MBA商务英语讲义2011-2012

MBA商务英语课堂讲义

戴若愚老师

dryswjtu@126.com

许健，你好！附件是本期上课要讲的内容。

我们上课的教材是《工商管理英语教程》主编 张初愚 西安交通大学出版社，当当网上好像有售，请转告同学们，谢谢！ 戴

―(1) An earthquake is a sudden tremor or movement of the earth's crust, which originates at or below the surface. (2) There are two main causes of earthquakes. (3) They can be linked to explosive volcanic eruptions or can be triggered by tectonic activity, with the latter being the cause of most earthquakes. ‖

―(1) 地球内部物质不停的运动，会产生一股作用于岩层的巨大力量。(2) 当这股力量积累到一定程度时，可使一些岩层发生弯曲、变形。(3) 一旦岩层承受不了这种变化的时候，就会发生急剧的破裂、错动，引起强烈振动，这种振动就是我们平时所说的地震。‖

Gold, a precious metal, is prized for important characteristics. Gold has a lustrous beauty that is resistant to corrosion. It is suitable for jewelry, coins and ornamental purposes. Gold never needs to be polished, and will remain beautiful forever. A Macedonian coin remains as untarnished today as the day it was minted twenty-three centuries ago. Important characteristics of gold is its usefulness to industry and science. It has been used in hundreds of industrial applications. The most recent use of gold is in astronauts‘ suits. Gold is treasured for its beauty, for it utility.

―虽有佳肴，弗食，不知其旨也；虽有至道，弗学，不知其善也。是故学，然后知不足；教，然后知困。知不足，然后能自反也，知困，然后能自强也。故曰，教学相长也。‖（《礼记 学记》）

Even when there is good food, you will not know its deliciousness, if you do not taste it; even when there is a good doctrine, you will not know its virtue, if you do not learn it. Therefore, to learn makes us realize our deficiency, and to teach makes us know the difficulties. Having realized our deficiency, we may then come to reflect; having known the difficulties, we may be able to strengthen ourselves to overcome them. So, we say, to teach is to learn.

（钱歌川，《翻译的技巧》，商务印书馆，1981）

There is nothing more disappointing to a hostess who has gone to a lot of trouble or expense than to have her guest so interested in talking politics or business with her husband that he fails to notice the flavor of the coffee, the lightness of the cake, or the attractiveness of the house, which may be her chief interest and pride.

Unit 01 Language

Commonly used words and expression for cohesion and conjunctions

time & sequence: after, before, first, second, then, next, finally, later, meanwhile, in the past; space & location: here, there, nearby, under, below, in front of, in the middle of, at the back of;

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addition & attachment: and, also, again, in addition, besides, furthermore, moreover, what is more;

differences & similarities: however, nevertheless, but, although, yet, while, on the contrary, in spite of, instead, but, unlike, similarly, likewise, in the same way, like;

Reasons & Results: since, because, as, result from, due to, thanks to, for this reason, therefore, consequently, accordingly, thus;

specialization: for example, for instance, such as, namely, in other words, that is to say; conclusion: in conclusion, to sum up, in short, in a word, in brief, on the whole.

Unit 02 Culture

欧洲商务礼仪

Nobody actually wants to cause offence but, as business becomes ever more international, it is increasingly easy to get it wrong. There may be a single European market but it does not mean that managers behave the same in Greece as they do in Denmark.

In many European countries handshaking is an automatic gesture. In France good manners require that on arriving at a business meeting a manager shakes hands with every one present. This can be a demanding task and, in a crowded room, may require gymnastic ability if the farthest hand is to be reached.

In Europe the most common challenge is not the content of the food, but the way you behave as you eat. Some things are just not done. In France it is not good manners to raise tricky questions of business over the main course. Business has its place: after the cheese course. Unless you are prepared to eat in silence you have to talk about something – something, that is, other than the business deal which you are continually chewing over in your head.

Italians give similar importance to the whole process of business entertaining. In fact, in Italy the biggest fear, as course after course appears, is that you entirely forget you are there on business. If you have the energy, you can always do the polite thing when the meal finally ends, and offer to pay. Then, after a lively discussion, you must remember the next polite thing to do – let your host pick up the bill.

In Germany, as you walk sadly back to your hotel room, you many wonder why your apparently friendly hosts have not invited you out for the evening. Don‘t worry, it is probably nothing personal. Germans do not entertain business people with quite the same enthusiasm as some of their European counterparts.

These cultural challenges exist side by side with the problems of doing business in a foreign language. Language, of course, is full of difficulties – disaster may be only a syllable away. But the more you know of the culture of the country you are dealing with, the less likely you are to get into difficulties. It is worth the effort. It might be rather hard to explain that the reason you lost the contract was not the product or the price, but the fact that you offended your hosts in a light-hearted comment over an aperitif. Good manners are admired: they can also make or break the deal.

