TOPICS FOR REVISIONS-ESP1

Unit 1 Management
1. The functions of management.
2. The roles (tasks) of a manager.
3. The differences between a manager and a leader.
Unit 2 Work and motivation
1. The importance of motivation
2. Common types of motivators
3. Theory X and Y
4. Maslow’s hierarchical needs
Unit 3. Company structure
1. Company structure: (Chain of command, functional structure, flattening
hierarchies, matrix management)
Unit 4. Managing across cultures
1. Richard Lewis model of types of culture
2. The conflict between globalization and localization
Unit 5 Recruitment
1. The different stages of recruitment
Unit 8 Production
1. The process of industrial production
Unit 9 Logistics
1. Different strategies for stock control and manufacturing (Pull and Push strategies)
2. Just In Time (JIT) production
Unit 12 Marketing
1. A product life cycle
2. Role of marketing
3. Pricing and distribution strategies
Unit 13. Advertising
1. Different kinds of sales promotions
2. Conditions to make a successful advertising campaign
Unit 23 The business cycle
1. Business cycle: Causes
Unit 24 Corporate social responsibility
1. Responsibilities of businesses
2. Illegal acts (non-ethics business practices)
Unit 27 International trade
1. Theory of free trade
2. Advantages and disadvantages of free trade.
TOPICS FOR REVISIONS-ESP1
Unit 1 Management
1. What is the function of management?

The process is used to accomplish organizational goals through planning,

organizing, leading, and controlling people and other organizational
resources.

2. The roles (tasks) of a manager and its significance

- Planning: setting objectives, deciding how they can be achieved or

accomplished by developing strategies, plans, and precise tactics,
allocating resources (people and money)
- Organizing: analyze and classify the activities of the organization and
the relations. Divide the work into manageable activities and then into
individual tasks. Select people to perform those tasks
- Integrating (motivating and communicating): communicate objectives
to the people responsible for attaining them. Have to make the people
who are responsible for performing individual tasks form teams, make
decisions about pay and promotion - supervising the work of their
subordinates.
- Measuring performance: to see whether the objectives or targets set
for the organization as whole and for each individual member of it are
being achieved
- Developing people: both subordinate and themselves. A developed
team leads to excellent performance. Need to assess strengths and
opportunities, host a development conversation and monitor the
progress
- Consider the future and modify or change the objectives when
necessary and introduce the innovations which allow business to
continue. Manage businesses relations with customers, suppliers,
distributors, bankers, investors, neighboring communities and public
authorities and deal with any crisis that arises

3. The differences between a manager and a leader.

- Managers focus on planning, organizing, and controlling resources to

achieve organizational goals. They are responsible for setting objectives,
allocating resources, and ensuring that tasks are completed efficiently.
Managers often have a strong understanding of processes and
procedures, and they are good at delegating and motivating their team
members.
- Leaders focus on inspiring and motivating their team members to
achieve more than they thought possible. They set a clear vision for the
future, and they empower their team members to take risks and
innovate. Leaders are also good at building relationships and creating a
positive work environment.

- The employee will obey the manager, but people follow a leader, it is a
voluntary choice
- Leaders do not have to hold a management position.

Unit 2 Work and motivation

1. The importance of motivation
Firstly, motivation is a driving force that enhances the individual and organizational
performance.
+ higher productivity levels ⇒ employees more engaged and satisfied; hence lowering
absenteeism and turnover.
+ enhanced creativity because it drives people to think outside of the box and come up
with new and innovative ideas.
+ increase workplace harmony as motivated people are likely to trust, cooperate and
communicate effectively with the managers, which can foster labor relations in the
workplace.
+ improving a company's reputation and strengthening recruitment. By motivating
employees, companies can create a positive and productive work environment that
attracts and retains top talent and motivated and engaged employees capable of providing
excellent customer service.
-> Effective leaders and organizations understand the importance of motivation and work
to foster it among their teams.

2. Common types of motivators

Hygiene factors Motivating factors

● Extrinsic to the job ● Instrictic to the job

● Can not lead to employees’ motivation ● Can lead to employees’ motivation

● Interpersonal relations ● The work itself

● Salary ● Possibility for growth
● Working conditions ● Responsibility
● Company policies and administration ● Recognition
● Supervision ● promotion

Having a challenging and interesting job, recognition and responsibility,

promotion

- Intrinsic motivation: refers to the act of doing something that does not
have any obvious external rewards. You do it because it’s enjoyable and
interesting to you, not because of any outside incentives or pressures,
like rewards or deadlines.
Intrinsic motivators come from within an individual, such as their
own interests, values, and goals. Examples
- Enjoyment: Engaging in activities that are pleasurable and fun
- Curiosity: The desire to learn and explore new things
- Challenge: Seeking out and overcoming difficult tasks
- Personal growth: Striving to develop one's skills and knowledge
- Autonomy: Having the freedom to make one's own choices and
decisions
- Extrinsic motivation: refers to the behavior of individuals to perform
tasks and learn new skills because of external rewards or avoidance of
punishment.
Extrinsic motivators come from external sources, such as rewards,
punishments, or social recognition. Examples
- Money: Financial rewards, such as salary, bonuses, or
commissions
- Power: The desire to have control over others and influence their
behaviors
- Status: The desire to be respected and admired by others
- Recognition: Receiving praise or rewards for one's
accomplishments.
- Competition: The desire to outperform others and achieve
success

