TỔNG HỢP KEYTERMS TACN1

management

the process used to accomplish organizational goals through planning, organizing, leading and controlling people and other organizational resources

manager

an individual who is in charge of a certain group of tasks ,or a certain area or department of a business

Chief Executive Officer (CEO)

the most senior manager responsible for the overall performance and success of a company

planning

a management function that includes anticipating trends and determining the best strategics and tactics to achieve organizational goals and objectives

organizing

a management function that includes designing the structure of the organization and creating conditions and systems → everyone work together → achieve org' goals and objectives

leading

creating a vision for the org and guiding, training, coaching and motivating others → work effectively → achieve org' goals and objectives

controlling

establing clear standards to determine whether or not an org is progressing toward its goals and obj, rewarding people for doing a good job, and taking corrective action if they are not

coordinating

bringing people and departments together --> work toward common goals

commanding

managers are more likely to guide, lead and supervise people rather than just tell them what to do

motivation

factors that influence the behavior of workers towards achieving business goals. It can be increased by:

• monetary rewards

• non-monetary rewards

• introducing ways to give job satisfaction

job satisfaction

the enjoyment a worker gets from the feeling that they have done a good job.

3 ways to motivate workers to be more committed to their jobs and work more effectively:

• job rotation (swapping workers around and only doing a specific task for a limited time before swapping round again)

• job enlargement (extra tasks to make job more interesting)

• job enrichment (adding tasks that require more skill and/or responsibility

Theory X

the average person does not like work → must be constantly supervised → motivation is from external factors (pay schemes,…)

Theory Y

the average person is motivated by internal factors → find ways to help workers take an interest in their work (give rewards, incentives,…)

Maslow's hierarchy of needs

five categories of human needs (physiological needs, safety needs, love and belonging needs, esteem needs and self-actualization needs)

Frederick Herzberg's motivation theory

humans have two sets of needs:

- basic needs → hygiene factors or needs

- for human to grow psychologically → motivational needs"

Hygiene factors

the factors that must be present in the workplace to prevent job dissatisfaction

glocalization

a combination of globalization and localization → describe a product or service that is developed and distributed globally but is also adjusted to accomodate the user or consumer in a local market

culture

complex sytem of values, traits, morals and customs shared by a society

context

refers to the stimuli, environment, or ambience surrounding an event

the Lewis Model

divides humans into 3 clear categories, based on behaviour (linear-active, multi-active, and reactive)

High-context culture

a culture by which the rules of communication are primarily and dominantly transmitted through the use of contextual elements (form of body language, social/familial status, tone of voice…) → rules are not explicitly written or stated

Low-context culture

a culture whereby most communications take place through verbal language and rules are directly written out or stated

power distance

the distribution of power among individuals within a culture and how well unequal levels of power are accepted by those with less power

primary sector

extracts and uses the natural resources of Earth to produce raw materials used by other businesses

secondary sector

manafacturing goods using the raw materials provided by the primary sector

tertiary sector

provides services to consumers and the other sectors of industry

quaternary sector

includes intellectual services such as technological advancement and innovation

mixed economy

economy has both a private sector and a public (state) sector

public sector

the sector of economy in which organizations are owned and controlled by the state (government)

private sector

the sector of economy in which orgs are owned and controlled by individuals

privatisation

the sale of state-owned assets such as public corporations to the private sector

sole trader

a business owned and operated by one person

limited liability

the liability of shareholders in a company is limited to only the amount they invested

unlimited liability

the owners of a business can be held responsible for the debts of the business they own (not limited to the investment they made)

partnership

a form of business in which two or more people agree to jointly own a business

shareholders

the owners of a limited company → buy shares which represent part-ownership of the company

private limited companies

business owned by shareholders but they cannot sell shares to the public

public limited companies

business owned by shareholders but they can sell shares to the public and their shares are tradable on the Stock Exchange

production

the process of converting inputs (land, labour, capital) --> saleable goods

inventories

the stock of raw materials, work-in-progress and finished goods

lean production

the production of goods and services with the minimum waste of resources

job production

the production of items one at a time

batch production

production of goods in batches; each batch - one stage of production before moving onto the next stage

flow production

production of very large quantities of identical goods using a continuously moving process

just-in-time (JIT)

a production method thats involves reducing or virtually eliminating the need to hold inventories of raw materials or unsold inventories of the finished product

