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KeytoUnit01:ThethreesectorsoftheeconomyThisunitcoversalotofbasicvocabularyconcerningdevelopedeconomiesmuchofitinanextractfromawell-knownBritishnovel.Italsodiscussestheevolutionoftheeconomyofmostoftheolderindustrializedcountrieswiththedeclineofmanufacturingindustryanditsreplacementbyservices.ThereisanextractfromamagazineinterviewwithaneconomistandaninterviewwithaBritishMemberofParliamentonthisissue.1aVocabularyp09Identifythemostprominentfeaturesinthisphotographwhichillustratesvariousimportantelementsoftheinfrastructureofamodernindustrializedcountry.ThephotoclearlyshowsalargefactorytheUnileverfactoryinWarringtonEnglandinthecenterwithmorefactoriesindustrialunitsorwarehousesinthetopright-handcorner.Thelargefactoryseemstoincludesomeofficebuildings.Alsovisibleareagriculturallandinthebackground;thelandintheforegrounddoesn’tappeartobecultivatedariverarailwayandseveralroadsandhousingperhapswithaschoolinthecenterofthehousingestatetopleft.1bReadingp10WhatisthekeypointthatthisextractismakingabouteconomiesThetextsuggeststhatmostpeopletakeforgrantedtheamazingcomplexityoftheeconomicinfrastructure.1cComprehensionp
111.Inlines4-7Robynseesexamplesofallthree.WhataretheyTinyfieldstheprimarysectorfactoriesthesecondarysectorandrailwaysmotorwaysshopsofficesandschoolsthetertiarysector.
2.Thelongsentencefromlines12-28listsalargenumberofoperationsbelongingtothedifferentsectorsoftheeconomy.Classifythe18activitiesfromthepassagePrimarysector:diggingironoreminingcoal.Secondarysector:assemblingbuildingcuttingmetallayingcablesmillingmetalsmeltingironweldingmetal.Tertiarysector:advertisingproductscalculatingpricesdistributingaddedvaluemaintenancemarketingproductspackagingproductspumpingoiltransportation.
3.CanyouthinkofthreeimportantactivitiestoaddtoeachlistnotnecessarilyinrelationtothekettlePrimarysector:farmingagriculturefishingandforestrySecondarysector:manufacturingtransformingandprocessingTertiarysector:financingdesigningretailing2aReadingp
121.WhydopeopleworryaboutthedeclineofmanufacturingBecausetheythinkitwillleadtounemployment.
2.WhichactivitiesareasimportantastheproductionofgoodsDesigninggoodspersuadingpeopletobuythem;artsandentertainment.
3.ShouldpeopleworryaboutthisstateofaffairsNobecauseitisanaturalprogressiveandinevitabledevelopment.2bListeningp13ListentoashortinterviewwithDenisMacShaneaBritishMemberofParliamentfortheLaborParty.DoesheholdthesameviewasJ.K.GalbraithDenisMacShanequiteclearlydisagreeswithGalbraith.
1.WhydoesMacShanethinkthatmanufacturinghasafutureBecausetherearemanynewproductsthathavetobeinventedtoservenewneeds.
2.WhydoesMacShanethinkthatmanufacturinghasafutureintheadvancedcountriesBecausethesecountrieshaveproductiontechnologythatrequiresverylittlelaborinput.
3.WhyhoweveristhismanufacturingunlikelytosolvetheproblemofunemploymentPreciselybecauseitrequiresverylittlelaborinput.
4.WhatdoesMacShanemeanby‘intheorythereshouldbenomoremanufacturing’inSwitzerlandItisthistheorythatmakesmanypeoplearguethatmanufacturingmustmoveto‘less-developed’countries.TheconventionaltheoryisthatthemostimportantcostinmanufacturingislaborandwagesandsalariesinSwitzerlandarethehighestintheworld.Asisthecostofliving!
5.WhydoeshesayitissurprisingforaBritishcompanytobebuyingSwissgoodsBecausethepoundsterlinghasovertheyearslostagreatdealofvalueagainstforeigncurrenciesespeciallytheSwissfranc.
6.WhatisthereasonhegivesfortheUnitedStatesstillbeingtherichestnationintheworldIthasasuccessfulmanufacturingeconomyincludingitscomputerandcarautomobileindustries.
7.Matchupthefollowingexpressionsanddefinitions:
1.toconvertitself.B/tochangefromonethingtoanother
2.toserveneedsD/tosatisfypeople’sdesiresorrequirements
3.LaborinputA/manualwork
4.tostumbleonE/todiscoversomethingbyaccident
5.tobedubiousC/tobeuncertaindisbelieving2cWritingp13SummarizebothGallbraith’sandMacShane’sargumentsinashortparagraphoffewerthen50words.APOSSIBLESUMMARYGalbraithsaysthatmanufacturingindustrywillinevitablydeclineintheadvancedindustrialcountriesandbereplacedbydesignadvertisingentertainmentandsoon.MaShanesaysthatmanufacturingwillchangeandmakenewproductswithnewtechnology.Newwordsinthisunit01agriculturebusinesscompanyconsumereconomiceconomyemploymentgoodsindustryinfrastructurelabourmanufacturingprimarysectorproductrawmaterialssecondarysectortertiarysectorunemploymentUnit2ManagementManagementisimportant.Thesuccessorfailureofbusinessorganizationsgovernmentinstitutionsandpublicsectorservicesvoluntaryandnon-profitorganizationssportsteamsandsoonoftendependsonthequalityoftheirmanagement.ThisunitincludesadiscussionofthequalitiesrequiredbymanagersadefinitionofmanagementconsiderationoftheroleofthemeetingsinmanagementacriticalviewofthemanagementofonelargeAmericanmultinationalcompanyandaninterviewwiththemanagerofaBritishdepartmentstorewhodiscusseshisjob.Beforethediscussiononthequalitiesrequiredbymanagersandthedefinitionofmanagementmaybewecandiscussthecartoon.What’sthejokeWecanassumethatMr.Farvisrunsthiscompanyhisnameisonthedoor.WhatcanwesayabouthismanagerialskillsorhisapparentlackofthemDiscussinpairsfortwominuteswhatexactlymanagersdoconcerningorganizingsettingobjectivesallocatingtasksandresourcescommunicatingmotivatingandsoon.1aDiscussionWhatismanagementIsitanartorascienceAninstinctorasetofskillsandtechniquesthatcanbetaughtManagementisamixtureofinnatequalitiesandlearnableskillsandtechniques.WhatdoyouthinkmakesagoodmanagerWhichfourofthefollowingqualitiesdoyouthinkarethemostimportantBeingdecisive:abletomakequickdecisionsBeingefficient:doingthingsquicklynotleavingtasksunfinishedhavingatidydeskandsoonBeingfriendlyandsociableBeingabletocommunicatewithpeople-----BeinglogicalrationalandanalyticalBeingabletomotivateandinspireandleadpeople-----Beingauthoritative:abletogiveordersBeingcompetent:knowingone’sjobperfectlyaswellastheworkofone’ssubordinates-----Beingpersuasive:abletoconvincepeopletodothingsHavinggoodideas-----ArethereanyqualitiesthatyouthinkshouldbeaddedtothislistWhichofthesequalitiescanbeacquiredWhichmustyoubebornwithThereareclearlynodefinitiveanswersastowhichoftheseskillscanbeacquired.1bReadingPeterDruckertheAustrian-bornAmericanmanagementprofessorandconsultantistheauthorofmanybooksaboutbusiness.ThistextsummarizessomeofPeterDrucker’sviewsonmanagement.Itparaphrasestheextendeddefinitionofmanagementhegivesinoneofhismanagementtextbooks.Asyoureadabouthisdescriptionoftheworkofamanagerdecidewhetherthefivedifferentfunctionshementionsrequirethefourqualitiesyouselectedinyourdiscussionorothersyoudidnotchoose.WhatismanagementDrucker’sfirstpointsettingobjectivesanddevelopingstrategiespresumablyrequiresqualitiesJHEandAnotnecessarilyinthatorder.ThesecondpointorganizingpresumablyalsorequiresHEandJ.ThethirdpointmotivationandcommunicationembracesFDIandprobablyC.ThefourthpointmeasuringperformanceprobablyrequiresHandE.ThefifthpointdevelopingpeoplemightrequireHFDandJ.Butallthisisclearlyopentodiscussion.1cVocabularyCompletethefollowingsentenceswiththesewords.Achieved;boardofdirectors;communicate;innovations;manageable;performance;resources;setting;supervise
1.managershavetodecidehowbesttoallocatethehumanphysicalandcapitalresourcesavailabletothem.
1.Managers--logically–havetomakesurethatthejobsandtasksgiventotheirsubordinatesaremanageable.
1.Thereisnopointinsettingobjectivesifyoudon’tcommunicatethemtoyourstaff.
1.Managershavetosupervisetheirsubordinatesandtomeasureandtrytoimprovetheirperformance.
1.Managershavetocheckwhetherobjectivesandtargetsarebeingachieved.
1.Atopmanagerwhoseperformanceisunsatisfactorycanbedismissedbythecompany’sboardofdirectors.
1.Topmanagersareresponsiblefortheinnovationsthatwillallowacompanytoadapttoachangingworld.1dVocabularyThetextcontainsanumberofcommonverb-nounpartnershipse.g.achieveobjectivesdealwithcrisesandsoon.Matchuptheseverbsandnounstomakecommoncollocations.AllocateresourcesorpeopleCommunicateinformationordecisionsDevelopstrategiesorpeopleorsubordinatesMakedecisionsMeasureperformanceMotivatepeoplePerformjobsSetobjectivesSupervisesubordinates2Meetings‘Onecaneitherworkormeet.Onecannotdobothatthesametime.’PeterDrucker:AnIntroductoryViewofManagementWhatdoyouthinkPeterDruckermeansbythiscommentDruckerobviouslybelievesthatworkislargelysomethingthatisdoneindividuallyandthatmeetingsarenot‘work’butmerelypreparationforitorconsolidationafterit.2aReadingp18ReadthecomputerjournalistRobertX.Cringely’sdescriptionofthemanagementstyleatIBM.IshepositiveornegativeaboutIBM’sworkingcultureRobertCringely’shistoryofthepersonalcomputerindustryisveryinformativeinplacesverycriticalandalsoveryfunny.InthisextractheisextremelynegativeaboutIBMsayingthattheyputmuchtoomucheffortintomanagementandworryingaboutthepossibilityofmakingbaddecisionsandnotenoughintoproducinggoodcompetitively-pricedproducts.2bComprehensionExplaininyourownwordsexactlywhatRobertCringelymeansinthefollowingsentences.
1.EveryIBMemployee’sambitionisapparentlytobecomeamanager.ItseemsasifthepeoplewhoworkforIBMaremoreinterestedinbeingregardedasamanagerthanasacomputerdesignerortechnician
1.IBMmakesmanagementthecompany’ssinglebiggestbusiness.IBM’scorporatecultureseemstoplacemoreemphasisonmanagementthanondevelopingandsellingthecompany’sproducts.
1.IBMexecutivesmanagethedesignandwritingofsoftware.IBM’smanagersdon’tactuallydotheworkofdesigningandwritingsoftwarethemselvesbutorganizeandsupervisethepeoplewhodoit.
1.IBMproductsaren’toftenverycompetitive.IBMproductsarerarelyasgoodorasdheapassimilarproductsmadebytheircompetitors
1.ThesafetynetatIBMissobigitishardtomakeabaddecision.Thereisanextensivehierarchyandasystemofchecksandcontrolswhichensuresthatbaddecisionsaregenerallyavoidedbutgooddecisionsalsotakeaverylongtimetomake.
1.Thiswillbethesourceofthecompany’sultimatedownfall.TheslownessofIBM’sdecision-makingprocessandtheconsequentlackofcompetitivenessoftheirproductswilleventuallydestroythecompany.2cVocabularyp18Findwordinthetextthatmeanthesameasthewordsorexpressionsbelow.
1.seeminglyapparently
1.computerprogramssoftware
1.worktimeandenergyeffort
1.computersandothermachineshardware
1.youngworkersstilllearningtheirjobstrainees
1.knowledgeandskillexpertise
1.levelsorstratalayers
1.tomakecertainthatsomethingistrueverify
1.correctedorslightlychangedamended
1.collapseorfailuredownfall3TheretailsectorYouwillhearpartofaninterviewwithSteveMoodythemanageroftheMarksSpencerstoreinCambridgeEngland.WhatdoyouknowaboutMarksSpencerMSasmanypeoplecalltheminBritainsellclotheshouseholdgoodsandfood.TheyhavebranchesalloverBritainandareexpandingintocontinentalEurope.3aListeninglistentopartOneinwhichSteveMoodydescribestheroleandresponsibilitiesofastoremanager.TapesriptPartOneSTEVEMOODYsoasthestoremanagerinCambridgewhichisprobablythefortiethlargestofthe280storeswehavegotIamresponsiblefortheday-to-dayrunningofthestore.AlltheproductisdeliveredtomeinpredescribedquantitiesandobviouslyI’mresponsiblefordisplayingthatmerchandisetoitsbestadvantageobviouslyI’mresponsibleforemployingthestafftoactuallysellthatmerchandiseandorganizingtheday-to-daylogisticsoftheoperation.Muchmorerunningstoresisabouttheday-to-dayoperation.Andensuringthatthat’ssafeandobviouslybecauseofthetwohundredpeoplethatwewouldnormallyhaveworkinghereit’sensuringthattheyarewelltrainedthattheyarewellmotivatedandthattheenvironmenttheyworkinisapleasantonethattheyaretreatedwithrespectandthattheyarecommittedtothecompany’sprinciples.Whichofthefollowingtasksisheresponsiblefor
1.designingthestoreanditslayout
1.displayingthemerchandise
1.employingthesalesstaff
1.ensuringthesafetyofstaffandcustomers
1.establishingthecompany’sprinciples
1.gettingcommitmentfromthestaff
1.increasingprofits
1.maintainingapleasantworkingenvironment
1.motivatingstaff
1.organizingtheday-to-daylogistics
1.pricingthemerchandise
1.running40outof280stores
1.selectingthemerchandise
1.supervisingtheday-to-dayrunningofthestore
1.trainingstaff3bListeningListentoPartTwoandanswerthesequestions.TapescriptPartTwoINTERVIEWERHowmuchfreedomdothosepeoplehavewithintheirjobstomakedecisionsthemselvesHowmuchdelegationisthereofresponsibilitydownthechainSTEVEMOODYWewouldasabusinessliketoencourageasmuchaccountabilityanddelegationaspossible.Ofcoursethatdoesdependontheabilitiesoftheindividualstheenvironmentinwhichyou’reworkingandthetimeofyear.With282storeswehaveacorporateappearanceintheUnitedKingdom’shighstreets.ItisquiteimportantthatwhencustomerscomeintoMarksSpencer’sCambridgetheygetthesameappearanceandtypeoflookingstoreandthesamelevelofservicethattheywouldexpectiftheywentintoMarksSpencer’sEdinburghinScotlandforexampleandit’sveryimportantthatwehaveacorporatestatementthatcustomersunderstand.Sothereareobviouslyparametersanddisciplinesthatyouknownotonlythestaffbutsupervisionandmanagementwouldfollow.Withinthatintermsofdevelopmentandtrainingtrainingisobviouslyaninvestmentforallstaff.Ifstaffaretrainedtodotheirjobwellandtheyunderstandittheywillfeelconfidentinwhatthey’redoingthatinturnwillgiveabetterservicetothecustomersobviouslyfromMarksSpencer’spointofviewitcouldwellleadtoincreasedsales.
1.WhyareMarksSpencer’sstoremanagerslimitedingivingaccountabilitytotheirstaffanddelegatingresponsibilitiesAlthoughmarksSpencer‘wouldliketoencourageasmuchaccountabilityanddelegationaspossible’theyhaveacorporateappearanceforalltheirstoresinallofwhichcustomersshouldgetthesamelevelofservice.Thislimitsthefreedomofindividualmangerstochangethestores:thereare‘parametersanddisciplinesthatnotonlythestaffbutsupervisionandmanagementwouldfollow’.
1.WhatdotheyconcentrateoninsteadInsteadtheyconcentrateonstaffdevelopmentandtraining.3clisteninglistentoPartThreeandanswerthefollowingquestions.TapescriptPartThreeINTERVIEWERDoyouhavemeetingsformembersofstaffwheretheycanexpressviewsaboutwhat’sgoingoninthestoreSTEVEMOODYWehaveaseriesofmeetingsmanagementandsupervisoryeveryweekwehavesomethingwhichMarksSpencer’scallafocusgroupwhichismembersofstaffwhogettogetherregularlyfromallareasofthestoresofromthefoodsectionandperhapsthemenswearsectionfromtheofficewhodothestockandaccountingandindeedthewarehousewherepeoplereceivegoods.Theyhavemeetingstheydiscussissuestheydiscussproblemsthattheyfeelaregoingoninthestore.Theyalsodiscusssuggestionsofhowtheycanimprovethatwerunthestoreandtheydiscussthatamongstthemselvesfirst.Theywillthenhaveameetingwithmembersofmanagementandobviouslymyselfandwewilldiscussthoseissuesandworktogethertotryandprovidesolutions.HoweverMarksSpencer’sphilosophyIsupposeisthatmeetingsshouldnotbesubstituteforday-to-daycommunicationandthereforeifproblemsdoariseintermsoftheoperationoranindividualhasgotaproblemintheirworkingenvironmentorinddetheirimmediatelinemanagerorindeediftheyhaveaproblemoutsidewhichmightbedomesticorwiththeirfamilywewouldliketodiscussthatasitarisesandwouldliketoencourageapolicythattheywillcomeandtalktotheirsupervisorortheirmanagertoseewhatwecandotosolvetheproblem.SteveMoodymentionstwokindsofregularmeetings.Thefirstisweeklymeetingsformanagementandsupervisorystaff.
1.WhatisthesecondkindofmeetingcalledAfocusgroup.
1.WhoattendsthemMembersofstafffromallareasofthestoree.g.thefoodsectionthemenswearsectionthestockandaccountingofficethewarehouseandso.
1.WhataretheydesignedtoachieveStaffcandiscussproblemsinthestoreandmakesuggestionsforimprovements.Afterthistheywillmeetwithmembersofmanagementtodiscussthoseissuesandtrytoprovidesolutions.
1.WhatkindofproblemscannotbedealtwithbymeetingsIndividuals’problemswiththeirworkortheirlinemanagerorevenfamilyproblems
1.HowaresuchproblemsdealtwithIndividualsareencouragedtodiscusssuchproblemswiththeirsupervisorormanager.3dDiscussionAfterreadingandhearingaboutmanagementdoyouthinkyouhavetherightskillstobeamanagerWouldyoubeableforexampletosetobjectivesmotivateandcoordinatethestaffandmanageadepartmentstoreoracomputermanufacturerSomelearnersmaydecidethattheyhavethenecessaryabilitiestobecomeamanagerorevenatopmanager;othersmayenvisagemorespecializedcareersinaparticularfunctionsuchasmarketingfinancecomputingaccountingandsoonwhichwillnotinvolvemanagingandcoordinatingalargenumberofpeopleandoperations.Newwordsinthisunit02Allocatebankerboardofdirectorschairmancompetitivecustomerdirectordistributorfunctionhardwareinnovationinvestorlogisticsmanageablemanagementmanagermeasuremeetingmerchandisemotivateobjectiveorganizationpayperformancepromotionresourcessoftwarestaffstrategysubordinatesupervisesuppliertacticsteamtopmanagertrainee.Unit3CompanystructureOneofthemostimportanttasksforthemanagementofanyorganizationemployingmorethanafewpeopleistodetermineitsorganizationalstructureandtochangethiswhenandwherenecessary.ThisunitcontainsatextwhichoutlinesthemostcommonorganizationalsystemsandexercisewhichfocusesonthepotentialconflictsamongthedifferentdepartmentsofamanufacturingorganizationanexampleofanorganizationchartandacriticallookattheflexibleorganizationalstructureofanAmericancomputercompany.1aDiscussionThisdiscussionactivityfollowsonnaturallyfromactivity3dinthepreviousunitaboutmanagingcompaniesorhavingmorelimitedresponsibilitiesinaparticulardepartment.1bVocabulary
1.Autonomous:Cindependentabletotakedecisionswithoutconsultingahigherauthority
2.Decentralization:Edividinganorganizationintodecision-makingunitsthatarenotcentrallycontrolled.
3.Function:Baspecificactivityinacompanye.g.productionmarketingfinance
4.Hierarchy:Asystemofauthoritywithdifferentlevelsoneabovetheother.
5.Lineauthority:Fthepowertogiveinstructionstopeopleatthelevelbelowinthechainofcommand
6.Reportto:Gtoberesponsibletosomeoneandtotakeinstructionsfromhimorher
7.Subordinates:Dpeopleworkingundersomeoneelseinahierarchy1cReadingThetextsummarizesthemostcommonwaysinwhichcompaniesandotherorganizationsarestructuredandmentionsthepeopleusuallycreditedwithinventingfunctionalorganizationanddecentralization.Itmentionsthemorerecentdevelopmentofmatrixmanagementandawell-knownobjectiontoit.HowartemostorganizationsstructuredMostcompaniesaretoolargetobeorganizedasasinglehierarchy.Thehierarchyisusuallydividedup.InwhatwayWhataretheobviousdisadvantagesoffunctionalstructureDiscussbrieflyinpairsgivesomeexamplesofstandardconflictsincompaniesbetweendepartmentswithdifferentobjectivesArethereanyotherwaysoforganizingcompaniesthatmightsolvetheseproblemsA.FunctionalstructureA.MatrixstructureA.LinestructureA.StaffstructureBritish:personneldepartment=American:staffdepartmentorhumanresourcesdepartment1dComprehensionTheonlyadequatesummaryisthesecond.Thefirststressesthedisadvantagesofhierarchiesmuchmorestronglythanthetextanddisregardsthecriticismsofmatrixmanagementanddecentralization.Thethirdissimplymisleading:matrixmanagementandteamsaredesignedtofacilitatecommunicationamongfunctionaldepartmentsratherthanamongautonomousdivisions.SecondsummaryMostbusinessorganizationshaveahierarchyconsistingofseverallevelsandaclearlineofcommand.Theremayalsobestaffpositionsthatarenotintegratedintothehierarchy.Theorganizationmightalsobedividedintofunctionaldepartmentssuchasproductionfinancemarketingsalesandpersonnel.Largerorganizationsareoftenfurtherdividedintoautonomousdivisionseachwithitsownfunctionalsections.Morerecentorganizationalsystemsincludematrixmanagementandteamsbothofwhichcombinepeoplefromdifferentfunctionsandkeepdecision-makingatlowerlevels.1ediscussionThetextmentionstheoftenincompatiblegoalsofthefinancemarketingandproductionoroperationsdepartment.Classifythefollowingstrategiesaccordingtowhichdepartmentswouldprobablyfavorthem.Productionmanagers:
1.afactoryworkingatfullcapacity
4.astandardproductwithoutoptionalfeatures
11.machinesthatgivethepossibilityofmakingvariousdifferentproducts.14and11wouldlogicallysatisfyproductionmanagersalthough11shouldalsosatisfyotherdepartments.Marketingmanagers:
2.alargeadvertisingbudget
3.alargesalesforceearninghighcommission
6.astrongmarketsharefornewproducts
7.generouscreditfacilitiesforcustomers
9.largeinventoriestomakesurethatproductsareavailable23679wouldlogicallybethedemandsofmarketingmanagersFinancemanagers:
5.astrongcashbalance
8.highprofitmargins
10.lowresearchanddevelopmentspending
12.self-financingusingretainedearningsratherthanborrowing5810and12wouldlogicallykeepfinancemanagershappy.1fDescribingcompanystructureHereisashortdescriptionoftheorganizationchartillustrated.TheChiefExecutiveOfficerreportstothePresidentandtheBoardofDirectors.Thecompanyisdividedintofivemajordepartments:ProductionMarketingFinanceResearchDevelopmentandPersonnel.TheMarketingDepartmentissubdividedintoMarketResearchSalesandAdvertisingPromotions.TheFinanceDepartmentcontainsbothFinancialManagementandAccounting.SalesconsistsoftwosectionstheNorthernandSouthernRegionswhoseheadsreporttotheSalesManagerwhoisaccountabletotheMarketingManager.2aVocabularyMatchupthewordsontheleftwiththedefinitionsontheright.
