A person who buys something a formal word

3. These payments may form part of a severance package.

4. Severance payments can be the subject of complex negotiations when an executive leaves, or is ousted: forced to leave.

5.When executives are ousted, people may talk about companies giving them the golden boot.

6. When talking about executive pay, compensation can refer, confusingly, to two different things: what top executives get for running a company and what they get on leaving a company.

7. Apart from salary, an executive’s compensation package can include bonuses (extra payments, sometimes, but not always, related to the firm’s performance) and benefits and perks (ranging from share options, the right to buy the company’s shares at an advantageous price, to a chauffeur-driven car).

8. Remuneration is also used to talk about executives’ salary and benefits.

9. Middle managers are those in the hierarchy between senior management and front-line managers or line managers, the people managing employees.

10. Organizations say that they are eliminating middle levels of their hierarchies so as to empower ordinary workers and employees.

11. The process of empowerment is designed to give them the authority to make decisions that were previously taken by middle managers.

12. When people lose their jobs, they are dismissed ormade redundant.

13. Outplacement is when a company helps people it is making redundant find new jobs in other organizations.

14. Headhunters are specialist consultants who search for high-level, often board-level, executives and try to persuade them to leave their current job in order to go to work in another company. Managers found in this way are headhunted in a process of headhunting.

15. Executives may be persuaded to move to a company by the promise of a golden hello: a large sum of money or some other financial enticement offered by the company they move to.

Ex. 14. Translate the following into English.

Management hierarchy – классификация служащих предприятия в соответствии с их полномочиями и статусом.

Span of control – норма управляемости – число людей, находящихся в непосредственном подчинении руководителя.

Chain of command – система властных взаимоотношений, отражающая направленность поступления приказов и указаний в организации.

Job enlargement – постановка рабочему широких задач, выполнение которых требует выполнения нескольких видов работ, для повышения его заинтересованности и снятия монотонности.

Line organization – организационная структура, в которой все единицы связаны с верхним и более глухим эшелоном четкой системной подчиненности.

Matrix organization – форма организации, при которой какая-либо задача выполняется людьми, набранными из различных функциональных подразделений и которые находятся в подчинении как руководителя оперативной группы, так и их непосредственного начальника.

Unity of command – принцип, в соответствии с которым каждый работник должен иметь одного начальника.

Job description – краткое изложение обязанностей и ответственности, связанных с определенным видом работ.

Job specification – комплекс кратких положений о необходимых знаниях, квалификации работника, выполняющего определенный вид работ.

Ex. 15. Translate the definitions into English. Match them with the words given below.

Delegation, fringe benefits, mediation, termination, authority, layoff, efficiency, recruitment, retirement, staffing, responsibility.

1. Достижение поставленных целей с наименьшими издержками.

2. Отбор и обучение людей, обладающих способностями, для пополнения структуры организации.

3. Власть для действий, необходимых для осуществления решений или разрешения проблем.

4. Передача части какой-либо работы подчиненным.

5. Обязанность принимать решения или разрешать проблемы.

6. Выплаты, которые рабочий получает независимо от заработной платы.

7. Временное расторжение договора с работником, сделанное организацией с обещанием возобновления договора в будущем.

8. Помощь третьей стороны, не связанной официальными обязательствами, в разрешении конфликта.

9. Процесс привлечения кандидатов, которые могли бы выполнять необходимую работу.

10. Добровольное расторжение договора работником.

11. Расторжение организацией договора с работником без обещания принять его на работу.

Ex. 16. Give the English equivalents to the following.

Квалификационные требования; должностная инструкция; делегирование; полномочия; дополнительные выплаты; норма управляемости; матричная организация; расширение поля деятельности; обогащение труда; система подчиненности; менеджеры высшего звена; среднее звено управления; эффективность; результативность (рентабельность); вербовка (набор); отставка; увольнение; единоначалие.

Ex. 17.  Define the right form and place for each of the following verbs.

