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If you guys are stuck on a question in this text book and you need help, here are the answers for educational purposes only. Try to do the. Business Management - Paul Hoang - Third Edition - IBID pdf - Ebook download as PDF File .pdf), Text File .txt) or read book online. Business Management THIRD EDITION. Paul Hoang 3rd Edition Introduction to Business Management In any moment of decision, the.

Business Management Paul Hoang 3rd Edition Pdf

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Business Management book. Read 3 reviews from the world's largest community for readers. This is the third edition of Paul Hoang?s bestselling textbook. Business Management (3rd Edition)Paul Hoang - The IB Bookshop. This is the third edition of Paul Business Management Answer Book for 3rd Edition (PDF). Business Management (3rd Edition)Paul Hoang - The IB Bookshop Ib Business And Management Paul exigo.pro Free Download Here IB Standard Level.

UK help to raise funds for medical research and other worthy charities must register with the Charity Commission www. Tax exemptions for NPOs As non-profit organizations.

The surplus is not classed as 'profit' because it does not get distributed to the owners or taxed by the government but is reinvested in the charity. Sole traders. These governing bodies also place of cruelty to animals. Types of organizations and the There are various factors that affect the strategic choice of business organization. Even salaried workers are likely land taxes. With the huge number of for its cause s. There are also problems. Hong Kong status of a firm will usually require more finance.

Can we 'know' if for-profit organizations do not care this does not mean that they do not strive to make a about society as much as non-profit social enterprises? Disincentive effects The lack of a profit motive can cause charities are exempt from corporate tax.

Why is the concept of limited liability important for cannot lose more than they invested in the company. Distinguish between cooperatives. What are social enterprises? Charities are non-profit social enterprises that provide voluntary support for good causes from society's point of The type of business activity The nature and scale of view.

A private limited company is a business owned byshareholders with limited liability but whose shares cannot be bought by or sold to the general public. Microfinance is a type of financial service aimed at 4. The formal deeds specify the name and globalization. They share the responsibilities and burdens of running and owning the business. What is the difference betweena privatelimitedcompany entrepreneurs of small businesses. Outline the benefits of social enterprises from society's point of view.

It has been issueda certificate of incorporation. Distinguish between non-profit organizations and non Non-governmental organizations NGO are private sector governmental organizations. Compare and contrast the benefits of a partnership with those of a sole trader. Oxfam 6. Incorporation means that there is a legal difference between the owners of a company and the business itself.

Distinguish between the private sector and the public An initial public offering IPO occurs when a business sells sector. Change As a business grows and evolves see Unit 1. Limited liability is a restriction on the amount of money that owners can lose if their business goes bankrupt.

Examples include state health and education services.

A public limited company is an incorporated business that allows the general public to buy and sell shares in the company via a stock exchange. Unlimited liability is a feature of sole traders and ordinary partnerships who are legally liable for all monies owed to their creditors.

Social enterprises are revenue-generating business with social objectives at the core of their operations.

Section 1 Business organization and environment The private sector is the part of the economy run by private individuals and businesses. They can be for-profit or non-profit businesses. A stock exchange is a market place for trading stocks and shares of public limited companies. All shareholders enjoy limited liability. Public-private partnerships occur when the government works together with the private sector to jointly provide certain goods or services. State-owned enterprises are organizations wholly owned by the government.

Vision organization in an attempt to achieve the overall vision. A02 example. A vision statement therefore opportunities and achievement for all'. A04 Ansoff matrix for different growth strategies of a given organization AOS.

It provides a sense of direction. Anatole France Martin Luther Although vision and mission statements are quite often King Junior's famous "I have a Dream" speech shows how confused. For Vision statement and mission statement. Unlike objectives.

Nobel Prize winner for Literature. The main having a clear vision can bring about radical change. A well- outlines an organizations aspirations where it wants produced mission statement is clearly defined and realistically to be in the distant future.