1.industrialbelt:Canareawithlotsofindustrialcompaniesaroundtheedgeofacity
1.wealth:Ftheproductsofeconomicactivity
1.productivity:Etheamountofoutputproducedinacertainperiodusingacertainnumberofinputs
1.corporateethos:Aacompany’swaysofworkingandthinking
1.collaboration:Gworkingtogetherandsharingideas
1.insulatedorisolated:Baloneplacedinapositionawayfromothers
1.fragmentation:Dbreakingsomethingupintopieces2bListeningListentoJaredDiamondandthenanswerquestion
1.Listenasecondtimetocheckyouranswersandthendoquestion
2.1Whichofthesedothepart-sentences1-8refertoARoute128theindustrialbeltaroundBostonMassachusettsBSiliconValleythehigh-techcompaniesintheareabetweenSanFranciscoandSanJoseCaliforniaCIBMDMicrosoft1haslotsofcompaniesthataresecretiveanddon’tcommunicateorcollaboratewitheachother.A2haslotsofcompaniesthatcompetewitheachotherbutcommunicateideasandinformation.B3hasalwayshadlotsofsemi-independentunitscompetingwithinthesamecompanywhilecommunicatingwitheachother.D4isorganizedinanunusualbutveryeffectivewayD5iscurrentlythecenterofinnovationB6usedtohaveinsulatedgroupsthatdidnotcommunicatewitheachotherC7usedtoleadtheindustrialworldinscientificcreativityandimaginationA8wasverysuccessfulthenlesssuccessfulandisnowinnovativeagainbecauseitchangedthewayitwasorganizedC2Workinginpairsrearrangethefollowingpart-sentencestomakeupashortparagraphsummarizingDiamond’sideasaboutthebestformofbusinessorganization.Aandregularlyengagestaffwhohaveworkedforyourcompetitors.BareatadisadvantageCbecausemostgroupsofpeoplegetDbutalsocommunicatewitheachotherquitefreely.EcreativityinnovationandwealthFintoanumberofgroupswhichcompeteGIsolatedcompaniesorgroupsHmostoftheirideasandinnovationsfromtheoutside.ISoordertomaximizeproductivityJYoushouldalsoexchangeideasandinformationwithothercompaniesKyoushouldbreakupyourbusinessIsolatedcompaniesorgroupsareatadisadvantagebecausemostgroupsofpeoplegetmostoftheirideasandinnovationsfromtheoutside.Soordertomaximizeproductivitycreativityinnovationandwealthyoushouldbreakupyourbusinessintoanumberofgroupswhichcompetebutalsocommunicatewitheachotherquitefreely.Youshouldalsoexchangeideasandinformationwithothercompaniesandregularlyengagestaffwhohaveworkedforyourcompetitors.3aDiscussionReadthefollowingstatementsanddecidewhethertheyareabouttheadvantagesofworkinginabigorsmallcompany.Advantagesofworkinginasmallcompany:
234791113.Advantagesofworkinginabigcompany:
15678101214.Someoftheseanswersareopentodiscussion.Forexamplenumber8:somepeoplemightarguethatyouhaveabetterpossibilityofrealizingyourpotentialinasmallcompanyinwhichyouarerequiredtotakeonanumberofdifferenttasks.Newwordsinthisunit03AutonomousbosschainofcommandChiefExecutiveOfficerCEOcollaborationcompetitorcorporateethosdecentralizationdepartmentdivisiondownsizingdownturnfinancefragmentationfunctionalorganizationhierarchyinputinsulatedisolatedlevellineauthorityManagingDirectormarketingoutputpersonnelpositionPresidentproductionproductivityreorganizationreporttoresponsibilitysalarysalessubsidiarywealth.Unit04WorkandmotivationAswellassettingandcommunicatingobjectivesdevelopingstrategiesandallocatingresourcesmanagershavetomotivatethestaffwhoreporttothem.Thesewilloftenincludepeoplewithinterestingresponsibleandfulfillingjobsaswellasotherswithlessinterestingandhighlyrepetitivetasks.Thisunitincludesadiscussiononwhetheritshouldbeassumedthatpeoplelikeworkandresponsibilityorwhethertheyneedtobeforcedtowork;adiscussionaboutthekindofthingsthatmightmotivateoratleastsatisfyemployees;andaninterviewwithadepartmentstoremanagerwhodescrieshowheattemptstomotivatehisemployees.Whatistheworstpossiblelong-termjobyoucouldimaginedoingoneinwhichitwouldbealmostimpossibletomotivateyouandwhy1aVocabulary
1.Toinspiretoinducetogiveareasonorincentivetosomeonetodosomething.A.motivateB.promoteC.provoke
1.Apersonemployedbysomeoneelseworkingformoney.AearnerBemployeeCemployer
1.Relationsbetweenemployersandemployeesmanagersandworkersmanagementandunions.AhumanrelationsB.laborrelationsC.laborunions
1.HavingcontrolofsomethingaspartofyourjobA.commandB.powerC.responsibility
1.MoneypaidperhourordayorweektomanualworkersA.earningsB.salaryC.wages
1.Afixedregularpaymentmadebyemployersusuallyforprofessionalorofficework.A.earningsB.salaryC.wages
1.Advantagesthatcomewithajobapartfromwagesorsalary.A.benefitsB.profitsC.supplements
1.Toberaisedtoahigherrankorbetterjob.AmotivationB.promotionC.salespromotion
1.Knowingthatthereislittleriskoflosingone’sjob.A.bureaucracyB.skilledC.talented
1.Havingparticularabilitiesacquiredbytraining.A.educatedB.skilledC.talented1bDiscussionThereareno‘right’answersbutthesestatementsnaturallyfallintotwogroupsreflectingtwoopposingviewsofhumannatureaswillbeseeninthetextthatfollows.1cReadingYoumayhavenoticedthatthestatementsabovecanbeseparatedintotwogroupsreflectingtwoverydifferentwaysinwhichemployerscantreattheiremployees.Thesetwoapproachesweresummarizedbyawell-knownAmericantheoristofthepsychologyofworkDouglasMcGregorwhonamethemTheoryXandTheoryY.Readthefollowingtextandthenclassifythestatementsaboveaccordingtowhichtheorytheysupport.TheoryXisthetraditionalapproachtoworkersandworkingwhichassumesthatpeoplearelazyanddislikeworkandthattheyhavetobeboththreatenedforexamplewithlosingtheirjobandrewarded.Itassumesthatmostpeopleareincapableoftakingresponsibilityforthemselvesandhavetobelookedafter.TheoryYassumesthatpeoplehaveapsychologicalneedtoworkandwantachievementandresponsibility.TheoryX
1.Peopledislikeworkandavoiditiftheycan.TheoryY
2.Workisnecessarytopeople’spsychologicalwell-beingTheoryX
3.Peopleavoidresponsibilityandwouldratherbetoldwhattodo.TheoryX
4.Peoplearemotivatedmainlybymoney.TheoryY
5.Mostpeoplearefarmorecreativeandingeniousthantheiremployersrealize.TheoryX
6.Peoplearemotivatedbyanxietyabouttheirsecurity.TheoryY
7.Peoplewanttobeinterestedintheirworkandgiventherightconditionstheywillenjoyit.TheoryY
8.Undertherightconditionsmostpeoplewillacceptresponsibilityandwanttorealizetheirownpotential.1dSummarizingReadthetextagainandcompletethefollowingsentencesusingyourownwordsasmuchaspossible.
1.AccordingtoTheoryXemployershavetothreatenworkersbecausethethreatoflosingtheirjobsoftenmakespeopleworkbetter.
1.AccordingtoTheoryYemployersshouldgivetheirworkersresponsibilitiesbecausearesponsiblejobisnecessarytopeople’spsychologicalwell-being
1.MaslowcriticizedTheoryYbecausetherearepeoplewhoareunabletotakeonresponsibilityandself-discipline.
1.Maslowarguedthateventhoughtheymightwanttobegivenresponsibilitiesatworkpeoplealsorequirethesecuritythatcomesfromroutinesandfrombeinggiveninstructions.1gReadingDoesHerzbergagreethatgoodworkingconditionsgoodwagesbenefitsandjobsecuritywillmotivateworkersNo.AccordingtoHerzberggoodconditionsmerelysatisfyworkersbutdonotmotivatethem;motivationcanonlycomefrominterestingworkresponsibilityandsoon.1hSummarizingReadthetextagainandcompletethefollowingsentencesusingyourownwordsasmuchaspossible.
1.Hersbergsuggestedthatgoodlaborrelationsandworkingconditionswillonlysatisfypeople–ormoreimportantlydissatisfythemiftheydonotexist–butnotmotivatethem.
1.AccordingtoHerzbergthekindofthingsthatmotivatepeoplearechallengingorinterestingjobsrecognitionresponsibilitythechanceofpromotionandsoon.
1.Theproblemwithsayingthatonlychallenginginterestingandresponsiblejobsaremotivatingisthatthereareandalwayswillbepeopleinjobsthatarenotchallenginginterestingandresponsibleandmanagershavetotrytomotivatethesepeople.
1.Waysofmotivatingpeopleinunskilledjobsincludegivingthemresponsibilitiesaspartofateamgivingthemmorethanoneactivitytododuringthedayandencouragingthemtobelieveincorporatevalues.
1.Theproblemwithtryingtomotivateworkersbythebeliefthattheircompanyisthebestisthatitisunlikelytosucceedifitisnottrueandmostcompaniesareevidentlynotthebest.2aListeningListentoPartOneoftheinterviewandanswerthefollowingquestions.STEVEMOODYIntermsofkeepingpeoplemotivatedthefirstthingisobviouslyensuringthattheyarepaidadecentsalaryandthattheyworkinapleasantenvironment.Beyondthatthattheyunderstandwhatisexpectedofthemandthatwhentheydotheirjobandtheydocarryouttasksthatwhattheydoisactuallyappreciatedbytheirlinemanagerandindeedthepeoplethattheyworkwith.Theyarenotaskedtodothesamethingoverandoveragainyeahwithoutbeingtoldwhythey’rebeingaskedtodoit.INTERVIEWERHowimportantisavarietyoftasksinmotivatingpeopleImeanyouwouldn’thavesomebodyjustworkingonthetillthewholetimewhichIimagineisreallyhardwork.STEVEMOODYIthinkagainitdependsontheindividual’sabilitiesandtheindividualneeds.Wehavepeoplewhoworkforuswhoactuallylikebeingonthetillallthetimebecausewhattheyactuallylovemorethanmostistheinterfacewiththecustomers.Theyalsoofcoursebecomehighlyskilledhighlyspecializedandhighlyefficientonthetillandiftheylikedoingthatanditactuallysuitsusfromanoperationalpointofviewwewouldnotdiscourageanybodyfromdoingthat.Equallywe’vegotmembersofstaffwhodon’tparticularlylikegoingonthetillbutlikefillingupanddoingstockordersanddoingspecificjobsthatotherpeopledon’tlikedoingsoitistailoringindividuals’needsandabilitiestotheoperationalneedsofthestore.Obviouslyyouwouldnotwanttoreduceflexibilitybyonlyhavingacertainnumberofpeoplewhowillonlygoonthetilloronlyfillupthecountersyouhavetohaveflexibilityofpeoplewholiketodobothandmanystaffliketodoallsortsofthings.Theyliketodoeverythingtheypossiblycanandthemorevariedthingstheycangetinvolvedinthemoreinterestedtheyget.
1.WhichofthefollowingthingsdoesSteveMoodysayIfthestatementsdonotmatchwhatMoodysayswhatdoesheactuallysayAPeoplerequireanacceptablesalary.BPeopleneedaniceworkingenvironment.CPeoplemustunderstandwhattheyaresupposedtodo.DPeoplemustappreciatetheirbossandtheircolleagues.EPeoplemustnotbeexpectedtodothesamethinglotsoftimes.SteveMoodysayssomethingsimilartoABandC.AhesaysadecentsalaryBhesaysapleasantenvironment;Chesaystheyunderstandwhatisexpectedofthem.DandEarenotwhathesays:hesaysthatpeoplemustbeappreciatedbytheirlinesuperiorandtheircolleaguesandthatpeoplemustnotbeaskedtodothesamethingagainandagainwithoutknowingwhythey’rebeingaskedtodoit.
1.Whatisthereasonhegiveswhysomeofhisstaffpreferworkingonthetillorcashregistertoothertasks.Becausetheylikethehumancontactwhathecalls‘theinterface’withcustomers.
1.WhatistheadvantageofthisforthestoreTheybecomehighlyskilledspecializedandefficientatthistask.
1.WhataretheothertwotaskshementionsthatareequallyimportantinanystoreFillingupthecountersanddoingstockorders.
1.SteveMoodysaysthattheworkofmanagementinvolves‘tailoringindividuals’needsandabilitiestotheoperationalneedsofthestore’.Giveanotherwordfortailoring.Fittingmatching.
1.WhydoesMSalsoneedstaffwholiketoperformallsortsofdifferenttasksBecauseitgivesthemflexibility.2bListeningListentoPartTwooftheinterview.INTERVIEWERMShasaverygoodreputationforjobsecurityandlookingafteritsstaffwiththingslikegoodperksgoodcanteenthatsortofthing.Dothosethingsactuallymotivatepeopleintheirworkthefactthatthey’resecureandwelllookedafterdoyouthinkSTEVEMOODYIthinkitisitisveryimportant.Whenpeoplehavebeenworkingonthesalesfloorandtheymayhavebeeninfromeighto’clockinthemorningorseveno’clockinthemorningandtheycancomeoffthesalesfloorandtheycangotothestaffrestaurantandobviouslytheycanhaveteacoffeeoradrinkprovidedfreeofchargeandcanthenbuyatveryreducedratesafullcookedbreakfastiftheywantoneorarollandcheeseinapleasantenvironmentinahygienicenvironmentfoodofthehighestqualitythere’sareaswheretheycanrestandreadpapersorplaypoolorsomethingyeahthatisveryimportantbecausetheyneedabreakfromcustomers.Atbusytimestheyneedtogetawayfromittheyneedtobeabletorelax.Intermsofallthehealthscreeningprogramswe’vegotthatisveryimportantwhenpeopleknowthattheywillbehavingmedicalsandthestaffdiscountisanotherthing---obviouslythere’sanamountofmerchandisethattheywillbuywhichtheywillbeabletobuyatdiscountedrates.ChristmasbonuswhichIgiveallourgeneralstaffa10%oftheirsalarybonusatChristmaswhichisguaranteedandthemotivationaleffectofthatactuallyatthebusiesttimeoftheyearwhenthey’reunderthemostpressureandworkinghardisfantasticandyouknowtoseetheirfacesasyouhandthemtheenvelopewith10%oftheirsalaryinit…Ibelievetheenvironmentthatyouworkinthequalityofthepeoplethatyouworkwiththewayyouaretreatedwithrespectanddignityandthefactthatyourviewsarelistenedtoevenifthey’renotalwayscarriedouttheyarelistenedtoandyoufeelyouareconsultedthatmakespeoplehappyintheirjobitmakesthemsatisfiedintheirjobitmakesthemgetupandcometoworkinthemorning.
1.MakealistoffiveorsixfactorsthatSteveMoodysaysmotivateMSstaff.Thereisarestaurantwherestaffcangetfreedrinksandgoodlow-pricedmeals.Thereisaplacewheretheycanrelaxduringtheirbreaksreadnewspapersplaypoolandsoon.Theyhaveregularmedicalscreenings.ThereisastaffdiscountonMSmerchandise.ThereisaChristmasbonusof10%oftheannualnotmonthlysalary.Staffsaretreatedwithrespectanddignityandarelistenedtoandconsulted.
1.WhatdoeshesayistheeffectofgivingstaffanannualbonusshortlybeforeChristmasItmotivatesthemtoworkhardduringthebusiestperiodoftheyearandaperiodinwhichtheyalsohaveextraexpenses.2cDiscussion
1.DoeswhatSteveMoodysayscoincidewiththeviewsofFrederickHerzbergthatyoureadaboutaboveWhatabouttheviewsofDouglasMcGregorSteveMoodyinsiststhattheChristmasbonusforexampleactuallymotivatesstaffwhereasFrederickHerzbergarguedthatgoodsalariesandworkingconditionsmerelysatisfy.ButMoody’sstatementthattherearepeoplewholikearoutineandotherswhopreferavarietyofinterestingtaskscoincideswithDouglasMcGregor’sargument.
1.InyourworkingexperienceevenifitisonlySaturdayortemporarysummerholidayjobshaveyoursupervisorsseemedtobelieveTheoryXorTheoryY2dCasestudy:MotivationAccordingtowhatyouhavereadandheardhowwouldyouattempttomotivatepeoplewiththefollowingpositions
1.Abusdriverinabigcitywhohastoworkirregularhoursincludingearlymorningeveningandnightshifts.
2.anursewhoworkswithseriouslyillchildren.
3.asalesrepresentativeforapharmaceuticalcompanywhovisitshospitalsanddoctors.
4.ashepherdasinthecartoononpage
231.Busdriversprobablywantenoughconsecutivedaysofftocompensateforworkingirregularhours.Theymightappreciatefacilitiesatthebusdepotwheretheycouldsocializewithcolleaguesbeforeorafterwork.
2.Nursescertainlydonotdotheirjobforthemoney.Theyareprobablymotivatedbyseeingtheirpatientsgetbetterandprobablyappreciateworkingregularlywiththesamepatients.
3.Salesrepsingeneralseemtobemotivatedbyhighcommissions.Theywouldalsoprobablybemotivatedbytheknowledgethattheproductstheysellareinfactbeneficial.
4.Ihavenoideahowyouwouldmotivateashepherd!2eVocabularyUsethewordsintheboxonceeachtocompletetheparagraphbelow.Noticethatthestressedsyllablechangesinthisgroupofwords.VerbNounsAdjectivesproduceproduct;production;productivityproductiveproducer;produceunproductiveAfewyearsagoHarryCoe’salarge1produceroftinnedfood2productsdecidedthatsomeoftheirworkerswerenot3productiveenough.Muchoftheworkofpreparingfruitandvegetableswasdoneonrowsoftablesratherthanona4productionline.Sotheydecidedtointroduceapieceworksystemwherebyworkersgotpaidaccordingtotheamountofworktheycomplete.Thecompanythoughtthatthiswouldmotivatepreviously5unproductiveworkersandtherebyincrease6productivity.Yetthenewpayschemedidnot7producetheresultstheyexpected:aftersixmonthstheywerestillprocessingthesameamountofagricultural8producebuttherewasalotofdissatisfactionamongtheworkerswhowerenowallearningdifferentamountsofmoney.Newwordsinthisunit04Administrationbenefitscashregisteremployeeemployerincentivejobsecuritylabourrelationslabourunionmotivationpensionperksproduceproductiverewardsickpayskilledstoretaskthreattillunskilledwagesworkingconditions.Unit05ManagementandculturaldiversityDespitethegrowthofglobalbrandsandsomedegreeofconvergenceofconsumertastesandhabitsthereremainenormousculturaldifferencesamongdifferentcountriesandcontinents.Thisclearlypresentsadilemmatomultinationalcorporations:shouldtheyattempttoexporttheirmanagementmethodstoalltheirsubsidiariesorshouldtheyadapttheirmethodstothelocalcultureineachcountryorcontinentThisunitcontainsadiscussiononspecificculturalattitudesandatextthatgivespecificexamplesofproblemsfacedbymultinationalcompaniesindifferentpartsoftheworld.1aDiscussionMultinationalcompaniescaneitherattempttousesimilarmanagementmethodsinalltheirforeignsubsidiariesoradapttheirmethodstothelocalcultureineachcountryorcontinent.WhichproceduredoyouthinkisthemostefficientItisgenerallyagreedthatitismoreefficientformultinationalcompaniestoadapttheirmethodstothelocalculturesinwhichtheirsubsidiariesaresituated1bDiscussionADutchresearcherFonsTrompenaarsandhisassociateshaveaskednearly15000businesspeopleinover50countriesanumberofquestionswhichrevealdifferingculturalbeliefsandattitudestowork.HerearefiveofthemadaptedfromRidingtheWavesofCulture:UnderstandingCulturalDiversityinBusiness.Theyconcernwaysofworkingindividualsandgrouprulesandpersonalfriendshipsandsoon.Whatareyouranswerstothequestions
1.IfyouhadtochoosewouldyousaythatacompanyisaasystemdesignedtoperformfunctionsandtasksinanefficientwayusingmachinesandpeopleorbagroupofpeoplewhosefunctioningdependsonsocialrelationsandthewaypeopleworktogetherInTrompenaars’dataasreportedinRidingtheWavesofCultureanswerstothefirstquestionIsacompanyasystemorasocialgroupvariedwidelywithincontinentsallowingfewconclusionstobedrawn.
2.WhatisthemainreasonforhavinganorganizationalstructureinacompanyaSothateveryoneknowswhohasauthorityoverwhomorbsothateveryoneknowshowfunctionsareallocatedandcoordinatedNearlyallcountriesansweredquestion2Isanorganizationstructureaboutauthorityorfunctionsbychoosingfunctionratherthanauthoritywithscoresofbetween80and100%.DenmarkSouthAfricaandMalaysiacountrieswithsomewhatdifferentculturesallscored100%.Venezuelaon44%wastheonlycountrybelow50%.
3.Willathequalityofanindividual’slifeimproveifheorshehasasmuchfreedomaspossibleandthemaximumopportunitytodeveloppersonallyorbthequalityoflifeforeveryoneimproveifindividualsarecontinuouslytakingcareoftheirfellowhumanbeingsevenifthislimitsindividualfreedomanddevelopmentForquestion3individualfreedomversustakingcareofotherpeoplemostcountrieswerespreadbetween50and70%forindividualfreedom.ThelowestpercentagescamefromNepalKuwaitEgyptEastGermanyandFrance–againavariedbunch.TheUSAandCanadahadthetopscoresforindividualfreedom–79%.Atlastastereotypeappearstobefulfilled!
4.Adefectisdiscoveredinaproductionfacility.Itwascausedbynegligencebyoneofthemembersofateam.WouldyousaythatathepersoncausingthedefectbynegligenceistheoneresponsibleorbbecauseheorsheisworkinginateamtheresponsibilityshouldbecarriedbythewholegroupForquestion4individualversusgroupresponsibilitymostscoresforindividualresponsibilitywerebetween30and50%.Indonesiawasthemostcollectivistwithonly13%choosingindividualresponsibilityandRussiathemostindividualistat68%.
5.Imaginethatyouareapassengerinacardrivenbyaclosefriendwhohitsandquiteseriouslyinjuresapedestrianwhiledrivingatleast25kilometersanhourtoofastintown.Therearenootherwitnesses.Yourfriend’slawyersaysthatitwillhelphimalotifyoutestifythathewasdrivingwithinthespeedlimit.ShouldyourfriendexpectyoutodothisForquestion5thecarandthepedestrianmostnorthernEuropeancountriesalongwithCanadaandAustraliascoredover90%forthinkingthatafriendshouldnotexpectyoutolie.Thelowestscoreherewas26%forSouthKorea.Russiawason42%andJapanon67%2aDiscussionWhatnationalitiescouldthemanagersbelowtypicallybeAccordingtothetexttheillustratedmanagerswouldbe:aAmerican;bItalian;cLatinorspecificallyFrench;dandeAsianorSouthernEuropeanorLatinAmerican2cComprehension
1.Howwouldyouexplaintheconceptof‘glocalizaion’‘Glocalization’meansoperatingallovertheworldwhiletakingaccountoflocalculturalhabitsbeliefsandprinciplesineachcountryormarket.
1.Whymighta50-year-oldJapanesemanagerbeoffendedithehadtonegotiatewithorreporttoawell-educatedbutinexperienced30-year-oldAmericanJapanesecompanieshaveapolicyofprootionbysenioritysoa50-year-oldmanagershouldautomaticallybegrantedmuchmorestatusandrespectthana30-year-oldone.
1.WhyuwastheAmericanconceptofpay-for-performanceunpopularinItalyandinAsiainTrompenaars’exampleTheItaliansalesmandidnotwanttoearnmorei.e.showhimselftobeabettersalesmanthanhiscolleaguesorearnasmuchashjisboss.TheSingaporeanandIndonesianmanagersdidnotapproveofasystemthatmightcausesalesmentoencouragecustomerstobuyproductstheydidn’tneed.
1.WhydouniversalistsdisapproveofparticularistsandviceversaUniversalistsbelievethatrulesareextremelyimportantanddistrustparticularistsbecausetheybreakrulestohelptheirfriendswhileparticularistsbelievethatpersonalrelationshipsshouldtakeprecedenceanddistrustuniversalistsbecausetheywon’tevenhelpafriend.2dVocabularyFindwordsinthetextwhichmeanthefollowing.
1.theuseofreasoningratherthanemotionsorbeliefsrationality
1.understandingorknowingwithoutconsciouslyusingreasonintuition
1.respectprestigeorimportancegiventosomeonestatus
1.havingahigherrankbecauseoneisolderseniority
1.tohavehurtfeelingsbecausesomeoneisbeingdisrespectfultobeoffended
1.moneyorsomethingelsegiveninrecognitionofgoodworkrewards
1.additionalmoneygivenforbetterworkorincreaseproductivitybonus
1.afeelingofshameandlossofdignityorself-esteemhumiliation
1.togiveupajoborpositiontoresign
1.accordingtoacceptedmoralstandardsethicallyNewwordsinthisunit05Bonuscollectivistglobalglobalizationindividualistlocalizationmultinationalnegotiatepay-for-performancesalesrepresentativesenioritystatus.Unit06Recruitment1aVocabulary:Insertthefollowingwordsinthegapsinthetextbelow.ApplicantapplicationapplicationformapplycandidatecurriculumvitaeorCVGBorresumeUSemploymentagenciesinterviewjobdescriptionjobvacanciesreferencesshort-listedManypeoplelookingforworkreadthe1jobvacanciesadvertisedbycompaniesand2employmentagenciesinnewspapersorontheInternet.Toreplytoanadvertisementisto3applyforajob.Youbecomea4candidateoran5applicant.Youwritean6applicationorfillinthecompany’s7applicationformandsenditalongwithyour8curriculumvitaeandacoveringletter.Youoftenhavetogivethenamesoftwopeoplewhoarepreparedtowrite9referencesforyou.Ifyourqualificationsandabilitiesmatchthe10jobdescriptionyoumightbe11short-listedi.e.selectedtoattendan12interview.1bDiscussionWhenemployees‘givenotice’i.e.informtheiremployerthattheywillbeleavingthecompanyassoonastheircontractallowsinwhatordershouldthecompanycarryoutthefollowingstepsAeitherhireajobagencyorforaseniorpostafirmofheadhuntersoradvertisethevacancyBestablishwhetherthereisaninternalcandidatewhocouldbepromotedormovedsidewaystothejobCexaminethejobdescriptionfortheposttoseewhetheritneedstobechangedorindeedwhetherthepostneedstobefilledDfollowupthereferencesofcandidateswhoseeminterestingEinvitetheshort-listedcandidateforaninterviewFmakeafinalselectionGreceiveapplicationscurriculavitaeandcoveringlettersandmakeapreliminaryselectionashort-listHtrytodiscoverwhythepersonhasresignedIwritetoalltheothercandidatestoinformthemthattheyhavebeenunsuccessful
1.HTrytodiscoverwhythepersonhasresigned.
