Nguyễn Phương Anh

Unit 1
ETHICS AND CULTURE IN BUSINESS
I. KEY TERM

STT Word Transcription English Vietnamese

1 cross-cultural /ˌkrɒsˈkʌl.tʃər.əl/ Involving two or more different cultures and their ideas and customs Đa văn hóa

2 Ethics /ˈeθ·ɪks/ A system of accepted beliefs that control behaviour, especially such a system Đạo đức
based on morals

3 Morality /məˈræl.ə.ti/ A personal or social set of standards for good or bad behaviour and character, or Phẩm hạnh
the quality of being right, honest, or acceptable

4 Code of /kəʊd/ /əv/ /kən A set of rules that members of an organisation or people with a particular job or Bộ quy tắc ứng
conduct ˈdʌkt/ position must follow xử

5 Values /ˈvæl·juz/ The beliefs people have about what is right and wrong and what is the most Giá trị
important in life which control their behaviour

6 Humanity /hjuːˈmæn.ə.ti/ Understanding and kindness towards other people Nhân đạo

7 Code of ethics / The ethical principles that govern decisions and behavior at a company or Bộ qui tắc đạo
kəʊd/ organization đức
/əv/ /ˈeθ·ɪks/

8 Principle /ˈprɪn.sə.pəl/ Moral rule or standard of good behaviour Quy tắc

9 Misconception /ˌmɪs.kən An idea that is wrong because it has been based on a failure to understand a Hiểu lầm
ˈsep.ʃən/ situation

10 Culture /ˈkʌl.tʃər/ The way of life, especially the general customs and beliefs, of a particular group Văn hoá
of people at a particular time, or music, art, theatre, literature, etc.

11 Business /ˈbɪz.nɪs/ /ˈeθ·ɪks/ The moral principles, policies, and values that govern the way businesses and Đạo đức kinh

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ethics individuals engage in business activity. doanh

12 Cruelty-free /ˈkruː.əl.ti/-/friː/ (of cosmetics or other commercial products) Manufactured or developed by Không thử
methods that do not involve experimentation on animals. nghiệm trên
động vật

13 Ethical /ˈeθ.ɪkal/ /daɪ Ethical crossroads Vấn đề đạo đức

dilemmas ˈlem.ə/

14 Dignity /ˈdɪɡ.nə.ti/ The fact of being given honour and respect by people Phẩm giá

15 Unethical /ˌʌn Refers to conduct when an individual, a professional, or a company does Hành vi vô đạo
practices ˈeθ.ɪ.kəl/ anything deemed inappropriate because they are against the social standards. đức
/ˈpræk.tɪs/

16 Humane /hjuː The implementation of methods to handle and slaughter animals in a more Xử lý nhân đạo
handling ˈmeɪn/ compassionate manner ensures that establishments minimize the possibility of
/ˈhænd.lɪŋ/ needless injuries and suffering of livestock.

17 Animal testing / Inappropriate animal testing - some examples related to this: experiments on Những hành vi
malpractices ˈæn.ɪ.məl/ animals, rearing and killing animals for food/fur/ leather goods, hunting, etc, Sai trái trong thử
/ˈtes.tɪŋ/ /ˌmæl nghiệm trên
ˈpræk.tɪs/ động vật

18 Sustainable /sə A business practice that is economically viable, socially responsible, and Kinh doanh bền
business ˈsteɪ.nə.bəl/ environmentally friendly vững
practices /ˈbɪz.nɪs/
/ˈpræk.tɪs/

19 Malpractices /ˌmælˈpræk.tɪs/ Careless, wrong, or illegal behaviours while in a professional job Sai trái

20 Boycott /ˈbɔɪ.kɒt/ To refuse to buy, use or take part in something as a way of protesting Tẩy chay

21 Corporate / The shared values, beliefs, and behaviors of an organization. Văn hóa doanh
culture ˈkɔː.pər.ət/ nghiệp
/ˈkʌl.tʃər/

22 Organizational /ˌɔː.ɡən.aɪ The fundamental beliefs and principles that guide an organization's decisions Giá trị doanh
values ˈzeɪ.ʃən.əl/ and actions. nghiệp

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/ˈvæl·juz/

23 Corporate / The public perception of an organization. Hình ảnh doanh

image ˈkɔː.pər.ət/ nghiệp
/ˈɪm.ɪdʒ/

24 Cross-cultural /ˌkrɒsˈkʌl.tʃər.əl/ The study of how different cultures affect management practices. Quản trị đa văn
management /ˈmæn.ɪdʒ.mənt/ hóa

25 Clan culture /klæn/ /ˈkʌl.tʃər/ A culture characterized by teamwork, loyalty, and a family-like atmosphere. Văn hóa gia tộc

26 Elite culture /iˈliːt/ /ˈkʌl.tʃər/ A culture that emphasizes high achievement and innovation. văn hóa tinh hoa

27 Adhocracy /æd A culture that is flexible, adaptable, and innovative. Văn hóa sáng
culture ˈhɒkrəsi/ tạo
/ˈkʌl.tʃər/

28 Hierarchy / A culture that emphasizes order, control, and tradition Văn hóa thứ bậc
culture ˈhaɪə.rɑː.ki/
/ˈkʌl.tʃər/

29 Market culture / A culture that emphasizes competition, profit, and individual achievement. Văn hóa thị
ˈmɑː.kɪt/ trường
/ˈkʌl.tʃər/

30 Horizontal /ˌhɒr.ɪ A culture that emphasizes collaboration, teamwork, and empowerment. Cơ cấu tổ chức
corporate ˈzɒn.təl/ nằm ngang
culture /ˈkɔː.pər.ət/
/ˈkʌl.tʃər/

1. Types of corporate cultures: (4)

- Clan culture
- Adhocracy culture
- Market culture
- Hierarchy culture
2. Steps to ensure a positive corporate culture: (4)
- Define a successful corporate culture.

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- Create goals or milestones.

