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Слухай та говори англійською про економіку

МІНІСТЕРСТВО ОСВІТИ І НАУКИ УКРАЇНИ КИЇВСЬКИЙ НАЦІОНАЛЬНИЙ ЕКОНОМІЧНИЙ УНІВЕРСИТЕТ СЛУХАЙ ТА ГОВОРИ АНГЛІЙСЬКОЮ ПРО ЕКОНОМІКУ ПОСІБНИК З АУДІЮВАННЯ

МІНІСТЕРСТВО ОСВІТИ І НАУКИ УКРАЇНИ

КИЇВСЬКИЙ НАЦІОНАЛЬНИЙ ЕКОНОМІЧНИЙ УНІВЕРСИТЕТ

СЛУХАЙ ТА ГОВОРИ

АНГЛІЙСЬКОЮ ПРО ЕКОНОМІКУ

ПОСІБНИК З АУДІЮВАННЯ

ДЛЯ СТУДЕНТІВ

Укладачі:

Р. А. ГАРАЩЕНКО

Н. А. МОВЧАНЮК

Київ 2003

ББК 81.2 Англ.

С 49

Рецензенти:

Т. А. Гузік , канд. пед. наук

(Київський національний економічний університет)

Е. І. Щукіна , Т. І. Петрова , кандидати пед. наук

(Київський національний університет будівництва і архітектури)

Рекомендовано на засіданні кафедри іноземних мов ФЕФ

Протокол № 10 від 06.06.2002 р.

Слухай та говори англійською про економіку: Посібник

С 49 з аудіювання для студ. / Уклад. Р. А. Гаращенко, Н. А. Мовчанюк. — К.: КНЕУ, 2003. — 98 с.

ISBN 966-574-444-5

Посібник з аудіювання для студентів економічних факультетів містить комплекс завдань та вправ до текстів та діалогів з фахової тематики, які записані на аудіокасеті.

Мета посібника — розвиток навичок та вмінь сприйняття на слух мовних моделей, з подальшим використанням їх у процесі обговорення проблемних питань за фахом, а також формування навичок письма.

Посібник може бути використаний як на аудиторних заняттях, так і для самостійної роботи студентів.

У кінці книги для студентів є словник спеціальних термінів (Glossary), який сприятиме збагаченню словникового запасу студентів економічних спеціальностей.

ББК 81.2 Англ.

Р. А. Гаращенко, Н. А. Мовчанюк, укладання, 2003

ІSBN 966-574-444-5 КНЕУ, 2003

SOME CONFLICTING MANAGEMENT PHILOSOPHIES

1. Pre-Listening Task

1.1. Do you feel all companies must be predominantly marketoriented?

1.2. Is there a danger that if a company is too market-oriented it will ignore other ingredients of success such as efficient production?

2. Listening and note-taking

You will hear a discussion about the direction a certain company should take. There are five participants. Each expresses a different view. These views can be summarized as follows:

A. The production concept

The company should focus on improving production and distribution efficiency.

B. The product concept

The company should focus on making product improvements.

C. The selling concept

The company should focus its effort on selling and promotion.

D. The marketing concept

The company should focus on the needs of its customers.

E. The societal marketing concept

The company should consider the needs not only of its customer but also of society as a whole.

As you listen to the discussion, allocate one of the concepts (A— E) to each of the speakers (1—5):

Speakers Concept

1 2 3 4 5

3. Comprehension check

3.1. How does speaker 1 aim to bring down prices?

3.2. How does speaker 3 intend to develop a strategy for the future?

3.3. What added dimension does speaker 4 include?

3.4. Why does speaker 5 mention the Japanese?

4. Language focus

4.1. Opinion-giving

Look at the following sentences taken from the Listening passage:

«I feel we must certainly ensure quality...»

«As I see the problem, the major focus...»

Now substitute the italicized phrases in the sentences below with the closest equivalent selected from the following list:

I feel In my opinion It’s certain

We could discuss What we must do is I tend to think

I’m sure that From this point of view

1. As I see it , we should double our development investment.

2. What we have to do is withdraw from this sector.

3. I think we can’t continue as we are.

4. I’m inclined to believe we should leave this sector.

5. I’m convinced that we must stay in this sector.

6. We might consider a gradual withdrawal from the market.

7. There’s no doubt we can’t leave it any later.

8. From this angle , we have no alternative.

4.2. Agreeing and disagreeing

Look at the following sentences taken from the Listening passage

«I think we’d all agree with you as far as you go».

«I’m not sure I agree with either of you».

Now match opposing comments in terms of strength/neutrality/weakness, for example: I agree — I disagree.

1. I think we’d all agree

a. That’s interesting but

2. I’m 100 per cent with you!

b. I’m inclined to disagree

3. I can see what you mean

c. There’s no way we can agree to that

4. You’ve got a point

d. I disagree entirely!

5. I tend to agree with you

e. It looks as though there’s no agreement

6. We can certainly agree to that

f. I’m not sure I understand your point of view

5. Word study

What are the opposites of the following words and expressions?

Use a dictionary if necessary.

1. improvement

2. available

3. competitive

4. effective

5. inside-out

6. investment

7. to bring down prices

8. to stay ahead

9. mass-market

6. Discussion

Discuss the probable management philosophies of the following companies:

A traditional family-run company manufacturing machine tools.

A young, high-tech company operating in state-of-the-art electronics.

A large national utility providing a service throughout the country.

PORTFOLIO ANALYSIS

1. Pre-Listening Task

1.1. Do you feel that the process of conglomeration («big is beautiful») will continue into the next century?

1.2. What do you see as the dangers of diversification?

2. Listening and note-taking

Listen to the extract from the consultant’s presentation. As you

listen complete Chart 1.

Chart 1

a.

Question mark

XT 2500

Dog

High

e.

Low

3. Comprehension check

3.1. Complete the structure of the consultant’s presentation: (і) Analysis of main business areas.

(іі) __________________________________________________

(iii) __________________________________________________

3.2. Why are products in the bottom left-hand quadrant called cash cows?

3.3. Why are products in the top right-hand quadrant called question marks?

3.4. Why are products in the top left-hand quadrant called stars?

3.5. What objectives does the consultant propose for the following products?

(i) XT 2500

(ii) XT 380

(iii) XT 25 B

(iv) XT 25

4. Language focus

4.1. Look at the following sentences taken from the Listening passage:

«I’m going to divide my presentation into three parts»

«Firstly an analysis...»

Now rearrange the following introduction into a sensible order: a. If you have any questions, please feel free to interrupt me.

b. Good morning, ladies and gentlemen.

c. I’d like to talk to you today about milk marketing.

d. Finally I’ll turn to the question of price.

e. I’ll be looking at it from three points of view.

f. How many of you had milk with your breakfast this morning?

g. Firstly, the product and its forms.

h. Perhaps with your cornflakes, maybe with your tea or coffee or

even by itself?

i. Secondly, its distribution — in particular door-to-door deliveries.

4.2. Link phrases for presentations

Look at the following sentences taken from the Listening passage.

«Right, to start with the analysis». «So, let’s тоvе on to the next quadrant».

Now match the phrase with its function

Phrase

Function

1. By the way

a. To open a new point

2. As I was saying earlier

b. To close a point

3. In a nutshell

с. То digress

4. That deals with the question of distribution

d. To connect two points

5. I’ll come to that point later

e. Tо refer backwards

6. Let me conclude by saying

f. To refer forwards

7. Let’s turn now to the question of

g. To return to your structure

8. There’s a further point I’d like to make

h. To make an additional point

9. This brings me to the next point

i. To summarise

10. Let me get back to what I was saying

j. To conclude

5. Word study

Decide how many of the words on the right can be combined with the verbs on the left.

For example:

to achieve + a. objectives

+ d. profits

1. to achieve

a. objectives

2. to generate

b. strategy

3. to launch

с. needs

4. to phase out

d. profits

5. to hold

е. a product

6. to build up

f. market share

7. to formulate

8. to meet

6. Transfer

Write a summary of the consultant’s analysis and recommended

objectives. Add some possible strategies to achieve these objectives.

CONTACT METHODS USED IN MARKET RESEARCH

1. Pre-Listening Task

1.1. Would you fill in a market research questionnaire sent to you by mail?

1.2. Do you always respond honestly to market research interviews?

2. Listening and note-taking

Listen to the discussion about contact methods in market research. As you listen, complete Chart 2 using the following code to signify the strengths and weaknesses of the three methods:

- = excellent 0 = satisfactory

-= good × = poor

Chart 2

Mail

Telephone

Personal

1.

Flexibility

2.

Amount of data that can be collected

3.

Control of interviewer bias

4.

Control of sample

5.

Speed of data collection

6.

Response rate

7.

Cost

3. Comprehension check

3.1. What is meant by interviewer bias?

3.2. Why is the response rate very low for mail questionnaires?

3.3. What is the difference between a street interview and a focus group?

4. Language focus

4.1. Comparison of adjectives

Look at the following sentences taken from the Listening passage:

«The cost will be considerably lower than the other methods».

«You tend to get more honest answers…»

Now complete the following sentences using the adjective in brackets:

1. Our production methods have become much _______. (modern)

2. It’s become __________ to forecast our results. (easy)

3. My new job is much ____. (interesting)

4. We did a lot ________ than we expected. (good)

5. He couldn’t have done ________. (bad)

6. We need to use a ____________ approach than we have been employing. (direct)

7. Our aims have become much _______ as the market has become more segmented. (narrow)

8. I feel the problem is _______ than you are saying. (superficial)

9. It’s _________ than we anticipated. (funny)

10. Our share is slightly ________ than forecast. (high)

4.2. Adjective modification — degree

Look at the following sentences taken from the Listening passage:

«Mail questionnaires are much less flexible...» «It’s a lot more flexible…»

Now classify the following modifiers as: (A) strong, (B) neutral, (C) weak.

1. moderately

2. a little

3. slightly

4. considerably

5. quite a lot

6. a lot

7. much

8. somewhat

9. a bit

5. Word study

Complete the table below with suitable adjectives:

Concept Adjective Opposite adjective size large/big small cost

NOTE: In many cases there is more than one possible adjective.

6. Transfer

Write a short memo comprising:

a summary of different contact methods,

conclusions on the best method, and

a recommendation for the choice of method and its implementation.

PUBLICS

1. Pre-Listening Task

1.1. How important do you feel a company’s image is in terms of

product sales?

1.2. Do you think pressure groups such as environmentalists have a positive or negative influence on a manufacturing company’s development?

2. Listening and note-taking

Listen to an extract from a meeting between a marketing director and his public relations manager. They are talking about the company’s planned PR activities. As you listen, complete Chart 3.

Chart 3

Publics

Planned action

Financial institutions

Media

Government

Pressure groups

Local community

General public

Employees

3. Comprehension check

3.1. What does PR stand for?

3.2. Why does the company organize a press conference when the six-monthly results are announced?

3.3. What does the legal department do regarding government legislation?

3.4. Why do you think the «Greens» will be pleased about the

closure of the plant?

4. Language focus

4.1. Present continuous — future reference

Look at the following sentence taken from the Listening passage:

«Our press relations officer is organizing a press conference in a couple of months’ time...»

Now change the following sentences so that they express fixed arrangements rather than intentions:

1. The managing director is going to fly to Dubai next week.

2. The production department aims to install a new machine next month.

3. What are you planning to do at the weekend?

4. The chairman intends to resign in the next few months.

5. The marketing department plans to move offices soon.

6. Which market do you intend to concentrate on next year?

7. Our strategy is going to be implemented during the year.

8. We aim to increase prices during the next quarter.

4.2. Going to — future reference

Look at the following sentences taken from the Listening passage:

«There’s going to be a piece about the drug...»

«It’s going to be important...»

Now read through the following dialogue. Correct the verbs in italics if you think it necessary:

A: How’s the press release going?

В: Oh, I haven’t finished it yet. Don’t worry, it’s going to be ready

on time. A: Good. I’ve got a meeting with the ad agency tomorrow at 9.

Could you come ?

В: Just a moment. I’m going to look at my diary ... Yes, that’s going to be okay. What will you discuss ?

A: We will talk about the new campaign.

В: Right, I’m certainly going to be there.

A: Great. Look, I will go to lunch in half an hour. What about talking it over together first?

В: Sorry, I’ve got another appointment at lunch. We could meet later this afternoon, if you like?

A: Okay, let’s say 4 o’clock in my office. В: Fine, I’m going to be there.

5. Word study

Find the best synonym. Match the words and expressions on the left with those on the right.

1. legislation

a. an opinion

2. to brief

b. to prepare

3. a piece

c. a matter

4. to sponsor

d. laws

5. to lobby

e. six-monthly

6. unease

f. to inform

7. voice

g. anxiety

8. spokesperson

h. to take care of

9. closure

i. to support

10. issue

j. a shut down

11. to look after

k. to influence

12. twice yearly

l. part of a programme

13. to draw up

m. a representative

6. Transfer

Now write a press release based on the activities planned by the PR department.

ORGANIZATIONAL BUYER BEHAVIOUR

1. Pre-Listening Task

1.1. What differences do you think there are between consumer and industrial buying behaviour?

1.2. How important do you think relationships (personal factors) are in the industrial buying process?

2. Listening and note-taking

Listen to the discussion among three members of a purchasing department. As you listen, indicate the ranking (1—3) they give to the factors identified in Chart 4.

«A», the first speaker is Mark, «B» is the chairman, «C», and the

second speaker is Peter.

Chart 4

Routine purchases

Spe

cial purchases

Delivery capability

A

В

С

A

В

С

Quality

Price

Repair service

Technical capability

Financial strength

3. Comprehension check

3.1. Why does the first speaker prioritize financial strength?

3.2. Why do you think he feels price is not such an important factor in the case of special purchases?

3.3. Why is the chairman surprised that neither of the previous speakers have prioritized repair service?

3.4. Why does the chairman need to agree on a ranking for these factors?

4. Language focus

4.1 Conditionals

Look at the following sentence taken from the Listening passage:

«If I had to choose for our routine purchases, I’d put quality first...» Make theoretical or hypothetical statements about the following situations:

Condition

Outcome/action

demand slumps

increase advertising

poor weather

sales decrease

war breaks out

scale down production

boss resigns get his job! strike negotiate with unions

stop smoking much healthier

1. If demand slumped, ___________________________________

4.2. Either/neither

Look at the following sentences taken from the Listening passage:

«I’m not sure I agree entirely with either of you ». «I’m surprised neither of you mentioned repairs». Complete the following sentences with:

Either neither too nor or both

1. John and Sarah ________ agree. Peter does _________.

2. _______ Simon _______ Ann agree with you. They _____ think you are crazy.

3. You can ______ leave the firm of your own free will ______ be fired. In any case, I want you out.

4. ______ Peter ______ Roger like living in London. I don’t like it ________.

5. _______ Marketing and Production share the same opinion about the need for higher quality. However, ______ of them have come forward with any concrete proposals.

5. Word study

The six criteria are listed below. Match the adjectives with criteria to which they may apply:

Criteria

Adjectives

1. Delivery capability

a. experienced

b. sound

c. punctual

2. Quality

d. assured

Criteria

Adjectives

e. expensive

f. efficient

3. Price

g. weak

h. skilled

i. delayed

4. Repair service

j. reasonable

k. poor 1. reliable

5. Technical capability

m. unstable

n. cheap

o. slow

6. Financial position

p. excellent

q. friendly

r. up-to-date

6. Transfer

Below is an extended list of supplier attributes. Draw up your own system of weighting (prioritizing) for the ten most important attributes. Write a short memo explaining why you have decided on this order.

Delivery capability

Training aids

Quality

Management and organization

Price

Packaging capability

Repair service

Moral/legal issues

Technical capability

Geographical location

Financial strength

Labor relations record

Production facilities

Communications

Reputation

Attitude towards buyer

POSITIONING IN A SEGMENT

1. Pre-Listening Task

Some companies produce very similar products (e. g. a number of brands of detergent) under different names and then position them differently in the same market.

What are the advantages of doing this?

2. Listening and note-taking

Listen to the product management meeting. They are discussing how the new dental gum should be positioned in the market. As you listen, use Chart 5 to indicate the preferences of the speakers.

