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国际商务导论Fundamentals of Business
Lecture 1: Introduction 当代商务简介
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What to cover today :
1. The nature of business2. Forms of business ownership3. Franchising4. Business mission and company
profile
Exercises
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What is business?
money (capital &
profit)
companyproducts(goods
& services)
people
market
countries &
culturesconferences, negotiations
& trips
communication
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1. The nature of businessBusiness is: the exchange or trade for things people want or
need the production, distribution and sale of goods an
d services for a profit a goal-directed behaviour aimed at getting and
using productive resources to buy, make, trade, and sell goods and services that can be sold at a profit (Source: Jones, 2007. Introduction to Business: How Companies Create Value for People)
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productiveresources
land
capital enterprise
labor
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2. Forms of business ownershipThree basic legal (vs. organizational) forms of busine
ss ownership :1. sole proprietorship ( 个人 ) 独资企业2. partnership 合伙企业3. company 公司 Unlimited Liability Company 无限责任公司 Limited Liability Company (LLC) 有限责任公司 S corporation S 型股份有限公司 C corporation C 型股份有限公司
enterprise > company > corporation
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2.1 Factors to be weighed in decision-making
ease of formation liability for business debts control over the operation management expertise available financial resources available taxation policies continuity legal capacity
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2.2 Sole proprietorship
advantages & disadvantages
D4: lack of continuity
If the owner dies or becomes too ill to manage the business, there is no separate legal entity in existence with which the public, creditors, suppliers or employees can deal to ensure the continuity of the business.
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2.3 Partnership2.3.1 Oral vs. written agreementarticles of partnership 合伙章程 names of the partners name of the partnership location of the partnership purposes of the partnership duration of the partnership capital contributions by partners rights and responsibilities of partners allocation of profits and losses among partners dissolution ( 破产清偿 ) procedures
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2.3.2 General partnership 普通合伙企业 vs. limited partnership 有限合伙企业
2.3.3 Advantages & disadvantages
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2.4 Company
company
publicly ownedquasi-publicly
ownedprivately
owned
profit non-profit
privately held(S corp., LLC)
publicly held(usu. C corp.)
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publicly owned companies: established by the government, e.g. the U.S. Postal Service, big 4 banks in China, CNPC, Sinopec, CNOOC
quasi-publicly owned companies: established privately, but operated for public service and with high degree of government regulation and protection, e.g. private schools and hospitals
privately owned companies: established privately and operated for private interests; including the bulk of existing companies
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profit private companies: established to carry out business for profit-making purposes
non-profit private companies: established for charitable or religious purposes
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privately held profit private companies: LLC or S corp.; do not publicly offer their stock; owned by one or a few shareholders who normally have family or other close ties and also manage the business
publicly held profit private companies: C corp. (also called LLC by share, public company, publicly traded company, public listed company); publicly offer and freely trade their shares on stock exchanges; owned by a number of unrelated shareholders who do not actively manage the company (passive investors, cf. limited partners); go public, IPO 首次公开募股 http://tec
h.ifeng.com/internet/detail_2013_08/07/28352560_0.shtml
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2.4.1 C corporation
70%
10%
20%
Proportion of Existing Businesses under Each
Form of Ownership
Proportion of Business Revenue Generated by
Each Form of Ownership
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2.4.1.1 Corporate structure and management
incorporators/shareholders
board of directors
president/GM/CEO/managing director
other officials
owners
managers
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2.4.1.2 Corporate charter & legal person
Corporate charter 公司章程 : a document used to incorporate a business, and filed with the state government
The charter describes important aspects of the corporation, e.g. the name of the firm, the stock issued, and the firm’s operations
Bylaws 公司规章 are established to provide general guidelines for managing the firm
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2.4.1.3 Advantages & disadvantages
A4: continuous life (perpetual continuity)
Theoretically, a corporation has a perpetual existence; it continues until dissolved, merged, or terminated for other reasons.
D4: agency problem
High-level managers may make decisions that are in their best interests, at the expanse of shareholders.