- Focus on employee engagement.
- Provide continuous learning and training.
II. Summarize
1. Reading 1: Nestlé Animal Testing and Business Ethics

Nestlé, a global leader in the food and beverage industry, aims to promote health, nutrition, and wellness while pursuing
sustainable business practices through innovation and research. Its mission and vision focus on providing nutritious and high-
quality products to consumers and becoming a preferred corporate citizen and employer. However, the company has faced
significant criticism and ethical concerns regarding its animal testing practices.

While research and development are crucial to Nestlé’s growth, its reliance on inappropriate animal testing methods has raised
ethical issues. Critics argue that these practices often lead to the mistreatment and death of animals, violating principles of
respect, humane care, and dignity. Organizations like Cruelty-Free International (CFI) have condemned such actions and pushed
for ethical alternatives. Nestlé has also been accused of providing misleading reports about its animal testing practices and facing
scrutiny over the quality and safety of its baby formulas and food products.

These controversies highlight a broader ethical challenge: balancing innovation and competitiveness with responsible and humane
business practices. Critics suggest that Nestlé prioritizes profit over ethics, undermining its claims of being a responsible corporate
citizen.

2. Reading 2: What is corporate culture?

Corporate culture is the collection of values, beliefs, ethics, and attitudes that define an organization and guide its practices. It is
reflected in mission statements, work habits, human resource practices, and organizational priorities such as hierarchy, innovation,
collaboration, or competition. A strong corporate culture aligns with broader societal values, such as transparency and equality,
which can attract talent, customers, and stakeholders. Unique cultures that deviate from norms may also thrive as innovative
trailblazers.

Robert Quinn and Kim Cameron identified four primary types of corporate culture:

1. Clan Culture: Family-like, emphasizing teamwork, nurturing, and shared goals.

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2. Adhocracy Culture: Dynamic and innovative, valuing flexibility and risk-taking.

3. Market Culture: Results-driven, competitive, and focused on profitability.

4. Hierarchy Culture: Structured and controlled, ensuring efficiency and stability.

Other classifications include elite, horizontal, and conventional cultures, each with unique approaches to hierarchy, collaboration,
and risk. Corporate culture influences organizational effectiveness, employee satisfaction, and financial success. Positive cultures
foster commitment, productivity, and favorable public perception, while toxic cultures can lead to poor results, high turnover, or
even corporate scandals like Enron’s collapse in 2001.

To build a positive corporate culture, organizations should:

1. Define a clear vision of desired values and attitudes.

2. Set actionable goals and policies to align employee behavior.

3. Engage employees through feedback, recognition, and work-life balance.

4. Provide continuous learning to support skill development and cultural alignment.

Strong corporate culture is a key driver of success, while its absence can harm both employee morale and organizational
outcomes.

III. Essay

In today’s interconnected world, the concept of corporate social responsibility (CSR) has become a cornerstone of sustainable
business practices. Social responsibility refers to the obligation businesses have to contribute positively to society while conducting
their operations. This principle is not only ethical but also crucial for long-term success.

First and foremost, businesses operate within societies and depend on them for resources, labor, and consumers. A socially
responsible business acknowledges this interdependence and strives to give back to the community. By addressing societal

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challenges such as poverty, education, and environmental degradation, companies build goodwill and trust with their stakeholders.
This trust fosters customer loyalty and employee satisfaction, which are essential for sustained growth.

Moreover, businesses are powerful entities capable of driving significant social change. With their resources and influence, they
can address global challenges such as climate change, inequality, and healthcare. For instance, adopting sustainable practices
reduces environmental harm and ensures that natural resources are preserved for future generations. This aligns with the growing
expectations of consumers and investors who prioritize ethical and environmentally friendly businesses.

Social responsibility also has direct economic benefits. Companies that engage in CSR initiatives often enjoy enhanced brand
reputation and differentiation in competitive markets. Consumers are increasingly drawn to businesses that demonstrate a
commitment to social and environmental causes. Additionally, many governments offer tax incentives and support for companies
that prioritize sustainability and social welfare

Failure to act responsibly, on the other hand, can lead to reputational damage, legal penalties, and loss of market share. Scandals
involving environmental violations or unethical labor practices can quickly erode consumer trust and investor confidence, leading
to financial losses.

In conclusion, businesses must be socially responsible not only to fulfill their ethical obligations but also to secure their long-term
viability. By contributing to the well-being of society and the environment, businesses create a virtuous cycle that benefits both the
community and the company itself. Social responsibility is no longer optional; it is a strategic necessity in the modern business
landscape.

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Unit 2
OPERATIONS MANAGEMENT
I. KEY TERM

STT Word Transcription English Vietnamese

1 feedback /ˈfiːd.bæk/ Information or statements of opinion about something, such as a new product, Sự phản hồi
that can tell you if it is successful or liked

2 Process The order that certain processes must happen in in order to achieve the desired
outcome

3 Input /ˈinput/ Something such as energy, money, or information that is put into a system, van Đầu vào
organization or machine so that it can operate

4 Operations /ˌɒpər It is the administration of business operations within an enterprise to achieve the Quản trị vận
management ˈeɪʃənz/ / best quality products and services, and is involved with the most effective hành
ˈmæn.ɪdʒ.mən conversion of materials and labour into products and services to maximise an
t/ organization's profitability.

5 Transformation /ˌtræns.fə A complete change in the appearance or character of something or someone, Sự chuyển đổi
ˈmeɪ.ʃən/ especially so that they are improved

6 Design /dɪˈzaɪn/ The way in which something is planned and made Thiết kế

7 Volume /ˈvoljum/ The number or amount of something in general Số lượng

8 Forecast /ˈfoːkaːst/ Statement of what is judged likely to happen in the future, especially in Dự đoán
connection with a particular situation, or the expected weather conditions

9 Output /ˈautput/ An amount of something produced by a person, machine, factory, country, etc. Sản lượng

10 Utilize /ˈjuːtilaiz/ To use something in an effective way Tận dụng

11 Operations /ˌɒpər The part of the organization that is responsible for the arrangement of resources Chức năng vận

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function ˈeɪʃənz/ / that are devoted to the production and delivery of products and services. hành
ˈfʌŋk.ʃən/

12 Operations /ˌɒpər The people who have particular responsibility for managing some, or all, of the Quản lý vận
managers ˈeɪʃənz/ / resources which comprise the operations function. hành
ˈmæn.ɪ.dʒər/

13 Efficiency /ɪˈfɪʃ.ən.si/ Doing something at the lowest possible cost. Tính hiệu quả

14 Effectiveness /ɪˈfek.tɪv.nəs/ Doing the right things to create the most value for the company. Hiệu suất

15 Planning /ˈplæn.ɪŋ/ The formalization of what is intended to happen at some time in the future. Lên kế hoạch

16 Lean /liːn/ An approach to operations management that emphasizes the continual Tinh gọn
elimination of waste of all types, often used interchangeably with just-in-time
(JIT); it is more an overall philosophy whereas JIT is usually used to indicate an
approach to planning and control that adopts lean principles.

