TACN 1 final

International trade

purchase, sale or exchange of goods and services across national borders

free trade

a trade policy that does not restrict imports or exports. It can also be understood as the free market idea applied to international trade

protectionism

the economic policy of restraining trade between nations, through methods such as tariffs on imported goods, restrictive quota and a variety of other restrictive government regulations designed to discourage imports and prevent foreign take-over of local markets and companies

trade barriers

government laws, regulations, policies or practices that either protect domestic products from foreign competition or artifically stimulate exports of particular domestic products

tariff

A duty or tax levied on certain types of imports (usually as a percentage of their value) as they enter a country.

quota

restriction on the amount (measured in units or weight) of a good that can enter or leave a country during a certain period of time

absolute advantage

ability of a nation to produce a good more efficiently than any other nation

comparative advantage

inability of a nation to produce a good more efficiently than other nations, but an ability to produce that good more efficiently than it does any other good

an infant industry

a new industry, which in its early stages experiences relative difficulty or is absolutely incapable of competing with established competitors abroad

a strategic industry

an industry which is essential for the promotion or stabilization of the growth of the locality in which that industry is situated

ethical standard

a rule for moral behaviour in a particular area

ethical behaviour

doing things that are morally right

ethical lapse

temporary failure to act in the correct way

ethical dilemma

a choice between two actions that might both be morally wrong

ethical stance

a stated opinion about the right thing to do in a particular situation

ethical issue

an area where moral behaviour is important

business ethics

standards of business behaviour that promote human welfare and "the good"

Corporate Social Responsibility (CSR)

A company's commitment to improving or enhancing community well-being through discretionary contributions of corporate resources. There are five dimensions of CSR: Environment, Social, Economic, Stakeholder, and Volunteerism.

Cost accounting (kế toán chi phí)

Calculating all the expense involved in producing something, including materials, labour, and all other expenses

Tax accounting (kế toán thuế)

Calculating how much an individual or a company will have to pay to the local and national government (and trying to reduce this to a minimum)

Auditing (kiểm toán) rInspecting and reporting on accounts and financial records

Accounting

preparing financial statements showing income and expenditure, assets and liabilities

Managerial or management accounting (kế toán quản trị)

Providing information that will allow a business to make decisions, plan future operations and develop business strategies

"creative accounting" (kế toán sáng tạo)

Using all available accounting procedures and tricks to disguise the true financial position of a company

Bookkeeping (ghi sổ)

Writing down the detail of transactions (debits and credits)

Cash flow statement (báo cáo lưu chuyển tiền tệ)

A statement giving details of money coming into and leaving the business, divided into day-to-day operations, investing and financing

Income statement (or Statement of income, Profit and loss statement, or Profit and loss account)

A statement showing the difference between the revenues and expenses of a period (báo cáo kết quả kinh doanh)

Balance sheet (or Statement of financial position) (bảng cân đối kế toán)

A statement showing the value of a business's assets, its liabilities, and its capital or shareholders' equity (money the business has that belongs to its owners

Management

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

Manager

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

Chief Executive Officer

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 strategies and tactics to achieve organisational goals and objectives

Organizing

A management function that includes designing the structure of the organisation and creating conditions and systems in which everyone and everything work together to achieve the organisation's goals and objectives.

Leading

Creating a vision for the organisation and guiding, training, coaching, and motivating others to work effectively to achieve the organisation's goals amd objectives.