Chart 5

Positioning

Speaker 1

Speaker 2

Speaker 3

Product attributes:

a. prevents decay

b. minty taste

Usage: after meals

Competitive advantage:

Company image

3. Comprehension check

3.1. How long have they been developing Dentigum?

3.2. When was Dentimint launched?

3.3. What monthly sales figure has Dentimint been achieving?

3.4. What supports speaker 1’s argument in favour of usage

positioning?

3.5. How long has their company been in dental care?

3.6. What is the danger of stressing the breakthrough in a new product class area?

4. Language focus

4.1. Present perfect versus past simple

Look at the following sentences taken from the Listening passage:

«Dentigum has been developed over the last two years».

«Dentimint was launched four months ago».

Now complete the following sentences by putting the verbs into either the present perfect or the past simple:

1. We _______________________ (reach) our targets last year.

2. Sales _________________ (fall) since the beginning of June.

3. Contracts ______ (be signed) but work _______ (not begin) yet.

4. The marketing department __________ (recruit) two new assistants so far this year.

5. We ________ (start) the advertising campaign last month and since then sales _________ (rocket).

6. Our research _____________ (be carried out) last year but I still ____________ (not see) the results.

7. Turnover _____ (rise) dramatically since we ____ (be founded).

8. We ______ (expect) a fall in profits last year as our costs nearly __________ (double).

9. We _____ already (sell) more units this year than we _________ (do) in the whole of last year.

10. He ______ (feel) we should __________ (not take on) so many salespeople last year.

4.2. Present perfect continuous

Look at the following sentence taken from the Listening passage:

«Dentinimt has been achieving monthly sales оf 50,000».

Now decide which of the following verbs can be put in the present perfect continuous in order to stress the ongoing nature of the event.

Make the necessary changes:

1. Liverpool has won all its matches this season.

2. Liverpool has played very well this season.

3. We have sold 250 units this quarter.

4. Our sales strategy has worked very well.

5. It has rained all day.

6. It has been cold since March.

7. He has been ill for two days. 8. I’ve tried to telephone you all day.

9. We have survived the competition.

10. Prices have fallen from 15p a unit to 12p.

5. Word study

Use the appropriate forms of the words/expressions below to complete the text: to beat someone to it a breakthrough to be in the field of

household name track record to make something of to build a customer base to trade on

Grade Health Care have an impressive 1. ______. They were the first 2. ______ of anti-rheumatic drugs when they made a 3. ______ in the treatment of arthritis. Some of their drugs in this field have become so well-known that they are 4. ______. They are now able to 5. ______ their name in this field to launch drugs in other areas. Although one of their competitors — Smithsons — 6. ______ it when they launched a new antibiotic, Grade have 7. ______ in this area too. They were able to 8. ______ of their antibiotic by stressing their reputation in other health areas.

6. Transfer

Write a short report summarising the targeting and positioning you recommend for Dentigum.

PRODUCT LINE DECISIONS

1. Pre-Listening Task

1.1. What are the dangers of being a one-product company?

1.2. What are the dangers of over-extending a company’s product spread?

2. Listening and note-taking

Listen to the presentation given by the managing director of the training organisation. As you listen, complete Charts 6 to 9.

Chart 6

PRODUCT MIX

Language training

a.____________________

b.____________________

Chart 7

PRODUCT LINES

English french Presentation skills Leadership skills

a.___________________

d.___________________

f.___________________

b.___________________

c.___________________

e.___________________

g.___________________

Chart 8

PRODUCT DEPTH

Group

a.____________

Individual

b.____________

c.__________________

English training

Presentation skills

Leadership skills

Chart 9

PRODUCT DEVELOPMENTS

a. Product mix + ____________________________________________________

b. Product line + ____________________________________________________

c. Product depth + __________________________________________________

3. Comprehension check

3.1. What is the difference between a public and a company seminar?

3.2. Do you think information technology training would be consistent with their existing product mix?

3.3. Which of the potential product development areas (mix, line or depth) would be the most risky?

4. Language focus

Look at the following sentences taken from the Listening passage:

«A second area might be to stretch one of the product lines...»

«Alternatively, we could focus on some of our more profitable training areas...»

Now match the expressions:

1. It’s certain

a. We’re likely to survive

2. It’s probable

b. We could develop a new product

3. It’s possible

c. We can’t survive

4. It’s just possible

d. We will develop a new product

5. It’s improbable

e. We should reach 20,000

6. It’s impossible f. There’s a slight chance of success

g. We’re unlikely to reach 40,000

h. We might go bankrupt

i. There’s no chance of surviving

5. Word study

Many verbs have derivative forms (noun, adjectives, etc.). For example: to produce a product, production, productive, productivity

Complete the sentences below by inserting the right derivative of the verbs in brackets:

5.1. The contract is not _________. (to negotiate)

5.2. We did a very ___ survey of consumer behaviour. (to extend)

5.3. We need to assess the _______ qualities of our new managers. (to lead)

5.4. There is a _______ between product mix and product depth. (to distinguish)

5.5. He gave a____ about the company’s performance. (to present)

5.6. To increase ______, we have offered ______ bonuses to the employees. (to produce)

5.7. Before we can decide about developing new products, we need to know how _______ the existing products are. (to profit)

5.8. He’s one of the best _________ I’ve met. (to negotiate)

6. Discussion

Use the information in Charts 6 to 9 to deliver a brief report on the training organisation’s product profile and development potential.

PRICING DECISIONS

1. Pre-Listening Task

1.1. What do you think are the typical «mark-ups» on manufacturers’ prices for: tobacco products bakery products greeting cards perfumes

1.2. How does a retailer decide on the appropriate mark-up?

2. Listening and note-taking

Listen to the internal meeting about pricing. As you listen, complete Chart 10.

Chart 10

Optimum demand price

Sales at this price

Variable cost

Fixed cost

Retailer mark-up

Manufacturing margin

Going rates

a. _____

b. ___

c. ____

d. ___

e. ____

f. _________

g.______

3. Comprehension check

3.1. What is another way of explaining going rate

3.2. What is the formula for calculating manufacturer’s costs?

3.3. How do consumers perceive Apollo?

3.4. What is the objective of their targets?

4. Language focus

4.1. Asking for clarification. Look at the following sentences taken from the Listening passage:

«Excuse me, what do you mean by going rate

«I’m sorry, can you go over that again?»

Now complete the following dialogue with appropriate expressions:

A: The central problem is cannibalism.

B: ________________________________________ cannibalism?

A: Well, basically our new product taking sales away from our existing product. _________________________________________? B: Yes, I see what you __________________________________.

A: Now we have to weigh up the added sales and margin we gain and balance that against our losses.

B: ____________________________________________ slowly?

A: Of course. Well in order to calculate the real profit we gain from the launch of the ZX 21 we must take into account the lost sales on the ZX 20.

B: ___________________________________________________

A: Good, now this model here plots the projected sales of the ZX 21 over the first twelve months against the projected continued sales of the ZX 20. As you can see, the gap widens quite dramatically.

A: If I _______ , you’re _______ this gap represents lost sales? B: No, it’s not quite that simple.

4.2. Confirming and correcting statements.

Look at the following sentences taken from the Listening passage:

«That’s right».

«Correct me if I’m wrong? … No, that’s absolutely right».

Now study the figures in Chart 11 and then respond appropriately to the sentences below.

Chart 11

Price

Expected sales

Estimated profits

£20

22,000

£100,000

£19

24,000

£100,000

£18

25,000

£ 95,000

£17

26,000

£ 90,000

1. So at £20, we can expect profits of £100,000.

2. At a unit price of £19, we can presumably expect higher sales.

3. I suppose we can also expect appreciably higher profits.

4. So, if I understand you, you’re saying profits decrease as the

price goes down! 5. So there’s no benefit in charging a lower price?

6. Correct me if I’m wrong, these figures argue for a price of around £18?

5. Word study

Listen to the numbers/calculations on the cassette and write them down (you should find ten). When you have done this, practise saying the expressions.

6. Discussion

Use Chart 11 to present a summary of the pricing discussion and then draw your own conclusions and make recommendations for the pricing of this product.

PRICE ADJUSTMENT STRATEGIES

1. Pre-Listening Task

What sort of price adjustments can be offered to a customer in order to persuade him/her to buy for the first time or to remain loyal to a certain supplier?

2. Listening and note-taking

Listen to the telephone call between a customer and his supplier. As you listen, complete Chart 12.

Chart 12

Unit price

Quantity discount

Early payment discount

Promotional allowance

200+

500+

a._______________

b.__________

c.__________

d.___________

e.________

3. Comprehension check

Listen again and complete Chart 13.

Chart 13

Name of caller

Name of called

Reason for call

Follow-up action

a.______________

b.______________

c.______________

d.______________

4. Language focus

Telephoning

Look at the following sentences taken from the Listening passage:

«Could you put me through to Mr. Stevens?»

«The reason I’m phoning is…»

Now put the following telephone call in the right order. The conversation is among the following three people:

A — the receptionist at Rogers Electronics

В — Max Roberts of Excel Marketing

С — Mr. Dickens, sales dept, Rogers Electronics

A: I’m sorry I didn’t catch your name. C: You’re welcome. Bye.

B: Certainly, perhaps you could give me his extension number’? A: Rogers Electronics. B: Yes, I’ll hang on.

C: Just a moment Mr. Roberts. I’ll put you on to our Market Research assistant... I’m sorry, he’s out at the moment, would you like to call back.

B. Good afternoon, this is Max Roberts from Excel Marketing. Could you put me through to your Sales Department? C: Yes, it’s 453. His name is Holden. John Holden.

A: Thank you, Mr. Roberts. I’ll try to put you through... I’m afraid the line’s busy at the moment. Will you hold?

B: Hello, my name’s Max Roberts. I’m from Excel Marketing. The reason I’m calling is that we are carrying out a market survey...

С: Sales. Dickens speaking.

В: Goodbye.

A: Right, Mr. Roberts. I’m putting you through.

В: It’s Roberts.

В: Thanks for уour help.

5. Discussion PAIR WORK

Partner A: You are the purchaser. You are planning to buy hairdryers to sell to your retail outlets. You are planning to purchase between 200 and 300 hairdryers per month. You have been quoted a unit price of £10 per hairdryer. Telephone the supplier (B) and negotiate as much discount as possible.

Partner B: You work for a supplier of electrical goods. You will receive a telephone call from A. She will want to negotiate the best price possible for a regular order of hairdryers. Here are some figures for your telephone call. Don’t give too much away! Hairdryers prices:

Unit price: £10

Quantity discounts: 10 % 100+

15 % 200+ 20 % 500+

Cash discounts: 2 % for payment within 10 days

(normal terms: 30 days)

Seasonal discounts: 10 % (January) – to clear old stock Promotional allowances: not usual but could be negotiated

MANAGING CHANNELS

1. Pre-Listening Task

1.1. What are the advantages/disadvantages of exclusive versus selective agreements with agents?

1.2. What are the best ways to motivate agents to achieve their sales targets?

2. Listening and note-taking

Listen to the telephone call between a sales manager and one of his agents. As you listen, complete Chart 14.

Chart 14

Product

Actual results

Target

XR 50

XR 100

XR 120

3. Comprehension check

3.1. When did they set the targets?

3.2. Were the targets set by the sales manager alone?

3.3. What is the agent’s excuse for not reaching the targets as a

whole?

3.4. What is the agent’s specific excuse for not reaching the target

for the XR 100?

3.5. Why is the sales manager pleased with the results on the XR 120?

4. Language focus

4.1. Responding positively and negatively. Look at the following responses taken from the Listening passage:

Exactly!

Okay

Yes, well ...

That’s fine

Oh ... that’s rather disappointing. Now choose the most appropriate response:

1. I’m afraid we’re well below target.

a. Okay

b. Yes, well

c. Oh...why’s that?

2. I’m very pleased with my results.

a. Exactly

b. Good

c. Yes

3. We are way ahead of our targets.

a. Oh

b. That’s good to hear

c. Fine

4. I was just phoning to see how things are going.

a. I’m fine

b. I’ve been ill

c. Could be better

5. We’ve just had a disastrous month

a. Really, why’s that?

b. That’s not true

c. Good

6. We’re heading for a record year.

a. I’m very interested

b. Fine

c. That’s marvelous

4.2. Modifiers/softeners.

Look at the following extracts from the Listening passage:

«In a way, it has been...»

«Well, perhaps I was a bit over-optimistic».

«It’s just a question of giving up more time».

Insert one or two of the following words/phrases in order to modify/soften the sentences below:

just perhaps a bit in a way

1. He’s too ambitious.

2. Let’s go through your figures.

3. We’re growing too fast.

4. He’s much too direct.

5. We are a little late.

6. Your products are expensive.

7. I’m unsure of your liquidity. 8. That’s not good enough.

5. Transfer

Write a short memo re. your agent in Italy (Giorgio), summarising his recent results and making recommendations for action.

ORDER PROCESSING

1. Pre-Listening Task

1.1. Do you think marketing people should get involved in delivery problems?

1.2. What are some of the classic excuses for late delivery?

2. Listening and note-taking

Listen to the two telephone calls between a customer and member of the sales department. As you listen, note down the details of the deliveries in Chart 15.

Chart 15

Order no.

Product

Quantity

Delivery due

Action

1 st order

2 nd order

3. Comprehension check

3.1. How did you think the supplier handled these telephone calls?

3.2. How did you think the customer handled these calls?

4. Language focus

4.1. Time prepositions.

Look at the following sentences taken from the Listening passage:

«I know our orders are dispatched at the end of every week».

«We should be able to get them to you by the beginning of next week».

Now complete the following sentences with one of the prepositions below:

at in by on

1. Your delivery will be with you _______ two weeks, at the latest.

2. We expected delivery ______ the 21st. They are now promising delivery ______ Tuesday. 3. It’ll be dispatched _________ Tuesday, _________ the earliest.

4. We normally receive your order ______ the beginning of the month and we deliver __________ the middle of the following month.

5. You assured us of delivery ______ the end of the month, if not sooner.

6. We dispatched the goods to you _______ the afternoon. They should be with you ________ tomorrow morning.

4.2. Telephoning

Look at the following sentences taken from the Listening passage:

«Look, can I call you back?»

«Right, I’ll phone you back in the next ten minutes». Now reorder the following telephone call between:

A: Geoff Peters, a conference guest

B: Martine Donaugh, a conference organiser

A: Fine, have you got my number?

B: Hello, Mr. Peters. This is Martine Donaugh. How can I help you?

A: It’s 031-465-389, extension 26. B: Oh, I am sorry. You haven’t received it then?

A: Hello, this is Geoff Peters, I’m phoning about the conference

next week. B: Right, I’ve got that. I’ll call you back in a few minutes. Goodbye.

A: No, and the conference starts tomorrow.

B: I’m sure I have, but just in case, I’ll take it again.

A: Well, you promised to send me details of travel and accommodation.

B: Of course. Look, can I check the file and call you back?

A: Goodbye.

5. Word study

Here are three verbs that are often confused:

to supply to deliver to dispatch

Check their meaning and usage in a dictionary. Then complete the following sentences with the appropriate form of one of them: 1. He’s been our sole ________________ of steel for twenty years.

2. We expected ___________ by the end of the month.

3. We have asked them to quote for ________ 20 units per month.

4. When I phoned the ______ about our ______, he said it hadn’t

even been ______ from their depot.

5. The ______ department is responsible for checking all finished goods before they are packed.

6. __________ who can’t ____________ on time will not survive.

6. Discussion PAIR WORK

Partner A: You are to telephone your supplier concerning the following order:

Order no: XY/554/22

Product: Electric irons

Quantity: 500

Delivery date: 21 March

Today’s date: 15 April

Partner B: You represent Klondike Electronics. You were expecting a delivery of electric irons from overseas two months ago. The manufacturer has severe production problems. You are trying to find a new source/supplier for these irons.

SELLING TACTICS

1. Pre-Listening Task

1.1. How important is it for a salesperson to ask questions?

1.2. What sorts of question should a salesperson ask?

2. Listening and note-taking

Listen to the sales call. As you listen, complete the checklist in Chart 16.