3. Theory X and Y

Theory X (3 under) Theory Y

Authoritarian leadership Participative leadership

Autocratic management style Democratic management style

Pessimistic approach Optimistic approach

- Theory X: people are lazy and will avoid work and responsibility if they
can. Workers have to be closely supervised and controlled, and told what to
do. Apply “carrot and stick” means They have to be both threatened (ex: losing
their job) and rewarded with incentives, probably monetary ones such as a pay
rise or bonuses. Most people are incapable of taking responsibility for
themselves and have to be looked after.
Apply when:
+ Workforce is large and unskilled
+ The work if repetitive and routine
- Theory Y: Most people have a psychological need to work, and given the
right conditions - job security, financial rewards - they will be creative,
ambitious and self-motivated by the satisfaction of doing a good job.
Apply when:
+ Workforce is small and highly skilled
+ Work is complex and challenging
+ There is a need for creativity and innovation
+ by skilled professionals and “knowledge workers” - managers,
specialists, programmers, scientists, engineers

4. Maslow’s hierarchical needs

A theory of motivation which states that five categories of human needs

dictate an individual’s behavior. Those needs are physiological needs, safety
needs, love and belonging needs, esteem needs, and self actualization needs.
- Deficiency needs (physiological needs, safety needs, love and
belonging needs and esteem needs) are concerned with basic survival,
well-being and include physiological needs
- Growth needs (self-actualization needs) are <needs that humans have
for personal growth and development. These needs are not essential for
survival, but they are important for living a fulfilling life> more
physiological needs and are associated with the realization of an
individual’s full potential and the need to ‘self-actualize’. These needs
are met more through intellectual and creative behaviors. A desire to
grow as an individual

Unit 3. Company structure

Decentralization: managers empower employees by delegating decision
making and responsibilities so they feel valued and know their contribution
and voice mattered → inspire worker
Centralization: the top management sets rules and procedures which are then
communicated to the lower-level employees, who are expected to carry out the
same without questioning the authority.
AD DISAD
centralization - efficiency: decisions can be made - Bureaucracy: Centralized
quickly and easily by a small group organizations can be bureaucratic
of people at the top. and slow to respond to change.
- Consistency: ensure that all - Lack of innovation: there is
operations are conducted in a less opportunity for employees at
consistent manner, according to lower levels to contribute to the
standardized procedures decision-making process.
- Control: over their resources and - demotivate employee: feel less
activities. engaged in their work because
- less conflict they have less autonomy and
control over their own work
decentralization - Empowerment: allow employees - Lack of control: less control
at all levels to make decisions and over the activities. This can lead
take ownership of their work → to inconsistencies and problems
increased motivation and with quality control.
engagement. - Security risks: be more
- Flexibility and agility: they are vulnerable to security risks, such
able to respond to change more as fraud and cyberattacks.
quickly and easily. - Conflict
- Innovation: employees have - Increased costs: the cost of
more freedom to experiment and training and supporting
try new things. decentralized units.

DESCRIPTION ADVANTAGE DISADVANTAGE

Hierarchy - One person or a group All people know The activities of most
chain of of people at the top what decisions they organizations are too
command and an increasing are able to make, complicated to be
number of people who their line organized in a single
below them at each manager (to whom hierarchy
successive level (line they report) and who
structure) their immediate People at lower levels
subordinates (over cannot take important
whom they have line decisions but have to
authority and can pass on responsibility
give instructions to) to their boss

Clear chain of
commands running
down the pyramid

Functional An organization with - allow employees to People are often more

structure specialized focus on their roles concerned with the
departments such as - easily scalable in success of their own
production, finance, any sized company department than that of
marketing, sales, hr. -increase the company as a whole
specialization/produ → permanent conflicts
The production and ctivity between the finance
marketing - clear career paths, and marketing or
departments cannot hierarchy and marketing and
take financial defined roles production over what
decisions without the objectives are
consulting the finance - limited cross-team
department collaboration
- weaken bonds

Flattening the modern tendency

hierarchy is to reduce the chain
of command, take
out layers of
management →
fewer layers

Motivate their staff

by delegating
decision making and
responsibilities

Matrix People report to more Ability to experience Involves several

managemen than one superior. A diverse skill sets When departments can
t product manager with become complex →
you're tasked to work
an idea could deal sometimes necessary to
directly with the with numerous project give one department
managers responsible managers, you may priority in decision
for a certain market likely work with other making
segment and for a
geographical region, team members from
as well as managers in various departments.
the finance, sales and
Reduces costs
production
departments. Encourages teamwork
Flexibility

Teams Temporary groups Better communication Not always goods at

responsible for an Increased efficiency ... decision making →
entire project - spilt require a strong leader
Additional professional
up as soon as it is
successfully flexibility
completed Empowered
professionals ...
Encourages innovation
...
More constructive
competition
teamwork

