Activity 9 - Definitions

Hello, everyone. This time I made a compilation of some definitions of terms used in the business field. Do we agree on any of them? Let me know 😉

Administration

 

Provide a definition of administration.

It’s the word used to refer to the action of planning, controlling, directing, coordinating, and organizing resources of which a person, organization, company, proprietary, or business must keep his activities going.

 

Concepts of Administration

According to Herbert A. Simon, administration can be defined as the activities of groups cooperating to accomplish common goals.

 

Universal functions in Administration

Planning: It is created according to the mission and vision of the organization, company or business. It should be the first step to approach the proposed goals. It can be short and long term.

Organizing: Coordination and synchronization of all areas and tasks. Coordination and synchronization of all areas and tasks.

Direction: It is to order and supervise that the necessary tasks are carried out within the business, company or organization.

Control: Make sure that tasks were performed as scheduled (planned). Check the results that are being obtained and the reason for them.

Coordinating: Harmonize all areas and sections according to the tasks they perform so that the results are positive, so that everything has a connection and a purpose.

Business

 

Define Business

Is work relating to the production, buying, and selling of goods and services. It refers to an organization or enterprising entity engaged in commercial, industrial, or professional activities. Businesses can be for-profit entities or they can be non-profit organizations that operate to fulfill a charitable mission or further a social cause.

 

Concepts of Business. (Define them in detail)

·         Infrastructure: This type of business concept determines what the need for the new infrastructure is and how it can benefit people, such as building a new highway to help reduce traffic issues.

·         Business-to-business: Involves creating an idea that provides services and products to other businesses, instead of consumers.

·         Consumer-goods: This concept identifies something that buyers may want and defines how that product differs from anything else on the market, or at least, why it's a better option than the competitors.

·         Small business: These business concepts have to determine who the product or service is for and whether it's desirable enough that consumers would actually want to buy it.

·         Consumer-to-consumer: The consumer usually acts as the sole provider of the good and may correspond directly with the buying consumer.

·         E-commerce: An e-commerce concept is an idea that involves selling a product or service electronically.

·         Mobile: This idea usually comes as downloadable application, which may or may not have additional in-app purchases for consumers.

·         Consumer: his service identifies issues and looks to solve them.

Objective of Business.

The main objective of a business is profit, that is, to obtain earnings. When an organization does not seek profit, it cannot be said that its activities are a business, even if they present similar characteristics. The means to make a profit in a business is to generate some added value.

 

Types or classification of business. (Define each in detail)

·         National or international: The business can develop its activity within the borders of one country (national) or expand its activities to several countries (international).

·         Individual enterprise: Self-employed entrepreneur.

·         Limited partnership: Formed by one or more partners who contribute capital and labor.

·         Corporation: It is formed by several partners who have an interest in the company.

·         Partnership: When the workers own a large part of the company.

·         Physically or online: Businesses include not only those with a physical structure or sales premises, but also transactions and exchanges that are made online. There even exist services such as distance education that can be offered to the customer with practically no infrastructure of their own.

·         According to economic activity: Businesses can be grouped according to the economic activity they perform. Generally, three main types of sectors or activities are considered, which are:

ü  Primary: Refers to the extraction of raw materials. Thus, for example, we have mining, fishing, livestock, etc.

ü  Secondary: It includes all activities that transform inputs into goods and services. For example, textiles, wine, food, etc. are manufactured.

ü  Tertiary: It groups activities related to services. as an example, we have merchants, transportation, hairdressing, etc.

 

What does “form of business ownership” refer to? Provide definitions.

Refers to an organization's owners. Identifies the main investors, who manage a company, with power of influence due to their status and hierarchy. The term owner in this context gives a sense of possession over the company.

Management

 

Define management. 

Management is the act of getting people together to accomplish desired goals and objectives using available resources efficiently and effectively. Since organizations can be viewed as systems, management can also be defined as human action, including design, to facilitate the production of useful outcomes from a system.

 

Functions of management. (Describe them in detail)

·         Planning: It sets the pace for all subsequent steps in the managerial process. You need to develop a roadmap for the future (as steps) to accomplish organizational goals.  Planning is the function of management that involves setting objectives and determining a course of action for achieving those objectives. It requires that managers be aware of environmental conditions facing their organization and forecast future conditions. It also requires that managers be good decision makers.

·         Organizing: It is the function of management that involves developing an organizational structure and allocating human resources to ensure the accomplishment of objectives. Decisions made about the structure of an organization are generally referred to as organizational design decisions. Organizing also involves the design of individual jobs within the organization. Decisions must be made about the duties and responsibilities of individual jobs, as well as the way the duties should be carried out.

·         Leading: Involves the social and informal sources of influence that you use to inspire action taken by others. If managers are effective leaders, their subordinates will be enthusiastic about exerting effort to attain organizational objectives.

·         Controlling: Involves ensuring that performance does not deviate from standards. Controlling consists of three steps, which include establishing performance standards, comparing actual performance against standards, and taking corrective action when necessary.

 

Important areas of knowledge for a business manager. Mentions as many as you know or find.

Ø  Responsibility.

Ø  Effective Communication.

Ø  Emotional Intelligence.

Ø  Empathy.

Ø  Leadership.

Ø  Analytical.

Ø  Sharp Decision Making.

Ø  Resilience.

Ø  Commitment.

Ø  Creativity.

Ø  Initiative.

Ø  Teamwork.

 

Organization

 

Provide a definition of organization. Be extensive.

An organization is recognized as a group of people, areas and tasks that interact with each other in order to reach common goals and objectives. With this in mind, it is possible to observe the way in which these factors achieve harmony among themselves. Although, of the three points mentioned above, the most important, because of the weight and prominence they have within these organizations, are the people, since they are the ones who manage and lead the areas and tasks (which are also taken as the obligations and responsibilities that have to be taken to reach the established goals).

 

Another important point is that it is necessary that these areas that are established for better coordination and stability within the organization have a fluid and well-founded communication between the people belonging to this group.

 

It is normal that the people who belong to this organized group have their own aspirations; but it is necessary to be aware that within the organizations there are certain norms that must be followed in order to comply with the rules and goals that were predetermined at the time the organization was created.

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