UNIT 1: Management

Vocab Definition Example(s)

public sector the section of the economy under
government control
allocate resources
perform tasks
supervise subordinates
make decisions
measure performance
UNIT 2
remuneration (n): total amount of payment for work/services (salary, commission, bonuses,
perks) [total compensation)
PERKS (perquisite) BENEFITS
- usually makes the environment - enhance a person’s salary
that people work in more - tend to be fixed and unchanging
enjoyable/help the employees (employees are entitled to)
perform a job better (added
incentives)
- employees are not entitled to
Ex: game room, gym memberships, Ex: childcare, health insurance, paid time
remote work options, employee off (holidays, vacation, and sick days),
discounts, relocate allowance, free tuition assistance…
meals,..
BONUSES COMMISIONS
a sum of money that a company pays its an amount of money paid to someone for
employees at a specific time (tied to selling goods (determined by rate)
goals) for meeting/exceeding associated with a certain amount of sale
performance expectations or achieving (tiền hoa hồng)
certain goals

 Remuneration package: salary + other benefits

- wage: blue collar – per hour/week
- salary: white collar – per month
- line manager: the closest supervisor/manager to you
- job security: the possibility to maintain your job for a long time/as long as possible
- carrot and stick approach: vừa thưởng vừa phạt (reward – punishment)
SUMMARIZE
THEORY X THEORY Y
Employees: Employees:
- Just to earn a living - B/c they want to
- Don’t want to take on responsibility - Take pride in what they do without
- Avoid working if they could being pushed
- Don’t enjoy work - Thrive on responsibility
Managers: - Don’t just meet -> exceed
- Supervise closely expectations
- Carrot and stick approach Managers:
- Tighten control and issue threat - Allow more freedom
- Keep decisions and tasks for - Delegate decisions and tasks
themselves - Support people’s ambition to grow
and develop
 - Encourage team members to get
involved

Hygiene factors: satisfiers

- Working conditions
- Salary
- Management style
- Security
- Status
- The job itself
Motivating factors: motivators
- Achievement
- Recognition
- Responsibility
- Advancement opportunities
- Growth within the job
EXERCISES
Vocab Definition Example(s)
performance-related
pay
overtime (n) làm thêm giờ
gross toàn bộ lương cơ bản, phụ cấp,…
(before tax)
net toàn bộ lương – (thuế thu nhập cá
nhân + các khoản phí bắt buộc khác…)
(after tax)
take-home pay the amount of earnings that you have
left after tax, etc = net salary
pension scheme a system for saving money for your
retirement
sick leave nghỉ ốm I can’t take up to three days of
sick leave without a doctor’s
note.
white-collar job
income tax
health insurance
pay rise
company car
career development
non-financial rewards
pay bonus
end-of-year bonus
incentive scheme kế hoạch khen thưởng
UNIT 3
Vocab Definition Example(s)
elaborate (a) very complicated and detailed;
carefully prepared and organized
subsidiary company (n) công ty con
parent/holding công ty mẹ
company
decentralize (v) phân quyền
transfer price phí chuyển nhượng (about trades
between different departments, firms,
…)

