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, decide how they can achieve or accomplish 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’ ● Can lead to employees’
motivation motivation

● Interpersonal relations ● The work itself

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

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 - Bureaucracy: Centralized
made quickly and easily by a organizations can be
small group of people at the top. bureaucratic and slow to
- Consistency: ensure that all respond to change.
operations are conducted in a - Lack of innovation: there is
consistent manner, according to less opportunity for employees
standardized procedures at lower levels to contribute to
- Control: over their resources the decision-making process.
and activities. - demotivate employee: feel
- less conflict less engaged in their work
because they have less
autonomy and control over
their own work
decentralization - Empowerment: allow - Lack of control: less control
employees at all levels to make over the activities. This can
lead to inconsistencies and
decisions and take ownership of
problems with quality control.
their work → increased - Security risks: be more
motivation and engagement. vulnerable to security risks,
- Flexibility and agility: they are such as fraud and cyberattacks.
able to respond to change more - Conflict
quickly and easily. - Increased costs: the cost of
- Innovation: employees have training and supporting
more freedom to experiment and decentralized units.
try new things.
DESCRIPTION ADVANTAGE DISADVANTAGE
Hierarchy - One person or a group All people know what The activities of most
chain of of people at the top and decisions they are able organizations are too
command an increasing number to make, who their complicated to be
of people below them line manager (to organized in a single
at each successive level whom they report) and hierarchy
(line structure) who their immediate
subordinates (over People at lower levels
whom they have line cannot take important
authority and can give decisions but have to
instructions to) pass on responsibility to
their boss
Clear chain of
commands running
down the pyramid
Functional An organization with - allow employees to People are often more
structure specialized departments focus on their roles concerned with the
such as production, - easily scalable in any success of their own
finance, marketing, sized company department than that of
sales, hr. -increase the company as a whole
specialization/producti → permanent conflicts
The production and vity between the finance and
marketing departments - clear career paths,
marketing or marketing
cannot take financial hierarchy and defined
decisions without roles and production over
consulting the finance what the objectives are
department - limited cross-team
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
management than one superior. A diverse skill sets departments can
product manager with
an idea could deal When you're tasked to become complex →
directly with the work with numerous sometimes necessary to
managers responsible give one department
project managers, you
for a certain market priority in decision
segment and for a may likely work with
making
geographical region, as other team members
well as managers in the from various
finance, sales and
departments.
production
departments. Reduces costs
Encourages teamwork
Flexibility

Teams Temporary groups Better communication Not always goods at

responsible for an Increased efficiency ... decision making →
entire project - spilt up require a strong leader
as soon as it is Additional
successfully completed professional flexibility
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 and Like to do one thing at a time
avoid eye contact Do many things at the same Rules apply to everybody,
time, flexible, good at contract
Try to formulate approaches changing plans and happy to Not afraid to confrontation but
which suit both parties improvise, believe in social or will compromise when
company hierarchy and respect necessary achieve a deal
status → individualist/universualist
→ prioritize relationship over
rule/regulations
→ collectivist/particularist

asia Southern europe, latin america Britain, usa, germany

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

DIFFERENT STAGES OF RECRUITMENT

7 steps

Identify Figure out what is lacking in their current team:

⇒ Gap in the performances, skills or proficiencies
requirements
⇒ 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.

- Verify all the employment details
Employment
→ make a draft contract
offer
- 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

Không 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
[Link] [Link] [Link] talent
[Link] [Link] recruiting [Link] growth
[Link] [Link] exchange [Link] to changes
[Link] Employees [Link] 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 strategy the strategy used by a company or individual to reach 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 product

lead time
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: company manufacture 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 [Link] 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 practicesMeasuring your performance against other
companies that are best in class and then using the information to improve
- Durability: performance over a long period of time
- 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. Introduction What is marketing? promoting and selling products or services, including

market research and advertising.

- Marketing also builds emotional ties through

branding.

The product life cycle is the process that a product goes

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

Q4: How many stages

does PLC include? 4 stages: introduction,growth, maturity, decline.
What are the main
features of each stage sale, cost, price, promotion (sgk trang 65 cái bảng)
of the PLC ?

Q5: Compared with

the decline stage, will In the introduction stage, users tend to be willing to buy
the introduction stage brand-new products rather than the old ones and are
be more profitable? more likely to spend a premium for innovative ones.

Of the 4 mentioned maturity stage-> typically the longest and most

stages in the product profitable stage There are a number of things that
life cycle, which one businesses can do to extend the maturity stage of their
companies would be
products, such as:
likely to pay special
attention to ? ● Innovate
● Expand into new markets
● Target new customer segments
● Develop new marketing and sales strategies

+ Tailor Marketing Strategies to Each Stage

+ Prepare for Product Decline and Exit Strategies
How can business take + Manage Product Development and Innovation
advantage of PLC
model to make more
profit?

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

price skimming for facing a lot of competition
3. Pricing what kind of product
and this kind of pricing is
Skimming pricing: a new product is newly launched in the
market for which there is no competition or
distributi applied? high-quality/innovative or desirable product make
on maximum revenue before competing products appear on
the market.
Pricing. What is the Pricing is the act of deciding how much to charge for
importance of pricing? something.
- It is the only element of the marketing mix that leads 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 your

Pricing objectives: position in the market by earning your clients’
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
7Ps stand for? Product, Price, Place, Promotion, People, Process,
Physical Evidence
*5.
Marketin ● Number 1 is “Product”->anything that serves a
purpose and can satisfy customer needs, it can be
g mix 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 [Link] 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 recoup Copycat products can rob
skimming 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 and
from the manufacturers retailers

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

third-party distributor
+ Make it easier for customers to find your
+ Build relationships with your products
customers
+ Benefit from your third-party’s
+ Respond to product performance experience, infrastructure and salesforce
and customer feedback
+ Avoid the complexity of managing
+ Get your products to consumers distribution logistics
faster

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 channel level describes the number of intermediaries between a producer
and a consumer. The more intermediaries there are, the longer the distribution channel
and the more expensive it is to get the product to the consumer.

There are four main distribution channel levels:

Zero-level channel.

This is the mostdirect 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’ and
- advertising is a subset of marketing
‘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 advertising: - Make people know about the existence of a product

- Persuade people to buy the product
=> Generate revenue
=> Growth
Advertising agencies:
a company hired by clients and marketers to produce
promotional 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 advertising:
+ Short-term and long-term goals
+ 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
- Optimization (analyze the results -> create better adjustments)
rigorous challenge
Advertising spending - The percentage of sales method:
and sales: + 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 drawbacks of - Being costly

advertising - Poor targeting: If the campaign didn't reach or resonate with
the 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
RESPONSI - Campaign management tracking
BILITIES - Market research and strategy
development
- Budgeting and ROI

- Building brand awareness - Lead generation

- Boosting brand recognition - New customer acquisition
- Attracting first-time buyers to - Customers retention
purchase - Maintaining consistent
PURPOSES - Informing or reminding branding
customers about the existence - Product development
of your brand
- Increasing brand loyalty

GENERATI - Faster results and returns - Long-term results and build up

NG your brand
RESULTS

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, Economic,
Stakeholder and Volunteerism
Definition Ways to fulfill
Responsibilities

Economic Generate profits for their Produce high-quality goods and services
responsibilities 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

responsibilities communities in which charities 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

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

Invest in pollution prevention

technologies.
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):

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

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

ities company company

⇒ Shareholders are a subset of stakeholders

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