ADMINISTRATION
Provide a definition of Administration.
According to the video, administration is a process that consists of planning, organizing, directing and controlling to achieve certain objectives in an entity.
Concepts of Administration
Is a social science, whose interest is focused on human organizations, as well as the techniques and procedures available for their planning, organization, direction and control of their resources, in order to obtain the greatest possible benefit from them.
Universal functions in Administration
1. Planning: Involves creating a plan of action for the future.
2. Organizing: Ensures that the people and resources required are available.
3. Commanding: Leads employees to fulfil the plans.
4. Coordination: Makes sure all parts of the business are working well towards the goals.
5. Control: Reviews the organization performance.
BUSINESS
Define Business
It is a organization or enterprising entity engaged in commercial, industrial or professional activities that can be for-profit entities or non-profit organization.
https://www.investopedia.com/terms/b/business.asp
Concepts of Business. (Define them in detail)
Customers: Is a person or a entity that purchases the doogs and services offered by a company.
Product, goods or service: These are all the satisfiers that are made in the production process to meet human needs
Method: The way in which any aspect of an economic company is worked
Competition: It is a situation in which there is an indefinite number of buyers and sellers who try to maximize their profit or satisfaction.
Objective of Business.
A company can have several established objectives depending on what its goals are that it wants to reach, some examples of these objectives are: income objectives, productivity and performance objectives, customer satisfaction and company growth.
Types or classification of business. (Define each in detail)
Primary sector: Is dedicated to obtaining raw materiales. (Agriculture, fishing, mining)
Secondary sector: In this are inclued all types of businesses as industrial or construction.
Third sector: Companies are dedicated to offer services or commerces.
What does “form of business ownership” refer to? Provide definitions.
It refers to the control over an enterprise, providing the power to dictate the operations and functions.
The most common forms of business ownership are sole proprietorship, partnership, limited liability partnership, limited liability company, and corporations.
https://www.fool.com/the-blueprint/types-of-business-ownership/
MANAGEMENT
Define Management.
It is the action of directing and controlling a group of people or an entity to achieve a goal
Functions of Management. (Describe them in detail)
Planning: Is the process that they use to appropiate goals and action to pursue and the determining what strategies to use, that actiions to take and deciding what resources are needed to achieve the goals.
Organizing: Establish the employees relationships to working together.
Leading: Involves an articultating vision to energizing employees, inspire and motivate them using an influence, persuasion, effective communication acquire by the leader.
Staffing: Recruiting and selectiong employees for positions in the company.
Contrling: Evaluation of how the goals where achieved.
https://www.uagc.edu/sites/default/files/inline-images/19361_FT_Blog_5_Principles_of_Great_Managers_Optimization1.jpg
Important areas of knowledge for a business manager. Mentions as many as you know or find.
- Effective communication
- Leadership
- Financial intelligence
- Critical Thinking
- Creativity
- Innovation
ORGANIZATION
Provide a definition of organization. Be extensive.
The organization is the way in which a formal structure is defined, where it is established which functions are performed and their relationships, as well as the hierarchy and levels of authority in accordance with the objectives and activities of the company.
In your description of Functions of Management you may notice that they are short but they fulfill the objective of making you know what they are. Regarding concepts, I realized that we have different things because apparently we understood something different. I mentioned business concepts, such as Business-to-business concept and Small business concept.
ReplyDeleteI find it interesting how we sometimes confuse management with administration, one works according to the limits imposed by the other.
ReplyDeleteIn your opinion, which of the managment functions is the most important for the organization?
ReplyDeleteI think that all the functions of the administration are important because each one has a certain function.
DeleteI found it so interesting how there are so many ways of business ownership and how each has different legal implications that apply to very specific situations
ReplyDeleteHow do you think the areas of knowledge that a business manager needs will develop?
ReplyDeletewhat do you think about the differences between managment and administration?
ReplyDeleteI think the goal of the business is to win or satisfy some need you have, your definition is fine but in general the goal is to have profit. Nice ;)
ReplyDelete