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IB Business Management BUSINESS ORGANISATION AND ENVIRONMENT: 1.1 Introduction to Business Management

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Quaternary Sector

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Terms in this set (29)

Quaternary Sector

A subset of the tertiary sector and involves service jobs concerned with research and development, management and administration, and processing and disseminating information.

Intrapreneurship

The act of behaving like an entrepreneur while working within a large organisation where freedom and financial support is given to create new products, services, systems, etc.

The physical and tangible goods sold to the general public. They include cars and washing machines, which are referred to as durable consumer goods. Non-durable consumer goods include food, drinks and sweets that can only be used once

Consumer Services

Non-tangible products that are sold to the general public and include hotel accommodation, insurance services and train journeys

Physical goods that are used by an industry to aid in the production of other goods and services, such as machines and commercial vehicles

Factors of Production

Resources needed by businesses to produce goods or services

The Factors of Production

Land, Labour, Capital and Enterprise

Natural resources that can be found on the planet. This includes renewable and non-renewable natural resources such as water, wood, fish and physical land itself

The physical and mental human effort used in the production process

The finance needed to set up a business and pay for its continued operations or expansion. Also includes the man-made goods used in the production process (capital goods)

Risk taking individuals who combine the other factors of production into a unit that is capable of producing goods and services. It provides a managing, decision-making and coordinating role

Business Functions

Marketing, Finance, Human Resource Management and Operations Management

The commercial processes involved in creating and designing, promoting and selling and distributing a product or service

The management of money and credit and banking and investments

Human Resource Management

The process of determining human resource needs and then recruiting, selecting, developing, motivating, evaluating, compensating, and scheduling employees to achieve organisational objectives