17 Operation /ˌɒp.ərˈeɪ.ʃən/ A set of activities with a defined start point and a defined end state which pursue Sự vận hành
a defined goal using a defined set of resources.

18 Job design /dʒɒb/ /dɪ The way in which we structure the content and environment of individual staff Thiết kế công
ˈzaɪn/ member's jobs within the workplace and the interface with the technology or việc
facilities that they use.

19 Preliminary /prɪˈlɪm.ɪ.nər.i/ The initial design of a product or service that sets out its main components and Thiết kế sơ bộ
design /dɪˈzaɪn/ functions, but does not include many specific details.

20 Control /kənˈtrəʊl/ The process of monitoring operations activity and coping with any deviations Điều khiển
from the plan; usually involves elements of replanning.

21 Process design /ˈprəʊ.ses/ /dɪ The overall configuration of a process that determines the sequence of activities Thiết kế quy
ˈzaɪn/ and the flow of transformed resources between them. trình

22 Quality /ˈkwoləti/ Consistent conformance to customers' expectations. Chất lượng

23 Project /ˈprodʒekt/ The various elements within the concept of quality, such as functionality, Dự án
appearance, reliability, durability, recovery, etc.

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24 Quality / The part of an organization, which is concerned with the transformation of a Đặc điểm chất
characteristics ˈkwoləti/ / range of inputs into the required output (services) having the requisite quality lượng
ˌkær.ək.tə level.
ˈrɪs.tɪk/

25 Speed /spiːd/ Doing things quickly Tốc độ

26 Reliability /rɪˌlaɪ.əˈbɪl.ə.ti/ Doing things consistently and on time); Sự đáng tin

tưởng

27 Flexibility /ˌflek.sə Being able to change what they do Tính linh hoạt
ˈbɪl.ə.ti/

28 Cost /kost/ The expense they have incurred in a financial sense to deliver the product and/or Giá
service to the recipient

29 Subsidiarity /ˌsʌb.sɪd.i The principle that social and political issues should be dealt with at the most Sự bổ trợ
ˈær.ə.ti/ immediate or local level that is consistent with their resolution

30 Empowerment /ɪm Giving people the freedom to make decisions and act Trao quyền
ˈpaʊə.mənt/

31 Engagement /ɪn Providing the tools, data, and information needed to make good decisions and Sự gắn kết
ˈɡeɪdʒ.mənt/ see the results

32 Enablement /ɪ Providing skill and capability-building so people can appropriately use the Sự hỗ trợ
ˈneɪ.bəl.mənt/ information they get to make the right decisions

33 Assembly/ /ə A production system where a product moves slowly through a factory as new Dây chuyền lắp
Production line ˈsem.bli/ / /prə ráp / sản xuất
parts are added to it
ˈdʌk.ʃən/ /laɪn/

34 Finished goods /ˈfɪn.ɪʃt/ /ɡʊdz/ Complete products that are ready to sell Hàng thành
phẩm

35 Lead time /liːd/ /taɪm/ The length of time that lapses between placing an order for something and Thời gian dẫn
receiving it

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36 Offshore /ˌɒfˈʃɔːr/ /prə The manufacture of goods in another country for import to the domestic market Sản xuất ngoài
production ˈdʌk.ʃən/ khơi

37 Optimum / The most efficient level of production or output, with the result that production Công suất tối ưu
capacity ˈɒp.tɪ.məm/ / costs are kept to a minimum
kəˈpæs.ə.ti/

38 Planned /plæn/ /ˌɒb.sə Designing products so that they have a limited lifespan and so need to be Sự lỗi thời có kế
obsolescence ˈles.əns/ replaced more often hoạch

39 Product recall /ˈprɒd.ʌkt/ /rɪ The removal from sale of an item that might be dangerous to the people who Thu hồi sản
ˈkɔːl/ have bought it phẩm

40 Purchasing / The quantity of goods or services which can be bought by a group of people, a Sức mua
power ˈpɜːtʃəsɪŋ/ sector, an organisation, etc.
/paʊər/

41 Resource /rɪˈzɔːs/ /ˌæl.ə assigning people and machines to projects in a way that optimises production Phân bổ nguồn
allocation ˈkeɪ.ʃən/ and results lực

42 Supply chain /səˈplaɪ/ /tʃeɪn/ the manufacturers, wholesalers, distributors, etc., who make, deliver and sell Chuỗi cung ứng
products to customers

43 Bar coding / The process of attaching machine-readable lines on a product, product part or Mã vạch
bɑːr/ /kəʊding/ package, which can then be read by a computer

44 Down time /daʊn/ /taɪm/ A period during which a machine is not available because it is being serviced or Thời gian chết
has broken down.

