IBDP Business Management Business Strategy Chapter 2 Notes
STUDY NOTES FOR BUSINESS MANAGEMENT – BUSINESS STRATEGY CHAPTER 1 – BUSINESS STRATEGY
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.
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 holistic understanding of the business environment today which is complex and fast changing.
The subject covers important characteristic 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 the importance of innovation and exploring business from different cultural perspectives.
The chapter on Business Strategy explains a business strategy as a long-term plan of action for the organization that is created to meet the obligations of the markets and stakeholders of the organization. Strategic management is to implement a business strategy to meet the long-term goals of the organization. It has 3 stages which are corporate strategy, business strategy and functional strategy. The chapter also talks about Strategic Analysis, which is the first stage of strategic management, as it assesses the current position of the company and its external and internal environment.
Important tools for strategic analysis are PEST analysis, SWOT analysis, BOSTON analysis and Lewin force-field analysis. Next, we have Strategic Choice which is the process of identifying the mission, vision and objectives of the organization and taking decisions towards achieving the long-term goals. It is the second stage of strategic management. Strategic Implementation is to control and coordinate the activities of various departments in the organization and allocate the resources to them. It is the last stage of the process of strategic management.