IB BUSINESS & MANAGEMENT - Lanterna Education
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Transcript of IB BUSINESS & MANAGEMENT - Lanterna Education
From the IB graduates at
HOW TO REVISE
IB BUSINESS & MANAGEMENT
LANTERNA EDUCATION
LET’S GET D
OWN TO BUSINESS!
LET’S GET D
OWN TO BUSINESS!
Contents3 Lanterna Business Management Guide
3 Let’sGetDownToBusiness!
5 Paper1:TheCaseStudyPaper
7 Paper 2: Application Nation
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IB BUSINESS & MANAGEMENT REVISION GUIDE
The General Spiel
BusinessManagementhasgainedareputationaroundtheIBforbeingoneofthe‘easysubjects’,andtoapointitstrue,it’seasiertowrapyourheadaroundthemarketingmixthanthecausesoftheColdWarortheprocessofOsmosis.However,whatpeoplemightnotrealizeaboutBusinessManagement,andwhatultimatelycoststhempointsontheexam,isthatBusinessManagementisnotjustanothersubject.Youdon’tjustmemorizethetheoryandregurgitateitontheexam.Thisisn’tanassessmentonyourmemory.
No,BusinessManagementisallaboutapplication.IalwaystellmyBusinessstudentsthattheyshouldthinkofthemselvesasBusinessAnalystsandthattheircasestudiesarebusinessescomingtothemforhelp.Likegivingadvicetoafriend,youdon’twanttogiveatextbookcopy+pasteanswer.No,youwanttogiveapersonalizedanswer,thattakesintoaccountthefacts,theneeds,andthewantsofthebusiness.MorethanreplicatingtheIBBusinessManagementsyllabus,theIBisassessingyourabilitytoengagewiththecasestudiesthatarepresentedtoyouusingyourtoolboxofBusinessManagementtoolsandtheoriesyou’vebuiltupovertheyears.Boththecasestudiesandyourtoolboxshouldempoweryoutofindcreativesolutionstothesehypotheticalbusinesseswithreal-worldbusinessproblems.
Furthermore,likegivingadvicetoafriend,youwantyouranswerstobeeasytounderstand.AsmuchasIBBusinessManagementisaboutapplication,it’salsoaboutarticulation.Studentshaveatendencyforeitherverbosityorrathernotwritingenough.Intheexam,youwillbeexaminedonyourabilitytoarticulateIBBusinessManagementvocabularyandexplainrelevantBusinessManagementtheory.
Sohowdoyouputthismindsetintopractice?WellhereisabreakdownofeachpartoftheIBBusinessExamandusefulrevisiontipsforeachsection:
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Paper 1: The Case Study Paper
Paper1scaresstudents.Whereasinyouryearandahalfofstudyingbusinessmanagement,youwereusedtodealingwiththeshortcasestudyquestionsyouseeonPaper2,beingintroducedtoa5pagecasestudyandbeingtoldthatin3months’timeyouwillhaveanentirepaperdedicatedtoansweringthatquestionscaresstudents.
However,therealityisthatPaper1isexactlylikePaper2,exceptitcentersaround1casestudy.InPaper1youstillhavethesamestructurefromPaper2:youhaveaqualitativesectionfocusingoneveryunitexceptFinance(thisissectionAinpaper1),youhaveaquantitativesectionfocusingonFinanceandtheotherquantitativeexerciseslikeDecisionTreesforHLs(thisissectionBinpaper1),andthenforHLsyouhaveasectionCessay.