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Typical Actions to Unfamiliar Cultures

Ethnocentrism: Assumptions of Superiority Most culture assumes their own values and practices are superior to those of the rest of the world. English-speaking cultures encode this assumption of superiority by using words such as backward and primitive, when actually those evaluations are one cultural view, seen through specific cultural windows, not as an absolute assessment. For this reason, ethnocentrism can lead to complacency.

Projected Cognitive Similarity: Assumptions of Universality This means to assume you know how someone else is thinking based on how you see things. It occurs when you think you know someone else‘s perceptions, judgments, attitudes, and values because you assume they are like your own. This can lead to disrupted communication and even conflict.

A Japanese employee in Tokyo whose report is not ready by the deadline goes to his superior and explains that problems at home with his wife have driven him to drinking more than he should and going home very late after the employee‘s evenings out. The result is a raging hangover that makes him unable to concentrate on writing the report. For the Japanese worker, neither the excessive drinking nor the domestic problem is a source of shame, and his expectation is that the superior‘s attitude will be acceptance and a paternalistic concern for the employee‘s plight. The superior‘s behavior is probably to counsel the employee and to inquire into the domestic situation in subsequent weeks.

When this scenario is presented to businesspeople in the United States, they typically say that an employee who explained that he had failed to complete a report because of a hangover from excessive drinking (whether or not it was to escape domestic problems) would probably incur double condemnation, at least in the mind of the superior. He would be criticized for drinking too much and also for not completing the report on time. Generally speaking, in the United States the superior‘s behaviour would be to tell the employee to get hold of himself and get some help or else expect the unpleasant consequences that follow from failure to perform Two‘s work. The employee in the United States may be no less debilitated by a hangover than his Japanese counterpart, but he will offer some other reason for not being able to get the report done: He may call in saying he‘s ill.

A Chinese male graduate student in the United States lived in a residence hall where he shared a room with an American. Two day his roommate went into the bathroom and completely shaved his head. The Chinese student easily discovered this fact when he himself visited the bathroom and saw the hair everywhere. He returned to his room and said to his roommate, ―You have shaved your head.‖ The American replied, ―Yeah, I did.‖

The Chinese student waited a little, then said, ―I discovered you‘d shaved your head when I went into the bathroom and saw the hair.‖ ―Yeah,‖ the American confirmed. The Chinese was at a loss. He believed he had communicated in the strongest possible language his wish that the American would clean up the mess he‘d made in the bathroom. But no such meaning was attributed to his words by his roommate. Later he discussed the surprising episode with his Chinese friends who told him, ―Listen, with Americans you actually have to

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say ?Cleanup the bathroom‘!‖ The Chinese student believed his message had been very clear. He was relying on the context of the communication for the message to be understood: Hair was recently and widely scattered all over the bathroom, and his roommate now had now had no hair.

Low Context vs High Context

A female neurologist from Beijing was working on a research project in a Toronto hospital. She shared a small office with a young Canadian male from a large family, who loved peanut butter. He was so fond of peanut butter, he kept a jar in the office. One day he came into the office and exclaimed, ―Who took my peanut butter?‖ (This was not clearly encoded even though his Canadian culture is lower-context than higher-context. He really meant, ―Where is my peanut butter? I can not find it.‖) But the Chinese woman immediately felt accused. After all, there were only two of them in the office.

She was deeply distressed, but true to her learned cultural behaviour of never showing anger in public, she said nothing. Later that day she was working in a room where a physiotherapist was treating a patient who suffered paralysis of his legs and arms from a motorcycle accident. The physiotherapist moved one of the patient‘s legs in a way that caused him pain.

―Ouch!‖ he cried.

―Oh, I didn‘t do that,‖ said the physiotherapist. ―It was that doctor over there,‖ and she pointed to the Chinese woman.

―How could she have done it since she‘s on the other side of the room?‖ the patient pointed out.

―Ah, she has three hands.‖ The physiotherapist replied.

At these words the Chinese doctor became even more upset. She was so disturbed she behaved in a way uncharacteristic of her culture. She waited until the patient had gone, and then said to the physiotherapist, ―I‘m very upset by what you said.‖ The physiotherapist was taken aback. What had she said? ―You said I had three hands,‖ the doctor finally choked. ―You think I took the peanut butter.‖

What was going on in this exchange? The physiotherapist was making a joke that operated on two levels when she said the doctor had ―three hands.‖ She wasn‘t serious, of course, and expected the patient to be amused at her fanciful explanation for his pain: that the doctor on the other side of the room could have reached an imaginary third hand out to touch him. The Chinese came from a culture where the question ―Who did this?‖ means someone is to blame. Her culture furthermore prohibits direct accusation unless a person has been targeted for shame. Shame is a terrible ordeal since it means punishment for not being a cooperative member of the group. And finally, in Chinese a ―three-handed person‖ is slang for thief. The physiotherapist didn‘t know that, nor did she know anything about a missing jar of peanut butter. But because the Chinese woman spoke out loud and put her distress into words, the whole episode was resolved. The therapist explained to the doctor that she only said ―three hands‖ because it was so obvious the doctor was not responsible for causing the pain to the patient.

