Group 3: Business Management

Philosophy - Why should I study Business Management?

The Business Management course is designed to develop students’ knowledge and understanding of business management theories, as well as their ability to apply a range of tools and techniques.

Students learn to analyse, discuss and evaluate business activities at local, national and international levels. The course covers a range of organizations from all sectors, as well as the socio-cultural and economic contexts in which those organizations operate.

The course covers the key characteristics of business organization and environment and the business functions of human resource management, finance and accounts, marketing and operations management. Links between the topics are central to the course. Through the exploration of six underpinning concepts (change, culture, ethics, globalization, innovation and strategy), the course allows students to develop a holistic understanding of today’s complex and dynamic business environment. The conceptual learning is firmly anchored in business management theories, tools and techniques and placed in the context of real world examples and case studies.

The course encourages the appreciation of ethical concerns at both a local and global level. It aims to develop relevant and transferable skills, including the ability to: think critically; make ethically sound and well-informed decisions; appreciate the pace, nature and significance of change; think strategically; and undertake long term planning, analysis and evaluation. The course also develops subject-specific skills, such as financial analysis. 

Course Content - What will I be studying?

Grade 11 (DP1)

Unit 1: Introduction to business management

1.1 What is a business?

1.2 Types of business entities

1.3 Business objectives

1.4 Stakeholders

1.5 Growth and evolution

1.6 Multinational companies (MNCs)

Unit 3: Finance and accounts

3.1 Introduction to finance

3.2 Sources of finance

3.3 Costs and revenues

3.4 Final accounts

3.5 Profitability and liquidity ratio analysis

3.6 Debt/equity ratio analysis (HL only)

3.7 Cash flow

3.8 Investment appraisal

3.9 Budgets (HL only)

Unit 4: Marketing

4.1 Introduction to marketing

4.2 Marketing planning

4.3 Sales forecasting (HL only)

4.4 Market research

4.5 The seven Ps of the marketing mix

4.6 International marketing (HL only)

Grade I2 (DP2)

Unit 5: Operations management

5.1 Introduction to operations management

5.2 Operations methods

5.3 Lean production and quality management (HL only)

5.4 Location

5.5 Break-even analysis

5.6 Production planning (HL only)

5.7 Crisis management and contingency planning (HL only)

5.8 Research and development (HL only)

5.9 Management information systems (HL only)

Unit 2: Human resource management

2.1 Introduction to human resource management

2.2 Organizational structure

2.3 Leadership and management

2.4 Motivation and demotivation

2.5 Organizational (corporate) culture (HL only)

2.6 Communication

2.7 Industrial/employee relations (HL only)

Business Management Toolkit

The Business Management Toolkit consists of 15 different tools. Eight of these are applicable to both  SL and HL students, whilst an additional seven are included for HL students. The tools in the BMT can be categorised as:

• Situational tools - These tools are used to help businesses assess aspects of their internal and/or external environments, such as SWOT analysis and STEEPLE analysis

• Planning tools - These tools are used to help businesses prepare for certain tasks and projects as well as their implementation, such as business plans, critical path analysis and Gantt charts. 

• Decision-making tools - These tools are used to help businesses make strategic choices by considering different factors in order to make rational decisions and to minimise risks, such as decision trees, the Boston Consultancy Group Matrix, and the Ansoff Matrix.

Assessment - How will I be assessed? 

External assessment for SL students consists of two written examination papers and for HL students three written examination papers. Paper 1 is based on a pre-released statement that specifies the context and background for the unseen case study and is same for SL and HL.  Paper 2 is based on unseen stimulus material with a quantitative focus that assesses students’ understanding of the key concepts of the course. Paper 3 for HL students is based on unseen stimulus material about a social enterprise.

Internal assessment for students of both HL and SL requires students to produce a research project about a real business issue or problem facing a particular organization using a conceptual lens. These are internally marked by subject teachers and then externally moderated by IB examiners.

Prerequisites - What do I need to know before choosing Business Management? 

This course requires no initial understanding or previous study of Business Management. For students choosing to study Business Management at HL, a ‘5’ in any MYP Humanities course or a 7/8/9 in an I/GCSE course would be a useful pre-requisite. For those planning to study it at SL, a ‘4’ in any MYP Humanities course or a 5/6 in an I/GCSE Humanities course would be useful. However, you do not need to have ever previously studied Business Management to be able to do well in DP Business Management.

What will allow me to be successful? 

Students who are successful tend to have the qualities below:

• Able to pay attention to details.

• Curious about the business world. 

• Interested in the news, business, finance, and global politics. 

• Read the news, listen to podcasts, watch documentaries.

• Interested in discussing both local and global business issues with their families and/or friends. 

• Aware that what we cover in class needs to be supported by additional review at home.

What can I do with Business Management in the future? 

Business Management is a great choice for anyone interested in the world of commerce and entrepreneurship. It's a great way to prepare for university courses in the fields of business and management, and to equip yourself with the know-how to start up your own business or follow a career in finance, accounting, marketing or management post university. 

Possible career choices with business studies include management, marketing, finance, accounting, banking, retailing, manufacturing and local government. Some universities will accept business studies when applying for courses such as economics, business studies and many other options. 

Business and Management graduates typically progress to careers in areas such as business development, marketing, recruitment and banking, although plenty of other options are available. 

Please note that Business Management may not be accepted by all Danish universities. Currently, Business Management is accepted by Copenhagen Business School and other Danish business schools as being equivalent to the subjects in the Danish HHX.