A mission statement tends to be a simple declaration of the underlying statements purpose of an organizations existence and its core values. Martin Luther King Jr. Be reflective and a I' 3 " out statements might not be supported by all stakeholders. Distinguishes the organization from others Despite the advantages of vision and mission statements.

IB Learner Profile. Mary KayCosmetics To help people and businesses throughout the world realise their full potential. Defines the organization. Google Creating the finest ice cream.

Haagen-Dazs To solve unsolved problems innovatively. Baccalaureate aims to develop inquiring.

Microsoft AJust world without poverty. BMW The company exists to benefit and refresh everyone it touches. Phrased clearly so that it is understood by all. Then think about your own values to build your personal mission statement. Limited enough to exclude certain ventures framework for how managers and employees operate on 4.

Even the bestthought. In such cases. Mahatma Gandhi. Serves to evaluate current business activities are some limitations. Coca-Cola To organize the world's information and make it universally accessible and useful. Oxfam To make people happy. Be an inquirer intercultural understanding and respect.

Additional information

Walt Disney Company Source: Company websites a Define the term mission statement. Broad enough to allow for growth in a creative or a daily basis. Critics argue that such statements are 7. Porter's Generic Strategies see Unit 1. Aims and objectives can help to inspire waysin which a business can gain a competitive advantage managers and employees to reach a common goal.

Theyare more objectives of an organization. Objectives are the short-to-medium-term and specific targets Strategies are the plans of action to achieve the strategic an organizationsets in order to achieve its aims. Once a business has decided on Objectives must be consistentwith the firm's aims. Tactics are short-term methods specific and quantifiable measurable. Aims are usually set by and application of these concepts. Aimsserve to give treating them as synonyms.

There are several levels of business strategy: Without having clear aims and objectives. Organizational improve the efficiency ofan organization. Common mistake They are broadly expressed as vague and unquantifiable statements. They are the foundation Aims. This reveals a lack of understanding often expressed in a mission statement. Theyprovide the basis for measuring and controlling the performance of the business as a whole.

Theycan be its short and long term goals. These are aimed aims and objectives are important for three reasons: Aims and objectives help to waiting time without compromising the quality of its control a firm's plans as they set the boundaries for service. Aims and objectives provide an agreed clear focus or sense of purpose for all individuals and tactics departments of an organization. They are specific goals that guide the a business has presence in the industry.

Profit maximisation Traditionally. The organizational culture and Strategic objectives are the longer-term goals of a business. A bad image.

This helps to attract high-calibre staff marketplace. Tactical objectives tend to refer to targets standing for being the worlds largest retailer. The failure to grow may result in declining competitiveness. Without profit.

Business Management - Paul Hoang - Third Edition - IBID 2014.pdf

New businesses strive to be motivated and proud if the business has a positive maximise their sales revenue to establish themselves in the corporate image. Toyota set for up to 12 months. Suppliers also prefer to do business insurance or real estate. New and unestablished businesses are likely has high market standing due to its innovative products to encounter a number of problems see Unit 1. Profit provides an incentive for entrepreneurs Ensure that you understand the link between aims.

Sales staff and agents. These objectives will also change from but low or no profit will struggle to survive. In the long run. For objectives. Any change willingness and ability to take risks. A03 the general public. Firms with a flexible and adaptable moneyis neededif the objective isto expand into overseas organizational culture are more likely to have innovative markets.

With a separation of ownership innovations. Itsstrategy has helped the company to gain market share around the world. Businesses may face internal crises including managerial objectives e. Crisis management. Some of the internal factors those within the firms might strive forgrowthand highermarketshare. Newly established firms tend to have of an organization to change.

Unlike most The need for changing objectives private sector firms. Lenovo is committed to four key values: Established to these factors. Lenovo's aim was to establish itself outside of the Asian market by owning IBM's globally recognised brands such as ThinkPad laptops.

The The evolving role and nature of CSR. Businessethics are therefore to such changes. Volkswagen recalled more than vehicles due to oil problems. Innovative firms The reasons why organizations set ethical objectives and the such as Samsung were able to exploit digital technologies Impact of implementing them.