Read the following sentences carefully, decide what is wrong with them and think

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about the effect that such errors could have if they happened in a real business situation.

1. We shall try out the questionnaires first on our guests to see if we can improve on them.

2. Your question annoys us since all guests including you were given an information booklet in which all such matters are clearly dealt with. Had you read it you would not be making complaints. (write to a customer).

Level of Speech

A young lady home from school was explaining. ―take an egg,‖ she said, ―and make a perforation in the base and a corresponding one in the apex, then apply the lips to the aperture, and by forcibly inhaling the breath, the shell is entirely discharged of its contents.‖

An old day who was listening exclaimed: ―It beats all how folks do things nowadays. When I was a gal, they made a hole in each end and sucked‖

The English Character

No Englishman believes in working from book learning. He suspects all theories, philosophical(哲学理论) or other. He suspects everything new,and dislikes it, unless he can be compelled by the force of circumstances to see that this new thing has advantage over the old. Race-experience is what he invariably depends upon, whenever he can, whether in India, in Egypt, or in Australia. His statesmen do not consult historical precedents（先例） in order to decide what to do : they first learn the facts as they are; then they depend upon their own common sense, not at all upon their university learning or upon philosophical theories. And in the case of the English nation, it must be acknowledges that this instinctive method has been extremely successful.

The last people from whom praise can be expected, even for what is worthy of all praise, are the English. A new friendship, a new ideal, a reform, a noble action, a wonderful poet, an exquisite(精致的) painting—any of these things will be admired and praised by every other people in Europe long before you can get Englishmen to praise. The Englishman all this time is studying, considering, trying to find fault. Why should he try to find fault? So that he will not make any mistakes at a later day. He has inherited(继承) the terrible caution(谨慎) of his ancestors in regard to mistakes. It must be granted that his caution has saved him from a number of very serious mistakes that other nations have made. It must also be acknowledged that he exercises a fair amount of moderation(适度) in the opposite direction—this modern Englishman; he has learned caution of another kind, which his ancestors taught him. ―Power should be used with moderation(适度), for whoever finds himself among valiant(勇敢的) men will discover that no man is superior to others.‖ And this is a very important thing for the strong man to know—that however strong, he cannot be the strongest; his match will be found when occasion demands it. Not only Scandinavian(斯堪的纳维亚的) but English rulers have often discovered this fact to their cost.

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The judgment of the Englishman by all other European peoples is that he is the most suspicious(多疑)，the most reserved(含蓄的), the most unreceptive, the most unfriendly, the coldest-hearted, and the most domineering(盛气凌人) of all western peoples. American, what he thinks about Englishmen; and every one of them will tell you the very same thing. This is precisely(精确，正是) what the character of men would become who had lived for thousands of years in the conditions of northern society. But you would find upon the other hand that nearly all nations would speak highly of certain other English qualities—energy, courage, honor, justice(between themselves). They would say that although no man is so difficult to make friends with, the friendship of an Englishman once gained is more strong and true than any other. And as the battle of life still continues, and must continue for thousands of years to come, it must be acknowledged that the English character is especially well fitted for the struggle. Its reserves(矜持)，its doubts ,its suspicions, its brutality(粗蛮)—these have been for it in the past, and are still in the present, the best social armour(盔甲) and panoply(全副盔甲) of war. It is not a lovable nor a friendly character; it is not even kindly. The Englishman of the best type is much more inclined to be just than he is to be kind, for kindness is an emotional impulse(冲动), and the Englishman is on his guard against（提防） every kind of emotional impulse. But with all this, the character is a grand（最崇高的） one, and its success has been best proof of its value.

Unit 03 Organization and Management

What do you think makes a good manager? Which of the following qualities do you think are the most important?

being decisive: able to make quick decisions

being efficient: doing things quickly, not leaving tasks unfinished, having a tidy desk, and so on

being friendly and sociable

being able to communicate with people being logical, rational and analytical

being able to motivate and inspire and lead people being authoritative: able to give orders

being competent: knowing one‘s job perfectly, as well as the work for one‘s subordinates being persuasive: able to convince people to do things having good ideas

being highly educated and knowing a lot about the world being prepared to work 50 to 60 hours a week wanting to make a lot of money

We refer to a group of people as an organization because each has a structure and strives (work hard) to achieve goals that individuals acting alone could not reach. Profit-oriented (decide a direction toward making money) businesses are one type of setting in which managers are found, but they are not the only one. Some of these are small, and others large. Some are

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for—profit companies, and others are nonprofit organizations. Some offered products, some offered both products and services, and others offered only services, some were well managed, and others struggled merely (only) to survive (remain alive).

