Definitions Business Administration

 Administration

Provide a definition of administration.

It is a social process and a technique that involves a set of functions that are used to obtain highly efficient results, coordinating people, functions or systems that make up an organization. It also plans, integrates, controls and unifies the resources of an organization in order to obtain a benefit.

The constant improvement is the main objective of the administration. It is a very important tool since as a social science it provides us with many ways to improve our lives in general.

Concepts of Administration

·     Financial administration: It focuses on the management of capital and the increase of the wealth of the shareholders and the capital of the organization.

·  Business management: Also known as marketing, it focuses on the business operations of the company.

·       Process management: It refers to the productive or functional lines of the company.

·  Human resources administration: Focused on workers and employees, at the command level and other problems or human situations within the company.

 Universal functions in Administration

1.       Planning: Structuring the elements of an organization in a suitable way, always creating tasks and processes in order to achieve a goal.

2.       Organization: Synchronize tasks with processes, to establish the way in which they will be carried out in the best possible way.

3.       Direction: Activities necessary to run an organization. Take into account leadership, technical and strategic aspects.

4.       Control: It consists of monitoring the operation of the organization in order to diagnose and prevent possible failures, and thus be able to resolve them in advance.

Business

•    Define Business

Business: is defined as an organization or enterprising entity engaged in commercial, industrial, or professional 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 model : a plan for the successful operation of a business, identifying sources of revenue, the intended customer base, products, and details of financing.

Plan: is typically any diagram or list of steps with details of timing and resources, used to achieve an objective to do something.

Vision:  is a vivid mental image of what you want your business to be at some point in the future, based on your goals and aspirations.

Mission: statement defines what line of business a company is in, and why it exists or what purpose it serves.

•    Objective of Business.

It’s a result that a company aims to achieve. It also includes the strategies that people will use to get there. A business objective usually includes a time frame and lists the resources available.

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

Business activities can be classified into two categories:

 

1.     Industry

2.     Commerce

 

1.     Industry- the sector where raw material gets transformed into beneficial products is called industry. An industry  may create capital goods or consumer goods such as cloth, radio, bread, butter, etc. The industry can be classified into three categories.

 

1.     Primary industry

2.     Secondary industry

3.     Tertiary industry

 

2.     Commerce generally relates to the exchange of goods, services or something of value, between entities. Commerce is classified into two general sections.

 

1.     Trade

2.     Aids to trade

 

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

 

Business ownership refers to the control over an enterprise, providing the power to dictate the operations and functions.

 

Sole proprietorship

The simplest and most common form of business ownership, sole proprietorship is a business owned and run by someone for their own benefit. The business’ existence is entirely dependent on the owner’s decisions, so when the owner dies, so does the business.

 

Partnership

These come in two types: general and limited. In general partnerships, both owners invest their money, property, labor, etc. to the business and are both 100% liable for business debts. In other words, even if you invest a little into a general partnership, you are still potentially responsible for all its debt. General partnerships do not require a formal agreement—partnerships can be verbal or even implied between the two business owners.

 

Limited partnerships require a formal agreement between the partners. They must also file a certificate of partnership with the state. Limited partnerships allow partners to limit their own liability for business debts according to their portion of ownership or investment.

 

Corporation

Corporations are, for tax purposes, separate entities and are considered a legal person. This means, among other things, that the profits generated by a corporation are taxed as the “personal income” of the company. Then, any income distributed to the shareholders as dividends or profits are taxed again as the personal income of the owners.

 

Limited Liability Company (LLC)

Similar to a limited partnership, an LLC provides owners with limited liability while providing some of the income advantages of a partnership. Essentially, the advantages of partnerships and corporations are combined in an LLC, mitigating some of the disadvantages of each.

 

Management

Define management.

It is the activity of organizing, advising, leading, and controlling an organization or a group of one or more people with the purpose of achieving a goal.

Functions of management. (Describe them in detail)

Company’s way: The decisions that are made to be successful.

• Organization: It is about organizing operations in short, medium, and long term.

• Provide resources: To be successful, there must be resources and things that people need to work better like financial resources, time, energy, competence, etc.

• Control: Control function is about being able to make a solution for every problem and prevent more.

• Planning: It is just analyzing different situations in the present or future and making ways to get objectives.

• Activation: Consist of giving life or kind of energy to the organization and keep work efficient.

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

Integration, Scope, Deadlines, Costs, Quality, Human resources, Communication, Risks, Acquisitions, Stakeholders, Social Media Hacking, Analytics, Leadership, Negotiation, etc.

 

Organization 

Provide a definition of organization. Be extensive.

 

Organization refers to a collection of people, who are involved in pursuing defined objectives. It can be understood as a social system which comprises all formal human relationships. The organization encompasses division of work among employees and alignment of tasks towards the ultimate goal of the company. It can also be referred as the second most important managerial function, that coordinates the work of employees, procures resources and combines the two, in pursuance of company’s goals. Organization is a goal oriented process, which aims at achieving them, through proper planning and coordination between activities. It relies on the principle of division of work and set up authority/responsibility relationship among the members of the organization.

 

 

NAME: 

Guillermo Francisco Contreras Durán. 

Daniel Chavez Martinez

Ramón Valadez Rodríguez

Juan Carlos Ibarra Gaspar