LINK DOCUMENTS:
https://drive.google.com/drive/u/1/folders/1GDCwg1s01KfutMRpkJrvVOnRkG3SNlY6
Why are companies organized in certain structures/Why is company structure important?
- Strategy of operation
- Scale (the number of employees)
- s-> range of salary
- Clear job description (avoid overlap)
- Decision-making process
- Communication flow: top-down approach (hierarchy), bottom-up approach
Exercises:
1. I+J: Most organizations have a hierarchical or pyramidal structure, with a single person
or a group of people at the top, and an increasing number of people below them at each
successive level.
2. E+L: A clear line or chain of command runs down the hierarchy so that all employees
know who their superior or boss is, to whom they report, and who their immediate
subordinates are, to whom they can give instructions.
3. G+K: Some people in an organization have an assistant who helps them; this is an
example of a staff position: its holder has no line authority, and is not integrated into
the chain of command.
4. H+R: Yet the activities of most large organizations are too elaborate to be organized in
a single hierarchy, and require functional organization, usually with production or
operations, finance, marketing, and personnel departments.
5. A+M: Large companies manufacturing a wide range of products, e.g. General Motors,
are normally decentralized into separate operating divisions, each with its own
engineering, production, and sales departments.
6. C+N: Businesses that cannot be divided into autonomous divisions with their own
markets can stimulate decentralization, setting up divisions that use internally
determined transfer prices when dealing with each other.
7. B+Q: An inevitable problem with hierarchies is that people at lower levels are unable
to make important decisions, but are obliged to pass on responsibility to their boss,
unless responsibilities have been explicitly delegated.
8. F+O: One solution to this problem is matrix management, in which people report to
more than one superior: e.g. a brand manager with an idea can deal directly with the
appropriate managers in the finance, manufacturing and sales departments.
9. D+P: Another, more recent, idea is to have a network of flexible groups or teams,
instead of the traditional departments, which are often at war with each other; they are
formed to carry out a project, after which they are dissolved and their members
reassigned.
UNIT 4:
Vocab Definition Example(s)
monochronic (a) doing one thing at a time
polychronic (a) doing many things at a time
reactive (a) thụ động
multi-active chủ động đa phương
linear active chủ động đơn phương
ascertain (v) to make sure that
globalization
logic (a) thought based on reason and
judgement rather than feelings and
emotions
confrontation (n) a face-to-face disagreement or
argument
compromise (n, v) reducing demands or changing
opinions in order to agree
intuition (n) understanding or knowing without
consciously using reason (trực giác)
connections people of influence or importance
with whom you are associated
improvise (v) to do something when necessary
without having already planned it
status (n) respect, prestige or importance
given to someone
collectivist (n) believing that the group is more
important than the individual
lose face

3 types:
Types Linear active Multi-active Reactive
Countries Japanese, Chinese
Germany, America Italian
Vietnamese, Korean
Behavior(s) - Do one thing at a - People-oriented - Try to make you speak
time. - Emotional first (to establish what
- Definite - Try to do many your aim/intention is ->
- Plan well ahead things at once modify the reply)
- Job-oriented - Get excited (easily) => Create a harmonious
response/attitude from
the beginning
 Purpose: Response to those cultural categories by adapting to those in a suitable
manner.
UNIT 5:
Vocab Definition Example(s)
reference (n) previous line
managers/supervisors; your lecturers

UNIT 7: Different sectors of

the economy
Primary economic activity: agriculture, mining, forestry, grazing, fishing, and quarrying. The
packaging and processing of raw materials are also considered to be part of this sector
Secondary economic activity: metalworking and smelting, automobile production, textile
production, the chemical and engineering industries, aerospace manufacturing, energy utilities,
breweries and bottlers, construction, and shipbuilding
Tertiary economic activity: retail and wholesale sales, transportation and distribution,
restaurants, clerical services, media, tourism, insurance, banking, health care, and legal services
Quaternary economic activity: knowledge-based activities: information technology, research,
and development, as well as consulting services and education
UNIT 8: PRODUCTION
Vocab Definition Example(s)
subcontractor
utility
wholesaler
component
lead time the time it takes after receiving an
order to deliver the goods or services
to a customer
production facility
rail transport
labor skill(s)
transport cost(s)
time constraint
capacity cushion (n) công suất dự phòng
expected demand
fixed costs
market share
material flow
diseconomy of scale phi kinh tế (tốn tiền)
inventory (n) sản phẩm lưu kho
obsolescence (n) lỗi thời
opportunity cost (n) chi phí cơ hội
= the benefits or advantages lost by
spending money in one way rather
than another
defective shipment(s) faulty product(s)
defect (n) a fault in something or in the
way it has been made that means
that it is not perfect
to be insured
= to have insurance
capacity the maximum rate of output that can
be achieved from a production
process
inventory/stock a company’s reserves (dự trữ)
involved in producing and delivering
goods or a service
UNIT 9: LOGISTICS
Vocab Definition Example(s)
supply chain
inbound >< outbound
shipping line(s)
consolidation service dịch vụ gom hàng
handling cost refer to the types of costs associated
with preparing and transporting
inventory
invoice biên lai báo đã nhận tiền

