_________________________________________________________________

- New Insights Into Business (by Graham Tullis and Tonya Trappe)

2011

 811.111'373.46(076):334.7 143.21 598 : . .. ; ..

598

- : New Insights Into Business, [. ] / [.: .. , .. ] ; . . - . , 2011. 156 .

New Insights Into Business (by Graham Tullis and Tonya Trappe). , .
811.111'373.46(076):334.7 143.21

.. , .. , 2011 . , 2011 2

 - - , , , New Insights Into Business (by Graham Tullis and Tonya Trappe). . 15 New Insights Into Business. . - . - - . ,

, , . . - - , ,
3

 . ,

. (. 1 6), - (. 7) , , 2000 (. 8).

. , , .

Unit 1.

COMPANY STRUCTURES
Key Concepts

shareholders management workforce organization chart Board of Directors

people who own shares in a company or provide the capital board of directors or the people in charge of running a business, regarded collectively the total number of people who are employed by a particular company an administrative and functional structure of a business a group of people elected by its shareholders to manage the company who are responsible for policy decisions and strategy

Chairperson / President Managing Director / Chief Executive Officer (CEO)

permanent head of the board of directors

the most important working director in charge of the way the company is managed, is appointed by the Board of Directors, has overall responsibility for the running of the business senior managers / heads of various departments or functions within the company officers company Marketing a department that is concerned with promoting, selling, and distributing a product or service Public Relations part of an organizations work that is concerned with (PR) obtaining the publics approval for what it does, answering inquiries made by customers Information a department with the responsibility for the theory and Technology (IT) practice of using computers to store and analyse information Personnel / Human a department with responsibility for the recruiting, training, Resources (HR) and welfare of the staff Finance a department with responsibility for paying the salaries, reporting how well or badly the company is doing and how much it can spend Production a department that is concerned with making the actual product or rendering service, deals with quality and quantity problems Research and department that is concerned with designer work directed Development (R and towards the innovation, introduction, and improvement of D) products and processes

Supplementary Vocabulary
shareholders to provide the capital management workforce management structure organization chart Board of Directors Managing Director senior (top) management middle management chairperson to head to be responsible for , -, , ( ) 5

to appoint Chief Executive Officer (CEO) overall responsibility to run the business company officer

() , (, ) departments of Marketing, Public Relations, , Information Technology (IT), Personnel / Human , Resources, Finance, Production, Research and , , , Development (R and D) , () (-) accountant to finalize the design portable computer adaptable to reach consumers key aspect of work to answer enquiries manufacturing techniques to review salaries to play an essential role to ensure that system works properly to develop a new application to exchange and share information multinational company Board of Management in charge of / responsible for supervisory board group management committee to implement the policy mobile computing products x-ray equipment hairdryer digital camera speech processing () Video Cassette Recorder (VCR) - Domestic Appliances and Personal Care shaver suncare vacuum cleaner food processor blender coffee maker lighting / gear semiconductors emerging business headquarters - landmark to lay the foundation 6

to establish light bulbs carbon filament by the turn of the century to fuel diversification of a product range to launch a product outlet to staff by to be listed on a stock exchange colour picture tube integrated circuit long-term to monitor smth creed to be committed to to dial a number approximate to vary from ... to ... starch candle oral care, body care, household surface care, fabric care pet nutrition rinse to strengthen one's presence to maintain partnership recyclable packaging materials to reduce prices by 10 % to increase, an `increase to decrease, a `decrease overseas investment to be employed as / to hold position general worker the job involves machine operator bottling plant maintenance assistant engineering department to report directly to supervisor plant manager to be promoted t laboratory officer quality assurance laboratory to carry out analysis (Sing.) / analyses (Pl.) brewing process industrial relations managerial position

, ( ) () () - ... ... , , , , 10 % , , / () - , , . , / ( ) 7

to come about as a result of to undertake studies in ones spare time to complete a Master's in business studies

current job title to be concerned with smth manpower planning line manager to identify manpower requirements to draw up a contract redeployment of permanent employees to go through a period of transition to evolve key competency ability to manage change to contract out non-core activities catering maintenance in turn (This, in turn, has led to) industrial unrest high age profile of the company early retirement compulsory redundancies persons profile brand manager Virgin holding companies

headquarters (Pl.) chief financial officer / executive company profile

() ( , , , ) - () , ( ) , (, , ) , , ( - , ; , ; ) -

1. Complete the passage below using the appropriate words or phrases from the box.
8

Chairperson of Directors

Senior managers

Managing Director
1

Board (or (or chief

At the top of the company hierarchy is the

, headed by the 2
3

president). The board is responsible for making policy decisions and for determining the company's strategy. It will usually appoint a
4

executive officer) who has overall responsibility for the running of the business. or line managers head the various departments or functions within the company. 2. Answer the questions to the text about Philips on page 6 of the Students Book of New Insights into Business (NIiB SB). 1. What is known of Gerald Philips? 2. What was the produce of the company in the beginning? 3. What fuelled a program of expansion? 4. Why was a research laboratory established in 1914? 5. How did Philips protect its innovations? 6. What were the landmarks of the companys diversification of its product range? 7. Which figures may well speak of the Philips impressive international presence? 8. Who determines the long-term strategy of the Philips group as a whole? 9. What is the managerial structure in the company? 10. What is the company creed? 11. What is its meaning? 12. What devices may remind you of Philips on travels around the world? 3. Read the text Colgate-Palmolive Company on page 9 of NIiB SB and frame questions to which the following words and phrases provide the answers. 1. In 1806. 2. Starch, soap and candle. 3. In the United States. 4. The establishment of Colgate operations in countries throughout Europe, Latin America and the Far East. 5. $8.7 bn. 6. In the area of Oral Care. 7. Many successful toothpastes, rinses and toothbrushes. 8. To strengthen its presence in professional products. 9. For many years. 10. For dental professionals. 11. To the environment. 12. Recyclable bottles and packaging materials.
9

4. Listen to the dialogue Company Profiles and commentaries coming after it. Give English definitions to the words and expressions in bold print. Learn the dialogue by heart and dramatize it with another student in class.

Company Profiles Roberta: What are you working on? Lee: Oh, Im writing the company profiles for the businesses participating in the meeting next month. Do you have a minute to give me some feedback? Roberta: Sure, what do you have so far? Lee: Ive started to write the ones for Lundrun and Max Electronics. This is what I have for Lundrun so far: A Fortune 500 company, Lundrun is a world leader in car manufacturing. Founded in 1936, Lundrun today is a $90 billion dollar company that sets a standard in the industry. Roberta: Thats pretty good. Dont forget to mention that their headquarters are in Chicago. Lee: Oh, yeah. Ill make sure I add that. Okay, heres what I have for Max Electronics: Max Electronics is a Frankfurt-based company that has been a pioneer in the manufacturing of home electronics for over 75 years. The company has a global network of 1,500 distributors and has stores in 53 countries worldwide. Roberta: Thats a good start. Why dont you pass them by me when youre done and I can give you some more feedback? Lee: Yeah, Ill do that. Thanks a lot. (From English as a Second Language (ESL) Podcast 181.)

10

5. Choose a company out of Fortune 500 list at

http://money.cnn.com/magazines/fortune/fortune500/2010/full_list/. Get ready to answer

the following questions about the company profile. 1. What is your company name? 2. Are there any Group Members? 3. What product(s) or service(s) does this company provide? 4. Where are its headquarters? 5. How many people does it employ? 6. Does it have offices in other countries? If so, where? 7. Who is its main competitor? 8. What supplies does it need? 9. Where does it get supplies from? 10. From what country/countries? 11. From which company? 12. Where are its markets? 13. What is its - market share? - turnover? - net profit? 14. Is it growing, shrinking or holding steady? 15. What is its most promising products and/or markets? 16. What kind of public image does it have? (Adapted from http://elc.polyu.edu.hk/cill/eiw/company_profile.htm)

Unit 2.

RECRUITMENT

Key Concepts to recruit / to to select people and persuade them to join an organization
11

employ position to apply for (a job) letter of application covering letter curriculum vitae application form short list candidate / applicant interview to hire someone recruitment agency an intern

or work for it an employment for which one can be hired to make an appeal or request especially in the form of a written application a formal personal written or printed request for a job addressed to a person or organization a letter that you send with a main formal document or parcel in order to provide extra information a brief account of one's education, qualifications, and previous occupations a printed or typed document with blank spaces for insertion of generally required or requested by the employer information a list of candidates for final consideration (as for a position or a prize) someone who makes a formal written request to be given a job or a place a formal meeting at which someone is asked questions in order to find out if they are suitable for a job or a course of study to employ someone or pay someone to do a particular job for you a firm whose task it is to provide a list of suitable candidates for a company someone who works for a short time to gain experience

Supplementary Vocabulary
to recruit / to employ position to apply for (a job) letter of application covering letter (US cover letter) curriculum vitae (CV) / rsum application form to fill / to complete ~ short list of candidates or applicants interview to attend an ~ to hire recruitment agency (US search firm) top performer bonus token 12 () , ~ ~ () ,

pinball

, a.k.a. / A.K.A. (abr. also known as) Frisbee intern to offer a wealth of opportunities new graduates ( ) current college students , internship co-op programs to conduct on-campus interviews career expo / to aquire / gain experience recruitment advertisement / employment wanted ad to complete a probation period Mind over Matter , from here on cunning record of accomplishment () to propel smb up the corporate ladder - white collar / clerical jobs , to submit to tests brainteaser intangible , to coach , flexible passion . , sense of urgency Association of Executive Search Consultants to face questions to get things done to emerge , hire / recruit (n) senior executive corporate downsizing to slash layers of management pace of change to shift to a practice at this point anecdotal evidence to bring smb around to - to size up candidates 13

to rationalize someones choice

to rationalize a business to land a better job to toughen the practice ( ) background check sexual harassment comprehensive testing () personality traits `survey (n), sur`vey (v) , to adjust interest rates headhunter , costly and time-consuming to resolve conflicts to be easy to get on with articulate well presented software engineering , to contribute to existing range of software to perfect ones German to have a position open Public Affairs Associate = PR manager outdoor experience gritty job ( , ) references BA (Honours) ( ) A level in Scottish Nature Trust Tourist Board promotional materials , ( , ) training period cross country skiing to make a poor impression on smb to relate ones interests to those of the company to highlight relevant skills outline of the letter non-profit making organization in the meantime to familiarize smb with - challenge (n) . to pass 1) (); 2) promotional marketing sales promotion (, , 14

product launch direct marketing to design account handler to stand out somewhere media literate society suitability for the position to have a bearing on the decision to be well presented (neat and tidy) to report to smb to mark down yes-man to lay/put in dummy questions to go down to be through an interview to draw the candidate out to be up to scratch to lose temper acquisition graduate recruitment program to swap

, ) , , - ( ) -, - ( ) . . ( ) ()

1. Complete the passage below using the appropriate words or phrases from the box. letter of application apply for covering letter advertise the job or 2 who are interested can then
5 3

position interview CV
1

application form recruit applicants

shortlist recruitment agency hire

When a company needs to

or employ new people, it may decide to the job by sending in a

4

in the appointments section of a newspaper. People or containing details of their education and experience. In
7

and a 6

some cases a company may prefer to do this initial selection after asking candidates to complete a standard The company's human resource department will then select the applications that it considers the most suitable and
15

prepare a an 10
12 .

of candidates or 9

, who are invited to attend

Another way for a company to 11 candidates.

is by using the services of a

(US = search firm) who will provide them with a list of suitable

2. Answer the following questions to the text on page 16 of NIiB SB. 1. What were graduates of prestigious business management colleges supposed to rely on in their future careers in the past? 2. How has the interview for white collar jobs procedure changed lately? 3. Which intangible qualities of a candidate are now put to test? 4. Why have the services of psychologists become necessary? 5. What is the reason for intensification of interrogations for top jobs? 6. What do the companies want to know for sure about their top executives? 7. Why do some companies remain unconvinced that intensified testing is worth the cost? 8. What is the weak point in the way most decision makers rationalize their choice? 9. Why has an interview become a game? 10. What practices put Personnel Department managers close to police officers? 11. What does the comprehensive testing aim to achieve? 3. Read the text Interview assessment on page 20 of NIiB SB and frame questions to which the following words and phrases provide the answers. 1. Articulate and we presented. 2. His present employer. 3. challenging position. 4. To contribute to that growth. 5. A more That he would be

expected to contribute to that growth. 6. Our existing range of software. 7. In the south. 8. Various European countries. 9. Trade fairs and exhibitions. 10. At the moment.

16

4. Listen to the monologue Getting an Interview and commentaries coming after it. Give English definitions to the words and expressions in bold print. Answer the questions. Getting an Interview I've finally landed my first interview. Well, actually, thats not really true. I have been on many interviews for part-time jobs. This was my first interview for a full-time job. In less than two months, I will graduate from Arizona University. After a lot of back and forth trying to decide on a major, I finally decided to double major. I would study both political science and marketing. These are not majors that usually go together. In fact, most people thought I was crazy. But, after a lot of soul searching, I decided to combine my two main interests: 1. politics and 2. getting a job! Those are my two priorities. I thought that if I get degrees in these two fields, I could cast a wide net when going job hunting. And, thats what Im trying to do now. Since I dont know if I want to work in the public or private sector, Ive applied for jobs in both. In the public sector, I could work for the government. Maybe one day, I could even be a speech writer for the President! Okay, maybe I should shoot a little lower. In the private sector, I could work for private organizations such as museums, schools, or programs. Some of those are nonprofit. Or, I could work for a company. Everybody tells me that thats where the money is. I havent decided yet. Im planning to apply for a lot of jobs and will see what happens. What I want now is just to get some job offers. Then, I can start being picky. (From ESL Podcast 43.) Why does the speaker call this job interview first? Whats the use of taking two majors?
17

 When do serious students start job hunting? What advantages or disadvantages are generally associated with jobs in public and private sectors of economy? Why is a job with a non-profit organization seldom a first priority among the job-seekers? To what extent can an English proverb Beggars can't be choosers be applied to young college graduates?

5. Listen to the monologue Making a Good Impression and commentaries coming after it. Give English definitions to the words and expressions in bold print. Answer the questions. Making a good impression My interview is today. It is with a marketing company. It is a large corporation with its headquarters in San Francisco, CA. It also has satellite offices across the U.S. and in Europe. Im not sure if this would be the right fit for me, but Im keeping an open mind. I got some sound advice from my aunt. She said that I should be confident but not cocky. That means I have to look for opportunities to talk about my qualifications, but dont make the mistake of boasting or worse, making things up. I do that sometimes when I get really nervous. My brain stops working and my mouth takes over. I need to be respectful but not meek. I want to be professional with everyone, my co-workers and my bosses. But, I dont want them to think that I would let my co-workers walk all over me. I should show them that Im a team-player. Nobody likes a person who tries to grab the limelight all of the time, especially if theyre new, like me. Okay, I think Im ready. I have my resume, my transcript, and the address of the office where Im going for the interview. Now, all I need are my shoes
18

(From ESL Podcast 44.) What shows that the company in question is really large? From what angles can you look at the possibility of working for a certain company? Is there any danger in always looking up to your elder relatives advice? How do you practically differentiate between putting advantages to the fore and boasting? What circumstances or state of mind may prevent interviewees cool reasoning? What dangers are lurking for the newly employed company member? What should one think of prior to going to an interview?

6. Listen to the monologue Hiring for a job and commentaries coming after it. Give English definitions to the words and expressions in bold print. Fill in the table with a checklist which is a base for the board of interviewers hiring decision. Hiring for a job Last week, my administrative assistant gave notice that he was quitting in two weeks. It couldnt have come at a worse time. It was a very busy time of the year, but there was nothing I could do. Right away, we put a want ad in the classifieds and received several applications for the job. I called in four of them for interviews and I had narrowed it down to two candidates. The first was Claudia Trujillo. From her resume, I knew that she had had four years of experience working at a telecommunications company. She looked promising and when she arrived for the interview, she was dressed professionally and seemed personable. When I asked her about her experience, she answered my questions with confidence. She sounded like a hard worker and showed a lot of

19

perseverance. The only drawbacks were that she was a little chatty and she also seemed a little disorganized. The second candidate was Alex Mayhew. Alex had more experience than Claudia, but in different capacities, and only had one year of experience as an administrative assistant. When I met Alex, he seemed a little rough around the edges. He was earnest and eager, but didnt have the air of someone who had worked in a corporate environment. Still, he seemed bright and easy to get along with. He did strike me as being a little shy, but I think that was because he was nervous. So, those are my two options. Now, which one should I hire? I need to give it some more thought. (From ESL Podcast 56.) Interview Panel Checklist Criteria Name Qualifications Experience Technical Skills Language Skills Knowledge of our Company Knowledge of the Job Duties Attitude Comments (on drawbacks or advantages) Employ? (Adapted from English in the Workplace at
http://elc.polyu.edu.hk/cill/eiw/interview_panel_checklist.htm)

Interviewee 1

Interviewee 2

20

Unit 3.