All organizations strive to achieve specific goals, but they do not all have the same goals..

A manger is a person who plans, organizes, directs, and controls the allocation of human, material, financial, and information resources in pursuit of the organization‘s goals. The many different types of managers include department managers, district managers, and task force managers. What they all have in common is responsibility for the efforts of a group of people who share a goal and access (the right to use) to resources that the group can use in pursuing its goal.

The term management can be used to refer to the tasks that managers do. These tasks include planning, organizing, leading, and controlling the work of an organization.

Unit 04 Levels of Management

Vocabulary 1. autonomous A. a system of authority with different levels, one above the other 2. decentralization B. a specific activity in a company, e.g. production, marketing, finance 3. function C. independent, able to take decisions without consulting a higher authority 4. hierarchy D. people working under someone else in a hierarchy 5. line authority E. dividing an organization into decision-making units that are not centrally controlled 6. report to F. the power to give instructions to people at the level below in the chain of command. 7. subordinates G. to be responsible to someone and to take instructions from him or her

Company Structure

Most organizations have a hierarchical or pyramidal structure, with one person or a group of people at the top, and an increasing number of people below them at each successive level. There is a clear line or chain of command running down the pyramid. All the people in the organization know what decisions they are able to make, who their superior (or boss) is (to whom they report), and who their immediate subordinates are (to whom they can give instructions).

Some people in an organization have colleagues who help them: for example, there might be an Assistant to the Marketing Manager. This is known as a staff position: its holder has no line authority, and is not integrated into the chain of command, unlike, for example, the Assistant Marketing Manager, who is number two in the marketing department.

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Yet the activities of most companies are too complicated to be organized in a single hierarchy. Shortly before the first world war, the French industrialist Henry Fayol organized his coal-mining business according to the functions that it had to carry out. He is generally credited with inventing functional organization. Today, most large manufacturing organizations have a functional structure, including (among others) production, finance, marketing, sales, and personnel or human resources departments. This means, for example, that the production and marketing departments cannot take financial decisions without consulting the finance department.

Functional organization is efficient, but there are two standard criticisms. Firstly, people are usually more concerned with the success of their department than that of the company, so there are permanent battles between, for example, finance and marketing, or marketing and production, which have incompatible goals. Secondly, separating functions is unlikely to encourage innovation.

Yet for a large organization manufacturing a range of products, having a single production department is generally inefficient. Consequently, most large companies are decentralized, following the model of Alfred Sloan, who divided General Motors into separate operating divisions in 1920. Each division has its own engineering, production and sales departments, made a different category of car (but with some overlap, to encourage internal competition), and was expected to make a profit.

Business that cannot be divided into autonomous divisions with their own markets can simulate decentralization, setting up divisions that deal with each other using internally determined transfer prices. Many banks, for example, have established commercial, corporate, private banking, international and investment divisions.

An inherent problem of hierarchies is that people at lower levels are unable to make important decisions, but have to pass on responsibility to their boss. One solution to this is matrix management, in which people report to more than one superior. For example, a product manager with an idea might be able to deal directly with managers responsible for a certain market segment and for a geographical region, as well as the managers responsible for the traditional functions of finance, sales and production. This is one way of keeping authority at lower levels, but it is not necessarily a very efficient one. Thomas Peters and Robert Waterman, in their well-known book In Search of Excellence, insist on the necessity of pushing authority and autonomy down the line, but they argue that one element – probably the product – must have priority; four-dimensional matrices are far too complex.

A further possibility to have wholly autonomous, temporary groups or teams that are responsible for an entire project, and are split up as soon as it is successfully completed. Teams are often not very good for decision-making, and they run the risk of relational problems, unless they are small and have a lot of self-discipline. In fact they still require a definite leader, on whom their success probably depends.

Unit 05 Production

Planning issues: minimizing the number of set-ups, minimizing stock levels; scheduling

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(general planning e.g. raw materials/day, units produced/day);

Sourcing issues: subcontracting/contracting out/outsourcing (employing other companies to make certain components); maintaining continuity of supply; delivery speed; flexibility of supplier; quality control of materials and parts; negotiating with suppliers

Stock control issues: minimizing stock losses; checking the expiry dates of stocks.

Production issues: quality control; labour skill required; automation/robotics; build quality (high/low quality of the manufacturing); production problems (e.g. strikes, equipment not working); packing and dispatch; transport and delivery

Single-item production is a unique product which is made to order and produced at the producer‘s premises e.g. a made-to measure suit.

Batch production is the manufacture of different versions of the same basic product in small groups e.g. different colours of paint, flavours of yoghurt.

Line production is the manufacture of a standard product on an assembly line e.g. motor vehicles.

Continuous flow production is where machinery produces a single, standard product on a 24-hour basis e.g. chemical manufacture or oil refining.

An on-site project is a unique product assembled on site e.g. a ship or a civil engineering project.