45 First in, first / A method of stock control in which the stock of a product in store is used before Vào trước, ra
out (FIFO) ˈfɜːst/ / more recently produced or purchased stock. trước
ɪn/ , /
ˈfɜːst/ /aʊt/

46 Intermediate /ˌɪn.tə Goods that are bought for use in the production of other products Hàng hoá trung
goods ˈmiː.di.ət/ gian
/ɡʊdz/

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47 Just in time / A production system in which goods are made or purchased just before they are Đúng lúc
dʒʌst/ / needed.
ɪn/ /taɪm/

48 Logistics /ləˈdʒɪs.tɪks/ The task of managing the movement, storage and processing of materials and Hậu cần
information in a supply chain

49 Made to order / An item that is produced in response to the request of a particular client or Được thực hiện
meɪd/ customer. theo đơn đặt
/tuː/ /ˈɔː.dər/ hàng

50 Margin of error / An allowance made for the possibility of mistakes (for example, a miscalculation Biên độ sai số
ˈmɑː.dʒɪn/ /əv/ in a calculation)
/ˈer.ər/

51 Preventive/ /prɪ The servicing of factory machines and other equipment that is carried out before Bảo trì phòng
preventative ˈven.tɪv/ / /prɪ a fault develops. ngừa
maintenance ˈven.tə.tɪv/ /
ˈmeɪn.tən.əns/

52 Stockout /ˈstɒk.aʊt/ A situation where a particular component or part has been used up and has not Hết hàng
been replenished (often as a result of poor inventory control).

1. The essential element in operations management is the integration of these components: (3)
- Design
- Planning and
- Ensuring quality
2. Design of operations: (3)
- Designing business
- Designing products and services
- The transfer of technology
3. Planning and control of operations: (3)
- Controlling enterprise
- Developing lean operations
- Managing projects

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4. The aim of any service, public sector or retail or industrial operation: (4)
- Right Quality
- Right Quantity
- Right Time
- Right Manufacturing
5. Quality (2)
- Managing quality systems
- Improving the operations
6. Key performance indicators for any operations system. (5)
- Quality
- Speed
- Reliability
- Flexibility
- Cost
7. Key enablers to fuel the shift: (3)
- Trust
- Talent – skills
- Capabilities
8. "operator-centric organization" focuses on: (3)
- Empowerment
- Engagement
- Enablement

II. SUMMARIES
1. Reading 1: What is operations management?
The text outlines the key components and objectives of operations management. It defines operations management as the
management of production and delivery, encompassing activities, decisions, and responsibilities. The operations function is
responsible for resource allocation and product/service delivery. Every organization has an operations function due to its product
or service production. Operations managers oversee these functions.

The conceptual model of operations management focuses on three essential elements: designing operations, planning and control,
and ensuring quality. The goal is to deliver goods and services that meet customer needs while efficiently using resources. The
text highlights four key factors: right quality, quantity, time, and cost. Quality should align with customer needs, quantity should
match demand, timeliness is crucial, and costs should be managed effectively.

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Efficiency involves minimizing costs, while effectiveness focuses on doing the right things for value creation. Balancing both can be
challenging, as maximizing one may sometimes compromise the other. Companies need to make trade-offs based on their specific
circumstances.

2. Reading 2: It’s Time for New Model for Operations Management

The article argues that the traditional command-and-control operations management model is outdated in today's volatile and
unpredictable business environment. Companies need to be more agile, flexible, and responsive to disruptions, which requires
decentralized decision-making. This approach, known as subsidiarity, involves making decisions at the most local level where
relevant information is available. Key enablers for this shift include trust, talent, transparency, and technology.

Nestlé's operator-centric organization model exemplifies this approach. It focuses on empowerment, engagement, and
enablement, providing operators with the tools and information needed to make informed decisions. Nestlé has implemented this
model in 60 factories and plans to expand it globally. By creating mission-directed work teams, Nestlé empowers operators to
make decisions within defined boundaries, while managers can intervene when necessary.

III. Essay
Operations management plays a critical role in determining the success of any organization. It involves designing, controlling, and
optimizing the processes that produce goods or deliver services, ensuring efficiency, quality, and customer satisfaction. I strongly
agree that operations management is a key contributor to organizational success, based on its influence on various aspects of a
business.

First, effective operations management enhances productivity and efficiency. By streamlining processes and eliminating waste, it
ensures resources are utilized optimally. For example, adopting lean management techniques allows organizations to reduce costs
while maintaining high-quality standards. This efficiency not only improves profitability but also enables competitive pricing,
attracting more customers.

Second, operations management directly impacts product and service quality. A well-structured operations strategy ensures
consistent delivery of high-quality products, which is essential for building customer trust and loyalty. For instance, companies like
Toyota have implemented meticulous quality control systems, earning a reputation for reliability and excellence. Such trust leads
to repeat business and long-term growth.

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Third, operations management supports innovation. By analyzing and improving existing processes, organizations can identify
opportunities for innovation and differentiation. For example, firms that adopt advanced technologies like automation or AI can
enhance their operations and stay ahead in competitive markets.

Furthermore, operations management aligns with organizational goals and strategy. It integrates various functions—such as supply
chain management, production, and logistics—ensuring all departments work cohesively toward shared objectives. This alignment
minimizes delays, reduces errors, and improves overall organizational performance.

In my personal experience, I have seen how companies that prioritize efficient operations outperform those that neglect this area.
For instance, startups often fail due to poor operational planning, despite having excellent products. This highlights the critical role
of operations in ensuring stability and scalability.

In conclusion, operations management is undeniably a cornerstone of organizational success. By fostering efficiency, quality,
innovation, and strategic alignment, it helps organizations achieve their goals and maintain a competitive edge in today’s dynamic
business environment.

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Unit 3

STRATEGIC MANAGEMENT
I. KEY TERM

STT Word Transcription English Vietnamese

1 Strategy /ˈstræt.ə.dʒi/ The way in which a business, government, or other organization carefully plans Chiến lược
its actions over a period of time to improve its position and achieve what it
wants

2 Strategic /strəˈtiː.dʒɪk/ Relating to the identification of long-term or overall aims and interests and the Chiến lược
means of achieving them; carefully designed or planned to serve a particular
purpose or advantage

3 SWOT /swɒt/ Abbreviation for strengths, weaknesses, opportunities, threats: a way of

considering all the good and bad features of a business situation or a company;
a method for examining an organization, product, etc. and how it can develop,
by considering these four areas

4 Competitive /kəm The conditions that make a business more successful than the businesses it is Lợi thế cạnh
advantage ˈpet.ɪ.tɪv/ /əd competing with, or a particular thing that makes it more successful tranh
ˈvɑːn.tɪdʒ/

