lOMoARcPSD|19140377 Key terms - It's very helpful for final exams Tiếng Anh Chuyên Ngành 1 (Trường Đại học Ngoại thương) Studocu is not sponsored or endorsed by any college or university Downloaded by Giang Hug (hgianggdo@gmail.com) lOMoARcPSD|19140377 KEY TERM Unit 1: Management Managemen t Manager Chief Executive Officer Planning Organizing Leading Controlling the process used to accomplish organizational goals through planning, organizing, leading, and controlling people and other organisation resources. An individual who is in charge of a certain group off tasks, or a certain area or department of business The most senior manager responsible for the overall performance and success of a company A management function that includes anticipating trends and determining the best strategies and tactics to achieve organisational goals and objectives A managemnet function that includes designing the structure of the organisation and creating condition and system in which everyone and everything work together to achieve the organistion’s goals and objectives. Creating a vision for the organisation and guiding, training, coaching, and motivating others to work effectively to achieve the organisation’s goals amd objectives. 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 talking corrective action if they are not Unit 2: Work and motivation Factors that influence the behaviour of workers towards achieving business goals. Motivation can be increased by: o Monetary rewards o Non- monetary rewards o 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 o Job rotation: Swapping workers round and only doing a specific task for a limiited time before swapping round again o Job enlargement: extra tasks are added to the job to make it more interesting o Job enrichment: adding tasks that require more skill and/or responsibility Theory X: The average person does not like work. Workers must be constantly Motivation Downloaded by Giang Hug (hgianggdo@gmail.com) lOMoARcPSD|19140377 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 moticational needs or motivators Hygiene factors The factors that must be present in the workplce to prevent job dissatisfaction Unit 3: Company structure Organisational structure Hierarchy Chain of command Span of control Directors Line manaegers Supervisors Staff managers Delegation Decentralization The levels of management and division of reponsibilities within an organisation The levels of management in any organisation, from the highest to the lowest . A level of hierarchy refers to managers/ supervisors, other employees who are given a similar level of responsibility in an organsiation The structure in which an organisation which allows instructions to be passed down from senior management to lower levels of management The number of subordinates working effectivley directly under a manager Senior manager who lead a particular department or division of a business People who have direct responsibility for people below them in the hierarchy of an organisation Junior managers who have direct control over the employees below them in the organisational structure Specialists who provide support, information and assistance to line managers Giving a subordinates the authority to perform a particular task Taking a decision away from the centre of an organisation way from the the Head Office Downloaded by Giang Hug (hgianggdo@gmail.com) lOMoARcPSD|19140377 Unit 4: Managing across culture Is a combination of the words “globalization” and “localization”. The term is used to describe a product or service Glocalization that is developed and distributed globally but is also adjusted to accommodate the user or consumer in a local market Is defined as the complex system of values, traits, morals, and Culture customs shared by a society Refer to the stimuli, environment, or ambience surrounding an Context event Was developed by linguist and leading cross- cultural specialist Richard D. Lewis. The model divides humans into 3 clear The Lewis Model categories, based not on nationally or region but on behavior, namely, Linear-active; Multi- active and Reactive 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 High-context culture 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 Refers to a culture whereby most communications take place Low-context culture through verbal language and rules are directly written out of stated for all to view Is the distribution of power among individuals within a culture Power distance and how well unequal levels of power are accepted by those with less power Unit 5: Recruitment The process from identifying that the business needs to employ someone up to the point at which applications have arrived at the business The process of evaluating candidates for a specific job and Employee selection selecting an individual for employment based on the needs of the organisation Identifies and records the responsibilities and tasks relating to a A job analysis job Outlines the responsibilities and duties to be carried out by A job description someone employed to do a specific job A document which outlines the requirements, qualifications, A job specification expertise, physical characteristics, etc, for a specified job When a vacancy is filled by someone who is an existing Internal recruitment employee of the business External When a vacancy is filled by someone who is not an existing Recruitment Downloaded by Giang Hug (hgianggdo@gmail.com) lOMoARcPSD|19140377 recruitment Induction training On-the-job training Off-the-job training employee and will be new to the business An introduction given to a new employee, explaining the business’s activities, customs and procedures and introducing them to their fellow workers Occurs by watching a more experienced worker doing the job Involves being trained away from the workplace, usually by specialist trainers Unit 7: Classification of business Of industry extracts and uses the natural resources of Earth to produce raw materials used by other businesses Of industry manufactors goods using the raw materials The secondary sector provided by the primary sector Of industry provides services to consumers and the other The tertiary sector sectors of industry A mixed economy Has both a private sector and a public sector The sector of the economy in which organisations are Public sector owned and controlled by the state (government) The sector of the economy in which organisations are Private sector owned and controlled by individuals The sale of state-owned assets such as public corporations Privatisation to the private sector Sole trader A business owned and operated by one person The liability of shareholders in a company is limited to Limited liability only the amount they invested The owners of a business can be held