Vocabulary

These are some basic words used in relation to industrial production. Match them up with the definitions below.

Capacity component inventory lead time location Outsourcing or contracting out plant subcontractor

Any company that provides goods or services for another one. Any of the pieces or parts that make up a product, machine, etc.

Buying products or processed materials from other companies rather than manufacturing them.

The (maximum) rate of output that can be achieved from a production process

The buildings, machines, equipment and other facilities used in the production process. The geographical situation of a factory or other facility

The stock of any item or resource used in an organization (including raw materials, parts, supplies, work in process and finished products)

The time needed to perform an activity (i.e. to manufacture or deliver something)

Read the text below, and insert the eight words below.

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Capacity component inventory lead times Location outsourcing plants subcontractor

JUST-IN-TIME PRODUCTION

Manufacturing companies are faced with a ?make-or-buy decision‘ for every item or (1)………………..they use (as well as for every process and service). Do they make it themselves or do they outsource, and buy from a (2)………………..? If a company assembles products supplied by a large number of subcontractors, they face the problem of how much (3)……………… they require.

In Just-In-Time (JIT) production – also called lean production, stockless production, and continuous flow manufacture – nothing is bought or produced until it is needed. Each section of the production process makes the necessary quantity of the necessary units at the necessary time – which is when it is required by the next stage of the manufacturing process, or by distributors or customers.

The JIT system is usually credited to Taiichi Ohno, who was vice-president for manufacturing with Toyota in Japan in the early 1950s – although he stated that he got the idea from American supermarkets! JIT is wholly contrary to the European and American logic of encouraging greater productivity, and welcoming production that exceeds the agreed schedule or quota, and stocking extras in case of future problems.

JIT minimizes the cost of holding inventories, which are regarded negatively, as avoidable costs, rather than as assets. The large Japanese manufacturing companies have long practiced (4)………………, and generally use extensive networks of small subcontractors. Of course, if a single subcontractor fails to deliver a component on time, the whole production process is sabotaged, but he Japanese industrial system relies on the mutual trust and long-term relationships. Small suppliers often attempt to situate their facilities close to the (5)……………… of a larger company with which they work.

The Japanese also prefer small, specialized production (6)……………with a limited (7)……………………, in which, wherever possible, all the machines required for a certain job are grouped together. This avoids all the waiting and moving time involved in sending half-finished items from one department to another, although it often requires flexible, multi-skilled employees.

JIT thus greatly reduces transportation and inventory costs, and should ensure that there is no waste form overproduction, or from idle workers waiting for parts. It allows increased productivity because of shortened throughput time. If factories are equipped so that set-up times are short, very small production runs are possible. Any quality problems or product defects should be noticed more quickly, production (8)……………….. are reduced, and the firm can react more rapidly to demand changes.

Comprehension

According to the text, are the following sentences TRUE or FALSE. If they are false, say why.

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In JIT, products are ?pulled‘ through the manufacturing process from the end, rather than ?pushed‘ through form the beginning.

JIT originated in American manufacturing.

JIT encourages production workers to exceed their production targets.

Companies using the JIT system and outsourcing many their components are highly dependent on their subcontractors.

In a JIT system, a delivery of defective components can be replaced from the reserve inventory.

JIT depends on harmonious partnerships between a company and its suppliers. Japanese production systems generally speed up the entire manufacturing process. JIT leads to economies of scale.

JIT production – manufacturing only when a customer places an order – does not encourage innovation or the creation of demand.

Unit 06 Accounting and Financial Statements

Bookkeeping and accounting: the recording of transactions, the elaboration of budgets, the calculation of costs and expenses, the preparation of financial statements and tax returns, and so on – is central to all commercial activity, from the smallest sole-trader or self-proprietorship (所有权) (one person business) to the largest multinational company. Financial control is equally crucial for all non-commercial institutions. Match up the terms with the definition below.

Bookkeeping accounting

managerial accounting cost accounting tax accounting auditing

?creative accounting

Calculating an individual‘s or a company‘s liability for tax Writing down the details of transactions (debits and credits)

Keeping financial records, recording income and expenditure, valuing assets and liabilities, and so on

Preparing budgets and other financial reports necessary for management Inspection and evaluation of accounts by a second set of accountants

Using all available accounting procedures and tricks to disguise the true financial position of a company

Working out the unit cost of products, including materials, labour and all other expenses

Vocabulary

These are some of the most common terms in accounting. Match them up with the definitions below.

Assets, liabilities turnover

Depreciation (GB) or amortization (US)

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Creditors (GB) or accounts payable (US) Debtors (GB) or accounts receivable (US)

Overheads (GB) or overhead (US) earnings or income

Shareholders (GB) or stockholders (US) stock (GB) or inventory (US)

A company‘s owners

The revenues received by a company during a given period, minus the cost of sales, operating expenses, and taxes.