Unit 4. Managing across cultures

1. Richard Lewis model of types of culture

REACTIVE MULTI-ACTIVE LINEAR-ACTIVE

Prefer to listen to and Attach more importance to Organized and rational, act
establish other’s position, feelings, emotions and logically rather than
then react to it. Avoid intuition, and emotionally, plan in advance
confrontation or lose face, relationship/connection.
rarely interrupt speaker Like to do one thing at a time
and avoid eye contact Do many things at the same Rules apply to everybody,
time, flexible, good at contract
Try to formulate changing plans and happy to Not afraid to confrontation
approaches which suit improvise, believe in social but will compromise when
both parties or company hierarchy and necessary achieve a deal
respect status →
→ prioritize relationship individualist/universualist
over rule/regulations
→ collectivist/particularist

asia Southern europe, latin Britain, usa, germany

america and africa

2. The conflict between globalization and localization:

Managing a global multinational company would be simpler if it requires only

one set of corporate objectives, goals, policies, practices, products and services.
But local differences - cultural habits, beliefs and principles specific to each
country or market - make this impossible
→ companies want to be successful in foreign markets have to be aware of the
local cultural characteristics that affect the way business is done

+ Economic impact: globalization: expansion of multinational

corporations → threaten local businesses and industries (meanwhile,
localization protect local business)
+ Cultural identity: globalization: spread of new cultural values and
norms, which can erode local traditions and identities
+ Environmental concerns: globalization: environmental degradation
through increased consumption, resource extraction and pollution
+ Political sovereignty: globalization: challenge the sovereignty of a
nation, as international organizations and agreements may impose
regulations and policies that limit local autonomy
Unit 5 Recruitment
Includes the entire hiring process, from _inception__ to the individual recruit’s
_integration_ into the company

Try to discover while aperson has resign

Examine job description con cho trong ko

6`4→ co: move to step 3

Identify Figure out what is lacking in their current team:

requirements ⇒ Gap in the performances, skills or proficiencies
⇒ Sudden increase in workload that the team can not handle
⇒ Employees leaving

Create JD •What position are they recruiting?

•What ability do they need their applicants to perform?
What is required in a job description?
JOB DESCRIPTION: core value, benefit, job title, department,
industry pay, duties, demand, qualities

Talent search Identifying the right talent

⇒ Attract and motivate them to apply.
•Recruiters can be promoted by holding job fairs, posting on
social networking platforms,…

Shortlisting ● Sort applications

● Sort resumes: certifications, relevant experience, domain
expertise, technical competencies and other specific skills…
→ Be outstanding: preferred credentials and minimum
qualifications.
→ Any concerns: clarify during the interview

Interview ● Video interviews/ In-person meetings

Evaluate applicants’ abilities, interpersonal skills and cultural fit.
Behavioral and situational question ⇒ how candidate handle

Evaluation - Check the candidate’s professional references.

Employment offer - Verify all the employment details
→ make a draft contract
- Make job offers
- Win loyalty points by helping their new hire settle in.

Introduction Try to break the ice have good relations and with everyone
Induction

DIFFERENT STAGES OF RECRUITMENT

7 stepsKhông có trong bullet point của cô nhưng mà trong bài thuyết trình, có
gì đọc thêm lấy ý nhoa, thank you!

INTERNAL HIRING EXTERNAL HIRING IMPORTANCE

1.Promotion 1.Advertisement 1.Attract talent
2.Transfer 2.Campus recruiting 2.Business growth
3.Referral 3.Employment exchange 3.Adapt to changes
4.Former Employees 4.Casual callers Staff retention
Merits: Merits:
CÁI MERIT CỦA INTERNAL
LÀ CÁI DEMERIT CỦA
EXTERNAL VÀ NGƯỢC LẠI

Demerits:
Demerits:

Unit 8 Production
- Product Design and Development:

- Raw Material Procurement

- Material Processing

- Assembly or Manufacturing

- Quality Control and Testing

- Packaging:

- Storage and Warehousing

- Distribution and Transportation

- Sales and Marketing

- Customer Support and Service

- End-of-Life Recycling or Disposal

STT Vocabulary Meaning

1 Product line A product line is a group of connected products

marketed under a single brand name by the same
company

2 Product mix The product mix is the total range of product lines and
types a company has on sale for its customers.

3 Level of product A jz framework to analyze product and help to develop

market strategies

4 Product classification A way of organizing different types of products and

services into categories based on their characteristics

5 Outlets places of business for selling goods to customers (shops,

stores, kiosks, etc.

6 Retailers businesses that sell goods or merchandise to individual

consumers

7 Market share the sales of a company expressed as a percentage of total

sales in a given market

8 Product concept a product concept is the general description of a product

or service that a business wants to develop.

9 Endorsement

10 Communication the strategy used by a company or individual to reach

strategy their target market through various types of
communication

11 Product Tangible or intangible offering that fulfills a specific

need

12 Brand Broader context and emotional connection

13 Brand recognition ability of consumers to recognize an identifying

characteristic of one brand versus competitors
14 risk premium the potential cost of taking a chance

15 procurement
the obtaining of supplies
thu mua

16 the time needed to perform an activity such as manufacturing a

lead time
product or delivering it into a customer

THE PROCESS OF INDUSTRIAL PRODUCTION

Tham khảo mạng chứ trong sách không thấy

Product Design - Engineers and designers create technical drawings and specifications for the product to be
manufactured.