2.Cexaminethejobdescriptionfortheposttoseewhetheritneedstobechangedorindeedwhetherthepostneedstobefilled
3.Bestablishwhetherthereisaninternalcandidatewhocouldbepromotedormovedsidewaystothejob
4.Aeitherhireajobagencyorforaseniorpostafirmofheadhuntersoradvertisethevacancy
5.Greceiveapplicationscurriculavitaeandcoveringlettersandmakeapreliminaryselectionashort-list
6.Einvitetheshort-listedcandidateforaninterview
7.Dfollowupthereferencesofcandidateswhoseeminteresting
8.Fmakeafinalselection
9.Iwritetoalltheothercandidatestoinformthemthattheyhavebeenunsuccessful1cCasestudy:Jobapplicationsp42WhichofthefollowingextractsfromdifferentCVsresumesorapplicationlettersdoyouthinkwouldhelpthecandidatetogetaninterviewandwhyWhatemployerslikemostisprofessionalexperience.Relevantexperienceisofcoursethemostdesirablebutnoteveryonehasthepossibilitytodotraineeshipsincompanies.Failingthatworkexperienceofanykindisadefiniteadvantage.Evenifyouhaveonlyspentthreeweeksduringasummerholidayfillingtheshelvesinasupermarketitisworkexperienceanddemonstratesthatyoucangetupandgotoworkat8o’clockeverydayforthreeweekshenceextract
4.Somestudentsmayobjecttothewayextract4iswrittenandsuggestwriting‘stockmanagement’insteadof‘shelffilling’;Iamunconvinced.Travelwesaybroadensthemindbutifyou’veonlyevertraveledandneverhadaholidayjobitdoesn’tlookgood.Extract5issupposedtobeaparodybutthereseemstobeonestudentperclasswhoselectsitasthebest!Americancultureseemstorequiremoreself-confidencethaninmuchofEuropeorAsiabutthereremainsadistinctionbetweenself-confidenceandarrogance.‘Yourcompanywouldhaveagreatdealtogainfromemployingme’iswayoverthetop.Languagesareusuallyanadvantageforinternationalbusinessalthoughitdependsonthejobandthecountry.Swissemployersputthisinsecondplaceafterworkexperienceandthisisprobablytrueofmanycountries.Livelystudentsmightwellobjecttothewayinwhichextract2iswritten.Indeedtheymightobjecttothewayalltheparagraphsinthisexercisearewritten.Manycompaniesaresuspiciousofpeoplewhoseemonlytohavestudiedandpreferpeoplewithawiderangeofexperienceandintereststothosewithbrilliantexamresultsbutnothingelse.Butitdependsonthejob:highfinanceandRDmightrequiremoreevidenceofbrainsthansayjobsinsellingthoughthistooisasubjectfordiscussion.Studentsareveryoftenprejudicedagainstthosewhogetveryhighexamresultsandmayscoffatextract
7.Ifsoaskthemhowtheyfeelaboutusingadoctordentistlawyerarchitectorengineerwhomayhavepassedhisorherdegreewithamarkofonly60%---i.e.getting40%wrong!Manyemployersexpecttofindacorrelationbetweentheamountoftimeandeffortdevotedtostudyandexamresults.Hencelowmarksshouldbejustifiedbyextra-curricularactivities.Forajobthatinvolvesworkingcloselywithotherpeopleevidenceofhavingbeenasuccessfulteam-memberasinextract1isgenerallyanadvantage.Butbeingasuccessfulindividualperformerasinextract8alsoshowsdeterminationsself-disciplineandsoon.Apartfromsportsandhobbiesworkinstudentassociationsetc.isusuallywellthoughtof.Extract3isappalling.Modestyandself-deprecatinghumormightbeadmiredinsomecountriessuchasEnglandbutarenotwhatiscalledforinjobapplications.AmericansandGermansforexamplewouldalmostcertainlyregardthewriterofextract3asacompleteidiot.Ahobbylikecollectingphonecardsdoesnotmakeoneanidealcandidateforajobinatelecomscompany.Itoftenrevealsashyingoingpersonwhichisnotidealforajobinsalespublicrelationsandsoon.Studentsmayhavesomethingtosayaboutthis---oratleastbepreparedaswithextract7toparadetheirprejudices!AnappealingphotographisseldomadisadvantagebuttheyarerarelyincludedinjobapplicationsintheUSA.2bListeningp
461.WhyisGillLewisnotespeciallyproudofhavingbeenBritishBusinesswomanoftheYearbackinthe1970sBecausetherewerehardlyanybusinesswomenatthetimesotherewasvirtuallynocompetition.
2.WhatdoesshemeanwhenshesaysthatduringthatperiodshewasagreatdisappointmenttothemediaThemediaexpectedhertoexplainthesecretofbeingasuccessfulbusinesswomanandsherepliedthatitwasnodifferentfrombeingasuccessfulbusinessman.
3.HowexactlydoesshedefinethetraditionalrolesofmenandwomenovermillenniathousandofyearsThemanisthehunterandgathereri.e.thefoodproviderwhilethewomanisthemotherandhomeprovider.
4.GillLewislistsatleastthreeareasinwhichwomenfinishingbusinessstudiesnowhaveadvantagesthatnopreviousgenerationhashadintermsoftheirhusbandsorpartnersemployersandtheirfellowstudents.WhataretheyMenarenowmorepreparedtosharetheresponsibilityforbringingupchildren;employersarenowawarethatiftheywanttohirecompetentwomentheyaregoingtohavetomakesomeallowances;andtheirfellowstudentsarebetterpreparedtotreatthemasequals.
5.Whatdoyouthinkshemeanswhenshesaysthat‘employersaregoingtohavetomakesomeallowances’Tomakeallowancesheremeanstoacceptthatwomenhavetobetreateddifferentlyfrommeni.e.givenmaternityleaveandperhapsoccasionaltimeofftolookaftertheirchildreninemergenciesandsoon.
6.WhatisherobjectiontoaffirmativeactionprogramsWherethereareaffirmativeactionprogramspeoplewillautomaticallyassumethatawomanonlygotaparticularjobbecauseshe’sawomannotbecauseshe’scompetent.NewWordsinthisunit06ApplicantapplicationapplicationformapplycandidatecurriculumvitaeorCVemploymentagencyheadhunterinterviewjobdescriptionjobvacancyreferenceresumeorresumeshort-listUnit07LaborRelationsThisunitdiscusseslaborrelationsorindustrialrelationsandthenatureandfunctionoflaborunionsortradeunions.ItcontainsaninterviewwithDenisMacShaneaBritishMemberofParliamentwhoisfavorabletounionsashortextractfromBillBryson’sbookaboutBritainNotesFromamallIslandaboutthepoweroftheprinters’unionintheBritishnewspaperindustryinthe1980sandatextaboutindustrialrelationsandunionsindifferentcountries.1aDiscussionWhatarelaborunionsortradeunionsLaborunionsortradeunionsareorganizationsthatattempttorepresentworkers’interests.WhatdotheydoTheynegotiatewithemployersaboutthewagesworkinghoursandworkingconditionsoftheirmembers.Theycandefendmemberswhohaveindividualgrievances.WhatcantheydowhendissatisfiedIfdissatisfiedtheycantake‘industrialaction’suchasgoingonstrikeoroperatingago-sloworawork-to-rule.Duringastriketheycanpickettheirplaceofworkandtrytopreventotherworkersordeliverydriversenteringthepremises.1bVocabularyMatchupthewordsontheleftwiththedefinitionsontheright.
1.collectivebargainingDnegotiationsbetweenunionsandemployersabouttheirmembers’wagesandworkingconditions
1.astrikeCastoppageofworkasaprotestagainstworkingconditionslowpayandsoon
1.ago-slowGBorslowdownUSBadeliberatereductionintherateofproductionasaprotest
1.working-to-ruleFdeliberatelyobeyingeveryregulationinanorganizationwhichseverelydisruptsnormaloperations
1.industrialactionAageneraltermforstrikesgo-slowswork-to-rulesandsoon
1.topicketEtoprotestoutsideafactoryorotherworkplaceandtrytopersuadeworkersanddeliverydriversnottoenter1cListening
1.Summarizebrieflywhathesaysabout:atheroleorfunctionofunions.Btheattitudegovernmentsandcompaniesshouldhaveinrelationtounions1aMacShanesaysthatunionsareanecessaryvoicefortheinterestsandneedsofworkersandthatinmanycountriestheyhaveplayedanenormousdynamicpoliticalandeconomicrole.1bMacShanesaysthatgovernmentsandemployersthatwantsocialpeaceandateam-workinganddynamiceconomyshouldencouragetheexistenceoftradeunions.
2.Nowlistenagainandcompletethefollowingsentenceswiththesewords.Listenathirdtimeifnecessarytocheckyouranswers.Dynamicemployeesemployerspartnerpeacerepresentedrolesensibleteam-workingvoice
1.Unionsareanecessaryvoicefortheinterestsofworkers.
2.IncountrieslikeSouthKoreaorPolandorSouthAfricatradeunionshaveplayedanenormousdynamicpoliticalandeconomicrole.
3.Aslongasemployeeshaveneedsthatneedtoberepresentedthey’llneedtradeunions.
4.Sensibleemployersthatwanteffectivesocialpeaceencouragingtradeunions.
5.Insomeofthemostsuccessfuleconomiesastrongtradeunionpresenceisrecognizedbyemployersandacceptedasapartnerbygovernment.
3.WhatdoyouthinkMacShanemeansbytheout-of-dateclasswarattitudeofsomeunionsBy‘classwarattitude’MacShanemeanstheMarxistideathatemployersandshare-holdersaretheenemyofworkingclassandthereforeneedtobeconfrontedbyorganizedlabourwheneverpossible.1dReadingp48-
491.Whatdoesthisextractsuggestaboutnewspapermanagementandtheprinters’tradeunionatthetimeBrysonshowsthatnewspapermanagementswerenotveryefficientandthattheprinters’tradeunionhadbeenabletonegotiateridiculouslyuneconomicalconditions.TheyhadexcessivelyhighstaffinglevelssothatTheDailyTelegraphwasactuallypaying300peoplewhodidn’tevencomeintoworkhighsalariesplumpmeansfatorinthiscasehighandexcessivebonuspaymentssothattheygotpaidextraforsettingpageswitheditors’marksonthemforsettingforeignwordsetc.Theyevengotcompensatedfornotsettingthetypeforadvertisementsthatweredoneelsewhere.
2.Whatdoesthefirstsentence---‘tosaythatFleetStreet…wasoutofcontrolbarelyhintsatthescaleofmatters’---meanHemeansthatthesituationwassoseriousforthenewspapersnotfortheirprintersthattodescribethesituationas‘outofcontrol’isn’tnearlystrongenough.Thesituationwassobaditcouldnotcontinue.
3.Brysonmakesonestatementthatprobablyisn’ttruei.e.adeliberateexaggeration.WhichdoyouthinkitisThestatementaboutseniorprintersbeingamongthetoptwopercentofBritishearnersisapparentlytrue.Isuspectthatthebitaboutprintersreceivingspecialbonuspaymentsforthewhitespaceattheendsoflinesi.e.wheretheydidnothavetosetanytypeisahumorousexaggeration.ButIamnotcertain.
4.DoyouknowwhathappenedtotheprintersatBritishnewspaperssoonaftertheperiodBrysoniswritingaboutAllthenewspapersstartedusingacomputerizedsystemthatallowedthemtocreatepagesfromarticlestypedbythejournalistsontheirowncomputerssothattype-settingbecameunnecessaryandalltheprinterslosttheirjobs.TherewerehugedemonstrationsbytradeunionsandsympathizersoutsidethenewprintingworksofTheTimesforseveralmonthsin1986whichiswherethephotographonpage50wastaken.2bReading1WhatarefrequentcausesofbadlaborrelationsBadcommunications;anadversarialmanagementversusworkersattitude;alackofconsultation;andunionsdefendinguneconomicworkingpractices.2Whathavetheconsequencesoflabor-marketderegulationbeenWorkingconditionsofmanypeoplegettingmuchworse;thecreationofmanyunskilledcasualpart-timejobsdonebynon-unionizedworkers.3WheycantheseconsequencesbeaproblemformanagementIfworkersarenotrepresentedbyaunionthereisnoonerepresentingtheworkersformanagementtonegotiatewithbeforeorduringadispute.2cVocabularyFindthewordsinthetextwhichmeanthefollowing.
1.peoplewhoworkwiththeirhands:manualworkers
1.aunionforworkerswithaparticulartypeofjob:tradeunion
1.toasksomeone’sopinionbeforemakingadecision:consult
1.anopponentorenemy:adversary
1.tooexpensivewastefulloss-making:uneconomic
1.unlimitedandunfairlyusedpower:tyranny
1.endingorrelaxingrestrictivelaws:deregulation
1.areasoftheeconomyrunbythelocalornationalgovernment:thepublicsector
1.hostilealmostaggressiveseekingconflicts:confrontational
1.alargecorporationmadeupofagroupofcompanies:conglomerate2dDiscussionPeterDruckersays‘Managementisandhastobeapower.’WhatdoesthismeanWhenPeterDruckerwrites‘Managementisandhastobeapower’hemeansthatmanagementhasadistinctrolewhichisquitesimplytomanage---todecidewhatthecompanyisgoingtodotodayandinthefuturehowitisgoingtoallocateitsresourcesandsoon---withoutunnecessaryoutsideinterference.Butbysayingthatpowerwithoutanyrestraintorcontrolbecomestyrannyheimpliesthatunionshavealegitimaterighttodefendtheinterestsofworkers.Regardingthefinalquestionlargecompaniessometimesreceivefiscaladvantagessuchasreducedtaxesfromgovernmentsiftheyopenafactoryandcreatejobsinanareawithhighunemployment.Inthesecasestheyperhapsshouldnotbeallowedtoclosethefactoryassoonasthesubsidiesend.Newwordsinthisunit07Adversary;collectivebargaining;consult;deregulation;go-slow;industrialaction;manualworker;partner;picket;slowdown;strike;tradeunion;uneconomic;workingpractices;working-to-ruleUnit08Production1aDiscussion
1.WhatparticularskillsdoyouthinkproductionandoperationsmanagersrequireProductionandoperationsmanagersshouldpresumablybeinterestedinmakingproductsorprovidingservicesratherthansimplymakingmoney.Theyusuallyneedalotoftechnicalknowledgeaboutmanufacturingprocessesandmathematicalabilities.Eveninthesedaysofincreasingautomationgoodhumanrelationsskillsarealsoaclearadvantage.
1.WhatdoyouthinktheobjectivesofaproductiondepartmentusuallyareTheobjectivesoftheproductiondepartmentareusuallytoproduceaspecificproductonscheduleatminimumcost.Buttheremaybeothercriteriasuchasconcentratingonqualityandproductreliability;producingthemaximumpossiblevolumeofoutput;fullyutilizingtheplantortheworkforce;reducingleadtime;generatingthemaximumreturnonassets;ensuringflexibilityforproductorvolumechangesandsoon.Someoftheseobjectivesareclearlyincompatibleandmostcompanieshavetochooseamongpricequalityandflexibility.Thereisanelementarytrade-offbetweenlowcostandqualityandanotherbetweenlowcostandtheflexibilitytocustomizeproductsortodeliverinaveryshortleadtime.1bVocabulary:Capacitycomponentinventoryleadtimelocationoutsourcingorcontractingoutplantsubcontractor
1.Anycompanythatprovidesgoodsorservicesforanotherone:subcontractor
1.Anyofthepiecesorpartsthatmakeupaproductmachineetc.:component
1.Buyingproductsorprocessedmaterialsfromothercompaniesratherthanmanufacturingthem:outsourcingorcontractingout
1.Themaximumrateofoutputthatcanbeachievedfromaproductionprocess:capacity
1.Thebuildingsmachinesequipmentandotherfacilitiesusedintheproductionprocess:plant
1.Thegeographicalsituationofafactoryorotherfacility:location
1.Thestockofanyitemorresourceusedinanorganizationincludingrawmaterialspartssuppliesworkinprocessandfinishedproducts:inventory
1.Thetimeneededtoperformanactivityi.e.tomanufactureordeliversomething:leadtime2aDiscussion
1.WhenconsumerstalkaboutqualitywhatdifferentaspectsorcriteriadotheyhaveinmindHowwouldyoudefinequalityinrelationtothefollowingAfast-foodsnackarestaurantmealatennisclubasmallcarUSautomobilearaincoathi-fiequipmentFast-foodcustomersareusuallylookingforspeedofservicerelativelylowpricesreasonablefoodandconsistency–anidenticalproductinallfast-foodchain’soutlets.Arestaurantmealusuallytakesmoretimebuttheserviceshouldnotbetooslow.Thefoodisexpectedtobegoodandpossiblydistinctive–notthesameasinallotherrestaurants.Thedécorandatmosphereareimportant.Atennisclubshouldhavegoodfacilitiesagoodatmosphereandoffersufficientopportunitiestoplayi.e.nothavetoomanymembers.Asmallcarisprobablyarelativelycheaponeluxurycarstendtobebig.Itwillnotperformlikeanexpensivesportscarbutitshouldbereliableanddurable.Itmaynothaveasmanyfeaturesaslargercarsbutshouldstillhaveagoodappearance.Araincoatshouldkeepyoudryi.e.bewaterproofbutalsolastareasonablelengthoftimeandlookgood.Appearanceisprobablyimportant.‘Serviceability’mightalsobeimportant:canyoujustthrowitinthewashingmachineordoesithavetobedry-cleanedHi-fiequipmentshouldobviouslyreproducesoundwithhighfidelityi.e.whatcomesoutofthespeakersshouldbeexactlywhatisrecordedontheCDtapeetc.Onexpensivehi-fiequipmentitisalsopossibletochangethesoundbyboostingthebassmiddleandtreblefrequenciesandsoon.Hi-fiequipmentshouldalsobedurablei.e.itshouldlastanumberofyearswithoutneedingtoberepaired.
2.Awell-knownbookonproductioniscalledQualityisFreeinwhichPhilipB.Crosbyarguesthatwhatcostsmoneyisalackofquality–notdoingthingsrightthefirsttime.Listsomeoftheexpensesacompanycanavoidbypreventingpoorqualitybeforeithappens.Examplesofavoidableexpensesrelatingtoalackofqualityinclude:identifyingthecausesofdefectsimplementingcorrectiveactiontrainingorretrainingpersonnelredesigningaproductorsystemscrappingreworkingrepairingservicingorreplacingdefectiveproductshandlingcomplaintslosingcustomersortheirgoodwillandsoon.2bListening
1.HowmanypeopleworkforthequalitymanagerAlanSevernsaysthathehasthreemembersofstaffinhisdepartmentworkingdirectlyforhimbutitcouldalsobesaidthateverybodyinthecompanyworksforhimbecauseeverybodyinthecompany–indesignproductionmarketingandsoon–isconcernedwithquality.
1.WhatarethetwoimportantaspectsofthedesignofArcamproductsthatAlanSevernmentionsTheproductsmustobviouslyincludeahighqualityofsoundreproductiontheymustcomeascloseaspossibletoperfectdesign.Butitisalsoimportantthatthisdesignisreproduciblei.e.itmustbepossibleto‘productionize’thedesigntoproducealargevolumeofequipmentwiththissamequality.
1.AccordingtowhatAlanSevernsaysdoesqualitybeginwithathedesignersorbthesuppliersofcomponentsQualitybeginswiththedesignerswhohavetodesignmanufacturablehighqualityproducts.Thedesigners’qualityspecificationsarethenexplainedtothesuppliersofcomponents.
1.WhatdoesAlanSevernmeanbyTotalQualityManagementatArcamByTQMAlanSevernmeansthenever-endingprocessofcontinuouslyimprovingandrefiningquality.
1.WhatishisdefinitionofsuccessintermsofqualityAlthoughyoucanneverknowifyouhaveachievedtheultimatelevelofqualityAlanSevernsaysthatifthecompanybuildsandsellsathousandunitsandnoneofthemarereturnedasdefectiveandallofthemlastfortenyearshewouldacceptthisasasignofperfectquality.Newwordsinthisunit08Assemblecapacitycomponenteconomiesofscaleequipmentfacilitiesinventoryjust-in-timeproductionleadtimelocationoperationsopportunitycostoutsourcingorcontractingoutpartsplantproductionrunqualityset-upstoragesubcontractorsuppliesworkinprocessUnit09Products1dVocabularyFindwordsorexpressionsinthetextwhichmeanthefollowing:
1.Thepossibilityofpayingforaproductoveranextendedperiod:creditfacilities
1.Apromisebyamanufacturerofsellertorepairorreplacedefectivegoodsduringacertainperiodoftime:warrantyorguarantee
1.Asurfaceinastoreonwhichgoodsaredisplayed:shelf
1.Consumerswhobuyvariouscompetingproductsratherthanbeingloyaltoaparticularbrand:brand-switchers
1.Thestandardpatternofsalesofaproductovertheperiodthatitismarketed:productlifecycle
1.Theextenttowhichanactivityprovidesfinancialgain:profitability
1.Possibilitiesoffillingunsatisfiedneedsinsectorsinwhichthecompanycanproducegoodsorserviceseffectively:opportunities
1.Thesalesofacompanyexpressedasapercentageoftotalsalesinagivenmarket:marketshare
1.Thesetofbeliefsthatthepublicatlargeholdsoforganization:image
1.Asmallspecializedbutprofitablesegmentofamarket:niche2aDiscussionWhatarethepotentialadvantagesanddisadvantagesofthisformofdistributionforboththesellerandthecustomerTheadvantagesofvendingmachinesinclude:Theycanbeinstalledalmostanywhere.Youdon’thavetopaysalesstaffjustsomeonetofillcleanandmaintainthemachine.Theycanfunction24hoursaday365366daysayear.Thedisadvantagesinclude:TheycanbevandalizedIftheyarebrokenthecustomercanlosehisorhermoney.Itmustbepossibletoadjustpricesonmachinesbecauseofinflationandchangesofcoinageorcurrency.2cVocabularyLookatthefollowingwordsandexpressionsandthenlistentotheinterviewagainandwritedownthewordsandexpressionsusedintheinterviewthatmeannearlythesame.
1.Aservingoffooddesignedforoneperson:portions
1.AnalternativeBritishwordforwhatAmericanscallFrenchfries:chips
1.Eye-catchingnoticeable:striking
1.Fromwhichwaterhasbeenremoved:dehydrated
1.Thecomponentsofwhichafoodproductismade:ingredients
1.Asmallboothusedforsellingnewspaperscigarettesicecreamandsoon:kiosk
1.Theownersofacompany:shareholders
1.alargeamountofmoney:fortune
1.uniformityregularitysamenessofaproductsoldworldwide:consistency
1.Asymbolordesignortheparticularformofletteringofatrademark:logoUnitwordsinthisunit09After-salesservicebrandbrandnamecreditfacilitiesdeliverydown-marketimagelaunchline-fillingline-stretchinglogomarketsegmentmarketsharemulti-brandstrategynicheproductlifecycleproductlineproductmixproductrangeprofitabilityprofitableprototyperetailershelfup-marketvendingmachineswarrantyorguaranteeUnit10Marketing1aDefinitionHereisadefinitionofmarketing.Completeitbyinsertingthefollowingverbsinthegaps.designdevelopidentifyinfluencemodifypersuadeMarketershaveto1identifyoranticipateaconsumerneed;2developaproductorservicethatmeetsthatneedbetterthananycompetingproductsorservices;3persuadetargetcustomerstotrytheproductorservice;andinthelongterm4modifyittosatisfychangesinconsumerneedsormarketconditions.Marketerscan5designparticularfeaturesattractivepackagingandeffectiveadvertisingthatwill6influenceconsumers’wants.Marketingthusbeginslongbeforetheproductorserviceisputonthemarket;itcombinesmarketresearchnewproductdevelopmentdistributionadvertisingpromotionproductimprovementandsoon.Hereisaseconddefinitionofmarketingasopposedtoselling:Therewillalwaysonecanassumebeaneedforsomeselling.Buttheaimofmarketingistomakesellingsuperfluous.Theaimofmarketingistoknowandunderstandthecustomersowellthattheproductorservicefitshimandsellsitself.Ideallymarketingshouldresultinacustomerwhoisreadytobuy.PeterDrucker:Management:TasksResponsibilitiesPracticesWhatdoyouthinkofthisdefinitionCansellingreallybecomesuperfluousevenifthecustomerisreadytobuyOristhereoneimportantaspectofbusinessthatthisdefinitionoverlooksDrucker’sdefinitionseemstobealittleoptimisticandoverlookstheexistenceofcompetition:asuccessfulproductwillsoonattractimitatorsorrivalsontothemarket.Evenifyouhaveanexceptionalproductthatconsumerswanttobuyitisunlikelytobetheonlyoneonthemarket.1bVocabularyMatchupthewordsorexpressionsontheleftwiththedefinitionsontheright.1A2I3F4H5D6J7E8B9C10G
1.distributionchannel:allthecompaniesorindividualsinvolvedinmovingaparticularkindofgoodsorservicefromtheproducertotheconsumer.
1.tolaunchaproduct:tointroduceanewproductontothemarket.