ThemainproblemwithPaper1istheissueofhowtostudyforit.UnlikePaper2,youcan’tdopastpapersasPaper1isentirelydependentonthetypeofcasestudyyoureceive.InsteadPaper1isamatteroftryingtoanticipatethequestionsthatwillcomeup.YouwillfindthateveryyearfamousIBBusinessTeacherPaulHoangcreatesacasestudypackforPaper1andsellsittoschoolsandstudents,butyouyourselvesasBusinessStudentscancreateyourownstudypacksaswellusingnothingmorethanyourbusinessknowledgeandthepre-releasedcasestudy
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IB BUSINESS & MANAGEMENT REVISION GUIDE
Recommendations for Paper 1:
• Read over the Case Study and Make Notes: You’regiventhiscasestudywellinadvanceofyourexamsousethisextratimetoreadthroughandfamiliarizeyourselfwiththecasestudyasmuchaspossible.Thelesstimeyouarespentre-readingthecasestudyintheexamroomismoretimeyougettodedicatetowritingoutqualityanswers.Whileyou’reatitmakereferences:IfindithelpfultohighlightandcolorcodemyannotationsofthecasestudytoeachUnitandsubtopicofthesyllabus.ThatwayI’llhaveabetterideaofthetypesofquestionsthatmightbeaskedonthecasestudy.
• Analyze the Case Study:Onceyou’vefinishedmakingnotes,beginanalyzingthecasestudy.Youmaynotbeabletoanalyzethecasestudyfromeveryangle,especiallysincesomeinformationiswithheldtilltheactualexam,butyoucanbeginusingthefundamentalbusinesstoolstouncovermoreaboutthebusiness.SimpletoolslikeSWOT,STEEPLE,AnsoffMatrix,andtheStakeholderPower-InterestModel,willallowyoutounlockadeeperlevelofanalysisintothecasestudywhichyoucanwalkintotheexamroommentallyequippedwith.
• Anticipating Questions: Usingthisanalysisandthesenotes,starttocreateyourownquestions!Youmightnotbeabletoanticipatetheexactquestionsthatwillappearontheexam,butyoucanmakesomeprettygoodguessesfromthenotsosubtlehintsdroppedbythecasestudy.Whenitcomestothefinanceandquantitativebasedquestions,tryandmakeupsomenumbersthatwouldmatchthediscussioninthecasestudy.Forexample,ifthecasestudyisdiscussingaboutaroughfinancialyearoradropinsalesrevenue,thenyoucancreatesomeinterestingdatatoconductratioanalysisandFinalAccountexerciseswith.Thesequestionswillnotonlyhelpyoupracticeyourfinanceskills,buttheywillalsoallowyoutodevelopyourinterpretationoftheresults.
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Paper 2: Application Nation
Paper2ismorefamiliarforstudentsandbyandlargealoteasiertopracticeandanswer(apartfromthatCUEGISsection).ThekeyforPaper2ispractice,practice,practice,andwhenyouthinkyou’rethere,practicesomemore.RememberwhatIsaid,Businessisanexerciseofapplicationnotofmemorization.It’snousetosimplygooveryourIBBusinessnotesandtextbookmemorizingeverykeyfactandtool.Insteadit’saboutgoingthroughpastpapersandexposingyourselftoallthedifferenttypesofquestionsyouwillget.Luckilythough,Paper2isasystemandonceyouknowhowthesystemworks,it’seasytobeat.
• Section A: The Finance (SL) and Quantitative (HL) Bit• SectionAisastraightforwardquantitativebasedsectionfeaturing2
casestudiesinwhichyouwillaskedtoanswer1.Eachcasestudyisworth10pointsandusually6-8outofthese10pointsarebasedoncalculationsandgraphingalone.Whatthismeansisthatthissectionisstraightupapplication:eitheryouknowhowtodoitornot.Thebestwaytostudyforthissectionistofamiliarizeyourselfwithallthetools.ForSLstheseareyourfinancetools(Break-Even,CashFlow,FinalAccounts,InvestmentAppraisal,andProfitability/EfficiencyRatios).ForHLsit’sthesameastheSLsalongwiththeDecisionTree,StockControlGraph,andSalesForecasting(althoughSalesForecastingisatruerarityinexams).Thebenefitisthatyouhaveachoicebetweentwo,ifyou’renotcomfortablewithonetoolyouhavetheoptionofanother.However,inordertomaximizeyourchances,practicedoingallthetoolsandpracticethemmultipletimesinordertobeefficientsothatyoucanscorethesepointsquicklyandmoveontoSectionB.