Chart 16

SALES CALL CHECKLIST

Prospect: Davidson & Sons

Size: 20 employees

Business: Management Consultants

Situation:

Type of correspondence a.__________________________________________

Amount of correspondence b.________________________________________

Person responsible с.______________________________________________ d Problem: (tick or cross) (I) No clear responsibility

(II) Post Office too far

(III)Takes too longNeed:

e ______________________________________________________________Any objections:

f ______________________________________________________________Solution:

g ______________________________________________________________Additional benefits:

h ______________________________________________________________

3. Comprehension check 3.1. How would you describe the salesperson’s approach?

hard sell/soft sell

sales-oriented/customer-oriented

talking/listening leading/non-directed

3.2. Do you think he was a good salesperson? Would you recommend any improvements?

4. Language focus

4.1. Question techniques

Look at the following sentences taken from the Listening passage: «Could you tell me what sort of correspondence goes out from this company?» «That could be more when you’re doing a mailshot...? Look at the following three types of question:

Indirect (polite): Could you tell me what...? Direct: What ... / Do you...?

Leading. That could be more (couldn’t it)?

Change the following questions as indicated:

1 Could you tell me why you don’t have a computer?

Direct: _______________________________________________ 2. How many employees do you have?

Indirect: ______________________________________________ 3. Do you plan to take on more employees?

Leading:______________________________________________ 4. Are you finding business more difficult at the moment?

Leading:______________________________________________

5. Would you mind telling me if you have any problems recruiting staff?

Direct: _______________________________________________ 6. Do you pay over the market rate?

Indirect: ______________________________________________ 7. Have you fired anybody recently?

Indirect: ______________________________________________ 8. Could you tell me whether you are a director?

Leading:______________________________________________

9. You’re facing severe financial difficulties, aren’t you? Direct: _______________________________________________ 10. You don’t intend to stay in business any longer, do you?

Indirect: ______________________________________________

5. Word study

Time is sometimes an obsession, sometimes an excuse, and often a luxury. Below are some expressions associated with time. Group the expressions on the right under the headings on the left.

Headings

Expressions

1. Lack of time

a. How long does it take?

b. I’m short of time

с. I’ve got plenty of time

2. Surplus of time

d. I’ll have to cut short the meeting

e. Time is money

SALES CALL CHECKLIST f. I’m in a hurry

g. We’ll have to prolong the project

Situation: 3. Length of time h. A couple of hours

No. of employees ____________________________________ i. It takes a good twenty minutes

j. It’ll last longer than we thought

No. of visitors _______________________________________ 4. Reducing time k. Time never stands still

Present coffee making facilities _________________________1. I’m rushed off my feet

m. I’ve got time to spare

Problem 5. Extending time:

Time to get a coffee?

Quality of coffee?6. Time idioms

Quantity of coffee?

Cost of coffee?7. Infrequency

Need:

Objections:

n. We’ll have to have a guillotine on this

o. Time is of the essence

p. Never in a month of Sundays

q. Once in a blue moon

r. Time is pressing

s. Every once in a while

t. Now and then

u. Off and on

6. Discussion

Solution: PAIR WORK

Three models: Partner A: You want to sell an automatic office coffee machine to The Coffeemaker (makes enough for 6 cups) cost £45.00 your partner В. S/he is the office manager for a firm of lawyers You have managed to make an appointment but you know s/he will be The Coffeemaker Plus (12 cups) cost £60.00 short of time. Use the checklist below to conduct the sales The Coffeemaker Deluxe (112 cups call. + alarm when ready) cost £75.00

Partner B. You are the office manager of a firm of lawyers. You have agreed to meet a salesperson from a coffee machine company. You are short of time. Use the information below to answer the salesperson’s questions. Decide whether to purchase.

Situation:

No. of employees:

8 partners (lawyers)

4 assistants

2 secretaries

I receptionist

No. of visitors:

Max. 20 a day

Present coffee-making facilities: instant coffee made from boiling water or go out to coffee shop

just opposite the office

Problem:

Poor quality coffee for visitors Time wasted in going out for coffee

Need :

Reliable good quality coffee-making facilities

Objections: Cost maximum budget £40

CHOOSING THE MEDIA

1. Pre-Listening Task

Which media would you choose for the following products and target audiences:

(i) Perfume —> 25—35 year old women

(ii) A low-price automatic camera —> men and women 20—40 years old

(iii) An expensive lawn-mower —> 40—60 year old men

2. Listening and note-taking

Listen to an extract from a meeting in which product and advertising managers are discussing the media mix for a new line in trainers aimed at teenagers. As you listen, complete Chart 17 by indicating with a tick (-) which media is preferred.

Chart 17

TV

Radio

Newspapers

Magazines

Outdoor

John

Pete

Mike

Sheila

3. Comprehension check

Grade the above media in terms of the following criteria (1 = best, 5 = worst):

1. Relative cost

2. Flexibility (booking, planning, lead time)

3. Reach (percentage of target audience exposed to advertisement)

4. Attention (percentage of target audience interested in the advertisement)

5. Selectivity (accuracy of media in reaching right audience)

4. Language focus

4.1. Suggest/recommend.

Look at the following sentences taken from the Listening passage: «I’d recommend we think in terms of twenty peak time slots...» «Maybe we could consider TV to establish a brand image...»

Now make suggestions/recommendations from the following prompts:

1. I/propose/invest/TV advertising

2. He/suggest/use/outside advertising

3. They/recommend/forget/radio

4. We/consider/place/print ads/prestige magazines

5. He/advise/us/reduce/advertising budget

6. I’d like/suggest/look at/new media

7. We / strongly recommend / you / study / TV ratings

8. Let us/think/targeted ads/trade journals

4.2. Emphasis — word order.

Look at the following sentences taken from the Listening passage: «What I suggest we do is go for ten slots...»

Now change the following sentences so that they are more emphatic:

1. We should target this age group very carefully.

What we ________________________________________________.

2. We need to concentrate on direct sales.

3. They must reduce their advertising budget.

4. I recommend you try to reach the department stores.

5. We feel you have missed an opportunity.

6. They thought we had spent too much on outdoor advertising.

7. He expected us to hire a professional singer.

8. I propose you limit your advertising to radio.

5. Word study

Match the words/expressions in the left-hand column with their definitions/ explanations in the right:

Words/expressions

Definitions/explanations

1. a slot

a. 7—9 p. m.

2. exposure

b. point-of-sale incentives to buy

3. peak/prime

c. up-market, expensive-looking

4. to sell in

d. an occasion when an ad is broadcast

5. to hit

e. customers who buy after the product has been adopted

6. word of mouth

f. to reach

7. sales promotion

g. amount of time the target audience sees/hears an ad

8. initiators

h. by personal recommendation

9. followers

i. customers who buy first/are prepared to experiment

10. glossy

j. to promote products to middlemen (wholesalers and retailers)

6. Discussion

Discuss the media mix which you feel would be appropriate for:

Product: a new line in fashionable sports clothing

Producer: well-known name in sports sector

Price: high price

Target: men and women 30—45 years old

Objective: to achieve market share first, profits second

LEARNING FROM MISTAKES IN FOREIGN MARKETS

1. Pre-Listening Task

1.1. How quickly should a company expect to see a return on its investment when entering a foreign market?

1.2. How important do you think it is to employ local staff when entering a foreign market?

2. Listening and note-taking

Listen to the meeting where the failure to penetrate export markets is being discussed. As you listen, complete Chart 18.

Chart 18

Country

Strategy

Mistake

Recommendation

France

Germany

Sweden

3. Comprehension check

If you were recruiting a sales representative to help you penetrate a foreign market, how would you rank the following skillscharacteristics?

a. Knowledge of the local market

b. Knowledge of the product sector

c. Selling skills

d. Knowledge of local language

e. International experience

4. Language focus

4.1. Conditional III.

Look at the following sentences taken from the Listening passage:

«Our results would have been better if we’d relied less on agents...»

«If I’d known how conservative German customers were going to be, I would have recommended a joint venture...»

Now complete the following sentences by putting the verbs in the right form.

1. If we ________ (do) research beforehand, we ________ (not make) so many mistakes.

2. We ________ (never enter) the market if we ________ (know) the problems.

3. In hindsight, we _________ (do) better, if we _________ (concentrate) on big firms.

4. Looking back on it, we ___________ (penetrate) the market if we ______ (not use) agents.

5. If only I _______ (know), I ___________ never (recommend) it.

6. We ____ not (be) where we are today, if we ___________ (not take) risks.

4.2. Chairing.

Look at the following extracts from the Listening passage:

«Geoff’, why don’t you start with France?»

«So what you’re saying is...»

Match the expressions with their chairing function:

Chairing functions

Expressions

1. Opening the meeting

a. So what you’re saying is

2. Agreeing objectives

b. We haven’t heard from everybody

3. Inviting someone to start

c. Let’s get down to business

4. Paraphrasing/clarifying

d. Let me just recap then

5. Shutting someone up

e. That’s interesting Michael, let’s hear from the rest

6. Encouraging others

f. We are here today to discuss the following three points

7. Keeping the meeting going

g. I think we’re getting off the point. Let’s get back to...

8. Dealing with digressions

h. Let’s call it a day

9. Summarising

i. Peter, would you like to start?

10. Closing the meeting

j. Time is short, I suggest we move on

5. Word study

Complete the phrase by matching the word/expression on the left with its best association on the right:

1. to break into

a. on the ground

2. to learn from

b. your mistakes

3. to look

c. a feel for

4. to rely less

d. a market

5. to have a

e. budget

6. conservative

f. a presence

7. to establish

g. in detail

8. someone

h. customers

9. it counts

i. on agents

10. a much reduced

j. for a lot

CORPORATE VERSUS SUBSIDIARY STRATEGY

1. Pre-Listening Task

1.1. In a local market (one country) what advantages does a multinational company have over a national company?

1.2. What do most consumers think of multinational companies?

2. Listening and note-taking

Listen to the extract from a meeting between a representative from corporate headquarters in America and the marketing manager of a recently acquired Japanese company. As you listen complete Chart 19.

Chart 19

Corporate strategy:

Objective 1: ____________________________________________________

Objective 2: ____________________________________________________ Local objections to:

Objective 1: ____________________________________________________

Objective 2: ____________________________________________________

3. Comprehension check

3.1. Do you think Mr. Stone handles this meeting well?

3.2. Do you think Mr. Tokaido handles this meeting well?

3.3. If you were in their shoes, would you approach the problem differently?

4. Language focus

4.1. Participating in meetings

Look at the following sentence taken from the Listening passage:

«I appreciated your concern but I think you have to see...»

Now match the expressions below with the appropriate function:

Functions

Expressions

1. Summarising / paraphrasing

a. I can’t see how we can use

2. Showing understanding

b. I’m sure you’d agree

3. Introducing concerns

c. To put it another way

4. Interrupting

d. I really don’t think it will help

5. Persuading

e. Sorry to interrupt you

6. Disagreeing

f. What worries us here is

g. I appreciate your concern

h. I think you have to see

i. I’m sorry to put this so bluntly

j. There, if you don’t mind me saying, you’re wrong!

k. To summarise

5. Word study

Find the opposites of the following words and expressions.

1. high profile

2. to stand alone

3. long-established

4. presence

5. excellent results

6. to be aware

7. well-segmented

8. strongly linked

9. to diversify

10. to expand

11. to benefit from

6. Discussion

Present or discuss the benefits of a strong corporate identity from a global marketing point of view.

NEGOTIATING A LOAN

1. Pre-Listening Task

What aspects of a company’s business will a lender be interested

in? How will he decide whether to lend money or not?

2. Listening and note-taking

Listen to the meeting between a bank manager and one of her customers. As you listen, complete the information below:

Reason for loan: _______________________________________

Amount of loan: ________________________________________

Term of loan: __________________________________________

Interest rate: ___________________________________________

Current installment: _____________________________________

Security: type: _________________________________________ market value: __________________________________

Turnover: _____________________________________________

Profits: _______________________________________________

Assets: _______________________________________________ Liabilities: ____________________________________________

3. Comprehension check

3.1. How could the firm raise £50,000 towards the cost of the

property? 3.2. What are the firm’s projections for turnover and profits?

3.3. What is its current overdraft?

3.4. Who does it owe money to?

4. Language focus

4.1. Asking questions — direct forms.

Look at the following questions taken from the Listening passage:

«How much are they asking for it?»

«Are you. looking for a loan to cover the lolal price?» Now ask questions for the following answers:

1. A: We’d like to borrow £20,000.

2. A: It’s for a new computer system.

3. A: Yes, we’ve had three quotations. This is the best.

4. A: No, it’s not the full amount. It’s actually costing £25,000.

5. A: We’d like to repay it over five years.

6. A: Yes, I realize the total interest payment will be high.

7. A: Well, we thought our existing security arrangements would cover it. 8. A: Well, you have second mortgages on two partners’ houses.

9. A: At present values, I’d say £200,000-£100,000 for each.

10. A: No, that’s all. We’d be grateful if the paperwork could go

through as soon as possible.

4.2. Questions — statement type.

Look at the following questions taken from the Listening passage: «But ideally you’d like to borrow the full £300,000 (wouldn’t you)?»

«Perhaps you can leave the figures with me?»

Now change the following direct questions into leading (statement) questions. Question tags are optional.

1. Would you like to extend the repayment period?

2. Have you got any financial problems at the moment?

3. Do you see any improvement in your cash flow?

4. Can you offer any form of collateral?

5. Could you tell me if your current liabilities are higher than usual?

6. Would you mind telling me whether you intend to reduce the payment periods?

5. Word study

Match the words/expressions on the left with an appropriate combination on the right, to make an idiomatic phrase:

1. short of

a. figures

2. a major drain

b. the wrong side

3. close to

c. investment

4. our line of

d. space

5. to come down

e. business

6. a firm of

f. calculation

7. to stray

g. on cash

8. up-to-date

h. in favour of

9. rough

i. the limit

10. sound

j. your size

6. Discussion

Use the information and the language above to discuss the loan. Would you lend the money? If so, why? If not, why not?

PRESENTING A CASH FLOW FORECAST

1. Pre-Listening Task

1.1. How does a company calculate its needs for working capital?

1.2. How can a company improve its cash flow?

2. Listening and note-taking

Listen to the presentation of a cash flow forecast. As you listen, fill in the missing figures in Chart 20

Chart 20

CASH FLOW FORE CAST

Opening cash balance

June July –11,300

August –22,100

Sept. –29,400

Oct.

Nov.

Capital introduction

Sales

Total receipts

Wages

Raw materials

Production overhead Administrative overhead Selling and distrib.

Factory rent

Equipment and machinery

Drawings

Total payments

Movement in cash

Closing cash balance

30,000

30,000

6,000

1,500

1,800

— —

41,300

–11,300 – –11,300

2,000

2,000

1,500

1,500

1,800

12,800

10,800 22,100

5,000

5,000

1,500

1,800

12,300

–7,300

–29,400

10,000

10,000

1,500

1,800

12,300

–2,300

15,000

15,000

1,500

1,800

12,300

+3,700

28,000

18,000

18,000

1,500

1,800

12,300

+5,700

3. Comprehension check

3.1. Why are there no sales receipts until the second month?

3.2. Are his forecasts for overheads over-optimistic?

3.3. Does he think the rent is too high?

3.4. Why has he decided not to lease equipment?

4. Language focus

Future reference — forecasting

Look at the following sentences taken from the Listening passage:

«The sales will not begin to picture until the second month...»

«After that, they rise quite rapidly to reach...»

Now choose between the following three forms to complete the dialogue below:

will + verb (e. g. will rise) present simple (e. g. rises) going to + verb (e. g. is going to rise)

A: When _________ you (plan) to open the factory?

В: We ______ (reckon) it _______ (open) at the beginning of July. A: In the meantime, ________ you (promote) your product?

B: No, we ________ (hope) to start selling in July.

A: So you ________ not (expect) any orders in July?

B: Probably not, we ______ (anticipate) orders ______ (come) in from August onwards.

A: What level of sales _______ you (forecast) for August?

B: Well, we ______ (project) sales of about £20,000.

A: That _______ (sound) very optimistic. ______ you (have) the figures to support that?

B: No, not on me. We ______ (inform) all prospective customers by direct mail and we ______ (be) confident of £20,000 sales, as an early result.

A: The effect of direct mail ______ (be) notoriously difficult to predict. _______ you (do) anything else?

B: Yes, we ________ (telephone) all major users in the industry and arrange appointments.