1.marketopportunities:possibilitiesoffillingunsatisfiedneedsinsectorsinwhichacompanycanprofitablyproducegoodsorservices
1.marketresearch:collectinganalyzingandreportingdatarelevanttoaspecificmarketingsituationsuchasaproposednewproduct
1.marketsegmentation:dividingamarketintodistinctgroupsofbuyerswhohavedifferentrequirementsorbuyinghabits
1.packaging:wrappersandcontainersinwhichproductsaresold
1.pointsofsale:placeswheregoodsaresoldtothepublic–shopsstoreskiosksmarketstallsetc.
1.productconcept:anideaforanewproductwhichistestedwithtargetconsumersbeforetheactualproductisdeveloped
1.productfeatures:attributesorcharacteristicsofaproduct:qualitypricereliabilityetc.
1.salesrepresentative:someonewhocontactsexistingandpotentialcustomersandtriestopersuadethemtobuygoodsorservices1cReading:Lookquicklythroughthefollowingtextanddecidewhichparagraphsareaboutthesesubjects:Paragraph
1.SellingandmarketingconceptsParagraph
2.IdentifyingmarketopportunitiesParagraph
3.TheimportanceofmarketresearchinGBmarketingresearchinU.S.Paragraph
4.ThemarketingmixParagraph
5.Company-to-companymarketingParagraph
1.SellingandmarketingconceptsSelling:thesellingconceptassumesthatresistingconsumershavetobepersuadedbyvigoroushard-sellingtechniquestobuynon-essentialgoodsorservices.Productsaresoldratherthanbought.Marketing:themarketingconceptassumesthattheproducer’staskistofindwantsandfillthem.Inotherwordsyoudon’tsellwhatyoumakebutyoumakewhatwillbebought.Aswellassatisfyingexistingneedsmarketerscanalsoanticipateandcreatenewones.Paragraph
2.IdentifyingmarketopportunitiesMarketopportunities:profitablepossibilitiesoffillingunsatisfiedneedsorcreatingnewonesinareasinwhichthecompanyislikelytoenjoyadifferentialadvantageduetoitsdistinctivecompetenciesthethingsitdoesparticularlywellParagraph
3.TheimportanceofmarketresearchinGBmarketingresearchinU.S.MarketresearchinGBmarketingresearchinU.S.:Companiescollectandanalyzeinformationaboutthesizeofapotentialmarketaboutconsumers’reactionstoparticularproductorservicefeatures.Andsoon.Salesrepresentativeswhoalsotalktocustomersareanotherimportantsourceofinformation.Paragraph
4.ThemarketingmixMarketingmixmeansallthevariouselementsofamarketingprogramtheirintegrationandtheamountofeffortthatacompanycanexpendontheminordertoinfluencethetargetmarket.Thebest-knownclassificationoftheelementsofamarketingprogramisthe‘FourPs’:productplacepromotionandprice.Products:aspectstobeconsideredinmarketingproductsincludequalityfeaturesstandardandoptionalstylebrandnamesizepackagingservicesandguarantee.Place:placeinamarketingmixsuchfactorsasdistributionchannelslocationsofpointsofsaletransportinventorysizeetc.Promotion:promotiongroupstogetheradvertisingpublicitysalespromotionandpersonalselling.Price:priceincludesthebasiclistpricediscountsthelengthofthepaymentperiodpossiblecredittermsandsoon.Paragraph
5.Company-to-companymarketingApartfromconsumermarketsinwhichpeoplebuyproductsfordirectconsumptionthereexistsanenormousproducerorindustrialorbusinessmarketconsistingofalltheindividualsandorganizationsthatacquiregoodsandservicesthatareusedintheproductionofothergoodsorinthesupplyofservicestoothers.1dComprehensionWhichofthefollowingthreeparagraphsmostaccuratelysummarizesthetextin1candwhyThethirdsummaryisthemostaccurateandcomplete.Thesecondsummaryfailstomentionmarketresearchandboththefirstandsecondcontainerrors.Theybothneglectthecontinuedimportanceofsellingandtheexistenceofcompetitors.Theyalsowronglysuggestthatmarketsegmentationistheonlywaytofindamarketopportunity:someproductsareaimedatwhollynewunsegmentedmarkets.Thefirstsummarywronglystatesthatmarketersregularlyhavetochangeaproductitsdistributionthewayitispromotedanditsprice.Infacttheymaychangeoneormoreoftheseelementsasnecessary.Thesecondsummarystatesthatthemarketingofindustrialorproducergoodsis‘moreimportant’thanthatofconsumergoodswhichisuntrue.ThirdsummaryThemarketingconceptisthatacompany’schoiceofwhatgoodsandservicestooffershouldbebasedonthegoalofsatisfyingconsumers’needs.Manycompanieslimitthemselvestoattemptingtosatisfytheneedsofparticularmarketsegments.Theirchoiceofactionisoftentheresultofmarketresearch.Aproduct’sfeaturesthemethodsofdistributingandpromotingitanditspricecanallbechangedduringthecourseofitslifeifnecessary.Quiteapartfromthemarketingofconsumerproductswithwhicheverybodyisfamiliarthereisagreatdealofmarketingofindustrialgoods.1eComprehensionLookatthefollowingdiagramsfrommarketingManagementbyPhilipKotler.Accordingtothetextin1cwhichofthesediagramsbestillustratesacompanythathasadoptedthemarketingconceptAnswer:C2aListening--TapescriptInterviewer:You’reresponsibleforoperationalmanagementthemanagementofpeoplebutnotproductdevelopment.CouldyousaysomethingabouttheroleofheadofficeSteveMoody:obviouslyheadofficethenatureofwhatheadofficedoesintermsofselectingtheproductsandthendecidingonthequantitiestheybuy.Obviouslywhentheydothatwehavegreatsuccessstoriesthatwedevelopanewproductsayit’sanewfoodrecipedishesthatweintroduceitmightbeanewtierangeorfoodsfromtheFarEastandweintroducethatanditsellsverywellandobviouslythat’sfineandusuallyheadofficedon’trequirealotoffeedbackonthat.Howevertheycouldbuyaparticularnewtypeoffabricsayit’salycrafabricwhichwe’venotusedbeforeandwedeveloparangeofladies’underwearforexamplewiththatwebuylargequantitiesofitwedisplayitwethinkit’stherightpricewethinkwe’vechosentherightcoloreverybodyinheadofficeactuallythinksit’sgoingtosellreallywell.Itthengoesoutto50storesandforsomeunknownreasonthecustomersdon’twanttobuyit.Sointhosecasesobviouslywehaveacommitmentthereofstockthatwe’veboughtweneedtodosomeinvestigationastofindoutwhyit’snotsellingandthereforeheadofficewouldthencomeandtalktousandnotsimplytomebutmysalesstafftosaywellyouknowwhathavewegotwronghereisitthemake-upofthefabricisitthecolorofthefabricisitthetextureisitthepriceandobviouslytryandtakesomeremedialactionintermsofisitpricethanmaybewewouldreducetheprice.Ifit’scolorwewouldgoandseewhatwecoulddo.Sowehavelargeinputintoheadofficeonadailybasisintermsoffeedingbackcommunicationandobviouslysalesfiguresandverymuchit’sapartnershipbetweenourselvesandheadoffice.
1.WhatdoesSteveMoodysayistheroleofMarksSpencer’sheadofficeItdecideswhichproductsMSstoresaregoingtosellanddeterminesthequantityoftheseproductsthatthechainwillbuy.
1.WhatistheexampleofaproductthatfailstosellLadies’orwomen’sunderwearinanewtypeoffabriclycra.
1.InthesecircumstanceswhosefaultwoulditbethattheproductfailedWhathadnotbeendoneproperlybeforetheproductwasdeliveredtothestoresInthesecircumstancesitwouldhavebeenheadofficethathadnotdonesufficientmarketresearchbeforedecidingtointroducethisproductconcerningthefabricitscoloritstextureanditsprice.
1.WhowouldbetheonlypeopleinthecompanythatwouldbeabletofindoutwhatiswrongThesalesstaffwhoregularlytalktocustomers.
1.WhatactioncouldMarksSpencertakeTheycouldperhapsreducethepriceorchangethecolorsoffered.
1.HowdoesSteveMoodydescribetherelationshipbetweenheadofficeandtheindividualstoresTheindividualstorescommunicatewithheadofficeeverydayandfeedbackalotofinformation.Newwordsinunit10DataDiscountDistributionDistributionchannelFeaturesFocusgroupHeadofficeIntuitionMarketopportunityMarketresearchormarketingresearchMarketsegmentationMarketerMarketingmixPackagingPersonalsellingPointofsaleProducermarketPromotionPublicityQuestionnaireSalespromotionSalesstaffSecondarydataSellingTargetcustomerUnit11Advertising1aVocabularyIdentifythesedifferentadvertisingmediaEightdifferentwaysofadvertisingareillustratedoneofhembytheindirectmeansofsportssponsorship.Classifythemaccordingtohowmuchyouthinkeachoftheseadvertisingmessagescostsgoingfromthemostexpensivetothecheapest.aaposteronahoardingGBorbillboardUS4banewspaperad3caTVcommercial2dacinemaadvertisement6esponsorship1faradiocommercial5gaclassifiedadvertisementinanewspapersmalladsinaspecialsectionofthepaper7hasandwich-boardman81bReading
1.WhatisthebestkindofadvertisingThebestkindofadvertisingisprobablywhatisknownasword-of-mouthadvertisingwhenpeopletelltheirfriendsaboutagoodnewproductorservice.
1.WhydomostcompaniesuseadvertisingagenciesBecausetheyarespecialistswithlargeresourcesandstaffwithexpertknowledge.
1.WhenacompanyhiresanadvertisingagencywhataretherolesofbothpartiesThecompanyagreesabudgetwiththeagencyandgivesitabriefi.e.astatementoftheoverallobjectivesoftheadvertisingcampaignandthemessageitwantstocommunicate.Theagencycreatestheadsanddevelopsamediastrategy.
1.WhatisamediaplanThechoiceofwhichmediatouseforanadvertisingcampaignwithwhatfrequencyandinwhatproportions.
1.WhydoesadvertisingbecomeineffectiveafteracertainpointBecauseafterawhilethemessagewillhavebeenconveyedtovirtuallyallpotentialcustomersandbecauseafteracertainpointpeoplenolongernoticeadsorbecomeannoyedbytheirendlessrepetition.1cVocabulary
1.Word-of-mouthadvertising:freeadvertisingwhensatisfiedcustomersrecommendproductstotheirfriends.
1.Institutionalorprestigeadvertising:advertisingthatmentionsacompany’snamebutnotspecificproducts.
1.Advertisingagencies:companiesthathandleadvertisingforclients.
1.Anaccount:acontractwithacompanytoproduceitsadvertising.
1.Anadvertisingbudget:theamountofmoneyacompanyplanstospendindevelopingitsadvertisingandbuyingmediatimeorspace.
1.Abrief:thestatementofobjectivesofanadvertisingcampaignthataclientworksoutwithanadvertisingagency.
1.Advertisingcampaign:theadvertisingofaparticularproductorserviceduringaparticularperiodoftime.
1.Targetcustomersortargetmarket:adefinedsetofcustomerswhoseneedsacompanyplanstosatisfy.
1.Mediaplanners:thepeoplewhochoosewheretoadvertiseinordertoreachtherightcustomers.
1.Thethresholdeffect:thefactthatacertainamountofadvertisingisnecessarytoattractaprospectivecustomer’sattention.
1.Thecomparative-paritymethod:choosingtospendthesameamountonadvertisingasone’scompetitors.
1.Counter-cyclicaladvertising:advertisingduringperiodsorseasonswhensalesarenormallyrelativelypoor.2aListeningWhataretheproductsandservicesbeingadvertisedThefirstadisforBusinessClassairtravelbetweenEnglandandtheUSA;thesecondisforWhatHi-FiMagazine;andthethirdisfora‘festival’inachainofItalianrestaurants.2bCommercial1--TapescriptOnContinentalAirlinesBusinessFirstthechampagnewillcoolyoutheFirstClasselectronicsleeperseatwithextralegroomandpersonalvideowillcalmyouthelimousinewillcollectyouandtakeyoutotheairportandanotherwillmeetyouintheUSAallforaBusinessClassfare.BusinessFirst.LondonGatwickandManchestertoNewYorkorLondontoHoustonandontooverahundredUScities.Becoolcalmandcollected.
1.WhichthreeaspectsoftheserviceareemphasizedThechampagnethesleeperseatwithplentyoflegroomandthelimousineswhichtakeyoutoandfromtheairport.
1.WhataccordingtotheadwillbetheeffectofthefirsttwoofthemonthecustomerThechampagnewillcoolyoutheseatwillcalmyou.
1.WhydoyouthinkthesethreeaspectswerechosenandwhydoestheadusetheseparticularverbsThethreewordsintheformofadjectivesmakeupacommonEnglishexpression:’tobecoolcalmandcollected’meaningtobewhollyrelaxedandunstressed.
1.WhatistheshortlastsentenceoftheadBecoolcalmandcollected.
1.WhatelsedoestheaduseapartfromwordsBackgroundmusic.2cCommercials2--TapescriptVoiceover:Atypicalhorrorstory.Customer:HelloI’dliketobuyastereoplease.Salesman:Certainlymadam.MayIrecommendtheShannonX-13withquadruplebassboostmagnumforce…WomanscreamsVoiceover:Ifonlyshe’dreadWhathi-Fithemagazinethattakesalltheworryandguessworkoutofbuyinghomeentertainmentsystemsfromall-in-onestohomecinemaandhi-fiseparatesWhatHi-Fi’stestresultscoverallaspectsofthemarket.Whathi-fimagazineshouldyoureadWhatHi-Fi
1.WhatisthehorrorstoryhereandwhyThehorroristhehi-fisalesmanwhousesahugeamountoftechnicaljargonthatthecustomercannotunderstandatall.
1.Unusuallythelistenerisnotexpectedtounderstandeverythingthatissaidinthisad.WhynotBecausetheadissayingnoonecanunderstandthetypicalhi-fisalesmansoinsteadyoushouldreadthemagazinewhichtestsandrecommendshi-fisandsimilarproducts.
1.Theadmentionshomeentertainmentsystems.WhatothertermsdoesituseinsteadofthemorecommonstereoradiotelevisionandvideorecorderTheadmentionsall-in-onesmorecommonlyknowasstereosi.e.hi-fisystemsusuallyincludingaCDorrecordplayeracassettetaperecorderaradioortunerandloudspeakers;hi-fiseparateswhichcouldincludealltheabovesoldasseparatecomponentsandhomecinemawhichwouldbesomekindofwide-screentelevisionandvideorecorder.2dCommercial3--TapescriptMammaAmalfiCafé-BarRistoranteisrunningafestivalofgoodItalianlivingconcentratingonthefoodsandwinesofItalyfromthe25thofSeptembertothe15thofOctober.MammaAdmalfisituatedatHatfieldGalleriasLakesideShoppingCenterEdgwareCroydonTheGrafronCenterinCambridgeandnowopeninEaling.MammaAmalfithehomeofgoodSouthernItalianhomecooking.Atvalueformoneyprices.1HowdoestheadgiveanItalian‘flavor’CanyouthinkofanyotherwayinwhichthiscouldhavebeendoneBytheuseofItalianmandolinmusic.AnotherpossibilitywouldhavebeentogivethespeakeranoticeableItalianaccent.2eScriptingaradiocommercialItwouldbepreferabletogivelearnersthetimetofindanymusicorsoundeffectsthattheyneedandtorecordtheirradiocommercials.Theclassorevenotherclassescouldthenbeinvitedtojudgewhichisthebestcommercialandofcoursetojustifytheirchoice.Newwordsinunit11AdvertisementoradvertoradAdvertisingaccountAdvertisingagencyAdvertisingcampaignBriefBudgetCommercialComparativeparitymethodCostperthousandCountercyclicaladvertisingDiminishingreturnsFrequencyInstitutionalorprestigeadvertisingMediaplanMediaspaceMessageOpportunitiestoseeProspectivecustomerReachSalesrevenueSponsorshipTargetmarketThresholdeffectTurnoverWord-of-mouthadvertisingUnit12PromotionaltoolsCompanieshavetodevelopgoodproductsorservicespricethemattractivelyandmakethemaccessibletotheirtargetcustomers.Theyalsohavetousevariouspromotionaltoolstogeneratesales.Advertisingisoneofthefourstandardpromotionaltools.Theothersaresalespromotionspublicrelationandpersonalselling.Fourstandardpromotionaltoolsare:advertisingsalespromotionspublicrelationandpersonalselling.1aListening--TapescriptInterviewer:HowdoyouexpectpotentialcustomerstobecomeawareofFreshFriesAretheyjustgoingtowalkdownthestreetandseethesemachinesJogishwarSingh:Thatiscorrect.Youknowthemachineswillbepaintedasyoucanseefromthepictureinverybrightfast-foodcolorswhichisredandyellow.I’msureyouhavetoreallymakeaneffortinordertomisssuchamachineifitisplacedonthepatharoundwhichyouwillbeandyouknowwewillplacemanyofthemeventhetestmachineswewillputtheminandaroundPiccadillyCircussoI’msurepeoplewillnoticethem.Interviewer:SothelocationisimportantJogishwarSingh:Itisimportantyes.Interviewer:Advertisingandpublicitywouldbereallysecondaryor…JogishwarSingh:WellIwouldn’tsayit’ssecondarybutIthinkitismoreimportantyouknowthatonce…wearenotreallylaunchingamediablitzuntilourtestmachinesareoutandwehavedigestedthelessonsfromthefirstseriesof25machines.Thenwe’vebeentalkingtosometelevisionchainsyouknowwhoareverymuchinterestedintheproductandtheyaretheyhavealreadyconfirmedtousthattheyarewillingtomakeshortprogramsthattheywillbroadcastontheirbusinessnews.Nowthatisallfreepublicityforusyouknow.Wearecountingonthenoveltyoftheproducttogetusfreetimeontelevisionandsothatwecanconcentrate…WewillalsohacepaidadvertisingbutyouknowaccordingtoourexpertsthebestadvertisingwecangetistogetpeopletotastethefriessoweprefertogivethesemachinesfreeforthreemonthsfortrialsoyouknowtheoperatorgetsthemfreeforthreemonthsandIthinkthatisamuchbetteradvertisingstrategy.Interviewer:Absolutely.Yourpublicitystrategygotmehere.Isawyouonthefrontpageofanewspaper…JogishwarSingh:WhichincidentallyIdidn’ttellthenewspapertoputourpictureheseemedtolikemyturban…Lookatthephrasesbelow.Whichofthesetopicsarementionedintheinterview1235678and12arementioned
1.Freeadvertisingontelevision
1.Publicityinnewspapers
1.Publicityontelevision
1.Givingawaythefriesforfreeforatrialperiod
1.Lettingvending-machineoperatorshaveafreetrial
1.Paidadvertising
1.Thecolorofthemachines
1.Thefactthatthisisanovelproduct
1.Thepriceoftheproduct
1.Thesizeandshapeofthemachines
1.Theuniquetasteoftheproduct
1.Wherethemachinesaresituated1bComprehension
1.WhatdoyouthinkJogishwarSinghmeansby‘launchingamediablitz’Undertakinganextensivelarge-scaleadvertisingcampaign.
1.WhenwillthecompanystarttouseadvertisingAftertheyhaveanalyzedtheresultsfromtheirfirstseriesoftestmachines.
1.AccordingtowhatJogishwarSinghsayswhatisthedifferencebetweenadvertisingandpublicityAdvertisingispaidfor;publicityisfree:itemsontelevisionprogramsorinnewspaperswhichmentionyourproductwithoutyouhavingtopayforit.2aReading1target2awareness3medium4tactics5trial6maturity7aimed8loyalty9advertising10channelMarketingconcept:youmakewhatyoucansellratherthansellwhatyoumake.Productorbrandawareness:informpotentialcustomersanddistributorsdealersandretailersabouttheproduct’sexistenceitsfeaturesitsadvantagesandsoon.The‘FourPs’formulationofthemarketingmix:productplacepromotionandprice.Promotionaltools:advertisingpublicrelationssalepromotionandpersonalselling.Advertising:advertisinginformsconsumersabouttheexistenceandbenefitsofproductsandservicesandattemptstopersuadethemtobuythem.PublicrelationsPRisconcernedwithmaintainingimprovingorprotectingtheimageofacompanyorproduct.ThemostimportantelementofPRispublicity.Salespromotionssuchasfreesamplescouponpricereductionscompetitionsandsoonaretemporarytacticsdesignedtostimulateeitherearlierorstrongsalesofaproduct.Salespromotionscanalsobeaimedatdistributorsdealersandretailerstoencouragethemtostocknewitemsorlargerquantitiesortoencourageoff-seasonbuyingorthestockingofitemsrelatedtoanexistingproduct.Personalsellingisthemostexpensivepromotionaltoolandisgenerallyonlyusedsparinglye.g.asacomplementtoadvertising.Publicity:isanymentionofacompany’sproductsthatisnotpaidforinanymediumreadviewedorheardbyacompany’scustomersorpotentialcustomersaimedatassistingsales.2bSummarizing:Completethefollowingsentencestosummarizethetextabove
1.Whenanewproductislaunchedtheproducerhastoinformcustomersaboutitsexistenceanddevelopbrandawareness.
1.Promotionisoneofthefourelementsofthemarketingmix;salespromotionsareoneoffourdifferentpromotionaltools.
1.Theadvantagesofpublicityincludethefactthatitismuchcheaperthanadvertisingandcanhaveabetterimpactbecauseitseemsthatpeoplearemorelikelytoreadandbelievepublicitythanadvertising.
1.Thefourstagesofthestandardproductlifecycleexcludingthepre-launchdevelopmentstageareintroductiongrowthmaturityanddecline.
1.Reasonstooffertemporarypricereductionsincludeattractingprice-consciousbrand-switchersoffsettingapromotionbyacompetitorandforstoresattractingcustomersbywayof‘lossleaders.’
1.Salespromotionsneednotonlybeaimedatcustomers;theycanalsobeusedwithdistributorsdealersandretailersandwithacompany’ssalesforce.
1.Apartfromsellingacompany’sproductssalesrepresentativesbringinformationbacktoacompanyfromitscustomersincludingideasfornewsproducts.2dVocabularyThereisalogicalconnectionamongthreeofthefourwordsineachofthefollowinggroups.Whichistheoddoneout
1.advertising–competitors–publicity–salespromotion
1.advertisingagency–advertisingcampaign–mediaplan–word-of-mouthadvertising
1.advertisingmanager–band-switcher–marketingmanager–salesrep
1.after-salesservice–guarantee–optionalfeatures–pointsofsale
1.brandawareness–brandloyalty–brandname–brandpreference
1.competitions–coupons–freesamples–line-stretching
1.creditterms–discount–listprice–packaging
1.decline–growth–introduction–productimprovement
1.focusgroupinterviews–internalresearch–mediaplan–questionnaire
1.packaging–place–product–promotion2fDiscussionHowmanyPsAlthoughmostmarketerstalkaboutthefourPsonemarketingresearchstudenthassuggestedthatthereareinfacteightmore.VivienKelleranMBAstudentatMidrandUniversityinSouthAfricasaysthataservice-orientatedeconomyrequiresamarketingmixthatalsoincludes:people–process–physicalevidence–positioning–profit–planning–policies–probingPeople–notonlyhumanresourcesandcustomersbutalsonon-customers:marketersneedtoanalyzewhytheyarenotbuying.Process–thewayinwhichaproductisdeliveredcanbeasimportantastheproductitself;acustomerreceivingexcellentservicewithanaverageproductismorelikelytoreturnthanacustomerreceivingagoodproductwithverybadservice.Physicalevidence–orthewaythingslook:peopleexpecteverythingaboutacompanytolookgoodfromitspremisestoitsnotepaper.Positioning–situatingaproductorabrandinrelationtoothersalreadyonthemarket.Profit–theultimatejudgeofacompany’smarketingeffortsandtheculminationofallthePs;marketerscannotjustfocusonfindingandfulfillingcustomers’needsbutmustalwaysbalancethiswithcontributingtothecompany’sprofit.Planninginvolvesensuringthatmarketingactivitiesareintegratedwiththerestofthecompany’sactivitieswhichwillleadittoformulatetherightpolicies.FinallyProbingmeansdevelopingamarketinginformationsystemthatiscontinuouslysearchingforrelevantinformation.Newwordsinthisunit12BrandawarenessBrandloyaltyCouponDeclinestageGrowthstageIntroductionstageLossleaderMaturitystageMediaMediumPlanningPositioningPrice-consciousProcessPromotionaltoolPublicrelationsSalesforceSalespeopleSampleTrialUnit13Accountingandfinancialstatements1aVocabulary:Matchupthetermsontheleftwiththedefinitionsontheright.1B2C3D4G5A6E7F
1.Bookkeeping:Bwritingdownthedetailsoftransactionsdebitsandcredits
1.Accounting:Ckeepingfinancialrecordsrecordingincomeandexpenditurevaluingassetsandliabilitiesandsoon
1.Managerialaccounting:Dpreparingbudgetsandotherfinancialreportsnecessaryformanagement
1.Costaccounting:Gworkingouttheunitcostsofproductsincludingmaterialslaborandallotherexpenses
1.Taxaccounting:Acalculatinganindividual’soracompany’sliabilityfortax
1.Auditing:Einspectionandevaluationofaccountsbyasecondsetofaccountants
1.‘Creativeaccounting’:Fusingallavailableaccountingproceduresandtrickstodisguisethetruefinancialpositionofacompany1bListeningYouwillhearSarahBrandstonanaccountantinNewYorktalkingaboutbookkeepingandtaxaccounting.Readthefollowingquestionandthenlistentotheinterview.