‘HOW TO REVISE IT’: BIOLOGY SL/HL
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IB BUSINESS & MANAGEMENT REVISION GUIDE
• Section B: The Meaty Qualitative Bit • SectionBismeatiersectionwithadiverserangeofcasestudies
featuringallthenon-quantitativecontentoftheIBBusinessSyllabus.AlthougheachcasestudywillusuallyhavequestionsfromeachUnitordifferentUnits,eachcasestudyusuallyhasanovergrowingpresenceofoneparticularUnit(e.g.Marketing,HumanResources,BusinessOrganizationandtheEnvironment,andOperationsManagement).UnlikeSectionA,SectionBisalotmoreaboutthearticulationofyourpointsandyourengagementwiththecasestudy.Alotofstudentsstrugglewiththe’10-pointerquestions’,scoringusually6or7andnotunderstandingwhytheyaren’tabletoreachanyhigher.ForthesecasestudiesIrecommenddoingthefollowing:
• Recommendations• Finding out what the question is asking you:Thismightseem
simplebutit’sincrediblethenumberofstudentswhoignorethewordingofthequestionandstartregurgitatingpre-plannedanswers.Forexample,thereisadifferencebetween“IdentifyacharacteristicofaPrivateLimitedCompany”and“DefineaPrivateLimitedCompany“,yetstudentswillwriteoutthesameanswerforboth.Furthermore,studentsmightnotknowthatin‘Evaluate’questions,youhavetoprovideaconclusiontoyouranalysis(i.e.anansweronwhethertheybelievethestrategyisagoodoneorabadoneandwhy),thelackofwhichcoststhem2pointsbydefault.Toreadupmoreabouthowtofindoutwhataquestionrequiresasaanswer,theendoftheIBBusinessSyllabuscontainsa‘GlossaryofCommandTerms’wheretheIBgivesyouexactdefinitionsofwhateachtypeofquestionrequiresastudenttodo.
• Engaging and Relating with the Case Study:LikeIsaidinthebeginning,IBBusinessisanappliedsubject.Youwon’tscorehighlysimplybymemorizingandregurgitatingtheanswersontheexampaper.Youhavetolinkyouranswerstothequestionswiththecasestudies.RemembertheIBaren’taskingthesequestionsforfun.They’reaskingthesequestionsunderacompactandcontent-filledpassageaboutabusinesssothatyou
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canengagewiththepassageinyouranswer.Thefocusofyouranswershouldn’tbe“What’sthebestanswer?”,itshouldbe“What’sthebestanswerforthebusiness?”.Forsomequestionslikeadefinitionquestion,it’sassimpleaslinkingtheuseofthewordwithwhereitappearsonthecasestudy(e.g.Definetargetmarket-BusinessX’stargetmarketis*insertquotefromcasestudy*).However,forothers,particularlythe’10pointers’,alotmoreengagementisexpected.Inevaluationquestions,you’llbeexpectedtoplaywiththefacts/objectives/wants/needsofthebusinesswhichwillusuallybedisplayedinthecasestudy.Themoreyouengagewiththefactsofthecasestudyinquestionslikethese,thehigheryou’llmarkonthem.
• Timing Yourself:JustlikeanyotherIBexam,it’simportantthatyoudistributeyourtimewiselyontheBusinessexam.AphilosophyIliketofollowisthat‘it’sbettertospend10minutestogeta6/8answerthan20onan8/8’.That’sbecausetimeisazero-sumgame:theextratimeyouspendonaquestionistimetakenawayfromalaterquestion.EspeciallyinPaper2ifyoufocusontryingtoscoremaxpointsonSectionsA&B,youmightfindyourselfthatyouhavelittletonotimetobeginansweringtheCUEGISEssayinSectionCwhichisanautomaticdeductionof15-20points.Learnhowtodistributeyourtimeefficientlyandeffectively.Understandthattheaimofthegameisnottoscoreperfectlybuttoscorehighenoughtoaimforthatesoteric7.