5. Word study

Match up the verbs with a suitable preposition to form an expression:

Verb Preposition Object

To work

out

the figures

To put

on

your own money

To start

in

a business

To buy

into

raw materials

To settle

up

a low figure

To set

down

sales

To put effort

To be better

To take

off

the profits.

To manage

at

a low salary.

6. Discussion

Analyse the cash flow forecast (Chart 20). Discuss whether you would give this entrepreneur a bank overdraft.

PROFIT AND CASH FLOW

1. Pre-Listening Task

How can a company be highly profitable but short of cash?

2. Listening and note-taking

Listen to the extract from an internal meeting. Two managers (one finance, the other marketing) are discussing the company’s cash flow problems. As you listen, complete Chart 21 by ticking the problems which Pete and Simon analyse as the causes of the cash flow problem:

Chart 21

Problems

Pete (finance)

Simon (marketing)

Credit terms

Investment planning

Under-capitalisation

Over-trading

Financial planning

3. Comprehension check

3.1. What have they recently invested in?

3.2. Why has the depreciation figure been so low in the P&L account?

3.3. How have they managed to increase their margins so substantially?

3.4. What happened to the funds which were retained for tax?

4. Language focus

4.1. Opinion-giving

Look at the following extracts taken from the Listening passage:

«In my opinion , the fundamental problem is our deferred terms of payment...»

«I think you’re exaggerating...»

Now classify the following expressions as strong (S), neutral (N) or Weak (W).

1. In my opinion...

2. There are two sides to the argument... 3. I’m absolutely convinced...

4. I tend to think... 5. It’s true that...

6. There’s absolutely no doubt that...

7. We believe...

8. I’m inclined towards saying...

9. I’m sure you’ll agree with me...

10. Don’t you think we should...

4.2. Agreeing and disagreeing

Look at the following extracts taken from the Listening passage:

«Yes, that’s probably true but I feel...»

« I resent that. .. I think my department...»

Now match phrases of agreement with those of disagreement. Match them so that they carry a similar strength of feeling:

1. I agree

a. I’m inclined to disagree

2. I couldn’t agree more

b. I see your point of view but...

3. I’m with you

c. I disagree

4. I tend to agree

d. Rubbish!

5. I can see what you mean

e. I don’t go along with that

6. You’re absolutely right

f. I disagree entirely

7. Exactly!

g. You’ve missed my point altogether

8. That’s exactly my point

h. You’re completely wrong

COSTING AND PRICING A NEW PRODUCT

1. Pre-Listening Task

How does a company decide on an appropriate price for a new product?

2. Listening and note-taking

Listen to an extract from a meeting in which the costing and pricing of a new product are discussed. As you listen, complete the cost/price breakdown in Chart 22

Chart 22

Recommended retail price

a.________________________

Discount

b.________________________

Manufacturer’s margin

c.________________________

Fixed costs

d.________________________

Direct costs

e.________________________

3. Comprehension check

3.1. What is the difference between direct (variable) costs and fixed (overhead) costs?

3.2. What sorts of mark-up would you expect in the following sectors: food, consumer durables (e.g. televisions), and services (e.g. consultancy, training)?

3.3. Why does a drop in production mean an increase in total cost per unit?

3.4. What is the advantage of setting a discounted retail price?

4 Language focus

4.1. Conditionals I and II

Look at the following sentences taken from the Listening passage:

«What if we achieve higher sales through a lower retail price?»

«If we lost sales through too high a price, it would jeopardize the whole project».

Now complete the following sentences:

1. If we _______ (set) a market price of £13, what _______ that (do) to sales?

2. We _______ still (protect) our margins if we fixed a price of

£11.50.

3. If the market could bear it, we _____ (able to) push the price up.

4. We would lose market share if our competitor _______ (drop) its price.

5. I ________ (resign) if I ________ (win) the lottery.

6. Unless there is a price war, we _________ (make) a good profit.

7. If production __________ (fall), our unit costs will go up.

8. We _______ not (offer) a discount if the retailers are prepared to limit their margins.

4.2. Verb + preposition

Look at the following sentences taken from the Listening passage:

«So can we all agree about the facts?»

«That’s a fair average based on projected sales figures...»

Now complete the following sentences by inserting one of the prepositions below:

on up at to from out with for down

1. We compared our prices ____________ our competitors’.

2. Do you agree ________________ Peter?

3. They agreed ________ the project and signed the contract.

4. These figures have been worked ____ by our accountants.

5. Sales are likely to respond quickly ____ changes in price.

6. If we push ______ the price, sales might come _____________.

7. Are you prepared __________ the price war?

8. We aimed ______ a lower price than our competitors. 9. We set the price _______ £12.50.

10. We prevented the competitors ________ gaining market share.

5. Word study

Match the expressions on the left with their best equivalents on the right:

1. projected a. shop

2. achieve b. perceived value

3. mark-up c. cautious

4. retail outlet d. endanger

5. elastic f. forecast

6. set (a price) g. increase

7. jeopardize h. reach

8. conservative i. responsive to price

9. push up (the price) j. margin

10. price the market can bear k. fix

6. Discussion

Speak on the pricing of the above product. Use these headings.

Introduction

Findings

Conclusions

Recommendations

VALUING GOODWILL

1. Pre-Listening Task

1.1. What does the goodwill of a company really represent?

1.2. How can the goodwill value be calculated?

2 Listening and note-taking

Listen to the extract from a meeting to discuss the valuation of the company. As you listen, complete Chart 23.

Chart 23

Assets

Net asset value

Long-term liabilities

Target price

Earnings (goodwill)

Average profits

Average turnover

Gross margin

Target price

3. Comprehension check

3.1. Why are Technics interested in this firm? 3.2. Why won’t they be interested in the assets?

3.3. What will the current net asset value cover?

3.4. Are the firm’s net profits outstanding?

4. Language focus

4.1. Continuous verb forms

Look at the following extracts taken from the Listening passage:

«Technics will be looking for a good return on their capital...»

«We should be looking for a goodwill figure of about £500,000...»

Now decide whether you can use a continuous form of the verbs in italic to stress the ongoing nature of an event in the following sentences. Where it is possible, change the verb.

1. We will make a profit of $100,000 this year.

2. We should invest in time share deals.

3. They have reported a £20 million loss.

4. They have lost money continuously.

5. We invested £10 million in the project and we lost it all.

6. We recruited salesmen throughout the year.

7. He always talks about things; he never does them.

8. We attract offers regularly.

9. She has acquired two companies recently.

10. He has acquired companies all his life.

4.2. Verb + preposition: to look ...

Look at the following sentence taken from the Listening passage:

«Technics will be looking for a good return on their capital…»

Now complete the following sentences with an appropriate preposition:

1. If you look ______ your current figures, they don’t make happy

reading.

2. We’ve taken on a consultant. She’s going to look _______ our

supply chain.

3. You shouldn’t look ______ to consultants. They make mistakes like the rest of us.

4. We’ve been looking ______ a new bookkeeper for weeks;

maybe we need to advertise nationally.

5. I looked _____________ the telephone number in the directory.

6. Finance managers should never look ________ on other departmental managers, just because they don’t understand finance. 7. We’re looking ______ the possibility of subcontracting some of

the production. It looks __________ if it may be possible.

8. If you look _______ the pennies, the pounds will take care of themselves.

5. Word study

Talking about figures. Study how we can be more or less precise when we discuss figures:

just over/above

a bit more than

200,000+

about

precisely

around

exactly

200,000

in the region of

approximately

Just under/below

nearly

200,000–

almost

Listen to the cassette. You will hear a number of figures. Round them up or down and use one of the above phrases. For example:

199,400 around 200,000

just under 200,000

6. Transfer

Present the analysis of the valuation using Chart 23 above.

BUSINESS ANALYSIS

1. Pre-Listening Task

What business data would you like to have in order to judge the performance of a company?

2. Listening and note-taking

Listen to an internal meeting between a finance manager and head of marketing. As you listen, complete chart 24.

Chart 24

Sectors of business

Market share (%)

Market growth

Turnover (%)

Profits (%)

Investment (%)

3. Comprehension check

Do you think the marketing manager is turnover-oriented or profitoriented?

4. Language focus

4.1. Present continuous

Look at the following sentences taken from the Listening passage:

«We’re operating in three major sectors of consultancy work...»

«These three sectors are growing at different rates...»

Now decide if the verbs in italic in the sentences below need to be changed to the present continuous. If so, change them:

1. We currently hold about 10 per cent of the financial consultancy market.

2. The human resource sector expands rapidly at the moment.

3. He always works too hard.

4. We gain market share in the present climate.

5. If this recession continues, we will lose our position.

6. What does he do? He telephones America.

7. I feel we should withdraw from the market.

8. I wait for the results of the survey. Then I will decide.

4.2. Presentation-linkers

Look at the following extracts from the Listening passage:

«So let me start by reviewing where we stand».

«I was just coming to that. Before I do, let me just add...»

Now match the phrases with the functions for structuring a presentation:

Function

Phrases

1. Introducing the topic

a. Let me start by

2. Giving an outline

b. I’ll come to that later

3. Starting a point

c. Incidentally, you may be interested to know

4. Finishing a point

d. Well, thank you for your attention: I’m sure you’ve got some questions

5. Moving on to another point

e. I’ve divided my talk into three parts

6. Referring backwards

f. That’s all I have to say about

7. Referring forwards

g. As I mentioned earlier

8. Digressing

h. Let me just add

9. Adding information

i. Let’s move on now to the question of

10. Closing the talk

j. Today, I’d like to talk about

5. Word study

Match the words/expressions on the left with the best synonym on the right:

1. views

a. to forecast

2. to review

b. to give to

3. to estimate

c. to assign

4. to move into a market

d. to hold market share

5. to build on your strength

e. to grow

6. static

f. opinions

7. to expand

g. to summarize

8. to be in line with

h. to be compatible with

9. to contribute to

i. to take advantage of your strong points

10. to fit in with

j. stable

11. to allocate

k. to be as expected/budgeted

12. to maintain market share

1. to enter a market

6. Discussion

Which are the most important constraints and opportunities for a company?

Financial constraints/opportunities

Marketing constraints/opportunities

Personnel constraints/opportunities

Others

ETHICS IN ACCOUNTING

1. Pre-Listening Task

1.1. What are the advantages/disadvantages of valuing fixed assets at historical cost?

1.2. What should an auditor’s attitude be towards deferred items

which are difficult to quantify with any certainty?

2. Listening and note-taking

Listen to the discussion between an auditor and a finance manager. As you listen, complete the table below.

Chart 25

Item

Book value/cost

Actual value/cost

Freehold property

a. ___________________

c. ___________________

Redundancy payments

b. ___________________

d. ___________________

3. Comprehension check

3.1. Why doesn’t the finance manager want the assets entered into

the accounts at actual value?

3.2. Why does the auditor feel they should be revalued?

3.3. What is the extraordinary item intended to cover?

3.4. Is it likely to be enough? 3.5. Why doesn’t the finance manager want more set aside?

4. Language focus

4.1. Short responses

Look at the following responses taken from the Listening passage:

«True, but we’d be a much bigger target...»

«Good, let me...» «Really, then I...»

Now match the best responses with the statements/questions:

Statements/questions

Responses

1. Could you hand me the minutes?

a. I see

2. There are too many risks.

b. Of course not!

3. I’ve finished the report.

c. Maybe

4. I suppose these figures aren’t accurate.

d. Never mind

5. That deals with the first part.

e. You’re welcome

6. We lost the contract.

f. Good

7. Let me put it this way: it’s a multiple of 50 times 3.

g. Right, let’s move on

8. Could you manage a meeting at 6 pm?

h. Yes, here you are

9. Thanks for all уour help.

i. True

4.2. Meetings — controlling and structuring.

Look at the following extracts taken from the Listening passage:

«There are a couple of issues I’d like to bring up».

«Right, there’s another issue».

Now match the expressions with the functions they perform:

Functions

Expressions

1. Outlining the structure

a. I think that covers the first point.

2. Coming to the first point

b. That’s outside the scope of the meeting.

3. Closing the first point

c. Can we come to an agreement?

4. Opening the second point

d. Right, there are two major issues today...

5. Dealing with a digression

e. I’d like to propose...

6. Making a proposal

f. Before we close, let me go over the main points.

7. Reaching agreement

g. Firstly, we need to...

8. Summarising

h. Let’s call it a day.

9. Closing the meeting

i. That brings us to the second major item.

5. Word study

The adjectives below can all be used to describe an auditor’s work. Categorise them under the five key adjectives.

disinterested

suitable

safe

reliable

fair

logical

impartial

cautious

applicable

objective

modest

accurate

steady

unbiased

representative

appropriate

rational

true

conservative

honest independent relevant prudent consistent

____________ ____________ ____________ ____________ ____________

____________ ____________ ____________ ____________ ____________

____________ ____________ ____________ ____________ ____________

____________ ____________ ____________ ____________ ____________

ANALYSING PERFORMANCE

1. Pre-Listening Task

1.1. What are the problems of analysing companies from their annual reports?

1.2. Ноw can you judge future performance from past results?

2. Listening and note-taking

Listen to the extract from a meeting in which two companies are being compared. As you listen, complete Chart 26.

Chart 26

Saxon

Pixbury

Development costs

Bond issue

Net income

Assets: equity

intangibales

3. Comprehension check

3.1. How do you think R&D costs should be accounted for in the P&L account and balance sheet?

3.2. How do you think goodwill should be accounted for when acquiring a company?

4. Language focus

4.1. Meetings — introductions and controlling

Look at the following extracts from the Listening passage: «Okay gentlemen, let’s get started».

«So, John, would you like to put us in the picture?» Now match the expression with its function in a meeting.

Function Expression

1. Opening the meeting a. Peter, would you like to start the ball rolling?

2. Agreeing the agenda b. Just a moment. Let John finish.

3. Introducing the first item c. Let me just recap then. What we’ve agreed is ...

4. Asking for contributions d. Okay, let’s get down to business.

Function Expression

5. Paraphrasing/clarifying e. If I understand you correctly, you’re saying ...

6. Asking for further contribu- f. Michael, that’s interesting. Let’s hear from tions somebody else.

7. Allowing somebody to finish g. Has anybody anything further to add?

8. Stopping someone talking h. Has everybody seen the agenda? All happy with it?

9. Summarising i. So, let’s call it a day. 10. Closing the meeting j. Let’s move straight away to the first item.

4.2. Degree – modification of adjectives

Look at the following sentences taken from the Listening passage:

«On the face of it, Saxon performed much better than Pixbury last year».

«Pixbury have a much more modest figure...»

Now classify the following adverbs of degree as strong (S), neutral (N) or weak (W).

1. considerably

5. moderately

2. somewhat

6. a little

3. slightly

7. much

4. quite a lot 8. marginally

5. Word study

Group these words under the four headings given below:

dynamic state-of-the-art substantial low-key enterprising modest conservative go-ahead high-tech cautious healthy leading edge advanced strong modern

thrusting robust

Forward-looking Technology Asset base Reporting policy companies

__________________ __________________ __________________ __________________

__________________ __________________ __________________ __________________

__________________ __________________ __________________ __________________

__________________ __________________ __________________ __________________

6. Discussion

Pick two more companies in one sector. Use their past results (annual reports) to analyze potential future performance.

BRIEFING ON PERSONAL TAXATION

1. Pre-Listening Task

1.1. How is personal taxation structured in your country?

1.2. Is the trend in the load of personal taxation upwards or downwards?

2. Listening and note-taking

Listen to the presentation about personal taxation in the UK. As you listen, complete the information in Charts 27 and 28 (referred to in the tapescript as transparencies).

Chart 27

PERSONAL TAXATION

Rates

Lower rate: up to £23,700:

a. _____________________________ %

Higher rate: above £23.700:

b. ____________________________ %

Allowances

Single person:

c. £ _____________________________

Married person:

d. £ _____________________________

Pensions:

e. maximum ___________ % of income

Mortgage interest relief:

f. _______________________________

Chart 28

COLLECTION OF PERSONAL TAXES

Income tax - system:

g. _______________________________

National Insurance

Employee’s contribution

h. ____________________________ %

Employer’s contribution:

i. _____________________________ %

3. Comprehension check

3.1. How are the two parts of Geoff’s presentation structured?

3.2. What does Geoff suggest the majority think of British tax?

3.3. What new legislation has recently been introduced?

3.4. What do you think the government uses national insurance contributions for?

4. Language focus

Presentations

Look at the following extracts from the Listening passage:

«Right, I’ll hand you straight over to Geoff»

«Good afternoon, ladies and gentlemen...»