Health and Safetyat Work legislation such as about changes in the external environment. An ethical and socially responsible business business opportunities. Ford also recalled 81 of its Kuga cars due to steering problems. Ethical objectives and corporate social responsibility CSR. Pressure must base their strategy on achieving the organizational groups see Unit 1. A03 to dominate the smartphone and smart TV industries. General Motors recalled 1. Some government rules and cost-saving benefits to airlines regulations see Unit 1.

New technologies and innovations Ethical objectives Figure 1. Section 1 Business organization and environment Case study In AOl thus change organizational objectives. Ethics are the moral principles that guide decision-making and strategy. These factors include: In late The state of the economy see Unit 1. Morals are concerned with what is considered to be right or wrong. A03 use of e-commerce see Unit 4.

Pressure said. Indian Airlines now merged with Air India was heavily criticised by the mass media for grounding female flight attendants for being 'too fat'to travel. Pressures to act ethically might come from within the business. Large firms especially in an era of growing child obesity in many with few. There might also be moral issues. Some people argue that by targeting children. Ethical behaviour might also be employee welfare.

Many multinational companies have imposed upon a business by external factors. Justify your answer. Thls iscontroversial. Chinas largest computer-maker. To achieve their ethical objectives. What not generatedby McDonald's customers in the vicinityof their should you do? McDonalds stalF school corridor. McDonald's In reality.

These could be There are three broad views and attitudes towards the role of determined by numerous factors such as: Section 1 Business organization and environment Socially responsible businesses are those thatactmorallytowards their stakeholders see Unit 1.

Such firms see CSR as a method of long-term growth. Being principled thelocal community. These values might Theory of knowledge differ from one individual to another and from one business to another.

It is important because people need to know what is considered acceptable or not acceptable within an organization. There are no other people around. These obligations areknown ascorporate Scenario: You see a teacher drop her wallet in the social responsibility CSR.

It W and corporation tax payments.

Does this even matter? The code refers to the documented beliefs and philosophies of the business. In pursuing the profit motive. People are more likely to be proud of held by individuals and society. CSRis further complicated when businesses operate in different Changes in societal norms mean that businesses need to countries.

What is considered acceptable in one country may be review their CSR policies and practices from time to time. Media exposure in many countries has meant that large multinational companies are expected to donate part of their Finally. Businesses that to their employees. Customers are more careful about spending to decide what is right or wrong.

What was once considered acceptable by society. The nature of CSR is rather subjective considered sociallymoral will directly affect a firm's view of its. The evolving role and nature of CSR such as those that employ child labour. Some countries do not think it is necessary to impose damage are hugeconcerns of governments and citizens around a national minimum wage.

Through education. Compliance costs The costs of being socially responsible are Acting ethically and in a socially responsible way can help to potentially very high. The consumers in the form of higher prices. Climate change and environmental s. Improved staff morale and motivation Ethical and socially Ethics and CSR are subjective Views about what is responsible behaviour can help a business to attract and retain considered right or wrong depend on the beliefs and principles highly motivated staff.

Socially responsible businesses can objectives such as profit maximisation. The advertising of tobacco products is continue to pollute and damage the environment are likely considered socially immoral in many parts of the world where to earn themselves a poor corporate image with devastating advertising of tobacco products is banned. This is because managers do money on products from socially irresponsible firms.

Cost cutting Ethical behaviour can help to cut certain costs.

An ethical dilemma for the business exists when ethical based on its ethical policy of not testing its products on animals. Legislation can help to provide the business they work for if it acts ethically and within the guidelines about what is socially accepted.

Speculativeshareholders benefit from avoiding litigation costs expenses associated and financial investors are more concerned with short term with legal action taken against a business due to unethical and profits than its long term ethical stance.

Australia and Canada judge environmentalconcern been a greater tolerance and acceptance of multiculturalism as a key indicator of CSR. Stakeholder conflict Not all stakeholders are keen on the e. Greece and Japan are For instance. Attitudes towards CSR may change over time. Investors not use or risk their own money when making decisions about This might be due to their goal or desire to act in a help consumers to make better informed decisions.