All the money that a company will have to pay to someone else in the future, including taxes, debts, and interest and mortgage payments

The amount of business done by a company over a year

Anything owned by a business (cash investments, buildings, machines, and so on)that can be used to produce goods or pay liabilities

The reduction in value of a fixed asset during the years it is in use (charged against profits) Sums of money owned by customers for goods or services purchased on credit

(the value of) raw materials, work in progress, and finished products stored ready for sale. The various expenses of operating a business that cannot be charged to any one product, process or department.

Unit 07 Marketing I

Marketing, a vital part of any business undertaking, is a group of activities designed to facilitate and expedite exchanges. Marketing activities ensure that the products consumers want to purchase are available at a price they are willing to pay and that consumers know that the product is available. Business English Unit Eight

According to the marketing concept, a business must find out what consumers need and want and then develop the product, service, or idea that fulfills their need or want. The business must then get the product (or service, or idea) to the customer. The process does not stop there. The business must continue to alter, adapt, and develop products to keep pace with the changing needs and wants of consumers. Although customer satisfaction is the goal of the marketing concept, a business must coordinate its marketing activities so that it can achieve its own objectives. If it does not achieve its own objectives, it will not stay in business for long.

For example, a company could sell VCRs $100 and give customers a life time guarantee with each one. That would be great for the customers but not so great for the organization. Obviously companies must strike a balance between achieving organizational objectives and satisfying customers.

Here is a definition of marketing. Complete it by inserting the following verbs in the gaps.

Design develop identify influence modify persuade

Marketers have to (1) ……………………….. or anticipate a consumer need; (2) ……………………. a product or service that meets that need better than any competing products or services; (3) ……………………. Target customers to try the product or service; and , in the long term, (4) ………………………..it to satisfy changes in consumer needs or market conditions. Marketers can (5) …………………….. particular features, attractive packaging, and effective advertising, that will

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(6) ……………………consumers‘ wants. Marketing thus begins long before the product or service is put on the market; it combines market research, new product development, distribution, advertising, promotion, product improvement, and so on.

Second Definition

There will always, one can assume, be a need for some selling. But the aim of marketing is to make selling superfluous. The aim of marketing is to know and understand the customer so well that the product or service fits him and sells itself. Ideally, marketing should result in a customer who is ready to buy.

Vocabulary

Match up the words or expressions.

1. distribution channel 2. to launch a product 3. market opportunities 4. market research

5. market segmentation 6. packaging 7. points of sale 8. product concept 9. product features 10. sales representative

1. all the companies or individuals in moving a particular good or services from the

producer to the consumer

2. an idea for a new product, which is tested with target consumers before the actual

product is developed.

3. Attributes or characteristics of a product: quality, price, reliability, etc.

4. Dividing a market into distinct groups of buyers who have different requirements or

buying habits.

5. Places where goods are sold to the public – shops, stores, kiosks, market stalls, etc.

6. Possibilities of filling unsatisfied needs in sectors in which a company can profitably

produce goods or services.

7. Someone who contacts existing and potential customers, and tries to persuade them to

buy goods or services.

8. Collecting, analyzing and reporting data relevant to a specific marketing situation (such

as a proposal new product)

9. To introduce a new product onto the market.

10. Wrappers and containers in which products are sold

Look quickly through the following texts and decide which paragraphs are about these subjects:

company-to-company marketing identifying market opportunities the marketing mix

the selling and marketing concepts

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the importance of market research

THE CENTRALITY OF MARKETING

Most management and marketing writers now distinguish between selling and marketing. The ?selling concept‘ assumes that resisting consumers have to be persuaded by vigorous hard-selling techniques to buy non-essential goods or services. Products are sold rather than bought. The ?marketing concept‘, on the contrary, assumes that he producer‘s task is to find wants and fill them. In other words, you do not sell what you make, you make what will be bought. As well as satisfying existing needs, marketers can also anticipate and create new ones. The markets for the Walkman, videogame consoles, CD players, personal computers, the internet, mobile phones, mountain bikes, snowboards, and genetic engineering, to choose some recent examples, were largely created rather than identified.

Marketers are consequently always looking for market opportunities – profitable possibilities of filling unsatisfied needs or creating new ones in areas in which the company is likely to enjoy a differential advantage, due to its distinctive competencies (the things it does particularly well). Market opportunities are generally isolated by market segmentation. Once a target market has been identified, a company has to decide what goods or service to offer. This means that much of the work of marketing has been done before the final product or service comes into existence. It also means that eh marketing concept has to be understood throughout the company, e.g. in the production department of a manufacturing company as much as in the marketing department itself. The company must also take account of the existence of competitors, who always have to be identified, monitored and defeated in the search for loyal customers.

Rather than risk launching a product or service solely on the basis of intuition or guesswork, most companies undertake market research (GB) or marketing research (US). The collect and analyse information about the size of a potential market, about consumers‘ reactions to particular product or service features, and so on. Sales representatives, who also talk to customers, are another important source of information.