1. What is logistics? the overall process of managing how resources are acquired,
stored, and transported to their final destination. A logistics management system
underpins that effort and includes inbound and outbound transportation
management, warehouse management, fleet management, order processing,
inventory control, supply and demand forecasting, and managing third-party
logistics (3PL) service providers.
Logistics Components
In its most basic form, logistic components are:
 Intake from suppliers and material handling;
 Labeling, packaging into smaller units, organization and warehousing;
 Inventory management for production or distribution;
 Demand planning;
 Order fulfillment;
 Transport
2. Roles of logistics
The roles of logistics feature transportation/delivery, storage, packaging, cargo
handling, distribution processing, and information processing, and many systems
have been put in place to deliver products from the production location or
factory to the consumer quickly and on time.
3. Types:
Inbound: refers to purchasing and arranging the transportation of products, parts,
materials and finished inventory from suppliers to a company’s warehouse or
manufacturing plant.
Outbound: refers to the flow of items through a company’s production line, warehouse
and ultimately to the customer.
UNIT 10: QUALITY
1. Product Quality
How well a product satisfies customer needs, serves its purpose and meets industry
standards
Define product quality according to:
 Performance and intended function
 Reliability of the product within a specific time frame
 Conformity to product specifications
 Product durability and lifespan
 Product serviceability
 Physical features of the product
 Customers' perception of the product

2. Total Quality Management (x):

A management framework based on the belief that an organization can build long-term
success by having all its members, from low-level workers to its highest ranking
executives, focus on improving quality and, thus, delivering customer satisfaction.
TQM requires organizations to focus on continuous improvement, or kaizen. It focuses
on process improvements over the long term, rather than emphasizing short-term
financial gains.
🡺 Do the right thing, do them right, the first time and every time, eliminate waste
TQM helps businesses create a systematic approach to managing quality in production
and consumer interaction. It's also used to make employees feel valued by empowering
them to use their skills to contribute to a business's goals.
2.1 8 principles

2.2 Examples of TQM

Automobile manufacturer Toyota is one example of TQM. The adoption of TQM and
kaizen at Toyota led to higher product and work quality at all levels of the organization.
Toyota adopted a related practice called statistical quality control (SQC) in 1949. In
1951, Toyota launched the Creative Idea Suggestion System, which was based on a
suggestion system used at Ford.
In 1965, Toyota was awarded the Deming Application Prize for major advances in quality
improvement. In 1994, the "Toyota Group Executive TQM Training Course" was
established, providing TQM training for new executives. Toyota's TQM initiatives
continue to the current day. In 2011, Toyota announced that more than 40 million
suggestions (to date) were generated by the Creative Idea Suggestion System.
Vocab Definition Example(s)
goodwill (n) customers’ satisfaction with and
loyalty to a company
serviceability (n) ease of maintenance and repair
benchmark (v) compare your performance with
the standard
scrap (v) to sell defective goods for the price
of the recyclable materials they
contain
rework (v) to make changes to something in
order to improve it or make it more
suitable
TQM
- (kaizen) continuous
improvement
- zero defects
quality circle
compatible quality
unit cost
UNIT 12: MARKETING
Vocab Definition Example(s)
target market thị trường mục tiêu
anticipate (v) dự đoán
credit term an agreement/condition between the
buyer and seller about the time of the
payment (trả sau)
advertising agency
advertising hoạt động, lĩnh vực quảng cáo
advertisement quảng cáo
account (n) a contract to produce the
advertisements for a specific product
brief (n) short attention/announcement
media plan
hoarding = billboard bảng quảng cáo
point-of-sale (POS) điểm bán hàng
= point-of-purchase
publicity hoạt động quản bá trên media, a part
of public relation (PR)
liquidate stock Bán thanh lý
market penetration the strategy of setting a low price to
try to sell a large volume and increase
market share
market skimming setting a high price for a new product,
to make maximum revenue before
competing products appear on the
market
market segmentation dividing a market into distinct groups
of buyers who have different
requirements or buying habits
price elasticity the extent to which supply or demand
(the quantity produced or bought) of a
product responds to changes of price
sales representative someone who contacts existing and
potential customers, and tries to
persuade them to buy goods or
services

