Assignment 9

 Administration 

Provide a definition of administration. 

It is a process that consists of planning, organizing, executing and controlling resources and this includes techniques that allow for the proper management of all activities 

Concepts of Administration 

“Its purpose is to achieve the objectives set by a company through the planning, control and direction of the resources available”

Significado de administración. Significados. Retrieved from https://www.significados.com/administracion/ december 27,2021

Universal functions in Administration 

Planning: consists of bringing together all the elements  necessary to carry out an activity  and see what needs to be done 

Organizing: consists of coordinating all activities, diving times and assigning tasks.

Executing: is the performance of the tasks. Implementing the plan. It is the way in which the activities are being performed.

Controlling: is the monitoring of activities, the evaluation of the plan. It consists of monitoring that everything is being carried out in the correct way.

Business 

Define Business

It is a commercial activity that allows the sale of products or services in exchange for an equivalent monetary amount

“Business is the organized effort of individuals to produce and sell, for a profit, the goods and services that satisfy society’s needs. Is an organization which seeks to make a profit through individuals working toward common goals” 

Davis. B (2021). What is business?. Retrieved from https://study.com/academy/lesson/what-is-a-business-definition-characteristics-examples.html December 27, 2021

Concepts of Business. (Define them in detail) 

Customers: is the target group to whom a product or service is addressed 

Product, goods or services: is what a company offers in exchange for money, such as the internet or beauty products. Is that which satisfies the needs of people

Method:  how the company is organized. What strategies do you use to sell your products, what media it uses and what message it uses to attract the customer

Competition: is who the companies are up against, they sell similar products with similar prices.  

PRV. Business concept. Retrieved from https://www.prv.se/en/knowledge-and-support/glossary/business-concept/#:~:text=A%20company%27s%20business%20concept%20is,the%20existence%20of%20a%20company. December 27, 2021

Objective of Business

Are the goals that a company has set for itself in order to gain recognition. They drive the development of a business and its continued growth

“Are the purpose for which the business is established and performed. We can call objective the cornerstone of every business”

Toppr. Objectives of Business. Retrieved from https://www.toppr.com/guides/business-studies/nature-and-purpose-of-business/objectives-of-business/. December 27, 2021

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

Manufacturing: are the companies engaged in the production of products,  also textile production or machinery. Refers to the production chain of any type of product

Service: is the sale of intangible services. 

Merchandising: is wholesaling where the product is purchased in large quantities for a lower price and then sold to the consumer at a different price than the purchase price

Hybrid: this refers to the fact that business can carry out different activities at the same time. For example, to produce a product and sell it both wholesale and retail.  

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

Business is based on the number of owners, the liability of the owners, representations and motives.

Asshish Pahwa (2021). What is business. Retrieved from https://www.feedough.com/what-is-business-definition-concept-types/. December 27, 2021

Management 

Define management.  

It is a process consisting of different activities that are carried out to achieve a common goal through a strategy defined by the organization.

Functions of management. (Describe them in detail) 

Planning: consists of defining goals for the organization that pretends to define the future of the organizations, an analysis of the company is  carried out to observe what resources are available and what resources are required.

“Tactical plans translate strategic plans into specific actions that need to be implemented by departments”

Organizing: consists of dividing tasks, assigning work teams. Try to find the best way to implement a plan. In this part, the highest ranking assigns tasks to managers in different areas, giving them authority over the teams 

“Defining how the activities of groups and individuals will be coordinated”

Leading: the leader looks for ways to integrate the teams, motivate them and create a good working environment. The purpose of this is to engage employees in the organization and in the work.

“Leaders use knowledge, character and charisma to generate enthusiasm and inspire to achieve goals”

Controlling:  this is monitoring the process, to observe that the plan is being carried out. The work is evaluated, an analysis is made of what is being done well, measuring performance, comparing results. Activity reports are prepared and provide feedback to the teams and managers 

Principles of Management. Primary Functions of Management. Retrieved from https://courses.lumenlearning.com/suny-principlesmanagement/chapter/primary-functions-of-management/. December 27, 2021

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

Finance 

Human Resources

Economy

Marketing

Leadership

Communication

Administration 

Technology and Innovation 

Organization 

Provide a definition of organization. Be extensive

It is a group formed by people who have characteristics in common, for example to achieve an objective or goal. It can als be a hierarchically structured system. It is an institution where each member must fulfill a specific function based on the activities of the organization. May be a group of people who are dedicated to a specific sector. 

An association of people interacting with each other and structurally organized to carry out various activities