1. Prototype Development - A prototype is produced to test the design. Changes may

be made based on feedback.
2. Process Design - Manufacturing engineers plan out the production process,
machines and equipment needed, material requirements, quality control measures
etc.
3. Acquire Resources - The facility, machinery, raw materials, and staff required for
production are acquired and set up.
4. Production Planning - Production is scheduled, quantities are determined and
resources are allocated using demand forecasts.
5. Quality Control - Parameters and standards are set to ensure the product meets
specifications. Inspection points are identified.
6. Production - The product is manufactured in batches or in a continuous process
based on the production plan. Automated machines as well as manual labor is
involved.
7. Testing - Samples from each batch are tested to ensure quality standards are met.
Defects are identified and production adjusted accordingly.
8. Packaging & Dispatch - The final product is packaged and labeled appropriately,
then dispatched to the warehouse for storage and distribution.
9. Improvement - Production processes are constantly monitored and refined to
improve efficiency, quality and minimize costs. New technologies may be adopted
over time.
cíuuuuuu

Unit 9 Logistics
1. Different strategies for stock control and manufacturing (Pull and
Push strategies)
- Pull strategy: The company manufactures depending on current demand, which is
satisfied from a small inventory. This is a replenishment strategy: both production and
supplies are constantly reacting to the actual consumption of components, rather than
planning ahead. include lean production, stockless production, continuous flow
manufacture, and agile manufacturing, nothing is bought or produced until it is needed

● Advantages:
- Establish direct contact with consumers and build consumer loyalty
- Focuses on creating brand equity and product value
- Consumers are actively seeking out the product, which removes much of
the pressure of conducting outbound marketing
- Can be used to test a product’s acceptance in the market and obtain
consumer feedback
- Reduce inventory cost
● Disadvantages:
- Require high brand loyalty
- Lead time is long, as consumers are comparing alternatives before making
a purchase
- Risk of stockout: if customer demand is higher than expected → disappoint
customers and damage the brand’s reputation
- Requires strong marketing efforts to convince consumers to actively seek
out the product

- Push strategy: production is based on estimates of future demand, and begins according to
the planned production lead time; incorporate with safety stocks and lead time

● Advantages
- Push marketing is useful for manufacturers that are trying to establish a
sales channel and are seeking distributors to help with product promotion.
- It creates product exposure, product demand, and consumer awareness
about a product.
- Reduced risk of stockout: as business can produce products in advance of
demand
- Economies of scale can be realized if the product is able to be produced at
scale due to high demand.
● Disadvantages
- Increased inventory cost
- Risk of obsolescence
- Potential for waste

2. Just In Time (JIT) production

- JIT: production method focus on reducing and eliminating the need to hold inventories of
raw material
components which are delivered just in time to be used in the production process, the
making of any parts is taken just in time to be used in the next stage of production and the
finished product is made just in time to be delivered to the customers.
Advantages:
- Reduced inventory cost
- Improved quality control
● Disadvantages:
- Reduced flexibility to respond to unexpected changes in demand or
supply
- Reliance on suppliers: if supplier is unable to deliver materials or
components on time, it can disrupt the entire supply chain
- Increased complexity: carefully coordinate their production
planning and scheduling with their supplier*

UNIT 10: QUALITY AND TQM

1. Quality:
- Quality: to produce a good or a service which meets customers
expectations
- Quality control: the checking for quality at the end of the production
process, whether it is the production of a product or a service
- Quality assurance: the checking for quality standards throughout the
production process, whether it is the production of a product or a
service
2. Total quality management (TQM): involves an attitude and a
corporate culture that are dedicated to providing customers with
products and services that satisfy their needs.
Products should have no defects (zero defects) and services should be
as close to perfect as possible
The company should do right things, the first time and every time,
which should eliminate waste from its operations. Processes change →
everything is capable of being improved all the time

3. How does TQM affect business?

- This approach to quality requires the involvement of all employees in
a business→ based on the principle that all staff involved in the search
for continuously improving quality, in all activities (marketing,
production, customer service, sales, purchasing, design, engineering,
finance, hr ,..)
- Change in the culture of the organization: everyone has
responsibilities → the search for quality must affect the attitudes and
actions of every employee. Every department is obliged to meet the
standards expected by its internal customers, relationship between
each department is called quality chains
- Make use of the knowledge and experience of all staffs to identify
and correct faulty systems and process
- Has revolutionized the way workers view quality, the concept of
TQM is explained and training given to all workers.Workers should be
empowered to stop production to solve problem as quality is more
important than maximizing output or reducing costs → fit Herzberg
principles of job enrichment

Vocabulary

- Design-for: Looking at how easy it is to make a new product, not just

the features
- Design-for manufacturer: Asking questions to find out if your
suppliers are able to meet quality standards
- Product recalls: The return of products, for example because they’re
faulty or dangerous
- Defect: A fault or imperfection or deficiency
- Goodwill: Customers’ satisfaction with and loyalty to a company
- Serviceability: ease of maintenance and repair
- Benchmarking: going outside the firm to see what excellent
competitors are doing and adopting the best practices in your
performance against other companies that are best in class and then
using the information to improve
- Durability: performance over a long period
- ISO 9000: a set of international standards of quality. Companies can be
audited for compliance with one of the standards, and then publicly
state that they’re ISO9000-certified
- Nonconformance: when a requirement has not been met. It does not
need to be a serious defect, it could be a simple mark on the surface that
spoils the appearance
- Six Sigma: the name of a well-known quality methodology. It takes a
highly disciplined approach to eliminating defects in
manufacturing. This term originally comes from statistics
- Leading indicators: are those that are a future outcome. For example,
predict levels of staff satisfaction are often a leading indicator of
quality. A more motivated workforce will make fewer mistakes
- Lagging indicators: are those that show a result. For example, warranty
claims are a lagging indicator of quality. Fewer claims means that earlier
actions to improve quality are now working (a lag is a delay between
two events)
- Key performance indicators (KPI): are statistical measures of how
well an organization is doing in particular areas. This term is
particularly common in production and operations, but is used
throughout business

Unit 12 Marketing
1. A product life cycle: the length of time from a product first being
introduced to consumers until it is removed from the market.