RETAILING

Key Concepts retailing outlet chain store shopping centre (US mall) hypermarket (GB) or superstore retail park business of selling products in small quantities to the general public an agency (such as a shop or a store) through which a product is marketed one of numerous usually retail stores having the same ownership and management style and selling the same standardized lines of goods area with a large variety of stores in the same location a very large store that carries products found in a supermarket as well as merchandise commonly found in department stores, located usually out of town shopping centre usually at the edge of a town or city, where besides a lot of large stores there are other facilities such as cinemas, restaurants, childcare, recreation lounges etc. such as Harrods in London, a large shop which sells a wide variety of products, usually from a city centre location a section of a department store handling a particular kind of merchandise the sale of goods in large quantities to retailers and not to consumers a retail organization whose aim is not to make profits but to provide benefits to members a business that sells goods at discount on condition that buyers pay cash and carry the goods away themselves

department store department wholesale co-operatives cash and carry

Supplementary Vocabulary
retailing outlet retail chain chain store shopping centre retail park department store department wholesale co-operatives cash and carry ( ) , , 21

to penetrate the market overall to withdraw from the market to assume to share the same tastes merchandize to be out of touch to develop a presence somewhere to adapt to a market to underestimate competition bargain hunter town centre locations rich pickings hi-fi [`hai fai] (< high fidelity) per square foot on all counts little-known to warrant an entry in for .. to take an average across to clock up (a number) to be up operating margin likeable bloke converted vinegar factory to rap out ones sales pitch to catch on to do sth up discounted hi-fi overheads stock turnover

end-of-line surplus equipment lucrative multiples to stock the mass market to volume sell = to sell by volume midi (< musical instrument digital interface) system 22

, - (), ; () . ( ) (- ) // ( ) ( ) () ( ) , - ( ) - (, ) ( ) - ( )

separates tuner amplifier to off-load stock control

quirky retailer worth while late space alternative magazines Private eye

Viz

to push an offer walk-in warehouse bargain bin to tout [taut] to stack banner to beat (down) the price pushy to plug in the equipment correctly receipt free phone number lolly (lollypop) mince pie hot-cross bun

fragrance to make a deal to secure the support to place an order operating costs (market) niche

(/) ( ) ( , . ., , , . ., ) " " ( ; , , ; 210 . . 1962 .) "" ( - ; 6 ; 1 . 1979 .) () . () ( ) ( ) , . : , ; ; ; (Good Friday) () ( , , 23

 ) to sort the problem out customer service competition high flier , Jaguar convertible - to perform above and beyond the call of duty , to do good / harm / your best / someone a favour / / / to make an appointment / arrangements / an / attempt / a choice / money / progress / a start / / / / / at the front /back . / in front of . layout of the store meat counter storage and preparation area aisle to position half way down on the right ( ) whereas . checkout ( ) cereal , shelf at eye-level to generate sales demonstration area to discontinue consumer survey ( , ) customer profile () ( , ( , . .) ) resident , product range customer attitude () ( , , ) open(-ended) question ( ) closed question ( , ) ( , ) multiple choice question , 24

1. Complete the passage below using the appropriate words or phrases from the box. shopping centers retail chains
1

multiple retailers outlets

superstores shops

department stores retailing

is the term that is used to describe the business of selling

2

products directly to the general public or to individual consumers. Most companies in this sector sell from
3 4

or stores of varying sizes which are referred to as

. In the UK, the retail industry is dominated by large and powerful , which are organised nationally and sell a standardised selection of often specialise in a particular type of consumer product:

products. These 5
6

electrical equipment, food/clothing, etc. Their outlets tend to be concentrated in or malls (US) where customers have access to a large variety of stores in the same location. Increasingly, large retailers are operating from out of town locations with parking facilities known as either
7

or hypermarkets depending on

whether they occupy a surface area of more or less than 30,000 square metres.
8

such as Harrods in London, are large shops which sell a wide

variety of products usually from a city centre location. As the name suggests, they are organised in departments, each with its own manager. 2. NIiB SB. 1. Why does the fact that Richer Sounds is the busiest retailer in Britain sound somewhat shocking? 2. Which extraordinary achievements of Richer Sounds warranted an entry in the Guinness Book of Records? 3. What is the owner of Richer Sounds like? 4. What was his first business initiative? 5. Who dominates the audiovisual market in GB? 6. What market niche has Richer Sounds been able to secure for itself? 7. What is the percentage of outdated and current models in
25

Answer the questions to the text Richer Pickings on page 27 of

the product range of the company? 8. Why are suppliers keen on doing business with Richer Sounds? 9. How does the company advertise? 10. What is the layout of the shops? 10. What are the companys priorities? 11. How does Richer Sounds combine business and fun? 3. Read the text about Sephora on page 28 of NIiB SB and frame questions to which the following words and phrases provide the answers. 1. Which has revolutionized the way that perfumes and fragrances are sold. 2. By small exclusive perfume stores. 3. A wide selection of top products. 4. Two years ago. 5. To buy the company. 6. The new president. 7. All aspects of business. 8. The support of many big brands. 9. Big orders. 10. In New York.

4. Listen to the monologue Holiday Promotions and commentaries coming after it. Give English definitions to the words and expressions in bold print. Answer the questions. Holiday Promotions My boss asked me to come up with some holiday promotion ideas so that we can make inroads into the gift-buying market. For us to stay competitive, our company has to increase retail sales for this important sales cycle. My boss is expecting some innovative ideas from me. Since were an online business and not a brick-and-mortar store, we cant just put signs in the window or do other types of traditional advertising. Lucky for us, though, consumers are increasingly computer savvy and are more likely than ever to buy online. Thats something we want to capitalize on. Like other companies, were willing to slash prices to attract holiday shoppers. We have a large inventory and we dont have to worry about running out of stock. The trick is, how do we increase sales without resorting to gimmicks? Dressing up salespeople to look like Santa Claus may work for some businesses but not ours.

26

Im just hoping that I can come up with some fresh ideas to jump-start this sales season. I know that my boss is counting on me. (From ESL Podcast 224.) What market does the company want to make inroads into? Why is it necessary to increase retail sales? What is the difference between brick-and-mortar store and an online business? What does the company want to capitalize on? How do many companies attract shoppers? What doesnt the company want to resort to? Why doesnt the idea of dressing up seem to be fitting?

5. Listen to the dialogue Working on commission and commentaries coming after it. Give English definitions to the words and expressions in bold print. Learn the dialogue by heart and dramatize it with another student in class.

Working on Commission Dennis: I just got a new sales job and Im going to be making a bundle. Irene: What kind of job is it? Dennis: Ill be working strictly on commission. The more I sell, the more I earn. Its a great opportunity for someone with my talents in sales. Irene: I know youre great at sales and Im sure youll do well, but you cant coast in a job based on commissions. Youll have to work really, really hard. Dennis: Im not worried. For me, selling is second nature. Ill barely have to lift a finger and the profits will come rolling in. Irene: But isnt your paycheck going to be in flux all the time? Youll never know what your take-home pay will be.
27

Dennis: Theres no cap on how much I can earn, so the skys the limit. Irene: Thats not exactly what I meant. Some weeks, it may be hard to live on what you earn, dont you think? Dennis: What? Do I hear a hint of uncertainty in your voice? Irene: No, its just that Dennis: Put your mind at ease. I could sell ice to Alaskans! (From ESL Podcast 648.)

U n i t 4 . FRANCHISING Key Concepts franchise franchising franchisor franchisee franchise fee = front-end fee royalty management services fee advertising fee operations manual master franchisee authorization or right granted to an individual or group by a company to sell its goods or services in a particular way a business system in which a company sells an individual the right to operate a business using the franchisors established system or format one that grants a franchise one granted a franchise a sum of money required at the beginning of an undertaking share of the profit reserved by the grantor of a franchise payment for continuing advice and assistance, which is usually calculated as a percentage of annual turnover a contribution made by a franchisee to cover part of franchisors annual advertising and marketing costs written guidelines containing all the information that the franchisee needs to run his or her business a person supervising business in a particular area

Supplementary Vocabulary
franchise front-end fee 28 , ,

royalty management services fee advertising fee operations manual franchisee master franchisee to fail to be a safe bet to follow the rules report on sales to recruit and manage personnel to watch the fees coming in to do performance reviews

time management

prioritizing networking to do monthly account to do balance sheet golden arches trademark

to take up the fast food challenge to go off (about alarm) to make a mental list to master computerized accounts to expand the seating to conform to standards value (for money) standard preferred suppliers maintenance refurbishment to be considered for a franchise

- , - , , - ( ) , ( , , , ) , ( , , ) ( ) () , - , ; ( ) 29

 to pay off the place boasts the first Drive-Thru . invoice - ( , , ) to run a training course bookings for parties Mystery Diner , , to commend by name to tackle the problem / the difficult piece of work / to have an ongoing dialogue with field consultant to update records - tax office query pay-roll staff turnover casual worker [] lunchtime rush to be short staffed to muck in .; - (, ) small business behind the scenes admin work under construction bomb site , masses of paperwork in priority order , to head off to school to collect from school to do figures to work into the early hours 1-2 ( ) have something on the go . - to snore to laser away craving for - premonition timetable , on / behind / ahead of schedule / / to meet / miss a deadline / assessment working capital / operating capital (federal) tax return () fixtures and fittings trademark call charge 30

free of charge shop fitting allowance for gross profit margin

induction training retail software package subsistence expenses reclaimable reward bagel muffin donut way back in 1950 beverages shake speciality sandwich chain vision dedication staffing lets face it to maintain business savings full training and ongoing support startup cash ongoing fees (carbon copy) Bcc (blind carbon copy) to forward (a file) to include (a file) recipient

. . () , ( ), , , , , 1950 . ( ) , , . ( ) . () ( ) ( ) () ()

1. Complete the passage below using the appropriate words or phrases from the box. franchisor advertising fee master franchisee management services fee franchisee franchise fee franchise agreement operations manual format

31

Franchising can be defined as a business system in which a company (or

1

) sells an individual (or 2

3

) the right to operate a business using the

.

franchisor's established system or

The franchisee is thus able to take

advantage of the franchisor's brand names, reputation and experience. As part of the contract (or money, known as a
6 5 4

) the franchisee pays an initial sum of

to the franchisor and, in addition, agrees to pay a

in exchange for continuing advice and assistance which is usually to contribute to the franchisor's annual advertising and

calculated as a percentage of annual turnover. In certain cases the franchisee may also pay an 7 marketing costs. It is important to understand that the franchisee also has to find the necessary capital to open the business. Once the contract has been agreed, the franchisor provides an 8 manage his or her business. In some cases a franchisor may appoint a
9

which to

is a document containing all the information that the franchisee requires in order to supervise all aspects of the development of the business inside a territory. 2. Answer the questions to the text One day in my life on page 36 of NIiB SB. 1. When does Vanessa Stein plan her schedule for the day? 2. Why does she train one of her floor managers to deal with computerized accounts? 3. What standards does she have to comply with while expanding her business? 4. How does Vanessa estimate the correctness of the decision to buy a franchise business? 5. Who pays for the training courses for the staff? 6. What is the function of mystery diners? 7. What is the purpose of a field consultants visits? 8. What are the routines of the administrative work? 9. Why does one have to be flexible in a small business? 10. How does Vanessa organize masses of paperwork on her table? 11. What family duties complement her business responsibilities? 12. Which books does she prefer? 13. What has hampered her sleep for a long time? 14. Which cravings from her pregnancy period does she associate with her present day business?
32

3. Read the text below and put questions to the underlined words and phrases. McDonalds Logo A proper and authentic trademark is a guarantee of consistency and quality. It assures the customers that all the products bearing a specific trademark are of the same quality everywhere in the world. So when McDonalds expanded its business worldwide, it needed and employed a logo that ensured their continued value in the restaurant business. The McDonalds logo has become a symbol of international business expansion and has been termed as part of Americanization and American cultural imperialism' as it is closely identified with US. The famous Golden Arches in McDonalds logo represent style, significance and a strong corporate identity. It was created by Jim Schindler in 1962 and the idea was first introduced by Dick and Mac McDonald as arch shaped signs on the sides of their then walk-up hamburger stand. From an angle, those arches looked like the letter M and thus, were incorporated in the McDonalds logo as a merger of the two golden arches together.

4. Listen to the dialogue Starting a Franchise business and commentaries coming after it. Give English definitions to the words and expressions in bold print. Learn the dialogue by heart and dramatize it with another student in class. Starting a Franchise Business Magdalena: Thanks for meeting with me today. Ive read through the materials your company sent me, but I still have some questions about opening a franchise. Phil: Thats what Im here for. What questions can I answer for you? Magdalena: Well, Im familiar with the franchise fee, but are there recurring fees not listed in these materials?

33

Phil: Thats a good question. In addition to the annual franchise fee and the monthly royalties, we also charge a training fee and an advertising fee. Heres a list of these and other fees. Magdalena: Oh, thats very useful, thanks. I was also wondering what kinds of quality controls the franchises are subject to. Phil: As you know, when you start a franchise, you are buying into a proven formula for success. We offer a turnkey operation and you will be trained on how to run your business, down to the smallest details. To maintain these standards, we conduct spot checks of all of our franchises from time to time and we audit the books of each franchise once a year to make sure that our standards are being met. Only in very rare occasions do franchises lose their franchise rights because theyve failed to meet our standards. Magdalena: What if I have problems along the way? What kind of support does the corporate office provide? Phil: We give our franchises as much support as possible. After all, its in our own best interest that you succeed. We provide troubleshooting and training for your management and employees. Magdalena: I think those are all of the questions I have right now. I really appreciate your time. If I have other questions in the future, can I contact you? Phil: Certainly. Heres my card. Id be happy to answer any questions you may have. Just give me a ring. Magdalena: Thanks, Ill do that. (From ESL Podcast 356.)

5. Listen to the dialogue Using an Online Email Program and commentaries coming after it. Give English definitions to the words and expressions in bold print. Answer the questions. Using an Online Email Program Luigi: What do you think of this new email program?

34

Selma: I dont know yet. I just started using it. The interface is pretty intuitive, but I havent figured out how to sort my inbox by date. Luigi: Thats easy. Let me show you. All you have to do is hit one of these buttons and itll sort automatically. Selma: Oh, I see. Let me try to compose a message. Ill cc: myself and Ill bcc: you to make sure it goes through. It looks like if I dont want to send it right away, I can save the message as a draft. If I do send it, does it save a copy? Luigi: Yes, it should. Refresh the page and it should show up in sent mail. Selma: Oh, yeah, there it is. Lets see, I can also archive messages or mark them as junk or send them straight to trash. How do I add contacts? Luigi: You can put contacts into your address book by dragging an email address into your contacts folder, like this. Selma: Okay, one more thing: I want to set up spam filters and some other filters to block unwanted emails. Luigi: You can do that in this window, see? Whose emails are you blocking? Selma: Yours, if you dont stop forwarding all of those stupid jokes every day. Luigi: And deprive you of the fun? Never! (From ESL Podcast 532.) Which boxes will there normally be in an email program? How can one sort an inbox if not by date? What do we need a draft box for? What information can be stored in an address book? Which addresses do people usually try to block? What information can be forwarded for fun? 6. Find a franchise company to your liking at http://www.franchisegenius.com/ and describe it to the following plan.
35

1. Franchise company name. 2. Overview. 3. Product and services. 4. Training and support. 5. Why this and no other company. 6. Why are you a perfect fit for this company. Unit 5. INTERNATIONAL BUSINESS STYLES Key Concepts national culture hierarchy manager subordinate (n) authority to delegate authority initiative etiquette the customs, civilization, and achievements of particular people at a given time (e.g. ancient Chinese culture) a system in which people are ranked one above the other according to the grades of status or authority a person controlling or administering a business and responsible for leading people directly under him/her one that is submissive to or controlled by authority the power or right to enforce obedience, to take decisions and give orders to entrust (a task) to a lower ranking employee in the same company enabling him/her to make individual decisions without asking their manager the power or right to begin something, the power of an employee to make decisions without asking the manager polite behaviour

Supplementary Vocabulary
to vary to approach the job subordinate to delegate authority strong sense of authority loyal to the company to obey to take an interest in work low-level decision-making 36 , - ( :

to communicate informally to measure individual performance aggressive attitude to work to accept innovation and change to gain experience self-starter technical degrees business qualifications to work long hours market techniques case study to take into account to cause misunderstanding State Department Riyadh nursing home to be derailed boardroom to give an estimate of china silverware annual earnings culture clash the dos and donts to spit Centre for International Briefing wary traveler pitfall covert operation aspiring secret agent encounter (n) behind the scenes scheduled appointment term of address potential hazard short firm handshake loose grip soles of the feet to cross ones legs to sack smb to empower smb the most senior person

, , , ) , (, MBA ) ( 48 ) , ( ) - ( ) . ( ) - , , . , , - - , 37

Irish Industrial Development Authority to talk oneself into trouble virtually non-existent to tiptoe minefield to familiarise oneself with the basics to go a bomb (GB) to bomb (US) to infer exuberant to equate integral part company logo illiberal irrelevant block capitals to leave behind casual attitude to to beware of cross-cultural to have easy access to log on to a server remotely to negotiate prices memo (<memorandum) a.s.a.p. (as soon as possible) to put emphasis on the group human interpersonal relations generalist facilitator

homogenous to get along with each other to sacrifice smth for the sake of smth to achieve consensus of the group seniority order to climb the company ladder to rotate to take over smb elses role to respect the agenda man in Riyadh murky business environment to set up shop 38

, , (.) ( ) , , , ( ) , ( , ; ) . ( , , ) - - , - () ()

to reap the rewards eight commandments authoritative, but not authoritarian compelling vision hands-off management style

to be mistaken for to play up these qualities empowered organization tough to stand firm on major goals to set and stick with long-term goals checkpoint to spot delays omnipresent to outsource to pre-empt corruption to pass on deals arbitrary power bribery local welfare program

, ( , , . .) () -

1. Complete the passage below using the appropriate words or phrase from the box. subordinates hierarchy delegate
1

national culture

authority

The amount of responsibility of any individual in a company depends on the position that he or she occupies in its . Managers, for example, are
2

responsible for leading the people directly under them, who are called do this successfully, they must use their objectives. Managers often
4 3

.To

, which is the right to take authority. This means that employees, at

5

decisions and give orders that will allow their subordinates to reach certain lower levels of the company hierarchy can participate in decision-making. The characteristics of management often vary according to their jobs. , which can determine how managers are trained, how they lead people and how they approach

39

2. Answer the questions to the text Learning to cope with corporate culture clashes on page 46 of NIiB SB. 1. Why are the dos and donts of travelling abroad a potential minefield for the unprepared traveller? 2. What is the main objective of the Centre for International Briefing? 3. Which two broad fields does the training program cover? 4. How does the decision-making go in most Asian countries? 5. What is the difference in handshake style between Europe and Middle East? 6. Which gestures and body postures may be regarded as disrespectful or offensive in Islamic countries? 7. In what country is unconventional initiative punishable? 8. How does talkativeness characterize a person at a business meeting in Japan? 9. Where is the notion of personal space nonexistent? 10. What peculiar national feature distinguishes people living in smaller countries from their counterparts in big and powerful neighbour states? 11. When can the knowledge of English for Business be misleading? 12. What trait of British national character is regarded in America as lack of enthusiasm? 3. Read the text Gift giving in the international business context on page 48 of NIiB SB and frame questions to which the following words and phrases provide the answers. 1. In Great Britain and in the United States. 2. When doing business abroad. 3. To learn about the etiquette. 4. Bad luck or death. 5. That the content was more important than the act of giving. 6. Waiting for the person to open your gift. 7. As they find items like this impersonal and in bad taste. 8. Giving knives. 9. White lilies. 10. Yellow and white chrysanthemums. 4. Read the following descriptions of problems managers had when doing business abroad. Make guesses about what might have caused the misunderstanding in each case. Present your interpretation of the problem to see if the rest of the class agrees with it. In case of default look for possible answers at:
40 http://www.kwintessential.co.uk/resources/country-profiles.html.

1 Mr Byrd was an ex-State Department employee hired by a well-known multinational corporation to be its 'man in Riyadh', Saudi Arabia. This retired American diplomat went to the home of a Saudi, Mr Fouad, to try to interest him in participating in a local joint venture with his company. A middle man who knew them both had introduced them. As this was a first meeting, the mens conversation began with small talk that made Mr Byrd a little impatient. Questions such as: 'how are you doing?' 'how was your flight?' 'how is your family?' and 'how is your father?' were common. Mr Byrd, familiar with all these obligatory formalities of greeting answered fine'. 'Oh, my father, yes, well he is fine, but he is getting a little deaf. I saw him a few months ago during Christmas when we took him out of the nursing home for a few days.' From that point everything froze up. Mr Byrd's mission was completely derailed. Mr Fouad remained gracious enough but obviously was uninterested in doing any business with Mr Byrd.

2 Jim Turner was attending a conference in Lyons. This was not his first trip to France and he was pleased the French colleagues he'd met previously remembered him. One evening they invited him along for dinner and began joking about the quality of the food. That surprised him. He thought the food was really rather good and said so, expecting the discussion to continue. But to his great discomfort, they then make some joke about 'Americans and food' and changed the subject. He felt somewhat excluded and didn't know what he'd done wrong.

3 This incident was reported by a British management consultant based in Paris: I had taken the American CEO of a New York based consulting company to a French consulting firm in Paris. The negotiations did not go well. He hadn't been in
41

the boardroom for more than 15 minutes before he asked them what their company's annual earnings were. Without waiting for an answer to that question, he suggested they give him an estimate of their firm's market value, as he was interested in making them an offer.