reponsible for the Unlimited liability debts of the business A form of business in which two or more people agree to Partnership jointly own a business The owners of a limited company. They buy shares which Shareholders represent part-ownership of the company Businesses owned by shareholders but they cannot sell Private limited companies shares to the public Businesses owned by shareholders but they can sell Public limited companies shares to the public and their shares are tradeable on the Stock Exchange. The primary sector Downloaded by Giang Hug (hgianggdo@gmail.com) lOMoARcPSD|19140377 Unit 8: Production Production Inventories Lean production Job production Batch production Flow production Just-in-time(JIT) The process of covering inputs such as land, labour and capital into saleable goods, for example shoes and cell phones The stock of raw materials, work-in-proress and finished goods held by a business The production of goods and services with the minimum waste of resources The production of items one at a time The production of goods in batches. Each batch passes through one stage of production before moving onto the next stage The production of very large quantities of identical goods using a continously moving process Is a production method that invloves reducing or virtually eliminating the need to hold inventories of raw materials or unsold inventories of the finished product. Unit 9: Logistics Logistics Inbound logistics Materials handling Outbound logistics Reverse logistics The marketing activity that invovles 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 The area of logistics that involves bringinf raw materials, packaging, other goods and services, and information from suppliers to producers The movemnet of goods within a warehouse, from warehouses to the factory floor, and from the factory floor to various workstations The area of logistics that involves managing the flow of finished products and information to business buyers and ultimate cosumers (peopple like you and me) The area of logsitics that involves bringing goods back to the manufacturer because of defects or for recycling Unit 10: Quality Quality Quality control Quality assurance To produce a good or service which meets customer expectations The checking for equality at the end of the production process, whether it is the production of a product or service The checking forequality standards throughout the Downloaded by Giang Hug (hgianggdo@gmail.com) lOMoARcPSD|19140377 Total quality management (TQM) production process, whether it is the production of a product or service The continuous improvement of products and processes by focusing on quality at each stage of production Unit 12: Marketing The set of all actual and potential buyers of a goods and 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 The company with the largest market share A small company that concentrates on one or more particular niches or small market segments The collection analysis and reporting of data relevant to a specific marketing situation (e.g: a proposed new product) Part of a market; a group of customers with specific needs, defined in terms of geography , age, sex, income, occupation, life- styles,etc The act of dividing a market into distinct goups of buyers who have different requirements or buying habits 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 The set of intermediaries a company users to get its good to their end users The set of all the various elements in a marketing programme and the way a company integrates them A plan or principles designed to achieve marketing objectives The standard pattern of sales of a product over the period that iit is marketed Markert Market leader Market nicher Market research Market segment Market segmentation Market share Marketing channel Marketing mix Marketing strategy Product life cycle Unit 13:Advertising 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 The organization that takes care of advertising for clients Advertising A time-limited set of ads – campaigns may ruun across different campaign media, and for one month or ten years, but can be categorized together as they are the execution of a central idea. Advertorial Downloaded by Giang Hug (hgianggdo@gmail.com) lOMoARcPSD|19140377 Demographics Focus Groups Product placement Product Positioning USP Describing an audience by age, gender, ethincity, or location – i.e the facts about them Small, select groups representing a target audience who are paid to answer questions at the belief of a market research organisation The practise of paying for a branded product to be used by a character in a movie – e.g: James Bond friving a BMW Z3 Establishing the market niche of a product – which may not be as the brand leader – and advertising to the appropriate segment of the audience Uunique Selling Proposition/Point – a highlightted benefit of a product which makes it stand out from all rival brands Unit 14: Banking Deposit Liquidity A mortgage Collateral Overdraft A current account A savings account A deposit account Solvency Maturity date To place money in a bank; or money placed in a bank Availbale cash, and how easily other A type of loan used to purchaser or maintain a home, land, or other types of real estate. The borrower agrees to pay the lender over time, typically in a series of regular payments that are divided into principal and interest. The property then serves as collateral to secure the loan. Anything that acts as a security of guarantee for a loan Something that occurs when you make a purchse with your debit card or write a check for an amount that exceeds your checking account’s availbale balance. Many bank acconts offer overfraft An account at a bank against which checks can be drawn by the account depositor, a checking account A deposit account that generally earns higher interest than an interest-bearing checking account. Savings accounts limit the number of certain types of transfers or withdrawals you can make from the account each monthly statement cycle A bank account maintained by a financial institution in which a customer can deposit and withdraw money When banks have enough money to cover potential losses. Banks are expected to maintain a sufficient level of capital to remain solvent and avoid failure. The FDIC and other federal regulators work with banks to maintain standards for solvency This is the date of expiration for the contractual obligation of a financial instrument. For example, certificates of deposit have a maturity date that depends on the length of the CD Downloaded by Giang Hug (hgianggdo@gmail.com) lOMoARcPSD|19140377 term. When the CD matures, you have the option to withdraw the money. Some banks and credit unions also allow you to roll it into a new CD or