2. Role of marketing

3. Pricing and distribution strategies

Section Question Answer

1. What is promoting and selling products or services, including

Introduction marketing? market research and advertising.

- Marketing also builds emotional ties through

branding.

The product life cycle is the process that a product goes

2. Product
Q1: Which through from the time it is first introduced to the market
life cycle elements lead until it is eventually discontinued. product life cycles
to the differ from product to product. The length of each stage
diversity of of the product life cycle and the overall lifespan of a
PLC’s product can vary depending on a number of factors,
including:
lifespan?
types of product, market, the level of innovation, the
competitive landscape

4 stages: introduction,growth, maturity, decline.

Q4: How sale, cost, price, promotion (sgk trang 65 cái bảng)
many stages
does PLC
include?
What are the
main features In the introduction stage, users tend to be willing to buy
of each stage brand-new products rather than the old ones and are
of the PLC ? more likely to spend a premium for innovative ones.

Q5: maturity stage-> typically the longest and most

Compared profitable stage There are a number of things that
with the businesses can do to extend the maturity stage of their
decline stage,
products, such as:
will the
introduction ● Innovate
stage be more
● Expand into new markets
profitable?
● Target new customer segments
● Develop new marketing and sales strategies
Of the 4
mentioned
+ Tailor Marketing Strategies to Each Stage
stages in the
+ Prepare for Product Decline and Exit Strategies
product life
+ Manage Product Development and Innovation
cycle, which
one
companies
would be
likely to pay
special
attention to ?

How can
business take
advantage of
PLC model to
make more
profit?

MARKET Penetration: a new product enters a market or that are

3. Pricing and pricing facing a lot of competition
distribution price
skimming for Skimming pricing: a new product is newly launched in
what kind of the market for which there is no competition or
product this high-quality/innovative or desirable product make
kind of pricing maximum revenue before competing products appear
is applied? on the market.
Pricing is the act of deciding how much to charge for
Pricing. What is something.
the importance
- It is the only element of the marketing mix that leads
of pricing?
to revenue, unlike the other elements which incur costs.
- Pricing is an important strategic tool as it creates
customer value.

- A successful pricing strategy helps you strengthen

Pricing your position in the market by earning your clients’
objectives: confidence and bringing your company closer to
achieving its objectives.

- Pricing objectives should be aligned with the

company's overall marketing and corporate
objectives.
● Improving retention
● Maximizing profit
● Competing with similar companies
● Shifting brand image

Pricing
strategies

Pricing strategies refer to the processes and

methodologies businesses use to set prices for their
products and services.

There are different pricing strategies to choose from:

1. Cost-Plus Pricing Strategy
2. Competitor-Based Pricing Strategy
3. Value-Based Pricingmả Strategy
4. Loss Leader Pricing Strategy
5. Penetration Pricing Strategy
6. Skimming Pricing Strategy
5. Marketing 7Ps stand for? Product, Price, Place, Promotion, People, Process, Physical
mix Evidence

● Number 1 is “Product”->anything that serves a

purpose and can satisfy customer needs, it can
be physical objects, services, or ideas. Some
aspects of a good product include reliability, ease
of use, and functions.
● Price is the amount of money that customers pay
in exchange for a product.
● Place. It stands for where the products get
distributed.
● Promotion. Promotion mainly comes in the form
of advertising to deliver a consistent message
about the company and the product to customers
to attract sales and raise brand recognition.
● Process. Process is how a business manages its
practices. For example: How long does a customer
go through the buying process? How to get
customer reviews? How to deliver products to
customers?
● People. This includes the people who invent,
produce, promote, distribute, and deliver the
services to the customer. We can see that not all
of these people came in contact with the
customers but they all contributed to the sale of
the products. A company includes many people
who have different functions
● The physical evidence element of the marketing
mix refers to the physical environment
experienced by the customer. This could
include: Design and layout are important as they
need to make customer experience simple and
straightforward. If customers struggle to find what
they want they will go elsewhere.For an agency,
the website itself is physical evidence.
Pros and cons of different pricing strategies

Pros Cons

Cost-plus Time-saving Does not incorporate the value

pricing to the customer

Price Its early high prices help Copycat products can rob
skimming recoup development costs. later-stage sales potential.

Penetration Its significantly lower price can Price wars and too-low prices
pricing motivate customers to switch can become the norm.
brands

Value-based A boon to artisanal goods, Not beneficial for all products

pricing high-tech products and other where differentiation is not a
unique services. key variable.
b) A price war: the action of two rival companies who both lower the prices
on products, in an attempt to undercut one another and capture greater
market share.

Can be prevented through:

+ strategic price management that relies on non-aggressive pricing

+ a thorough understanding of the competition
+ robust communication with competitors.

