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Chart Increasing

Unit 1 - Introduction To Business Management - QB

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Briefcase

Unit 2 - Human Resource Management - QB

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Money Bag

Unit 3 - Finance & accounts - QB

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Direct Hit

Unit 4 - Marketing - QB

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Factory

Unit 5 - Operations management - QB

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Bar-Chart

Unit 6 - Assessment

<ul>
	<li>
	What is it? 🤔

	<ul>
		<li>STEEPLE is an acronym for evaluating external factors affecting business success.</li>
		<li>Factors: Social, Technological, Economic, Ethical, Political, Legal, and Ecological.</li>
	</ul>
	</li>
	<li>
	Why is it cool? 😎

	<ul>
		<li>Allows businesses to adapt to changes in the environment.</li>
	</ul>
	</li>
	<li>
	Real-world example&nbsp;🌍

	<ul>
		<li>Let&#39;s take Tesla. When there&#39;s a political push for green energy, Tesla&#39;s electric cars gain popularity. If there&#39;s an ecological concern about global warming, more consumers might lean towards buying electric cars. And, with advancing technology, Tesla continues to innovate its products.</li>
	</ul>
	</li>
</ul>

<ul>
	<li>
	Economies of Scale&nbsp;💰

	<ul>
		<li>As businesses grow, they can produce goods at a lower cost per unit.</li>
	</ul>
	</li>
	<li>
	Diseconomies of Scale&nbsp;📈

	<ul>
		<li>BUT, sometimes growing TOO big can lead to inefficiencies that increase costs.</li>
	</ul>
	</li>
	<li>
	Types&nbsp;🧐

	<ul>
		<li>Internal: Inside the company.</li>
		<li>External: Factors outside the company.</li>
	</ul>
	</li>
	<li>
	Real-world example&nbsp;🍔

	<ul>
		<li>Think of McDonald&#39;s. As it expanded, it enjoyed economies of scale&mdash;buying in bulk became cheaper. But if it grew too fast without managing its supply chain, it might face diseconomies of scale with uncoordinated suppliers.</li>
	</ul>
	</li>
</ul>

<ul>
	<li>
	Ways to Grow🌱

	<ul>
		<li>Internally (Organically): Like a plant! Expand from within.</li>
		<li>Externally (Inorganically): Collaborate with or consume another company.</li>
	</ul>
	</li>
	<li>
	Reasons to Grow&nbsp;🌳

	<ul>
		<li>Grab a bigger piece of the market pie (Market Share).</li>
		<li>Become the big boss in the market (Market Dominance).</li>
		<li>Fill up the money jar (Increase profits).</li>
	</ul>
	</li>
	<li>
	But, Wait! 🤚

	<ul>
		<li>Some businesses say, &quot;Size isn&#39;t everything!&quot; and find perks in staying small.</li>
	</ul>
	</li>
	<li>
	Real-world example&nbsp;🍏

	<ul>
		<li>Apple started in a garage, grew organically by innovating its tech, but also inorganically by acquiring smaller tech companies to bolster its services.</li>
	</ul>
	</li>
</ul>

&nbsp;

<ul>
	<li>What&#39;s on the menu? 🍽️

	<ul>
		<li>Mergers: Two businesses become one. 💑</li>
		<li>Acquisitions &amp; Takeovers: One business buys another. 🛍️</li>
		<li>Joint Ventures: Two businesses work on a project together. 🤝</li>
		<li>Strategic Alliances: Businesses cooperate, but remain separate. 👯</li>
		<li>Franchising: A business allows another to use its brand and methods. 🍟</li>
	</ul>
	</li>
	<li>Real-world example&nbsp;🎥
	<ul>
		<li>Disney&#39;s acquisition of Marvel. Disney bought Marvel to tap into the superhero fanbase, leading to box-office hits like Avengers!</li>
	</ul>
	</li>
</ul>

📌 Key Takeaway: The business world is dynamic. Businesses can grow and adapt in many ways, but they must always be aware of external factors that might sway their journey. Stay smart, stay informed! 🧠📚

Unveiling STEEPLE: Key Influencers of Business Success

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Standard Level

Business Management SL

Unit 1 - Introduction To Business Management - QB

Unveiling STEEPLE: Key Influencers of Business Success

Table of content

STEEPLE analysis - an overview 🌟

Economies & diseconomies of scale 🌟

Unlock the Full Content!

Unit 1 - Introduction To Business Management - QB

Unveiling STEEPLE: Key Influencers of Business Success

Table of content

STEEPLE analysis - an overview 🌟

Economies & diseconomies of scale 🌟

Unlock the Full Content!