• WritingClearly:Articulationisas important as application in business.Ifyoudonotknow
‘HOW TO REVISE IT’: BIOLOGY SL/HL
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IB BUSINESS & MANAGEMENT REVISION GUIDE
howtoclearlyexpressyourideatotheexaminer,youruntheriskofbothwastingtimeandlosingpoints.Partofwritingclearlyisfamiliarizingyourselfwiththebusinessterminology,butitisalsounderstandingabouthowtobeconcise.Don’tspendtimedefiningeachbusinessconceptorideaunlessexplicitlyaskedofyoubythequestionanddon’texpandextensively.Learntostateyourpointandthenrelateittothecasestudybeforemovingon.
• Section C: CUEGIS Time • CUEGISisthenewadditionbroughtupbythe2016BusinessSyllabus.
IwaspartofthefirstgenerationofIBBusinessStudentstobeexaminedonitanddidnothavetheluxuryofbeingabletorelyonanypastpaperstostudyforit.Luckily,it’sbeenacoupleyearsandwenowasetofexamstolookatandunderstandthepatternsofCUEGIS.Tostart,it’simportanttounderstandwhattheCUEGISessayisaboutandwhatitspurposeis.TheCUEGISessayistheultimatetestofyourskillsasanIBBusinessManagementstudent.It’sanassessmentofyourapplicationofbusinesstheoriesandtoolsonreal-worldorganizationstoevaluatetheimpactofoverarchingbusinessconceptsandhowtheyareaffectingtheworldofbusiness.NowIknowthatsoundslikeaheapofmumbojumbo,butdon’tbeafraid,becauselikePaper2,there’sasystemtoit.I’mgoingtobreakitdowntoyouinto3parts:theconcepts,thecontent,andthecontext.
• The Concepts:CUEGISisanacronymforthe6overarchingbusinessconcepts(Change,Culture,Ethics,Globalization,Innovation,andStrategy).Thesebusinessconceptsarethoughttobethe‘overarchingthemes’oftheIBBusinessManagementsyllabus.Asaresult,theCUEGISessayisbasedonyourexaminationonthe‘impact’or‘importance’oftheseconceptsondifferentareasofthebusinessmanagementsyllabus(i.e.OrganizationalChange,OperationsManagementStrategy,MarketingMix,etc.).Youwillbeassessedonyourunderstandingoftheseconceptssobesuretomemorizetheirdefinitionsandthewaysinwhichtheymaterializeinthebusinessworld.
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• The Context:PartofthedifficultpartoftheCUEGISEssayisfindingtherightbusinesstouse.WhenitcomestochoosingabusinessthereisanoverkillofMcDonalds,Starbucks,andApple,andmoresototellthesametypeofstory(e.g.howMcDonaldsenteredintotheIndianmarket).Obviously,youarefreetochoosethebusinessyoulikeandifyouknowmoreaboutMcDonaldsthananyotherbusinessthanbyallmeans,butunderstandthatbychoosingthesamebusinessasthemajorityofotherbusinessstudents,theexpectedstandardwillbehigher.Therearetwothingsyouwanttofocusonwhenitcomestochoosingabusinessorganization.Thefirstisthatyouwanttohavemorethanonebusiness.PartoftheCUEGISessaycriteria(CriterionB:Application)isallabouttheappropriatenessandrelevanceoftheexamplesyouuse.Ifyoufindthatnoneofthequestionsfityourbusinessquitewell,thenyouwillsufferasaresulttryingtomakethequestionfityourbusiness.Ideallyyouwanttohave2businesses,thatworkindifferentindustriesandcanfitdifferenttypesofquestions.Forexample,IchoseMcDonaldsforallmattersrelatedculture,change,andethics,whileIchoseZaraforallmattersrelatedtoinnovation,strategy,andglobalization.Secondly,youwanttoensurethatyouhaveanin-depthunderstandingofthesebusinesses.Thisisn’taboutmemorizingtheamountofprofittheybroughtinlastyearorlearningthehistoryofthecompany,buthavingathoroughunderstandingoftheirmarketingmix,operationsmanagementstrategy,orhumanresourcemanagement.