Be, oversee, carry out, ensure, base, compare, require, receive, take, keep, study, decide, deal, call, attempt

The work of management

In planning, managers outline the steps … in moving the organization toward the objectives. These plans … both long and short term in nature.

In organizing, managers … how best to put together the organizations’ human and other resources in such a way as … most effectively established plans. In directing, managers … day-to-day activities and … the organization functioning smoothly. In effect, directing is the part of the managers’ work that … largely with the routine.

In carrying out the control function, managers take those steps necessary … that each part of the organization is following the plan that was outlined for it at the planning stage. To do this, managers … the accounting and other re–ports coming to them and … these reports against the plans set earlier. The accounting and other reports coming to management … feedback. Feedback is a key to the effective management of any organization.

In decision making, managers … to make rational choices among alternatives. Decision making is an inseparable part of the other functions already discussed. Planning, organiz–ing and directing, and controlling all … the decisions to be made. All decisions … on information. The quality of management’s decisions will be a reflection of the quality of the accounting and other information that it … .

Ex. 18.  What is responsibility and what is authority?

To be a successful manager you must know your … and … . … is the obligation to carry out a task. It is the actual work that is delegated to a person. … is the right to act in the name of a superior in an organization. Sometimes we read that a person must have … equal to the …. This confuses different concepts: … is an obligation, … is a right or power. They are two different things. If you hold a person res–ponsible for carrying out certain tasks you must ensure that he or she has the means to do those tasks. The … you grant must be adequate to accomplish the task you have delegated, but must not exceed your own ….

Ex. 19. Translate the following text into Russian in written form.

Managerial grid

The Managerial Grid, which has been developed by Drs Blake and Morton, concentrates specifically on managerial behaviour. The grid is based on the traditional dichotomy of concern for people and concern for production or results. The horizontal scale from 1 to 9 shows degrees of concern for results, while the vertical scale shows degrees of concern for people, also from 1 to 9.

Five basic styles of management can now be identified on the grid: 9.1. Management (Scientific Management); 1.9. Management (Country Club Management); 1.1. Management (Impoverished); 9.9. Management (Team Management); 5.5. Management (Middle of the Road).

1 2 3 4 5 6 7 8 9

These research findings have led to a change of thinking among many theorists who have suggested that managers can be both hard and soft, simultaneously task oriented and people concerned.

On the managerial grid, a 1.1 manager is a nothing – he is abdicative; a 1.9 is a country club type, concerned only with people and morale, not with performance; a 9.1 is a task-dominated slave driver and autocrat. The desired paragon is the 9.9 ma–nager who is greatly concerned with both people and task.

The managerial grid is a promising concept, and training programs have been instituted to encourage managers to move to–ward the 7.7, 8.6 and 9.9 positions. Nonetheless, it is by no means established that most effective managers are at 9.9 (this is extremely doubtful) or that it would be desirable for all managers to move in this direction.

SPEAK AND WRITE

1. When choosing candidates for any particular job, the Americans say,: “What can this person do?”; the French say, : “What qualification has she/he got?”; the British say, “What kind of background has this person got?” Which question would you ask when you are to choose an applicant? Why?

2. Suppose you have been appointed Dean of your department. Design a curriculum that would prepare students for their role in management. Specify your objectives and the means to be used.

3. A study in one of the largest American corporations indicates that the two criteria “quality of college attended” and “ a rank in class” were the best predictors of future managerial success in that firm. If you were a recruiter for a large company, would you utilize these criteria? Why or why not?

4. What is, from your point of view, the general relation between age and job satisfaction?

5. How many different ways of finding a job can think of? Which one is the most reliable?

6. A recruiter of a big company said that they didn’t what anybody who “enjoyed exercising power”. Can you explain why?

7. What kind of a company would you like to work for: state-owned, private limited company, multinational corporation, etc. Why? Give your reasons.

8. What is the most group-oriented phase of life? Discuss why.

9. What are the qualities of an effective team player? What qualities could you contribute to a team?

10. Some people compare a small company to a family. In your view, is this analogy valid and useful? What are the benefits and risks of viewing a company as a family?