Now match the expressions with the functions they perform in a presentation (match them under the three headings).

Functions EXPRESSIONS

INTRODUCTION

1. Introducing the subject a. I’ve divided my presentation into two parts

2. Time limits b. I’ll try to answer your questions at the end

3. Giving an outline c. What I’d like to do is talk to you about

4. Place of questions d. I know you’re short of time so I’ll be brief

Functions EXPRESSIONS

MAIN PART

1. Introducing first point a. I’ll come to that later

2. Closing first point b. In other words

3. Referring forwards c. As I mentioned earlier

4. Referring backwards d. That brings me on the next point

5. Digressing e. So, let’s start by considering

6. Moving point on to next f. That covers my first point

7. Clarifying g. By the way, you may be interested to know

8. Dealinginterruptions with h. If you don’t mind, I’d prefer to leave that till later

Functions EXPRESSIONS

CONCLUSION

1. Summarising a. Thank you for your attention

2. Concluding b. I’d be delighted to answer your questions

3. Closing c. We can draw the following conclusions

4. Inviting questions d. So, let’s just go over the main points again

5. Discussion

Prepare and give a presentation about personal taxation in your country.

PLANT LOCATION DECISIONS

1. Pre-listening task

1.1. What are the prime factors which must be taken into account when deciding on the location of a new factory?

1.2. How would you rank these factors in order of importance?

2. Listening and note-taking

Listen to an extract from a meeting in which the location of a new plant is the issue under discussion. As you listen, complete Chart 29 which is referred to during the meeting as a transparency.

Chart 29

Communication

Labour force

Plant construction

Manufacturing cost

Tax benefits

Scotland France

Germany

I = best score 2 = medium score 3 = worst score

3. Comprehension check

3.1. What is meant by communications ?

3.2. What are the two aspects of labour force to be considered?

3.3. Why should a manufacturing plant be regarded as a cost rather than a profit centre?

3.4. How could prices be structured internally to take advantage of varying tax rates?

4. Language focus

4.1. Questions -softening

Look at the following questions from, the Listening passage:

«Just before you move onto tax, can I ask you about the plant construction?»

«I was wondering whether any of the countries we are considering...»

Make the following direct questions more indirect/softer:

1. What about tax incentives?

2. Do they offer help with investment?

3. Did the tax authorities advise you about transfer prices?

4. How much does the land cost?

5. Have you included the tax weighting in your calculations?

6. What do the rest of you think?

7. Are you thinking of siting the plant in Scotland?

8. Why won’t you consider Germany?

4.2. Clarifying

Look at the following extracts taken from the Listening passage:

«The third factor is the plant construction cost, i. e. the initial investment cost».

«What do you mean» — Well, simply…» Now complete the dialogue below:

A: We’ve been trying hard to avoid double taxation? B: ________ mean?

A: ________ paying tax twice — first in the country of payment and secondly in the country of residence.

B: So, if ________ correctly, you _______ the expatriate workers could have to pay tax here in Saudi and again back in the US. A: That’s _________. We have approached the US tax authorities and it seems there is a double taxation agreement between the two countries but it is time dependent...

B: ___________ slowly?

A: Of course, what I ______ was that it is possible to avoid double taxation but it depends on how long the expatriate works in Saudi. Now, most of our contracted workers are on short contract varying from 60 to 120 days. The US tax authorities are prepared to waive tax after six months.

B: So are you ___ that our guys are going to have to pay tax twice.

A: Yes, but it could be redeemable _______ they could get the tax back later...

5. Word study

Study the expressions used to rank locations:

first scores highest way/slightly ahead on top

second in the middle way/just behind

third scores lowest lagging behind at the bottom

plus: there’s little to choose between to come down in favour of Using the following information, complete the sentences below.

Literacy

Numeracy

Personality

Experience

Jane

++

+

+++

Susan

+

++

+

+

Tessa

+++

++

+

1. Jane __________ highest in terms of __________.

2. She ___________ the others in experience.

3. Susan is _____ Jane in terms of literacy but _____ on numeracy. 4. There’s ______ Susan and Tessa in terms of experience.

5. Tessa comes out _________ in literacy.

6. Transfer

Look back at Chart 29. Go over the factors again in discussion. Try to reach a decision based on the information you have available.

DISCUSSION OF PRIVATISATION

1. Pre-Listening Task

1.1. Do you think privatisation of nationalised infrastructure industries (e.g. telecommunications, post, railways) makes good financial and commercial sense?

1.2. What is the policy towards privatisation pursued by your

country’s government?

2. Listening and note-taking

Listen to the extract from a TV panel discussion about privatisation. As you listen, complete Chart 30.

Chart 30

Arguments in favour

Arguments against

Political

Financial

Industrial

Social

3. Comprehension check

3.1. How can it be argued that privatisation ties the shareholder to the Tory party?

3.2. Many privatisations are preceded by write-offs of long-term government debts. Do you think this gives the newly privatised companies an unfair competitive advantage?

3.3. Why are civil servants more likely than business people to protect the long-term interest of the nation?

3.4. Peter Smyth admits that British Telecom privatisation was beneficial for some. Whom?

3.5. What type of elector is Peter Smyth representing?

3.6. What does Peter Smyth’s sarcastic remark about BT’s public

relations suggest?

4. Language focus

4.1. Presentations — introducing subjects

Look at the following extracts taken from the Listening passage:

«We’re here tonight to discuss the pros and cons...»

«On the political side , we have...»

«On the financial front ,...»

«From industrial point of view ...»

Now match the subject introduction with the content notes:

Subject introduction

Content

1. As far as the economy is concerned

a. the ecosystem, pollution, ozone

2. From a social point of view

b. the government in power, opposition

3. Looking at it from a political

standpoint

c. profit and loss, depreciation

4. On the financial front

d. trade deficit, GNP

5. On the subject of the environment

e. employment, housing education

4.2. Relative clauses

Look at the following extract taken from the Listening passage:

«There are those who believe that water, telecommunications and gas, to name but three, have all been successful privatisation issues which have led to major restructuring and financing...» Now combine the following sentences:

1. There are twenty people. They are waiting outside. They have been invited to the show.

2. The government spokesman. He comes from the Finance Ministry. He is going to speak on the programme.

3. Telecommunications was privatised six years ago. It has always been very profitable.

4. The government has followed a policy of privatisation. It was first elected eleven years ago.

5. Peter Smyth is an opposition spokesman on Trade and Industry.

Peter Smyth starts the discussion.

5. Word study

Complete the expressions by matching left and right columns:

1. asset

a. prices

2. to set

b. in the hands of

3. popular

c. for improvement

4. selling off

d. but three

5. rock-bottom

e. with the details

6. vested

f. by advertisements

7. to name

g. stripping

8. suffer

h. the nation’s silver

9. to leave

i. success

10. rip-roaring

j. forward

11. bore you

k. the rigours

12. great strides

1. great store by

13. room

m. capitalism

14. taken in

n. interest

6. Discussion

Use Chart 30 to discuss the pros and cons of privatization.

GLOSSARY

A

a shares (n) non-voting shares

absorb (v) to take in a smaller item to form part of a larger whole; we

can absorb the loss of the subsidiary acceptance (n) the act of agreeing to accept a bill of exchange access (n) available entry; access to the market account (n) a record of financial transactions accountancy (n) work of an accountant

accountant (n) person qualified to keep a company’s accounts accounts (n) the financial records of a business; the bank would like to

see the accounts account executive (n) an advertising executive who looks after a particular client accrual (n) gradual increase by addition accruals (n) money owed which is due at a later date accrue (v) to increase and to be due at a later date

acid ratio (n) ratio of current assets minus stock to current liabilities;

used as a measure of solvency acquire (v) to buy; to acquired company

acquisition (n)act of buying: acquisition of a company across-the-board (adj) running an ad for five days

actuary (n) a professional insurance official responsible for estimating

future claims and premiums advance 1. (n) money paid as a loan or part payment 2. (v) to lend money; the bank advanced us £2000 advertise (v) to announce that something is for sale ad (n informal) short for advertisement

advertisement (n) notice or announcement that something is for sale advertiser (n) person or company which advertises

advertising (n) business of announcing that something is for sale; she’s

in advertising age group (n) category by which target consumers are classified

according to age; the product appeals to the 25—35 age group agent (n) a person authorized to carry out transactions on behalf of

another person

A1DA Attention, Interest, Desire, Action air time (n) time given to advertising on TV or radio

allocate (v) to give money in certain proportions; in the budget we

allocated most of the money to marketing amortise (v) to pay off a debt by saving money on a regular basis; the

total cost can be amortised in five уears annual (adj) for one year; the annual accounts

annual general meeting (AGM ) a meeting of all shareholders

anti-trust (adj) against monopolies; anti-trust laws appeal (n) being attractive

appropriate (v) to put a sum of money aside for a purpose appropriation (n) profit appropriation area (n) a region; his sales area is the North East

arbitrage (n) buying shares in a company which is likely to be taken

over arbitrager (n) person who buys and sells shares before and after a

takeover arrears (n) money which is owed and has not been paid on time art director (n) person responsible for creative work in an advertising

agency artwork (n) drawing, photographs, etc. used for an advertisement,

brochure, publicity material, etc.

assess (v) to calculate the value of

assessment (n) tax assessment; my tax assessment is always wrong asset (n) something of value which is owned by a company current assets (n) assets in daily use by a business fixed assets (n) property and machinery

frozen assets (n) assets which cannot be sold, usually because there is a

dispute intangible assets (n) assets which cannot be seen (such as goodwill, patents, etc.) liquid assets (n) cash or bills which can be easily converted into cash tangible assets (n) assets which can be seen (such as property,

machinery, etc.) asset stripping (v) buying a company in order to sell its assets assortment (n) combination or range of goods; the wholesaler’s

assortment is too wide attribute (v) to put a name to, to classify

attributable profits (n) profits whose origin can be identified audience (n) people who watch or listen to a TV or radio programme;

this ad will not reach its target audience audit (n) examination of the accounts of a company

auditing (n) official process of checking the accounts of a company to

see if they represent a true picture auditor (n) person who audits

authorised capital (n) amount of capital which a company is allowed to have average (n) number which is representative of many figures; the average

inflation rate is 10 per cent

B

В shares ordinary shares with special voting rights

back 1. (adj) referring to the past; I am owed a lot of back pay 2. (v) to support; the bank refuses to back the project

backdate (v) to put an earlier date on a document

backer (n) person/company who financially supports someone; our

American backers have pulled out of the project backing (n) financial support

back office (n) the department in a firm of stockbrokers which deals with

settlement procedures bad debt (n) debt which will not be paid

balance (n) amount which makes the total credits and debits equal balance brought forward (bbf) (n) amount entered at the start of an

account which represents the balance from the last period balance of payments (n) international financial position of a country

(account of imports, exports and invisible earnings) balance sheet (n) statement of the financial position of a company or

business at a certain moment bank charges (n) charges a bank makes for services provided to a customer bank draft (n) order by one bank to get another bank to pay money to

someone bank statement (n) written statement showing transactions and balance

of an account bankrupt (adj/noun) declared unable to pay debts and put in the hands of

a receiver; he was declared bankrupt; he went bankrupt bankrupt (v) to force someone to become bankrupt; they bankrupt my

business bankruptcy (n) state of being bankrupt

bargain (n) 1. agreement on price, he strikes a hard bargain 2. something

cheaper than usual; that car is a real bargain base rate (n) principal rate of interest charged by a bank bearer (n) person who holds a cheque or certificate bear market (n) period when share prices are falling below-the-line (adj); advertising which is not paid for

benchmark (n) point which can be used as a basis for comparison; we

have set a benchmark figure of 5 per cent benefit (n) the advantage that a product brings to the consumer; the main

product benefit was a reduction in time bias (n) prejudice, lack of objectivity; focus interviews are subject to

interviewer bias bid (n) offer to buy something at a certain price; takeover bid bidder (n) person who makes an offer; the company will go to the

highest bidder bill (n) written paper promising to pay money

billion (n) GB: one million million; US: one thousand million blank cheque (n) a signed cheque with no payee or amount

bleed 1. (n) print that runs to the edge of the page 2.(v) to run print to the

edge of the page blue chips (n) shares with the highest status as investments — usually shares of well-established companies

body copy (n) main part of an advertising text

bond (n) contract document promising to repay money borrowed by a

company or government bonus (n) extra payment; we offer a Christmas bonus to all employees books (n) the financial records of a company

book value (n) value of assets as recorded in the company’s books bookkeeper (n) person who keeps the financial records of a company boom (n) time when business activity is increasing; we must take

advantage of the economic boom borrow (v) to accept money from someone on the basis that you repay it later

Boston Matrix (n) type of product portfolio analysis invented by the

Boston Consulting Group bottleneck (n) a restriction in normal flow; we’ve got a bottleneck in our

supply operations bottom 1 (n) lowest point, rock-bottom price 2. (v) to bottom out, to

reach the lowest point bounce (v) referring to a cheque which is returned to the bearer because

there is not enough money in the payer’s account brand (n) a product which can be recognised by a name brand leader (n) brand with the biggest market share

brand loyalty (n) customer desire to continue buying the same brand branding (n) the process of giving brand names to products

break even (v) to balance sales and costs, not to make a profit or a loss;

we only just broke even breakeven point (n) point at which sales balance costs bridge (v) to print an ad across the centre of a double-page spread brief 1 (n) objectives for a campaign given by an advertiser to an agency 2 (v) to explain to people before an assignment; the salesforce were briefed about the campaign broadsheet (n) large sized newspaper (as opposed to tabloid) brochure (n) publicity booklet; they asked for a brochure about our

services broke (adj informal) having no money; he’s broke until he receives his

pay cheque go broke (v) to become bankrupt; the company went broke broker (n) person who buys and sells shares/currency

budget 1. (n) plan of forecast income and expenditure; we drew up a pessimistic budget for the next six months 2 (v) to plan forecast income and expenditure

The Budget (GB) annual plan of government spending and taxation budgetary (adj) referring to a budget; budgetary control

building society (n) (GB) financial institution which lends money to

people buying property bull market (n) period when share prices are rising

burst (n) a large number of ads over a short period; we could advertise in a burst or take it more slowly

bust (adj informal) bankrupt; the firm went bust

buyout (n) management ~: takeover of a company by its managers and

directors

C

call (n) 1.demand to pay for new shares 2. (n) visit; the salesman plans to make seven calls 3. (v) to call on someone, to visit 4. (v) to call someone; to telephone call option (n) option to buy shares at a certain price

cannibalism (n) a process when one product reduces the sales of another

produced by the same company canvass (v) to visit people to seek their opinions; we canvassed our

customers about the proposed new product capital (n) money, property and assets used in a business capital expenditure (n) money spent on fixed assets capital gains (n) money made on the sale of a fixed asset

equity capital (n) amount of a company’s capital owned by the

shareholders risk capital (n) money for investment in risky projects

capitalisation (n) market ~: value of a company based on its total share

value caption (n) short description attached to a photograph or illustration captive (ad) not free; the patients in the waiting room are a captive

audience for advertisements capture (v) to take; we captured 20 per cent of the market

carry forward (v) to take a balance forward from the last accounting

period, usually abbreviated to c.f. in financial statements cartel (n) group of companies that get together to fix price or control the

market cash 1. (n) money in notes and coins 2. (v) to exchange a cheque for cash cash flow (n) cash coming in to a company in sales less the money going

out in purchases and overheads negative cash flow (n) more money going out than coming in positive cash flow (n) more money coming in than going out catalogue (US catalog) (n) a sales publication which list products and

prices cater for (v) to be equipped to deal with; we can only cater for twenty

people ceiling (n) highest level; we are going to have to agree a price ceiling chain (n) series of shops belonging to one company

challenger (n) company which enters a market where others are already

established

Chancellor of the Exchequer (n) British finance minister

channel (n) means by which goods pass from one place to another; the main distribution channel is through supermarkets

charge 1. (n) money paid for a service; a delivery charge 1. (v) to ask

someone to pay; the bank charges their business customers 10 p a cheque chart (n) diagram which visually displays information bar chart (n) uses column height to show variation flow chart (n) shows process from first to last step pie chart (n) shows data in a circle cut up into segments

chartered accountant (n) accountant in UK who has passed professional

examinations and is a member of the Institute of Chartered Accountants checkout (n) place where goods are paid for in a shop

cheque (n) (US: check) note ordering a bank to pay money to the

person/company whose name is written on the cheque

c.i.f. cost, insurance and freight

circular (n) a copied leaflet which is sent to many people circulation (n) number of copies of a newspaper sold

claim 1. (n) request for money; we put in an insurance claim after the

accident 2. (v) to ask for money; we claimed $50,000 in damages classify (v) to put into categories

classified ads (n) advertisements which are grouped together under

certain headings, e.g. property, personal client (n) person or company that buys a service Co . short for Company

cold (adj) not approached before; a cold call

collateral (n) synonym for security; the bank wants to know what

collateral we are offering against the loan collect (v) to make somebody pay their debts; tax collection; tax collector colour supplement (n) glossy magazine which accompanies a

newspaper commercialise (v) to make something make money, they have a good

research reputation but they find it difficult to commercialise their products commission (n) money paid to the seller, a percentage of the sales made;

we offered the agent a 10per cent commission commodity (n) goods sold in large quantities, e.g. raw materials such as

metals, grain, sugar, etc.