4 A businesswoman recently asked why a high-level delegation of visiting Japanese clients had not approached the breakfast buffet table she had taken such great pains to prepare. 'I'd gotten out the good china and silverware and even brought in Japanese green tea for them, but no one touched a thing!

5. Read the article How to do business in Russia and fill in the numbered gaps (1-8) with the appropriate paragraph headings (a-h) from the list below. a. Learn to live and manage in a crisis. b. Stand firm on major goals and be flexible on details. c. Build a strong organizational culture with visible foreign elements. d. Cultivate relationships with government agencies at all levels. e. Respect local rules, but play your own game. f. Work to create an empowered organization, step-by-step. g. Practice authoritative, not authoritarian, leadership. h. Recognize that corruption is omnipresent in Russia and must be managed.

How To Do Business in Russia

By Carl Fey and Stanislav Shekshnia

Russia has much to attract foreign investors a fast rate of growth in gross domestic product, a large population and a substantial expansion in purchasing
42

power. But its unique and sometimes murky business environment has left Russia with a reputation as being a difficult place to set up shop. How can international companies overcome the difficulties and reap the rewards of doing business in Russia? Based on interviews with executives from 36 foreign companies operating in Russia, as well as our own business experience there, here are eight commandments aimed at helping Western companies prosper. 1:.. Russians value strong, highly involved leaders who gain authority and trust through competence. Effective leaders in Russia communicate a compelling vision, deliver superior results and share responsibility and success with followers. A hands-off management style, on the other hand, is often mistaken for weakness. 2: .. Russians are drawn to work cultures where employees are respected, made to feel part of a team and encouraged to achieve their full potential because these werent traditional elements of Russian national work practices. Western companies should preserve and play up these qualities, even as their top management becomes more Russian. A strong organizational culture also helps guide employees actions. 3: . Convincing Russian employees to make decisions and show initiative is difficult because they werent encouraged to do so in the past. Creating an empowered organization should be a gradual process that begins with a promise not to punish employees for making honest mistakes. 4: .. Dont try to copy the business models of Russian partners or competitors because it is tough to beat them at their own game. The foreign companies that most often flourish in Russia are those that apply, with some local adaptations, the business models that have led to success elsewhere. 5: ...
43

In Russias changeable environment, some say planning is impossible. We say it is a necessity. Setting and sticking with long-term goals, while being flexible about the way those goals are pursued, helps guide employees through the sea of uncertainty. 6: .. Russia is very predictable something unexpected is sure to happen every day. Companies must be prepared not only to put out fires but to spot the opportunities that grow out of them. Firms can work to reduce surprises by implementing early-warning systems such as additional checkpoints on longrange projects to spot delays at early stages. 7: .. Managing corruption is a necessity in Russia. To deal with it, companies can try several options. They can outsource to other companies activities that are prone to corruption. They can pre-empt corruption by proposing a deal that doesnt violate the companys ethical standards. One firm we know of offered complimentary products to officials in return for daily reports on the products performance, testing from which the company benefited. Companies also can wait to enter the business at a later stage, or they can pass on deals in which corruption cant be avoided. Russians will test a companys corruption strategy, so standing firm is key. 8: ... Getting to know people is important in Russia, where politicians and government agencies continue to have arbitrary power over business. Often attention, and not bribery, is what is most important. A companys top executives should make regular visits to government officials, invite bureaucrats to visit and get involved in local welfare or training programs. (Adapted from http://sloanreview.mit.edu/business-insight/articles/2007/5/4954/howto-do-business-in-russia/)

44

6. Listen to the dialogue Sending Business Packages and commentaries coming after it. Give English definitions to the words and expressions in bold print. Learn the dialogue by heart and dramatise it with a classmate. Sending Business Packages Maria: I need this package to arrive in Tulsa by next Wednesday. Sam: Sure, Ill send it UPS or FedEx using their ground service. Itll be cheaper than sending it using their overnight service and we can still track it. Is it going to a business? Maria: Yes, it is. Sam: Okay, Ill mark that its going to a commercial address. Maria: Thats fine. Ill also need these contracts to get to Tokyo by Friday. Send it to the home of the president of the company. Sam: Ill send it DHL and use the residential delivery service. This seems like a large package for just contracts. Maria: Im also including a gift for the presidents wife. Sam: If its breakable, Ill pack it really well and then get it insured. Whats the declared value? Maria: Its about $700. Oh, and I want this box to go to Olten, Switzerland, but just send it regular mail through the post office. Make sure I get delivery confirmation, though. Sam: No problem. Ill just need to fill out a customs declaration form. What are the contents? Maria: Theyre books. Sam: Okay, Ill take care of it. Maria: Thanks. What would I do without you? Sam: The real question is, what would the mail services do without you? (From ESL Podcast 456.)
45

7. Listen to the monologue Different Work Styles and commentaries coming after it. Give English definitions to the words and expressions in bold print. Answer the questions. Different Work Styles Before I started my new job, I didnt know that I would be working so closely with another employee of the company. I was used to a lot of autonomy in my last job, and I have always been self-directed. I didnt need close supervision and the boss never had to worry about me slacking off. To tell the truth, I was a little apprehensive about working in a team after having had so much independence. To my surprise, though, I liked the collaborative environment and I think I actually do better work because of it. Of the two of us, Delilah is the creative one. While Im a little adverse to risk, Delilah is always challenging the status quo. She often has good ideas, and because Im pretty resourceful, we often find a way to put those ideas to work. Delilah has great follow-through, too, and I never need to worry that things will fall through the cracks. I think the key to our success in working together is that neither one of us tries to exercise authority over the other. We respect each others abilities and we know when to take charge and when to back off. If you had told me a year ago that I would be working in a team environment and enjoying it, I would have told you that you were crazy. But I guess the old saying isnt true: You can teach an old dog new tricks. (From ESL Podcast 312.) What are the advantages of working independently? Why are some people apprehensive about their new job? Does independence imply responsibility? How can differences in character of colleagues help with their business?
46

 What is essential to successful working together? Why isnt an old saying true? 8. Do the cultural awareness quiz on Canada. Check for answers on
http://www.kwintessential.co.uk/resources/quiz/canada/.

1. In Canada business appointments are usually made in the: o morning; o afternoon; o evening. 2. Which two languages are most widely spoken in Canada: o English and American; o English and Canadian; o English and French? 3. Business associates in Canada should in the first instance be address by: o their first name only; o their title and first name; o their title and surname.

4. Direct eye-contact shows: o sincerity; o fear; o distrust. 5. When doing business in Quebec it is a requirement by law that it be conducted in which language:
47

o English; o Canadian; o French? 6. People from Canada consider themselves to really be Americans and prefer this to being called Canadians: o true; o false. 7. Canadians typically find it difficult to say no: o true; o false. 8. Which of the following may be construed as a sign of weakness in Canada: o a weak handshake; o making direct eye contact; o wearing gloves.

9. Business gifts should: o be modest; o be extravagant; o not be given. 10. During business negotiations Canadians often talk about their families and personal life: o true; o false.
48

U n i t 6 . BANKING Key Concepts the bank of England commercial bank the central state bank of issue in Great Britain, founded in 1694 in London, nationalized in 1946, that looks after governments finance and monetary policy and acts as banker to other banks a bank rendering services of everyday financial transactions (such as accepting deposits, making loans and managing customers accounts) to the general public and many businesses a bankers' establishment where cheques and bills from member banks are exchanged, so that only the balances need be paid in cash a bank specializing in services to companies or corporate customers, active in arranging mergers and acquisitions and in advising on aspects of corporate finance a bank authorized to print money and officially put it into circulation in form of banknotes or coins money given to the bank for safekeeping money lent at interest money paid for the use of money lent, or for not requiring the repayment of a debt an arrangement at a bank for commercial or financial transactions, esp. for depositing and withdrawing money, usually in form of a computer record what remains in the account when part of the amount has been spent

clearing bank merchant bank bank of issue deposit (n) loan interest account balance

Supplementary Vocabulary
merchant bank bank of issue loan interest , (, 49

 ) account balance merger ( , ) acquisition ( ) current account savings account mortgage , online banking to borrow money to withdraw money ( ) branch . local community , , to undertake cash transactions investment products (, ) back office processing in central site barrister , solicitor , bank statement ( , ., ) bill (US check) to write out (to draw) a cheque () ( , ) cash machine / cashpoint / ATM (US Automatic , , Teller Machine) travellers checks , , debit card () ( ( ); ; 50

to debit a sum from an account bank note business insurance telephone banking reference overdraft leasing to picture the scene shuttle crucial meeting to present a cheque to boot up a laptop to download at ones fingertips to give an overall view net to fit in to banking hours to access comprehensive information BACS (Bankers Automated Clearing Services) payments CHAPS (Clearing House Automated Payment System) to transfer money standing order

direct debit

surplus funds routine transactions further built-in features off-line processing features maintained in your PC to restrict access to designated users to carry out transactions

) , ( , - ) ( ) , ( ) ( ) , ( ) (. ) , ( ) ( ) (, , . . ) ( ; , , ) ( , ) ( ) , 51

to dovetail with account reporting and payment processing facilities smooth transfer of account information template function to re-key data database of beneficiaries to send funds for same-day credit subject to a cut-off time of 3 pm debit balance bank statement VAT (Value Added Tax) IOU (I Owe You) AOB (Any Other Business) i.e. (id est Lat.) MD (Managing Director) PAYE (pay as you earn) Ltd (Limited) AGM (annual general meeting) CEO (Chief Executive Officer) p.a. (Lat. per annum) SFr (Swiss frank) plc (public limited company) asap (as soon as possible) GMT (Greenwich Mean Time) e.g. (exempli gratia Lat.) N/A (Not Applicable or Not Available) a.m. (ante meridiem Lat.) to take all the credit for the work to negotiate a contract counterpart bribe confirmation total score to be aware to have the makings of a negotiator win-win negotiation pedigree to get off to a good (flying) start to get the format right target audience late payment 52

, ( ) ( ) ( ) ( ) 15.00 (.. ) ( ) () () , ( ) , , ( )

credit card fraud projection based on actual performance to make a firm commitment to have relevant information to impose conditions capacity to manage to have enough collateral to be designed to appeal to issue gross margin leased equipment utilities miscellaneous logo, concept design

, () - () ( )

1. Complete the passage below using the appropriate word or phrases from the box. commercial banks merchant banks the Bank of England branches
1

clearing banks

The banking sector in the United Kingdom is made up of a variety of different institutions which are supervised by the country's central bank, .This bank not only looks after both the government's finance and monetary policy but it also acts as banker to other banks. However, for the general public and many businesses, banking services are provided by the ) which have offices or
4 2

(also called the

throughout the country. These banks offer a

wide range of banking services which include accepting deposits, making loans and managing their customers' accounts.
5

on the other hand, do not deal with the public but specialise in

providing services to companies or corporate customers. They are particularly active in arranging mergers and acquisitions and in advising on aspects of corporate finance.

2. Answer the questions to the text Picture the scene on page 58 of NIiB SB.
53

1. What information is it most difficult to get before the bank opens? 2. What facility makes it possible to get access to the private data stored on the Bank of Scotlands central computers? 3. What is Bankers Automated Clearing Services used for? 4. What does Clearing House Automated Payment System initiate? 5. How can you make surplus funds work hard for you? 6. How does Home and Office Banking Service save your time? 7. How are the costs of on-line HOBS services minimized? 8. How is the access to your personal data protected? 9. Is corporate HOBS compatible with such packages as Sage and Pegasus? 10. What BACS function saves you from having to re-key similar data each week? 3. Read the text about Jane Sadler on page 60 of NIiB SB and frame questions to which the following words and phrases provide the answers. 1. Account. 2. 300 . 3. On 15 th February. 4. As a debit. 5. From a cashpoint machine. 6. Debited. 7. Her monthly salary. 8. 955.45.

4. Listen to the dialogue Types of Bank Accounts and commentaries coming after it. Give English definitions to the words and expressions in bold print. Learn the dialogue by heart and dramatise it with a classmate. Types of Bank Accounts Luiz: Where are you going? Iona: Im going to the bank to open an account. Luiz: What kind of account: a savings account, a checking account, or a CD? Iona: Um, Im not sure, but Im sure someone at the bank can help me decide. Luiz: Youll also need to decide if you want an interest-earning account or not, and dont forget to ask for free checking. Pick a bank that doesnt have monthly service charges.
54

Iona: Okay, thanks Luiz: And make sure you know if theres a minimum balance required, because if the account dips below that minimum, youll be charged a fee. Iona: Yes, right, Ill be sure to do that. Well, Id better get going Luiz: You probably want to open a checking and a savings account, so make sure you link those accounts. That should give you overdraft protection, in case you ever bounce a check. Iona: Okay, Ill definitely keep all of that in mind. Id better go. Samil is waiting for me. Luiz: Are you thinking of opening a joint account with your boyfriend? Iona: Were considering it Luiz: Pool your money and open a CD. That way, youll lock in a good interest rate and neither of you can touch the money until the CD matures. Iona: Well think about it. Thanks. Luiz: Oh, and Iona: Would you like to come with us to the bank and help us open our accounts? Luiz: Really? But I dont want to interfere. Iona: You, interfere? I cant imagine you ever trying to interfere. (From ESL Podcast 537.)

5. Listen to the monologue Tough Negotiations and commentaries coming after it. Give English definitions to the words and expressions in bold print. Answer the questions. Tough Negotiations

55

I'm not what you would call the world's best negotiator, but sometimes it's necessary to engage in a tough negotiation. Take, for instance, the time I had to renew the lease on my apartment. This was back in college, when I was renting a small studio in the Miracle Mile area of Los Angeles. When my lease was up, the landlord and I sat down to hammer out the terms of a new lease. "I'll tell you what I'm going to do," he said. "I'm going to give you a break on rent if you sign a two-year lease instead of just a one-year lease." "Well," I said, "I don't know. What sort of break are we talking about here?" "I'll give you a 5% rent increase instead of a 10% increase in exchange for you signing a two-year lease. It's win-win situation: you get a cut in rent, and I get the security of a two-year lease." At this point, I decided to make a counter-proposal . "How about this," I said, "You give me a one year lease with a six percent increase." "No, I can't make that sort of deal," he said. "But here's what I can do, and it's my final offer: I'll pay for your electricity for the first 6 months of the lease, along with the other terms I mentioned before." "You drive a hard bargain okay, it's a deal," I said. I guess I could have tried to bargain him down a bit more, but I was happy with our agreement. Now all I had to do was sign on the dotted line. (From ESL Podcast 41.) When did the action take place? Where did the man study? Why did a landlord bargain for a longer term of the lease? Why could a student bargain for a shorter term of the lease? What economic situation in the country favours long term leases? Who normally pays for the electricity? What did the student gain as a result of negotiations and what did he loose?
56

6.

Fill in the gaps in the text with the following words. loan debit real deposit income credit bank (2) checking job mortgage standing savings transactions interest

installments trustworthy overdraft

automated teller machines

How banks work A1 is a financial institution which deals with money 2 . In a bank, you can borrow money in the form of a bank 3 your money in a bank, in other words, 4 to open a 5 , or you can put

money. In both cases, you need account

account. There are two main types of bank accounts. They account is used for depositing your extra

are a checking account and a savings account. You can use the 6 to pay your everyday bills. The 7 called 8 .

money to a bank. The percentage that the bank pays you for using your money is

Once you have opened an account, the bank can issue a 9

card

a personal plastic card with an individual number and your signature on it with which you can pay for goods and services. You can also use your debit card to withdraw cash from 10 (ATMs) as well as make online purchases and . money transfers. Sometimes banks allow you to withdraw more money than what is available in your account. This is called 11

If you decide to take a loan from a bank, you will have to show the bank your good financial 12
13

. That is you need to prove that you have a regular . If the bank considers you card which you can use to buy estate, such as a house, you means that you pledge your the

or some other reliable source of 14 borrower, it will issue a 16

a 15

things such as a car. If you decide to buy 17 can take a mortgage loan from a bank. 18

property to the bank as a security for the loan. If you fail to pay the 19 bank may confiscate your real estate in compensation for damages.

57

7. Solve the crossword puzzle.

1. The act of buying something. 2. To be able to buy or do something. 3. Security of a bank loan in the form of pledged property. 4. The amount of money you should pay over equal intervals of time. 5. To receive money after your relative dies. 6. To put money in a bank. 7. Exceeding the limit of your account. 8. The act of conducting or carrying out business, negotiations, plans etc. 9.Percentage taken off the price of a good or service. 10. An unreasonably high price. 11. A good deal. 12. Payment for using somebodys money. 13. Bank notes and coins. 14. The money you earn or receive regularly. 15. A bank official who works with clients. 16. The money you use to make profit. 17. Record in a bank which entitles you to a certain sum of money. 18. A pocket-size case for holding papers and paper money. 19. The money which is given back to you after your return faulty goods.
58

20. A special machine which allows you to withdraw cash from your account.

Unit 7.

BUSINESS AND THE ENVIRONMENT Key Concepts

consumer society

a society where people think that spending money on goods and services is very important environment natural world around us (land, sea, air, plants, and animals) packaging a wrapping or container for goods to recycle to convert (waste) to reusable material waste (n) material which has been used and is no longer wanted to pollute to make water, air, or land dirty and dangerous to live in or to use, especially with poisonous chemicals or sewage pollution (n) the process and result of polluting air, water, land sewage waste matter such as faeces or dirty water from homes and factories, which flows away together with rain water through sewers (pipes and channels under ground) dump a place where rubbish is left, for example on open ground outside a town rubbish (GB) unwanted things or waste material such as used paper, garbage, trash (US) empty tins and bottles, and waste food

Supplementary Vocabulary
sewage cartoon ozone layer rubbish bin (GB) oil spill to sue a company to X-ray CFC (chlorofluorocarbon) the true planetary citizens to push frontiers environmentally-friendly products to provide a refill biodegradable materials , , (, , , , ) , () 59

counterculture

disciplined management sound business practice social good environmental commitment committed customer fleece anorak waterproof hiking boots loyal customer commitment to environmental restoration green marketing

to take pains to show the big picture organic merchandise to expand the issue switch to long-term sustainability $10 premium per garment to address an issue taxing in the long run to engage customers with to demonstrate tangible progress backlash internal assessment to review all activities to uncover opportunities to reduce energy to provide on-site child care

( 1950-60 , ) (, ) (, ) . ( , (, "", "" (. . ), " " . .) ( ) ( ), $10 , - ( )

60

to dub to pledge money to through April 1997 (US) grass roots efforts community awareness to raise awareness of smth

() 1997 . , - (, ), biodiversity resource extraction to empower smb to do smth - to sport an insulated guide jacket ( ) outdoor clothing firm , avenues for activism cause to be renowned spectacular catalog () dramatic photo ( ) non-violent demonstration to pay bail ( ) to pioneer practices of sustainability in business viability exemplary to doubt claims () managerial staff sustainable growth although, even though . in spite of, despite . recession ( ) long-term economic outlook to reach output deadline landfill () to divert plastic bottles to recycling plants barrel = 42 gallons = 159 liters () = 42 = 159 () synchilla (chinchilla) fleece (), to convert to chop into flakes to melt and shape into fine fiber to ship to the mill skincare retailer to use animals in testing cosmetics community project to be involved into environmental causes 61

to suit ones skin to go for the established name to appreciate the fact to correspond to ones demands to maintain the image or to create a new image to project an image a charity organization to be in charge of fundraising activities a hot meal delivery service old and disabled people to aim at fulfilling the scheme to feature profiles of the companies to make contribution urban areas planting and upkeep of the trees to mount a plaque in front of each tree to be available for a press conference to commission smb marine life wildlife series sophisticated equipment to approach a company to appeal to customers to have a logical link with media coverage negative publicity to welcome an opportunity to support to have vans at ones disposal actual and potential customers

( ) - ( ) () -

1. Complete the passage below using the appropriate words or phrases from the box.

consumer society

environment

pollution
1

recycled

packaging

It is often said that we live in a

2

; we consider it important to buy

3

products and services. Companies need to be aware of the impact of this on the , the natural world around us. Many companies use (boxes,

62

bottles, etc.) which has been transport.

that is made using old materials.

such as smoke in the air, can be reduced if companies use trains instead of road

2. Answer the questions to the text Proven environmental commitment helps create committed customers on page 67 of NIiB SB. 1. What can people buy from Patagonia? 2. Who are Patagonics? 3. What do people subscribe to when purchasing products from Patagonia? 4. What is understood under showing customers the big picture? 5. What issues are explained in the essays in catalogues? 6. What premium does the company lay on each garment to justify its environmental restoration efforts? 7. What is the paradox with business environmentalism? 8. Why is the Patagonias catalogue likened to National Geographic? 9. What does Patagonia discuss in paid media? 10. What does Patagonia do to avoid consumer backlash? 11. Which portion of its revenues does Patagonia pledge to local preservation and restoration efforts? 12. What efforts do the most to raise community awareness of local problems? 13. How can a customer get money for local projects from Patagonia? 14. How can one get his or her photo featured in a catalogue? 3. Read the text about Patagonia on page 68 of NIiB SB and frame questions to which the following words and phrases provide the answers. 1. Outdoor clothing. 2. Through retail outlets and by mail order. 3. Which are filled with unusual and dramatic photos. 4. Definitions of materials and explanations of manufacturing process. 5. Jackets. 6. To its employees. 7. Even pays bail. 8. To environmental groups. 9. Efforts. 10. To pioneer new long-term practices.