PRODUCT LIFE CYCLE

Introduction Growth Maturity Decline
- The product is put - Sales and profits - The competition - Sales decrease
on sale increase reaches its peak - Demand, and
- Sales are very low - Recognized by - Competitors revenues decrease
- Great need for customers compete for market - Competitors leaving
advertising - Cost related to the share -------
- Not many product decrease - Weak competitors Strategies:
competitors - Competitors bring leave - Advertising cost:
- No negative returns cheaper similar - Price fall b/c of high reduce; product sales
------- products competition price reduces
Strategies: ------- - Sales slowing down - Relationship with
- Advertising on Strategies: - Longer than other past loyal customers:
various channels - The product should stages should be improved
- Collaborations with be distributed more ------- - In extreme case:
the right partners - Additional value, Strategies: remove the product
- Presented for and features should - Further intensify out of the market
people as a test be added to products distribution channels - Companies sell that
- Target group should - Higher versions, and brand to other
be expanded further similar versions companies
- Values added to the should be introduced
product should be - Product family
highlighted should be advertised

Stage SALES COSTS PRICES PROMOTION

1. Introduction The sales Costs are high. The company Promotion is
volume is low can choose aimed at
and customers between high educating
have to skim pricing to potential
persuaded to try recover customers
the product. development (innovators are
costs, or low early adopters)
penetration about the
pricing to build product, and
market share building product
rapidly, if there awareness.
are already
competitors.
2. Growth Public Costs are The price can Promotion is
awareness reduced due to remain aimed at much
about the economies of unchanged broader
product scale, so because audience (the
increases and profitability demand is majority of the
sales volume increases. increasing but product’s user).
rises competitors
 significantly.
3. Maturity Sales volume The product’s Prices may have Promotion
peak. features may to be reduced emphasizes
have to be because product
changed so that competitors are differentiation.
it differs from established in
competing the market, but
brands, which companies try to
involves new defend their
costs. market share
while also
4. Decline Sales volume Either costs are The price is At this stage,
begins to go too high either there is virtually
down. compared to maintained, or no promotion.
scales, so the greatly reduced
product is to liquidate
discontinued, or stock if the
the company product is
continues to discontinued.
offer the
product to loyal
customers,
while reducing
costs to a
minimum.

What is marketing?
Marketing is the process of getting potential clients or customers interested in your
products and services. The keyword in this definition is "process." Marketing involves
researching, promoting, selling, and distributing your products or services.
Marketing Mix
Market skimming (price skimming) vs Market penetration (price penetration)
UNIT 13: ADVERTISING
Vocab Definition Example(s)
comparative-parity choosing to spend the same amount
method on advertising as one’s competitors
advertising agency
account
brief

What is advertising?
Advertising is a marketing tool that lets you communicate with potential customers
about your products or services through paid channels. The goal of advertising for a
small business may be to build brand awareness, improve your image, boost
engagement, generate leads, or convert potential leads into sales.

14 types of advertising:
https://www.indeed.com/career-advice/career-development/types-of-advertising
The importance of advertising & tips for effective advertising:
https://www.indeed.com/career-advice/career-development/importance-of-advertising

AIDA Advertising Model

AIDA: a framework that copywriters, marketers and advertising strategists use when
developing content for ad campaigns. It can be applied to any business in any industry
and is a good process for small businesses to use in their marketing.
AIDA is an acronym for Attention, Interest, Desire and Action. These are the cognitive
stages a customer goes through when deciding whether to purchase a product or
service.
The AIDA model supports the customer through each stage by offering logical and
emotional content. The AIDA model can be applied to a series of advertisements, such
as within a campaign, or to a single advertisement. It's highly versatile and can be used
in TV, radio, billboard, newspaper, magazine, online and social advertisements. It can
also extend to other promotional channels, such as personal selling, direct marketing,
sales promotions and public relations.

