Definitions Task 1

 Task 1 Definitions 

Administration

Provide a definition of administration.  The video gives a brief explanation of what business administration is but essentially the administration is the process that combines principles and techniques for the efficient achievement of a group goal, through the use of its resources and effort. The ability to skillfully coordinate many often conflicting social energies, in a single organism, so that they can operate as a single unit.

Concepts of Administration. There are several concepts of the administration, but of the most important and that most caught my attention were these ones:

• Administration: It is a process that is responsible for forming, organizing, both human and financial movements of an organization, taking control of them, in order to obtain benefits for said company.

• Efficacy: Achieve objectives and results. effective work is profit and success.

• Efficiency: Execute tasks well and correctly. efficient work is work well done.

• Authority: It is the right to give orders and expect obedience. it is related to the position that the administrator formally occupies in the organization.

• Leadership: It is the interpersonal influence that is exerted in a situation directed through the process of human communication for the consequence of a certain objective.

Universal functions in Administration. Henry Ford was the one who identified and highlighted these functions of the administration:

1. 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.

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

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

4. 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. The term business is understood as an economic activity that offers benefits thanks to the provision of services or the purchase / sale of assets / products. Therefore, the objective of any business will be to obtain an economic return, that is, a profit.

Concepts of Business. (Define them in detail).  Define the business concept, and establish from it the aspects most representative of the same which I think are:

• Customer value proposition: The key to successfully achieving a position in the market is to seek and achieve full customer satisfaction, more than great products or services to offer.

• Potential market: A business will have economic value only when it succeeds in the market.

• Grade of innovation: In either of the two categories (product / service, or business), the entrepreneur can develop something new or capitalize on what is already existing.

• Profitability: Profitability is undoubtedly a criterion of a successful business that should indicate whether it is capable of generating long-term profits, that is, how much money can be gotten from the business.

Objective of Business. Obtain an economic return, that is, a profit.

Types or classification of business. (Define each in detail). It may be due to its size and also due to its sector:

• Primary: It is that sector that is available for the extraction of raw materials, that is, the use of natural resources for their treatment and production of goods and their respective sale in the market.

• Secondary: Here are included the companies that work both with the industry or with the construction, that is to say, it is the sector that works the raw material or that transforms it into goods for the use of the final consumer.

• Tertiary: They are those who work or who work with the products in their final state, that is, that include the companies that work with the offer of services to the consumer.

• Microenterprise: One with fewer than 10 workers, it can be non-legal and even mobile business forms.

• Small company: One that has at least 10 workers, and that presents a continuous production of a certain good.

• Medium-sized company: Which has 50 to 100 workers, presenting equally, a constant and busy commercial activity.

• Large company: Which has more than 100 workers, has large production plants and even has branches.

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. They may be:

• Public: The capital is provided mostly or entirely by the State.

• Private: The capital is contributed by one or more private persons. They may be:

• Individual: With a single owner.

• Social: With several owners.

MANAGEMENT

Define management.  It is the strategic, administrative and control process for managing the company's resources to increase its productivity, competitiveness, effectiveness and efficiency.

Functions of management. (Describe them in detail).

• Authority: It is the right to give orders and expect obedience. it is related to the position that the administrator formally occupies in the organization.

• Organization: Social entity made up of people and resources, structured and deliberately oriented towards a common objective.

• Direction: It is the administrative function that interprets the objectives and plans to achieve them; leads and guides people towards them.

• Staff: The priority of providing consultation, consulting, recommendation, suggestion, advice or providing specialized services.

• Control: It is the management function that verifies that everything happens according to the established rules or the orders given.

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

• Search for innovations.

• Innovation management of company projects.

• Management of planned projects.

• Development of products and services according to available resources.

• Economic and financial management.

Organization 

Provide a definition of organization. Be extensive.

The organization as a process is the grouping of people who seek to obtain one or more different ends, whether economic, cultural, health, social, etc. These define their own objectives, which result from the grouping of the particular objectives of their members. The elements of the context change permanently affecting your actions. If organizations have many members, their management may not be able to be tackled collectively and the defined objectives may not satisfy all of their members. Every organization is created to achieve a set of purposes, all purposes are achieved differently, therefore, for the goals of the organization to be achieved the tasks must first be established. As an organization grows and hires more staff to carry out activities, it becomes necessary to group together the people whose tasks are related to each other. Since organizing is an ongoing process, periodic evaluation is required. As the organization grows and situations change, its structure must be evaluated to ensure that it is supported by an effective and efficient operation to meet current needs. The division of labor is dividing a task, so that each individual is responsible and performs a set of activities and not the entire task.