63

4. Listen to the dialogue Trash and Recycling and commentaries coming after it. Give English definitions to the words and expressions in bold print. Learn the dialogue by heart and dramatise it with a classmate.

Trash and Recycling Rajid: What are you doing? Nicole: Im putting my garbage into the garbage can. Why? Rajid: Dont you recycle? Youre supposed to separate out your recyclables and put them in a separate bin. Nicole: I know, I know, but who has the time? I dont have that much trash anyway. Rajid: Oh, yeah? The dump is full of food containers that arent biodegradable from people who didnt have the time. Nicole: Come on. Dont blow things out of proportion. Its not like Im going to save the environment all by myself. Rajid: No, youre not, but if everybody thinks the same way you do, were going to use up all of our natural resources. Nicole: When did you turn into an ecologist? I dont see you conserving energy. You have your lights on all night. I can see them through your window. Rajid: I use energy-efficient bulbs. Besides, I take my recyclables to the recycling center, I have energy-efficient appliances, and I turn down my thermostat. Nicole: Im just saying that youre not doing everything you can to save the environment. Okay, okay. Put your money where your mouth is and help me separate out my recyclables. Rajid: Me? You want me to help you sort through your garbage? Nicole: Since youre the expert, I need you to show me how.
64

(From ESL Podcast 393.) 5. Listen to the monologue Garage Sales and commentaries coming after it. Give English definitions to the words and expressions in bold print. Answer the questions. Garage Sales One of the things I like to do on the weekends is go to garage sales. Im a bargain hunter and collector, so garage sales are good places for me. I look in the newspapers or just follow homemade signs to find the sales in my neighborhood. Whether its because people are doing spring cleaning or getting ready to move, there are always plenty of sales in my area. After going to a lot of garage sales, Ive learned a few things about getting what I want at the price I want. Bargaining on price is par for the course at any garage sale. If you dont want to get ripped off, youll try to get the sellers to lower their price. Im an early bird and I usually get to the sales before other people to get the best items. But to get the best prices, be sure to go back right before the sale ends. Most people are desperate to sell so that they dont have to store those things again or to lug them to a charity office to give them away. Thats when people are ready to slash their prices. Its true that there is a lot of junk and knickknacks at garage sales. But one persons trash is another persons treasure! (From ESL Podcast 277.) Who are garage sales a good place for? How can you find sales in the neighborhood? When are there plenty of sales in the area? How can you get what you want at a reasonable price? When can you get the best items at a sale?
65

 When can you get the best prices at a sale? What dont most people want to do? What are garage sales normally filled with? 7. Read the text Tips For an Environmentally Friendly Business. Fill in the spaces (1-8) with missing headings from the list given below (a-h). Tips for an Environmentally Friendly Business
By Mark Mk Jefferies

The world's environment is now facing many challenges as threats are endangering its safety and security. As an effect, we and other living beings are affected by a variety of global, environmental issues. The good news is that all of us can contribute towards a great change to save and revive our planet, and that is through being green and eco-friendly. And if you have a business, it would be uplifting to know that you can take steps to preserve our nature. Environmentally friendly practices can be applied to any type of business in any industry. Here are eight easy ways in which your business could help sustain the environment: 1. . Recycling is one of the most effective ways to reduce trash and prevent pollution to our environment. Such products that you commonly use in your business such as paper, plastic, and bottles ought to be recycled. 2. . You can save energy by turning off the equipment you use in your office, such as computers and lights that are not being used. If you also have a refrigerator in the office, avoid putting unnecessary items in it, as doing so would increase its energy consumption. Refrigerators are among the highest energy consuming appliances ever made.
66

3. . Water is one of the resources most frequently used by everyone and any business, most especially by those in the hospitality business. You and your business can do its share by not letting the faucet run. Check for leaks; doing this would not only let you lower your water bill but also help the environment. If you can save even just a single drop everyday, imagine how big a help that is for our water resources on a yearly basis. 4. Cleaning and maintaining business equipment and machines will ensure their continuous efficiency and effectiveness. There should be a routine schedule for these tasks, especially checking for any malfunctions of leaks. 5. Green technology is increasingly being developed and there are already available a number of "green" products out in the market. These are usually highly energy-efficient. This means that you get the same great quality as your former equipment, but using less energy. 6. .Transportation is one of the major causes of high carbon footprints and emissions. Thus, encourage yourself, and your employees as well, to decrease the time of driving to the office. Purchasing a bike is a bright solution. Not only can they escape traffic jams with a bike; they get to enjoy the scenery and be fit as well (saved them gym membership fees)! If the office or establishment is within a mile, why not walk? Not only are you helping prevent carbon emissions, you are bringing your body toward good health as well. 7. With every paper you waste and throw, acres of trees are being cut. Save and recycle paper. Supply only the adequate amount needed by your office. As much as possible do not print; send messages through electronic mail. Doing so would produce less clutter for your office too.
67

8. Reduce, reuse, and recycle these three concepts are very helpful in proper waste management. Avoid buying new things that you don't need, especially if you already have cheaper alternatives available. You'll get to save on your business costs too. There are several more tips and ways wherein your business could help the environment. The bottom line here is that you and your employees should always be cautious of your actions. And with every action, always ask yourselves if you are helping or adding to the destruction of the environment. a. Purchase green equipments. b. Support waste management. c. Recycle. d. Conserve energy. e. Ride the green car - bike. f. Save trees by saving paper. g. Use less water. h. Clean, check, and maintain.

Unit 8.

THE STOCK MARKET Key Concepts

stock market stock exchange share stock (US) to issue institutional investor equity ordinary shares common stock (US)
68

a market place for buying and selling shares a unit of capital, one of the many equal parts into which ownership of the company is divided. Shares can be bought by people as an investment to emit or sell officially organization that buys stocks or shares, or pays money into a bank in order to receive a profit money value of your property (shares) once your debts have been subtracted from it shares in a company that are owned by people who have a right to vote at the companys meetings and to receive part

broker shareholder stockholder (US) to have a stake in dividend bond securities to trade

of the companys profits after the holders of preferred stock have been paid a person whose job is to buy and sell shares, foreign money, or goods for other people, a middleman a person who owns shares in a company to own part of a company/business a proportion of companys annual profits paid to the shareholders, and money paid to them when the value of their shares increases a certificate which is issued by the company or the government to investors who lend money, a loan for a fixed period with fixed interest rates stocks, shares, bonds, or other certificates that you buy in order to earn regular interest from them or to sell them later for a profit to buy, sell, or exchange goods or services between people, firms, or countries

Supplementary Vocabulary
to be authorized listed company to reflect a poor performance gain, increase fall, decrease slide, slip to plummet, to dip to diversify geographically and sector wise stock preferred stock ( ) ( ) () () () ( ) , (common stock); () " 69

return to keep up-to-date with to track smth on the internet financial portfolio CBS (Columbia Broadcasting System)

to check on smth to update information to log on to investment fever addiction to be hooked on, to be addicted to to trade stock market boom to surf the Web to gather pace to set a sight to pose a challenge to accelerate vast changes securities business to be under way apparent E-Trade Group to announce joint venture to study moves to catch up under competitive pressure to drive down profit margins to draw to lucrative discount broker

novel idea full service broker

to amount to going commission European securities regulators individual exchange long range goal to lag behind to foster They will not have it easy 70

", -- - , () , "" - , , , , . 1975 . . () ( , , , , ) , ,

to fight off competition to launch a service real time share trading service NASDAQ (National Association of Securities Dealers Automated Quotation)

to squeeze (brokers will be squeezed by the revolution they have started) major collapse of commission fees to surface to think over (syn. reflect upon) a proposal to look after (syn. supervise) operations to call off (syn. cancel) a meeting to buy up (syn. purchase) shares to go about (syn. start + V-ing) organizing a conference to call on (syn. to visit) smb to point out (syn. draw attention to ) a problem to let investors down (syn. disappoint) premium savings account gross rate hourly rates FTSE 100 (Financial Times Stock Exchange)

, ( , . .), NYSE AMEX, NASD, SEC; , , , , - ( ) " " 100, ( " " , 100 ; ) ( ) ( ) ( , ) (, )

listed company = quoted company closing price yield

P/E (price per earnings) ratio

71

1. Complete the passage below using the appropriate words or phrases from the box. securities equities bonds shareholder stake issue shares stock market/stock exchange institutional investors ordinary/common shares broker dividends traded

When a company needs to raise money in order to grow, it can do so on the

1

(a market place for buying and selling shares) by choosing between two
2

different options, it can decide to bought by 3 or

4

(or units of its capital) which can be

or by the general public. Although different types of shares are available on the market, the most common are known .When an investor buys a share, using the services of a specialist , he or she becomes a 7
9

as 5 company or 6 has a 8

and owns a part of (or which are paid to them as a

in) a particular company. Shareholders can make money if the

company does well either by receiving increase.

proportion of a company's annual profits or by seeing the value of their shares

Alternatively a company can borrow money from investors by issuing

10

which are loans for fixed periods of time and which carry fixed
11

interest rates.

is the term that is used to refer to both bonds and

12

shares. Each year billions of shares and bonds are sold or

on the

world's major Stock Exchanges in New York, London, Frankfurt and Tokyo. 2. Answer the questions to the text Europeans Log On To Investment Fever on page 76 of NIiB SB. 1. What is Mr English addicted to? 2. Where is shopping for financial products getting popularity? 3. What does arrival of American Internet brokers into European on-line securities market lead to? 4. What business idea seems rather novel in Europe? 5. What is the difference in commission between buying shares
72

from a full-service broker and on the Internet? 6. Why cant European investors actively use US on-line brokers to buy shares at the European market? 7. What is a long-range goal of American on-line brokers? 8. What role is Europes single currency going to play in the development of on-line stock trading? 9. Who is going to be the main player in on-line share trading service in Britain? 10. What kind of backlash can Americans suffer from in Europe? 11. How low have commission fees for the Internet trades dipped in the USA? 3. Read the text about Janis Williams on page 77 of NIiB SB and frame questions to which the following words and phrases provide the answers. 1. On the stock market. 2. For further advice. 3. A selection of different companies shares. 4. How these companies have performed in the past. 5. Commission. 6. To the terms. 7. On the stock exchange. 8. The transaction. 9. At the end of the day. 10. A stockholder.

4. Listen to the dialogue The Stock Market and commentaries coming after it. Give English definitions to the words and expressions in bold print. Learn the dialogue by heart and dramatise it with a classmate. The Stock Market Heather: Whats the matter? You look terrible. Paul: Havent you seen the paper? The stock market went down a lot yesterday. The NASDAQ is down 100 points and the Dow is down 30! My portfolio is in big trouble. Heather: I knew you had some stock options in this company, but I didnt know you were so heavily invested in the market. Paul: Im invested in the bond market, in derivatives, and I have shares in a lot of companies that took a nosedive yesterday.
73

Heather: Im sure you have a good stockbroker who has made sure that your portfolio is diversified and you have different kinds of securities. Paul: Thats my problem. I dont have a stockbroker. I decided to invest on my own and to go for less secure stocks hoping for a better return. I thought I could tell the difference between a bear and a bull market as well as the brokers. I guess I was wrong. Heather: The drop in stock prices wont last. Im sure the market will rebound. Just dont panic and sell everything. The old saying, buy low, sell high, is still a good idea, I think. Paul: I know, I know. I wont do anything stupid that is, I wont do anything even more stupid. Ill wait to see what happens before taking any action. Heather: Thats a good idea. Come on. Ill buy you lunch. Paul: Thanks. Now that Im poor, I wont say no to your charity. (From ESL Podcast 276.)

5. Listen to the monologue The New York Stock Exchange, give definitions of the words and expressions in bold print, answer the questions below. A Stock Exchange, sometimes called a Stock market, is a place where people buy and sell stocks and shares. (It seems logical!). A stock (S-t-o-c-k) or a share (theyre the same thing ) is a partial ownership of a company. So, for example, if you are a company and you need money, and you need money to expand your business, you can sell part ownership in your company by selling something called a stock or a share. When people buy them they then become owners of a very small part of the company. People buy stock because they hope that overtime the company will be successful and the value of their investment, of their stock will increase. They can then make money by selling their stock to someone else at a higher price than what the paid for it.
74

As you can guess by the name the NYSE is not in Los Angeles. Its in New York City. NYSE actually is the worlds largest stock Exchange. In October of 2008 the value of all the companies listed or included in NYSE was about $ 10.3 trillion. At the center of the NYSE is what is called the trading floor. To trade stocks means to buy and sell them. The floor is a large open area where many traders (people who buy and sell stock for their clients) make agreements with each other. Therere technically 1366 seats on the trading floor. You can actually go and see them, meaning that there are about 1366 people who are allowed to buy and sell stocks on the trading floor. Many financial professionals want to be able to buy and sell stocks directly on the NYSE, they dont want to hire one of the people who already have the seat they want their own seat, so the seats are very expensive. In fact in 2005 a seat sold for $ 2.3 mln. Its a very expensive chair. In the past the trading floor used to be very noisy and chaotic, very disorganized place with mostly men shouting at each other to buy and sell stock. Today, however, most trade is electronic. There are large computer screens on the trading floor for traders to look at as they work. In order to determine how well the Stock Exchange overall is doing there is something called NYSE Composite Index. This a measurement that let people know how well overall the market is doing. Its base value or the amount it is calculated from is 5000 points, equal to the amount that the NYSE stocks were worth at the end of 2002. So the 5000 points is in some ways arbitrary, its just the way of trying to measure weather things are getting better or worse. If you listen to people talk about Stock Market in the US youll probably hear them say that the Market is up or the Market is down a certain number of points in which case theyre talking often about this NYSE Composite Index. There are other indexes also: the Dow-Jones Industrial Average for example is the name of another index that lets you know how stocks in general are doing. The NYSE is normally open for trading during the week from 9.30 in the morning until 4.30 in the afternoon Eastern Time that is NY Time. However when there is a large drop or decrease in the value of stocks the Stock Market can be
75

closed temporarily. If stocks drop 10-20% the NYSE closes for a short period of time. If the overall index drops 30% it closes for the rest of the day. The reason for this is that they want to give traders time to calm down. Think, sometimes people get too involved and psychologically dont always make the best decision. If everything is dropping in price, people begin to sell which of course causes the price to go lower even more. They are trying to prevent by closing the Market a panic, which is uncontrollable fear. A very terrible fear is a panic. The NYSE also closes when there are other national events, for example it is closed for the funerals of the former US presidents. It has also observed Moments of Silence, a few minutes when trading stops and nobody says anything for perhaps the death or an explosion. When the Space Shuttle exploded (28.01.1986) there was a Moment of Silence, For American soldiers at war and others. Perhaps, most famously the NYSE closed for 4 days after the attacks on World Trade Center in September 11, 2001. (Adapted from ESL English Caf 224.) Is there any difference between stocks and shares for an American? What does owning a stock mean? Why do people buy stock? What is the position of NYSE among all other stock markets of the world? What is the trading floor? How many seats are there and how much is each seat? What has changed in the work of NYSE during the years? Which indexes show the overall state of business on the NYSE? What are the operating hours of the NYSE? What may the reasons for a break in the work or a closedown of the NYSE? What is the difference between the terms effectiveness and efficiency? 6. Read the text The truth behind Stock market trading and fill in the gaps (1-6) with the headings (a-f) given below.
76

The Truth Behind Stock Market Trading

By Dave Poon

If you happen to watch a business show or business news on TV, you'd probably hear words or phrases like stock market, trading, stocks or stock market trading. What are these things and what is their significance? To answer your questions, here's an overview on what stock market trading is. 1. In simple terms, stock market trading is the voluntary buying and selling or exchange of company stocks and their derivatives. Stocks refer to the capital raised by a corporation by means of issuing and sharing shares. These are traded in a stock market just as commodities like coffee, sugar, wheat and rice are traded in a commodity market. The physical or virtual (as trading may take place online) marketplace for trading shares on the other hand is called stock exchange. 2. . Stock market trading takes place as one sells his stocks and as the other buys them. Usually buyers and sellers of stocks meet in stock exchanges and there they agree on the price of the stocks. The actual stock market trading happens on a trading floor--the one usually shown on TV when news on stock market trading are reported. Here investors raise their arms, throwing signals to each other. That auction-like picture of a stock market trading is the traditional way stocks are traded. It's called "open outcry" since the traders cry out their bids. 3. . Stock market trading participants vary from persons selling small individual stock investments to institutions trading collective investments, hedge funds, pension funds, mutual funds, etc. Big investors can be banks, insurance companies and other huge companies. 4. . Stock market trading is required to foster economic growth. It does this by helping companies raise capital or by helping them handle their financial problems.
77

Stock market trading helps ensure that the capital is saved and is invested in most profitable business. Moreover, stock market facilitates the transfer of payments between traders.