Factors that affect price

● operating costs
● scarcity or abundance of inventory
● shipping costs
● fluctuations in demand
● your competitive advantage
● perception of your price

2/ DISTRIBUTION CHANNELS:
● A distribution channel represents a chain of businesses or
intermediaries through which the final buyer purchases a good or
service.
● Components:
+ Manufacturer
+ Retailer, wholesaler = middleman/intermediary
+ consumer

Types of distribution channels

Direct Indirect
DEF Customers make purchases directly customers buy goods from wholesalers
from the manufacturers and retailers

AD + Avoid sharing profits with a + Share shipping and storage costs

third-party distributor
+ Make it easier for customers to find
+ Build relationships with your your products
customers
+ Benefit from your third-party’s
+ Respond to product performance experience, infrastructure and
and customer feedback salesforce

+ Get your products to consumers + Avoid the complexity of managing

faster distribution logistics
DISAD the sizable costs + the distance between you and your
customers.
+ increasing the amount of time it takes
for your product to reach the buyer.

A distribution channle describes the number of intermediaries between a

producer and a consumer. The more intermidiaries there are, the longer the
distribution chann;e anfthe more expensice it is to get the product to the
consymer
There are four main distribution channels levels:
- Zero-level channel:
This is the most direct distribution channel, as there are no
intermediaries between the producer and the consumer. Examples of
zero-level channels include:
● Manufacturer-owned retail stores (e.g., Apple Stores)
● Direct sales through the internet or mail order
- One-level channel: In this distribution channel, there is one
intermediary between the producer and the consumer. This
intermediary is typically a retailer. Examples of one-level channels
include:
● Most consumer goods (e.g., clothing, food, electronics)
● Direct-to-consumer brands that sell through their own
websites
- Two-level channel: In this distribution channel, there are two
intermediaries between the producer and the consumer. These
intermediaries are typically a wholesaler and a retailer. Examples of
two-level channels include:
● Many durable goods (e.g., furniture, appliances)
● Some consumer packaged goods (e.g., toothpaste, soap)

- Three-level channel: In this distribution channel, there are three

intermediaries between the producer and the consumer. These
intermediaries are typically an agent, a wholesaler, and a retailer.
Examples of three-level channels include:
● Some industrial goods (e.g., machinery, chemicals)
● Some agricultural products (e.g., fruit, vegetables)
The choice of distribution channel level depends on a number of factors,
including the product, the target market, and the desired level of control
over the distribution process.

2.5. The role of marketing

Marketing plays a significant role in helping a company achieve its goals and
objectives for growth and survival. The roles of marketing include:
● Distribution
● Financing
● Market research
● Pricing
● Product and service management
● Promotion
● Selling

Marketing meets consumer needs and wants, ensures organization survival,

growth and reputation, adapts the right price, offers better products, creates
utility, manages demand, and faces competition.

- Create brand awareness

- Increase lead generation
- Building customer loyalty
*Unit 13. Advertising
1. Different kinds of sales promotions
Definition - Advertising: is a marketing tactic involving paying for space to
promote a product, service, or cause.
- Advertisement (Ads): is the actual promotional messages
Differentiate
between Simple concept :
‘Advertising’
- advertising is a subset of marketing
and
‘Marketing’
+ Advertising is the exercise of promoting your business using
advertisements
+ Marketing is about identifying customers’ needs and
determining how to give them exactly that

Goals of - Make people know about the existence of a product

advertising: - Persuade people to buy the product
=> Generate revenue
=> Growth

Advertising
a company hired by clients and marketers to produce promotional
agencies:
advertising across various media formats -> save time, cost
advantages, professional experience, industry insiders, strategic
control
- Full-service agencies engage in all facets, from the beginning to the
end of an advertising campaign and smaller advertising agencies may
specialize in a few core services like print media or online advertising

- Define objectives (SMART goal)

Process of + Short-term and long-term goals
advertising:
+ Key message to deliver to the public
- Market research (SWOT analysis)
+ Target audience: do research on their preference, behaviors,
demographic and pain points
+ Identifying their product strengths: based on the usability, customer
service, appearance, innovation…
+ Evaluate a company's competitive position and to develop strategic
planning
=> Winning point
- Planning and execution (types of media, AIDA)
+ Advertising plan should be based on customer journey (AIDA) and
have clear goals
+ Common services: strategic planning, social media management, seo
optimization, graphic design, content creation, copywriting, media
buying and negotiating…
+ Choose the right platform to do advertisements on
Advertising
spending and - Optimization (analyze the results -> create better adjustments)
sales: rigorous challenge
- The percentage of sales method:
+ a forecasting model making financial predictions based on sales
+ links sales data to companies’ balance sheets and income accounts.
- The competitive-parity method:
+ in which a company spends the same amount of money on
advertising and marketing as its competitors.
+ As a business strategy: defend a company’s competitive position
(reputation, brand recognition...).
- Increase current spending in order to increase sales

Potential - Being costly

drawbacks of - Poor targeting: If the campaign didn't reach or resonate with the
advertising
intended audience, it might not generate the desired response
- Wrong message: The campaign provides untrue elements about its
products. it can lose its images from publicity
ADVERTISING MARKETING

- Media buying - Branding

- Creative production - Trend analysis and competitor
RESPONSIBI - Campaign management tracking
LITIES - Market research and strategy
development
- Budgeting and ROI

