FINANCE
1. What is Fiance?
- Finance is the study of the way money and all things related to money are used and managed in
the economy (money, bank, credit, investment)
2. Role of finance in the economy:
- Savings-investment relationship, Growth of capital markets, Foreign exchange
markets,Government securities, Infrastructure and growth, Employment growth, Venture capital,
Balances economic growth
3. Financial market and Financial intermediaries
- Financial market: Any marketplace where the trading of securities occurs, including the stock
market, bond market, forex market, and derivatives market, among others.
- Financial intermediaries: An entity that acts as the middleman between two parties in a financial
transaction, such as a commercial bank, investment bank, mutual fund, or pension fund. Examples
include: commercial banks, investment banks, stockbrokers, pooled investment funds, and stock
exchanges.
4. 3 things that finance do:
+ Time travel machine: Save money now and use it in the future. Credit: spend money now and
earn to pay back in the future
+ Protection: Protect you from uncertainties. Channels: savings or insurance
+ Flow of capital: A place to save money when you have extra. Lend money to those in need.
Transfer money from those who have extra to those in need at low cost
5. Major categories of finance:
+ Personal Finance: How individuals manage their spending, saving, and securing personal
financial future. Including: Personal budget, Investment portfolio, 3 principles
+ Public Finance: How government and public sector companies raise and spend money.
Including: Government spending, tax, budgeting, debt issuance
+ Corporate Finance: How companies make decisions about raising and investing money.
DEBT (BOND or FIXED
EQUITY (STOCK)
INCOME)
Ownership status No Yes, share ownership
Profit Guaranteed and fixed Not guaranteed and not fixed
Level of profit Lower Higher
Management
No Yes
involvement
Return form Interest Dividend
Collateral Essential Not required
Risk of loss Relatively low Relatively high
Duration Limited Unlimited
- 3 principles of personal finance:
+ Disciplines: Make early and regular savings. Avoid credit cards if you are unable to pay back
on time. Compounding
+ Plan ahead for retirement: Including insurance. Back to the compounding concept
+ Diversify portfolio: Dollar-cost averaging: Make regular investments and buy more units
when the price is low and less units when the price is high
- Don’t put all your eggs in one basket: the principle of "Don't put all your eggs in one basket"
advises against concentrating all of your financial resources or investments in a single asset or
investment. Applying this principle in finance involves diversifying your investments to manage
risk and increase the potential for long-term returns. Based on:
+ Asset Allocation: Allocate your investments across different asset classes, such as stocks,
bonds, cash, and real estate
+ Sector Diversification, Geographic Diversification, Time Diversification
HOSPITALITY
1. The Service Personnel
- To provide a high level of work performances, certain traits must be present within the service
personnel: Courtesy, Friendliness, Efficiency and promptness, Attractive and neat appearance,
Ability to serve orders, Ability to deal with international visitors, Service Recovery Skill, Selling
skills.
2. Service-Product
- Let’s take an example of a guest visiting a luxurious hotel. The tangible product that the hotel
provides includes a luxurious guest room with spacious bathroom, elegant decor and modern
amenities. The intangible service: the staff strive to create a welcoming and hospitable
environment, make the guest feel that they are valued and well-cared. In summary,
service-product is a combination of tangible products and intangible service. While tangible
products provide material aspects, intangible service creates a memorable experience,
differentiating this hospitality from others.
SCM
1. Goods Vs Service: học
- Goods:
+ A physical product that you can see, touch or possibly consume.
+ For example: food, drinks, laptops, pens, books.
- Service:
+ Any activity that does not directly produce a physical product.
+ For example: banking, education, health care.
GOODS SERVICE
- Goods are tangible. - Service is intangible.
- Goods are consumable. - Service is experience.
- Customers participate more actively.
- Both are driven by customers
- Can be standardised and customised.
2. What is SCM?
- The global network of organisations and activities involved in designing, transforming,
consuming, and disposing of goods and services
3. Why is it important?
- Improve Customer Service:
+ Customers always expect to receive the products with the right quality, at the right time and
at the right place with the right price.
+ After-sale service.
- Reduce operating costs:
+ Optimise purchasing cost
+ Optimise production cost
+ Decrease total supply chain cost
MARKETING
1. What is Marketing? (học)
- Marketing is a process by which companies create value for customers and build strong customer
relationships in order to capture value from customers in return.
- Marketing seeks to:
+ Discover Needs and Wants of Customers
+ Satisfy them profitably
ENTREPRENEURSHIP
1. What is entrepreneurship?
- INNOVATION: solution for a problem
- VALUE: customer acceptance
- RISK: Uncertainty
- Entrepreneurship is creation and management of a new enterprise to accomplish some objective
2. Why is entrepreneurship important?
- Creates economic value
- Creates higher paid jobs
- Creates income
- Attracts and retains talented people
- Builds the economy
- Smart City
ACCOUNTING
1. What is accounting?
- System for measuring and summarising business activities, interpreting financial information, and
communicating the results to management and other decision makers.
=> THE LANGUAGE OF BUSINESS.
BUSINESS ETHIC
1. Ethic
- The ability and willingness to distinguish right from wrong and when you are practising one or the
other.
2. Business ethic
- Application of ethical behaviour in a business context.
3. Corporate Social Responsibility
- Approach that an organisation takes in balancing its responsibilities, toward different stakeholders
when making legal, economic, ethical and social decisions.