Controlling

A management function that involves establishing clear standards to determine whether or not an organisation is progressing toward its goals and objectives, rewarding people for doing a good job, and taking corrective action if they are not

Motivation

Factors that influence the behaviour of workers towards achieving business goals. Motivation can be increased by: Monetary rewards, Non- monetary rewards, Introducing ways to give job satisfaction

Job satisfaction:

The enjoyment a worker gets from feeling that they have done a good job. There are three ways to motivate workers to be more committed to their job and work more effectively

Job rotation:

Swapping workers round and only doing a specific task for a limited time before swapping round again

Job enlargement:

extra tasks are added to the job to make it more interesting

Job enrichment:

adding tasks that require more skill and/or responsibility

Job rotation

swapping workers round and only doing a specific task for a limited time before swapping round again

Theory X

The average person does not like work. Workers must be constantly supervised so they will work. Motivation is from external factors, e.g. pay schemes where the workers are paid more for increased output

Theory Y

The average person is motivated by internal factors. To motivate workers, you need to find ways to help workers to take an interest in their work, e.g give rewards, incentives

Maslow's hierarchy of needs:

A theory of motivation which states that five categories of human needs dictate an individual's behaviour. Those needs are 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: one is for the basic needs, which he called hygiene factors or needs, and the second is for a human being to be able to grow psychologically, which he called motivational needs or motivators

Hygiene factors

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

Labour relations

Interactions between employers and employees, or managers and workers

Glocalization

Is a combination of the words "globalization" and "localization". The term is used to describe a product or service that is developed and distributed globally but is also adjusted to accommodate the user or consumer in a local market

Culture

Is defined as the complex system of values, traits, morals, and customs shared by a society

Context

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

The Lewis Model

Was developed by linguist and leading cross- cultural specialist Richard D. Lewis. The model divides humans into 3 clear categories, based not on nationally or region but on behavior, namely: Linear-active, Multi- active and Reactive

High-context culture

Is a culture by which the rules of communication are primarily and dominantly transmitted through the use of contextual elements. These include specific forms of body language, the social or familiar status of an individual, and the tone of voice employed during speech. High- context cultures usually do not have rules that are explicitly written of stated

Low-context culture

Refers to a culture whereby most communications take place through verbal language and rules are directly written out of stated for all to view

Power distance

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

The primary sector

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

The secondary sector

Of industry manufacture goods using the raw materials provided by the primary sector

The tertiary sector

Of industry provides services to consumers and the other sectors of industry

A mixed economy

Has both a private sector and a public sector

Public sector

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

Private sector

The sector of the economy in which organisations 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

Partnership

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

Shareholders

The owners of a limited company. They buy shares which represent part-ownership of the company

Private limited companies

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

Public limited companies

Businesses 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 such as land, labour and capital into saleable goods, for example shoes and cell phones

Inventories

The stock of raw materials, work-in-progress and finished goods held by a business

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

The production of goods in batches. Each batches passes through one stage of production before moving onto the next stage

Flow production

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

Just-in-time (JIT)

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

Logistics

The marketing 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

Materials handling

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

Outbound logistics

The area of logistics that involves managing the flow of finished products and information to business buyers and ultimate consumers (people like you and me)

Reverse logistics

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

Quality

To produce a good or a service which meets customer expectations

Quality control

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

Quality assurance

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

Total Quality Management (TQM)

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

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 to encourage them to buy them

Market leader

The company with the largest market share

Market nicher

A small company that concentrate on one or more particular niches or small market segments

Market research (GB)/ Marketing research (US)

The collection, analysis, and reporting of data relevant to a specific marketing situation (eg: a proposed new product)

Market segment

Part of a market; a group of customers with specific needs, defined in terms of geography, age, sex, income, occupation, life style, etc

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 (or brand or 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.

Advertorial (bài báo thương mại)

A paid-for advertisement which includes editorial content; normally identified in a print magazine with the word "Advertisement" printed as a head across the top of the page to distinguish it from genuine (in theory unbiased) editorial content

Advertising agency (cơ quan quảng cáo)

The organization that takes care of advertising for clients.

Advertising campaign

A time-limited set of ads - campaigns may run across different media, and for one month or ten years, but can be categorized together as they are the execution of a central idea

Demographics (nhân khẩu học)

Describing an audience by age, gender, ethnicity, or location - i.e the facts about them

Focus Groups

Small, select groups representing a target audience who are paid to answer questions at the behest of a market research organization