New PDF release: Business and Management for the IB Diploma

By Peter Stimpson, Alex Smith

Adapted to the thematic necessities and review goals of the IB syllabus. Designed for sophistication use and self reliant examine, this new coursebook is adapted to the thematic necessities and overview targets of the IB syllabus. It comprises studying pursuits and summaries; built-in concept of information fabric; textual content in transparent sections, following the IB syllabus constitution and content material requirements; transparent, obtainable English for college students whose first language isn't really English; exam-style perform questions and a bankruptcy on evaluate and examination concepts. Written by way of practicing company and administration academics, Peter Stimpson and Alex Smith, it positive factors the subsequent themes: company business enterprise and surroundings; Human assets; money owed and finance; advertising; Operations administration; company approach.

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Example text

A short-term objective of growth in sales or market share might be replaced by a longer-term objective of maximising profits from the higher level of sales. Business objectives need to be flexible enough to be adapted to reflect internal and external changes, but they should not be changed too dramatically or frequently as this may result in the loss of many of the benefits of setting SMART targets, including a loss of focus, sense of direction and specific measures to judge present performance. Before making a significant change to objectives, senior managers need to consider: ● ● Is the internal or external change significant and longlasting enough to make a change in objectives necessary?

Indeed, a change of objective will almost certainly require a change of plan too. A poor plan or strategy will lead to failure to reach the target. The most effective business objectives usually meet the following SMART criteria: S – Specific Objectives should focus on what the business does and should apply directly to that business. For example, a hotel may set an objective of 75% bed occupancy over the winter period – the objective is specific to this business. M – Measurable Objectives that have a quantitative value are likely to prove to be more effective targets for directors and staff to work towards, for example to increase sales in the south-east region by 15% this year.

Should they respond by adopting environmentally safe or green policies, even if these are expensive, or should they always take the cheapest option no matter what the consequences for the environment might be? Other issues connected with the concept of CSR cross over into ethical decisions. In fact, the two concepts are closely linked. Examples of recent CSR developments include: 32 ● ● ● 1 Explain what you understand by the terms: a business ethics b code of conduct. [4] 2 Explain how SCG and its employees might benefit from the clear statement of business ethics and the code of conduct.

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