11. Examine the relationship between your needs and the rewards and satisfactions of any job you have held.

12. Interview four people on why they work and which of their needs are satisfied or frustrated. Summarize and comment on their responses.

13. “Poorly considered solution will be costly in dollars, happiness, or both” Your comments and examples.

14. What can be the reasons for business failure? Ground your point of view.

15. Comment on the following: “Excellence costs, … but in the long run mediocrity costs far more.”

16. The human being is a continual problem-solver, decision-maker, and innovator. Analyze your previous week (day, month, year) and describe the situations when you had to be ‘a decision-maker’, ‘a problem-solver’ and ‘an innovator’.

17. Mothers and fathers often have different ways of managing their families. How would you describe the management style of your parents? Teachers?

18. Which management styles have you experienced? Which do you prefer?

19. Make the list of the best qualities of a manager and rank them in order of importance. Then make the five worst.

20. “Shadow business doesn’t yield sunny life”. Do you share this point of view?

21. Summarize the information of the Unit to be ready to speak on Management. The first step to be done is to write the plan of your future report.

22. Choose any question (problem, topic) relating to Management and make 10-12 minute report in class. Refer to different additional sources to make your report instructive, interesting and informative.

UNIT 4
 MARKETING

May both seller and buyer see the benefit

Your vocabulary

Market

– a place where goods and services are bought and sold.

Black market

– the system by which people illegally buy and sell goods, or foreign currency.

Buyer’s market

when there are more goods for sale than there are people wanting to buy them.

Seller’s market

– a market characterized by excess demand in which buyers consequently experience difficulty in buying.

Marketable

– able or fit to be sold.

Marketing

– the part of business which is concerned with the way in which a product is sold.

Ex. 1. Translate the sentences given below. Pay attention to the words in italics.

1. Chesterham is a small market town with a population of 2000.

2. Access to new foreign markets was assured.

3. This device was first marketed by a Japanese firm.

4. They have never had to operate in amarket economy.

5. It’s a seller’s market at the moment.

6. A talking watch will shortly be on the market.

7. Many labour-saving devices have come onto the market.

8.You’ll never get a picture as good as this one on the open market.

9. Exxon might well be in the market to buy up a competitor too.

10. They took the mineral water off the market while tests were being made.

Ex. 2. Marketing can be defined as an art of buying and selling. Let’s have a look at the following group of words. Do you know each of them? Into what two groups can they be subdivided?

Purchase, sell, splash out on, buy up, pick up, sell off, buy in bulk, flog, snap up, stock up, be a sell out, buy in, buy wholesale, sell up, be selling like hot cakes, outsell, bestseller.

And now use them in the sentences below.

1. It’s best to … when house prices are high.

2. The bakery usually … its cakes … at half price just before closing time.

3.Why don’t we … … and move to Canada? Property is really cheap there.

4. Don’t let him try and … you his car – he’s had endless trouble with it.

5. By the end of the 1980s portable computer systems were …larger systems by 30%.

6. The new book, which reveals intimate details about Princess Diana’s private life is … … … … in New York.

7. Jane Fonda’s new diet book is sure to be a … in America.

8. Madonna’s European tour … a total … … .

9. Foreign investors are not permitted to … land.

10. If I were you, I’d … … that dress before someone sees it.

11. That picture? Oh, I … it … on the market last week.

12. We … … … a bottle of champagne to celebrate her promotion.

13. The supermarkets are full of people … … for the New Year’s holiday.

14.We always … … … . It is so much more economical.

15.Mark … the earrings … and then … them in the market.

16. People had to … … candles during the electricity strike.

17.In the last five years development agencies have … … almost all the land in the area.

Ex. 3. This exercise is a kind of an addition to the previous one. What is common in them?

Match the words given below with their definitions.

Consumer, buyer, customer, client, clientele, purchaser.

