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UNIT 4
BUSINESS ADMINISTRATION
Start-up
In class discuss these questions
...
How can you define Business Administration?
2
...
Do you think that certain principles should be followed when running a business?
4
...
The goal is to
achieve stability, growth and profitability for a business
...
Some businesses choose to have a hierarchical structure,
in which stockholders, a board of directors, an executive committee and managers
work together through a system of checks and balances to achieve desired objectives
...
How did current management theories develop?
People have been managing work for hundreds of years, and we can trace formal
management ideas to the 1700s
...
We owe much of our understanding of managerial practices to the many
theorists of this period, who tried to understand how best to conduct business
...
He started the
Scientific Management movement, and he and his associates were the first people
to study the work process scientifically
...
Taylor’s philosophy focused
on the belief that making people work as hard as they could was not as efficient as
optimizing the way the work was done
...
” In other words, if a worker did not achieve
enough in a day, he did not deserve to be paid as much as another worker who was
highly productive
...
For example, selecting the right people for the job was an important part of
workplace efficiency
...
These principles are also known
simply as “Taylorism”
...
Replace working by “rule of thumb,” or simple habit and common sense, and
instead use the scientific method to study work and determine the most efficient way to perform specific tasks
...
Rather than simply assign workers to just any job, match workers to their
jobs based on capability and motivation, and train them to work at maximum
efficiency
...
Monitor worker performance, and provide instructions and supervision to ensure that they are using the most efficient ways of working
...
Allocate the work between managers and workers so that the managers spend
their time planning and training, allowing the workers to perform their tasks
efficiently
...
He developed 14 Management Principles:
•
DIVISION OF WORK: Work should be divided among individuals and groups
to ensure that effort and attention are focused on special portions of the task
...
•
AUTHORITY: The concepts of authority and responsibility are closely related
...
Responsibility involves being accountable, and is therefore naturally
associated with authority
...
•
DISCIPLINE: A successful organization requires the common effort of workers
...
•
UNITY OF COMMAND: Workers should receive orders from only one manager
...
•
SUBORDINATION OF INDIVIDUAL INTERESTS TO THE GENERAL
INTERESTS: The interests of one person should not take priority over the
interests of the organization as a whole
...
•
CENTRALIZATION: The degree to which centralization or decentralization
should be adopted depends on the specific organization in which the manager is
working
...
Each manager, from the first line supervisor to the president, possesses
certain amounts of authority
...
Lower level managers should always keep upper
level managers informed of their work activities
•
ORDER: For the sake of efficiency and coordination, all materials and people
related to a specific kind of work should be treated as equally as possible
...
•
STABILITY OF TENURE OF PERSONNEL: Retaining productive employees should always be a high priority of management
...
•
INITIATIVE: Management should take steps to encourage worker initiative,
which is defined as new or additional work activity undertaken through self
direction
...
Comprehension and Vocabulary exercises:
A
...
When did the most significant developments in management theory emerge?
2
...
What did Taylor’s philosophy focus on?
4
...
According to Fayol, what was the best way to use the human resources of an
organization?
6
...
Match the words with their definitions:
e
...
allocate
f
...
rule of thumb
g
...
executive committee
h
...
remuneration
6
...
the process of hiring the
best-qualified candidate for
a job opening
7
...
retaining employees for long
5
...
practical unwritten rule
C
...
In the practical world of business, they are very________________
and generally have identical______________and responsibilities
...
However, unless clearly defined by a particular company, business management and
administration are generally the same
...
Fill in the gaps with the appropriate verb:
monitor, assign, recruit, allocate, remunerate
1
...
2
...
3
...
4
...
5
...
E
...
Selecting the right people for the job is an important part of workplace______________
2
...
3
...
4
...
F
...
When employees work in har- a
...
they do not encourage their initiative
2
...
climb the scalar chain quickly
their employees
d
...
When it is risky to hire inexperienced workers
4
...
Give the synonyms of the following words:
Retain
Function
Allocation
Affect
Monitor
Language Development
Suppose you own a small business
...
UNIT 5
WHAT IS MARKETING,
ANYWAY?
Start-up
In class discuss these questions:
1
...
2
...
3
...
What is the role of social media in marketing?