5 Environmental /ɪnˌvaɪ.rə A process that systematically surveys and interprets relevant data to identify Quét môi trường
scanning ˈmen.təl// external opportunities and threats that could influence future decisions
skæning/

6 Core / A skill that is necessary to be able to do a particular activity or job; something Năng lực cốt lõi
competence kɔːr/ / that a company does very well and that makes it better than other companies
ˈkɒm.pɪ.təns/

7 Evaluate /ɪˈvæl.ju.eɪt/ To judge or calculate the quality, importance, amount, or value of something Đánh giá

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8 Objective /əbˈdʒek.tɪv/ Something that you plan to do or achieve Khách quan

9 Risk /rɪsk/ The possibility of something bad happening; something bad that might happen Rủi ro

10 Analysis /əˈnæl.ə.sɪs/ The act of analysing something Phân tích

11 Status quo /ˌsteɪ.təs A Latin phrase meaning the existing state of affairs, particularly with regard to Hiện trạng
ˈkwəʊ/ social, political, religious, scientific or military issues.

12 Mission /ˈmɪʃ.ən/ An important official job that a person or group of people is given to do. Sứ mệnh

13 Essence /ˈes.əns/ The intrinsic nature or indispensable quality of something, especially something Bản chất
abstract, that determines its character.

14 Outperform /ˌaʊt.pəˈfɔːm/ Accomplish something in a better or more impressive way than someone else. Vượt trội hơn

15 Competitive /kəm A firm resources and capabilities that allow it to overcome the competitive forces Lợi thế cạnh
advantage ˈpet.ɪ.tɪv/ /əd in its industries. tranh
ˈvɑːn.tɪdʒ/

16 Strategy /ˈstræt.ə.dʒi/ Ideas, decisions, and actions that enable a firm to succeed. Chiến lược

17 Operational /ˌɒp.ər Perform similar activities better than rivals. Hiệu quả hoạt
effectiveness ˈeɪ.ʃən.əl/ /ɪ động
ˈfek.tɪv.nəs/

18 Outsourcing /ˈaʊt.sɔːs/ A situation in which a company employs another organization to do some of its Gia công ngoài
work, rather than using its own employees to do it.

19 Custodian /kʌsˈtəʊ.di.ən/ Someone who is responsible for looking after something important or valuable. Người bảo quản

20 Benchmark /ˈbentʃ.mɑːk/ A standard for measuring or judging other things of the same type. Chuẩn mực

21 Performance /pə Figures and data representative of an organization's actions, abilities, and Số lượng hiệu
metrics ˈfɔː.məns/ overall quality. suất
/ˈmetrɪks/

22 Business / The most important things that make up a business and work together to Bối cảnh kinh
landscape ˈbɪz.nɪs/ achieve something of value. doanh

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/ˈlænd.skeɪp/

23 SWOT analysis /swɒt/ /ə A framework used to evaluate a company's competitive position and to develop
ˈnæl.ə.sɪs/ strategic planning.

24 Short-term /ˌʃɔːt A target you want to achieve in 12 months or less. Mục tiêu ngắn
goal ˈtɜːm/ /ɡəʊl/ hạn

25 Allocate /ˈæl.ə.keɪt/ Distribute (resources or duties) for a particular purpose. Phân bố

26 Execution /ˌek.sɪˈkjuː.ʃən/ The act of doing or performing something. Thực hiện

27 Stakeholders /ˈsteɪkˌhəʊl.dər/ A person, group or organization with a vested interest, or stake, in the decision- Các bên liên
making and activities of a business, organization or project. quan

28 Buy-in /ˈbaɪ.ɪn/ Acceptance of and willingness to actively support and participate in something.

29 Articulate /ɑːˈtɪk.jə.lət/ Express their thoughts and ideas easily and well. Nêu rõ

30 Codify /ˈkəʊ.dɪ.faɪ/ Arrange something, such as laws or rules, into a system Mã hoá

31 Crisis / Is the process through which organizations identify and respond to an Quản lý khủng
management ˈkraɪ.sɪs/ unexpected event, a threat, or a disruption that has the potential of harming hoảng
/ˈmæn.ɪdʒ.mən stakeholders, processes, or property.
t/

32 Risk / Entails identifying, assessing, and controlling threats that can adversely affect an Quản lý rủi ro
management rɪsk/ organization's earnings or capital.
/ˈmæn.ɪdʒ.mən
t/

33 Drill /drɪl/ The practice of a skill Diễn tập

34 Execution /ˌek.sɪˈkjuː.ʃən/ The carrying out or putting into effect of a plan, order, or course of action Thực hiện

35 Disperse /dɪˈspɜːs/ Distribute or spread over a wide area Phân tán

36 Reveals /rɪˈviːl/ Clearly shown Tiết lộ

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37 Resilience /rɪˈzɪl.jəns/ The ability to withstand or recover quickly from a difficult situation Khả năng phục
hồi

38 Non-negotiable /ˌnɒn.nə Not open to discussion or reconsideration Không thể

ˈɡəʊ.ʃə.bəl/ thương lượng

39 Periodic /ˌpɪə.riˈɒd.ɪk/ Not open to discussion or reconsideration Định kỳ

40 Human error / Something that requires one or more humans performing tasks Lỗi của con người
ˈhjuː.mən/
/ˈer.ər/

41 Scenario /sɪˈnɑː.ri.əʊ/ A description of how things might happen in the future Kịch bản

42 Overwhelmed /ˌəʊ.vəˈwelm/ To be given too much Quá tải

1. Strategic management consists of: (3)

- Analyses
- Decisions
- Actions
2. Strategic goals consists of: (3)
- Vision
- Mission
- Strategic objectives
3. Crisis management is made up of three phases as follows: (3)
- Pre-crisis deals with preparation and prevention.
- Crisis response entails actually responding to an unexpected event.
- Post-crisis is where all activities return to normal.
4. The different types of crises in a workplace: (7) crisis
- Finance
- Technological
- Confrontation
- Workplace violence
- Personnel
- Organizational
- Natural
5. Crisis Management vs. Risk Management

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Crisis Management Risk Management

Meaning Is the process that an organization follows in dealing with Refers to all processes carried out by an organization to
an unexpected event that could adversely impact an identify possible threats
organization.
Purpose Aims to minimize the tension that can arise in an Seeks to identify and understand the potential threat as
organization due to a crisis. well as design a plan to deal with them.
Process Is widely reactive as it is done after an adverse event has Is proactive as it addresses any possible event in the
already occurred. future.
Type of Mainly deals with unknown or unforeseen events. Is done on events that have the potential to arise in the
event future.
- Are important for the stability and continuity of any organization.
- Are also an essential component of a strong governance structure.