5. With the emergence and popularity of the Internet, almost everything can now be done conveniently online. You can go shopping online, join conferences online, read news online and communicate with business partners wherever you are. Even stock market trading can now be done virtually and this has made entering into a business much easier for anyone interested. Aside from conducting stock market trading over the Internet, you can also conveniently check status of your investments online. The benefits of online stock market trading are just endless. Aside from the above mentioned, choosing where to invest is also much easier online. You can find virtually all kinds of stocks over the Internet; however, it would be best to invest in stocks with moving prices to ensure profitability in the long run. 6. One of the greatest drawbacks of stock market trading, whether online or not, is its lower leverage ( ) compared to other forms of trading like Forex trading. Also, you cannot easily short sell ( ) stocks as it takes time for stock prices to go up. This means that increasing your profit may also take time. a. Key Players in Stock Market Trading. b. Definition. c. Online Stock Market Trading. d. Disadvantages of Stock Market Trading. e. Trading Process. f. Importance of Stock Market Trading.
78

U n i t 9 . IMPORT - EXPORT Key Concepts to export to import tariff = duty quota protectionist measures WTO (World Trade Organization) EFTA (European Free Trade Association) to send goods to another country to bring goods from another country a tax on imported goods the maximum quantity of a product allowed into a country during a certain period of time raising prices of imported goods to protect domestically produced goods an international organization that encourages and regulates trade between its member states is a European organization that regulates tariffs and reduces restrictions between member countries

Supplementary Vocabulary
OECD (Organization for Economic Co-operation and Development) sensible to have the expertise to do smth , - to make sense to do smth - to make best use of resources and abilities to eliminate progressively Single European Act (SEA) ( ) European Community (EC) > European Union > (EU) Maastricht treaty ( ) 79

to reinforce monetary union membership to launch a single currency crude oil cereals option solo agent to sell on behalf of the company local branch or sales office local subsidiary company joint venture to establish oneself on the market head of activities in a region digital projectors BFr / BEF (Belgian franc) to assemble on the spot turnover a shift in a strategic focus emergence high value niche markets specialist display systems Dutch kits for monitors sales and services office software house assembly plant components factory to exploit the potential / market obstacle when it comes to working tools infamous paperwork delay to welcome foreigners cultural hurdles deceptive complex, complexity sensitivity stratum (Pl. strata) of society fascinating to outweigh (about opportunities and disadvantages) to miss to be serious about smth to establish dominance economy car sector upper-range cars to opt for 80

() () () () ( 1 2002 . ) () / , (.. ) ( , . . , ) - -

mid-range car to give up on smth invoice description of goods

proof of purchase ex-works price freight charges c.i.f. ( cost, insurance, freight) London port of destination if specifically requested cardboard cartons per pro (Lat.) bill of lading transfer document shipper(Syn. consignor of goods) charter-party consignee vessel port of loading port of discharge port of distress porcelan items rice cooker payable as per freight advance apparent good order and condition

or so near thereto for carriage in witness of whereof Master of the vessel tenor to accomplish (a bill of lading) void date of issue original bill of lading increase, rise decrease, descent drop, fall to fluctuate to reach a peak

- - ( , , ) (, ) - , , -, ( ) , , - , ( , , , ) () () () , 81

to stand at to level off, to remain stable graph balance of trade visible import / export trade deficit trade surplus

1. Complete the passage below using the appropriate words from the box. protectionist quota export import tariff

The exchange of goods and services between different countries is referred to as international trade. Depending on what a country produces or needs, it can either 1 (send goods to another country) or
2

(bring in

goods from another country). A3 is a tax imposed on imported goods; whereas a

5 4

is the

maximum quantity of a product that may be admitted to a country during a certain period of time. These measures are said to be advantage. in that they raise the price of imported goods so that domestically produced goods will gain a price

2. Read the text Profile: Barco of Belgium on page 87 of NIiB SB and answer the following questions. 1. What is Mr Verbrugges opinion about market potential of India? 2. How have the exports of Barco to India changed since 1994? 3. How has Barco changed its strategic focus since 1980? 4. Where is the companys base? 5. What kind of kits did the company use to sell in India? 6. What kind of investments has the company made for the future? 7. What obstacles are there for the expansion of Barcos activities in India? 8. How can the infamous Indian bureaucracy hamper importing business? 9. What cultural hurdles can a foreign businessman encounter

82

in India? 10. Why is having a sales office in India better than having just a sales agent there?

3. Read the text about Peugeot on page 88 of NIiB SB and frame questions to which the following words and phrases provide the answers. 1. In 1994. 2. To exploit this vast and quickly growing market. 3.

22,000. 4. 2000. 5. Automotive group Marutti. 6. In the market for upper-range cars. 7. For its 309. 8. On the list of banned products. 9. On the country. 10. By granting licenses to local manufacturers.

4. Listen to the dialogue Importing and Exporting Goods and commentaries coming after it. Give English definitions to the words and expressions in bold print. Learn the dialogue by heart and dramatise it with a classmate.

Importing and Exporting Goods Giselle: Good morning, Brian. This is Giselle calling from Intergroup in Kansas City. Brian: Hi, Giselle. How are you? Giselle: Im great, thanks. Listen, the reason Im calling is that I wanted to touch base with you about the new proposed regulations. Have you had a chance to review them? Brian: Weve only had time to give them a cursory look, but I think we have a grasp on what the changes will be. I dont think that most of the new regulations would apply to our class of cargo. As long as our certificates of origin
83

are in order and our shipping agents are well informed of the changes, we wont have anything to be concerned about. Rest assured well take care of all that. Giselle: Thats good to hear. Wont the customs procedures be different, though? I understand that there are changes to the regulations affecting which containers we can use and how we transport our freight. Brian: No, lucky for us, all we need to do is to put some additional information on our waybills and make sure our packing lists reflect the same information. Giselle: Im relieved to hear that. Youve really put my mind at ease, thanks. Brian: Dont mention it. While I have you on the phone, do you mind if I ask you a couple of questions about the latest order? Giselle: No, not at all. Fire away. (From ESL Podcast 492.)

5. Listen to the dialogue Using Visuals in a Presentation and commentaries coming after it. Give English definitions to the words and expressions in bold print. Answer the questions below. Using Visuals in a Presentation Rosa: Thanks a lot for offering to give me some pointers on how to use visuals for my presentation. Ive never given a presentation like this before. Milo: Im glad I can help. What do you plan to use? Rosa: Well, I plan to show these slides for the first part of the talk. First, I have this pie chart that shows the types of services our company provides. Then, I have this bar graph to show how the company has grown in the past 20 years. But, Im not really sure how to talk about them. Milo: Okay, first, when youre using a chart, make sure you explain what each part represents. For example, on this pie chart, I would explain that each
84

slice of the pie represents a percentage of the business. Then, for this bar chart, Id make sure to tell the audience what the X-axis and Y-axis stand for, and what each increment represents. That way, the trend that the company is following is clear. Are you planning on using this line chart, too? Rosa: No, I changed my mind about that. I think its a little confusing, but your tips on the other charts are really helpful. I have this flip chart, too, that Im supposed to use but Im not sure how. I dont want to turn my back on the audience during the presentation. Milo: The second half of the presentation includes some audience participation, right? Then, I think its fine to use it during that part of the talk. Any other questions? Rosa: I dont think so. Youve been so helpful. I hope youll let me take you to lunch as a token of thanks. Milo: You dont need to treat, but Id be happy to have lunch together. Lets go. (From ESL Podcast 204.) Why is it helpful to use visuals at a presentation? What kind of graph is good for representing percentages within the whole business? What kind of graph is good for relative growth or decline? What kind of graph is good to show trends? Can you use a flip chart if your handwriting is barely legible? Why is it a bad idea to turn your back to the audience during the presentation? How can you thank a person for a service except offering him/her a lunch? 6. Read the text Importing From China and fill in the blank spaces (1-5) with the headings (a-e) given below.
85

Importing From China

By Lisa Gunther

Over 250 billion dollars worth of goods per year are imported from China by American manufacturers. Imports from China can be your ticket to wealth or quickly turn into a nightmare for your company if you do not do the proper research BEFORE you start importing. This article will explain some common problems encountered by small companies who start importing products from China. 1 .. : One of the most important things you can do before starting the process is to make certain that you are dealing with credible Chinese exporters. Often times, American manufacturers will search the internet for potential exporters and end up with a list of names or companies that they know nothing about. 2 . My company ordered 3,000 leather "widgets" from an exporter that we had been doing business with for several years and expected no problems with the upcoming shipment. Until it arrived. The products were delivered and we quickly realized that the "widgets" were not made of leather but rather cheap vinyl. We immediately contacted our exporter and demanded an explanation as to why our products were not made from leather as clearly stated on the purchase order. His response was: "Oh... in China, if you want something made from real leather, then you have to say "genuine" leather. If you don't say genuine, then you get imitation. An expensive lesson learned. 3 .: There is none! If you are lucky enough to be the owner of Wal-Mart then you operate your own manufacturing plants in China and have control over quality. If you are a small company who relies on the exporter or the Chinese manufacturer to control quality, then you can count on having quality problems. What's that mean? It means that from one
86

shipment to the next you may be sent items that don't match in color to your previous order. Worst case scenario? The next shipments of products might look very different with completely different packaging. 4 : Once again - if you don't give exact shipping instructions then you run the risk of receiving a container which is filled to the top with a pile of boxes that literally fall all over you when you open the container doors. Ask me how I know this. Make sure you request all boxes within a container to be palletized and wrapped in shrink wrap. 5 .: Importing goods from China can be a VERY profitable experience as long as you make sure that you are dealing with reputable exporters. Avoid using export brokers who search all over China for small manufacturers that will quickly throw your purchase order together with no regards to quality. The best bet is to deal directly with established Chinese manufacturing firms that specialize in one product line. If you want to import MP3 players, then search out Chinese manufacturers that specialize in that product and have a proven track record for quality and on time delivery. a. Quality Control. b. Only Deal With Credible Exporters. c. The Bright Side. d. Know your terminology and BE SPECIFIC. e. Shipping. (Adapted from http://ezinearticles.com/?Importing-From-China---5Tips&id=614902.)

Unit 10.

COMPANY PERFORMANCE
87

Key Concepts management accounts financial accounts data about operational efficiency information about financial performance. The key difference between managerial accounting and financial accounting is that managerial accounting is intended to help managers within the organization make decisions. In contrast, financial accounting is intended to provide information to parties outside the organization the amount of money a company earns through the sale of goods or services, rents, and other sources revenue less expenses (costs) costs of doing business (costs of materials, employee salaries etc.) extracting less money from a transaction than one put into it a company issuing stocks, which are traded on the open market, either on a stock exchange or on the over-thecounter market, they have to present their accounts to the public a firm's annual statement of operating and financial results. The annual report contains an income statement, a balance sheet, a statement of changes in financial position, an auditor's report, and a summary of operations

revenue profit expenses loss listed company = public company annual report

Supplementary Vocabulary
company performance management accounts managerial accounting ( , ) , , , , , , . . (

assurance services 88

to certify accuracy stakeholder to have a stake in the business merger acquisition power station to run into difficulties to value businesses to be worth to tend to to set out the ways day-to-day operations financial statement

transaction support target company

stock lender auditor's report consistent with Securities and Exchange Commission (SEC)

, (, ), -, . . ) (, ; , , , ; ) - - (), (), (, ) () ( , ; , , , ; 1934 .) 89

Generally Accepted Accounting Principles (GAAP) report of management validity to comply with statement of earnings to earn revenue cash flow statement

lifeblood cash equivalent

to convert to cash statement of financial position (US) = balance sheet (GB) snapshot assets to owe liabilities stockholder's equity selected financial data gross profit net earnings adequacy exchange to trade stock corporate message an analysis and a review of events to lay out mission financial highlights to satisfy government requirements bottom line selling and administration (costs) interest 90

(, ) () , , , (): , ( , ) ( (, ); ) , , - () ( , , . .) ( ) . ,

fractions percentages to qualify for shares approximation listed brokerage firms to make it to consolidation to be at the back of one's mind analyst's trade to make, keep or to sell an investment in the company transparency bar chart margin oral presentation to draw a short list to build up cutting edge research landfill disposal waste-to-energy conversion logistics consolidated net sales

to be at the core of the strategy breakdown of share ownership CAC 40 index

monthly settlement adjusted price

investment certificate

. ( ) (), () () , , , , , ( , ) - / - ( , , , , . .) () 40 ( ; ) ( , - , ., , , , . .) ( ; , ) 91

net dividend tax credit

diluted earnings per share (diluted EPS, DEPS)

capital gains capital loss

minority interest

P/E ratio, price / earnings ratio, PE ratio, PER

-, ( , . . , ) ( , ; , ) , ( , , , , , , ) , ( , . . ( ) , - ) () (): , ( 50 %); " / () ": (, )

1. Complete the passage below using the appropriate words or phrases from the box. revenue financial accounts annual report data profits markets losses costs

Companies need to know how they are performing in order to make plans for the future and to analyse and find solutions to the problems that they may be
92

facing. To do this successfully, businesses require information not only about their own activities but also about the 1 for the company provide key
3 2

they operate in. Management accounts about operational efficiency, whereas

4

give information about financial performance. This allows companies to they are are or how much they have to pay for the ) or

know not only how much they are selling or how much receiving but also what their 5

different things that they need to operate their businesses. With this information companies can then calculate how much money they have made (6 how much they have lost (7 ) during a specific period. Annual accounts which gives detailed financial

for listed companies, whose shares are sold on the Stock Exchange, have to be presented to the public in the form of an 8 and other information about companies.

2. Read the text Anatomy of an annual report on page 98 of NIiB SB and answer the questions. 1. What organization lays down the basic structure for every annual report in the USA? 2. What does auditors report certify? 3. Who is responsible for the validity of the financial information in the annual report? 4. What three statements provide the complete numbers for the company financial performance and recent financial history? 5. Why is the statement of financial position likened to a snapshot? 6. Which part of an annual report is a summary of the companys performance over five years? 7. Which part of an annual report discusses results of operations and adequacy of resources allotted to fund them? 8. Whose photos are optional in the annual report? 9. What kind of information is placed at the back of the annual report? 10. Where in the report can one look for the information about the business philosophy and management style of the company? 11. Which part of a report may be regarded as an advertisement? 12. What is the most often-read section of any annual report?

93

3. The CEO of a large company is giving a press conference. Sometimes what he says is not very clear. Complete the journalists' questions. CEO We made a profit last year. One division made 50% of the total. We launched several new models. One model now has 6 % market share. But one Board member resigned. Half a million euros went missing. He used his wife's bank account. The police found him in Panama. Journalists Sorry? How much profit did you make? Excuse me? Which division .? OK, but how many models? Really? Which model ...? Really? Who.? Sorry? How much money.? What? Whose bank account .? Excuse me? Where ...?

4. Listen to the dialogue Profit and Loss and commentaries coming after it. Give English definitions to the words and expressions in bold print. Learn the dialogue by heart and dramatise it with a classmate. Profit and Loss Dolores: Manuel in accounting is supposed to help me with this report, but he called in sick today! I cant believe my luck. Hes supposed to be training me in and hes left me holding the bag. Anton: Let me see if I can help. Dolores: Im supposed to use the information from this profit and loss statement to make some projections about the companys future performance for our report, but Im not sure what Im doing. I need to plug in some numbers here, but I cant make heads or tails of this. Anton: Well, if you look at the top of the statement, youll see the top line, which shows the revenue the company brought in in the third quarter of this year. Is that what you need? Dolores: Yes, I think so, but I also need to know our net income. Anton: Here is the bottom line. That takes into account all of the revenue and expenses during the third quarter.
94

Dolores: Thats great, but I also need to know the gross profits and operating expenses. Anton: Those are in this column. See? Dolores: I guess all the information is here. I just needed to know where to look. Thanks. I couldnt have figured it out without you. Anton: Its not that complicated. Hopefully, Manuel will be back tomorrow. Dolores: Manuel? Who needs him! (From ESL Podcast 332.) 5. Read the dialogue Questions and Answers at a Presentation. Guess the missing words by their definitions below. Listen to the dialogue and check your answers. Questions and Answers at a Presentation Our company hired an o_ _ _ _ _ _ f_ _ _1 to set up a computer system to help us k_ _ _ t_ _ _ _2 of the progress on major projects. The company gave us a presentation on how the new system w_ _ _ _ _3. A_ _ _ _ _ _ _ _ _4, the employees got a chance to ask questions. Cecelia: So, in a n_ _ _ _ _ _ _ 5, those are the features of the new system. Any questions? Yuri: Yes, I have a question. From your d_ _ _ _ _ _ _ _ _ _6, it s_ _ _ _ _ l_ _ _ 7 the new system may be difficult to use. Can you s_ _ _ _ to that8? Cecelia: I understand your c_ _ _ _ _ _, but a_ _ _ _ _ _ _9, the system is very simple to use. I mentioned a lot of features that the system has, but the typical employee wont be using more than two or three on a d_ _ _ _ b_ _ _ _10 . Yes, you had a question? Alessandro: Yeah, my biggest concern is that all of the employees in the company will have access to the system. How does this a_ _ _ _ _11 my projects that have s_ _ _ _ _ _ _ _ information12?
95

Cecelia: Thats a good question. One of the k_ _ f_ _ _ _ _ _ _13 of the program is that it allows the project manager to limit access for any of his or her projects. Now, if there are no other questions, thank you all for coming and we l_ _ _ f_ _ _ _ _ _ to14 working with you in the future. (From ESL Podcast 170.) Definitions: 1) a different company, the one that is not part of the organization; 2) to follow smth, to be able to see how smth is going overtime; 3) operated; 4) after that; 5) in a very summary-like manner; 6) from what you have said; 7) it seems that; 8) can you talk about that; 9) I understand what you are worried about, but the truth is you are wrong; 10) every day; 11) what is the impact of this on; 12) secret information; 13) most important parts; 14) we are waiting to.

6. Listen to the monologue Making a Presentation, give definitions of the words and expressions in bold print, answer the questions below. Making a Presentation I don't normally get stage fright, but the thought of getting up in front of my colleagues to give a presentation always gives me butterflies. But I have no choice; my boss asked me to do it, so I will.