company (n) a registered business

company secretary (n) person responsible for the company’s legal affairs

limited (liability) company (Ltd ) (n) a private company where the

shareholders are responsible for repaying debts to the value of their shares compete (v) to try to do better than another person/company; it’s difficult

to compete with low-priced imports competition (n) process of trying to do better; the competition is very

fierce competitor (n) person-company which competes соmpetitive (adj) of a product which competes well; it’s important to

keep a competitive edge competitiveness (v) process of being competitive complementary (adj) completing, adding to or extending; toothbrushes

and toothpaste are complementary products complimentary (adj) given as a gift; we received two complimentary

tickets for Wimbledon compound interest (n) interest which is added to the capital and then

earns interest again concentrated marketing (n) marketing directed at one segment of the

market concept (n) business idea; What is the concept which lies behind the

product?

conglomerate (n) group of companies joined together producing different products consign (v) to send goods to a particular buyer consignment (n) a group of goods sent in one load

consolidate (v) to put the accounts of subsidiary companies into the

parent company’s accounts; consolidated accounts consortium (n) a group of companies which work together consumables (n) bookkeeping item for goods which have a limited life consumer durables (n) expensive items which last a number of years, e.g. washing machines consumer goods (n) goods bought by consumers as opposed to industry consumerism (n) process of protecting the rights of consumers contingency (n) possible state of emergency; a contingency fund has

been set up in case of bankruptcy contract (n) legal agreement between two or more parties

contract manufacturing (n) agreement which allows an overseas

manufacturer to make your goods convert (v) to change money from one currency to another; convertible

currency convertible stock (n) stock which can be exchanged for shares at a later

date copy (n) text of an advertisement

copywriter (n) person who writes copy for advertisements

соrporate (adj) referring to the whole company; corporate advertising

sells the company not its products corporation tax (n) tax on profits of a company cost (n) amount of money which has to be paid

cost-effective (adj) which gives value; the scheme is cost-effective costing (n) the calculation of costs for a project

fixed costs (n) costs which do not increase when production increases or

decreases running costs (n) costs of day-to-day management of a company variable costs (n) costs which increase or decrease as production

changes counter (n) flat surface in a shop used for displaying goods and serving customers

over-the-counter drugs retail sales as opposed to prescription sales under-the-counter illegal

coupon (n) piece of paper used instead of money; as part of the

promotion we are offering prepaid coupons coverage (n) proportion of a market which is reached; we achieved very

good coverage with the evening TV ads credit 1. (n) time given to a customer to pay; we normally give 3

months’ credit 2. (v) to put money into someone’s account credit control (n) checking that customers pay on time credit limit (n) a maximum amount that a customer can owe creditor (n) person who is owed money

creditworthiness (n) ability to repay money borrowed creditworthy (adj) able to buy goods on credit

credit rating (n) amount which a credit agency thinks a company/person

should be allowed to borrow letter of credit (n) a note from a bank allowing credit and promising to

repay at a later date creaming (n) fixing a high price to get high, short-term profits cross-holding (n) two companies holding shares in each other cumulative (adj) which is added each year to the previous year’s total;

cumulative interest currency (n) money which is used in a particular country hard currency (n) currency of a country with a stable economy soft currency (n) currency of a country with a weak economy current (adj) referring to the present time

current account (n) bank account from which a customer can withdraw

money at any time without giving notice of withdrawal current assets (n) assets used by a company in its day-to-day running

(materials, cask, etc.) current liabilities (n) debts which a company must repay in the short-term customer (n) person-company that buys goods customise ( v) to adapt a product for a particular customer cut-price (adj) sold at a lower price than usual cut-throat (adj) fierce, intense; cut-throat competition

cycle (n) a regularly repeated sequence; this is our normal selling

cycle — it’s always quiet after Christmas

D

damages (n) money claimed for harm done; we are claiming damages for

unfair dismissal day-to-day (adj) ordinary, happens regularly

DCF discounted cash flow

deadline (n) date by which something has to be done; There’s no time! Today’s the deadline!

deal 1. (n) a business agreement; we set up a deal with our agents 2. (n)

amount; a great deal of money 3. (v) to trade, buy and sell; he deals in gold dealer (n) person who buys and sells; a foreign exchange dealer dealership (n) right to buy and sell certain products

deal with (v) 1 to organise; I’ll deal with that order 2 to do business with;

we don’t deal with middlemen debenture (n) agreement to repay a debt with fixed interest with the company’s assets as security debit 1. (n) money which is owed; the debit column is the left-hand

column in accounts 2. (v) charge, deduct; to debit an account direct debit (n) money withdrawn automatically from a bank account for

regular payments debt (n) money owed; to get into debt; to be out of debt; to pay off a debt debtor (n) person who owes money

aged debtors (n) companies that owe money listed according to age of debt declare (v) to make an official statement; the company declared interim

profits of $20 million declaration (n) an official statement; a tax declaration

deduct (v) to subtract from the total figure; after deducting all the costs,

we actually made a loss deductible (adj) which can be deducted; tax-deductible

deduction (n) subtraction from the total figure; after deduction of tax default 1. (n) failure to meet the terms of a contract; the company is in

default on its capital repayments 2. (v) to fail to meet the terms of a contract defer (v) to put to a later date; we have deferred payment until next year

deferred payments (n) payments postponed to a later date

deficit (n) amount by which expenditure is higher than income; the

accounts show a deficit deflate (v) to reduce economic activity by cutting the money supply deflation (n) reduction in the money supply intended to cause a drop in

prices deflationary (adj) we have introduced some deflationary measures defray (v) to provide money for costs; the sponsor agreed to defray the

travel costs degearing (n) a reduction in gearing of a company delete (v) to remove from the range; the range is too wide, we’ll have to

delete some products deliver ( v) to transport goods to a customer

demand (n) 1. asking for payment; final demands were issued to all late payers 2. need for products and services at a certain price; we are having difficulty meeting demand department store (n) large store divided into sections selling different types of products

deposit (n) 1. money in a bank account (usually earning interest; we require seven days’ notice of withdrawal on this deposit account 2. money paid in advance in order to reserve a product depot (n) warehouse

depreciate (v) to reduce the value of assets in the accounts over a certain

time; we depreciate business equipment over five years depreciation (n) reduction in the value of an asset; straight line depreciation is calculated by dividing the costs of the asset by the number of years of active use deregulation (n) reducing government control over industry

depth (n) different forms in a product line

devalue (v) to reduce the value of a currency against other currencies devaluation (n) reduction in the value of a currency

differentiation (n) making sure that a product has distinguishing features direct export (n) selling direct to an overseas customer

direct mail (n) selling a product by sending information through the post direct selling (n) selling direct to a customer without going through any

middlemen directory (n) reference book containing listings; a telephone directory, a

trade directory disburse (v) to pay money disbursement (n) payment

discount 1. (n) percentage reduction in a full price 2. (v) to reduce the

full price discount rate (n) the percentage taken when a bank buys bills discounted cash flow (DCF) calculating return on investment while

taking into account present value of money quantity discount (n) discount for large quantities trade discount (n) discount to wholesaler or other middleman discretionary (adj) which can be done if you want; discretionary income

is what is left after you have made all your essential payments disinvest (v) to reduce investment by not replacing capital assets dispenser (n) machine which automatically provides food, drink and

other items display 1. (n) showing or exhibiting goods; there was a display of the

latest research at the trade fair in Frankfurt 2. ( v) to show or exhibit display advertisement (n) ad which stands out from other ads because of

typeface, border, etc.

distribute (v) to send out goods from the manufacturer to the end-user diversify (v) to extend into new business areas; although we are a

chemicals company, we diversified into publishing diversification (n) act of diversifying

divest (v) to sell assets; we divested ourselves of our South American

companies divestment (n) the selling of product lines or companies dividend (n) percentage of profits paid to shareholders documentary credit (n) a letter of credit from a bank

dog (n) term used in Boston Matrix to describe a product with low

market growth and low market share domestic (adj) referring to the home market door-to-door (adj) going from house to house; a door-to-door salesman dormant (adj) not active at the moment, sleeping; I’m sure we can

awaken some dormant accounts down-market (adj/adv) cheap, low end of the market; to go down-

market

draft (n) order for money to be paid by a bank; a banker’s draft due (adj) owed; this debt became due last week

duopoly (n) only two competitors in a market

E

earmark (v) to set aside for a special purpose; we have earmarked

$50,000 for promotion earn (v) to receive money for work

earnings (v) salaries, profits, dividends, interest received

earnings per share dividends per share shown as a percentage of the

market value of a share price/earnings ratio ratio between market price and current dividend economic (ad)) 1. provides enough money; this project doesn’t make economic sense 2. referring to state of the national economy; there is an economic crisis economical (adj) saving money; an economical car economics (n) study of macro- and microeconomics economise (v) to save money

economist (n) person who specialises in the study of economics economy (n) 1. not wasting money or resources; we need to introduce

some economies

2. (n) financial state of a country; a free market economy editing (n) correcting, modifying a text or a film

edition (n) an issue of a publication; this month’s edition has an article

about roses editorial (adj) referring to the editor; sometimes editorial publicity is

much more effective than advertising elastic (adj) can change easily; demand is very elastic — it will not bold

up if we increase the price employ (v) to use (money; return on capital employed) end-user (n) person who actually uses a product or service

endorse (v) to say that a product is good; a professor endorsed our new

drug endorsement advertising — advertising which uses famous people to

endorse products entrepreneur (n) person who starts and runs a company/business environment (n) area which surrounds a company (both physically and

commercially) equity (n) right to receive dividends on the shares you own in a company equities (n) ordinary shares

equity capital (n) amount of a company’s capital owned by the

shareholders escalate (v) to increase rapidly; prices have escalated recently

Eurobond (n) a bond issued in a currency other than that of the country it is issued in excess (n) amount which is more than permitted

excess capacity more production capacity than is needed for current

demand exchange (n) giving one thing for another; exchange control; foreign

exchange exhibit 1 (n) thing which is shown at a trade fair or show 2. (v) to display

products at a show exhibition (n) show of goods

expand (v) to get bigger; the market is expanding expansion (n) increase in size

expenditure (n) amount of money spent; capital expenditure is the

money we have spent on fixed assets expense (n) money spent; we renovated the building at great expense; the

salesman had a generous expense account expenses (n) money paid for covering extra costs; the fee did not include

travel expenses expertise (n) specialist knowledge

exposure (n) 1. publicity given to a product or company 2 total number

of audience reached by an advertisement

F

factoring (n) business of taking on other people’s debts

face-lift (n) improvement in the look of a product or a company, suggests the change is only on the surface; the company has had a corporate face-lift but nothing radical has changed facing (adj) opposite; we’d like the ad put on the facing page FIFO first in first out (inventory system)

finance 1. (n) money used by a company; Where will we get the finance

for this project?

finances (n) money available; the poor state of the company’s finances 2.

(v) to provide money for; the bank is going to finance the new building financial (adj) referring to finance; financial position

financially (adv) to do with finance; the company is financially

dependent on one shareholder financier (n) person who lends large sums of money financing (n) the process of providing money

firm (n) a business or partnership; a law firm

fiscal (adj) referring to tax; the government is using fiscal measures to

slow down the economy fad (n) a fashion, usually short-lived

family (n) group of products linked by name or packaging

feasibility study (n) investigation of a project to see if it is worth

pursuing feature (n ) 1. an article in a publication that deals with a certain subject

2. an aspect of a product, e.g. an alarm system on a car float (v) to put a company’s shares for sale on the stock exchange flotation (n) a new company flotation

floating exchange rate (n) an exchange rate which is not fixed flagship (n) the main or most successful product in a range flier (n) a promotional leaflet

foreclose (v) to force a company/person to sell assets in order to pay debts flood 1. (n) large quantity; a flood of orders 2. (v) to fill with a large

quantity; the market was flooded with cheap imitations flop (n) failure; the product was a flop

focus group (n) a small group of potential consumers who form part of a

market survey follower (n) company which follows others into a market

forecast 1. (n) an estimate of what will happen in the future 2. ( v) to

estimate what will happen format (n) layout of a page

forward (adj) in advance, to be paid later

forward buying (n) buying at today’s prices for delivery later four Ps Product, Price, Place, Promotion

fragment (v) to break into small parts; the market has fragmented since

the competition reduced prices franchise 1. (n) licence to sell under a brand name 2. (v) to give a licence

to someone franchisee (n) person who pays a royalty for a franchise franchiser (n) person who receives the royalty

fraud (n) making money by not telling the truth; he became rich through

systematic fraud fraudulent (adj) not honest

freebie (n informal) a give-away, a free promotional product freesheet (n) a newspaper for which there is no cover charge — it is

financed only by advertising freeze (n) a period when nothing changes; a price freeze

freeze out (v) to prevent other companies from entering or staying in a

market frequency ( n) how often something happens; we plan to spend more on

the ads but use them with lower frequency fund 1. (n) money set aside for a special purpose; a. pension fund 2. (v) to provide money for; we funded the company in its early days

funds (n) money available to spend; we need extra funds to pay for

research futures (n) trading in shares and commodities for delivery at a later date