Section 1 Business organization and environment what they personally believe to be socially responsible. Acting responsibly can information. This includes voluntary and Case study c charity work. This can to charity. Tliere are numerous others view the organization can give them an important waysthey might do this. Firms can fulfil its ethical objectives. CFCs were?. El harmful effects on the ozone layer. Theory of knowledge Using any two Ways of Knowing.

Active community work. McDonald's became the world's first company e. According to Fortune magazine. Firms may is socially responsible due to the subjective and evolvingnature seek to use more recycled materials in the production of CSR.

Sg CFCs in the production of foam packaging. The charity's mission statement is to "directly improve the health and well-being of children". Operating in 58 countries. This means Burger King gives priority and better deals to suppliers that provide cage-free chickensand free-range pigs. RMHC has helped to make a difference to millions of seriously ill children and their families. Burger King operates two nationalcharitable organizations: Does this matter?

The company has. SWOT analysis can help firms to formulate their business strategy. Opportunities product recalls. Assessing opportunities.

Strengths help the business to better achieve its objectives. Reviewing corporate strategy. Examples include: This obviously harmed the image of the global retailer.

Strategic planning. SWOT is an acronym for Strengths. It can. India and China present many business opportunities. Walmart has also been taken to court for not paying employees for overtime. Weaknesses are internal factors that are unfavourable Risk assessment. SWOT analysis considers both internal factors strengths and SWOT analysiscan be an extremely useful tool for investigating weaknesses and external factors opportunities and threats all sorts of business situations.

It can be used to assess the current and future recession. Strengths are internal factors that are favourable Competitoranalysis. Weaknesses are therefore likely to prevent or delay the business from achieving its goals. Remember that the strengths to fit inside the table drawn by the student.

SWOT analysis is not typically used in isolation. SWOT analysis helps to determine the organization's position The analysis is only useful if decision-makers are open about in the market and therefore aids the formulation of business the weaknesses and willing to act upon them.

The South China Morning Post organization currently faces. It is rather simplistic and does not demand detailed analysis. Using such a format framework. SARS outbreak. Better decisions making process. It encourages foresight and proactive thinking in the decision. It has a wide range of applications.

An example is shown on page It can help reduce the risks of decision-making by demanding objective and logical thought processes. Airline companies suffered hugely as did strengths and weaknesses are the internal factors that an travel agents and hotels.

Explain whether each of the following scenarios represents a strength. Question A limitation is that as selling the existing product overseas although this could competitors. This conditions and cultures. It is This might be done through new distribution channels such also the safest of the four growth strategies. It by offering more competitive prices or by improved advertising also produces the Tata Nano. This is a medium-risk growth strategy that involves selling A03 and A04 New new products in existing markets.

Diversification development Case study Figure 1. Brands might also be repositioned Market development see Unit 4. Professor Igor Ansoff showed their cars.

See a Problem?

Product development is also. In addition to produced car. A key advantage of this growth strategy is the business is to continue its growth. McDonald's The Ansoff matrix is an analytical tool that helps frequently adds new products to its menu. This is a low-risk growth strategy as businesses choose to focus In Market development is a medium risk growth strategy that An advantage of market penetration is that the business focuses involves selling existing products in new markets.

The four product-market extension strategies to prolong the demand for goods and growth strategies. Prices could also be changed to attract different markets become saturated. Car manufacturers managers to choose and devise various product and market introduce new models and occasionally limited editions of growth strategies.

Product development is also reliant on brand development see Unit 4. Such distractions can mean market share in established markets. Virgin Mobile. One way to diversify is to become a holding company. VI tc Diversificationisa high-risk growth strategy that involves selling when launching new products in markets it has little. Diversification isalso suitable Ifor firms that have reached saturation and are seeking new Iopportunities for growth.

CD newproducts in new markets. HBO and Time Inc. Infiniti and Acura. Virgin distribution channels also need to be established and this could Cola. Related are sportswear manufacturers Nike and Adidas successfully diversification occurs when a business caters for new marketing their clothing products for leisure rather than customers within the broader confines of the same industry.