1.InwhichfieldsdomostofSarahBrandston’sclientsworkShementionsgraphicdesignersmediapeoplewritersfilmmakersarchitectspeoplewhoconsultinthecomputerfieldandpeoplewhoworkinmusic.
1.WhydotheyneedanaccountantShesaysthatherclientsaregenerallytalentedintheirfieldbuttheydon’tnecessarilyknowhowtorunabusinesshowtodobookkeepingorhowtokeepaccountingrecordsthatwillallowthemtofiletaxreturns.
1.WhatdoesSarahBrandstondescribeas‘thebasicruleforaccountingKeepingrecordsthatreflectthefinanciallifeinthebusinessaccuratelyenoughtoenableonetofileataxreturn.
1.Anindividualcandobusinessasaself-proprietorship.SarahBrandstonmentionstwoothertypesofbusiness.WhataretheyCorporationsandpartnerships.
1.SarahBrandstonsays‘bookkeepingisreallyacommonsensewayofkeepingtrackoftheincomeandexpenses’.WhatdoesshemeanbycommonsenseinrelationtorecordingexpensesShemeansthatbusinessesshouldsetupbookkeepingcategoriesthatallowthemtorecordtheirexpenseslogicallyaccordingtowhattheexpensesareandwhatthebusinessdoes.2aVocabularyThesearesomeofthemostcommontermsinaccounting.Matchthemupwiththedefinitionsbelow.AssetsliabilitiesturnoverdepreciationGBoramortizationUScreditorsGBoraccountspayableUSdebtorsGBoraccountsreceivableUSoverheadsGBoroverheadUSearningsorincomeshareholdersGBorstockholdersUSstockGBorinventoryUS
1.Acompany’sowners:shareholdersorstockholders
1.Therevenuesreceivedbyacompanyduringagivenperiodminusthecostofsalesoperatingexpensesandtaxes:earningsorincome
1.Allthemoneythatacompanywillhavetopaytosomeoneelseinthefutureincludingtaxesdebtsandinterestandmortgagepayments:liabilities
1.Theamountofbusinessdonebyacompanyoverayear:turnover
1.Anythingownedbyabusinesscashinvestmentsbuildingsmachinesandsoonthatcanbeusedtoproducegoodsorpayliabilities:assets
1.Thereductioninvalueofafixedassetduringtheyearsitisinusechargedagainstprofits:depreciationoramortization
1.Sumsofmoneyowedbycustomersforgoodsorservicespurchasedoncredit:debtorsoraccountsreceivable
1.Sumsofmoneyowedtosuppliersforpurchasesmadeoncredit:creditorsoraccountspayable
1.Thevalueofrawmaterialsworkinprogressandfinishedproductsstoredreadyforsale:stockorinventory
1.Thevariousexpensesofoperatingabusinessthatcannotbechargedtoanyoneproductprocessordepartment:overheadsoroverhead2bReadingInsertthewordsinthebox2ainthegapsinthetext.1assets2stockorinventory3depreciationoramortization4shareholdersorstockholders5earningorincome6turnover7overheadsoroverhead8liabilities9debtorsoraccountsreceivable10creditorsoraccountspayable2cSummarizingCompletethefollowingsentences.
1.Companiesrecordtheirfixedassetsathistoricalcostbecausetheydonotneedtoknowtheirrealvalue:ifthecompanyisagoingconcerntheyarenotforsale.
1.HistoricalcostaccountingusuallyunderestimatesthevalueofassetsthatappreciategainvaluesuchaslandandbuildingsUS:realestate
1.Countrieswitharegularlyhighrateofinflationgenerallyuseasystemofcurrentcostorreplacementcostaccountingwhichrecordsassetsatthepricethatwouldhavetobepaidtoreplacethem.
1.Companyprofitsareusuallysplitthreeways:intotaxcorporationtaxinBritainincometaxintheUSdividendsandretainedearnings.
1.Double-entrybookkeepingrequiresthateverytransactionisrecordedinoneaccountasasumreceivedandanotherasasumpaid.
1.Acompany’snetassetsconsistofitsassetsminusliabilities.
1.Acompany’sstockmarketcapitalizationisusuallymorethanthevalueofitsnetassetsbecausethisfiguredoesnotincludeintangibleelementssuchasgoodwill.
1.Flowsofcashbothinandoutofthecompanyarerecordedinthesourceandapplicationoffundsstatement.3Financialstatements
1.Costsandexpenses
2.Incometax
3.Netprofit
4.Intangibleassets
5.Inventories
6.Retainedearnings
7.Long-termsliabilities
8.Accruedexpenses
1.Netcashfromoperatingactivities
1.CashandcashequivalentsatbeginningofperiodNewwordsinthisunit13AccountancyAccountantAccountingAccountingequationAccruedexpensesAnnualreportAssetsAuditingBalancesheetBookkeepingCashflowCostaccountingCreativeaccountingCreditCreditorsGBaccountspayableUSDebitDebtDebtorsGBaccountsreceivableUSDepreciationGBamortizationUSDividendDouble-entrybookkeepingEarningsExpensesFinancialstatementFinancialyearFinishedproductsFixedassetFundsflowstatementGoingconcernGoodwillHistoricalcostaccountingIncomeIntangibleassetsInterestLiabilitiesManagerialaccountingMarketcapitalizationMarketvalueNetbookvalueNominalvalueOverheadsGBoverheadUSPartnershipProfitandlossaccountGBincomestatementReservesRetainedearningsRevenueSelfproprietorshipSharecapitalSharepremiumGBpaid-insurplusUSShareholdersGBstockholdersUSSourceandapplicationoffundsstatementStatementofchangesinfinancialpositionStockGBinventoryUSTaxaccountingWorkinprogressUnit14Banking1aVocabulary
1.Overdraft:anarrangementbywhichacustomercanwithdrawmorefromabankaccountthanhasbeendepositedinituptoanagreedlimit;interestonthedebtiscalculateddaily.
1.Creditcard:acardwhichguaranteespaymentforgoodsandservicespurchasedbythecardholderwhopaysbackthebankorfinancecompanyatalaterdate.
1.CashdispenserorATM:acomputerizedmachinethatallowsbankcustomerstowithdrawmoneychecktheirbalanceandsoon
1.Loan:afixedsumofmoneyonwhichinterestispaidlentforafixedperiodandusuallyforaspecificpurpose
1.Standingorderordirectdebit:aninstructiontoabanktopayfixedsumsofmoneytocertainpeopleororganizationsatstatedtimes.
1.Mortgage:aloanusuallytobuypropertywhichservesasasecurityfortheloan
1.Cashcard:aplasticcardissuedtobankcustomersforuseincashdispensers
1.Homebanking:doingbankingtransactionsbytelephoneorfromone’sownpersonalcomputer
1.Currentorcheckingaccount:onethatgenerallypayslittleornointerestbutallowstheholdertowithdrawhisorhercashwithoutanyrestrictions
1.Depositortimeornoticeaccount:onethatpaysinterestbutusuallycannotbeusedforpayingchequesGBorchecksUSandonwhichnoticeisoftenrequiredtowithdrawmoney2bComprehensionWhichofthefollowingthreeparagraphsmostaccuratelyandconciselysummarizesthetextandwhatiswrongwiththeothersFirstSummaryCommercialbanksholdcustomers’depositsandmakeloans.Investmentbanksraisefundsforindustry.DeregulationinBritainandtheUShasledtothecreationoffinancialconglomeratessimilartotheuniversalbanksthathavealwaysexistedinGerman-speakingcountries.Acountry’sminimuminterestrateisusuallyfixed;bankschargeprogressivelyhigherratestolesssecureborrowers.ManybanksalsodoEurocurrencybusiness–lendingforeigncurrenciesnotablydollarsatlowerratesthaninthecurrencies’homecountries.2cVocabulary:
1.Deposit:toplacemoneyinabank;ormoneyplacedinabank
1.Foreigncurrencies:themoneyusedincountriesotherthanone’sown
1.Yield:howmuchmoneyaloanpaysexpressedasapercentage
1.Liquidity:availablecashandhoweasilyotherassetscanbeturnedintocash
1.Maturity:thedatewhenaloanbecomesrepayable
1.Underwrite:toguaranteetobuyallthenewsharesthatacompanyissuesiftheycannotbesoldtothepublic
1.Takeover:whenacompanybuysoracquiresanother
1.Merger:whenacompanycombineswithanotherone
1.Stockbroking:buyingandsellingstocksorsharesforclients
1.Portfoliomanagement:takingcareofallaclient’sinvestments
1.Deregulation:theendingorrelaxingoflegalrestrictions
1.Conglomerate:agroupofcompaniesoperatingindifferentfieldsthathavejoinedtogether
1.Bluechip:acompanyconsideredtobewithoutrisk
1.Solvency:abilitytopayliabilitieswhentheybecomedue
1.Collateral:anythingthatactsasasecurityoraguaranteeforaloan2dVocabularyverb-nounpartnership
1.chargeinterest
1.payinterest
1.dobusiness
1.exchangecurrencies
1.issuebonds
1.makeloans
1.makeprofits
1.offerloans
1.offeradvice
1.raiseinterest
1.receivedeposits
1.underwritesecurityissuesNewwordsinthisunit14BalancebankaccountbanktransferbaserateorprimeratebluechipbondsborrowcashdispenserorATMcashcardcentralbankchequeGBorcheckUScollateralcommercialorretailbankcommissionconglomeratecreditcardcreditstandingorcreditratingorcreditworthinesscurrentaccountGBorcheckingaccountUSdepositdepositaccountGBortimeornoticeaccountUSdirectdebitorstandingorderdiscountrateEurocurrencyfeefinancialmarketsforeigncurrencyfundsinterestrateinternationaltradeinvestmentinvestmentbankissuelendliquidityloanmaturitymerchantbankmergermortgageoverdraftportfolioprofitpropertyrisksecuritiessharesolvencyspreadormarginstockbrokingtakeoversundertwriteuniversalbankwithdrawyieldUnit15Stocksandshares1bReading
1.WhydopeopleformlimitedcompaniesBecauseanon-incorporatedbusinessi.e.onethatisnotacompanyhasunlimitedliabilityfordebts.Ifitowesmoneythepeopleinvolvedinitarenotprotectedfrombankruptcyandcanlosetheirpersonalpossessions.Acompanyprovideslegalprotectionandlimitedliability.
1.WhydocompaniesissuesharesInordertoraisecap;italgenerallytoexpandthebusiness.
1.WhydopeoplebuythesharesSharesgivetheirholderspartoftheownershipofacompany.Shareholdersreceiveaproportionofacompany’sprofitsasadividendandmaybeabletomakeacapitalgainbysellingtheirsharesatahigherpricethantheypaidforthem.1cComprehension
1.WhataretheobligationsofcompanieswhosesharesaretradedonstockexchangesTheyhavetosendtheirshareholdersareportattheendofeveryfinancialyearincludingindependently-auditedfinancialstatementsandholdanannualgeneralmeeting.
1.Whatisover-the-countermarketAmarketforyoungorsmallcompanieswhichdonotwanttohavetheirsharestradedonhemajorstockexchanges.
1.WhatdoesacompanydoifitwishestoraisesharecapitalItissuesnewsharesofferingthemtoexistingshareholdersfirst.
1.WhatisabonusissueIt’swhenacompanychoosestoissuenewsharestoexistingshareholdersratherthanpaythemadividend.
1.WhatrightdoshareholdershaveTheyaregenerallyentitledtovoteatcompanies’GeneralMeetingsandtoreceiveadividendifthecompanymakesaprofit.1dVocabulary
1.liability:havingaresponsibilityoranobligationtodosomethinge.g.topayadebt
1.creditor:apersonororganizationtowhommoneyisowedforgoodsorservicesrenderedorasrepaymentofaloan
1.bankrupt:tobeinsolvent:unabletopaydebts.
1.assets:everythingofvalueownedbyabusinessthatanbeusedtoproducegoodspayliabilitiesandsoon
1.toliquidate:tosellallthepossessionsofabankruptbusiness.
1.liabilities:moneythatacompanywillhavetopaytosomeoneelsebillstaxesdebtsinterestadmortgagepaymentsetc.
1.toputupcapital:toprovidemoneyforacompanyorotherproject
1.venturecapital:moneyinvestedinapossiblyriskynewbusiness
1.founders:thepeoplewhobeginanewcompany
1.premises:theplaceinwhichacompanydoesbusiness:anofficeshopworkshopfactorywarehouseandsoon
1.underwrite:toguaranteetobuyanentirenewshareissueifnooneelsewantsit
1.dividend:aproportionoftheannualprofitsofalimitedcompanypaidtosharehodelrsAmericanslftentalkaboutcorporationsratherthancompaniesandaboutaninitialpublicofferingratherthanaflotationAnothernameforstocksandsharesisequiiesbecauseallthestocksorsharesofacompany—oratleastallthoseofaparticularcategory–haveequalvalue.TwoothertermsfornominalvaluearefacevalueandparvalueOthernamesforabonusissueareascripissueshortfor‘subscriptioncertificate’andacapitalizationissueandintheUSastockdividendorstocksplit.corporation=companiesaninitialpublicoffering=flotationstocksandshares=equitiesnominalvalue=facevalue=parvaluebonusissue=scripissue=subscriptioncertificate=acapitalizationissue=stockdividend=stocksplit.2bVocabulary
1.Boeingstocksrocketedafterrumorsofaforthcomingmergerwithanotherleadingaircraftmanufacturer.Torisealot
1.TheDow-JonesindexcrashedaftercontinuingrumorsaboutthePresident’shealth.tofallalot
1.ExxonstocksshotupafteranewdealtopumpSiberiannaturalgaswasannounced.torisealot
1.TheFootsieralliedinLondonintheafternoongaining30pointsinlatetrading.toriseafterpreviouslyfalling
1.Grundigsharesslippedafterthenewsofboardroomchanges.tofallalittle
1.InParistheCAC-40plummetedaftertheunionscalledforathree-daygeneralstrikenextweek.tofallalot
1.LeadingshareswereslightlyweakerinTokyotheNikkeilosingsixpoints.tofallalittle
1.MostshareswerealittlestrongerinMilathismorningwhentheexchangereopenedafteryesterday’spublicholiday.torisealittle
1.OntheFrankfurtexchangetheDAXindexfinishedslightlyfirmerup12points.torisealittle
1.PhilipssharesjumpedafterthecompanyrevealedthatitwasnegotiatinganewlicensingdealwithSony.Torisealot
1.ProcterGamblestocksplungedafteritwasrevealedthatthecompanyhadlostover$100millionasaresultofaderivativedeal.Tofallalot
1.SharepricesrecoveredinHongKongtodaytheHangSengfinishinguptenpoints.toriseafterpreviousfalling2cVocabulary
1.mutualfund:acompanythatspreadsinvestors’capitaloveravarietyofsecurities
1.portfolio:aninvestor’sselectionofsecurities
1.stockbroker:apersonwhocanadviseinvestorsandbuyandsellsharesforthem
1.bluechip:astockinalargecompanyorcorporationthatisconsideredtobeasecureinvestment.
1.defensivestock:astock–inanindustrynotmuchaffectedbycyclicaltrends–thatoffersagoodreturnbutonlyalimitedchanceofariseordeclineinprice
1.growthstock:astock–whichusuallyhasahighpurchasingpriceandalowcurrentrateofreturn–thatisexpectedtoappreciateincapitalvalue
1.market-maker:awholesalerinstocksandshareswhodealswithbrokers.
1.institutionalinvestors:financialorganizationssuchaspensionfundsandinsurancecompanieswhichownmostofthesharesofallleadingcompaniesover60%andrising
1.insidersharedealing:theuseofinformationnotknowtothepublictomakeaprofitoutofbuyingorsellingshares.2dVocabulary
1.annualreport–externalauditors–financialstatements–stockbrokerAcompany’sannualreportcontainsfinancialstatementscheckedbyexternalauditors.Thishasnothingtodowithastockbroker.
1.bluechip–defensivestock–growthstock–rightsissue.Bluechipsdefensivestocksandgrowthstocksareallunofficialclassificationsofstocksaccordingtothefinancialcommunity;anycompanywithanykindofstockscanmakearightsissueiftheirdeclaredauthorizedsharecapitalortheannualgeneralmeetingofshareholderspermits.
1.bonusissue–dividend–over-the-counter–shareholder.Whenacompanymakesabonusissueitdistributesnewsharestoshareholdersinsteadofadividend.Thereisnonecessaryconnectionwithover-the-countercompaniesormarketshere.
1.creditor–market-maker–shareholder–stockbroker.Ashareholderplacesanorderwithastockbrokerwhobuyssharesfromorsellsthemtoamarket-maker.Thishasnothingtodowithacreditor.
1.debt–equity–share–stock.Stocksandsharesareequities;unlikebondswhichforacompanyaredebt.
1.facevalue–marketvalue–nominalvalue–parvalue.Facevaluenominalvalueandparvalueallmeanthesamething.Thisisrarelythesameasasecurity’smarketvalue.
1.float–liquidation–shareissue–underwriter.Whenacompanyisfloatedforthefirsttimeitusuallypaysanunderwritertoguqranteetopurchaseanypartoftheshareissuethatremainsunsold.Thishasnothingtodowithliquidation
1.institutionalinvestor–insurancecompany–liabilities–pensionfund.Pensionfundsandinsurancecompaniesareimportantinstitutionalinvestors.Thishasnothingtodowithliabilities.
1.mutualfund–portfolio–risk–underwriter.Mutualfundsareorganizationsthatspreadshareholders’moneyinabroadportfoliowhichgenerallyreducesrisk.Thishasnothingtodowithanunderwriter.Newwordsinthisunit15AnnualGeneralMeetingGBorAnnualMeetingofStockholdersUSauthorizedsharecapitalbankruptbonusissueorscripissueorcapitalizationissueorstockdividendorstocksplitcapitalcommoditycorporationcreditordefensivestockequityfloatflotationgrowthstockinsidershare-dealinginstitutionalinvestorlegalentitylimitedcompanyliquidatemarketpricemarket-makerMemorandumofAssociationGBorCertificateofIncorporationUSmutualfundnominalvalueorfacevalueorparvalueover-the-countermarketownerpremisesprivatelimitedcompanypubliclimitedcompanyGBorlistedcompanyUSquotedorlistedcompanyrealestateregistrarofcompaniesrightsissuestockexchangeunlimitedliabilityventurecapitalwindupUnit16Bonds1bListening
1.WhatisthedifferencebetweenbondsandstocksintermsofincomeandrepaymentBondsgenerallypayafixedrateofinterestandarerepaidatafixeddate.Theincomefromstocksdependsonthecompany’sperformanceandtheyhavenomaturitydate.
1.WhatarethethreetypesofinvestorclientsmentionedIndividualspensionfundsandmutualfunds
1.Mahoneygivesexamplesoftypesofinvestmentsthatgenerallycarryverylowmoderateandhigherrisk.WhataretheyGovernmentbondshaveaverylowriskcompanybondsgenerallyhaveamoderateriskstocksgenerallyhaveahigherrisk.
1.WhatcausesbondstoappreciateanddepreciateinpriceFixed-interestbondsdepreciateifinterestratesriseandappreciateiftheyfall.1cVocabularyp.
971.investors:providersoffunds
1.issuingbonds:borrowingmoney
1.principal:theamountofaloan
1.maturity:dateatwhichthemoneywillbereturned
1.pensionfunds:retirementmoney
1.buy-and-holdinvestors:keeptheirbondstillmaturity
1.non-payment:default
1.priceappreciation:fallininterestrates
1.pricedepreciation:riseininterestrates
1.capitalgains:profitsonthesaleofassets2aReadingp.
971.WhydomostcompaniesuseamixtureofdebtandequityfinancingTheadvantageofborrowingmoneybyissuingbondsisthatinterestpaymentunlikedividendsaretax-deductible.Butinteresthastobepaideveninayearinwhichacompanymakesnoprofitsoitissafertohaveequitycapitalaswellonwhichnodividendsneedbepaidiftherearenoprofits.
1.WhydogovernmentsissuebondsGovernmentsissuebondswhentheirexpendituresaregreaterthantaxrevenues.2cVocabulary:p.
991.equityfinancing:issuingshares
1.debtfinancing:issuingbonds
1.bearercertificate:asecuritywhoseownerisnotregisteredwiththeissuer
1.liquid:easilysoldturnedintocash
1.par:nominalorfacevalue100%
1.coupon:therateofinterestpaidbyafixedinterestsecurity
1.yield:therateofincomeaninvestorreceivestakingintoaccountasecurity’scurrentprice2dListeninganddiscussion:Typesofbondsp.
991.WhenwouldcompaniesbeinterestedinissuingfloatingratenotesCompanieswouldobviouslybeinterestedinissuingfloatingratenotesiftheyereconfidentthatinterestrateswouldfall.
1.WhenwouldinvestorsbeinterestedinbuyingfloatingratenotesInvestorswouldequallyobviouslybeinterestedinbuyingfloatingratenotesiftheyexpectedinterestratestorise.
1.WhenwouldinvestorsbeinterestedinbuyingconvertiblebondsInvestorswillbeinterestedinconvertiblebondsiftheyexpectacompany’ssharepricetorisesufficientlyforthemtomakeaprofitbyconvertingthebondintoshares
1.WhymightcompaniesbeinterestedinissuingconvertiblebondsSinceconvertiblebondsoffertheinvestorthepossibilityofextrareturnscompaniesareusuallyabletoissuethematalowerthannormalrateofinterest.Itisusuallycheapertoissuebondsthansharesandconvertiblesgiveacompanytheadvantagesofdebtfinancingthetaxshieldwithoutthenecessitytorepaytheprincipalifthebondholderslaterconvertthebondsintoshares.
1.WhatkindofinvestorwouldbeinterestedinbuyingjunkbondsSpeculativeinvestorswholikehighyieldsandwhocalculatethattheextrainterestpaidbyjunkbondsmorethancompensatesforthepossibleriskofdefault.Newwordsinthisunit16Aboveparappreciatebearercertificatebelowparbuy-and-holdinvestorscapitalgainsconvertiblebondcoupondealdebtfinancingdebt-equityratiodefaultdepreciateequityfinancingfloatingratenotegilt-edgedsecuritiesorgiltsincometaxinvestmentgradejunkbondliquidmoneysupplypensionfundprimarymarketprincipalpublicspendingrepaymentsecondarymarkettaxdeductibletaxshieldTreasuryBillTreasuryBondVATorvalue-addedtaxUnit17Futuresandderivatives1aVocabularyp.
1001.futures:contracttobuyorsellfixedquantitiesofacommoditycurrencyorfinancialassetatafuturedateatapricefixedatthetimeofmakingthecontract
1.options:contractsgivingtherightbutnottheobligationtobuyorsellasecurityacurrencyoracommodityatfixedpriceduringacertainperiodoftime
1.commodities:rawmaterialsorprimaryproductsmetalscerealscoffeeetc.thataretradeonspecialmarkets
1.derivatives:
1.hedging:makingcontractstobuyorsellacommodityorfinancialassetatapre-arrangedpriceinthefutureasaprotectionor‘insurance’againstpricechanges.
1.speculation:buyingsecuritiesorotherassetsinthehopeofmakingacapitalgainbysellingthematahigherpriceorsellingtheminthehopeofbuyingthembackatalowerprice1csummarizingp.
1021.Thedifferencebetweenfuturesandforwardcontractsisthatfuturesarestandardizeddealsandforwardsareindividual‘over-the-counter’agreementsbetweentwoparties.
1.Producersandbuyersoftenchoosetohedgebecausethisallowsthemtoguaranteepricesforseveralmonths.
1.Speculatorscanmakesmoneyoncurrencyfuturesiftheycorrectlyanticipateexchangerateappreciationsordepreciationsorinterestratechanges.
1.Ifyoubelievethatasharepricewillrisepossibleoptionstrategiesincludebuyingacallwhichyouwillbeabletosellataprofitandwritingsellingaputwhichwillneverbeexercisedsoyouearnthepremium.
1.Onthecontraryifyouthinkasharepricewillfallpossibleoptionstrategiesincludebuyingaputsoyouwillbeabletosellyoursharesatabovethemarketpriceandwritingacallwhichwillneverbeexercisedsoyouearnthepremium.
1.Theriskwithcurrencyandinterestrateswapsisthattheexchangeandinterestratesmaychangeunfavorably.1dVocabularyoppositesappreciate–depreciatecall–putdiscount–premiumdrought–floodfloating–fixedhedging–speculationspotmarket–futuresmarketstrikeprice–marketpricenote:atapremiummeansabovethenominalormarketpricepremiumalsomeansthepriceofanoptioncontract2bVocabularyp.
1031.takeonrisktoincreasereturns:speculate
1.handson:activeinterventionary
1.stop-losslimits:restrictionsonheamountyoucanloseiftheunderlyingpricechanges
1.scenarioanalysis:astudyofallthepotentialconsequencesofaderivativecontract
1.sensitivityanalysis:astudyoftheparticularmarketchangeswhichcouldaffecttheoutcomeofaderivativecontract
1.withstood:supported
1.open-endedexposure:unlimitedrisk
1.voluntaryoversight:self-regulationbythefinancialindustry
1.unsolicited:evenifnobodyasksforit2cComprehension
1.Becausethiswillforceseniormanagerstobecomemoreawareofthepotentialrisksofderivativesandthereforeactmoreresponsibly.
