ICDC 2022 + 20024

corporation

an artificial being, invisible, intangible, and existing only in the contemplation of law

=> functions independently of its owners but is treated as a person with rights and responsibilities

according to the US Supreme Court

joint venture

= strategic allience

when 2 or more businesses enter a relationship by combining complementary resources like capital, technology, or distribution channels for the benefit of all parties

>< acquisition of funds or takeover

block format

(for business letters) single spaced and left justified, a gap between paragraphs, no indent

lean channels of communication

present message or information without immediate feedback or interactions, usually one-way, in a straightforward manner

→ voice message, blog, memo, chat

rich channels of communication

two-way and interactive where both sender and receiver can read nonverbal cues

→ video conferences, face-to-face meetings, etc.

modern business-customer relationship

-Customers tend to judge business as a whole, not sums of its parts

-Rarely have mixed feelings about a business despite numerous touchpoints

-Prefer relationship buying to shopping around

demand for a product

having the DESIRE for a product and the BUYING POWER to pay for it

hazard risk

potential situations that can cause harm or injury to people, property or the environment (food poison at a restaurant)

operational risk

possible risks that result from business daily activities, employee actions, or core process

strategic risks

having a big impact on a company’s long-term plans

self-employment tax

a part of the income a self-employed person pays to the government that is equivalent to a business payroll tax

→ when having no specific/ consistent company | taxes not being deducted from a paycheck

cost-push inflation

when price rises due to limited or scarce commodities

(seafood prices rise due to dead fish)

counter currency

the second currency in an exchange rate quotation

(CAD to VND, meaning that VND is it and CAD is the base currency)

pegged currency

= fixed currency

having a fixed exchange rate to any other country’s currency, usually USD to stabilize the economy

revolving credit account

-Having a credit limit set at the time the account is opened

-Limiting the total amount of money being borrowed and charge interests on outstanding balances

fixed asset

assets that are not liquid and cannot be converted to cash easily (within a year)

→ including machinery, property and buildings

→ different from current assets that are liquid (prepaid expenses, bank accounts or inventory)

operating expenses

category of an income statement, including all expenses needed for daily operational activities that keep a business going

→ advertising, insurance, employee salaries, etc.

cost of goods/ cost of sales

the costs needed for a business to obtain or manufacture a product it sells

→ including raw materials (for manufacturers) or unsold items (for retail businesses)

planned

a characteristic of an effective budget

→ how to best support different departments to deliver a project

→ intergrates all of specialized budgets so that they work in agreement

having thorough product knowledge

the best way an employee can help his business achieve the goal of increasing sales

→ providing excellent customer services

path

following the domain and identifies specific resources that the client is looking for

data mining process

1. Collecting data and loading it into a data warehouse

2. Storing and managing data using in-house services or cloud computing

3. Analysts access the data and determine how to best organize it

4. The data being presented using a sharable format like graphs

types of data mining techniques

1. Association rules = market basket analysis: analyzing the relationships between different variables (what products are purchased the most → forecast)

2. Classification: using predefined classes to assign to objects to describe the characteristics of different variables and their commonalities

3. Clustering= finding similarities and grouping based on how they are different from other groups

4. Decision trees: classify or predict an outcome based on a list of criteria or questions

5. K-Nearest Neighbour= finding the closet variable

6. Predictive Analysis

7. Neural networks= similar to human brains

environmental scanning

the process through which businessleaders monitor both internal and external environments to identify developing opporturnities, industry shifts, customer trends or the economy as a whole

→ higher inflation rates (macroeconomic factors),

→ anticipate change, inform strategic planning, and identify risk as well as potential oppoturnities

batch production

a production of items in specific amounts or batches, and is often used to meet specific or short-term market needs

unit production

the production of one item at a time or items in small quantities

mass production

the rapid production of products in large quantities

continuous production

turns out product without stopping

gross profit

→ a good indicator of how well a company keeps its operational cost under control

→ the total revenue after subtracting costs of sales and operational costs

total cost

the composition of fixed cost (fixed expenses that a company is obligated to pay) and variable cost (depending on the production volume)

effective goal

a goal that takes priority over other activities for a better outcome

positioning innovation

a type of innovation that occurs when the purpose of a product being changed

→ the product remains the same but is marketed differently to change customers’ perception of such product and attract sales by creating more invisible features