II. SUMMARIES
1. Reading 1: What is strategic management?
The passage discusses the concept of strategic management in organizations.

Traditionally, managers focused on making minor improvements to existing operations. However, today's dynamic business
environment requires a more proactive approach. Strategic management is about making continual adjustments and even drastic
changes to strategies to achieve a sustainable competitive advantage.

Strategic management involves analyzing the organization's goals, internal and external environments, and then making decisions
about what industries to compete in and how to compete. These decisions then need to be implemented through actions that
allocate resources and design the organization to achieve the strategic goals.

The key to strategic management is figuring out how to outperform competitors. This involves creating unique and valuable
advantages that are difficult to copy. Simply focusing on operational efficiency (e.g. total quality management) is not enough.
Sustainable competitive advantage comes from doing things differently than rivals. Companies need to make clear choices about
what they want to achieve and avoid competing in everything their rivals do.

2. Reading 2: What is Crisis Management?

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Crisis management refers to the process organizations use to respond to sudden and unexpected events that may harm
stakeholders, processes, or property. These crises can result in reputational damage, financial loss, or risks to public safety.
Effective crisis management aims to prevent or minimize damage, guide stakeholders, and help organizations recover.

Phases of Crisis Management

1. Pre-Crisis: Focuses on prevention and preparation by identifying risks, creating a crisis management plan, and training teams.

2. Crisis Response: Involves immediate actions to address the crisis, including public communication and reputation repair.

3. Post-Crisis: Activities return to normal, with ongoing efforts to repair reputation and provide follow-up communication.

Organizations face various crises, such as financial, technological, natural disasters, or workplace violence, each requiring tailored
responses.

Crisis Management vs. Risk Management

While related, crisis management is reactive, addressing unforeseen events after they occur, while risk management is proactive,
identifying and mitigating potential threats before they happen. Both are essential for organizational stability, supporting effective
governance and long-term success.

III. Essay

Title: Innovation and Strategic Management in Business

Author(s): Various, including Daymond et al. (2023), Yan et al. (2022), and others.
Year of Publication: 2023
Research Aim:
This collection of studies explores the evolving relationship between innovation and strategic management, particularly the impact
of digital transformation, AI, and innovation ecosystems on business strategies. The aim is to understand how organizations can
leverage innovation to sustain a competitive edge in increasingly disrupted markets.
Method of Data Collection:
The research involves a mix of qualitative and quantitative methods, including case studies, surveys, and empirical analysis from
various industries. Data collection focuses on real-world applications of strategic management concepts in the context of digital
transformation, sustainability, and technological innovation.
Findings:
• Digital Transformation and AI: The studies found that the adoption of AI and digital tools significantly enhances strategic
decision-making and innovation practices, improving both efficiency and adaptability (Appio et al., 2021). Organizations with

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strong digital capabilities were better positioned to innovate and maintain competitive advantages in a rapidly changing business
environment.
• Innovation Ecosystems: Innovation is no longer just about internal R&D; rather, strategic alliances, networks, and ecosystems
play a pivotal role in driving competitive advantage (Daymond et al., 2023). The research emphasizes that companies need to
strategically manage these ecosystems to remain agile and responsive.
• Sustainability and ESG: There is a growing focus on sustainable innovation, where firms integrate environmental, social, and
governance (ESG) factors into their strategies. This has become crucial for long-term survival and reputation management (Maier
et al., 2020).
Conclusion:
The research underscores that strategic management today must be deeply intertwined with innovation. Companies must
embrace technological changes, build and manage ecosystems effectively, and adopt sustainable practices to stay competitive.
The evolving digital landscape, particularly AI and transformation initiatives, requires that managers continuously adapt their
strategies to both external and internal pressures.
Recommendations:
• Invest in Digital and AI Capabilities: Businesses should prioritize investments in digital transformation and AI to drive
innovation and improve decision-making processes.
• Foster Innovation Ecosystems: Companies should not only focus on internal capabilities but also develop external
partnerships and alliances to create robust innovation ecosystems.
• Integrate ESG into Strategy: Organizations are encouraged to embed sustainability into their strategic objectives, not only to
improve their reputation but to comply with increasing regulatory demands and consumer expectations.
• Adapt to Rapid Changes: Managers must remain agile, continuously revising strategies to respond to unforeseen challenges
and disruptions effectively.
This body of research highlights that strategic management today must be dynamic, with a strong emphasis on leveraging new
technologies and innovative practices to maintain competitive advantages.

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Unit 4

FINANCIAL MANAGEMENT
I. KEY TERM

STT Word Transcription English Vietnamese

1 Capital The specific mix of debt and equity that a company uses to finance Cơ cấu nguồn
structure its operations and growth vốn
2 Debt The amount of money that is owed by a person, company, country, Nợ
etc. and that they usually have to pay interest on
3 Equity Vốn chủ sở
The value of a company, divided into many equal parts owned by hữu
the shareholders, or one of the equal parts into which the value of a
company is divided; the capital that a company gets from selling its
shares rather than borrowing money
4 Capital The process of estimating the value of a company's assets and Ước tính vốn
estimation liabilities. This includes estimating the value of assets such as land,
equipment, and inventories, as well as estimating the value of
liabilities such as loans and debt.
5 Tax planning The taxpayer's capacity to arrange his financial activities in such a Hoạch định
manner as to suffer a minimum expenditure for taxes thuế
6 Discounted
investment Is sold before its payment date at a price that is lower than its value, Đầu tư chiết
so investors will get a profit when the investment is paid on its khấu
payment date