34
English for Economics and Business
Reading
After years of conceptual as well as technical development, many practitioners
still confuse sales and marketing and use the two terms synonymously
...
In fact, an old adage that might be applied to marketing
definitions says that if four marketers got together, there would be five definitions of
the discipline they were practicing
...
” But this definition formulated in 1946 and published in 1960,
should be noted as only the starting point rather than the final word
...
A few years later it was suggested that the concept of marketing be broadened to
include nonbusiness organizations and that marketing goes beyond goods and services to include many activities in which the ultimate result is not a market transaction
...
Thus in early 1985 the AMA’s board of directors redefined marketing as “the process of planning and executing the conception, pricing, promotion and distribution
of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives
...
”
This means the ideas, the brand, how you communicate, the design, print process,
measuring effectiveness, market research and the psychology of consumer behavior
all count as part of the bigger picture of ‘marketing’
...
From a societal point of view, marketing is the link between a society’s material
Unit 5 - What is Marketing, Anyway?
35
requirements and its economic patterns of response
...
Marketing can be looked at as an organizational function and a set of processes for
creating, delivering and communicating value to customers, and managing customer
relationships in ways that also benefit the organization and its shareholders
...
Social media marketing refers to the process of gaining website traffic or attention
through social media sites
...
The
resulting electronic word of mouth (eWoM) refers to any statement consumers share
via the Internet (e
...
, web sites, social networks, instant messages, news feeds) about
an event, product, service, brand or company
...
Social networking websites
Social networking websites allow individuals to interact with one another and build
relationships
...
Social networking sites and blogs allow individual followers to “retweet” or “repost”
comments made by the product being promoted
...
Social networking sites act as word of mouth
...
36
English for Economics and Business
Mobile phones
Mobile phone usage has also become beneficial for social media marketing
...
This
constant connection to social networking sites means products and companies can
constantly remind and update followers about their capabilities, uses, importance,
etc
...
Comprehension and Vocabulary Exercises:
A
...
Why is it difficult to define Marketing?
2
...
Did societal needs lead Marketing to new dimensions, and if so, how?
4
...
Where do Social media marketing programs usually center?
6
...
Decide which of the following statements are true or false:
1
...
Unit 5 - What is Marketing, Anyway?
37
2
...
3
...
4
...
5
...
6
...
C
...
Conceptual
a) depict, portray
2
...
Knowledgeable
c) define
4
...
Formulate
e) well informed
6
...
Disseminate
g) professional, specialist
8
...
By implication
i) dividing
10
...
Fill in the gaps with the appropriate word:
instruments, origins, requirements, research, products, profit
The__________of the concept of marketing have their roots with the Italian economist Giancarlo Pallavicini in 1959
...
Giancarlo Pallavicini introduces the following definitions: Marketing is defined as
a social and managerial process designed to meet the needs and __________of consumers through the processes of creating and exchanging _________and values
...
38
English for Economics and Business
*Market segmentation is a marketing strategy that involves dividing a broad target
market into subsets of consumers, who have common needs and priorities, and then
designing and implementing strategies to target them
...
Process/ procedure
There are a number of procedures within a process
...
B
...
Similarly, you use execute for wills - when you die, an executor executes your
will, or does the things you said should be done in your will
...
Apply: to put into effect or use after it has been implemented
...
Unit 5 - What is Marketing, Anyway?
39
carry out: to follow orders that someone has given you, to follow through with
plans you set for yourself, to finish something you started
...
I started by conducting an experiment in my lab at work
...
exchange/transaction
exchange: is the process of obtaining a desired product from someone by offering something in return
...
Barter agreement between two parties that involves a trade of goods or services
of equal perceived value without any monetary compensation
...
g
...
Some reports suggest that the exchange might not happen
until next month
Transaction: An agreement between a buyer and a seller to exchange an asset for
payment and establishes a legal obligation
...
g
...
How many transactions do you make per day at this register?
D
...
It is a specific partof knowledge or learning normally associated with following a standard way of doing
things
...
There are governing bodies that attempt to standardize the methods involved in providing those
services
...
Write down examples of the social networking capabilities of mobile
phones
Β
...
I demand that my books be judged with utmost severity, by ____________
people who know the rules of grammar and of logic
2
...
A toothache, or a violent passion, is not necessarily diminished by our
______________of its causes, its character, its importance