staff, managing finances, marketing your menu, and ensuring the kitchen runs smoothly.
As your business grows, these tasks become more complex, requiring specialized skills and dedicated teams.

Note

All businesses, regardless of size, are organized around four key functions: human resources, marketing, finance and accounts, and operations management.

The Four Key Business Functions

1. Human Resources (HR)

Human Resources is responsible for managing the people within an organization.
This means:
1. Recruitment and Selection: Finding and hiring the right talent.
2. Training and Development: Ensuring employees have the skills needed to succeed.
3. Performance Management: Evaluating and improving employee performance.
4. Compensation and Benefits: Designing fair and competitive pay structures.
5. Employee Relations: Maintaining a positive work environment and addressing conflicts.

Example

In a small café, the owner might handle hiring and training personally.
In a large corporation, an HR department would manage these tasks, using specialized software to track employee performance and development.

2. Marketing

Marketing focuses on understanding customer needs and promoting the business's products or services.

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Definition

Paywall

(on a website) an arrangement whereby access is restricted to users who have paid to subscribe to the site.

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Lorem ipsum dolor sit amet, consectetur adipiscing elit. Sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat.

Duis aute irure dolor in reprehenderit

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Note

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam quis nostrud exercitation.

Excepteur sint occaecat cupidatat non proident

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Tip

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat.

Lorem ipsum dolor sit amet, consectetur adipiscing elit.
Sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris.
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum.

Unlock the rest of this chapter with a free account

The Role of Business Departments

Imagine you're starting a small café.
You're responsible for hiring staff, managing finances, marketing your menu, and ensuring the kitchen runs smoothly.
As your business grows, these tasks become more complex, requiring specialized skills and dedicated teams.

Note

All businesses, regardless of size, are organized around four key functions: human resources, marketing, finance and accounts, and operations management.

The Four Key Business Functions

1. Human Resources (HR)

Human Resources is responsible for managing the people within an organization.
This means:
1. Recruitment and Selection: Finding and hiring the right talent.
2. Training and Development: Ensuring employees have the skills needed to succeed.
3. Performance Management: Evaluating and improving employee performance.
4. Compensation and Benefits: Designing fair and competitive pay structures.
5. Employee Relations: Maintaining a positive work environment and addressing conflicts.

Example

In a small café, the owner might handle hiring and training personally.
In a large corporation, an HR department would manage these tasks, using specialized software to track employee performance and development.

2. Marketing

Marketing focuses on understanding customer needs and promoting the business's products or services.

Definition

Paywall

(on a website) an arrangement whereby access is restricted to users who have paid to subscribe to the site.

anim nostrud sit dolore minim proident quis fugiat velit et eiusmod nulla quis nulla mollit dolor sunt culpa aliqua

Duis aute irure dolor in reprehenderit

Note

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam quis nostrud exercitation.

Excepteur sint occaecat cupidatat non proident

Tip

Lorem ipsum dolor sit amet, consectetur adipiscing elit.
Sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris.
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum.

Unit 1: Introduction to Business Management - Core operational components and business functions6 subtopics

Unit 2: HR Management - Motivation, Structure, Hierarchy7 subtopics

Unit 3: Financial Management - Accounting, Ratio evaluation, Core Financial Documents9 subtopics

Unit 4: Marketing Management - The 7 P's, strategies and forecasting6 subtopics

Unit 5: Operations Management - Production Methods, Production planning and management9 subtopics

BM Toolkit - Core business frameworks and tools15 subtopics

IB Business Management 1.1.2 Business Functions Notes

Unit 1: Introduction to Business Management - Core operational components and business functions6 subtopics

Unit 2: HR Management - Motivation, Structure, Hierarchy7 subtopics

Unit 3: Financial Management - Accounting, Ratio evaluation, Core Financial Documents9 subtopics

Unit 4: Marketing Management - The 7 P's, strategies and forecasting6 subtopics

Unit 5: Operations Management - Production Methods, Production planning and management9 subtopics

BM Toolkit - Core business frameworks and tools15 subtopics

The Role of Business Departments

The Four Key Business Functions

1. Human Resources (HR)

2. Marketing

anim nostrud sit dolore minim proident quis fugiat velit et eiusmod nulla quis nulla mollit dolor sunt culpa aliqua

Duis aute irure dolor in reprehenderit

Excepteur sint occaecat cupidatat non proident

Unlock the rest of this chapter with a free account

The Role of Business Departments

The Four Key Business Functions

1. Human Resources (HR)

2. Marketing

anim nostrud sit dolore minim proident quis fugiat velit et eiusmod nulla quis nulla mollit dolor sunt culpa aliqua

Duis aute irure dolor in reprehenderit

Excepteur sint occaecat cupidatat non proident

Unlock the rest of this chapter with a free account