Mark Twain International SchoolBusiness & Management Course Description
The Business management course is one of the most sought after subjects among all those offered by Mark Twain International School, and most certainly the most popular course in the “Individuals and societies” curricular area.
There are a multitude of reasons why students choose Business management.
• the desire to pursue a business career;
• curiosity for a new subject, instead of an extension of subjects from previous years;
• a number of universities around the world require students to complete this course.
The focus of this course is decision-making in a continuously changing environment. This is why all examinations involve dealing with real or fictional case studies, where students get to decide the appropriate way to go, where no way is clearly the best.
The IB DP Business management course revolves around six concepts. These concepts, also widely known as the CUEGIS concepts, define our business environment and must be considered at all times.
The six concepts, as well as potential challenges brought about in their contexts, are listed here:
How does change impact the business environment?
How should businesses react to changes in the business environment?
How does culture shape an increasingly diverse business environment?
How do multinational companies lead to more cultural diversity?
How do businesses create strong messages tailored for the specifics of different cultures?
Why is ethics so important when doing business?
How can ethical objectives help a business achieve its profitability objectives?
What is globalization as a business concept?
What is the role of multinational companies in creating a globalized economy?
How does globalization impact all the other dimensions of the business, as presented by the concepts?
What is the importance of innovation in a constantly changing world?
Is innovation always necessary for a business to succeed?
What is the risk of innovation and what is the risk of not innovating?
What is the importance of having objectives, strategies and tactics when running a business?
What strategies are appropriate in different business contexts?
When is it time to change strategies?
The IB DP Business management course proposes a five-part structure:
Part I: The business organization and environment
This is where you get to know what a business is, what a business does, what types of businesses there are, how to shape objectives and how to grow the business.
There is also a focus on the external environment of the business and all entities that have a stake in it.
Part II: Human resource management
This part deals with probably the most important resource of a business: its people.
From assessing the need to have people, through the whole process of recruiting, training and motivating the staff, this part will give you all the basic information someone needs in order to understand the human resource.
Part III: Finance and accounts
No business can function without money, so this part analyses different options a business has for financing.
There is also a great focus on analysing the financial health of an organization. Final accounts will be studied, as well as financial analysis tools, such as cash flow forecasts, profitability ratios or investment appraisals.
Part IV: Marketing
Every business must be focused on the market, where the customers are. Therefore, whatever product the business is creating, it needs to be placed on the market.
Customer needs have to be identified through market research; a product must be made available; the product has to have a price; the product must also be promoted; distribution is crucial in connecting producers to consumers.
All these are marketing concerns.
Part V: Operations management
No business makes sense if production does not happen, right? So, operations management is concerned with production methods, location of production, but also quality of production. In the perspective brought by the 21st century, a business must also try to increase efficiency and cut waste. In other words, they need good operations management.
2 years (incl. examination session)
IB DP Business Management Teacher: Alexandru Natsis – Economist