New such as Virgin Atlantic. Section 1 Business organization and environment Examples of developing new markets for existing products There are two categories of diversification. The Virgin Group is experience of. An example is Time Warner. Nissan and Honda have strategic cycle in economically developed countries where customers business units Lexus. This is a business that owns a controlling interest in other diverse companies. Holding companies or parent companies can benefit from having a presence in a range of markets in different regions of the world.

Nokia uses market development to sell its For example. An For example. Marie Claire and Sports Illustrated magazines. Virgin Hotels and Virgin Books.

Malaysia and Singapore in late after failing to shipbuilding. French retailing giant Carrefour pulled out of example is Samsung. UK clothing retailer Next failed a diversified company with its various strategic business units to establish itself in the tablet computer market in In addition to gaining be time consuming and costly.

Indonesia and Nigeria. Virgin Trains. Sri Lanka. Drucker believed that effective communication CUEGIS concepts and the development of people could prevent a 'them and us' Management experts Peter Drucker and Tom culture at work a psychological divide between management Peters born argue that successful businesses have a and subordinates.

Drucker organizational objectives is the starting point to achieving the argued that business strategy only works if the people involved vision and mission of a business. Struggling firms are absenteeism by a certain amount. He also argued that employees need to clear vision of their aspirations and a mission that outlines be given opportunities to develop personally. Onevariation ofthis criterion isthat objectives or to reapthe benefits of higher profitsfor itsowners.

The use of are dependent on each other to fulfil their functions. Objectives must be practically feasible businesses have to decide whether to expand for future growth attainable. One way to do this.

There should be a specified time The concepts of globalizsation and culture have also impacted frame within which the objectives should be achieved. These serve to provide a clear focus ultimately benefit the business. He felt that businesses ought to rather than being vague.

Businesses must be able to clearly know what the objectives are. With increasing educational awareness and media exposure of ethical issues. Objectives should be quantifiable. Crunchie and Heroesin order to compete with existing rivals. Objectives need to be precise and succinct is always undergoing change. Firms should ensure that their objectives are very expensive. Drucker believed that every manager should be involved in strategic planning.

Firms such as The Body Shop usethisstrategy totheiradvantage bymarketing their Aims are the long-term goals of a business. Outline two recent changes in society's expectations of business behaviour. A vision statement is an organization's long-term aspirations. How do mission and vision statements differ from one right or wrong.

It forms the foundation for organizations? A mission statement refers to the declaration of an 2. How does the evolving role and nature of CSRimpact on business aims and objectives?

Tactics are the short-term plans of action that firms use to achieve their objectives. They are a general statement of a CSR that exceeds societal norms and expectations can provide firm's purpose or intentions and tend to be qualitative in nature.

Differentiate between strategic objectives and tactical Objectives are the relatively short term targets of an objectives.

A business that adopts CSR acts morally n g Consider how the concepts of change. What are the advantages and disadvantages of ethical SWOT analysis is an analytical tool used to assess the internal behaviour and CSR? Mohamed Reda rated it it was amazing Jan 19, Audacious Society of Literary Critics rated it really liked it Jun 10, Mahika rated it it was amazing Apr 18, Silvia Grothe Riera rated it liked it Oct 31, Stephanie Hall rated it it was amazing Dec 08, Kawish Patel rated it it was amazing Mar 08, I R Srinivasa Rao rated it it was amazing Jan 28, Markuss Brieze rated it did not like it Nov 03, Linnea Karlberg rated it it was amazing Aug 29, Mace Quintero rated it did not like it Jul 15, Sanjana Takale rated it really liked it Feb 29, Corin Saputra rated it it was amazing Aug 07, Nikita Sule rated it it was amazing Apr 10, Shubham Sharma rated it did not like it Apr 16, Aditya Swami rated it really liked it Oct 16, There are no discussion topics on this book yet.

