Outsourcing -- Contracting with other companies (often in other countries) to do
some of the firm’s functions, like production or accounting.
Insourcing -- Foreign companies opening offices and factories in the United
States.
Effectiveness -- Producing the desired result.
Efficiency -- Producing goods and services using the least amount of resources.
Empowerment -- Giving frontline workers the responsibility, authority, and
freedom to respond quickly to customer requests.
THE EVOLUTION OF BUSINESS
Manufacturing Information-
Agriculture era Service era
era based era
THREE ECONOMIC SYSTEMS
Communism Socialism Capitalism
Highly controlled Medium control Little control
An economic and An economic system All or most of the land,
political system in based on the premise factories and stores
which the government that some basic are owned by
makes almost all businesses, like individuals, not the
economic decisions utilities, should be government, and
and owns almost all owned by the operated for profit.
the major factors of government in order United States,
production. to more evenly England, Australia,
Price dont reflect distribute profits Canada.
demand -> shortage of among the people. State capitalism
items Negatives: Brain Drain (China, Russia): When
suffer severe economic the state, rather than
depression private owners, run
some businesses.
Free-Market Economies -- The market largely determines what goods and
services are produced, who gets them, and how the economy grows.
Command Economies -- The government largely determines what goods and
services are produced, who gets them, and how the economy will grow.
Mixed Economies -- Some allocation of resources is made by the market and
some by the government.
Neither free market nor command economies have created sound economic
conditions, so countries use a mix of the two economic systems.
--
Fiscal Policy -- The federal government’s efforts to keep the economy stable by
increasing or decreasing taxes or government spending.
Tools of Fiscal Policy:
Taxation
Government Spending
--
Inflation (lạm phát) -- The general rise in the prices of goods and services over
time.
Disinflation (thiểu phát) -- When the price increases are slowing (inflation rate
declining).
Deflation (giảm phát) -- Prices are declining because too few dollars are chasing
too many goods.
Stagflation (đình lạm) -- Economy is slowing, but prices are going up.
--
FOUR PHASE OF LONG-TERM BUSINESS CYCLE
Recession (suy thoái): tốc
độ tăng trưởng GDP thực tế
mang giá trị âm suốt hai quý
liên tiếp
Depression (khủng
Economic Boom
hoảng): A severe
(tăng trưởng)
recession
Recovery (phục
hồi)
National Deficit -- The amount of money the federal government spends beyond
what it gathers in taxes.
National Debt -- The sum of government deficits over time.
National Surplus -- When government takes in more than it spends.
--
Comparative Advantage (lợi thế Absolute Advantage (lợi thế
so sánh) tuyệt đối)
A country should sell the A country has a monopoly on
products it produces most producing a specific product or is
efficiently and buy from other able to produce it more
countries the products it cannot efficiently than all other
produce as efficiently. countries.
--
Balance of trade: cán cân thương mại, xuất khẩu ròng = export – import
Trade surplus: thặng dư thương mại, export > import
Trade deficit: thâm hụt thương mại, export < import
--
Balance of payments: cán cân thanh toán = Money in (from export) – Money out
(from import)
Dumping: bán phá giá, xuất khẩu sang nước khác với giá thấp hơn giá bán tại thị
trường nội địa.
--
Licensing (cấp When a firm (licensor) provides the right to manufacture its product or use
phép) its trademark to a foreign company (licensee) for a fee (royalty).
Exporting
A contractual agreement whereby someone with a good idea for a
Franchising (nhượng business sells others the rights to use the name and sell a product/service
quyền) in a given area.
Contract A foreign company produces private-label goods to which a domestic
manufacturing (nhà company then attaches its own brand name or trademark. A form of
cung cấp chìa khóa outsourcing.
trao tay)
International joint Joint Venture -- A partnership in which two or more companies join to
ventures and strategic undertake a major project.
alliances (doanh nghiệp Strategic Alliance -- A long-term partnership between two or more
liên doanh quốc tế và companies established to help each company build competitive market
đồng minh chiến lược) advantages
Foreign direct Foreign Direct Investment (FDI) -- The buying of permanent property and
investment (Tổ chức businesses in foreign nations.
kinh tế có vốn đầu tư Foreign Subsidiary -- A company owned in a foreign country by another
nước ngoài) company called the parent company. The most common form of FDI.
Exchange Rate
The value of one nation’s currency relative to the currencies of other countries.
High value of the dollar – Low value of the dollar –
Dollar is trading for more Dollar is trading for less
foreign currency; foreign foreign currency; foreign
goods are less expensive. goods are more expensive.
Tariffs
Taxes on imports, making imported goods more expensive.
Protective tarrif (thuế bảo hộ)
Revenue tarrif
Raise the retail price of
(thuế doanh thu)
imports so domestic goods are
Raise money for governments.
competitively priced.
Import Quota (hạn ngạch nhập khẩu) -- Limits the number of products in certain
categories a nation can import.
Embargo (cấm vận) -- A complete ban on the import or export of a certain product
or the stopping of all trade with a particular country.
--
Insider Trading -- Insiders using private company information to further their own
fortunes or those of their family and friends.
--
Management -- The process used to accomplish organizational goals through
planning, organizing, leading and controlling people and other organizational
resources.