2.Seniormanagementalonemustdeterminederivativepolicy2dDiscussion
1.WhatparticularskillsdoyouthinkfinancialmanagersinvestmentadviserssecuritiestradersandprofessionalspeculatorsneedFinancialmanagersinvestmentadviserssecuritiesradersandprofessionalspeculatorsallpresumablyneedtobegoodatnumberstohaveagoodunderstandingofhefinancialmarketsonwhichtheyoperateandtheeducationandintelligencetounderstandwhicheventsarelikelytoaffectassetprices.Theyalsorequiretheabilitytoactandreactextremelyrapidlywhenfacedwithbothexpectedandunexpectedevents.Speculatorsclearlyalsoneedatasteforriskandshouldbeabletoacceptinevitablelosses–preferablyoftheirownmoney.Giventheuncertaintyofagreatmanyfinancialtransactionsandthecomplexityandlargepotentialrisksinvolvedinmanyderivativeinstrumentsthereisaconsiderableriskthatcustomersorpotentialcustomersmaymisunderstandorunderestimatetheirpotentialliabilitiesandlaythemselvesopentohugerisks.SomepeoplewillseeethicalobjectionstosellingsuchinstrumentsotherswillnotperhapsaccordingtotheLatinexpressioncaveatemptor–letthebuyerbeware.2eReadingWhatisLewis’sviewofEuropeaninvestorsLewisclearlydoesnothaveaveryhighopinionofhiscustomers.Theywereallspeculatingratherthaninvestingandriskedlosingtheirmoney‘inaheartbeat’oratleastinthetimeittakesforaninterestratetochange.HesinglesouttheFrenchandEnglishashavingalonghistoryofdoingcrazythingswithmoneyandlookingfor–andbelievingin–improbableplansorschemesforgettingrichquickly.2fComprehension
1.WhatdoyouthinkLewismeanswhenhesaysofhiscustomersthat’mostofthemwerepurespeculatorsandtherestnot-sopurespeculators;Lewismeansthatallofhiscustomerswerespeculatingwithmoneyratherthanconstructivelyinvestingandthe‘not-so-pure’speculatorswerepresumablytakingextremelydangerousandpossiblyillegalriskswithotherpeople’sassets.
1.IntransactionssuchasthesewhatisleverageLeveragemeansthepotentialforearning–orlosing–alargeamountfromaverysmallstakeordown-payment.
1.WhyisthereoequivalentoffuturesoroptionsinthegamblingindustryBecauseofthehugesizeofpotentiallossesduetotheleverageeffect.Casinoswouldobviouslyfinditverydifficulttocollectlossesmanytimesgreaterthantheamountofmoneygamblershadwiththem.Newwordsinthisunit17Calloptioncurrencyswapderivativesexercisepriceorstrikepricefinancialinstrumentsfluctuatefoodstuffsforwardcontractfutureshands-onmanagementhedginginterest-rateswapleverageoptionspremiumputoptionspeculationspeculatorspotmarketunsolicitedUnit18Marketstructureandcompetition1bReading
1.Marketleaders
1.Expandingmarkets
1.Marketchallengers
1.Marketfollowers
1.Establishinganiche/Dangersfacedbymarketfollowers1cComprehensionThesecondsummaryistheonlyaccurateone.Thefirstsentenceofthefirstsummaryisclearlyfalse.Thelastsentenceofthefirstparagraphofthetext‘Themarketleaderisfrequentlyabletoleadotherfirmsintheintroductionofnewproducts’meansthatothercompaniesareobligedtofollownotthattheleaderhelpsthem.Thelastsentenceisequallyinaccurate:thefifthparagraphofthetextsaysthataproductthatmerelyimitatesandhasnouniquesellingpropositionisalwaysarisknotonlyduringrecessions.Thethirdsummaryisalsoinaccurate.Thetextsaysthatamarketleaderisoftenthefirstcompanytohaveenteredortohavesucceededinafieldnotthatthefirstcompanynearlyalwaysbecomestheleader.Thetextstatesthatmarketfollowerscanchoosetoattackeithertheleaderorvariousfollowersandnotthatleadersregularlyattackbothchallengersinthepluralandfollowers.Thelastsentenceiswhollyfalseasthetextdoesnotstatethatimitatingtheleader’sproductsisasafestrategy.1dVocabulary:
1.marketshare:acompany’ssalesexpressedasapercentageofthetotalmarket
1.promotion:short-termtacticsdesignedtostimulatestrongersalesofaproduct
1.monopoly:thesituationinwhichthereisonlyonesellerofaproduct
1.competitors:companiesofferingsimilargoodsorservicestothesamesetofcustomers
1.slogan:ashortandeasilymemorizedphraseusedinadvertising
1.marketsegmentation:thedivisionofamarketintosubmarketsaccordingtotheneedsorbuyinghabitsodifferentgroupsofpotentialcustomers
1.niche:asmallandspecificmarketsegment
1.differentialadvantage:afactorwhichmakesyousuperiortocompetitorsinacertainrespect
1.turnover:abusiness’stotalsalesrevenue
1.recession:aperiodduringwhichaneconomyisworkingbelowitspotential2aVocabulary
1.perfectcompetition
1.monopoly
1.monopsony
1.naturalmonopoly
1.monopolisticcompetition
1.oligopoly
1.economiesofscale
1.barrierstoentry
1.dominant-firmoligopoly
1.cartel2bComprehension
1.amonopsoneythegovernmentshouldbetheonlybuyer
1.anoligopoly
1.perfectcompetition
1.monopolisticcompetitionbecauseofconsumerpreferenceforseveralmarginallydifferentbrandswhichcreatesfragmentedmarketstoosmalltoallowmanycompetitors
1.adominant-firmoligopolyIBM—althoughofcoursemainframeshavenowwidelybeenreplacedbysmallercomputers
1.amonopolyregardingownershipoftherailwaytracksitnotalwaystrainservices2cReadingFirstparagraph:LJFMISecondParagraph:DCBThirdparagraph:KHGEANewwordsinthisunit18Barrierstoentrycarteldominant-firmoligopolyentrepreneurmarginalcostmarketchallengermarketconcentrationmarketfollowermarketleadermarketstructuremonopolisticcompetitionmonopolymonopsonynaturalmonopolyoligopolypatentproductdifferentiationuniquesellingpropositionUnit19Takeoversmergersandbuyouts1aVocabulary
1.toinnovateinnovation
1.todiversifydiversification
1.tomergeamerger
1.araid
1.atakeoverbid
1.horizontalintegration
1.verticalintegration
1.backwardintegration
1.forwardintegration
1.synergy1bDiscussionOilcompaniestendtoverticallyintegratedowningorleasingtheoil-wellsandowningtheirownrefineriesandpetrolGBorgasUSstations.Someelectricitycompaniesowntheirownpowerstationsthoughtheytendtobuyfuelwhetheroilcoaloruraniumandprovidethecablesthatgotothehomesandbusinesspremisesofindividualconsumers;inothercountrieselectricitygeneratorsanddistributorsareseparatedbylawWatercompaniesdonotusuallyownriversbutusuallyhavetheirownreservoirsandrunthepipestoconsumers.Carmakersusuallyhavenetworksoffranchiseddealerswhichmeansthattheydonotactuallyownthem.Theygenerallygettheircomponentsfromalargenumberofsubcontractors.Thesameappliestothecompaniesthatbuildorassemblebicyclesradiosandtelevisions.Somefurnituremanufacturershavetheirownstoresbutthedonotowntheforestswherethewoodcomesfrom.Foodcompaniesrarelyowntheirownlandoranimalsorshops.Newspapersdonotgrowtheirowntreesforpaperorowntheoutletsthatselltheirproduct.1cDiscussion
1.AorBBifyoubelievethattopexecutivesareimportanttoacompanyorAifthereasonbehindthetakeoverispreciselytogetridofbadmanagers
1.A
1.B
1.B
1.B
1.A
1.C
1.B
1.A
1.C
1.A
1.C
1.AorBthisisanargumentforacquiringcompanieswithbetterorcheaperproductsorwithproductsthataresuccessfulinsmallmarketsegmentsbutanargumentagainstincreasingacompany’ssizeontheexpectationthatthisalonewillleadtosuccess
1.A
1.B1dListening1E
2.B
3.A
4.G
5.F
6.C
7.D1eListening
1.Wild-LeitzwasalargercompanywithmoreemployeesbutCambridgeInstrumentswasmoreprofitable.
1.Thepurposeofthemergerwastobecome‘aworldplayer’largeenoughtocompetewithHitachiandotherJapanesecompaniesandbecomethemostsuccessfulcompanyintheindustry.
1.Hementionsthenumbersorfigurestobefoundintheaccountse.g.turnoverandprofitstheincreaseinthenumberofcustomerstheyservethecustomerbasetheimprovementoftheproductsandtheimprovementofcustomerservice.1fListening
1.Thetechnicalstaffinbothcompanieswereinterestedinfindingoutabouteachother’sadvancedtechnologyandinsharingit.
1.Thestaffineachcompanyhadbeentryingveryhardtodiscoverwhattheotheronewasplanningdoingandmakingandhowitsproductsworked.
1.Inthesalesunitsinsomecountriesasthecompanyformedbythemergerrequiredfewersalesstaff.
1.Hementionsoutsourcingandrightsizing.Outsourcingmeanscontractingoutworktheconstructionofcomponentsthesupplyofvariousservicesandsoontooutsidecompanieswhichinevitablyleadstothecompanyitselfemployingfewerstaff.Rightsizingalsomeansmakingsurethatthecompanyhastherightnumberofstafftobeoptimallyprofitablewhichagaingenerallyleadstothecompanyemployingfewerstaff.2aReading…manyoftheseconglomeratesconsistedoftoomanycompaniesandnotenoughsynergy.Aftertherecessionoftheearly1980sthereweremanylargecompaniesontheUSstockmarketwithgoodearningsbutlowstockprices.Theirassetswereworthmorethanthecompanies’marketvalue.lines5-8Suchconglomerateswereclearlynotmaximizingstockholdervalue.Theindividualcompaniesmighthavebeenmoreefficientifliberatedfromcentralmanagement.Consequentlyraidersereabletoborrowmoneybuybadly-managedinefficientandunderpricedcorporationsandthenrestructurethemsplitthemupandresellthemataprofit.lines9-13Althoughthemarketcouldunderstanddataconcerningcompanies’earningsitwashighlyinefficientinvaluingassetsincludinglandbuildingsandpensionfunds.Asset-stripping–sellingofftheassetsofpoorlyperformingorunder-valuedcompanies–provedtobehighlylucrative.lines16-19Theoreticallytherewaslittleriskofmakingalosswithabuyoutasthedebtsincurredwereguaranteedbythecompanies’assets.lines20-21…thehighreturnsondebtissuedbyriskyenterprisesmorethancompensatedfortheirriskinessastherateofdefaultwaslowerthanmightbeexpected.29-31…thepermanentthreatoftakeoversisachallengetocompanymanagersanddirectorstodotheirjobsbetterand…well-runbusinessesthatarenotundervaluedareatlittlerisk.Thethreatofraidsforcescompaniestoputcapitaltoproductiveuse.Fatorlazycompaniesthatfailtodothiswillbetakenoverbyraiderswhowilluseassetsmoreefficientlycutcostsandincreaseshareholdervalue.lines35-392bSummarizing
1.Thefactthatmanylargeconglomerates’assetswereworthmorethantheirstockmarketvaluationdemonstratedthattheyereclearlynotmaximizingstockholdervaluei.e.givingtheirstockholdersthemaximumpossiblereturnontheirinvestment.
1.Raidersboughtconglomeratesinordertostripthemoftheirassetsi.e.torestructurethemsplitthemupandresellthepiecesataprofit.
1.Raidersshowedthatthestockmarketdidnotnecessarilyvaluecompanies’assetscorrectlyespeciallylandbuildingsandpensionfunds.
1.Raiderswereparticularlyinterestedincompanieswithlargecashreservescompanieswithsuccessfulsubsidiariesthatcouldbesoldandcompaniesinfieldsthatarenotsensitivetoarecession.
1.InvestorswerepreparedtolendmoneytofinanceLBOsbecausetheyreceivedahighrateofinterestwhichmorethancompensatedfortheriskthatthebondswouldnotberepaid.
1.Raidersarguethatthepossibilityofabuyoutforcescompanymanagersanddirectorstodotheirjobswellandtousetheircapitalproductively.2cWriting
1.forexample
1.Furthermore
1.Yet
1.inotherwords
1.onthecontrary
1.Moreover
1.forinstance
1.Eventhough
1.i.e.
1.however
1.Nevertheless
1.Although
1.because
1.ConsequentlyNewwordsinthisunit19Arbitrageurasset-strippingbackwardintegrationcompetitiveadvantagediversificationforwardintegrationhorizontalintegrationhostiletakeoverleveragedbuyoutorLBOmanagementbuyoutorMBOraidraiderrecessionstockholdervaluesynergytakeoverbidverticalintegrationUnit20Efficiencyandemployment1clistening
1.B
1.Theycanhireandfireworkersquiteeasilyaccordingtochangesindemandfortheirproductsorservices.
1.ForeigninvestorssuchasJapanesecompanieswereencouragedtoopenfactoriesinBritainbecausetheyknewthatitwouldbeeasierandcheapertomakeworkersredundantiftheywerenolongerwanted.
1.1unemploymentbenefits2pensions3owntheirownhomes4privaterentedsector1dComprehension
1.BKateBarkersaysemploymentfallsinadownturn;thismustnotbeconfusedwiththenegativeunemployment.
1.B‘inanupturnemploymentrisesmorequickly…Butagainthat’sbecausepeoplethinkthattheycanmaketheiremployeesredundantmorequickly’
1.S‘thesepeoplewhoarebroughtbackintoemploymentwhentheeconomyisgrowingmorestronglytendtobebroughtbackinatreallyratherlowwagelevel’
1.C‘wenowhavealotmorepressurefromverylowwagemarketsinSouthEastAsia’1eListening
1.A‘relativelygoodleveloftraining’forunemployedpeopleandofferingemployersreductionsinsocialsecuritycontributionsforsixmonthsiftheyhirepeoplewhohavebeenunemployedforalongtime.
1.Shesaysthatemployerstendtothinkofthelong-termunemployedasrathersecond-classemployeesi.e.distrustthem.2aVocabulary
1.Employ:appointengagehiretakeonDismiss:firelayoffmakeredundantsack
1.1G2H3F4A5D6E7C8B2bReadingThearticle’ssub-titlewasB.BothAandCarementionedinthearticlebutarenotthemaintopic.Newwordsinthisunit20Appointbusinesscycleefficiencyemployabilityengagefiregrowthhirejobinstabilityjob-sharinglabourmarketflexibilitylayoffmakeredundantrestructuringsackself-employmenttemporaryworktenureupswingupturnwelfareUnit21Businessethics1bReadingViews34and5areallexpressedinthequotationfromMiltonFriedman.‘Ethicalcustom’smeansmuchthesamethingas‘conventionalstandardsofmorality’.View7isexpressedinthefinalparagraph.1cComprehension
1.WhydidlargeAmericancorporationsintroduce‘welfarecapitalism’inthe1920s
1.Whatmighttheadvantagesbeforacompanyofpayinghigherwages
1.WhydoesFriedmanoppose‘welfarecapitalism’
1.Whatistheusualdesireofstockholders
1.Whatshouldbetheonlyconstraintsonthesearchformaximumprofits
1.Accordingtothetextwhatfactorsmightmakestockholdersacceptlowerdividends
1.Whatisastakeholder1dVocabulary
1.charities
1.legitimacy
1.perfectcompetition
1.welfare
1.threatening
1.vitality
1.freeenterprise
1.conforming
1.embodied
1.proponents2aDiscussionEthicsandthelaw
1.Somepeoplearguethatwhereitisnecessarytopayi.e.bribesomeonetoundertakesomeadministrativeworkortodoitmorequicklythisisequivalenttopayingforaserviceandisnotthesameasbribingpeopleinordertowinbusinesscontracts.Buthowshouldsuchpaymentsbeenteredinthecompany’saccounts
1.Ithasbeensuggested–provocativelyandprobablynotentirelyseriously–thatindustrialespionageismerelyacontinuationofthelogicofbenchmarkingwhichmeansgoingoutsidethecompanytodiscoverthebestpracticesinanindustryandcopyingthem!
1.Liketheconceptcaveatemptorbuilt-inobsolescenceagainclearlyconflictswiththemodernmarketingconceptofsatisfyingfaithfulcustomers.Howeverifproductslasttoolong…
1.Somepeoplehavegoneasfarasdescribingpoliticalpoweraconsequenceoflobbyingas‘thefifthPofmarketing’.
1.Mostcountrieshavelegislationconcerningseriouslymisleadingadvertising.Thesameobjectioncanbemadetotellingonlyhalfthetruthorexaggeratingagreatdealorkeepingquietaboutbadaspectsofproductsinadvertisingascanbemadetobuilt-inobsolescence:itconflictswiththemarketinglogicofcreatinglong-termcustomers.Yettheadvertisingorproductsthatpeoplepayforonlyoncewillalwaystendtoexaggeratee.g.peopleareunlikelytostopgoingtothecinemabecausetheydislikeonemisleadingly-advertisedmovie.Andchocolatemanufacturersforexampleareunlikelytomentionintheiradvertisingthattheirproductisprobablybadforyourteethyourweightandyourskincomplexion.
1.IncountriessuchasSwitzerlandwhichallow‘hiddenreserves’profitsmoothingisgenerallyconsideredtobeacceptablesoauditorswillnotcomplainandneednotbethreatened.Manypeopledefendthissystemcomparingitfavorablytotheshort-termthinkingprevalentintheUnitedStateswheremanycompaniespublishquarterlyprofitfigures.
1.Whistle-blowersarelikelytobedismissedforbreachofcontract.Onequestionwhichoftenarisesiswhethertheydeservelegalprotectionorcompensation.Newwordsinthisunit21Briberybuilt-inobsolescenceethicsindustrialespionagelobbyingperfectcompetitionpollutionsocialresponsibilitystakeholderwelfarecapitalismwhistleblowingUnit22Theroleofgovernment2aReadingGalbraithmentionsparksandrecreationalfacilitieslibrariestheartssupportingscienceandmedicalresearchandinvestinginandregulatingtheenvironment.2bComprehension
1.Galbraithpointsoutthattheyusuallyhaveenoughmoneytoprovidetheseservicesforthemselveswhereasthereareotherpeoplewhodonot.
1.Galbraithtalksofthelimitedtimehorizonsofthemarketeconomymeaningthatitusuallyrequiresarapidreturnoninvestmentsandsowillnotinvestinscientificresearchthathasnoshort-termprofitpotential.
1.GalbraithisclearlywhatinEuropewouldbecalledasocialdemocratandintheUSAaliberal.2cVocabulary
1.evident
1.low-cost
1.atoddswith
1.illness
1.borneinmindtobearinmind
1.theunderclass
1.theaffluent
1.achievements
1.reluctantly
1.planetary2dReadingAccordingtotheFriedmanstheroleofthegovernmenthasexpandedfartoomuch.Itsinterventionsintheeconomymightevenendeconomicprogress.Thegovernmentseverelylimitspeople’sfreedomtospendtheirmoneyandworkastheychoose.Weneedtoendalotofexistingrestrictions.2eComprehension
1.‘Currentlymorethan40%ofourincomeisdisposedofonourbehalfbygovernmentatfederalstateandlocallevelscombined.’
1.Theydisapproveofthelawthatmakesitcompulsorytofixseatbeltstocars.WhenFreetoChoosewaswrittenitwasnotyetcompulsoryintheUSAtousetheseatbeltsfittedincars.
1.Thatallbusinessactivitiesandtransactionsarevoluntaryandnobodyusesforceorcoercion.
1.Theydisapproveofthenecessityofdoctorsphysiciansanddentistsrequiringagovernment-controlledpermitoralicencebeforetheycangointobusinessandtheyregretthatdoctorsarenotfreetochoosewhichdrugsormedicinestoprescribebutmustobeylawsandrestrictionsthataresometimesuniquetotheUSA.
1.Theybelievethatworkersshouldbefreetoworkanynumberofhourstheyagreewiththeiremployerwithoutrestrictionsimposedbythegovernment.
1.TheFridemansclearlybelieveinfreemarketsandfewgovernmentalrestrictions.Theyareprobablybestdescribedasright-winglibertarian.2fVocabulary
1.C
2.H
3.D
4.B
5.E
6.I
7.J
8.F
9.G
10.A3bListening
1.TheDTItheDepartmentofTradeandIndustrytriestoensurethataimportantsectorsofindustryinBritainareabletoinvestinandtobenefitfromtherighttechnologiesandbthatmarketsareopenandcompetitivewhichincludesensuringthatmergersandtakeoversdonotpreventcompetitionamongfirms.
1.B
1.TheDTI’smostimportantareaofactivityisprovidingdetailedanalysesofoverseasmarketsespeciallyforsmallandmediumsizedcompanieswantingtoexportgoodsorservices.
1.aInBritaintheDTIhas80deskofficerseachresponsibleforprovidingdetailedeconomicandpoliticalinformationaboutmarketsandparticularmarketsectorsindifferentcountry;babroadtherearecommercialofficersworkinginBritishembassieswhoareabletogivefurtheriformationandtoassistinmakingcontactwithlocalagents.
1.1keyorpriority2appropriate3tailoredto4aimingfor5tackle6agents7resourcenote:thiswordismorecommonlyusedasaplural:resources3cListening1formerconnections2seminar3briefed4mission5accommodation6accessible7setup8establishedNewwordsinthisunit22AffluenthealthcarehousinginterventionmarketeconomymarketforcespovertytaxpayerthestateunderclassUnit23Centralbankingmoneyandtaxation1aListening1asettinginterestrateceilingsandfloors1bprintingmoneyordestroyingit1copen-marketoperations2exchangeratesupervision3commercialbankingsupervision4actasalenderoflastresort1bVocabulary1aB1bA1cF2D3C4E1cListeningManganoisclearlyinfavororcentralbankindependencealthoughattheendhedoessaythatindependenceshouldbeadaptedtoeconomicconditions.
1.TrueTheproblemofcourseisthatthistendstoleadtoinflationaftertheelection.
1.FalseHesaysthatthereshouldbeaseparatebodyresponsibleforimplementingmonetarypolicyi.e.thatthecentralbankshouldnotbepartofthegovernment.
1.FalseHesaysthatthegovernmentnotthecentralbankshouldberesponsibleforbudgetarypolicy.
1.TrueHesaysthatbudgetarypolicymeanshavingalargerorsmallerdeficitwithoutmentioningthepossibilityofhavingabudgetsurplus–moretaxrevenuethanpublicspending.
1.FalseHesaysthatalthoughthegoalofpricestabilityisnotasclearlystatedasinGermanyorSwitzerlanditremainsagoal.
1.TrueHesaysthatcentralbankindependenceshould‘beadaptedtotheeconomicconditionsinthecountryandoutsidethecountry’.2aDiscussionBenjaminFranklin1760-90wasanAmericanstatesmanhehelpedwritetheDeclarationoIndependenceandascientistheinventedthelightningconductor.Hislineaboutdeathandtaxesisstillwidelyquoted.“Inthisworldnothingcanbesaidtobecertainexceptdeathandtaxes!”Inmostcountriesconsumerspaysalestaxorvalue-addedtaxonmostproductssoldindepartmentstores.Mostpeoplepayincometaxontheirwagesorsalaryunlessthisisextremelylow.Inheritancesareusuallysubjecttoacapitaltransfertax.Gainsfromsharesandothersecuritiesareoftenliabletocapitalgainstax.MostcountrieshavecustomsdutiesonimportseitherfromallforeigncountriesorfromthosenotpartofacustomsunionsuchastheEUorNAFTA.Othercommontaxesincludeexcisedutiesonpetroltobaccoandalcohol;roadtaxoncars;andstampdutyonpropertyandfinancialtransactions2bVocabulary1B2A3A4B5C6A7B8C9C10B2cReadingAThefunctionsoftaxationBAdvantagesanddisadvantagesofdifferenttaxsystemsCTaxevasionDAvoidingtaxonsalariesEAvoidingtaxonprofits2dComprehension
1.Trueexcisedutiesoncigarettesandalcoholareintheorydesignedtodiscouragespendingonhesegoodswhiletaxlawsallowingaccelerateddepreciationofcapitalinvestmentsaredesignedtoencouragespending.
1.TrueIfyoupaytaxondividendsthisamountofmoneyisbeingtaxedforthesecondtime.IfyouspendyourdividendshyouwillprobablypayasalestaxorVAT.Ifyoudon’tspendthemyoumightpaywealthtaxeveryyearonthemoney.
1.TrueThetextdescribesthisasadisincentivetoworking.
1.FalsePoorerpeoplehavetospendagreaterproportionoftheirincomeonconsumption.
1.True
1.FalseLoopholesarelegalwaysofpayinglesstax;thisiscalledtaxavoidance.
1.FalseThismerelydelaystaxation.Youpaytaxwhenyoureceiveyourpensionorthesumofthelife-insurancepolicy.