96

I set up my projector and PowerPoint program on my laptop. Clearing my voice, I stood up and addressed the 10 people present at the meeting. I started off by saying, "Good afternoon. I want to thank you for inviting me to talk to you today." I had a clicker in my hand to advance the slides. "Today I'm going to talk to you about our new product, Provasic. Please feel free to ask questions as we go along," I said. I then flipped through the slides showing pictures of our product, and concluded by summarizing the main points of my talk with bullet points. I finished by saying, "Thank you for your attention today. My contact information is on your handout." Whew! I was glad that was over! (From ESL Podcast 69.) What kind of feelings does speaking or acting in public evoke in most people? When is it difficult to reject an offer to make a presentation? Which electronic devices are most often used at presentations? Why do many people cough before beginning to speak? Why is necessary to thank people for coming? What are the common features between the plan of the presentation and the menu in a restaurant? Why and when is repetition of the main points needed? 7. Read the text Writing a Nonprofit Annual Report and fill in the blank spaces (1-7) with the headings (a-g) given below. Writing a Nonprofit Annual Report
By Kivi Leroux Miller

If you've been asked to write an annual report for a nonprofit organization, here are seven tips to get you on your way.
97

1. ... We want to know what you did, but more importantly, we want to know why you did it. What were the results? Why did you spend your time the way you did? What difference did it make? 2. . Getting a high-speed connection in the office and new accounting software may be big accomplishments from where you sit at your desk, but they have nothing to do with your mission. Inspire donors with accomplishments related to your mission in your annual report and leave all the administrative items for your board report. 3. . Yes, photos really are worth a thousand words. Many of the people reading your annual report won't actually read it. Show them what you've been doing with photos. If you don't have a digital camera, get one now, as basic models are very inexpensive. It's also fine to use stock photography to illustrate your work. 4. .. Now that you've got them looking at the photos, tell a story with your captions. Don't just state what's in the photo. Connect the photo to an accomplishment. If people read nothing but the captions in your annual report, they should still get a sense for the good work you did last year. 5. ... Many of your donors won't know how to read a financial statement or won't take the time to read it. Include a paragraph or two that explains in plain English what the tables say. Where does your money come from and how do you spend it? 6. . There's no better way to sabotage a future donation than to spell the donor's name wrong in your annual report. 7. .. Never leave a potential supporter hanging, wondering how they can help you. Once you've inspired them with the good works in your annual report, close by telling them how they can help
98

you do more. How can they support you with their money or time? Do you offer planned giving options, for example? Will you accept gifts of stock? Can they use a credit card? Be clear about the best ways to help. The headings: a. Get rid of the administrative details. b. Include photos. c. Tell donors how they can help. d. Focus on accomplishments, not activities. e. Triple-check your donor lists. f. Write captions that tell your story. g. Explain your financials. (http://ezinearticles.com/?Writing-a-Nonprofit-Annual-Report---Seven-QuickTips&id=184775)

U n i t 1 1 . SETTING UP A BUSINESS Key Concepts public limited a large business in the UK with the minimum share capital company (plc) of 50,000 where public can buy and sell shares on the stock exchange Sole Trader or Sole the simplest way of starting a business, when you are selfProprietor (UK) employed and entirely responsible for all aspects of the management of your business Partnership (UK) a way of starting a business when two or more people share profits and losses and all risks of running a business between them with unlimited responsibility Private Limited a way of starting a business with two or more shareholders Company (UK) who appoint a director and a company secretary, when the
99

company secretary limited liability incorporated (US), Inc, Corp

responsibility of each shareholder is limited to the amount that they have contributed a person whose job within a company is to keep the legal affairs, accounts, and administration in order responsibility (e.g. of a stockholder ) limited by statute or treaty registered with the authorities in the state where the company has its headquarters

Supplementary Vocabulary
fishing tackle accolade solicitor collateral profit expectations prolific entrepreneur household name to spot the next big wave chartered accountant the light dawned cumbersome back-office operations payroll corporate accounting department to list chip at the companys height bad bite to let the advantage slip to steal a market share to flop (about a campaign) sortie to spot a trend fatal (mistake) IBM-compatible computing peculiar hardware architecture to concede (mistake) to shift to IBM standard 100 , , , (, ) , , . . (, ) . , . . ( ) , ( ) IBM- () IBM

to squeeze margins on smth cost-efficient PC-clone to stagnate (about sales) to set the high to abandon the inventory to pursue plans to go on a buying spree to soar fleeting victory to embark on doing smth profit warning to slump infighting brainchild to compile a library to slot together Lego software commodity set of banking components swansong as far as the eye can see to distribute to launch to be a pioneer in following in his footsteps to outsell to predate to postdate relative defining clause relative non-defining clause to expand presence in Eastern Europe to maintain close relations to interfere with ones private life to delegate to carry on doing smth feasibility assembly plant to emerge (about an idea) to identify the market to invest in facilities venture capital

- IBM PC , ( ) ( ) () , ( ) , - , ( ) , , - , , , () () , - - () - () ( ) , (, , - ) 101

to seek the support of big firms production unit business plan

to get the business into profit to look for sites in the city to expand the management team eventually specialist teas tea-related giftware to give a precise estimate essentially passing trade target consumer with a comfortable income to complement flyer, flier street with pedestrian access only commuter junior management level two full-time sales staff personal assistant general office administration premises (Pl.) checklist relevant work experience

- (, , , , ; ) , () ( , . . ) ,

1. Insert correct types of business structures from the box into the spaces in the following descriptive examples. Sole Trader (UK) or Sole Proprietor (US) Private Limited Company (UK) Partnership (UK)

Private Limited Company (UK)

1. When two or more people want to start a business together they can set up a and agree on how the business will be operated. 2. All partners are and profits and losses are shared responsible for the debts of the

between them. 3. A company can be formed with a minimum of two people becoming its shareholders. In order to establish such a company specific administrative procedures must be followed. For example, the shareholders must appoint a director and a company secretary. If the company goes out of business,
102

the responsibility of each shareholder is limited to the amount that they have contributed. This is known as limited liability. A In has the letters Ltd. (Limited) after its name. 4. This is the simplest way of starting a business. you are self-employed and entirely responsible for all aspects of the usually comes from the include management of your business. 5. Finance for

individuals own savings or from family and friends. 6. Typical 7. Typical

tradesmen such as plumbers, electricians, television repair people etc. - are the well known national and international companies is owned by shareholders. It must have are typically found has the most like Vodafone and Corus. 8. A

50,000 of capital when founded, and may allow its share to be bought by the general public (though it does not have to). 9. the partners can share expertise and skills. 10. A bad. 2. Read the text The idea man on page 108 of NIiB SB and answer the following questions. 1. What has been the specific talent of Roger Foster for more than 30 years? 2. What was Fosters initial educational background in accounting? 3. How was the success of ACT marked in 1979? 4. Which corporation launched production of the first microprocessors? 5. When were Apricots most widely sold in the UK? 6. Which market proved unfriendly for Apricots in 1985 and why? 7. How much did the US sortie cost ACT? 8. Why was shifting to IBM standard so important? 9. What companies did Foster begin to buy after selling his Apricot business? 10. What conflict paralyzed the work of ACT board of directors in 1995? 11. What was Fosters latest brainchild? 12. Why does he call it his swansong? in professional services such as accountants, solicitors, doctors, dentists etc, where extensive access to capital, which is good, though it may be taken over, which is

103

3. Read the text about Andrew Klein on page 110 of NIiB SB and frame questions to which the following words and phrases provide the answers. 1. The director of Spring Street Brewing Company. 2. With the idea of bringing a Belgian beer to the American market. 3. The original approach to finding the necessary capital. 4.The advantages of using the Internet as a means to attract investment capital. 5. For $200 a month. 6. To finance and promote their own business in the similar way. 7. In several major cities in the US. 8. That consumer demand for his company products will continue to rise. 9. Some of the more exotic beers.

4. Listen to the dialogue A Potential Partnership Meeting and commentaries coming after it. Give English definitions to the words and expressions in bold print. Learn the dialogue by heart and dramatise it with a classmate.

A Potential Partnership Meeting Flavio: Thanks for meeting with me. Marcia: Its my pleasure. Were eager to hear your ideas about our companies doing business together in the future. Flavio: Well, I wanted us to meet because I think our two companies can create great synergy. Marcia: I agree. What do you have in mind? Flavio: We seem to have core capabilities that complement each other, and I want to see how we can create a partnership that would be to our mutual benefit. Marcia: Yes, thats why Im here. I think were thinking along the same lines.
104

Flavio: Good. Im glad to hear that. If we can pull off a partnership, we could really dominate the market. Marcia: Yes, I think thats true, too, but lets get beyond the preliminaries. What kind of business model do you have in mind? Flavio: Well, thats why I wanted to meet with you. Id like to get your perspective on that. Marcia: I see. When your company approached us about working together, we were under the impression that you had some concrete ideas to present. Flavio: Oh, we do. I just wanted to get your suggestions before we present a formal proposal. Marcia: Lets do this. Why dont you send me a proposal in writing and Ill make sure that we give it our full consideration. Flavio: Well do that. Thanks for your time. Marcia: Dont mention it. (From ESL Podcast 304.)

5. Listen to the monologue Being an Entrepreneur, give definitions of the words and expressions in bold print, answer the questions below. Being an Entrepreneur I had lunch today with my friend Sam. She recently quit her job with a large company to strike out on her own. She has always been an entrepreneur in small ways, but she decided to start her own business. The start-up she launched provided technology consulting services for small- to medium-sized companies. At first, she considered becoming partners with one or two of her coworkers. She wasn't sure if she could raise the seed money she needed for the start-up costs. But, she was able to raise the capital by taking on a silent partner,

105

her uncle who had a lot of investment capital but didn't want to be involved in the day-to-day operations of a business now that he's retired. One way that Sam is able to cut down on overhead is to make this a homebased business. She converted her garage into an office where she and her employees could work. Since most of the work would be done on site at her client's office, she didn't need a lot of office space. I asked Sam if she was nervous about quitting her job to start her own business. She said that it's a big risk but that she was looking forward to the challenge. If she fails, she said, she can always audition for American Idol. Well, I thought, I've heard Sam sing. I really hope her business takes off! (From ESLPodcast 109.) Why did Sam quit her job at a big company? What kind of services did her small business provide? Why did she consider becoming partners with some of her co-workers at first? Who provided the necessary capital in the long run? Which way did Sam use to cut overheads? Why didnt she need a lot of office space? What is there in Sams character that helps her with a start up? Why is it always a good idea to have a substitute plan in life?

6. Read the dialogue A Business Plan. Guess the missing words by their definitions below. Listen to the dialogue and check your answers. A Business Plan About a year ago, I came up with an idea that I thought would r_ _ _ _ _ _ _ _ _ _ _ _ the way people sell their g_ _ _ _ on the Internet. After a lot
106

of planning, I decided to try to attract i_ _ _ _ _ _ _ _ b_ _ _ _ _ _ _ successful e_ _ _ _ _ _ _ _ _ _ _.

by developing a

p_ _ _. I got some advice from my friend Steve who is a very

First, he told me I needed to figure out my b_ _ _ _ _ _ _ m_ _ _ _. How would my investors make money? How long would it take for the company to be in the b_ _ _ _? Steve said that the proposal would need to show r_ _ _ _ _ _ p_ _ _ _ _ _ _ _ _ _ for the first five years, and that I should give an e_ _ _ _ _ _ _ of g_ _ _ _ s_ _ _ _ for that same period. Steve also said that I should include what I thought was the t_ _ _ _ _ m_ _ _ _ _ for the new service and my plan for convincing p_ _ _ _ _ _ _ _ b_ _ _ _ _ that the new service would give them a c_ _ _ _ _ _ _ _ _ _ a_ _ _ _ _ _ _ _. After working on the plan for a few months, I thought it was ready to show to some prospective investors. All I need is just one big investor to take a c_ _ _ _ _ on it. Hopefully, this time next year, Ill be well on my w_ _ to building a new b_ _ _ _ _ _ _ e_ _ _ _ _. (From ESL Podcast 196.) Definitions: 1) to completely change; 2) products, physical things that people offer for money; 3) someone who gives you money for your business with a view for profit; 4) a document of several pages that describes what your new business is and how are you going to make money; 5) someone who is good at starting new businesses; 6) the way you are going to make money; 7) to be getting profit from your business; 8) your prediction, guess about how much money you are going to get; 9) a guess, what you think smth will be; 10) the amount of your product that you sell not including refunds or other returns that your customers might have; 11) customers you are going to sell your product to;
107

12) someone who might buy your product or service; 13) an improvement in business meaning that you will be able to sell more of your product if you buy my service; 14) to try if it will work; 15) you will be very close to your objective; 16) a large company with has many offices or sells many different things. U n i t 1 2 . CORPORATE ALLIANCES AND ACQUISITIONS Key Concepts joint venture a separate business project in which two or more companies have jointly invested, with the intention of working together and combining their strengths in one specific area the joining together of two separate companies so that they become one with a reason to increase market share and cut costs in a sphere of research and development buying of another company or part of a company by buying its shares and taking over control and ownership the act of gaining control of a company by buying more of its shares than anyone else

merger acquisition takeover

Supplementary Vocabulary
to go about smth / doing smth Co. (company) sports utility vehicle to call off talks newsstand chain distribution service consumer electronic arm of Thompson to work on a deal banking assets Director of Communication for Volvo 108 - ( , Company ) ()

to lose ones national identity to be keen for smth to go ahead / further varied reasons to develop a new strategy ego alpha males uncanny parallels spectacular collapse supposed alliance textbook example closest rivals complementary research technologies streets ahead of the competition to throw sand in ones face to prize drive and determination strength of personality ability to outmaneuver prerequisite boardroom bust-up to go off the top of the scale to be verging on paranoid peer clash to tie the knot to hold a minority stake to reject the plan to undervalue a company acquisition premium

simmering resentment to add spice management revolt to be reputed to force resignation in the driving seat to take a back seat to step down key personnel to relinquish old roles to turn into all-out war imperatives of shareholders to force through deals independent director distinction

() , - - ( ) ( , ), ( ) () ( : , , , ) . . , 109

unavoidable urgent demands to catch on to end up to abandon the idea to resign to speak up to get on to go under to look ahead to go by to commandeer meetings to finish off sentences trappings (of power) to be on the go to have a clear and stated purpose people concerned to attach the time limit to schedule breaks to keep, to take the minutes actions, action points to keep things moving, to move on to keep an eye on time make sure everyone stays focused to invite contributions to seek clarification allocate action points and establish deadlines to present arguments Im all in favour of that The way I see it is

- - , ( ) () , () .

1. Insert correct types of alliances from the box into the spaces in the following descriptive examples. joint venture 1. An merger acquisition or takeover

may be friendly or hostile depending on how a purchase both companies' stocks are

is communicated to and received by the target company's board of directors, employees and shareholders. 2. In a 4. A
110

surrendered and new company stock is issued in its place. 3. It will be sold to created by Dow Jones and Westinghouse Broadcasting. happens when two firms agree to go forward as a single new

company rather than remain separately owned and operated 5. be called a

usually

refers to a purchase of a smaller firm by a larger one. 6. A purchase deal will also when both CEOs agree that joining together is in the best partners can usually form both partiers interest of both of their companies. 7. The assets such as 'technology' or land and buildings. 8. In

the capital of the company through injections of cash alone or cash together with exercise control over the enterprise and consequently share revenues, expenses and assets. 9. When one company takes over another and clearly establishes itself as the new owner, the purchase is called an .

2. Read the text When egos collide on page 118 of NIiB SB and answer the questions. 1. What are the corporate executives likened to? 2. What business advantages could two pharmaceuticals giants derive from their supposed alliance? 3. Why was the deal between Glaxo and Beecham off for the time being? 4. What features of corporate business culture make clashes of merging companies CEOs inevitable? 5. Which pathological features could be traced on personality tests in many senior businessmen? 6. Why do many companies want abnormal personalities as leaders? 7. Who was to blame for the break-down of planned merger between Volvo and Renault? 8. What added spice to the management revolt at Volvo? 9. How can mega-mergers work? 10. What is essential for parties and the shareholders during mergers? 11. How can shareholders control the egos of managers? 12. Where can independent directors play their part? 3. Read the text Effects of M&A on management and put questions to the italicized words and expressions. Effects of M&A on management

111

A study published in the July/August 2008 issue of the Journal of Business Strategy suggests that mergers and acquisitions (M&A) destroy leadership continuity in target companies top management teams for at least a decade following a deal. The study found that target companies lose 21 percent of their executives each year for at least 10 years following an acquisition more than double the turnover experienced in non-merged firms. If the businesses of the acquired and acquiring companies overlap, then such turnover is to be expected; in other words, there can only be one CEO, CFO, et cetera at a time.

4. Listen to the dialogue A Corporate Takeover and commentaries coming after it. Give English definitions to the words and expressions in bold print. Learn the dialogue by heart and dramatise it with a classmate. A Corporate Takeover Lee: Hello, Lee Williams. Bruce: Hi, Lee. This is Bruce Eng. The reason Im calling is to find out if there is any news about your companys takeover bid for Shamrock Corp. Its been a week and I was wondering whats happening. Lee: Hi, Bruce. Im glad you called. I was just about to call you with an update. Heres where we are. The offer we made to Shamrock was rejected by the board on Tuesday. Our companys board of directors has been meeting all week to decide the next course of action. Bruce: Is there any chance that this could turn into a hostile takeover? Lee: There is a distinct possibility. Our company is hoping to avoid that since we had hoped to do extensive due diligence, but a hostile takeover may be the only option right now if we decide to move ahead with this.

112

Bruce: Would the banks go for little or no due diligence? I thought that their support of the takeover bid was contingent on getting more information about the state of Shamrocks finances. Lee: Youre right and that may be the stumbling block. Bruce: Okay, well, call me if you get more information. Lee: I will. You can count on it. (From ESL Podcast 368.) 5. Listen to the dialogue Giving Opinions in a Meeting. Find synonyms to words and phrases in the dialogue (1-14) from words and expressions given below (a-n). Listen to the commentaries coming after the dialogue and check your answers. Giving Opinions in a Meeting I was in a department meeting and our manager was asking for our feedback1 on improving our product. I had a few ideas and I wanted to get them across2, but one of my colleagues3 was giving me a hard time4. Marcelo: In my opinion5, I think that we need to look at the question more from the customers perspective6. I really feel we need to do more market research. Ellen: I tend to think that7 we have enough information already and its time to make some decisions. Marcelo: Well, the way I see it, weve only scratched the surface8 in getting to know our customers. We need to get inside their heads9 if we want to offer what they want and arent getting right now. Ellen: You may be right, but if you ask me, I just dont think its worth it to sink10 more time and money into the type of market research youre proposing. Its far more than what other companies are doing.
113

Marcelo: Thats precisely my point11. Im sure that12 if we can get information that other companies dont have, well be one step ahead13. Thats when the manager stepped in and offered her opinion. And, Im happy to say, she sided with me14. (From ESL Podcast 220) Synonymous phrases: a. a particular way of thinking about something; b. how well or badly you are doing; c. idea; d. making things difficult for someone; e. people you work with; f. to be certain that something is true; g. to find out or do a small amount, but not enough to understand or solve the problem; h. to manage to achieve more than they do or avoid competition or danger from them; i. to my mind; j. to spend money on something in the hope of making more money; k. to succeed in making other people understand it; l. to support another person in an argument; m. to understand the way people think; n. to want to give your opinion, but not want it to seem too forceful or definite.

Unit 13.