About Paul Hoang. Paul Hoang. Books by Paul Hoang. Trivia About Business Management. No trivia or quizzes yet. Welcome back. Just a moment while we sign you in to your Goodreads account. This is perhaps one reason why billionaires such as Warren Buffet, Carlos Slim and Li Ka-shing continue to work despite being past the official retirement age.

Autonomy Working for someone else means exactly that. Employees have to follow the instructions and rules set by the organization that they work for, such as the conditions of employment, working hours, benefits and holiday entitlement. Conversely, being self-employed means that there is autonomy independence, freedom of choice and flexibility in how things are done within the organization.

By contrast, employees can be dismissed, made redundant, or even replaced by technology. Although the risks are great, being self-employed also makes it potentially easier to accumulate personal wealth financial security to provide higher funds for early retirement.

Hobbies Some people might want to pursue their passion or to turn their hobby into a business. Successful entrepreneurs have a passion for what they do and this is made easier if the nature of the work is directly related to their interests. Top selling author, J.

Rowling is an example. Jamie Oliver, the television celebrity and chef who has set up several of his own restaurants is another example. Theory of knowledge Look at the reasons for starting up a business. How do reason and emotion interact to affect the decisionmaking process? Is emotion or reason more important in this process?

The OCED reports that it takes an average of Nevertheless, the common steps in the process of starting up a business include: 1. Write a business plan. Once the entrepreneur has a feasible business idea, this is officially formulated in a business plan. This document will include the goals and objectives for the new business with an outline plan of how these targets are to be accomplished.

Obtain start-up capital. Starting a business requires money. The loan process can take several months to complete, with the lender usually requesting a completed business plan before any funds are approved. Obtain business registration. Before a business can trade or hire workers, it must satisfy registration and licensing requirements.

The owner s must also register the legal status of the business, i. Open a business bank account. To facilitate the financial operations of the new business, the owner s need to set up a business bank account.

Business Management

This allows the business to pay for its costs of operation and to receive payments from customers whether through bank deposits of cash, bank account transfers or credit card payments. Almost all business bank accounts will have online banking facilities too.

Potential customers need to know about the business and its products. This is done through the marketing activities of the new business, such as advertising and other promotional materials. For many businesses, this will also include establishing a presence on the internet. Having an effective website is essential to capture business opportunities with new customers and to establish credibility. Table 1. This might be done by identifying and filling a niche unfilled gap in a market or by providing products that have a unique selling point.

It is also possible to enter existing markets although these may be saturated so the chances of success might be lower. However, finance is usually the key barrier to setting up a new business.

Record keeping of financial accounts see Unit 3. Many firms will hire accountants to help them do this. Human resources Human resources are needed at all stages of business activity, from the design and development of a product to delivering it to the consumer. Entrepreneurs have to consider the need for hiring, training, retaining and motivating their staff.

Enterprise Entrepreneurial skills are required to successfully plan, organize and manage the business. Effective leadership and negotiation skills are required to deal with different stakeholder groups see Unit 1.

Entrepreneurs must also have self-confidence and a passion for what they do. Fixed assets Fixed assets are needed, such as premises and capital equipment. The location decision see Unit 5. Suppliers Suppliers are needed to provide the business with its raw materials, finished stock of products and support services. Negotiations over issues such as prices and delivery times also need to be undertaken.

Customers Customers need to be attracted because without them the business will fail. This might be done by using market research to create products that are desirable, available at the right prices and sold in the right places.They are specific goals that guide the daily functioning of certain departments or operations, e.

It can help reduce the risks of decision-making by demanding objective and logical thought processes. Does this matter? It has a wide range of applications, e. The highest income tax rate tends to be greater potential threat of a takeover bya rival company that purchases than the rate for corporate tax. New businesses strive to be motivated and proud if the business has a positive maximise their sales revenue to establish themselves in the corporate image.

Hence, it is more likely that managers will be better informed and prepared to deal with external shocks. Socially responsible businesses can objectives such as profit maximisation. For legal difference between the owners of the company the this reason.

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