Review IB Bus. Mngt.

Human reasources (HR), Marketing, Operations Managment, Fiance.

Creativity, change, ethics, and sustainability

run by the government, everyone has access to stocks

Run with a profit motive

Business that extract resources from the earth (Like fisharies, lumber farm, crop farming)

Businesses that create/manufacture poducts (factories like clothing stores)

Businesses that provide a service (Retail, spas, etc)

Research based (Nasa)

When there is only one owner. Adv: Full profit, Autonomy, easy and cheap to start. Dis. Adv: Unlimited liability (responsable for everything)

When two or more people own a business. Adv: Specialization in functions. Dis Adv: Unlimited liability, shared profit

Owned by friends and family. Adv: Limited liability. Dis Adv: loss of control, conflict with shareholders,

Anyone can buy stocks. Adv. Limited liability Dis. Adv: loss of control, conflict with shareholders,

Orginazations focused on bringing about change

Goal(Social and economic aim) is to generate profit to help the community (World Wildlife Fund raising money to help preserve species)

Operating in the private sector with the goal of helpong others and is not with the gov (like unicef)

Owned by customers who buy goods

Owned by employees who work there

A dream or goal that explains where the business would like to be

The purpose of the business existence realistic gives direction. (No timeframe, guides decisions) Adv: Allows for evaluation, defines organization, core values, understood by all stakeholders, provides direction. Dis Adv: Very expensive, might not be supported by employees, very time consuming to develop

Businesses give back to the comminity. Done to improve image and reputation but it costs money.

Any person intersted in performance of business (Ex. customers, employees)

Is a type of internal stakeholder; they invest in the business with hoopes the value grows.

Is a type of internal stakeholder; that financial benifits like salary bonus, insurance, job security, etc

Part of the company profits paid back to investers through capital gains(value of stocks incressing)

supplies, customers, special intrest groups (trade unions, presure groups, local community)

Businesses cant please all stakeholders at the same time (Renumeration)

Benifits from a job in one thing (benifit package), more than one interest