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for United States Federal income tax purposes, an S corporation is a corporation that makes a valid election to be taxed under Subchapter S of Chapter 1 of the Internal Revenue Code.
has 100 or fewer owners and satisfies other criteria
the owners have limited liability, which may be restricted by various rules
the earnings are distributed to the owners and taxed at the respective personal income tax rate of each owner
2.4.2 S corporation S 公司
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2.4.3 Limited liability company (LLC)
not a corporation in nature a hybrid business entity blending a corporation,
a partnership, and even a sole proprietor has all the favorable features of a typical general
partnership, but also offers limited liability for the partners (members)
the primary characteristic an LLC shares with a corporation is limited liability, and the primary characteristic it shares with a partnership is the availability of pass-through income taxation.
has fewer restrictions on the number and type of owners and on the liability protection than S corporation
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3. Franchising 特许经营budding period: the
early 1900s, filling stations, car dealerships
growth period: since the mid-1960s, paralleling the enormous expansion of the fast food industry
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Three basic types of franchising:
product franchising: licensing for the right to sell trademarked goods purchased from the franchiser and resold by the franchisee, e.g. car dealers, gasoline stations
manufacturing franchising: licensing for the right to produce and distribute products, using supplies purchased from the franchiser, e.g. soft-drink bottling plants
business-format franchising: licensing for the right to open a business using the franchiser’s name and format for doing business, e.g. fast food chains
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Advantages of franchising:
triple benefits of franchising according to the president of the International Franchise Association:
“The franchiser wins because he builds a strong foundation for his company. The franchisee wins because he can take advantage of the franchiser’s proven business system. And the general public benefits from the consistency of the product or service.”
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Case study: A Godsend
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4. Business mission and company profile
4.1 Business mission/vision
-- a brief statement that tells stakeholders and the public why the firm is in business, how it intends to satisfy customer needs, and why it will satisfy their needs better than its competitors
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Sample mission statements
StarbucksOur mission: to inspire and nurture the human spirit – one person, one cup and one neighborhood at a time.
DellDell's mission is to be the most successful computer company in the world at delivering the best customer experience in markets we serve. In doing so, Dell will meet customer expectations of: • Highest quality • Leading technology • Competitive pricing • Individual and company accountability • Best-in-class service and support • Flexible customization capability • Superior corporate citizenship • Financial stability
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Sample mission statements
Nike Our mission for the Nike brand is: To bring inspiration an
d innovation to every athlete in the world. Alibaba Alibaba Group (Alibaba for short) is a global e-commerce
leader basing in China. Alibaba has 7 subsidiary companies, business involving the B2B, C2C, online payments, software service, search engine, online advertising, local living and consumption community etc. Alibaba is committed to building the world‘s leading e-commerce infrastructure and high quality online living platform.
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4.2 Company profile Company history Founders and/or current top managers Major line of business Location and subsidiaries Markets Staff size Production capacity Annual turnover/sales Awards
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Listening:
Listen to a presentation delivered by the PR Department Manager of Oracle China and fill in the blanks in the company profile
Word bank: headquarters 总部 headcount 员工总数 annual revenue 年收入
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Oracle China Profile Status: the world’s ____ enterprise software
company, ____ global software giant in ____ Established in: ____ Headquarters: Redwood Shores, ______ Headcount: ______ Annual revenue: ____ Launched on China’s market in ____ Oracle China branches: Beijing, Shanghai,
Guangzhou, ____ Services: 9i E-Business platform, E-Business Suite,
consulting services, ______, and support services
largest
education
China
1977
California
42,000
$11 billion
1989
Chengdu
first
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Sample company profileGMhttp://www.gm.com/corporate/about/company.jsp Ecolab http://www.ecolab.com/CompanyProfile/ PhilipsEnglish version:
http://www.philips.com/about/company/companyprofile.page Chinese version:
http://www.philips.com.cn/about/company/companyprofile.page
Alibaba English version:http://news.alibaba.com/specials/aboutalibaba/index.html?tracelog=24581_foot_company_info
Chinese version:http://page.china.alibaba.com/shtml/about/ali_china1.shtml
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Exercises
1. Translation1. 个人独资企业 2. 普通合伙人3. 有限合伙人 4. 无限责任5. 营业执照 6. 法人7. 董事会 8. 股息9. 公司章程 10. 年报11. 股东年会 12. 特许经营
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2. Find out the business focus of the top 10 franchise brands in 2009 listed by Entrepreneur Magazine
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3. Compile the mission statement and/or company profile of a well-renowned MNC currently operating in China
4. Group project: observe and guess the business forms of shops or companies operating on your campus or in Guangzhou, and collect necessary information (e.g. through interviews or Internet surfing) to verify your guessing
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5. Supplementary reading
Jones’ Chapter 1: “What Is Business?”