MARKETING

Key Concepts
114

marketing The four Ps (marketing mix)

product price place to promote direct mail marketing

different activities intended to make and attract a profitable demand for product the combination of marketing tools used to satisfy customers and company objectives. The companys offer is controlled by the following variables often referred to as the four Ps in marketing: Product, Price, Place (Distribution), Promotion something (as a service) that is marketed or sold as a commodity, i.e. something that a consumer needs or wants the amount of money given or set as consideration for the sale of a specified thing locality where the service is provided to help to increase sales or popularity of the product or service sending publicity material to people directly by mail

Supplementary Vocabulary
identify consumer needs and wants military metaphor in business sales campaign to develop a plan of action high casualties key strongholds (to gain, to loose) to be outgunned to surrender to plan a surprise attack to regain a market share to rage on hassle-free buying to be under way to move in with a customer to exceed expectations gasoline (US), petrol (GB) to seek ways to increase to come up with a strategy to differentiate fragmented market mission cutting edge research new brand initiative systems upgrade operating practice () (, ) ( ) , . , 115

fueling experience targeted at consumer attitude team leader to pick up the story customer segment

competitive price

nearby location full-serve (<service) outlet like the old days focus group

waking hours to create a psychological profile Premium Speeders outgoing detail orientated upmarket car to make a statement about smb efficiency fast pumps Simplicity Seekers loyal, caring, sensitive easy transactions Safety Firsters to go out of ones way to smb/smth common thread launch field organization to combine forces 116

() ( , , ) , : () , (, ) ( : , , , ) ( ) -, ( , 8-12, , ) , () () , , , , ( ) , . ( )

to eliminate little hassles to face to be test marketed to introduce a sophisticated measurement system

to monitor satisfaction, behaviour and perception , of the brand to fuel (up) a car (US), to fill up (GB) to be ahead of the game to catch up to exceed to affect decisions upmarket and downmarket overdue invoice - overpriced products to phase out less sophisticated brands understaffed company outdated information to overwork ( ) overdrawn account sporty Jaguar to avoid road obstacles to be refueled by Draken jet aircraft quantifier , , free sample () direct mail marketing ( , (, , , .) ; ) publicity material magazine subscription persuasive and clear sales message to concentrate sales efforts life insurance plan pension plan to put off insurance sales people to go over figures to take out a document ( ) to give the best value for money currently available no red tape to complete an application form to start saving straightaway insurance cover 117

pushy sales people insurance broker in the meantime enquiry card with paid postage to read at leisure arrival of a baby policy holder one less outing to a night club

, , -

1. Complete the passage below using the appropriate words or phrase from the box. price
1

product

marketing

the four Ps

promote

place

is the term given to all the different activities intended to make a ; setting the 3
5

profitable demand for a product. This involves: identifying consumer needs and wants in order to develop the 2 on the best
4

; deciding the .

to sell the product; deciding on how best to

product. These four factors are often referred to as 6

2. Read the text Hello to the good buys on page 126 of NIiB SB and answer the questions. 1. What did the new marketing campaign of Shell Oil promise for customers? 2. What kind of differentiation did Shell Oil Products marketing people want to achieve? 3. What was the mission of the market research? 4. What kind of changes did the marketing people aim to introduce into fuelling experience of Shell Oil customers? 5. What formed the basis of the new brand initiative? 6. How did the marketing team conduct the research? 7. Which factors were customers buying decisions influenced by? 8. What did anthropological study involve? 9. Which three groups of customers were targeted? 10. What was the common thread to all the groups? 11. Who combined forces to eliminate the little hassles that customers sometimes face? 12. Why was a new sophisticated measurement system introduced?

118

3. Read the text about market research on page 128 of NIiB SB and frame questions to which the following words and phrases provide the answers. 1. Market researchers. 2. To conduct studies. 3. Based on sex, age and social class. 4. For companies. 5. Questionnaires. 6. The exact needs and demands. 7. What affects the consumer buying decisions. 8. To appeal to the identified segment. 9. The success. 10. If necessary.

4. Listen to the dialogue Viral Marketing and commentaries coming after it. Give English definitions to the words and expressions in bold print. Learn the dialogue by heart and dramatise it with a classmate. Viral Marketing Jayna: I have an idea for creating buzz about our new product. Maksym: What is it? Jayna: I think we should use viral marketing. We can spread information about the product quickly and among the most likely customers. Maksym: I really dont understand it. How would we do viral marketing? Jayna: Well, the key is to get plugged into a few people who have large social networks already, such as bloggers and other people with popular websites. We get them talking about the product on their websites and people who visit those sites will tell their friends about it, and they will in turn tell their friends, and so on. If we use these existing social networks, news about our product will spread very quickly. Maksym: What about the cost? Jayna: Thats just it. Its very low-cost because it works through word of mouth.

119

Maksym: That sounds promising. Why dont you put together a short presentation about it to present at the department meeting on Friday? Jayna: Great. Ill get working on it right away. I think its going to transform the way we reach our customers. Maksym: I appreciate your enthusiasm, but lets see how it goes over with the rest of the department on Friday. Jayna: Sure thing. (From ESL Podcast 280.)

5. Listen to the dialogue A Call from a Telemarketer. Find synonyms to words and phrases in the dialogue (1-14) from words and expressions given below (a-n). Listen to the commentaries coming after the dialogue and check your answers. A Call from a Telemarketer1 Doris: Hello. Telemarketer: Hello, may I speak to the lady of the house2? Doris: What is this regarding3? Telemarketer: Im calling from Cheetam Cable Company4 and we have a very special offer. This month only, you can get a bundle5 of services for the low, low price of $69.99! This offer... Doris: Thank you, but Im not interested. Telemarketer: But thats because you havent heard the rest of the offer yet. If you sign up6 today, you will get at no extra charge7, all of the equipment youll need to switch8 to our cable company. Doris: As I said, Im not interested. Im also on the national do-not-call registry9 and I want to be taken off10 your call list.

120

Telemarketer: If youre on my list, it means that you have a prior relationship11 with our company and telemarketers are allowed to call you. Now about that special offer... Doris: I dont want to hear your sales pitch12. I demand13 to be taken off your call list and I dont want to get any more calls from your company. Telemarketer: Is that a no on the special offer? Doris: Yes, thats a no on the special offer and a no on getting any more calls from your company. Do I make myself clear14? Telemarketer: Yes, very clear. If youre not interested in our special offer, I can tell you about our other services... Doris: No you cant! [Hangs up the phone.] (From ESL Podcast 375.) Synonyms: a. a group, a package, two or more things for one price; b. a list of phone numbers that companies are not allowed to call; c. company that brings you cable TV; d. contact in the past between two people; e. do you understand me; f. for free; g. someone who calls you on the telephone to sell you something; h. speech, words used to try to get you buy smth; i. the female head of the family; j. to become a member, to agree to buy this; k. to change, to stop using this company and to start using a different company services; l. to insist, to require someone else do smth; m. to remove from; n. Why are you calling?

121

Unit 14.

PRODUCT AND CORPORATE ADVERTISING

Key Concepts product advertising making a product or service known to a wider audience by emphasizing its positive qualities with an aim of increasing sales to target to try to appeal to a group of people or affect them media ways or means of communicating with people (TV, radio, newspapers, magazines, the Internet, direct mail) corporate making a company brand image known to a wider public advertising brand image a picture or impression, a company wants to present to the public public relations activities and events organized by experts within the (PR) company to generate publics approval for the company publicity information or actions that are intended to attract the publics attention to someone or something, they may evoke either positive or negative response slogan a short phrase to attract the consumers attention Supplementary Vocabulary
to come up with ways talking ads bank cash machines shopping trolley (shopping cart) slogan , : , - , , ,

to come alive Pepsi generation to bring back from the dead Parker to leak to embarrass pregnant tonic water leather 122

controversial advertising to ban sacrilege to scrape off billboard furious complaints poster to be likened to revelation the last supper disciple admen presumably figured outrageous advertising the likes of Benetton to revive to sue to obtain reparation to suffer the damage to confess to ones sins fundamental values of society beliefs of the faithful to retract the posters penance to make a donation to charity to be exposed adland thinkers foremost Semiotic Solutions to take sales messages at face value to challenge everything that they are told inception social issues to prostitute images of faith to benefit from to pitch for a business to garner extra publicity Deputy Creative Director youth proposition open-minded to annoy agency creatives counterparts from elsewhere broad-minded to shatter taboos ahead of its time collision

, , () , , , , , /, . 123

for all the claimed acumen to be in touch with public mood deliberately provocative to generate media coverage conventional advertising flavor to submit proposals overall advertising strategy most appropriate means of advertising to fit in with the corporate image to generate negative publicity to be likened to the like of to set up a department World War Two (WW2) celebrity endorsements to feature heavily commercial n recipe to expand presence petrochemical (electric) power rural community national electricity grid stand-alone power system long-lasting and simple to maintain to build an unrivalled understanding range of packaged products to enhance living standards benzene to make a statement to carry out an inspection to identify the fault (film) sequence soundtrack live recording voice-over to film storyboard setting in glorious sunshine steep cliff to plunge into the abyss sheer rock in the foreground to work backwards from the slogan / to build up on the slogan 124

() - , , , . , , /

1. Complete the passage below using the appropriate words or phrases from the box. to target media
1

corporate advertising product advertising

publicity image

public relations

is an important part of the marketing mix. It is used to

increase sales by making the product or service known to a wider audience and by emphasizing its superior qualities. A company can advertise in a variety of ways, depending on how much it wishes to spend and the size and type of audience it wishes 2 . The different
3

for advertising include

television, radio, newspapers, magazines, the Internet and direct mail. The design and organisation of advertising campaigns is the job of an advertising agency.
4

is not directly concerned with increasing sales of products or a company wants to present to the for companies. Original advertising campaigns experts specialise in organising actions and events which

services but more with the overall 5 public. 6 generate positive 7

can sometimes also get some extra publicity for the company by way of newspaper articles and/or TV and radio reports about the campaign. 2. Read the text Sacrilege on page 136 of NIiB SB and answer the questions. 1. Why was Volkswagen Golf poster considered a sacrilege by the Catholic Church followers? 2. What was the presumption of VWs advertising agency? 3. What was DDBs retracting the posters supposed to show? 4. Why did shocking ads become more popular with advertisers? 5. What kind of philosophy has dominated advertising since its inception but doesnt seem to work right now? 6. What can the ads deal with in order to be popular these days? 7. What cant you do with the images of faith, according to Virginia Valentine? 8. What do clients ask
125

agencies pitching for their business to demonstrate? 9. What is the simplest way to get additional media coverage both positive and negative? 10. What is the only real taboo in advertising? 11. What was VWs mistake in advertising style, according to Leon Jaum? 12. Which features differentiate young consumers of today?

3. Read the article and give an annotation of it in English. , United Colors. , - Benetton Group. , , - . , , ( ), (umbilical cord), (copulating) , , , , , , (convicts in condemned cells) , . , . (http://ru.wikipedia.org/wiki/Benetton_Group)

126

4. Listen to the dialogue Outdoor Advertising and commentaries coming after it. Give English definitions to the words and expressions in bold print. Learn the dialogue by heart and dramatise it with a classmate. Outdoor Advertising Kam: Okay, the purpose of our meeting today is to listen to some ideas for our new advertising campaign. Gina, take it away. Gina: Thanks, Kam. Im going to talk today about outdoor advertising. I know that its a new area for us and it hasnt been on our radar in the past, but I know itll work well for our new campaign. Kam: Can we talk specifics? Gina: Sure. There are several types of outdoor advertising. One is the billboard, both the traditional kind and the digital ones. Advertising on ones in high-traffic areas will give us a lot of exposure. To get even more exposure all over town, we can use mobile advertising. Kam: You mean advertise on buses? Gina: Yes, more and more, products are being advertised on buses and cars. These wraps can also be put on the side of buildings and other structures. There really are a lot of outdoor advertising options, from bench ads to skywriting. Kam: Thats all very interesting, but which of these methods do you recommend? Gina: I think we should use all of them blanket the city with our new ads. Kam: All of them? Gina: Yes, all of them. You know what they say: Go big or go home. (From ESL Podcast 652.) 5. Translate the following slogans from Russian into English.

127

C ( ): 36,6 - 366 . Elle ( ): Elle. !; Elle. !; Elle. . : . ; 10 10 ! ( ): ; . . Hello!: Hello! . ; . ( ): - ; . - !; ! : , .

128

 ( - ): . : . : , , . : . (http://www.textart.ru/baza/slogan/zhurnal.html) 6. Translate the following slogans from English into Russian.

Camels Soothe Your T-Zone America's Favorite Pizza. Hut, Hut, Pizza Hut. More Doctors Smoke Camels than any other Cigarette I'd Walk a Mile for A Camel

Ask For More, 2000 All the taste, 1/3 of the calories, Drivers wanted
129

Pepsi Max, 1993 Pepsi. The Choice of a New Generation, 1984 Have a Pepsi Day!1977

If only everything in life was as reliable as a Volkswagen Think Small Safe Happens

Grab life by the horns

Zoom-Zoom

The ultimate driving machine

The World Puts Its Stock In US

When it pours, it reigns A Better Way forward Betcha can't eat just one

When it absolutely, positively has to be there overnight

Digitally Yours

(http://www.adme.ru/rejting-adme/luchshie-slogany-stoletiya-23755/)

7. Listen to the dialogue Introducing a New Product. Find synonyms to words and phrases in the dialogue (1-16) from words and expressions given below (a-p). Listen to the commentaries coming after the dialogue and check your answers. Introducing a New Product
130

Augie: Todays the day. Im giving you the heads up1. Our company is rolling out2 its new line of cell phones. Lillian: I can see youre excited about it. Whats so special about the new products? Augie: This line of phones has state-of- the-art3 technology and neverbefore-seen features. Its been in development4 for over a year and its been really hard keeping it under wraps5. Lillian: I thought information was leaked6 weeks ago. Augie: Those were just rumors, and the company put a clamp7 on those pretty quickly. Lillian: Wasnt the new line supposed to come out8 next month? Augie: That was the original plan, but since McQ Corp. is coming out with its own line of phones soon, we wanted to get a jump on them9. Lillian: And steal their thunder10. Augie: Yes, and steal their thunder. We had to scramble11 to get the phones ready ahead of schedule12, but I think it was worth it. Theyre really going to make a splash13. Lillian: I hope so. I hope all of this hype14 has been justified15. Augie: Oh, it will be. Ill know soon enough. Lillian: How? Augie: Youll be begging16 me to get you one. (From ESL Podcast 628.) Synonyms: a. before the original plan; b. positive things that are said about the product and make people interested; c. supported with evidence, not exaggerated; d. to be released, to be made available to the public;
131

e. to do smth that attracts a lot of attention; f. to do smth very quickly; g. to do something faster or sooner than another person often in competition; h. to keep smth secret; i. to launch, to begin a new product, start selling smth different; j. to let someone know that smth is going to happen in the future; k. to plead, to ask to do in a very urgent way; l. to share secret information with the general public or newspapers; m. to stop smth from happening usually with strength and power; n. to take attention or praise away from someone else; o. very modern, advanced, the newest and the best; p. what is being worked on and is not finished yet.

U n i t 1 5 . THE BUSINESS MEDIA Key Concepts information data print media press to publish channel broadcast multimedia audience network
132

knowledge obtained from investigation, study, or instruction facts and figures that you can analyze newspapers, books and magazines, supplying news, info and data in written form journalists and reporters make information or opinion known to the public by having it printed in a newspaper, magazine, or official document. a radio/TV station that produces and distributes audio and audio-visual programs a program, performance, or speech on the radio or on television a technique of combining sound, video and text for expressing ideas listeners or viewers of a program taken as a group a system of computers which are connected and operate

together Supplementary Vocabulary

multimedia information network media broad range of services in one package related media products core business real-time special terminal live TV broadcasts news service coverage decision-makers to syndicate subscriber to complement services individual investor , , ( ) ( , ; ) ( ) - - 1 . (, ) , 133

ubiquity intention to plaster ones name on cell phones news wire service satellite TV network to maintain a Web site commodity to set to work to come up with smth initial financial backing stock and bond information database to turn into a reported $1 bn-a-year empire one-man brand news-gathering industry vast holdings to exert autocratic control lobby trading floor advance copy outsider cultish devotion impressive office

newsroom perks (GB infml. Pl.) veritable convenience store soft drinks and snacks premises Pl. glass enclosed sitting area state-of-the-art equipment Johns Hopkins-educated engineer MBA (Master of Business Administration) slide rule mask pad to disdain to displace the need for to assert delivery system at that long distance bills hardware depreciation to charge a month They cant get away with anything to go to zero categorization utilities Reuters

Dow Jones News / Retrieval

Telerate

equal parts luck and design 134

. , : ; , , ; (1816- 1899), 1849 . / - ( , MCI; , , . .) ( , ; )

interpersonal skills open / cube office layout closed / cave office layout under-informed audience to tune in to get the business off the ground media tycoon to get along with to come in for to live up to to go along with to get on with, to get down to to get round to to miss out on to move over to to cut back on to read up on news bulletin round-up of main stories and financial updates with only 3 days to go before deadline to scramble for to withdraw from talks in the aftermath of to continue downward spiral to advance euro believers or heretics erosion of national identity

() () ( .) , - ( ) ,

1. Complete the passage below using the appropriate words from the box. audiences networks print media multimedia channels or stations broadcasts
1

data press

media news to provide to its members. The

4

The business community relies on various information, through the produce

2

and

, which include newspapers, books and magazines, supply this in written form
5

and publishing companies. Radio and television distribute audio

8

6 7

and

and

audio-visual

programmes

or

which cover the main events and developments in business. Recently there has been considerable expansion of businesses which now provide
135

integrated Internet.

media

services

containing

sound,
10

pictures

and

text

to

around the world which can be accessed through

such as the

2. Read the text A Man and his Information Machine on page 145 of NIiB SB and answer the questions. 1. What are the evidences of Bloombergs ubiquity? 2. When and how was this multimedia empire founded? 3. What was Bloomberg network supposed to deliver to brokers? 4. How much do the subscribers pay a month today? 5. How does Bloomberg differ from Rupert Murdoch and Ted Turner? 6. What is the attitude of the employees to their Big Boss? 7. What perks are there for the staff members? 8. What do calculators mask? 9. What is the problem with charging for services on the internet? 10. What kind of value does the company add to the data freely available on the web? 11. How does Bloomberg define the further direction for his company to grow? 12. What separates winners from the losers? 3. Read the text about Noah Samara on page 147 of NIiB SB and frame questions to which the following words and phrases provide the answers. 1. A new media concept. 2. To millions of people. 3. In Washington DC. 4. To use satelites. 5. That more than three hundred million listeners could soon be tuning in. 6. $50. 7. To get his business off the ground. 8. $850 m. 9. Most of the programming. 10. For subscribers. 11. A deal. 12. With Michael Bloomberg.

4. Listen to the dialogue Making a Sales Call and commentaries coming after it. Give English definitions to the words and expressions in bold print. Learn the dialogue by heart and dramatise it with a classmate.

136

Making a Sales Call Last week, I was at a business luncheon and I met a woman named Dana Okri who was heading a new start up. I have been a sales rep for Eureka Corp. for three years now and our bread and butter is data management software . I told her briefly about our products over lunch and she had given me her card. I decided to follow up with a call. I dialed her direct line and fortunately, I got a hold of her on the first try. Dana: Hello, Dana Okri. Kevin: Hello, Dana, this is Kevin Abrahams from Eureka Corp. I don't know if you'll remember me but we met last week at the Chamber of Commerce luncheon. Dana: Oh, yes. Hi, how are you? Kevin: Great. Do you have a few minutes right now for me to tell you a little bit more about the data management tools our company has to offer? It won't take long . Dana: Actually, I'm really swamped right now and I'll be going into a meeting in a few minutes. Is there any literature you can send me? Kevin: Oh, sure, I understand. I'd be happy to send you a promotional packet about the programs that I think might best suit a company your size. Would it be okay if I called again to see if you have any questions? Dana: Let's do this . Since I'm not sure when I'll get a chance to read the material, why don't I give you a call if I have any questions. Now, I'm really sorry, but I have to get going to this meeting. Kevin: No problem at all. I won't keep you any longer. I'll put a package to you in the mail and we'll go from there . Dana: Sounds good. Kevin: Thanks for your time. Dana: No problem. Bye, bye. (From ESL Podcast 103.)

