Definitions

Administration

 

Provide a definition of administration. 

It is the process of planning, organizing, directing and controlling the use of resources to achieve organizational objectives, it helps to coordinate work activities so that they are carried out efficiently and effectively with and through other people.

 

Concepts of Administration 

the techniques and procedures available for its planning, organization, direction and control of its resources, in order to obtain the greatest possible benefit from them.

 

Universal functions in Administration 

Planning. Understood as the conceptual structuring of the elements of the organization, taking into account the mission to be fulfilled and a vision of the future of the company or organization.

Organization. It is about the coordination and synchronization of the parts of the company, to establish their tasks and sequences of carrying them out.

Direction. The tasks necessary for the management and leadership of the organization, considering tactical, operational or strategic aspects.

Control. Understood as the possibility of diagnosing the operation of the organization and providing feedback to the system with that information, to solve its needs and its operation.

 

Business

Define Business

A business is an organization, or any other entity engaged in commercial, professional, charitable, or industrial activities.

Concepts of Business. (Define them in detail)

The business concept is the fundamental idea behind the business. The business model, plan, vision, and mission are developed based on this concept. Business is any occupation which includes all activities which are connected with production or procurement of goods for sale and adding a profit margin to that costs for further selling it to the customer for the satisfaction of their needs.

Objective of Business.

The business objective is what makes the business go on and conduct its activities in a long run. It is the reason why the business exists. The underlying objective of every business is customer satisfaction as this is what results in most profits. If the customer is satisfied, business excels.

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

·         Manufacturing

Manufacturing businesses are the producers who develop the product and sell it either directly to the customer or the middlemen to conduct sales.

·         Service

This type of business deals in selling intangible goods to the consumers. Service firms offer professional services, expertise, commission-based promotions.

·         Merchandising

Merchandising is a middlemen business strategy where the business buys products from a manufacturer, wholesaler, or other partners, and sells the same at the retail price.

·         Hybrid

Hybrid businesses have the characteristics of two or more types of businesses explained above.

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

Forms Of Business Ownership

Business ownership comes in many forms based on the number of owners, the liability of the owners, representation, and motives.

·         Sole Proprietorship

Sole proprietorship is a business owned and operated by a single individual.

·         Partnership

When two or more persons join hands to run a business, they usually come into partnership. Partnerships come in two forms – general and limited.

·         Corporation

A corporation is a business which has a separate legal identity from the people who own or run it. Ownership is usually represented in the form of shares of the stock.

·         Limited Liability Company

A limited liability company is a hybrid form of business which has characteristics of both a corporation and a partnership.

·         Cooperative

Cooperative is a private business organization owned and controlled by people for their mutual benefits. These people are called members and are benefitted by the goods and services offered by the cooperative.

 

Management

     Definition of Management.

Management is a process of planning, decision making, organizing, leading, motivation and controlling the human resources, financial, physical, and information resources of an organization to reach its goals efficiently and effectively. 

-          Functions of management

At a fundamental level, management consists of a set of five general functions:

 

1.    Planning: The process of choosing appropriate goals and actions to pursue, and determining what strategies to use, actions to take and deciding what resources are needed to achieve the goals.

2.    Organizing: The process of establishing worker relationships allows workers to work together to achieve their organizational goals.

3.    Leading: This function involves articulating a vision, energizing employees, inspiring and motivating people using vision, influence, persuasion, and effective communication skills.

4.    Staffing: Recruiting and selecting employees for positions within the company.

5.   Controlling: Evaluate how well you are achieving your goals, improving performance, and taking actions. Put processes in place to help you establish standards, so you can measure, compare, and make decisions. 

-          Important areas of knowledge for a business manager.

A business manager must have a set of skills to ensure its business goals are met. These skills are usually acquired through job experience or by studying them.

Here are some areas of knowledge that every manager must develop:

 

a)   Communication: Communications skills are vital in a business, they play an important role during negotiations and in meeting with clients or co-workers.

b)  Leadership: Leadership skills help teach you when to address issues yourself and when to delegate authority and responsibilities to subordinates. Delegation allows for the company’s business continuity in the short and long-term. It also boosts employees’ morale, as they feel like a part of the team when placed in decision-making roles.

c)    Budget manager: As a business manager, ensure employees stick to the budget when using the company’s money to accomplish their assigned tasks. You should know how to plan budgets and have knowledge of financial software that tracks how money is spent in the company.

d)  Motivation: To be an effective business manager, you must be a motivator and boost staff morale. Motivated employees feel like valued members of the team.

Organization

Organization is defined as the form of human association for attaining common objectives. Organizations are defined as collectivities that have been established for the pursuit of relatively specific objectives on a more or less continuous basis. Organizations have more or less fixed boundaries, a normative order, authority rank, a communication system and an incentive system which enables various types of participants to work together in the pursuit of common goals.