- Building brand awareness - Lead generation

- Boosting brand recognition - New customer acquisition
- Attracting first-time buyers - Customers retention
to purchase - Maintaining consistent branding
PURPOSES - Informing or reminding - Product development
customers about the
existence of your brand
- Increasing brand loyalty
GENERATIN - Faster results and returns - Long-term results and build up
G RESULTS your brand

II. TYPES OF ADVERTISING

A. Comparison of traditional advertising and digital
advertising

Definitions of traditional and digital advertising

Traditional advertising can be simply defined as using traditional channels
Digital advertising is any form of advertising that appears online or on digital
channels Comparison

Comparison Traditional advertising Digital advertising

basis

Engagement Low Relatively high

Tracking Not possible Possible

Reach Local Global

Effectiveness More expensive Less expensive

somehow less effective More effective

Targeting Standardized Customized

Flexibility cannot modify once the One can change or edit anytime
advertisement is placed and anywhere

Conversion Slow Extremely fast

Privacy and Safe Unsafe

Security

Conclusion
=> digital advertising-> best option for most->reach a particular group of
people-> keeping costs low-> allow collect valuable information on your
audience immediately-> create even more effective advertising campaigns.

traditional advertising-> an older audience or a local audience

By combining the strengths of both traditional and digital advertising->create
comprehensive marketing campaigns

Sales promotions are marketing strategies that aim to increase the demand
and sales of a product or service by offering temporary incentives or
benefits to customers

● Coupons
● BOGO (buy 1 get 1) deals
● Loyalty programs
● Free trials
● Free shipping
● Flash sales
● Product discounts
● Competitions and challenges

2. Conditions to make a successful advertising campaign

1. External Factors:
○ Seasonal Influence: specific seasons or market conditions.
○ Pandemic Impact

2. Internal Factors:
○ Product/Service Features
○ Marketing Platform Choice

3. Content Strategy:
○ High-quality and relevant content resonates with the target audience and
drives engagement
○ Regularly monitoring and evaluating campaign performance using relevant
metrics (e.g., click-through rates, conversions) allows for data-driven
adjustments.

+ Carefully defined target audience

+ Measurable clear goal

+ A compelling and consistent message

+ Appropriate platforms

+ Attract customer’s retention

+ Increased revenue

How ads work?

1. Familiarize consumers with the brand:

- It is human psychology to believe in things that we read, hear, and see over

and over.

- Most effective advertisements do not create an instant purchase decision

but they leave an impression in the consumer's mind about the brand.
2. Bandwagon effect:
3. Focus on benefits over features:
- Advertising tends to focus on the benefit of their products or service to make
customers think that they’re really benefiting from buying those products.

4. Communicates price and value:

Effective advertising communicates how the price they will pay relates to

the product’s value, often showing that the customers are saving money

while still having a good or maybe luxurious experience by making a

purchase.

5. Increase trust:

- Mention Reasons-to-believe (RTBs)

● Brand history
● Product ingredients
● Product format
● Packaging
● Endorsement
● Comparison
● Country of origin

- Extra strategies:
+ Money-back guarantee or offering a free trial.
+ Review from reliable people (KOL, Youtubers,...)
+ High rates from online platforms.

Unit 23: The business cycle

1. Business cycle: Causes

Stages: expansion, peak, recession, trough

Business cycles are intervals of expansion followed by recession in economic activity.

- External Causes:
+ Global Events: Major events like wars, pandemics, natural disasters, or
geopolitical tensions can disrupt the global economy and have a
significant impact on a nation's economic growth.
+ Technological Advancements: Technological innovations and
disruptions can lead to changes in productivity and competitiveness,
affecting the business cycle. For example, the rapid adoption of
automation and artificial intelligence can lead to economic shifts.
+ Financial Markets: Stock market crashes, banking crises, and changes
in lending practices can influence the business cycle. Financial market
volatility can lead to economic downturns.
+ Population expansion:
- Internal Causes:
+ Consumer and Business Confidence: Confidence in the economy plays
a crucial role in the business cycle. When consumers and businesses are
optimistic, they tend to spend and invest more, driving economic
growth. Conversely, a lack of confidence can lead to reduced spending
and economic slowdowns.
+ Fluctuations in investments
+ Supply of money, I
+ Macroeconomics policies

Unit 24 Corporate social responsibility

1. Responsibilities of businesses
Responsibilities of businesses:
+ Make profits for companies’ owners and stakeholders
+ Responsible for customers (no cheating)
+ Social responsibilities to their staff, society, environment

Corporate Social Responsibility (CRS): A company committed to improving

or enhancing community well-being through discretionary contributions of
corporate resources. There are five dimensions of CSR.: Environment, Social,
Definition Ways to fulfill
Responsibilities

Economic Generate profits for Produce high-quality goods and services

responsibilities their shareholders that meet the needs of customers.

Invest in research and development to

create new products and services.

Pay employees a fair wage and provide

them with good benefits.

Philanthropic Give back to the Donate money, time, resources to charities

responsibilities communities in which and support social causes.
they operate
Encourage employees to volunteer their
time.

Ethical Act ethically, operate in a Act honestly and transparently in all

responsibilities fair and honest manner, dealings with customers, employees, and
and respecting the rights suppliers.
of all stakeholders
Avoid corruption and bribery.

Treat employees with respect and dignity.