1.True2eVocabulary1depreciation2disincentive3regressive4consumption5self-employed6nationalinsurance7perks8taxshelters9tax-deductible10taxhavens2fDiscussionSpeechbubbles13691012and15areclearlyinfavoroftaxationandgovernmentspendingonthetransportinfrastructurehealthwelfaretheurbanenvironmenteducationetc.Speechbubbles24578111314and16areclearlyagainsttaxation.Newwordsinthisunit23BudgetdeficitcapitalgainstaxcapitaltransfertaxdirecttaxdisincentiveexchangerateexcisedutiesfiscalpolicygovernmentspendingindirecttaxinflationinflationarylaunderingmoneyormoneylaunderinglenderoflastresortloopholemonetarypolicymoonlightingpoliticalbusinesscyclepricestabilityprogressivetaxregressivesalestaxestaxavoidancetaxevasiontaxhaventaxlosstaxshelterstaxationundergroundeconomywealthtaxUnit24Exchangerates1aDiscussion2Becauseofinflation;andbecauseofinterest.3Becauseunderasystemoffloatingexchangeratesthevalueofcurrencieswhichdependsonsupplyanddemandisconstantlyfluctuatingonforeignexchangemarkets.1bReadingATheperiodofgoldconvertibilityBFloatingexchangeratesCTheabolitionofexchangecontrolsDInterventionandmanagedfloatingexchangeratesEThepowerofspeculatorsandthecollapseoftheEMSFWhymanybusinesspeoplewouldpreferasinglecurrencyGTheintroductionofthesingleEuropeancurrency1cComprehension1FalseFollowinginflationtherewasnotenoughgold.2FalseAnybodycanbuygoldwithdollarsbuttheFederalReserveisnotobligedtoexchangedollarbillsforgold.3TrueWesaythatfloatingcurrenciesappreciateordepreciate.4FalseFloatingcurrenciesappreciateordepreciate.5True6True7True8FalseAcurrencythatdepreciated100%wouldbeworthalsoutelynothing.1dVocabulary11B2D3A4C5F6E21adjust2convert3abolish4suspend5fluctuate6diverge2aVocabularyYouwouldnotnormallyexpecttohearthefollowingexpressioninthiscontext:AccelerateddepreciationwhichisanaccountingtechniqueCashflowwhichreferstoabusiness’sfinancesFloatingratenotewhichreferstobondsandsimilarsecuritiesnottocurrenciesorbanknotesFloatationwhichistheactofsellingthesharesofacompanytothepublicintheUSalsoknowasaninitialpublicofferingManagedfundwhichisapoolofinvestors’moneyOff-thepegwhichmeansready-to-buyrequiringnoalterationOnecouldreasonablyexpecttofindtheotherexpressionsinaninterviewaboutexchangeratesandindeedallofthemappearintherecording.2bListening
1.TrueHesays‘presumably’.
1.TrueA‘tallorder’meansahighlyunlikelyevent.
1.TrueHesaysthat‘coordinationisoftenanemptyword’.
1.FalseHesaysthataworldfiscalsystemwouldbenecessarytocushionshocksthathappenonlyinpartsoftheworld.
1.TrueHesaysthat‘atonepointtherewillhavetobeajump’.
1.FalseHesaysthattheyalsoexistedinthe1920s.
1.Tentativeanswer:FalseBecausewithcurrencies‘attack’generallymeanstosellandcausetodepreciateratherthantobuy.Yetcausingacurrencytorise25%withalltheconsequencesforexportsandtourismagainstthewishesofagovernmentandcentralbankcouldalsobethoughtofasanattack.2cComprehension1D2C3B4A5E6G7FNewwordsinthisunit24CurrencydevaluationexchangecontrolsfixedexchangeratefloatingexchangeratefreelyorcleanfloatingexchangerategoldconvertibilitymanagedordirtyfloatingexchangerateovervaluedparitypeggedpurchasingpowerparityrevaluationundervaluedUnit25Thebusinesscycle1aVocabulary1depression2trough3upturnorexpansionorrecovery4peak5recessionordownturnorcontraction6boom1bReadingReasonsmentionedinthetextincludechangesinthelevelofconsumptionresultingfromchangesininterestratesorchangesinpeople’sbeliefsaboutthefutureandchangesinthelevelofwageslevelofinvestment;andtechnologicalandpoliticalanddemographicchanges.1cComprehension1B2I3A4E5F6G7D8C9H1dVocabulary1expectations2mortgage3rent4output5investment6industrialists7consumption8layoff9demographic10austerity2aListening1b2a3aTheyincreasetheirproductivecapacitybytoogreatanextent‘theytendtoinvestperhapsovermuch’3bTheystopallinvestmentmodernizationandexpansion‘youhaveanoverreactionininvestmentpeoplestopinvestingcompletely’.4Whentheyhavetoreplaceout-of-dateequipment‘havetoinvesttoreplaceinvestmentratherthaninvestingtoincreasecapacity’5Shortagesofparticularcommoditiesparticularlyoil.6ThederegulationoffinancialmarketsandexpectationsofgrowthduetotheforthcomingsingleEuropeanmarket.7ThereunificationofEastandWestGermanywhichledtoanincreaseininterestratesfirstinGermanythenelsewhere.2bListening11equilibrium2resources3assumptions4perfectcompetition5exogenous6exchange7commodity8information9industrialists1Mistakesregardingfutureeconomicdevelopments.1Ifpeoplebelievethattheeconomywillgointorecession–evenifthisbeliefisbasedonincorrectinformation–andthereforeinvestorconsumelesstheycaninthiswaybringaboutarecession.Whenarecessionbeginsifpeoplereducetheirinvestmentandconsumptionstillfurthertherecessionwillcontinueandgetworse.1Keynesmeantthatevenifeconomiesdohaveanaturaltendencytoreturntoafull-employmentequilibrium‘inthelongrun’thiscouldbeanextremelylongtimewhichmightseemlikealifetime.1Hesaidthatthegovernmentcouldchangepeople’sexpectationsandmakethemthinkthattheeconomywouldexpandagain.Newwordsinthisunit25AssumptionsausteritybalanceofpaymentsboomconsumptioncontractiondemographicdepressiondownswingendogenousequilibriumexogenousexpansiongrossdomesticproductGDPindustrialistspeakrecoverysaveslumpstockstroughUnit26Keynesianismandmonetarism1bVocabulary11F2E3D4A5C6B1flexible--variableerror–mistakecompanies–firmscosts–expensesexcess–surplusoutput–productionexpenditure–spendingboost–stimulateincrease–raiselower–reduce1contraction–growthboom–depressionflexible—rigidbuoyant--sluggishcut–increasedeflate–stimulatedemand–demand–supplyconsuming–saving1cReading1saving2equilibrium3interestrates4boom5moneysupply6output7price8demand9recession10employment1dComprehension
1.Ifpeoplearepessimisticaboutthefutureandfearthattheymightlosetheirjobstheywillspendlessandsavemore.Thiswillresultinlowerdemandandconsequentlyloweroutputemploymentandinvestment.
1.Classicaltheoryarguesthatifpeoplesavealotofmoneyinterestrateswillfallwhichwillencouragebusinesstoborrowmoneyandinvest.
1.‘Demandmanagement’meansattemptingtoreducethelevelofdemandduringaninflationaryboomandincreasingitduringarecession.
1.Evenasmallincreaseingovernmentspendingwillleadtoalargerincreaseinoutputbecausemostofthemoneywillberepeatedlyrespentbyitsnewownersapartfromtheproportiontheychoosetosave.
1.By‘theneutralityofmoney’monetaristsmeanthattheonlyeffectofincreasingtheamountofmoneyincirculationistoincreasepricesandnotdemandandoutput.
1.Classicaltheoryarguesthatarecessionwillendassoonasbusinessesandemployeesrecognizethenecessitytoreducepricesandwages.
1.Monetaristorneo-classicaleconomistsarguethatgovernmentinterventioninthebusinesscycleusuallycomestoolateandsocaneasilydomoreharmthangood.
1.Neo-Keynesiansarguethatpricesandwagesdonotadapttosmallmarketchangesbecausecompaniesdonothavesufficientinformationbecausetherearecostsinvolvedinregularlychangingpricesandbecausecontractsandlaborlegislationmakeitdifficulttoreducewages.2aListening
1.True‘traditionalKeynesiantheorysuggestedthatifyouincreasedyourbudgetdeficitthatitwouldbepossibletoboosttoboostdomesticdemandandthatpeoplewouldspendspendmoremoneythatwouldfeedonintotheeconomy’.
1.False‘domestic’heremeansinthecountryasawhole.
1.True‘ifyouincreaseyourfiscaldeficitbecauseyoudriveinterestratesupandbecauseyoumakeitmoredifficultforbusinessestoinvestbecauseinterestratesarehigher.’
1.True‘Thebasictheoryofthemonetaristsisthatanychangeinpolicythatraisesthemoneysupplywillfeedimmediatelyintohigherpricesandthereforehavenopermanenteffectinincreasingdemand.’
1.True‘Keynesiansargueincontrasttothatthatbecauseinformationflowsareveryimperfectthatit’squitepossibletoincreasethemoneysupplyalittlebitandmakepeoplethinkthatdemandisrunningmorestronglyadinvestalittlebitmore.’
1.False‘TheKeynesiantheorycertainlydoesn’targuethatitcandisposeofthebusinesscyclealtogether.’
1.False‘Themonetaristtheorytendstoargueontheotherhandthatbecausepolicyisaverydifficultthingtouseandbecausemonetarypolicyactsinanextremelypowerfulwaythatactuallyifyouuseinterventionistpolicyyoumayactuallyaccentuatecyclesyoucouldactuallymakethemworse.’2bListening
1.B‘Mosteconomistswouldnowadaysagreeontwothingsthatintheshortrunitmaybepossibletoincreaseemploymentatthecostofslightlyhigherinflationbuttheywillalsofeelthatinthelongrunthereisactuallyverylittletrade-offbetweeninflationandunemployment.’
1.C‘theeconomywillthenhavetobereinedbacktypicallyintheindustrializedworldnowadayssomebodywillraiseinterestratesinordertogetinflationdown.’
1.B‘mostoftheindustrializedworldisnowrunwiththeaimofkeepinginflationrelativelylowandstablebecausethebeliefisthatinthelongrunthatwilltendtomeanthatunemploymentwillalsobekeptrelativelylow.’
1.A‘it’sperfectlypossibletokeepinflationlowandstablebyperpetuallyrunningyoureconomyalittlebitbelowthecapacitylevelthatwoulduseupalltheresources.’
1.B‘Thewayyouaregoingtosolveitisbyimprovingwhatisknownasthesupplysideoftheeconomybyraisingyourlevelofcapacityorbyraisingthequalityandqualificationsofyourworkforce.’Newwordsinthisunit26BoostdeflationarydemanddisequilibriumeconomicagentsfullemploymentKeynesianismmonetarismsupplyUnit27Internationaltrade1bVocabulary1visibletradeGBormerchandisetradeUS2invisibleimportsandexports3barterorcounter-trade4balanceoftrade5balanceofpayments6autarky7surplus8deficit9dumping10protectionism11tariffs12quotas1cReading
1.Becauseitcanbeshownthatifallcountriesspecializeinthegoodsorservicesinwhichtheyaremostproductiveinwhichtheyhaveanabsoluteoracomparativeadvantagetheywillalraisetheirincome.
1.Inordertoprotectjobsandwhattheyconsidertobestrategicindustries.
1.Becausetheywantedtoindustrializeandprotecttheirinfantindustriesratherthanmerelyproducerawmaterialswhosepricecouldeasilyfall.
1.Forfearofbeingexcludedbylargetradingblocksandbecausetheyhaveseentheexport-ledgrowthoftheEastAsian;Tiger’economies.1dComprehensionPOSSIBLEQUSTIONS
1.Whatcangiveacountryanabsoluteorcomparativeadvantageingoodsandservicesoverotherproducers
1.Whydoesthetheoryofcomparativeadvantageseeminadequatetoexplaininternationaltrade
1.Whatisan‘infantindustry’
1.Whatistheadvantageoftariffsforthegovernment
1.Whatistheadvantageofquotasovertariffs2aListening
1.Formerlythelessdevelopedcountrieswereagainstfreetradebecausetheydidn’thavecompetitivemanufacturingindustries.
1.CountrieslikeSouthKoreaandMalaysiaarecompetitivetodaybecausethey’vebeenabletoimporttechnologyfromtherichcountrieseducatetheirlaborforcesandsetupaninfrastructure.
1.Freetradeisdisruptive;inotherwordsitcausesbigeconomicchangessuchastheclosingdownofanentireindustryinacountryastheproductbeginstobemademorecheaplysomewhereelse.
1.Theadvantageoffreetradeishatitleadstomoreefficiencyandoutput.
1.Peopleinindustrialcountriescanonlyputupwiththedisruptioncausedbyfreetradeiftheycanquitequicklyfindanewjob.2bListening
1.IfAfricancountrieswantedtodevelopacarindustrytheywouldneedaperiodofprotectionduringwhichtheindustrywasheavilysubsidizeduntilitwasstrongenoughtocompeteIinternationalmarkets.
1.Internationaleconomiccooperationamongthemajorindustrializedcountries..
1.Peoplewillabandon‘walkawayfrom’freetradewhichwillleadtotheworldbecomingpoorer.
1.No;heseesnoprospectofthemajorcountriescooperatingtoendit.2dVocabularyTheseanswersarenotdefinitive;learnersmaythinkofotherlogicalwaysoflinkingthewords.
1.Economistsrecommendfreetradeinthecommoditiesinwhichcountrieshaveeitheranabsoluteoracomparativeadvantage.Thisistheoppositeofimposingbarriers.
1.Visibletradeisgoodsinvisibletradeisservicescounter-tradeistheexchangeofgoodsorserviceswithouttheuseofmoney.Autarkyistheabsenceofforeigntrade.
1.Atradebalancecaneitherbeinsurplusorindeficit;thereisnodirectrelationwithdumping.
1.Bankinginsuranceandtourismareallservicesinvisibletrade;merchandisemeansgoodsvisibletrade.
1.Quotesandtariffsareformsofprotectionismthecontraryofthetheoryofcomparativeadvantage.
1.Normsandquotasarenon-tariffbarriers;taxesareatariff.
1.Tariffbarriersareoftenimposedtoprotectinfantindustriesbeingdevelopedasameansofimportsubstitution.Thereisnorelationherewithbarter.
1.ManyThirdWorldcountrieshavetorescheduleorrollovertheirforeigndebt.Thereisnodirectrelationherewithtrade.
1.Toprotecttosubsidizeandtofindsubstitutesforimportsarethecontraryofliberalizingtrade.3Casestudy:Thebananawars1although2as3FurthermoreorMoreover4forexample5Yet6dueto7however8whereas9Consequently10Inotherwords11FurthermoreorMoreover12NeverthelessNewwordsinthisunit27Absoluteadvantageautarkybalanceoftradebarterorcounter-tradecomparativeadvantagecomparativecostprincipledeficitdevelopingcountriesdivisionoflabourdumpingelasticexportfactorsofproductionfreetradeimportimportsubstitutionindustrializeinfantindustryinvisibleimportsandexportsnon-tariffbarrierprotectionismquotasurplustariffvisibletradeGBormerchandisetradeUSUnit28Economicsandecology2aVocabulary1emissions2waste3disposalordisposeof4environmentalist5eco0efficiency2bListening
1.legislations;financialincentives;consumerpressure.
1.consumers’associations;government;industry.
1.Notontheirown.Youneedatleasttwogroups.Keisersays‘onepressuregroupalonecannotrealizerealimprovements’and‘thisisthegeneralrule–ifyouonlyhaveonepressuregroupatatimetryingtomakethingsmovenormallyyouwon’thaveanyresult.’
1.consumptionofmaterialresources;consumptionsenergy;generationofwaste.2cVocabulary1consensus2incentive3poll4quarterlyresults2dListening1B‘companiesaccepttomakesomeenvironmentalimprovementstoimprovetheirperformanceecologicalperformancebuttheywouldliketohaveafreehandonhowtodothisimprovement.’2B‘shouldanalyzeafiniteproductfortheconsumerfromcradletogravethatisfromthestartingmanufacturingstepinbetween.’3D‘aslongasforinstancethefinalnumbertheindicatorisincreasedorsatisfiesacertainlevel.’2eVocabulary1afreehand2alegalframework3quantitative4fromcradletograve5ascale6theultimatetarget3aVocabulary1economical2uneconomical3economy4economics5economists6economize7economic3bReadingTheaimoftradedpollutionpermitsistoreduceemissionsofpollutingsubstancesmorecheaplythanthroughtraditionalregulation.3cComprehension
1.Becausetheycauseglobalwarming.
1.Hemeansthatalleffortstoprotecttheenvironmentmusttakeaccountofthenecessityofindustrialactivitysothatthemeasurestakenshouldbetheonesthataretheleastdamagingandexpensiveforindustry.
1.Itgivescompaniesafinancialincentivetoreduceemissionsanditgreatlyreducesthecostsandthebureaucracyinvolvedinenforcingenvironmentallegislation
1.Theysaythatnumberofpermitsgiventocompaniesistoolarge–theycouldeasilyhavecutmoreemissions.
1.BecausethesystemcouldleadtoareasofconcentratedpollutionifallthecompaniesinacertainregionboughtpollutionpermitsratherthancuttingSO2emissions.
1.Taxingcompaniesthatreleasecarbonintotheatmosphere.3dVocabulary1architects2advocating3pragmatism4auctioned5afine6compliance7bureaucracy8scheme9ceiling10lax11tackling12toyedwith3eWritingCompaniesareallocatedaprogressivelyreducednumberofSO2permitseachyear.Iftheywanttoemitmorethanthisamounttheycanpurchasepermitsfromothercompanies.IftheyareabletoreducetheamountofSO2theyproducetheycanselltheirsurpluspermits.Newwordsinthisunit28Cost-effectiveeco-efficiencyecologyemissionenergyenvironmentenvironmentalistglobalwarmingpolluterrecyclingwasteUnit29Informationtechnologyandelectroniccommerce1bReading
1.Anewageofcommunicationandtheoptimists
1.Theinternetandtaxavoidance
1.Globalizationandregulation
1.Richandpoorcountriesandtheinternet
1.Unrestcrimeandterrorism
1.Thesurvivalofthefittest1cComprehension
1.Yes‘Weareatthethresholdofanewageofcommunication’
1.Yes‘Peopleareincreasinglybuyinggoodsandservicesviatheinternetfromplaceswheresalestaxesarelower.’
1.Yes‘…corporationscarryouttheirtransactionsinlow-taxjurisdictions.’
1.No‘Drugscrimeandterrorismoncelocalizedproblemsarenoworganizedglobally.’
1.Yes‘Everythingischangingandanyonewhodoesnotembracethechangewillgounder.’
1.No‘Governmentswillfinditmoreadmoredifficulttokeeptrackoftheactivitiesofcorporations.’
1.Yes‘…governmentswillfindithardertoraisetaxes…thetaxdeficitwillgrow.’
1.No‘…thisislikelytoremaina“theoretical”possibility.’
1.No‘…thenewinformationtechnologywilldisenfranchiselargesectionsofsociety.’
1.Yes‘Unemploymentamongthesemi-skilledwillincreaseasmoreproductionjobsareautomated’–thoughitispossiblethatinformationtechnologywillcreatemoreskilledjobsthanthesemi-skilledjobsitreplaces.
1.Yes‘Informationwarfarewillbecommonplacebetweenindividualspressuregroupscompaniesandthestate.Thedispossessedwillhitthecapitalistswheretheyarethemostvulnerable:intheircomputerandtelecommunicationsinfrastructure.’
1.Yes‘…thenewinformationtechnologywilldisenfranchiselargesectionsofsociety.’
1.No‘Thepowerofthenationstatewillweaken.’
1.YesSeethewholeofthelastparagraph.
1.No‘Forthemtheinternetistheultimatedemocracy.AretheyrightIdoubtit.’
1.Yes‘Criminalswillbeabletoexploitpeopleinthesameway.’
1.No‘…theypredictmakinglifeeasierforeveryone….AretheyrightIdoubtit.’
1.No‘…richcountrieswillbeamongthefirsttobenefit.Itwon’tbesorosyifyou’repoor.’1dVocabulary1A2F3E4D5C6B1eVocabulary11thedispossessed2disenfranchise3evaporating4embrace5gounder6rosy7offthebeatentrack8becastintoobscurity9blindto10degenerateverb11mutate12thrive11evaporating2thedispossessed3becastintoobscurity4mutate5gounder6embrace7disenfranchise8offthebeatentrack2eListeningE-commerce
1.TheArtsPictureHousehasawebsitegivingdetailsofitsprogramsandspecialoffers.Italsohasamembershipschemeanditsendsallitsmembersaweeklye-mailwithdetailsoftheprogram.Peoplecanbookticketsonlineeitherbye-mailorontheinternetsite.
1.1running2puttingtogether3pushing4plug5bookonline6hitting
1.1alongwayaheadi.e.aconsiderablyhighernumber2ajobrequiringalotoftimeandeffort1ittakesaverylongtime1it’sameansormethodofmarketingthatgivespositiveresultsdespiteallthetimeandeffortitrequiresNewwordsinthisunit29Thedispossessed:peoplewithoutbelongingmoneyorpowerpeoplewhosepropertyhasbeentakenawayDisenfranchise:totakeawaypeople’spowertotakeawaypeople’srighttovoteEvaporating:disappearingturningintovapourEmbrace:accepttakeaccountofputyourarmsaroundsomeoneaffectionatelyGounder:failtosurvivetodieandbeburiedortodrownRosy:promisinghopefulOffthebeatentrack:inremoteplacesalongwayfromeconomiccentersindenseundergrowthorjungleBecastintoobscurity:becomemarginalandunimportanttobesenttoadarkplaceBlindto:don’tseeorunderstandDegenerate:declinegetmuchworseMutate:changefromonethingtoanothertochangeintoanewbiologicalformThrive:growandbehealthyUnit30Entrepreneursandventurecapital1bVocabulary1B2C3A4B5A6B7B8B9B
1.Marketopportunity:thepossibilityofprovidinganewproductorservicetosatisfyparticularneeds.
1.Highnetworthindividuals:peoplewithalotofmoneyattheirdisposal.
1.Riskaverse:Adj.describinginvestorswhodonotwanttotakeriskswiththeirmoney.
1.Listed:adj.Describingcompanieswhosesharesaretradedonthestockexchange.
1.Fee:moneypaidtoprofessionalpeopleforajobofworkdone.
1.Equity:anotherwordforstocksorshares:acompany’sowncapital.
1.Runningcosts:theday-to-dayexpensesofoperatingabusiness.
1.Marketpenetration:theattempttoincreaseormaximizesalesandgetalargenumberofcustomers.
1.Non-executivedirectors:directorswhodonotworkfulltimeforacompanybutadviseitaboutstrategicissues.1cListening
1.WhatisthemarketopportunitythathasopenedupforinvestorsInvestingintechnologymediaandtelecomscompaniesthatdevelopnewproductsandbringthemtomarketmuchmorequicklythancompaniesusedtodo.
1.WhyarepensionfundsnowinvestinginsuchcompaniesTheyconsideredthattheywerenotgettingasufficientreturnontheirtraditionalinvestmentsinlargelistedcompaniessotheybegantotaketheriskofinvestinginsmallercompanieswiththepotentialforhighgrowthandahighreturn.
1.HowdocorporatefinanceteamsgetpaidTheyarepartlypaidinmoneynotliterally‘incash’becausetheyneedtocovertheirrunningcostsandpartlyinequityi.e.sharesinthecompanythattheywillbeabletoselltwoormoreyearslaterifthecompanyislistedonthestockexchange.1dListeningChapter2:marketopportunityChapter4:revenueChapter5:competitionChapter6:managementChapter7:marketingandadvertisingChapter8:financeneeded1eListening
1.WhichpartsofthebusinessplanareinvestorsmostinterestedinThepartsaboutcompetitioninthemarketthecompanyisinterestedinandthecompany’sfuturerevenues.
1.WhatdoinvestorsneedtoknowaboutcompetitorsTheyneedtoknowwhichcompaniesarealreadyonthemarketandhowtheywillreacttothenewentrantorwhichothercompaniesarelikelytoenterthenewmarket.
1.WhatdoinvestorsneedtoknowaboutrevenueTheyneedtoknowwhenthecompanywillreceiveitsfirstrevenueandhowmuchitwillbe.
1.Whatkindofmanagersdoinvestorsprefertoseeinstart-upcompaniesTheyprefermanagerswithpreviousexperienceofthesamesector.
1.Whyarenon-executivedirectorsimportanttocompanyTheyaremoreabletoseechangesinmarketsandcustomersthanthefull-timemanagerswhooftencan’tseebeyondtheirownnarrowinterests.
1.WhatcriticismsdoesEdCoombessaycanoftenbemadeofentrepreneursHesaysthatentrepreneurscanbeveryemotionalabouttheircompanyandthattheirstyleofrunningthecompanyandtheirattitudecanbeaproblemforpotentialinvestorsandshareholders.2aVocabulary11C2F3G4H5A6B7E8D1away–ameansadjustments–smallchangesceased–stoppedorendedfully–completelyopportunity–possibilityshort-lived–temporarystruggle–fighttoassume–tosupposeorbelievetooccur–totakeplaceunimaginable–inconceivable2bReadingAeconomicequilibriumBTheproblemofchangeCTheexistenceofdisequilibriumDIgnoranceandalertnessEPerceivingopportunitiesFEntrepreneursandmanagers2cComprehension
1.True‘Pricesandquantities“adjustthemselves”insuchawaythatsupplymeetsdemand.’
1.True‘Pricesandquantities“adjustthemselves”insuchawaythatsupplymeetsdemand.’Thisincludesthepriceoflabor.
1.FalseEvenifsupplymeetsdemandbadlyrunbusinessesmightnotbeabletosupplyattherightprice.
1.True‘Insteadofunderstandingcompetitionasaprocessinwichparticipantsinamarketstruggletobeateachotheritdescribesastateofaffairsinwhichanysuchstruggleisbothunnecessaryandinconceivable.’
1.FalseThisisthefundamentalcriticismofthiseconomicmodelwhichcannotexplainlong-termrecessionsunemploymentetc.
1.FalseItassumestheexistenceof‘radicalignorance’unawarenessofpossibilitiesasopposedto‘rationalignorance’beingignorantbychoicebutitalsocreditseconomicagentswith‘never-endingchangeinquisitivenessalertnessandcreativity.
1.True‘Theentrepreneurdiscoversaprofitablewayofsatisfyingneeds.Heorsheperceivesanopportunitytoservethemarketbetterthanitiscurrentlybeingserved.’