G

galley (n) first proofs before a text is made into pages gap (n) a hole, an unfilled space, there’s a gap in the market

gearing (n) ratio between a company’s capital borrowed at fixed interest

and the value of its ordinary shares highly-geared (adj) having a high proportion of fixed-interest loans generic ( adj) belonging to a type or class; it’s cheaper to buy generic

products rather than branded ones going (adj) active, running; this business is a going concern gimmick (n) an attractive and clever idea; the agency thought of a

publicity gimmick giveaway (n) a free PR gift

glut (n) over-supply of a product; there is a glut of oil

gold standard (n) value of a currency in relation to the value of gold going rate (n) the market price for a product

goodwill (n) good reputation of a business — intangible asset connected

tо customer base, track record, etc. goods (n) products, items for sale gross (adj) total, with no deductions

gross margin (n) percentage difference between sales and direct cost of

sales gross profit (n) profit calculated as sales less direct cost of sales gross yield (n) profit from investment before tax deductions grow (v) to become larger; our liabilities have grown rapidly growth (n) increase in size

gutter (n) where two pages meet in the middle of a book or magazine

H

half-year (n) six months; the first half-year was disappointing half-yearly (adj) it’s time for our half-yearly meeting

hand (n) in-hand ready; cash-in-hand is kept in reserve for daily

expenses handle (v) to deal with; our bookkeeper handles all the figures hard sell (n) aggressive selling

hedge (n) protection, security; we spread the loan as a hedge against

interest rates hedging (n) investing at a fixed price for delivery later hidden (n) not declared, is not clear; there are certain hidden costs hire-purchase (n) paying for something in regular instalments historic (al) (adj) in the past

historical cost (n) the actual cost when the item was purchased

hit (v) to reach a target, we hit the target audience hold (v) to own; the chairman holds 45 per cent of the shares holder (n) person who owns something; holders of shares in the company holdings (n) group of shares; he has holdings throughout the Middle East holding company (n) company which acts only as a legal entity for

owning shares in subsidiary companies hostile (adj) unfriendly; a hostile takeover bid

hype (n) exaggerated statements in advertising; I never believe all the

hype

I

imitate (v) to copy; me-too products imitate their competitors impact (n) strong effect; the ad had tremendous impact

impulse (n) sudden decision; if we want to reach the impulse buyers we

need good point-of-sale promotion incentive (n) something which motivates; we need to offer incentives to

people joining the company income (n) money received through operations or investment earned income (n) money earned through work unearned income (n) money received from investments

incorporate 1 . (v) to include as part of the whole; profits from the subsidiaries have been incorporated 2. to register a company (US); an incorporated company increment (n) regular increase; I am due for an annual increment on my

salary incremental (adj) rising automatically in stages; an incremental cost incur (v) to be liable for, to have to pay; we have incurred heavy debts indebted (adj) owing money; we are indebted to a financing house indent (v) to start a line of type several spaces in from the left-hand

margin index (n) a statistical figure showing relative increase or decrease index-linked (adj) which is increased according to the retail price index;

an index-linked pension retail price index (n) an indicator of the rate of inflation

indicator (n) something which is significant; a key indicator is the

inflation rate inflate (v) to increase

inflate the economy (v) to activate the economy by increasing the

money supply

inflation (n) state of rising prices

inflation accounting (n) allowing in accounts for the changing value of

money inflationary (adj) resulting in an increase in inflation; these wage

demands will be inflationary informant (n) person who answers questions in a market survey inhouse (adj) within a company; all our advertising is done inhouse insider dealing (n) illegal use of inside information to buy and sell

shares (often before a takeover deal) insert (n) something which is put inside something else; the brochure

included a price insert insolvent (adj) not able to pay debts; the company will soon be insolvent;

insolvency (n) intangible (adj) which cannot be seen or touched; goodwill is an intangible asset interest (n) a percentage of the capital paid by a borrower to a lender;

interest rate (n) interim (n) half or part of the total period; the interim report (6-monthly) introduce (v) to bring a product onto the market; to launch a new product introductory offer a special low price to introduce a new product inventory (n) stock; wе need to reduce our inventory

invest (v) to put money into a bank, building society, shares or other

project in order to earn interest/increase in value investment (n) money put into a bank or project etc. with the intention

that it should increase in value investor (n) person who invests safe investment (n) a non-risky investment

invisible (adj) cannot be seen; tourist economies have high invisible earnings invoice 1. (n) a note requesting payment 2. (v) to send an invoice to

someone irrevocable (adj) cannot be changed; an irrevocable letter of credit

cannot be cancelled issue (n) giving out shares

issued capital (n) amount of capital held by shareholders

rights issue (n) giving shareholders the right to buy new shares at a

lower price scrip issue (n) free shares to shareholders

item (n) entry m accounts; there’s a new item on the balance sheet itinerary (n) places to be visited on a journey; his itinerary took him all

over the world

J

jingle (n) a catchy tune used in advertising

jobber (n) person who buys and sells shares from other traders on Stock

Exchange; jobbing (v) joint (adj) combined, shared between two parties joint bank account (n) bank account of two people

joint stock company (n) public company with shares owned by many

people journal (n) a professional publication junk bonds (n) bonds raised as debentures against the security of a

company about to be taken over junk mail (n) direct mail advertising which is unrequested and usually

unwanted

K

key (adj) important, main; this client is a key account knock (v) to criticise; knocking other people’s products is never a good

way to sell your own knockdown (adj) very low; these knockdown prices are unbeatable

know-how (n) knowledge about how something works

L

label (n) a small piece of card or material attached to product to show

name, price, etc.

laggards (n) category of customers in product life cycle who are very

slow to buy lame duck (n) company that needs financial support latent (adj) dormant, hidden, waiting to appear; latent demand lateral (adj) to the side; lateral diversification

launch 1 (v) to introduce a new product on the market 2. (n) introduction

of new product; launch was very successful layout (n) arrangement of text and illustrations on the page leaflet (n) small sheet of printed paper used to advertise

lease (n) contract for renting property or equipment for a period of time lease back (v) to sell property or machinery and then take it back on a

lease lessee (n) person who pays for a lease lessor (n) person who receives money for a lease ledger (n) book in which accounts are written

nominal ledger (n) record of a company’s income and expenditure by

named accounts, departments purchase ledge (n) record of expenditure sales ledger (n) record of sales

lend (v) to allow somebody to use your property lender (n) person who lends money lending (n) allowing someone to borrow money

letterhead (n) name and address of a company printed on correspondence paper leverage (n) ratio between capital borrowed and value of shares leveraged buyout (n) buying all the shares in a company using the value

of the shares as security levy 1. (n) money collected by the authorities; there is an import levy on

all non-EC produce 2. (v) to demand payment of taxes and dues liability (n) legal obligation; our liability is limited

liabilities (n) debts of a business current liabilities (n) short-term debts

licence (n) (US: license) official document which gives permission; you

need an import licence licence (v) to give permission

licensee (n) person who is given permission licensor (n) person who gives permission life cycle ( n) concept of showing the different stages in a product’s life;

growth is the first stage in the cycle LIFO last in first out (inventory system)

lineage (n) way of measuring cost of classified ads by number of lines liquid (adj) easy to realise; liquid assets

liquidity (n) having assets which can be converted into cash liquidity ratio (n) the ratio of current assets to current liabilities liquidate (v) to close a company and sell its assets

liquidation (n) process of closing a company; the business went into

liquidation liquidator (n) person who supervises the liquidation of a company listed (adj) registered; shares can be bought in listed companies listing (n) official list of companies whose shares can be bought or sold

on the Stock Exchange

livery (n) a company’s own design used on vehicles, buildings, uniforms loan 1. (n) money which has been lent; loan capital must be repaid at a

later date 2.(v) to lend logo (n) design or group of letters used by a company as a distinguishing mark lose (v) to not make a profit; we are losing money loss (n) we suffered a loss

loyalty (n) sense of belonging and trusting; customer loyalty lump sum (n) money paid in one single amount; you can pay in one

lump sum or by instalments

M

major (adj) important; the major shareholder has 35 per cent of the

shares majority shareholding (n) more than 50 per cent of the shares mailshot (n) sending of one campaign of; direct mailing make (n) brand or type of product

manage (v) to control and be in charge of, to manage a sales office management (n) controlling and running a business or part of business;

management by objectives managerial (adj) referring to managers; at a managerial level management accounts (n) financial information (sales, costs, profits,

cash flow, etc) prepared for managers manufacture (v) to make a product using machines manufacturer (n) company which makes products

manufacturing (n) process of producing; manufacturing industry

margin (n) difference between income and costs

gross margin (n) percentage difference between unit manufacturing cost and manufacturer’s price marginal tax (n) percentage of tax paid at top rate

net margin (n) percentage difference between all costs and manufacturer’s price market (n) place where products and services can be bought and sold capital market (n) place where companies can look for investment capital down-market (adj/adv) cheap end of the market

market leader (n) dominant company or product in the market market-maker (n) a broker-dealer who buys and sells securities and thus

make a market for them market niche (n) small part of specialised market market penetration (n) amount a product sells in a market market segmentation (n) division of the market into consumer groups market share (n) percentage of a total market which one company or

product holds market survey (n) an investigation into a market

mass-marketing (n) marketing aimed at a large undifferentiated

customer group money market (n) place where money is traded up-market (adj/adv) luxury end of the market

mark up (v) to add an amount to the cost price to reach the sale price mark-up (n) amount added to the cost price to reach the sail price; the

retailer’s mark-up mature (adj) fully developed; mature stage in a product life cycle media (n) means of communicating a message

mass media (n) means of communicating to general public, e.g. TV,

radio newspapers media buyer (n) person who places advertisements on TV, radio and in

newspapers media coverage (n) reports about an event in the media; we need good

media coverage for the launch of this product media planning (n) decisions about which type and how much maximise (v) to make as large as possible; we must maximise profits measure (n) action, step; we are going to take measures to reduce costs merchant bank (n) financial institutions which carry out a range of

services (historically not clearing banks) merchandising (n) managing the display and promotion of goods in shops merge (v) to join together; the company merged with another European

company; merger (n) middleman (n) person/company who acts as an intermediate step

between manufacturer and customer; a wholesaler is a middleman milk (v) to make as much profit as possible; we should milk the product at this stage in its life

minimise (v) to make something as small as possible; we need to

minimise costs mission (n) long-term objectives and philosophy of a company; mission

statement mix (n) combination of different things; the marketing mix consists of

many elements such as price, promotion, product, etc monetary (adj) referring to money; monetary policy was popular in the

eighties monetarism (n) economic theory that inflation can be controlled by

regulating the money supply monetarist (n) person who supports the theory of monetarism monopoly (n) a market situation where one company is the only supplier

of a product or service mortgage 1. (n) contract for buying a property using the property as security for a long-term loan 2. (v) to obtain a loan with a property as security; the house is mortgaged

MRP manufacturer’s recommended price

N

negotiable (adj) can be negotiated, subject to agreement; a negotiable bill

can be freely transferred net (adj) after all deductions have been made; net margin; net profit network (n) system which links different parts together, a distribution

network niche (n) small segment of specialised market

nominal (adj) as registered, as indicated; the nominal value of the shares

is much lower than the current market rate

O

observation method (n) market research method based on watching

consumers obsolescent (adj) going out of date because of advances in technology or

changes in taste obsolete (adj) no longer used; the product is now obsolete

off-balance sheet (n) where an asset is acquired by leasing and not

subject to depreciation off-season (adj) in the cheap, less busy season operate (v) to run or work a machine/business

operational (adj) working, running; the operational costs are too high opportunity (n) chance to do something; there are opportunities and

threats in this market option (n) the possibility, opportunity; we have the first option to buy the

property share option (n) right to buy/sell shares at a certain price on a future date outgoings (n) money which is paid out, expenditure

outlay (n) expenditure; the capital outlay exceeds our borrowing facility organise (v) to plan and operate something so that it works efficiently organisation chart (n) diagram of position of people in a company orientation (n) direction or main area of interest; market-oriented

company

outdoor advertising (n) advertising in the open air

option (n) the possibility, opportunity; we have the first option to buy the

property share option (n) right to buy/sell shares at a certain price on a future date outlet (n) a place where something can be sold; a retail outlet outgoings (n) money which is paid out, expenditure

outlay (n) expenditure; the capital outlay exceeds our borrowing facility own-label (adj) term used to describe goods specially produced for a retailer outright (adj) complete; outright purchase

outstanding (adj) not yet paid; What is the amount outstanding on this

account?

overdraft (n) amount of money which a person/company withdraws

from a bank account and which is more than is in the account overdraft facility (n) arrangement with a bank for an overdraft to a certain limit; our overdraft facility is £50,000 overdraw (v) to take out more money from a bank account than is in the

account over-extend (v) to borrow more than you can pay back; we have over-

extended ourselves overhead (ad)) day-to-day running and administrative; our overhead

costs have increased overheads (n) (US: overhead) non-attributable, running costs over-the-counter (n) refers to unlisted stocks and shares

owe (v) to have to pay money ; they owe the bank £25,000

P

package (n) a quantity of goods wrapped and sent by mail packaging (n) material used to wrap goods for display or for mailing page (n) one side of a sheet of printed page

full-page advertisement (n) advertisement taking up a full page half-page advertisement (n) advertisement taking up half a page pamphlet (n) small booklet of advertising information par (adj) equal, standard

par value (n) the printed value on a share certificate

above/below par (n) market price above/below par value of a share parcel (n) quantity (usually small) of goods wrapped and sent by mail parent company (n) company which owns more than 50 per cent of the shares of another company

parity (n) exchange rate/equal value; the French franc and the Swedish

Kroner reached parity partnership (n) unregistered business where two or more people share

risks and profits patent (n) official registration of a new invention patented (adj) protected by a patent

pay 1. (n) money given for work or service 2. (v) to give money for work

or service; to pay tax; to pay by cheque/credit card take-home pay (n) salary after deductions

payback (n) paying back money which has been borrowed or invested payback period (n) time for repayment or return on investment PAYE Pay As You Earn: income tax deducted at source by the employer payslip (n) note which shows salary and deductions peak (n) highest point

peg (v) to fix prices at a certain level penetrate (v) to get into a market

penetration (n) percentage of a target market that is reached periodical (n) serious (often scientific or academic) publication which

appears regularly petty cash (n) small amount of notes and coins available in an office to

pay for inexpensive items pilot (n) a test which will be extended if successful; a pilot project pipeline (n) channel of flow; Are there any new products in the pipe

line?

pirate (n) person who illegally copies an invention or copyright product;

a pirate copy of the-compact disc pitch (n) salesperson’s talk to persuade a prospective buyer point of sale , POS (n) place where a product is sold

policy (n) way of doing something; What is the company policy on

discounts?

poll (n) survey of sample group; an opinion poll place (v) to put

to place shares to find a buyer for shares plc public limited company

plough back (v) to reinvest; all our profits have been ploughed back into

the business portfolio (n) collection; a product portfolio — range of company

products portfolio management (n) buying/selling a range of shares for a client position (n) place or way a product is perceived in a market

positioning (n) creating an image for a product in a particular sector of a

market poster (n) large notice/advertisement pasted on building or billboard power (n) strength

purchasing power (n) a company’s purchasing power can usually be gauged by the size of the discounts that it can obtain from its suppliers

PR Public Relations

preference shares (n) shares which have priority in dividend payment

before ordinary shareholders — usually at a fixed rate of interest premium (n) 1. extra charge; these shares will sell at a premium-10p

above their face-value 2. price paid for insurance press (n) newspapers and magazines local press (n) regional newspapers

national press (n) nationally distributed newspapers

press relations (n) PR activity aimed at building good contacts with journalists, etc.

price (n) money charged for something asking price (n) opening price in negotiation market price (n) price which people are witling to pay pricing policy (n) price paid by final customer retail price (n) price paid by final customer

primary data (n) data which must be obtained by active research; raw

data upon which no analysis has been performed prime (adj) most important; advertisements are most expensive at prime times print run (n) number of copies printed; the longer the print run the

cheaper the unit price product (n) thing which is made/manufactured

product portfolio (n) collection of products offered by the same

company productivity (n) measurement of output per worker profile (n) characteristics; customer or market profile profit (n) money made from the sale of a product or service operating profit (n) profits from normal trading of a company

profit and loss account (n) accounts showing income and expenditure

(US: income statement) profit margin (n) percentage difference between costs of sales and income profitability (n) amount of profit made as a percentage of costs profit centre (n) part of a company which is considered separately when

calculating profit profitable (adj) which makes a profit projected (adj) planned/forecast promote (v) to advertise

promotion (n) all means of communicating a message about a product or

service promotional ( adj) used in a sales or advertising campaign; a

promotional price has been set 10per cent lower propaganda (n) use of the media to convey a biased political message prospectus (n) sales document which tries to convince the customer,

usually taking a serious approach, e.g. for private schools prototype (n) first model of a new product

provision (n) money set aside in accounts for later use; the banks have made a provision for bad debts

public (adj) referring to people in general public sector nationalised industries

publics (n) groups of people categorised for PR purposes; the company has many different publics including the local community, the press and their customers publication (n) thing which has been published — a book, magazine, etc.

publicity (n) the process of attracting the attention of the general public

to products or services publicise (v) to attract people’s attention by informing them; the

audience was small because the concert had not been publicised pull strategy (n) a process of persuading end-users to buy so that

middlemen must stock your goods purchase 1. (n) something which has been bought; to make a purchase 2.