enable the CD to renew automatically. Unit 19: Accounting and financial statement Cost accounting Tax accounting Auditing Accounting Managerial or management accounting Creative acounting Bookkeeping Cash flow statement Income statement ( or Statement of income, or Profit and loss account) Balance sheet (or Statement of financial position) Calculating all the expenses involved in producing Caculating how much an individual or a compny will have to pay to the local and national govenments (and trying to reduce this to a minimum) Inspecting and reporting on accounts anf financial records Preparing financial statements showing income and expenditure, assets and liabillities Providing information that will allow a business to make decisions, plan future operations and develop business strategies Using all available accounting procedures and tricks to disguise the true financial position of a company Writing down the details of transaction ( debits and credits) A statement giiving details of money coming into and leaving the business, divided into day-to-day operations, investing and financing A statement showing the difference between the revenues and expenses of a period 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) Downloaded by Giang Hug (hgianggdo@gmail.com) lOMoARcPSD|19140377 Unit 23: The business cycle Business cycle model Expansion Recession Depression Peak Trough Recovery Potential output Growth trend Positive output gap Negative output gap A model showing the increases and decreases in a nation’s real GDP over time, this model typically demonstrates an increase in real GDP over the long run, combined with shortrun fluctuations in output The phase of the business cycle during which output is increasing The phase of the business cycle during which output is falling A deep and prolonged recession The turning point in the business cycle between an expansion and a contraction, during a peak in the business cycle, output has stopped increasing and begins to decrease The turning point in the business cycle between a recession and an expansion, during a trough in the business cycle, output had been falling during the recession stage of the business cycle bottoms out and begins to increase again. When GDP begins to increase following a contraction and a trough in the business cycle; an economy is considered in recovery until real GDP returns to its long-run potential level The level of ouput an economy can achieve when iy is producing at full employment , when an economy is producing at its potential ouput , it experiences only its natural of unemployment, no more and no less The straight line in business cycle model, which is usually upward-sloping and shows the long-run pattern of change in real GDP over time The difference between actual output and potential output when an economy is producing more than full employment output; when there is positive output gap, the rate of unemployment is less than the natural rate of unemployment and an economy is operating outside of its PPC The difference between actual output and potential output when an economy is producing less than full employment output; when there is negative output gap, the rate of unemployment is greater than the natural rate of unemployment and an economy is operating inside its PPC Downloaded by Giang Hug (hgianggdo@gmail.com) lOMoARcPSD|19140377 Unit 24: Coporate social reponsibility Ethical standard Ethical behaviour Ethical lapse Ethical dilemma Ethical stance Ethical issue Business Ethics Coporate Social Reponsibility (CRS) A rule for moral behaviour in a particular area Doing things that are morally right Temporary failure to act in the correct way A choice between two actions that might both be morally wrong A stated opinion about the right thing to do in a particular situation An area where moral behaviour is important Standards of business behaviour that promote human welfare and “the good” A company’s committed to improving or enhancing community well-being through discreditionary contributions of corporate resources. There are five dimensions of CSR.: Environment, Social, Economic, Stakeholder and Volunteerism. Unit 25: Efficiency and employment Job insecurity Employability Downsizing Core Efficiency Rationalization Redundancy package Retructuring (n) Delocalization (n) The fear that you might lose your job The extent to which a person has skills that employers want Decreasing the number of permanent employees The central part of something (e.g: a company’s workforce ) A situation in which a person, company, factory, etc, uses resources such as time, material, or labour well, without wasting any To make a company, way of working,etc, more effective, usually by combining or stopping particular activities or by employing fewer people All the payments and advantages that a company gives to workers who have lost their jobs because they are no longer needed To organize a company, business, or system in a new way to make it operate more effectively (noun) To move the location of an enterprise Downloaded by Giang Hug (hgianggdo@gmail.com) lOMoARcPSD|19140377 Unit 27: International trade International trade Free trade Protectionism Trade barriers Tariff Quota Absolute advantage Comparative advantage An infant industry A strategic industry Purchase, sale, or exchange of goods and services across national borders A trade policy that does not restrict imports or exports. It can also ve understood as the free market idea applied to international trade The economic policy of resstraining trade between nations, through methods such as tariffs on imported goods, restrictive quotas, and a variety of other restrictive government regulations designed to discourage imports, and prevent foreign take-over of local markets and companies Government laws, regulations, policies or practices that either protect domestic products from foreign competition or artificially stimulate exports of particular domestic products A duty (or tax) levied upon goods transported from one Customs area to another, for either productive or revenue purposes. Tariffs raise the prices of imported goods, thus making them generally less competitive within the market of the importing country, unless that country does not produce the items so tariffed 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 Ability of a nation to produce a good more efficiently than any other good 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 A new industry, which in its early stages experiences relative difficulty or is absolutely incapable of competing with established competitors abroad An industry which is essential for the promotion or stabilization of the growth of the locality in which that industry is situated. Downloaded by Giang Hug (hgianggdo@gmail.com)