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7 Budgeting Lập ngân sách

The process of calculating how much money you must earn or save
during a particular period of time, and of planning how you will
spend it.
8 Cash flow The movement of money into and out of a company's accounts, Dòng tiền
used as a measure of how much money the company spends and
receives and how much profit it makes over a particular period of
time.
9 Investment The act of putting money into a business to buy new stock, Đầu tư
machines, etc., or a sum of money that is invested in a business in
this way; the act of buying shares, bonds, property, etc. in order to
make a profit; something such as shares, bonds, or property that
you buy in order to make a profit
10 Time value The principle that money received early from an investment or paid
back early on a loan is worth more than if that amount of money Giá trị thời
were received or paid back at a later time gian

II. Summaries
1. Reading 1

Financial management involves planning, organizing, and governing financial activities to maintain business
operations and profitability. Key areas include planning, which allocates funds for growth and ensures positive
cash flow; budgeting, which allocates necessary spending and maintains reserves for emergencies; managing
and assessing risk, which involves mitigating liquidity, market, credit, and operational risks; and procedures,
which establish policies for secure and efficient financial operations. Critical functions of financial management

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include financial planning and forecasting, cash management, financial reporting, financial control, and risk
management, all aimed at enhancing financial stability and informed decision-making.

2. Reading 2

The passage discusses the Sarbanes-Oxley Act and its impact on corporate governance, particularly
emphasizing the responsibilities of CEOs and CFOs in certifying the accuracy of financial statements. This
requirement was introduced following corporate scandals involving companies like Enron and WorldCom, which
resulted in significant financial losses for investors, workers, and suppliers. Despite criticisms, the act has
increased investor confidence and has become a frequent topic in financial publications, helping to ensure
transparency and accountability in financial reporting.

III. Essay

Effective financial management is crucial for the success and productivity of any organization. It involves the
planning, organizing, controlling, and monitoring of financial resources to achieve the organization's goals.
Without sound financial management, even the most innovative businesses can struggle to survive and grow.
By ensuring that financial resources are allocated efficiently and that risks are managed effectively, financial
management lays the foundation for sustainable success.

One of the primary roles of financial management is to provide a framework for making informed financial
decisions. This includes everything from budgeting and forecasting to managing cash flow and analyzing
financial performance. By carefully planning and monitoring financial activities, organizations can avoid
common pitfalls such as overspending or underfunding critical projects. Financial managers play a key role in
identifying financial risks and developing strategies to mitigate them, ensuring that the organization remains
on a stable financial footing.

Effective financial management also enables organizations to respond proactively to changes in the business
environment. This can include adapting to economic fluctuations, seizing new market opportunities, or
navigating regulatory changes. Financial managers must be adept at analyzing financial data and trends to
make strategic decisions that align with the organization's long-term objectives. By maintaining a clear
understanding of the organization's financial position, they can help to steer the business through periods of
uncertainty and capitalize on opportunities for growth.

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In conclusion, effective financial management is the cornerstone of a successful and productive organization.
It ensures that financial resources are used efficiently, risks are managed proactively, and the organization is
well-positioned to achieve its strategic goals. By prioritizing sound financial practices, organizations can not
only enhance their operational efficiency but also build a solid foundation for long-term growth and success.
Through meticulous planning, strategic decision-making, and robust risk management, financial management
provides the stability and insight necessary for any organization to thrive.

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Unit 5
MANAGERIAL ACCOUNTING

I. Key term
1 Inventory It involves the identification and analysis of the actual costs associated Định giá hàng tồn kho
valuation with the company's products and inventory. The process generally
implies the calculation and allocation of overhead charges, as well as the
assessment of the direct costs related to the cost of goods sold (COGS) -
product costing.

2 Managerial the activity of preparing and the identification, measurement, analysis, Kế toán quản trị
accounting and interpretation of accounting information in order to support
management decisions, i.e. informed decisions

3 Financial a report provided by a company for its shareholders and investors that Báo cáo tài chính
statement shows details of its financial situation, and includes documents such as
the profit and loss account and balance sheet

4 Cost the process in which all the costs of a business activity or production Kế toán chi phí
accounting process or activity are examined in order to help managers decide how
to make profits or save money

5 Accounting a process that accountants and business owners use to manage a Chu kỳ kế toán
cycle company's books throughout a particular accounting period - typically
throughout the fiscal year: recording and processing all financial
transactions of a company, from when the transaction occurs, to its
representation on the financial statements, to closing the accounts

6 Constraint the analysis of the production lines of a business identifies principal Phân tích ràng buộc
analysis bottlenecks, the inefficiencies created by these bottlenecks, and their
impact on the company's ability to generate revenues and profits

7 Trend a general development or change in a situation or in the way that people Xu hướng

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are behaving

8 Margin Margin analysis involves the calculation of the breakeven point that Biên lợi nhuận
determines the optimal sales mix for the company's products

9 Capital the analysis of information required to make the necessary decisions Dự toán vốn đầu tư
budgeting related to capital expenditures. In Capital analysis, managerial
accountants calculate the net present value (NPV) and the internal rate
of return (IRR) to help managers to decide on new budgeting decisions

1 Forecasting the job or activity of judging what is likely to happen in the future, based Dự báo
0 on the information you have now

1 Brand equity The commercial value beyond tangible attributes, influencing consumer Tài sản thương hiệu
1 perceptions and positively impacting sales

1 Initiatives Refers to new projects, strategies, or programs undertaken to address Sáng kiến
2 specific objectives or issues within an organization. These often aim to
introduce change or improvement in processes, products, or services

1 Accounting Are a set of standards that accounting professionals follow when working Nguyên tắc kế toán
3 principles on financial statements. These principles help maintain consistency and
comparability in financial reporting.

1 Corporate Refers to the area of finance that deals with funding sources and capital Tài chính doanh nghiệp
4 finance structures for corporations, as well as the actions taken to increase the
value of the company for shareholders.

1 Balanced Measures and manages an organization's strategic performance across Thẻ điểm cân bằng
5 scorecard financial, customer, internal processes, and growth areas.