Environmental Minimizing the negative Comply with all environmental regulations.

responsibilities impact of a company's
operations on the Source sustainable materials, renewable
environment energy and recycling.

Invest in pollution prevention technologies.

Economic, Stakeholder and Volunteerism

2. Illegal acts (non-ethics business practices)

Actions that violate the law or ethical standards. They can have a negative
impact on shareholders, stakeholders, and society as a whole

- Bribing corrupt foreign officials in order to win foreign orders

- Industrial espionage (spy on competitor’s research and development
departments with concealed cam)23-
- Selling supposedly durable goods with ‘built-in-obsolescence’ which
you know will not last more than a few years
- Spend money on lobbying (vận động ngoài hành lang)
- Telling half the truth in ad or exaggerating a great deal or keep quiet
about the bad aspects of a product
- Whistle blowing (reveal confidential in4 to the police or press that a
company is breaking health and safety therefore putting people’s live in
dangers)
-

Examples of how CSR can help businesses to avoid illegal acts:

A company that produces food products may be tempted to use illegal
additives or unsanitary practices in order to save money or increase profits.
This could violate food safety laws and put consumers at risk.

CSR can help the company to avoid this by:

- Investing in food safety technologies and training employees on food

safety procedures.
- Implementing a quality control system to ensure that food products
meet all applicable standards.
- Conducting regular audits of food safety practices.

Recalling any products that are found to be unsafe.

⇒ By adopting CSR practices, businesses can avoid illegal acts and build a
more ethical and sustainable business model. CSR can also help businesses to
improve their reputation, attract and retain customers and employees, and
reduce their long-term costs.

Phân biệt shareholder (cổ đông) và stakeholder (các bên liên quan):
⇒ Shareholders are a subset of stakeholders

Characteristic Shareholder Stakeholder

Primary Maximizing return on Ensuring the success of the company
interest investment

Role Owner Interested party

Rights Dividends, capital To be informed and consulted on

appreciation company decisions

Responsibi To invest in the To act in the best interests of the

lities company company

Unit 27 International trade

THEORY OF FREE TRADE

Free trade: refers to the unrestricted flow of goods and services between countries without tariffs,
quotas or other trade barriers. The theory of free trade is that allowing countries to trade freely
with one another will be mutually beneficial.

+ Tariff: a tax charged on imports

+ Quota: a maximum quantity of goods of a specific kind that can be imported into a
country
+ Traded barriers: government policies or regulations that restrict international
trade

KEY PRINCIPLES OF FREE TRADE THEORY

Absolute advantage( Lợi thế tuyệt đối): Based on the ability to produce a good at a lower
cost (more efficiently) than another country. It is the ability to produce a product most
efficiently given all the resources available.
Comparative advantage (Lợi thế so sánh): Based on the ability to produce a good at a
lower cost (more efficiently) than producing another good. The theory developed by
economist David Ricardo that countries should produce and export goods where they have
the lowest opportunity cost. This allows countries to specialize based on their advantages.
Trong sách không có cái Free Trade Theory nên t tham khảo trên mạng nha:
● The concept of comparative advantage - This idea, developed by David Ricardo, states
that countries should specialize in producing and exporting goods where they have
the lowest opportunity cost. Even if a country is more efficient at producing
everything, it can still benefit from trade.
● The principle of mutual benefit - Free trade theory argues that unrestricted trade is
mutually beneficial for countries. Specialization and exchange promote more efficient
use of resources and allocation of labor. More production occurs, benefiting both
trading partners.
● The role of competition - Free trade promotes competition between producers and
countries. This drives efficiency and innovation as producers have to become more
competitive. Consumers also benefit from lower prices.
● Economic growth and development - According to the theory, free trade enables
access to larger markets, allows the dissemination of knowledge and technology, and
encourages investment. This leads to economic growth.

THE ADVANTAGES/DISADVANTAGES OF FREE TRADE

Advantages:

● Increased economic growth: Free trade enables countries to specialize

in goods they can produce most efficiently, 6increasing productivity and
growth. This gives consumers access to cheaper products.
● Greater efficiency: Competition drives countries to maximize output
using the least amount of resources possible. This leads to lower prices.
● Wider consumer choice: Consumers have access to more products
from around the world at lower prices. This increases their purchasing
power.
● Creating jobs: Free trade can help create jobs in export industries as
access to more markets increases demand. However, there may be job
losses in non-competitive sectors.
Disadvantages:
● Job losses and unemployment (economic vulnerability): Workers in
non-competitive industries can be displaced as cheaper imports replace
domestic production. This causes transitional unemployment.
● Income inequality: Benefits of trade are often unevenly distributed,
contributing to greater income inequality in some countries. Low-skilled
workers tend to be most impacted.
● Trade deficits: Countries may import more than they export if local
producers are priced out by more competitive imports. This can be
problematic if sustained long-term.
● Environmental, labor and regulatory issues: Critics argue free trade
makes it easier for companies to avoid environmental, labor and other
regulations that increase costs. This leads to "race to the bottom"
dynamics as countries compete.
● National economic dependence: With increased global integration
and interconnectedness, countries become more vulnerable to
economic troubles spreading across borders.

pros cons

Stimulates economic growth Job losses

Lower taxes and entry barriers Encourage theft of intellectual property

Foreign direct investment Poor working conditions