1.True‘Entrepreneurialknowledgeconsistsoftheawarenessthatitisprofitabletoproduceaproductratherthanknowledgeofhowtoproduceit.Likemanagementtechnicalknowledgeispartofthelaborinput.’Thoughofcourseawarenessthatitisprofitabletoproduceaproductisofnouseunlesstheentrepreneurcanfindpeopletofiancéandrunabusinessthatactuallyproducesit.
1.True‘…accordingtothislogicprofitdoesnotcomefromlandlaborcapitalorthetechnologicalknowledgeofhowtoturninputsintooutputsbutfrommentalalertness.’
1.FalseTosaythat‘Manyofthebest-knownentrepreneursaremoreinterestedin–andbetterat–startingcompaniesthanrunningthem.Theyhireexperiencedpeopletodothisandmoveontoanewidea’isnotthesameassayingthatentrepreneursingeneralarenotverygoodatmanagingcompaniesNewwordsinthisunit30:Businessplanentrepreneurshipexpectationsgeneralequilibriumnon-executivedirectorsriskaverseriskyrunningcostsstart-uputility袀肁芆薄螆膀荿蝿蚂腿蒁薂羁膈膁螇羇膇莃薀袃膆蒅袆蝿膅薈蚈肇膅芇蒁羃膄莀蚇衿芃蒂蒀螅节膂蚅蚁芁芄蒈肀芀蒆螃羆芀薈薆袂艿芈螂螈芈莀薄肆芇蒃螀羂莆薅薃袈莅芅螈螄羂莇薁螀羁蕿袇聿羀艿虿羅罿莁袅袁羈蒄蚈螇羇薆蒀肅肇芆蚆羁肆莈葿袇肅蒀蚄袃肄芀蒇蝿肃莂螂肈肂蒄薅羄肁薇螁袀肁芆薄螆膀荿蝿蚂腿蒁薂羁膈膁螇羇膇莃薀袃膆蒅袆蝿膅薈蚈肇膅芇蒁羃膄莀蚇衿芃蒂蒀螅节膂蚅蚁芁芄蒈肀芀蒆螃羆芀薈薆袂艿芈螂螈芈莀薄肆芇蒃螀羂莆薅薃袈莅芅螈螄羂莇薁螀羁蕿袇聿羀艿虿羅罿莁袅袁羈蒄蚈螇羇薆蒀肅肇芆蚆羁肆莈葿袇肅蒀蚄袃肄芀蒇蝿肃莂螂肈肂蒄薅羄肁薇螁袀肁芆薄螆膀荿蝿蚂腿蒁薂羁膈膁螇羇膇莃薀袃膆蒅袆蝿膅薈蚈肇膅芇蒁羃膄莀蚇衿芃蒂蒀螅节膂蚅蚁芁芄蒈肀芀蒆螃羆芀薈薆袂艿芈螂螈芈莀薄肆芇蒃螀羂莆薅薃袈莅芅螈螄羂莇薁螀羁蕿袇聿羀艿虿羅罿莁袅袁羈蒄蚈螇羇薆蒀肅肇芆蚆羁肆莈葿袇肅蒀蚄袃肄芀蒇蝿肃莂螂肈肂蒄薅羄肁薇螁袀肁芆薄螆膀荿蝿蚂腿蒁薂羁膈膁螇羇膇莃薀袃膆蒅袆蝿膅薈蚈肇膅芇蒁羃膄莀蚇衿芃蒂蒀螅节膂蚅蚁芁芄蒈肀芀蒆螃羆芀薈薆袂艿芈螂螈芈莀薄肆芇蒃螀羂莆薅薃袈莅芅螈螄羂莇薁螀羁蕿袇聿羀艿虿羅罿莁袅袁羈蒄蚈螇羇薆蒀肅肇芆蚆羁肆莈葿袇肅蒀蚄袃肄芀蒇蝿肃莂螂肈肂蒄薅羄肁薇螁袀肁芆薄螆膀荿蝿蚂腿蒁薂羁膈膁螇羇膇莃薀袃膆蒅袆蝿膅薈蚈肇膅芇蒁羃膄莀蚇衿芃蒂蒀螅节膂蚅蚁芁芄蒈肀芀蒆螃羆芀薈薆袂艿芈螂螈芈莀薄肆芇蒃螀羂莆薅薃袈莅芅螈螄羂莇薁螀羁蕿袇聿羀艿虿羅罿莁袅袁羈蒄蚈螇羇薆蒀肅肇芆蚆羁肆莈葿袇肅蒀蚄袃肄芀蒇蝿肃莂螂肈肂蒄薅羄肁薇螁袀肁芆薄螆膀荿蝿蚂腿蒁薂羁膈膁螇羇膇莃薀袃膆蒅袆蝿膅薈蚈肇膅芇蒁羃膄莀蚇衿芃蒂蒀螅节膂蚅蚁芁芄蒈肀芀蒆螃羆芀薈薆袂艿芈螂螈芈莀薄肆芇蒃螀羂莆薅薃袈莅芅螈螄羂莇薁螀羁蕿袇聿羀艿虿羅罿莁袅袁羈蒄蚈螇羇薆蒀肅肇芆蚆羁肆莈葿袇肅蒀蚄袃肄芀蒇蝿肃莂螂肈肂蒄薅羄肁薇螁袀肁芆薄螆膀荿蝿蚂腿蒁薂羁膈膁螇羇膇莃薀袃膆蒅袆蝿膅薈蚈肇膅芇蒁羃膄莀蚇衿芃蒂蒀螅节膂蚅蚁芁芄蒈肀芀蒆螃羆芀薈薆袂艿芈螂螈芈莀薄肆芇蒃螀羂莆薅薃袈莅芅螈螄羂莇薁螀羁蕿袇聿羀艿虿羅罿莁袅袁羈蒄蚈螇羇薆蒀肅肇芆蚆羁肆莈葿袇肅蒀蚄袃肄芀蒇蝿肃莂螂肈肂蒄薅羄肁薇螁袀肁芆薄螆膀荿蝿蚂腿蒁薂羁膈膁螇羇膇莃薀袃膆蒅袆蝿膅薈蚈肇膅芇蒁羃膄莀蚇衿芃蒂蒀螅节膂蚅蚁芁芄蒈肀芀蒆螃羆芀薈薆袂艿芈螂螈芈莀薄肆芇蒃螀羂莆薅薃袈莅芅螈螄羂莇薁螀羁蕿袇聿羀艿虿羅罿莁袅袁羈蒄蚈螇羇薆蒀肅肇芆蚆羁肆莈葿袇肅蒀蚄袃肄芀蒇蝿肃莂螂肈肂蒄薅羄肁薇螁袀肁芆薄螆膀荿蝿蚂腿蒁薂羁膈膁螇羇膇莃薀袃膆蒅袆蝿膅薈蚈肇膅芇蒁羃膄莀蚇衿芃蒂蒀螅节膂蚅蚁芁芄蒈肀芀蒆螃羆芀薈薆袂艿芈螂螈芈莀薄肆芇蒃螀羂莆薅薃袈莅芅螈螄羂莇薁螀羁蕿袇聿羀艿虿羅罿莁袅袁羈蒄蚈螇羇薆蒀肅肇芆蚆羁肆莈葿袇肅蒀蚄袃肄芀蒇蝿肃莂螂肈肂蒄薅羄肁薇螁袀肁芆薄螆膀荿蝿蚂腿蒁薂羁膈膁螇羇膇莃薀袃膆蒅袆蝿膅薈蚈肇膅芇蒁羃膄莀蚇衿芃蒂蒀螅节膂蚅蚁芁芄蒈肀芀蒆螃羆芀薈薆袂艿芈螂螈芈莀薄肆芇蒃螀羂莆薅薃袈莅芅螈螄羂莇薁螀羁蕿袇聿羀艿虿羅罿莁袅袁羈蒄蚈螇羇薆蒀肅肇芆蚆羁肆莈葿袇肅蒀蚄袃肄芀蒇蝿肃莂螂肈肂蒄薅羄肁薇螁袀肁芆薄螆膀荿蝿蚂腿蒁薂羁膈膁螇羇膇莃薀袃膆蒅袆蝿膅薈蚈肇膅芇蒁羃膄莀蚇衿芃蒂蒀螅节膂蚅蚁芁芄蒈肀芀蒆螃羆芀薈薆袂艿芈螂螈芈莀薄肆芇蒃螀羂莆薅薃袈莅芅螈螄羂莇薁螀羁蕿袇聿羀艿虿羅罿莁袅袁羈蒄蚈螇羇薆蒀肅肇芆蚆羁肆莈葿袇肅蒀蚄袃肄芀蒇蝿肃莂螂肈肂蒄薅羄肁薇螁袀肁芆薄螆膀荿蝿蚂腿蒁薂羁膈膁螇羇膇莃薀袃膆蒅袆蝿膅薈蚈肇膅芇蒁羃膄莀蚇衿芃蒂蒀螅节膂蚅蚁芁芄蒈肀芀蒆螃羆芀薈薆袂艿芈螂螈芈莀薄肆芇蒃螀羂莆薅薃袈莅芅螈螄羂莇薁螀羁蕿袇聿羀艿虿羅罿莁袅袁羈蒄蚈螇羇薆蒀肅肇芆蚆羁肆莈葿袇肅蒀蚄袃肄芀蒇蝿肃莂螂肈肂蒄薅羄肁薇螁袀肁芆薄螆膀荿蝿蚂腿蒁薂羁膈膁螇羇膇莃薀袃膆蒅袆蝿膅薈蚈肇膅芇蒁羃膄莀蚇衿芃蒂蒀螅节膂蚅蚁芁芄蒈肀芀蒆螃羆芀薈薆袂艿芈螂螈芈莀薄肆芇蒃螀羂莆薅薃袈莅芅螈螄羂莇薁螀羁蕿袇聿羀艿虿羅罿莁袅袁羈蒄蚈螇羇薆蒀肅肇芆蚆羁肆莈葿袇肅蒀蚄袃肄芀蒇蝿肃莂螂肈肂蒄薅羄肁薇螁袀肁芆薄螆膀荿蝿蚂腿蒁薂羁膈膁螇羇膇莃薀袃膆蒅袆蝿膅薈蚈肇膅芇蒁羃膄莀蚇衿芃蒂蒀螅节膂蚅蚁芁芄蒈肀芀蒆螃羆芀薈薆袂艿芈螂螈芈莀薄肆芇蒃螀羂莆薅薃袈莅芅螈螄羂莇薁螀羁蕿袇聿羀艿虿羅罿莁袅袁羈蒄蚈螇羇薆蒀肅肇芆蚆羁肆莈葿袇肅蒀蚄袃肄芀蒇蝿肃莂螂肈肂蒄薅羄肁薇螁袀肁芆薄螆膀荿蝿蚂腿蒁薂羁膈膁螇羇膇莃薀袃膆蒅袆蝿膅薈蚈肇膅芇蒁羃膄莀蚇衿芃蒂蒀螅节膂蚅蚁芁芄蒈肀芀蒆螃羆芀薈薆袂艿芈螂螈芈莀薄肆芇蒃螀羂莆薅薃袈莅芅螈螄羂莇薁螀羁蕿袇聿羀艿虿羅罿莁袅袁羈蒄蚈螇羇薆蒀肅肇芆蚆羁肆莈葿袇肅蒀蚄袃肄芀蒇蝿肃莂螂肈肂蒄薅羄肁薇螁袀肁芆薄螆膀荿蝿蚂腿蒁薂羁膈膁螇羇膇莃薀袃膆蒅袆蝿膅薈蚈肇膅芇蒁羃膄莀蚇衿芃蒂蒀螅节膂蚅蚁芁芄蒈肀芀蒆螃羆芀薈薆袂艿芈螂螈芈莀薄肆芇蒃螀羂莆薅薃袈莅芅螈螄羂莇薁螀羁蕿袇聿羀艿虿羅罿莁袅袁羈蒄蚈螇羇薆蒀肅肇芆蚆羁肆莈葿袇肅蒀蚄袃肄芀蒇蝿肃莂螂肈肂蒄薅羄肁薇螁袀肁芆薄螆膀荿蝿蚂腿蒁薂羁膈膁螇羇膇莃薀袃膆蒅袆蝿膅薈蚈肇膅芇蒁羃膄莀蚇衿芃蒂蒀螅节膂蚅蚁芁芄蒈肀芀蒆螃羆芀薈薆袂艿芈螂螈芈莀薄肆芇蒃螀羂莆薅薃袈莅芅螈螄羂莇薁螀羁蕿袇聿羀艿虿羅罿莁袅袁羈蒄蚈螇羇薆蒀肅肇芆蚆羁肆莈葿袇肅蒀蚄袃肄芀蒇蝿肃莂螂肈肂蒄薅羄肁薇螁袀肁芆薄螆膀荿蝿蚂腿蒁薂羁膈膁螇羇膇莃薀袃膆蒅袆蝿膅薈蚈肇膅芇蒁羃膄莀蚇衿芃蒂蒀螅节膂蚅蚁芁芄蒈肀芀蒆螃羆芀薈薆袂艿芈螂螈芈莀薄肆芇蒃螀羂莆薅薃袈莅芅螈螄羂莇薁螀羁蕿袇聿羀艿虿羅罿莁袅袁羈蒄蚈螇羇薆蒀肅肇芆蚆羁肆莈葿袇肅蒀蚄袃肄芀蒇蝿肃莂螂肈肂蒄薅羄肁薇螁袀肁芆薄螆膀荿蝿蚂腿蒁薂羁膈膁螇羇膇莃薀袃膆蒅袆蝿膅薈蚈肇膅芇蒁羃膄莀蚇衿芃蒂蒀螅节膂蚅蚁芁芄蒈肀芀蒆螃羆芀薈薆袂艿芈螂螈芈莀薄肆芇蒃螀羂莆薅薃袈莅芅螈螄羂莇薁螀羁蕿袇聿羀艿虿羅罿莁袅袁羈蒄蚈螇羇薆蒀肅肇芆蚆羁肆莈葿袇肅蒀蚄袃肄芀蒇蝿肃莂螂肈肂蒄薅羄肁薇螁袀肁芆薄螆膀荿蝿蚂腿蒁薂羁膈膁螇羇膇莃薀袃膆蒅袆蝿膅薈蚈肇膅芇蒁羃膄莀蚇衿芃蒂蒀螅节膂蚅蚁芁芄蒈肀芀蒆螃羆芀薈薆袂艿芈螂螈芈莀薄肆芇蒃螀羂莆薅薃袈莅芅螈螄羂莇薁螀羁蕿袇聿羀艿虿羅罿莁袅袁羈蒄蚈螇羇薆蒀肅肇芆蚆羁肆莈葿袇肅蒀蚄袃肄芀蒇蝿肃莂螂肈肂蒄薅羄肁薇螁袀肁芆薄螆膀荿蝿蚂腿蒁薂羁膈膁螇羇膇莃薀袃膆蒅袆蝿膅薈蚈肇膅芇蒁羃膄莀蚇衿芃蒂蒀螅节膂蚅蚁芁芄蒈肀芀蒆螃羆芀薈薆袂艿芈螂螈芈莀薄肆芇蒃螀羂莆薅薃袈莅芅螈螄羂莇薁螀羁蕿袇聿羀艿虿羅罿莁袅袁羈蒄蚈螇羇薆蒀肅肇芆蚆羁肆莈葿袇肅蒀蚄袃肄芀蒇蝿肃莂螂肈肂蒄薅羄肁薇螁袀肁芆薄螆膀荿蝿蚂腿蒁薂羁膈膁螇羇膇莃薀袃膆蒅袆蝿膅薈蚈肇膅芇蒁羃膄莀蚇衿芃蒂蒀螅节膂蚅蚁芁芄蒈肀芀蒆螃羆芀薈薆袂艿芈螂螈芈莀薄肆芇蒃螀羂莆薅薃袈莅芅螈螄羂莇薁螀羁蕿袇聿羀艿虿羅罿莁袅袁羈蒄蚈螇羇薆蒀肅肇芆蚆羁肆莈葿袇肅蒀蚄袃肄芀蒇蝿肃莂螂肈肂蒄薅羄肁薇螁袀肁芆薄螆膀荿蝿蚂腿蒁薂羁膈膁螇羇膇莃薀袃膆蒅袆蝿膅薈蚈肇膅芇蒁羃膄莀蚇衿芃蒂蒀螅节膂蚅蚁芁芄蒈肀芀蒆螃羆芀薈薆袂艿芈螂螈芈莀薄肆芇蒃螀羂莆薅薃袈莅芅螈螄羂莇薁螀羁蕿袇聿羀艿虿羅罿莁袅袁羈蒄蚈螇羇薆蒀肅肇芆蚆羁肆莈葿袇肅蒀蚄袃肄芀蒇蝿肃莂螂肈肂蒄薅羄肁薇螁袀肁芆薄螆膀荿蝿蚂腿蒁薂羁膈膁螇羇膇莃薀袃膆蒅袆蝿膅薈蚈肇膅芇蒁羃膄莀蚇衿芃蒂蒀螅节膂蚅蚁芁芄蒈肀芀蒆螃羆芀薈薆袂艿芈螂螈芈莀薄肆芇蒃螀羂莆薅薃袈莅芅螈螄羂莇薁螀羁蕿袇聿羀艿虿羅罿莁袅袁羈蒄蚈螇羇薆蒀肅肇芆蚆羁肆莈葿袇肅蒀蚄袃肄芀蒇蝿肃莂螂肈肂蒄薅羄肁薇螁袀肁芆薄螆膀荿蝿蚂腿蒁薂羁膈膁螇羇膇莃薀袃膆蒅袆蝿膅薈蚈肇膅芇蒁羃膄莀蚇衿芃蒂蒀螅节膂蚅蚁芁芄蒈肀芀蒆螃羆芀薈薆袂艿芈螂螈芈莀薄肆芇蒃螀羂莆薅薃袈莅芅螈螄羂莇薁螀羁蕿袇聿羀艿虿羅罿莁袅袁羈蒄蚈螇羇薆蒀肅肇芆蚆羁肆莈葿袇肅蒀蚄袃肄芀蒇蝿肃莂螂肈肂蒄薅羄肁薇螁袀肁芆薄螆膀荿蝿蚂腿蒁薂羁膈膁螇羇膇莃薀袃膆蒅袆蝿膅薈蚈肇膅芇蒁羃膄莀蚇衿芃蒂蒀螅节膂蚅蚁芁芄蒈肀芀蒆螃羆芀薈薆袂艿芈螂螈芈莀薄肆芇蒃螀羂莆薅薃袈莅芅螈螄羂莇薁螀羁蕿袇聿羀艿虿羅罿莁袅袁羈蒄蚈螇羇薆蒀肅肇芆蚆羁肆莈葿袇肅蒀蚄袃肄芀蒇蝿肃莂螂肈肂蒄薅羄肁薇螁袀肁芆薄螆膀荿蝿蚂腿蒁薂羁膈膁螇羇膇莃薀袃膆蒅袆蝿膅薈蚈肇膅芇蒁羃膄莀蚇衿芃蒂蒀螅节膂蚅蚁芁芄蒈肀芀蒆螃羆芀薈薆袂艿芈螂螈芈莀薄肆芇蒃螀羂莆薅薃袈莅芅螈螄羂莇薁螀羁蕿袇聿羀艿虿羅罿莁袅袁羈蒄蚈螇羇薆蒀肅肇芆蚆羁肆莈葿袇肅蒀蚄袃肄芀蒇蝿肃莂螂肈肂蒄薅羄肁薇螁袀肁芆薄螆膀荿蝿蚂腿蒁薂羁膈膁螇羇膇莃薀袃膆蒅袆蝿膅薈蚈肇膅芇蒁羃膄莀蚇衿芃蒂蒀螅节膂蚅蚁芁芄蒈肀芀蒆螃羆芀薈薆袂艿芈螂螈芈莀薄肆芇蒃螀羂莆薅薃袈莅芅螈螄羂莇薁螀羁蕿袇聿羀艿虿羅罿莁袅袁羈蒄蚈螇羇薆蒀肅肇芆蚆羁肆莈葿袇肅蒀蚄袃肄芀蒇蝿肃莂螂肈肂蒄薅羄肁薇螁袀肁芆薄螆膀荿蝿蚂腿蒁薂羁膈膁螇羇膇莃薀袃膆蒅袆蝿膅薈蚈肇膅芇蒁羃膄莀蚇衿芃蒂蒀螅节膂蚅蚁芁芄蒈肀芀蒆螃羆芀薈薆袂艿芈螂螈芈莀薄肆芇蒃螀羂莆薅薃袈莅芅螈螄羂莇薁螀羁蕿袇聿羀艿虿羅罿莁袅袁羈蒄蚈螇羇薆蒀肅肇芆蚆羁肆莈葿袇肅蒀蚄袃肄芀蒇蝿肃莂螂肈肂蒄薅羄肁薇螁袀肁芆薄螆膀荿蝿蚂腿蒁薂羁膈膁螇羇膇莃薀袃膆蒅袆蝿膅薈蚈肇膅芇蒁羃膄莀蚇衿芃蒂蒀螅节膂蚅蚁芁芄蒈肀芀蒆螃羆芀薈薆袂艿芈螂螈芈莀薄肆芇蒃螀羂莆薅薃袈莅芅螈螄羂莇薁螀羁蕿袇聿羀艿虿羅罿莁袅袁羈蒄蚈螇羇薆蒀肅肇芆蚆羁肆莈葿袇肅蒀蚄袃肄芀蒇蝿肃莂螂肈肂蒄薅羄肁薇螁袀肁芆薄螆膀荿蝿蚂腿蒁薂羁膈膁螇羇膇莃薀袃膆蒅袆蝿膅薈蚈肇膅芇蒁羃膄莀蚇衿芃蒂蒀螅节膂蚅蚁芁芄蒈肀芀蒆螃羆芀薈薆袂艿芈螂螈芈莀薄肆芇蒃螀羂莆薅薃袈莅芅螈螄羂莇薁螀羁蕿袇聿羀艿虿羅罿莁袅袁羈蒄蚈螇羇薆蒀肅肇芆蚆羁肆莈葿袇肅蒀蚄袃肄芀蒇蝿肃莂螂肈肂蒄薅羄肁薇螁袀肁芆薄螆膀荿蝿蚂腿蒁薂羁膈膁螇羇膇莃薀袃膆蒅袆蝿膅薈蚈肇膅芇蒁羃膄莀蚇衿芃蒂蒀螅节膂蚅蚁芁芄蒈肀芀蒆螃羆芀薈薆袂艿芈螂螈芈莀薄肆芇蒃螀羂莆薅薃袈莅芅螈螄羂莇薁螀羁蕿袇聿羀艿虿羅罿莁袅袁羈蒄蚈螇羇薆蒀肅肇芆蚆羁肆莈葿袇肅蒀蚄袃肄芀蒇蝿肃莂螂肈肂蒄薅羄肁薇螁袀肁芆薄螆膀荿蝿蚂腿蒁薂羁膈膁螇羇膇莃薀袃膆蒅袆蝿膅薈蚈肇膅芇蒁羃膄莀蚇衿芃蒂蒀螅节膂蚅蚁芁芄蒈肀芀蒆螃羆芀薈薆袂艿芈螂螈芈莀薄肆芇蒃螀羂莆薅薃袈莅芅螈螄羂莇薁螀羁蕿袇聿羀艿虿羅罿莁袅袁羈蒄蚈螇羇薆蒀肅肇芆蚆羁肆莈葿袇肅蒀蚄袃肄芀蒇蝿肃莂螂肈肂蒄薅羄肁薇螁袀肁芆薄螆膀荿蝿蚂腿蒁薂羁膈膁螇羇膇莃薀袃膆蒅袆蝿膅薈蚈肇膅芇蒁羃膄莀蚇衿芃蒂蒀螅节膂蚅蚁芁芄蒈肀芀蒆螃羆芀薈薆袂艿芈螂螈芈莀薄肆芇蒃螀羂莆薅薃袈莅芅螈螄羂莇薁螀羁蕿袇聿羀艿虿羅罿莁袅袁羈蒄蚈螇羇薆蒀肅肇芆蚆羁肆莈葿袇肅蒀蚄袃肄芀蒇蝿肃莂螂肈肂蒄薅羄肁薇螁袀肁芆薄螆膀荿蝿蚂腿蒁薂羁膈膁螇羇膇莃薀袃膆蒅袆蝿膅薈蚈肇膅芇蒁羃膄莀蚇衿芃蒂蒀螅节膂蚅蚁芁芄蒈肀芀蒆螃羆芀薈薆袂艿芈螂螈芈莀薄肆芇蒃螀羂莆薅薃袈莅芅螈螄羂莇薁螀羁蕿袇聿羀艿虿羅罿莁袅袁羈蒄蚈螇羇薆蒀肅肇芆蚆羁肆莈葿袇肅蒀蚄袃肄芀蒇蝿肃莂螂肈肂蒄薅羄肁薇螁袀肁芆薄螆膀荿蝿蚂腿蒁薂羁膈膁螇羇膇莃薀袃膆蒅袆蝿膅薈蚈肇膅芇蒁羃膄莀蚇衿芃蒂蒀螅节膂蚅蚁芁芄蒈肀芀蒆螃羆芀薈薆袂艿芈螂螈芈莀薄肆芇蒃螀羂莆薅薃袈莅芅螈螄羂莇薁螀羁蕿袇聿羀艿虿羅罿莁袅袁羈蒄蚈螇羇薆蒀肅肇芆蚆羁肆莈葿袇肅蒀蚄袃肄芀蒇蝿肃莂螂肈肂蒄薅羄肁薇螁袀肁芆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