Once the basic offer, e.g. a product concept, has been established, the company has to think about the marketing mix, i.e. all the various elements of a marketing programme, their integration, and the amount of effort that a company can expend on them in order to influence the target market. The best-known classification of these elements is the ?Four Ps‘: product, place, promotion and price. Aspects to be considered in marketing products include quality, features (standard and optional), in marketing products include quality, features (standard and optional), style, brand name, size, packaging, services and guarantee. Place in a marketing mix includes such factors as distribution channels, locations of points of sale, transport, inventory size, etc. Promotion groups together advertising, publicity, sales promotion, and personal selling, while price includes the basic list price, discounts, the length of the payment period, possible credit terms, and so on. It is the job of a product manager or a brand manager to look for ways to increase sales by changing the marketing mix.

It must be remembered that quite apart from consumer markets (in which people buy products for direct consumption) there exists an enormous producer or industrial or business market, consisting of all the individuals and organizations that acquire goods and

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services that are used in the production of other goods, or in the supply of services to others. Few consumers realize that the producer market is actually larger than the consumer market, since it contains all the raw materials, manufactured parts and components that go into consumer goods, plus capital equipment such as buildings and machines, supplies such as energy and pens and paper, and services ranging from cleaning to management consulting, all of which have to be marketed. There is consequently more industrial than consumer marketing, even though ordinary consumers are seldom exposed to it.

Comprehension Which of the following three paragraphs most accurately summarizes the text in the reading, and why?

First summary Marketing means that you do not have to worry about selling your product, because you know it satisfies a need. Companies have to identify market opportunities by market segmentation: doing market research, finding a target market, and producing the right product. Once a product concept has been established, marketers regularly have to change the marketing mix – the product‘s features, its distribution, the way it is promoted, and its price – in order to increase sales. Industrial goods – have to be marketed as well as consumer goods.

Second summary The marketing concept has now completely replaced the old-fashioned selling concept. Companies have to identify and satisfy the needs of particular market segments. A product‘s features are often changed, as are its price, the places in which it is sold, and the way in which it is promoted. More important than the marketing of consumer goods is the marketing of industrial or producer goods.

Third summary The marketing concept is that a company‘s choice of what goods and services to offer should be based on the goal of satisfying consumers‘ needs. Many companies limit themselves to attempting to satisfy the needs of particular market segments. Their choice of action is often the result of market research. A product‘s features, the methods of distributing and promoting it, and its price, can all be changed during the course of its life, if necessary. Quite apart from the marketing of consumer products, with which everybody is familiar, there is a great deal of marketing of industrial goods.

Unit 08 Marketing II

Fill in the gaps in the sentences below with words from this list.

Commercials competes design distribution End-users hire purchase image labels mail order materials newspaper advertisements opportunities outlets place posters price product promotion

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Most companies begin as private limited companies. Their owners have to put up the capital themselves, or borrow from friends or a bank, perhaps a bank specializing in venture capital. The founders have to write a Memorandum of Association (GB) or a Certificate of Incorporation (US), which states the company‘s name, its purpose, its registered office or premises, and the amount of authorized share capital. They also write Articles of Association (GB) or Bylaws (US), which set out the duties of directors and the rights of share holders (GB) or stockholders (US). They send these documents to the registrar of companies.

A successful, growing company can apply to a stock exchange to become a public limited company (GB) or a listed company (US). Newer and smaller companies usually join ?over-the-counter‘ markets, such as the Alternative Investment Market in London or Nasdaq in New York. Very successful businesses can apply to be quoted or listed (i.e. to have their shares traded) on major stock exchanges. Publicly quoted companies have to fulfil a large number of requirements, including sending their shareholders an independently-audited report every year, containing the year‘s trading results and a statement of their financial position.

The act of issuing shares (GB) or stocks (US) for the first time is known as floating a company (making a flotation) (release for sale). Companies generally use an investment bank to underwrite the issue, i.e. to guarantee to purchase all the securities at an agreed price on a certain day, if they cannot be sold to the public.

Companies wishing to raise more money for expansion can sometimes issue new shares, which are normally offered first to existing shareholders at less than their market price. This is known as a rights issue. Companies sometimes also choose to capitalize part of their profit, i.e. turn it into capital, by issuing new shares to shareholders instead of paying dividends. This is known as a bonus issue.

Buying a share gives its holder part of the ownership of a company. Shares generally entitle their owners to vote at a company‘s Annual General Meeting (GB) or Annual Meeting of Stockholders (US), and to receive a proportion of distributed profits in the form of dividend – or to receive part of the company‘s residual value if it goes into liquidation. Shareholders can sell their shares on the secondary market at any time, but the market price of a share – the price quoted at any given time on the stock exchange, which reflects (more or less) how well or badly the company is doing – may differ radically from its nominal value.

Unit 11 International Trade

Vocabulary

Match up these words and expressions with the definition below.