UNIT 14: BANKING

Vocab Definition Example(s)
deposit (v) gửi tiền vào ngân hàng để lấy lãi
withdraw (v) rút tiền trong ngân hàng
certificate of deposit chứng chỉ tiền gửi
= contract that shows you put money
in a period để nhận lãi (thời hạn linh
hoạt, interest nhỏ hơn)
saving account tiền tiết kiệm (có thời hạn cố định) ->
nhận lãi
checking account
safety deposit box
deed official documents: land, money
overdraft (n) thấu chi
Tiền mượn từ ngân hàng nếu tài
khoản còn 0đ
intermediary (n) trung gian
stockbroking (n) môi giới chứng khoán
broker (n) nhà môi giới
portfolio management quản lý và lập kế hoạch danh mục đầu
tư
bespoke (a) specially made for a particular
person
high-net-worth Cá nhân có giá trị ròng cao là một
individual (HNWI) thuật ngữ được sử dụng bởi một số bộ
phận của ngành dịch vụ tài chính để
chỉ những người có tài sản có thể đầu
tư vượt quá một số tiền nhất định.
 (assets của rich people at least $1M)
pawnshop (n) tiệm cầm đồ
venture capitalist Nhà đầu tư mạo hiểm là nhà đầu tư
cung cấp vốn cho các công ty có tiềm
năng tăng trưởng cao để đổi lấy cổ
phần
Initial public offering Phát hành công khai lần đầu
(IPO)
depositor (n) người gửi tiền
mortgage (n) khoản vay có thế chấp (bằng tài
sản)

- Commercial banks/retail banks (ngân hàng thương mại):

o Provides services like loans, certificates of deposits, savings bank accounts, bank
overdrafts, etc. to customers
o Make money by lending loán to individuals, earning interest on loans
e.g. Agribank, Vietcombank, Techcombank, BIDV, VietinBank
- Investment banks (ngân hàng đầu tư):
o Acts as an intermediary in large and complex financial transactions
o Usually involved when a startup company prepares for its launch of an initial
public offering (IPO) and when a corporation merges with a competitor
o A role as a broker or financial adviser for large institutional clients.
o Offer stockbroking, and portfolio management services for rich corporate, and
individual clients
e.g. BIDV, Vietcap, HSC, Techcombank | JPMorgan Chase, Goldman Sachs,
Citigroup, Wells Fargo, HSBC, etc.
- Private bank (ngân hàng cá nhân cao cấp):
o Personalized financial services and products offered to high-net-worth
individual (HNWI) clients of a retail bank or other financial institution
o Wealth management services: investing and portfolio management, tax services,
insurance, and trust and estate planning
e.g. BIDV private banking, MB private | Citigroup, Morgan Stanley,..
- Islamic banks (ngân hàng hồi giáo):
o Finance or banking activities that adhere to Shariah (Islamic law)
o 2 fundamental principles: not pay interests or charge interests, the sharing of
profits (or losses) with depositors
o Make a profit through equity participation (a borrower gives the bank a share in
their profits rather than paying interest)
e.g. Dubai Islamic Bank, Qatar Islamic Bank,…
- Non-bank financial intermediaries (trung gian tài chính phi ngân hàng):
o Offer various banking services but do not have a banking license
o Not allowed to take traditional demand deposits – readily available funds, such
as those in checking or savings accounts – from the public
e.g. insurance firms, venture capitalists, currency exchanges, some microloan
organizations, pawn shops
- Hedge funds (quỹ phòng hộ):
o Private investment funds for wealthy investors
o Use a wide range of (risky) investing strategies to achieve higher returns
UNIT 23: The Business Cycle
Vocab Definition Example(s)
balance of payment the difference between the funds a
(BOP) country receives and those it pays for
all international transactions (cán cân
thanh toán quốc tế)
downturn a decline in economic activity
gross domestic product the total market value of all the goods
(GDP) and services produced in a country
during a given period (tổng sản phẩm
quốc nội)
upturn an increase in economic activity
equilibrium a state of balance, for example when
supply is the same as demand (điểm
cân bằng thị trường)
deficit an amount of money that is smaller
than is needed (e.g. when spending
exceeds revenues) (thâm hụt)
surplus an excess: a quantity that is larger
than is needed (thặng dư)
fiscal policy government actions concerning
taxation and public expenditure
(chính sách tài khoá)
monetary policy government or central bank (ngân
hàng trung ương/ngân hàng nhà
nước) actions concerning the rate of
growth of the money in circulation
money supply the total amount of money available
in an economy at a particular
Keynesianism the economic theory that government
monetary and fiscal policy should
stimulate business activity and
increase employment in a recession
endogenous >< having a cause that is inside itself ><
exogenous having a cause that is outside itself
peak >< trough
fiscal policy chính sách tài khoá
monetary policy chính sách tiền tệ
demand cầu (muốn và có khả năng chi trả)
supply Cung
Definition
An economic cycle, also known as a business cycle, refers to economic fluctuations
between periods of expansion and contraction (the rise and fall of economic
activities). Factors such as gross domestic product (GDP), interest rates, total
employment, and consumer spending can help determine the current economic cycle
stage.