Kaizen

continuous improvement, focusing on the elimination of waste (method of leaning production)

logistics

the business activity that involves planning, implementing, and controlling the physical flow of materials, final goods, and related information from points of origin to points of consumption to meet customer requirements at a profit

inbound logistics

the area of logistics that involves bringing raw materials, packaging, other goods and services, and information from suppliers to producers

outbound logistics

the area of logistics that involves managing the flow of finished products and information to business buyers and ultimate consumers

materials handling

the movement of goods within a warehouse, from warehouses to the factory floor, and from the factory floor to various workstations

reverse logistics

the area of logistics that involves bringing goods back to manufacturer because of defects or for recycling

procurement

acquiring the necessary raw materials and components

supply chain

a network of facilities that performs the function of procurement of materials, transformation of these materials into finished products, and the distribution of these products to customers

logistics management

part of supply chain management, which plans, implements and controls the flow and storage of goods between the point of origin and the point of consumption

customs clearance

the act of passing goods through customs so that they can enter or leave the country

pull strategy

company manufactures according to current demands, which is satisfied from (a small) inventory. When pieces are removed from stock, replacements are automatically ordered from suppliers

push strategy

production is based on estimates of future demand, and begins according to the planned production lead time

quality

to produce a good or a service which meets customer expectations

quality control

the checking for quality at the end of production process, whether it is the production of a product or a service

quality assurance

the checking for quality standards throughout the production process, whether it is the production of a product or a service

Total Quality Management (TQM)

the continuous improvement of products and processes by focusing on quality at each stage of production

leading indicators

predict future performance or outcomes (level of staff satisfaction…)

lagging indicators

show a result (warranty…)

ISO 9000

set of international standards of quality

Six sigma

name of well-known quality methodology

Key performance indicators (KPI)

statistical measures of how well an organization is doing in particular area

market

the set of all actual and potential buyers of a good or service; the place where people buy and sell; the people who trade in a particular good; to make goods available to buyers and encourage them to buy them

market leader

the company with the largest market share

market nicher

a small company that concentrates on one or more particular niches or small market segments

market research/marketing research

the collection, analysis and reporting of data relevant to a specific marketing situation

market segment

part of a market; a group of customers with specific needs (geography, age, sex, income, occupation...)

market segmentation

the act of dividing a market into distinct groups of buyers who have different requirements or buying habits

market share

the sales of a company/brand/product expressed as a percentage of total sales in marketing - the process of identifying and satisfying consumers' needs and desires

marketing channel

the set of intermediaries a company uses to get its goods to their end users

marketing mix

the set of all the various elements in a marketing programme, and the way a company integrates them

marketing strategy

a plan or principle designed to achieve marketing objectives

product life cycle

the standard pattern of sales of a product over the period that it is marketed

distribution channel

all the companies or individual ('middlemen') involved in moving goods/services from producers to consumers

market opportunities

possibilities of filling unsatisfied needs in sectors in which a company can profitably produce goods or services

market skimming

setting a high price for a new product, to make maximum revenue before competing products appear on the market

market penetration

the strategy of setting a low price to try to sell a large volume and increase market share

product differentation

making a product (appear to be) different from similar products offered by other sellers, by product differences, advertising, packaging,..

product features

the attributes or characteristics of a product (size, shape, quality,..)

price elasticity

the extent to which supply or demand (the quantity produced or bought) of a product responds to change of price

sales representative

someone contacts existing and potential customers, and tries to persuade them to buy goods/services

wholesaler

an intermediary that stocks manufacturers' goods or merchandise, and sells it to retailers and professional buyers

advertising

• a form of communication that aims to promote or persuade an audience to take a specific action, often to buy a product, use a service or support an idea --> paid, non-personal message disseminated through media channels

• any paid form of non-personal presentation or promotion of ideas, goods, or services of an identified sponsor

advertorial

a paid-for advertisement which includes editorial conent, word " advertisement" printed as a head across the top of page

advertising agency

the organization that takes care of advertising for clients

advertising campaign

a time-limited set of ads → run across different media for one month or ten years → categorized together (execution of a central idea)

demographics

describe an audience by age, gender, ethnicity,… (the facts about them)

focus groups

small, select groups representing a target audi who are paid to answer ques at the behest of a market research org

product placement

the practice of paying for a branded product to be used by a charactor in a movie

product positioning

establishing the market niche of a product (may not be as the brand leader) → advert to the appropriate segment of the audi

USP (Unique Selling Proposition/Point)

a highlighted benefit of a product which makes it stand out from all rival brands

publicity stunt

chiêu trò quảng cáo

brand-switcher

a consumer who shows no loyalty to a particular brand, but changes among competing products

brand image

the public's beliefs and perceptions about particular product

brand loyalty

the commitment of consumers to a particular brand