1 Projections Are future estimations based on current and historical data, crucial in Dự đoán, ước tính
6 managerial accounting for forecasting.

1 Activity-based Assigns costs to different business activities, revealing accurate Tính phí dựa trên hoạt
7 costing product/service costs động

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1 Cost-benefit Assesses whether the benefits of an action outweigh the costs, a pivotal Phân tích chi phí – lợi
8 test aspect in managerial accounting decision-making ích

1 Low barriers Represent minimal obstacles for market entry, leading to increased Rào cản gia nhập
9 competition and challenges in product differentiation ngành thấp

2 Return on Measures profitability from funds invested in a company, represented as Tỉ lệ hoàn vốn
0 shareholders' a percentage
investment

2 Supply chain The oversight and coordination of the flow of goods and services, Quản lý chuỗi cung ứng
1 management involving the movement and storage of raw materials, inventory, and
finished products from point of origin to point of consumption

2 Top The highest levels of management within an organization, comprising Nhà quản trị cấp cao
2 management individuals responsible for making critical decisions and setting
strategies for entire company

2 Financial The process of presenting an organization's performance, including its Báo cáo tài chính
3 reporting financial position, operating results, and cash flows, typically to
stakeholders

2 Stand-alone Independent or self-contained information systems that operate Hệ thống thông tin đơn
4 information separately without integration with other systems or databases lẻ
systems

2 Financial Groups composed of individuals from different departments or areas of Nhóm đa chức năng
5 consultants expertise within an organization, working collaboratively on a common
project or goal

2 Web hosting A service provided by companies that allows other organizations to store Nơi lưu trữ tất cả trang
6 and maintain websites and web applications on their servers Web, các thông tin, tư
liệu, hình ảnh của
Website trên một máy
chủ Internet

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2 In-house Refers to the internal IT capabilities, resources, and expertise within an Công nghệ thông tin nội
7 information organization used for managing and maintaining its technology bộ
technology infrastructure and systems

2 Purchasing Various strategies or approaches used to procure goods or services for Phương pháp mua
8 methods an organization

2 Lean A manufacturing approach focused on eliminating waste, improving Sản xuất tinh gọn
9 production efficiency and maximizing productivity without sacrificing quality
II. Summaries
1. Reading 1
Managerial accounting focuses on internal information used by managers to make decisions, unlike financial accounting
which uses historical data and follows regulations. Managerial accounting information should be cost-effective and
tailored to the organization's strategy and industry.
The report uses three examples to illustrate this concept:
* E-commerce company e-whatever.com needs cost information to assess profitability, identify issues in order
fulfillment, and measure performance for competitive advantage.
* General Electric uses managerial accounting to track learning phenomenon's impact on costs for complex products
like navigational devices.
* Non-profit Shelter-Us needs cost information for different housing options and to track specific uses of donations.
In conclusion, a managerial accounting system should be designed to support an organization's specific strategy and
goals.
2. Reading 2
This passage discusses advancements in accounting and management practices.
* Integrated information systems combine financial data with other departments' data, allowing managers easier
access and making accountants financial consultants.
* Web hosting allows companies to outsource IT infrastructure.
* Just-in-time (JIT) production minimizes inventory, reducing accounting workload.
* Total quality management (TQM) focuses on customer-defined quality, affecting performance measures.
* Theory of constraints (TOC) identifies bottlenecks in a business process for improvement.
* Benchmarking continuously compares a company's performance against the best to drive improvement.
III. Essay

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The Transformative Role of Managerial Accounting in Modern Production Environments

In today's dynamic business landscape, characterized by rapid technological advancements and evolving consumer
preferences, the role of Managerial Accounting has become increasingly pivotal in shaping organizational strategies and
optimizing operational efficiencies. I wholeheartedly agree with the assertion that managerial accounting plays a crucial
role in reshaping business strategies and enhancing operational efficiencies in modern production environments.
Managerial accounting provides invaluable insights into an organization's financial health and operational performance.
By analyzing historical data and projecting future trends, it enables managers to make informed decisions that drive
growth and profitability. For instance, through cost analysis, managers can identify areas of inefficiency, such as
excessive inventory or underutilized resources, and implement measures to streamline operations and reduce costs.
Moreover, by tracking key performance indicators (KPIs) such as return on investment (ROI) and customer satisfaction,
managerial accounting empowers organizations to measure their progress towards strategic goals and make timely
adjustments as needed.
One of the most significant ways in which managerial accounting contributes to reshaping business strategies is by
providing the necessary data to support strategic decision-making. By analyzing the costs and benefits of various
strategic options, managers can assess their potential impact on the organization's bottom line and make informed
choices. For example, when considering a new product launch, managerial accounting can help evaluate the associated
costs, such as research and development expenses, marketing costs, and production costs, as well as the potential
revenue and profitability of the new product. This information is crucial for determining whether the investment is
worthwhile and for setting appropriate pricing and marketing strategies.
In addition to its role in strategic decision-making, managerial accounting also plays a crucial role in enhancing
operational efficiencies. By providing detailed cost information, managers can identify areas where cost reductions can
be achieved. For example, through activity-based costing, managers can pinpoint the activities that are driving costs
and take steps to improve efficiency and reduce waste. Furthermore, by analyzing variance analysis, managers can
identify deviations from budgeted performance and take corrective action to ensure that operations are running
smoothly and efficiently.
While managerial accounting has traditionally been associated with financial analysis and reporting, its role has
expanded to encompass a wider range of functions in modern organizations. With the increasing complexity of business
operations, managerial accountants are now expected to possess a deep understanding of various business functions,
including operations, marketing, and supply chain management. This broader skill set enables them to provide valuable
insights and support to managers across the organization.
In conclusion, managerial accounting plays a vital role in reshaping business strategies and enhancing operational
efficiencies. By providing valuable insights into an organization's financial health and operational performance,
managerial accounting empowers managers to make informed decisions that drive growth and profitability. As

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businesses continue to evolve and adapt to changing market conditions, the importance of managerial accounting will
only continue to grow.

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