(v) to buy purchaser (n) person who buys for a company

purchasing department (n) part of the company responsible for buying

raw materials and other goods push strategy (n) a process of persuading middlemen to stock your

goods and to help in the selling of the product to the end-user purchase 1. (n) something which has been bought; it will be cheaper to

make a quantity purchase 2. (v) to buy

Q

quality (n) the value/worth of a product/service quality control (n) checking that the quality is high enough

qualitative (adj) referring to quality, qualitative research is based on

opinions rather than facts quantitative (adj) referring to quantity; quantitative research is based on

measurable data quarterly (n) a magazine which is published four times a year quaterly (ad)/adv) happening four times a year/every three months; our

quarterly results were excellent question marks (n) products in the top-right quandrant of the Boston

Matrix which have a low market share in a rapidly growing market

quota (n) a limit on the amount of goods which can be imported/exported quote 1. (v) to estimate the value-cost; could you quote for the contract

in dollars 2. (n) an estimate quotation (n) 1. estimate of cost 2. listing of the price of a share on the

Stock Exchange quoted (adj) of shares/companies; shares which can be bought on the Stock Exchange

R

R&D Research and Development

raid (n) dawn ~: buying a large number of shares in a company at the beginning of a day’s share dealing raider (n) company/person who buys shares in a company before making

a takeover bid raise 1 . (n) US: an increase in salary; she asked for a raise 2. (v) to increase; we raised the dividend by 5 per cent 3. (v) to obtain; we are trying to raise $50,000 an the money market 4. (v) to bring up in discussion; we raised the question of prices at the board meeting random (adj) done without any system; we used a random sample for testing range (n) a series of products from which the customer can choose rapport (n) good understanding between people; there is a good rapport

between the marketing and sales managers rate (n) money charged for a certain time or at a certain percentage fixed rate (n) charge which cannot be changed going rate (n) the usual rate of payment

rating (n) value given to something compared with its competitors; I’d

give them a high rating ratings (n) lists of TV or radio programmes according to the size of

audience rationalisation (n) process of streamlining a company’s operations to

gain greater efficiency and scale economies rationalise (v) to make more efficient, to streamline

ratio (n) proportion of something compared with another thing; our liquidity ratio is not healthy (current assets to current liabilities) raw (adj) in its original, unprocessed state

raw materials (n) substances used as a base for manufacturing reach 1. (n) the number of people who see an advertisement once 2. (v)

to get to an audience readership (n) the quantity of people who read a publication readvertise (v) to advertise again; we had to readvertise the job real (adj) true

in real terms actually; prices have gone up 5 per cent in real terms realise (v) to sell for money; the sale of the home realised $150,000 recall (n) ability to remember an advertisement

receipt (n) a piece of paper showing that money has been paid or

something received; a receipt for items purchased receive (v) to get something

accounts receivable (n) money owed to the company

receiver (n) government official appointed to run a company in serious

financial difficulty receivership (n) in the hands of a receiver; the company was put into

receivership recognise (v) to know somebody or something by sight or voice recognition (n) brand recognition — ability of a consumer to recognise a

brand reconcile (v) to make two accounts agree; the bookkeeper reconciles the bank account and the sales and purchase ledger every month; bank reconciliation (n) recoup (v) to get back money; we recouped our investment in two year recover (v) to get better after a downturn; the stock market has not

recovered since the big fall red (n) in the red showing a lass; my bunk account is always in the red reduce (v) to make smaller; we need to reduce our price;

redundancy (n) being no longer employed; received a good redundancy

payment redundant (adj) to make somebody redundant refinance (v) to raise money to pay back an original loan

reflate (v) to stimulate the economy; the government relfated the

economy by reducing taxes refund 1 (n)money paid back 2 (v) to payback money; the money will be

refunded if the goods are faulty register (v) to record officially

registration (n) process of recording on an official list; product

registration reinvest (v) to invest again

relief (n) help, support; we are hoping to get tax relief on the new

investment remunerate (v) to pay someone for a service rep (n).short for a representative

repay (v) to pay back

repayable (adj) short-term loans are repayable within a year repeat (v) to do something again

repeat orders (v) orders from a customer for more of the same goods

over a period of time repositioning (n) changing the consumers’ perception of product or a

service represent (v) to act on behalf of a company representative (n) a salesperson

resale (n) selling goods which have been bought once already research (n) finding facts and information; market research reserves (n) amount of money set aside from profits for a specific

purpose resistance (n) a negative feel my towards a product or service; we

encountered a lot of resistance in the market resourses (n) source of supply of something; our financial resources are

limited respond (v) to reply

respondent (n) a person who answers questions in a survey response (n) answer to a question

result/s (n) profit or loss at the end of an accounting period; we

announced some good results for last year retail 1. (n) sale of goods to the end customer 2. (v) to sell goods direct

to customers retailer (n) person who sells goods direct retained earnings (n) undistributed profits return (n) profit from an investment; What sort of return can we expect? return on investment (ROI)(n) amount received relative to amount invested revalue (v) to put a new value on something; our freehold property must

he revalued revenue (n) income received

risk (n) chance of success or failure; to take a risk

risk capital (n) venture capital; capital available for investment in risky

but potentially highly profitable exercises risk-free investment (n) an investment that is certain to make a good return risky (adj) that’s a risky venture rival (n) a competitor rocket (v) to rise rapidly ROI return on investment rough (n) a sketch of an advertisement

round (adj) correct to, say, the nearest 10 or 100; in round figures, we can say £5,000 round up/down (v) to increase/decrease to a whole number

royalty (n) money paid to an inventor/creator/writer by the licensee or

publisher run (v) to manage/organise; he runs two businesses

running 1 . (adj) operating; running costs 2. (adj) continuing; we keep a running total from day to day 3. (adj) consecutively; we have made a loss for two years running

S

sale (n) act of selling

salesperson (n) person whose job is to sell the company’s goods or

services sample 1. (n) a specimen of a product used to show what it is like 2. (v) to try out something; we sampled the whiskey before buying it 3. (v) to test a product on a small group of a target audience saturate (v) to fill something completely; the market is saturated saturation (n) a stage in a market’s development where there is no room

for further growth save (v) to keep, not spend money saver (n) person who saves savings (n) money saved

savings bank (n) bank where your money earns interest

scale (n) system of grading; the scale of the horizontal axis is from 1 to20 scale up/down (v) to increase/decrease size scarce (adj) not common, rare screening (n) evaluating, shortlisting

scrip (n) of an issue of shares; free shares to existing shareholders seasonal (adj) only happens in certain seasons; ice cream sales are very

seasonal secondary data (n) research data which have already been collected and

are available on data banks, etc.

sector (n) part of the economy or industry; the high — tech sector is

growing fast securities (n) investments in stocks and shares

gilt-edged securities (n) investments in British government stock the securities market (n) place where shares can be bought/sold security (n) guarantee that a debt will be repaid; he borrowed using his

house as security segment 1 (n) a section of the market 2 (v) to divide a market into

different parts segmentation (n) division of the market into segments

sell-by date (n) date on a food packet indicating last date that the food is

guaranteed to be good service 1. (n) the work of dealing with customers; the service is excellent, we never have to wait 2 (n) maintaining a machine in good working order, the photocopier is due for a service services (n) benefits which do not involve production, e g training,

transportation set against (v) to balance one group of figures against another; we

should be able to set some of the profits against tax set aside (v) to not use in the present; we set aside a provision of $20,000 set up (v) to start something; we set up a new business settle (v) to agree (to pay); we settled the account

settlement (n) payment of an account

share (n) a small part of a company’s capital; A shares; В shares;

ordinary shares; preference shares shareholder (n) person who owns shares

shelf-life (n) length of time a product can be displayed for sale skimming (n) setting a high price in order to maximise profits in the short term slash (v) to cut sharply

slogan (n) a phrase which is. used to sell a product; ‘A Mars a day helps

you work, rest and play’ slot (n) time for a TV or radio commercial; we booked five 30 second slots slump (n) rapid decrease; a slump in sales societal (adj) referring to society, societal marketing

soft-sell (n) selling by argument and encouragement rather than strong

pressure to buy sole (adj) only; sole distributor slump (n) rapid fall; a slump in prices

solvent (adj) having enough money to pay debts; solvency (n)

sound (adj) stable, strong; the company is financially sound sourcing (n) obtaining goods from suppliers; dual sourcing is more

secure than single sourcing space (n) advertising space; space in a publication for advertising speciality (n) particular interest; you will only find certain items in a

speciality store spending power (n) having money to spend on goods

spin-off (n) a product or service which is developed as a result of a main

product; a secondary product sponsor (n) person or company which pays for an event (sports, culture,

etc.) in return for advertising sponsorship (n) act of sponsoring

spot (n) a time on TV which is used for advertising

spread 1. (n) difference between selling and buying prices of shares 2. (v) to space out over a period of time; Could we spread the repayments over two years?

stag 1. (n) person who buys shares and then sells them immediately 2. (v)

to buy a new issue of shares and then sell immediately stagnant (adj) not moving, inactive; the market is stagnant stagnation (n) not making progress, remaining constant stand (n) an area for display at an exhibition

sticker (n) piece of gummed paper to be stuck onto articles as an

advertisement stock (n) 1. quantity of goods for sale; inventories 2. stocks and shares; shares in ordinary companies; stock often refers to fixed interest securities

(loan stock — in US: bonds) stockbroker (n) person who buys and sells shares for clients stock controller (n) person who controls inventories stock exchange (n) a market in which securities are traded

storyboard (n) drawings which illustrate a TV advertisement in its

planning stage strategy (n) future action to achieve objectives strategic (adj) referring to a plan of action

subcontract (v) to arrange with another company to do some work subcontractor (n) company which does work for main contractor subliminal advertising (n) advertising which convey s a message using

subconscious impressions subscribe (v) to pay in advance for a number of issues of a publication or

for membership to a society or club subscriber (n) person who subscribes

subsidiary (n) a company which is at least 51 per cent owned by a parent

company subsidise (v) to support financially; the government has subsidised

nationalised industry subsidy (n) money given to support a company/organization supplement (n) special additional part of a magazine or newspaper supply 1 (n) providing something; we are subject to the laws of supply

and demand 2. (v) to provide something supplier (n) person/company which supplies

swap (n) an exchange; a swap of securities involves exchanging one

security for another of the same value

T

tactic (n) step taken as part of carrying out a strategy

tailor (v ) to design something for a special purpose; tailor made products tangible assets (n) assets which can be seen such as property, land, etc.

target l (n) figure or point to aim at; our sales targets are high 2 (v) to

aim at; we have targeted the 30-45 age group tariff (n) tax or charge paid to enter a market; the EC tariff barriers tax 1 (n) money charged by the government or an official body to pay for

services 2, (v) to make somebody pay tax capital gains tax (n) tax on the profit made on the sale of assets corporation tax (n) tax on profits income tax (n) tax on personal income taxable (adj) able to be taxed

tax allowance (n) part of income which is received tax-free taxation (n) process of taxing

tax avoidance (n) trying to minimize tax legally tax concession (n) allowing less tax to be paid

tax deductible (adj) referring to an expense that can be deducted from

total profits thereby reducing the amount on which tax must be paid tax evasion (n) trying to avoid tax illegally tax loophole (n) legal means of not paying tax tax relief (n) allowing tax-free income

value added tax (VAT) (n) tax on goods and services

teaser (n) advertisement which attracts by giving very little

information — it makes the audience curious telesales (n) selling over the telephone

tender 1 (n) offer for a contract at a certain price; the purchaser invited

tenders from three suppliers 2 (v) to offer a price and conditions for a contract territory (n) sales or business area

testimonial (n) statement praising a product or service testimonial

advertising uses statements from satisfied customers threshold (n) limit; the tax threshold for VAT registration is £30,000 tie up (v) to invest long-term; we have most of our capital tied up in

dockland property tip (n) advice, he gave me a tip about those shares

track record (n) experience and results of a company or person over a

number of years; his track record speaks for itself trade 1 (n) business of buying and selling; we depend on overseas trade 2. (v) to buy and sell; he trades in shares

balance of trade (n) international trading position of a country insider trading (n) illegal buying or selling of shares by employees of a

company based on inside information trading profit (n) gross income exceeds total costs

trade in (v) to give back an old product in part payment for a new product; a traded in my ВMW for a Mercedes trade mark (n) registered name or design which cannot be used by

another company transaction (n) exchange of goods or services for money

transfer 1 (n) moving something to another place; we credited your account by bank transfer 2. (v) to move something from one place to another; we transferred our money to the Cayman Islands transfer pricing (n) adjustment of prices on sales made between parts of

a multinational company treasurer (n) person who looks after finance and funds of a club, society

or company (US)

treasury (n) government department which deals with a country’s finance treasury bill (n) bill of exchange sold by government at a discount with

no interest treasury bonds bonds issued by US government

trend (n) general development in a market, business; there is a

downward trend in inflation trough (n) low point in business cycle

trust (n) 1. management of funds or property for someone; the family has

set up a trust fund for the grandchildren

2. (US) small group/cartel of companies which controls a market anti-trust laws (n) designed to break up monopolies and encourage

competition turnaround (n) making a company profitable again; he achieved a

complete turnaround in the company’s fortunes turnover (n) 1. total amount of sales; our turnover in 1991 was 25 per cent up on 1990 2. speed/ regularity with which staff or stock change: staff turnover; stock turnover

U

under-capitalised (adj) not having enough capital

under-utilised (adj) not used enough; much of the capital is under-utilised undifferentiated (adj) having no unique feature

undifferentiated marketing (n) appealing to all sectors of the market undistributed (adj) not distributed; the undistributed profit was retained uneconomical (adj) which does not make a profit; this project is uneconomical unissued (adj) not issued; there is $500,000 of unissued capital unique (adj) having no imitations unique selling proposition (USP) unit (n) single item; the unit cost goes down as production increases unit trust (n) organisation which invests money in a variety of shares for small investors

unlisted (adj) not listed

unlisted securities market (USM) market for buying and selling shares

not listed on the Stock Exchange unsecured (adj) with no security; unsecured loan

unstructured interview (n) an interview with no planned structure/questions up-to-date (adj) current, modern update (v) to bring up to date

up-market (adj/adv) expensive, targeted at luxury end of the market upturn (n) a movement upwards; there has been a marked upturn in sales

V

value 1. (n) amount of money something is worth; the book value of the assets

is lower than the real value 2. (v) to estimate how much something is worth valuation (n) the act of valuing; we carried out a stock valuation at the

end of the year variable (adj) which changes; variable costs increase as production increases variance (n) difference; the budget variance shows the difference

between forecast and actual results variation (n) amount something changes; the sales are subject to

seasonal variation variety (n) different types, range; there is a variety of products to choose from vary (v) to differ, change; the margin varies depending on raw material costs vending (n) selling

vendor (n) person or company who sells

venue (n) place where an event takes place; we have chosen an out-of-

town venue for the conference venture (n) risky business project; we need venture capital to start vertical (adj) straight up and down; vertical marketing systems involve

integrated systems from manufacturer to retailer viable (adj) can work/can be profitable; this project is not viable viability (n) ability to make a profit

visible (adj) can be seen; visible trade figures exclude earnings from

tourism voucher (n) paper coupon given instead of money

W

warehouse (n) building where goods are stored wealth (n) amount of money and assets owned by someone weekly (n) publication which appears once a week

weighting (n) process of giving more importance to one factor when

analysing figures white goods (n) products such as refrigerators and washing machines used m the kitchen

wealthy (adj) rich

wind up (v) to close down a company; the company was wound up with

debts of $100,000 wholesale (n/adj)buying goods from a manufacturer and selling on to retailers wholesaler (n) person/company that buy s from manufacturers and sells to retailers wrapper (n) material which wraps a product

CONTENTS

Some conflicting management philosophies..................................... 3

Portfolio analysis.............................................................................. 6

Contact methods used in market research....................................... 10

Publics............................................................................................ 13

Organizational buyer behaviour...................................................... 16

Positioning in a segment................................................................. 19

Product line decisions..................................................................... 22

Pricing decisions............................................................................. 24

Price adjustment strategies.............................................................. 27

Managing channels......................................................................... 29

Order processing............................................................................. 32

Selling tactics.................................................................................. 35

Choosing the media........................................................................ 39

Learning from mistakes in foreign markets..................................... 42

Corporate versus subsidiary strategy............................................... 45

Negotiating a loan........................................................................... 47

Presenting a cash flow forecast....................................................... 49

Profit and cash flow....................................................................... 52

Costing and pricing a new product.................................................. 53

Valuing goodwill............................................................................ 56

Business analysis............................................................................ 59

Ethics in accounting........................................................................ 61

Analysing performance.................................................................. 64

Briefing on personal taxation.......................................................... 66

Plant location decisions.................................................................. 69

Discussion of privatisation............................................................. 71

Glossary......................................................................................... 74

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