Autarky balance of payments balance of trade barter or counter-trade Deficit dumping invisible imports and exports

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protectionism Quotas surplus tariffs

visible trade (GB) or merchandise trade (US)

1. trade in goods

2. trade in services (banking, insurance, tourism, and so on) 3. direct exchanges of goods, without the use of money

4. the difference between what a country receives and pays for its exports and imports of goods

5. the difference between a country’s total earnings form exports and its total expenditure on imports 6. the (impossible) situation in which a country is completely self-sufficient and has no foreign trade 7. a positive balance of trade or payments 8. a negative balance of trade or payments. 9. selling goods abroad at (or below) cost price

10. imposing trade barriers in order to restrict imports 11. taxes charged on imports

12. quantitative limits on the import of particular products or commodities

PROTECTIONISM AND FREE TRADE

The majority of economists believe in the comparative cost principle, which proposes that all nations will raise their living standards and real income if they specialize in the production of those goods and services in which they have the highest relative productivity. Nations may have an absolute or a comparative advantage in producing goods or services because of factors of production (notably raw material), climate, division of labour, economies of scale, and so forth.

This theory explains why there is international trade between North and South, e.g. semiconductors going form the USA to Brazil, and coffee going in the opposite direction. But it does not explain the fact that over 70% of the exports of the advanced industrial countries go to other similar advanced nations, with similar resources, wage rates, and levels of technology, education, and capital. It is more a historical accident than a result of natural resources that the US leads in building aircraft, semiconductors, computers and software, while Germany makes luxury automobiles, machine tools and cameras.

However, the economists who recommend free trade do not face elections every four or five years. Democratice governments do, which often encourages them to impose tariffs and quotas in order to protect what they see as strategic industries – notably agriculture – without which the country would be in danger if there was a war, as well as other jobs. Abandoning all sectors in which a country does not have a comparative advantage is likely to lead to structural unemployment in the short (and sometimes medium and long) term.

Other reasons for imposing tariffs include the following:

To make imports more expensive than home-produced substitutes, and thereby reduce a balance of payments deficit;

As a protection against dumping (the selling of goods abroad at below cost price in order to destroy or weaken competitors or to earn foreign currency to pay for necessary imports); To retaliate against restrictions imposed by other countries;

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To protect ?infant industries‘ until they are large enough to achieve economies of scale and strong enough to compete internationally.

With tariffs, it is impossible to know the quantity that will be imported, because prices might be elastic. With quotas, governments can set a limit to imports. Yet unlike tariffs, quotas provide no revenue for the government. Other non-tariff barriers that some countries use include so-called safety norms, and the deliberate creation of customs difficulties delays:

The General Agreement on Tariffs and Trade (GATT), an international organization set up in 1947, had the objective of encouraging international trade, of making tariffs the only form of protectionism, and of reducing these as much as possible. The most favoured nation clause of the Gatt agreement specified that countries could not have favoured trading partners, but had to grant equally favourable conditions to all trading partners. The final Gatt agreement – including services, copyright, and investment, as well as trade in goods – was signed in Marrakech in 1994, and the organization was superseded by the World Trade Organization.

It took nearly 50 years to arrive at the final Gatt agreement because until the 1980s, most developing countries opposed free trade. They wanted to industrialize in order to counteract what they rightly saw as an inevitable fall in commodity prices. They practiced import substitution (producing and protecting goods that cost more than those made abroad), and imposed high tariff barriers to protect their infant industries.

Nowadays, however, many developing countries have huge debts with Western commercial banks on which they are unable to pay the interest, let alone repay the principal. Thus they need to rollover (or renew) the loans, to reschedule (or postpone) repayments, or to borrow further money from the International Monetary Fund, often just to pay the interest on existing loans. Under these circumstances, the IMF imposes severe conditions, usually including the obligation to export as much as possible.

Quite apart from IMF pressure, Third World governments are aware of the export successes of the East Asian ?Tiger‘ economies (Hong Kong, Singapore, South Korea and Taiwan), and of the collapse of the Soviet economical model. They were afraid of being excluded from the world trading system by the development of trading blocks such as the European Union, finalized by the Maastricht Treaty, and the North American Free Trade Agreement (NAFTA), both signed in the early 1990s. So they tended to liberalize their economies, lowering trade barriers and opening up to international trade.

There is a logical connection among three of the four words in each of the following groups. Which is the odd one out, and why?

1 Absolute advantage – barriers – comparative advantage – free trade 2. Autarky – counter-trade – invisible trade – visible trade 3. Balance – deficit – dumping – surplus

4. Banking – insurance – merchandise – tourism

5. Comparative advantage – protectionism – quotas – tariffs 6. Non-tariff barriers – norms – quotas – taxes

7. Barter – import substitution – infant industries – tariff barriers 8. Debt – reschedule – rollover – trade

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9. Liberalize – protect – subsidize – substitute

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