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IB BUSINESS & MANAGEMENT REVISION GUIDE
• The Content: Lastbutnotleast,ishavingathoroughunderstandingoftheBusinessManagementtheoryandtools.Thisiswhatyou’llusetoanalyzetheimpact/importanceoftheconceptsonthebusinessyouhavechosen.EachquestionwillspecifyacertainareaoftheBusinessManagementsyllabus(i.e.OrganizationalChange,OperationsManagementStrategy,MarketingMix).Itisyourjobtothenbepreparedtoapplytherelevanttoolsandtheorytoanswerthequestion.Forexample,ifyouhaveaquestionontheimpactofinnovationonOperationsManagementstrategy,you’dwanttoincludeyouranalysisdiscussionsonproductionmethods,leanproduction,outsourcing&offshoring,orevenbusinesslocation.However,thisisn’taninvitationtoshoveasmuchcontentaspossibletoscorehighmarks:theemphasisisonqualitynotquantity.
• Someotherusefulrecommendations• Balance:ToomanyBusinessStudentsassumethequestionin
theaffirmative(i.e.thattheseconceptshaveagreatimpactorimportance).However,partofthecriteria(CriterionC:ReasonedArguments),assessesonyourabilitytomakebalancedarguments.Tryandmakeargumentswheretheseconceptsdonothaveagreatimpact.
• Stakeholders: Inthesebigquestionstherewillalwaysbeasetofdifferingviewsfromstakeholdersovertheissue.Findoutwhichstakeholdersareaffectedbythesechangesandifthereisanyconflictbeingformed.Ifthereisone,tryandfindawaytoresolveitorfindouthowitwasresolved.Amostcommonexampleisusuallythestakeholderconflictformedbetweenshareholdersandcustomersoverthestandardizationofproductsforthesakeofmanufacturing/purchasingeconomiesofscale(toincreasetheirprofitmargins).
• PLAN PLAN PLAN: TrustmeIgetit,withsomuchtodoandontheclock,thereisanurgetogetstartedasfastaspossiblesoyoucanwriteasmuchaspossible.Howevertooofteninexamsituationswedon’tstoptoreflectandthinkoverthequestion.Whathappensisthatwe’llgetwritingstraightawayandhalfway
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throughwewillrealizethattherewasabetterwaytoanswerthisquestion,butsinceyoudon’thaveenoughtimetostartoveryoudecidetobecleverandsneakinatransition.However,alltheexaminerwillseeisanoverallincoherencetoyouressay,costingyoumajorpointsintheend.Myadvice:stopfor5-10minutestothinkaboutthequestionandjotdownsomebulletpointstomakeaplanonhowtoanswerit.
• Structure: Asimportantasitistoshowyourknowledgeoftheconcepts,yourknowledgeofthecontent,andyourengagementwiththecontext,it’salsoimportantforyoutobeconciseandarticulate.HLshaveanaverageof33.75minutestoanswertheCUEGISessay(SLsabitlonger),youhavetoavoidramblingonandgoingontangentswithyouressay.Holdyourselfaccountablebycreatingasimpleandclearintroductionandconclusion,buthaving‘fit-for-purposeparagraphs’aswell.Howdoyoumakefitforpurposeparagraphs?FollowthePEELmethod(Point,Explanation,Evidence,Link)sothatthereisapurposetoeachparagraph,youarenotonlymakingapointbutbytheendofthatpointyouhaveexplainedhowithelpsyouanswerthequestion.
Ihopeyouhavefoundthisuseful.Ifyou’dlikeanymorehelpwithIBBusinessManagement,besuretocheckoutourOnlinePrivateTutoringservicehereatLanternawhereyoucandiscussall-thingsBusinesswithourworldclasstutors.
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