IBDP Business Management Business Organization And Environment Chapter 3 Notes
STUDY NOTES FOR BUSINESS MANAGEMENT – BUSINESS ORGANIzATION AND ENVIRONMENT CHAPTER 3 – ORGANIZATIONAL OBJECTIVES
These notes have specially been curated by expert teachers to simplify and enlighten concepts given in IB Business Management HL. The notes are comprehensive in nature and are sufficient to study the chapter in depth, One need not look for other resources beyond the notes provided on our website which can be accessed for free. The notes for Organizational Objectives IBDP HL are available on our official website and can be downloaded for free.
Business management IBDP is a part of group 3 Individuals and the Society of the IB curriculum. The IBDP Business Management course has been devised for imparting knowledge and understanding of different theories of Business Management and application of various tools and methods. It enables the students to analyze and evaluate business activities at all levels- local, national, or international, It also helps in developing A holistic understanding of the business environment today which is complex and fast changing.
The subject covers important characteristics of business organization and business functions of human resource management, finance and accounting, marketing, and operations management. The purpose of the course is to help students develop skills that enable them to think critically and make the right decisions after carefully evaluating and analyzing the issue at hand. It also aims at developing the understanding of importance of the innovation and exploring business from different cultural perspectives.
The chapter on Organizational Objectives explains how goals are defined because of the planned activity which outlines the quantity and quality of the performance that needs to be accomplished. SMART which breaks down to specific, measurable, achievable, realistic, and relevant, and time specific is a criterion that was suggested by Mr. Peter Drucker to assess the effectiveness of the objectives. We further try to understand the meanings of the mission statement and vision statement of a business and the differences between the two. The chapter also outlines the meanings of the terms ‘aims’ and ‘objectives’ and the difference between ‘strategies’ and ‘tactics’.
Next, we examine the internal and external factors that cause an organization to change its aims and objectives. Corporate Social Responsibility (CSR) is the act of taking responsibility for its actions and considering the impact of its actions on the society while taking a decision in the favor of the organization’s objectives by a business. CSR is analyzed along with the factors that determine its implementation in organizations. The chapter gives a detailed description of SWOT analysis with its merits and demerits and defines the Ansoff matrix for a better understanding of the students.