5. Listen to the dialogue Corporate Spying. Find synonyms to words and phrases in the dialogue (1-16) from words and expressions given below (ap). Listen to the commentaries coming after the dialogue and check your answers. Corporate Spying
137

Joachim: I'm really having second thoughts1 about hiring a firm to do corporate spying2 for us. I don't want to do anything that's ethically questionable3. Dawn: We have no choice but to do it. All of our competitors conduct corporate espionage. Joachim: I can understand spying on our competitors, but I draw the line at4 having us snoop on5 our own employees. Dawn: We wouldn't unless our backs were against the wall6. I know you're thinking about Hewer Placket hiring investigators to find a leak7 in their company. I'm sure it was a hard decision for them, but they couldn't allow anyone in their own company to leak trade secrets8. Joachim: True, it was necessary, but I don't like being deceptive9 with our own employees. I won't allow wiretaps10 or any invasion of privacy11. Dawn: Our first priority12 would be damage control13, not privacy. In any case, we're not making a decision to spy within the company right now. We're only after our rival's14 information. The investigators we're hiring know the difference between legal and illegal spying. They'll schmooze15 at trade shows, scour16 legal records, and do other things like that. They'll know where to draw the line. Joachim: I hope you're right. I don't want to end up on the front page of the Times! (From ESL Podcast 412.) Synonyms: a. a competitor, a person or a company; b. desire to reconsider a decision already taken; c. first and most important thing we need to do; d. listening secretly to your telephone conversations and recording them; f. secret information about how you conduct business;
138

g. someone who is giving secret information to an outsider; h. to be desperate, to have no other choice; i. to have a casual informal conversation with other people in order to find information; j. to lie; k. to look through many things trying to find a very specific piece of information; l. to regard smth as the last and extreme thing you are willing to do; m. to spy on someone informally and not very seriously; n. trying to find out as much as you can about another company including information that may not be publicly available; o. violating your right to keep your personal information secret; p. when you try to make a bad situation look better than it is.

6. Read the text Closed Offices vs Open Plan Layout and mark the statements coming after it as T (True) or F (False).

Big closed office layout

Open office layout

Closed Offices vs Open Plan Layout One of the first considerations for any small business is whether they want to have closed offices or an open plan layout. Both approaches have pros and cons so small businesses must consider carefully which option is most suitable for their particular needs.
139

Closed office space, whether each employee has a separate office of their own or there are a few people in each closed office, allows staff a greater amount of privacy than an open plan office layout. They have the chance to work in peace and quiet, keeping them focused on the tasks in hand without getting overly distracted by what their colleagues are doing. Closed offices also offer space for employees to think or be creative without too much interruption. However, some people feel that closed offices, whether individual or for small teams of employees, promote a culture of individualism rather than teamwork, and would prefer an open plan office layout. This helps keep all employees at the same level, with the Managing Director of the company working in the same space as the newest member of staff. Whilst this can be slightly disturbing for those who have always worked in closed offices in the past, it helps employees to engage with one another on a more regular and informal basis, and fosters an environment of mutual support and cooperation. On the one hand, a lot of offices nowadays are following the open plan lay out purely out of financial reasons - because it saves the employers a significant 20% of their budget. On the other hand, researchers from the Queensland University found out that the current trend of having an open-plan workplace often results in lower productivity and higher levels of stress for employees which means additional progressive expenses in healthcare payments for the employers. Deciding whether an open plan layout or closed office system would be best for your business will depend on many factors, and it is important to consider them all thoroughly before finalising office arrangements. For instance, a company in which members of staff discuss sensitive information over the phone such as recruitment firm, or an agency in which Chinese walls are necessary to keep client teams separate, may decide that closed offices is the only way to make this possible. However, creative industries such as advertising and design often feel that having an open plan layout increases the creativity of the staff without hindering their productivity. Depending on the size and budget of your company
140

you may want to consider having a combination of closed as well as open plan office space. Statements: 1. In closed office employees are never distracted by their colleagues. 2. Closed offices promote the culture of individualism 3. Open offices conceal hierarchy and facilitate mutual support 4. Open offices are cheaper to build 5. Open offices provide healthier working conditions for employees 6. Chinese walls are thin and sound-transmitting 7. You cannot combine open and closed office layouts . . . . . . .

(http://www.mwbex.com/smes/the-importance-of-office-layout/closed-vs-open-plan/)

141

 - / [.: .. , .. ]. .: . ., 2000. 880 . ABBYY Lingvo V10: . [ ]. :

http://www.lingvo.ru.

Collins dictionary of Economics / . . . .. . .: . ., 1988. 752 . English as a Second Language Podcast. [ ]. : http://www.espod.com/website/indexnow.html. Longman Dictionary of Contemporary English. Harlow: Pearson Education Ltd., 2005. 1928 p. Longman Dictionary of English Language and Culture. L.: Longman, 1993. 1523 p. Margdis, S. The Department Store. L.: Cassel Ltd., 1978. 214 p. New Insights into Business: Students Book / [G. Tullis, T. Trappe]. Edinburgh: Pearson Education, 2004. 176 p. Robinson P.H. Import / Export. L.: Cassel Ltd., 1979.121 p.

142

A letter of inquiry is a request for information that the writer believes the reader can provide. Regardless of its subject, the objective is to get the reader to respond with an action that satisfies the inquiry. Sample Inquiry Letter

__________Better Widget Makers, Inc.__________

5555 Widget Avenue Silver City, CO 80456 September 26, 2003 Mr. Russ Hamilton Vice President, Sales and Marketing Golden Bread Company 123 Loaf Street Silver City, CO 80451 Dear Mr. Hamilton: Construction on the new employee cafeteria at Better Widget Makers, Inc. is nearing completion and I am looking for a supplier capable of fulfilling our weekly bakery needs. Do you have an information packet that would help me project the cost of doing business with your company? We will need daily deliveries of pastries, pies, dinner rolls and sandwich bread. Our facility operates 24/7 with a flextime workforce of 1,500 employees. To complete my operational budget I will need the following information: Wholesale price sheets Quantity cost breaks Annual contract discounts Delivery and / or any other service charges. To submit my proposal to the finance committee at their October 20th meeting I will need to receive your information by the 10th. I will also need to meet with you after reviewing the requested materials. Please call me for an appointment at your earliest convenience. My personal extension is 216-8080, # 29. In keeping with long-standing policy we would like to place this contract locally. I look forward to working with you and am hopeful that the Golden Bread Company can fulfill our needs. Sincerely, Ida Mae Knott Purchasing Agent

143

A response letter provides the answers or information requested in a letter of inquiry. The objective is to satisfy the reader with an action that fulfills their request.
Sample Response Letter

____________Golden Bread Company____________ 123 Loaf Street Silver City, Colorado 80451 October 1, 2003 Ms Ida Mae Knott Purchasing Agent Better Widget Makers, Inc. 5555 Widget Avenue Silver City, CO 80456 Dear Ms. Knott, Congratulations on your new cafeteria and thanks for considering the Golden Bread Company to fulfill your bakery needs. I can assure you that we have both the capability and the experience to handle your account. It certainly appears to me that your needs are large enough to fall into the volume category that fits our very best wholesale pricing structure. Your letter of September 26 indicated some urgency in completing a budget and submitting a proposal. To help expedite the matter I have instructed my Sales Manager, Bill Erp, to personally deliver this packet of information. I have included a chart from each of our departments detailing the individual items in each product line, their wholesale prices and the volume quantities at which cost breaks are given. In consideration of an annual contract, further discounts are available and, at your convenience, I am more than happy to meet with you personally. I am hopeful that you will have had a chance to review these materials by Friday, October 3 and will call then to set an appointment. If I may be of further assistance before then, please do not hesitate to call. I may be reached at 318-1212. Thank you, Russ Hamilton Vice President, Sales and Marketing

144

 3 A letter of acknowledgement is both a receipt and a public relations tool. Its objective is to let the reader know that items requested in a prior communication, usually an inquiry or an order letter, have been received. The scope can actually be quite brief, just enough to complete a business communication cycle. Confirming the day in which an item arrived or expressing some appreciation for having a request satisfied may be all that is necessary. Sample Acknowledgement Letter __________Better Widget Makers, Inc.__________ 5555 Widget Avenue Silver City, CO 80456 October 1, 2003 Mr. Russ Hamilton Vice President, Sales and Marketing Golden Bread Company 123 Loaf Street Silver City, CO 80451 Dear Mr. Hamilton: I received your price information packet today and appreciate its prompt delivery. It seems to have everything I need. You mentioned deeper discounts in consideration of an annual contract. I am looking for just such an arrangement. Should I be unavailable when you call on Friday, please speak with my assistant, Annie Getz. She keeps my calendar and will assist you in making an appointment. Thanks again, Ida Mae Knott Purchasing Agent CC: Annie Getz

145

 4 An order letter, also known as a purchase order or PO, begins the paper trail of a specific purchase. The objective is to provide the vendor with detailed instructions for fulfilling an order. It also serves as a legal record of the transaction and, consequently, should be written with care. Sample Order Letter __________Dandy Manufacturing, Inc.__________ 2525 E. 34th Street Greeley, CO 80631 February 3, 2004 Better Widget Makers, Inc. 5555 Widget Avenue Silver City, CO 80456 Attention: Sales Department Id like to order the Widgets listed in the table below. The reference numbers are from your 2003 catalogue. Please include a new catalogue with my order. Quantity 100 300 50 Ref.# AB045 XT111 NT066 Description Tiny Blue Widget Deluxe Yellow Widget Super Deluxe Red Widget Price $2.38 $4.56 $6.15 Total Total $238.00 $1.368.00 $307.50 $1.913.50

I would like this order to ship COD complete. If you cannot ship the complete order within 10 days, please notify me immediately. I can be reached at (303) 954-0202 #35. Thank you, Jim Dandy, Jr. General Manager

146

 5 A complaint letter advises the reader of an error in a business transaction or a defect discovered in a consumer product or service. The objective is to provide detailed information regarding the error or defect and to serve as a legal document recording the writer's claim and the corrective action or adjustment being requested. Sample Complaint Letter __________Dandy Manufacturing, Inc.__________ 2525 E. 34th Street Greeley, CO 80631 February 18, 2004 Better Widget Makers, Inc. 5555 Widget Avenue Silver City, CO 80456 Attention: Customer Service Department On February 9th I received an incorrect shipment of Widgets fulfilling the order I placed on February 3rd. Rather than the 300 Deluxe Yellow Widgets (Ref. # XT111) that I ordered, the shipment contained 300 Regular Yellow Widgets (Ref. # XT101). As per the instructions we received on the telephone, the unwanted Regular Widgets were shipped back the same day. It was promised that the correct items would be shipped out the very next day, February 10th, and be delivered freight free the following week. As of this date we have not yet received our shipment of Deluxe Widgets. This was a COD order, paid for with check #250564 in the amount of $1,913.50, which has already cleared through our bank. If these Widgets cannot be shipped February 20th, please cancel the order and send a refund check in the amount of $1,368.00 for the unfulfilled portion of the order. I have enclosed a copy of the original order. Thank you, Jim Dandy, Jr. General Manager Enclosure: Order Letter dated February 3, 2004

147

 6 An adjustment letter is a response to a written complaint. The objective is to inform the reader that their complaint has been received. It is also a legal document recording what decisions were made and what actions have or will be taken. Sample Adjustment Letter __________Better Widget Makers, Inc.__________ 5555 Widget Avenue Silver City, CO 80456 February 20, 2004 Mr. Jim Dandy, Jr. General Manager Dandy Manufacturing, Inc. 2525 E. 34th Street Greeley, CO 80631 Dear Mr. Dandy: Please accept my apology for the incorrect shipment of Widgets and the delay in reshipping the order. It was our mistake. The 300 Deluxe Yellow Widgets (Ref. # XT111) that you originally ordered were shipped out freight free today. You should receive them tomorrow via UPS overnight Red Label delivery. We value your business and trust that you will find this action satisfactory. In addition, as there is no excuse for the delay and inconvenience, I have instructed our accounting department to credit your account in the amount of $136.80. This reflects the 10% discount routinely applied to orders larger than $2,500.00. Sincerely, Frank Thompson Customer Service Representative (http://writing.colostate.edu/guides/documents/business_writing/business_letter/acknowledgeme nt_letter/)

148

List of clichs for writing business transactional letters of inquiry, response, orders for goods, complaints and adjustments
Enquiries We read your advertisement in ... with regard to your advertisement in ... of... , we would ask you ... We have heard of your products from ... We have seen your current catalogue showing ... We are interested in buying (importing, etc.) ... Please inform us (let us know) as soon as possible ... Would you please inform us if it is possible to deliver ... Please let us know what quantities you are able to deliver till... We would ask you to let us have a quotation for ... Would you kindly quote your prices and terms of delivery (terms of payment, etc.) for ... We would like to have further details about ... We would like to represent your products in the Russian market Please send us samples of... (your catalogues, leaflets, etc.) To complete my operational budget I will need the following information: Wholesale price sheets; Quantity cost breaks; Annual contract discounts; Delivery and / or any other service charges. Responses As distributors we have a large network of... ... ... ... ... ... , ... (, . .)... ... , ... , , ... , , ... He ( . .) ... ... , ... ( , ) , : ; ; ;

... We were pleased to learn your interest in... ... We are most pleased that you want to buy... , ... We are glad to say that we can reserve you ... , ... It is generous of you to take so much interest in our work... ... 149

We take pleasure to send you the desired samples and offer ... As to your inquiry of... we are informing you that... We enclose our catalogue with the latest pricelist Our detailed price-list will convince you in diversity of our assortment Our proposal is valid till... We deliver our goods on CIF terms The price covers packing and transportation expenses We can give you a 5 per cent discount As you can see from our price-list, our prices are at least by 3 % lower than market ones

... ... , ... 5 % , 3 % I call your attention especially on item ... ... Besides above mentioned goods our company , produces also... ... I enclose the description of... ... I am enclosing a folder with information on our new ... ... Our new trade list will be available in a week and we are making a note to send you one as , , soon as it comes off the press We would like to draw your attention to the attached press release announcing our launch -, of... products and services ... Our new catalogue will be published soon, and , I shall send you a copy when it appears , As you requested, we are enclosing a copy of our latest catalogue I am enclosing our price-list which gives you , some idea of the range of areas we promote information on so that you can see whether or , not we could be of service to you I have just sent you, by separate mail, our recent catalogue for this year I would be happy to send you both our monthly descriptive brochures on new production and our complete catalogue Enclosed you will find the latest listing of our production Enclosed is a backlist of... that we are ... () promoting I will send you our catalogues on a regular basis 150

Ending with gratitude We appreciate your cooperation Thank you for continued support Thank you for your cooperation Thank you for you interest in ... May I take this opportunity to thank you for ... May I thank you, once again, for giving me the opportunity to ... I wish to thank you for... Ending with polite request for comments Would you please let me have your comments at your earliest convenience Ending with an offer of further assistance Should you have any questions, feel free to contact me at ... Please do not hesitate to write if you require additional information If you have any other questions, please get in touch with ... If you require further assistance, please do not hesitate to write ... If you require further information, we would be most pleased to supply it We consider this activity as one of extreme importance, not only to provide technology transfer, but to further understanding and cooperation between our companies Complaints I am writing with reference to a purchase I recently made in your store Upon examining your first delivery, we find that it does not contain the assortment that we ordered. Undoubtedly, you have made an error. We would like to hear from you on this immediately. While awaiting word from you, we are holding the goods for at your disposal in our warehouse We have found that in your shipment of (date), which arrived today, cartons are completely wet. Because of this, items were damaged and cannot be sold. We are returning these items today, and request immediate replacement of the damaged goods

... , ... ... - , ... , , - , , , ... , ... , , , , , . , . , . , (), , . , ., . 151

 (). , . , , . , . I am writing to complain about a laptop that I , bought from your shop last week and also about the treatment I received from one of your , staff there I look forward to hearing from you in the very near future, either to offer me a complete refund or to exchange the original notebook for one which is actually in decent condition , I was shocked at the difference between the standard of the rooms in the hotel compared to , how they were described in the brochure I have never been spoken to so rudely by anyone in my life Even more embarrassing was when two of the buttons came off as I was in the middle of a , formal dinner I will have no other option but to take up the , matter with the Consumer Protection League In accordance with Consumer Rights Protection Law I am entitled to a replacement of a faulty equipment or a refund Your shipment was received on the (date). Upon examination, we found that items are missing. We assume that this was caused by a mistake in your shipping department. Please send the missing items immediately. Additional shipping costs should not be charged to us

152

List of abbreviations frequently used in transactional letters

A1 (first-class) a.c., A.C. (account current) a.o., A/O (account of) arrvl. (arrival) a.w. (actual weight) a.w.b. (air way bill) B.E. (bill of exchange) B/L (bill of lading) bxs. (boxes) c.&F., c. and f., C and F (cost and freight) c.&i., c. and i., C. and I.(cost and insurance) ch. fwd. (charges forward) c.i.f. and c. (cost, insurance, freight and commission) cir. (circa) C.N. (consignment note) c/o (care of) C.O.D. (cash (collect) on delivery) C.P. (carriage paid) C/P (charter party) C.T. (cable transfer) c.w.o. (cash with order) d. (penny, pence) D/A (documents against acceptance) D/B (documentary bill) dd. (dated) dem. (demurrage) Dep. (department) D/P (documents against payment) d/s (days aftersight) D/W (deadweight) encl. (enclosed) expn. (expiration) F.A.S. (free alongside ship) F.O.B. (free on board) F.O.C. (free on car) F.O.R. (free on rail) G.C. (general cargo) G.M. (general manager) gr.wt. (gross weight) id. (idem) inc. (including) ince (insurance) inv. (invoice) - , ( ) , , ( ) , - , , , - 153

lb. (pound) L.C. (letter of credit) man. (manufacture) Messrs. (Messieurs) Mgr. (manager) M.S. (motor ship), M.V. (motor vessel) N.B. (nota bene) Nb. (number) n/m (no marks) nt.wt. (net weight) O/o (order of) p.c. (prices current) per pro (per procurationem), p.p. P.O. (postal order) P.O.C. (port of call) P.O.D. (pay on delivery) P.S. (post scruptum) p.t.o. (please turn over) re, re., Re.,Re: (regarding) in re ref. (reference) regd. (registered), R.M. (registered mail) R.P. (reply paid) sgd. (signed) S.S. (steamship) T.M. (trade mark) T.V. (tank vessel) ult. (ultimo) V.P. (vice-president) W.B. (way bill)

( ) , ( ) , , ( ) , -

154

 .....3 Unit 1.

COMPANY STRUCTURES RECRUITMENT . RETAILING

FRANCHISING .28 INTERNATIONAL BUSINESS STYLES 36 BANKING ...49 BUSINESS AND THE ENVIRONMENT .59 THE STOCK MARKET .68 IMPORT EXPORT ..79 COMPANY PERFORMANCE ..87 SETTING UP A BUSINESS ...99 CORPORATE ALLIANCES AND ACQUISITIONS ..108 MARKETING 114 PRODUCT AND CORPORATE ADVERTISING ...121 THE BUSINESS MEDIA ..133

....4
Unit 2.

...11
Unit 3.

...21
Unit 4. Unit 5. Unit 6. Unit 7. Unit 8. Unit 9. Unit 10. Unit 11. Unit 12. Unit 13. Unit 14. Unit 15.

.142 143
155

 - New Insights Into Business

.. 5.05.11. 6084 1/16 . . . 9,75. 100 .

430027, . , . , 17

- " " 156

431440, . , . , 67

157