Top management Strategic planning
Middle management Tactical planning
Supervisory (first-line)
Operational planning
management
Contingency planning
Nonsupervisory
(back-up planning)
Staffing -- Recruiting, hiring, motivating and retaining the best people available to
accomplish the company’s objectives.
--
Autocratic Leadership -- Making managerial decisions without consulting others.
Participative or Democratic Leadership -- Managers and employees work together
to make decisions.
Free-Rein Leadership -- Managers set objectives and employees are free to do
whatever is appropriate to accomplish those objectives.
--
External Customers -- Dealers, who buy products to sell to others, and ultimate
customers (or end users), who buy products for their own use.
Internal Customers -- Individuals and units within the firm that receive services
from other individuals or units.
--
Commission plans: based on % of sales
Bonus plans: extra pay – monetary or cashless
Profit-sharing plans: annual bonuses based on the company’s profits.
Gain-sharing plans: annual bonuses on achieving specific goals.
Stock options: right to buy stock in the company at a specific price over a specific
period.
Fringe benefits (phúc lợi): bảo hiểm y tế, bảo hiểm nhân thọ, nghỉ phép…
Cafeteria-Style Fringe Benefits -- Allow employees to choose the benefits they
want (up to a certain dollar amount).
--
Marketing -- The activity, set of institutions and processes for creating,
communicating, delivering, and exchanging offerings with value for customers,
clients, partners, and society at large.
Customer Finding out what
the customer want
orientation and then providing
it
Making sure
Service everyone is
committed to
orientation customer's
satisfaction
Profit Focusing on the
goods and services
orientation that earns the
most
Market segmentation
(phân khúc thị trường)
Benefit
Geographic Demographic Psychographic Volume (usage)
segmentation:
segmentation: segmentation: segmentation: segmentation:
based on
based on cities, based on age, based on group based on the
countries, states income, benefits the
values, attitudes volume of
or regions education,... customer
and interests product use
prefers
Niche marketing: small but profitable market segmentation
One-to-one marketing: a unique mix of goods and services for each individual
customer
Mass marketing: please a large group of customers
Relationship marketing: custom-made goods and services
--
Bookkeeping double-entry bookkeeping (ghi sổ/ghi sổ
kép): recording of business transactions
Journal (sổ con)
Ledger (sổ cái)
Trial balance (bảng cân đối thử)
Financial Statement (báo cáo tài chính): balance sheet,
income statement, statement of cash flows
Liquidity: thanh khoản
Current assets (tài sản lưu động): chuyển được thành tiền trong vòng 1 năm.
Fixed assets (tài sản cố định): tư liệu sản xuất
Intangible assets (tài sản vô hình)
Liabilities: nợ
Account Payable: mua nợ
Notes Payable: đi vay ngân hàng, phải trả đúng thời hạn
Bonds Payable: trái phiếu
Owners’ equity (vốn chủ sở hữu): giá trị tài sản trừ đi các khoản nợ phải trả
Retained Earnings (lợi nhuận giữ lại): lợi nhuận sau thuế sau khi chia lợi tức cho
cổ đông.
--
Sole Proprietorship -- A business owned, and usually managed, by one person.
Partnership -- Two or more people legally agree to become co-owners of a
business.
General Partner -- An owner (partner) who has unlimited liability and is
active in managing the firm.
Limited Partner -- An owner who invests money in the business, but enjoys
limited liability.
Limited Liability -- Liability for the debts of the business is limited to the
amount the limited partner puts into the company; personal assets are not at
risk.
General partner(s)
Limited Partnership
Limited partner(s)
General Partnership General partner(s)
Partnership
A partnership that looks much like a corporation, but is
Master Limited
taxed like a partnership and thus avoids the corporate
Partnership
income tax.
Limits partners’ risk of losing their personal assets to
Limited Liability
the outcomes of only their own acts and omissions
Partnership
and those of people under their supervision.
Corporation -- A legal entity with authority to act and have liability apart from its
owners.
A state-chartered legal entity with authority to act and
have liability separate from its owners (its stockholders).
C Corporation
(Cty TNHH)
Double taxation (personal income tax and
cooperation tax)
A unique government creation that looks like a C
corporation, but is taxed like sole proprietorships
and partnerships.
S Corporation No double taxation, only personal income of shareholders.
Corporation
- Have no more than 100 shareholders
- Have shareholders that are individuals or estates and are citizens
or permanent residents of the U.S.
- Have only one class of stock.
- Derive no more than 25% of income from passive sources.
Similar to an S corporation, but without the
eligibility requirements.
Limited Liability
Company (LLC)
ownership is nontransferable
B Corporation (Doanh
nghiệp XH) socially or environmentally beneficial goals.
Merger -- The result of two firms joining to form one company.
Vertical Merger Conglomerate Merger
Horizontal Merger
The joining of two firms The joining of firms in
The joining of two firms
in different stages of completely unrelated
in the same.
related businesses. industries.
Acquisition (thu mua)
Leveraged Buyout (LBO) -- An attempt by employees, management or a group of
investors to buy out the stockholders in a company.
Cooperatives (hợp tác xã) -- Businesses owned and controlled by the people who
use them– producers, consumers, or workers with similar needs who pool their
resources for mutual gain.
