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COMMERCE DR. JOHN ABRAHAM PROFESSOR UTPA
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Commerce Definition –Commerce is the exchange of goods, services, information, or anything of value between two entities
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Capitalism An economic system based on a free market, open competition, profit motive and private ownership of the means of production. Capitalism encourages private investment and business, compared to a government-controlled economy. Investors in these private companies (i.e. shareholders) also own the firms and are known as capitalists. Commerce is the central paradigm from which capitalism is derived.
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Management Commerce must be managed Management refers to the process of getting this done. A good manager gets things done effectively and efficiently.
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Efficiency Tasks done correctly Relationship between input and output. If more output is produced given a fixed input, efficiency is improved.
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Effectiveness Goal attainment Effectiveness with efficiency is good management If colleges puts out more graduates without increasing budget, but they are not educated, we have efficiency without effectiveness.
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Management Processes –Based on level of management (lower, middle or upper), the percentage of time spent on the following vary. Plan Organize Staff Direct Control
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Planning Goals Objectives strategies Activities
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Organizing Categorizing (grouping) tasks Assigning staff to tasks Who reports to whom Where decisions are made
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Staffing Hiring Development of staff Motivating Evaluating Promoting
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Directing Day to day activities of leadership Communicating Liaison (inside to outside the organization) Consider –Conceptual skills (ability to analyze) –Interpersonal skills –Technical skills –Political skills
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Controlling Monitor organization’s performance Compare performance to goals Correct as needed Deal with changes in laws, population, etc.
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Disciplines to study Anthropology Economics Philosophy (ethics) Political science Psychology Sociology Statistics
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Creation of a new business Entrepreneurship –Create wealth –Pursuit of opportunities –Innovation –Growth Learn context of the business Identify opportunities Possible competitive advantage Start and manage Remember customer is king
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Future management related lectures Plan Organize Staff Direct Control
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