Understanding the economic period can help investors and businesses determine when
to make investments and when to pull their money out, as each cycle impacts stocks (cổ
phiếu) and bonds (trái phiếu) as well as profits and corporate earnings.
Explanation of the four phases:

 Exogenous factors (factors that are not inherent to the economic system): wars,
technology, natural causes, population expansion
 Internal factors (factors that are within the economic system): changes in
demand, fluctuations in investments, macroeconomic policies, supply of money
 Fiscal policy (chính sách tài khóa): the means by which a government adjusts its
spending levels (public/government expenditure: chi tiêu công/chi tiêu của chính
phủ) and tax rates (taxation) to monitor and influence a nation's economy
 Monetary policy (chính sách tiền tệ): a set of actions to control the level of the
money supply (nguồn cung tiền) and changing interest rates
 Keynesianism (học thuyết Keynes) focuses on government spending to control
the economy. Fiscal and monetary policy are the primary tools recommended by
Keynesian economists to manage the economy and fight unemployment.
 Monetarists believe in fighting inflation by adjusting the amount of money in
circulation. Monetarism (chủ nghĩa tiền tệ) focuses on controlling the money
supply to control the economy.
UNIT 27: International
Trade
Key Takeaways
 Free trade means imports and exports of goods and services without any
government restrictions (no tariffs, no quotas, or no subsidies)
 WTO (World Trade Organization) highly contributed to the development of free
trade.
 Free trade is the opposite of protectionism (chủ nghĩa bảo hộ), a defensive trade
policy intended to eliminate the possibility of foreign competition (restricting
imports by trade barriers).
 Examples of trade barriers: tariffs, quotas, embargoes (stop trading with another
country), subsidies to domestic industry, licenses to import goods

 Examples of free trade agreements:

NAFTA (North American Free Trade Agreement)- the goal was to eliminate
barriers to trade and investment between the United States, Canada and
Mexico.
EVFTA (European Union–Vietnam Free Trade Agreement): a free trade
agreement between the European Union and the Socialist Republic of
Vietnam.
PROS & CONS of FREE TRADE
PROS CONS
stimulates economic growth (more Threats to domestic industries (local
competion, prevent monopolies) producers) ->
It reduces local revenues of small/weak
businesses.
helps consumers: higher quality goods and Difficult establishment of developing
services, cheaper/competitive price, and new industries/infant industries
greater variety of products
increases foreign investment. Reduced tax revenue for the
government
Promotes cooperative relationship Unfair competition (dumping: bán phá
 It encourages technology transfer giá)
 reduces possibility of war
Increased job opportunities Risks of losing domestic jobs
(outsourcing manufacturing jobs to
other countries with cheaper labour
wages)