1. A person who buys something (a formal word).

2. The people, especially rich people, who regularly use a shop or restaurant or the services of a professional person.

3. Someone who buys goods from a particular shop, restaurant, or company.

4. Someone who is buying something expensive such as a house, company,, or painting, usually from another person.

5. Someone who pays for services or advice from a professional person or organization.

6. A person who buys and uses goods and services.

Ex. 4. To show that you know the words from ex.3 fill them into spaces.

1. Madam Vickor caters for a very select … .

2. Ford has launched a big new sales campaign in an effort to bring in new … .

3. We couldn’t find a … for our house, so we weren’t able to move after all.

4. The firm is one of our oldest … – we don’t want to lose them.

5. We may have to pass increase in the price of raw materials on the … .

Ex. 5. Open the brackets.

Key marketing decisions (to be) made within limits (to set) by the organization. The strategic management process (to involve) the steps (to take) at an organization’s corporate and divisional levels (to develop) long-run master approaches for sur–vival and growth. In contrast, the strategic marketing process (to involve) the steps (to take) at the product and market levels (to allocate) marketing resources to viable marketing positions and programs.

Focusing the Business with the three Cs business theorists (to point out) that three Cs – customers, competitors, and the company itself – (to interrelate) (to estab–lish) the basic character of an organization’s business. An organization’s busi–ness (mission) (to be) a statement about the type of customer it (to wish) (to serve), the specific needs of these customers, and the means or technology by which it (to serve) these needs. This definition (to affect) the company’s growth prospects by establishing guidelines for selecting opportunities in light of customer needs, competitors’ actions, the organization’s resources, and changes in environmen–tal factors.

Read the text once again and explain, in your own words, what stands behind the three Cs.

Ex. 6. Translate into Russian in written form.

Production Life Cycle

Products, like people, have been viewed as having a life cycle. The products life cycle concept describes the stages a new product goes through in the marketplace: introduction, growth, maturity and decline.

The introduction stage of the product life cycle occurs when the product first enters the market, sales grow slowly, and profit is little.

The second stage of the product life cycle, growth, is characterized by rapid increases in sales, and it is in the stage that competitor appear.

The third stage, maturity, characterized by a leveling off of total industry sales revenue. Also, marginal competitors begin to leave the market. Most consumers who would by the product are either repeat purchases of the item or have tried and abandoned it.

The decline stage is the beginning of the end and occurs when sales and profits are steadily dropping. Frequently a product enters this stage not because of any wrong strategy of the company but because of environmental changes.

Can you give any example illustrating four stages of product life?

Ex. 7. Study the following words and word-combinations. Make your own sentences using each of them. Translate the sentences into Russian.

pay, payment, pay off, pay one’s respect, pay through the nose, payable, pay-claim, payee, prepayment, payment by the results, payment in advance, payment in due course, payment in kind, payment on account, payment terms, payola, payroll tax, pay-as-you-earn (PAYE)

LET’S READ AN TALK

TEXT 1

EVOLUTION OF MARKETIG

The evolution of marketing is the evolution of the exchange process. Un–less two or more individuals or organizations have something to exchange, there is no need for marketing. The desire to exchange occurs only when someone produces more than he/she can consume (a surplus). This surplus is exchanged for surplus someone else produced. Possibly the first market–ing transaction took place when one cave-dweller, who enjoyed making arrows but did not like to hunt, persuaded a fellow cave-dweller, who liked to hunt but did not enjoy making arrows, to accept some arrows in exchange for some animal skins and meat. Since that primitive time, mar–keting has become very sophisticated indeed.

The Egyptians, Phoenicians, Greeks, and Romans all had well-devel–oped trade systems. The Old Testament contains many references to such marketing topics as money, wealth, credit, products, international trade, government regulation, middlemen, taxation, poverty, welfare, pricing, trade fairs, and business ethics.

During the Middle Ages trade declined. However, it picked up again during the Age of Discovery (roughly 1400-1760 A.D.) as merchants sought to extend their reach over much of the world. As you no doubt recall, Columbus made his first voyage to America in an effort to find a more direct trade route to Asia and the Far East.

In the late 1700s the Industrial Revolution began, and as it continued, marketing grew in importance. This latter-day development can be divided into three periods – the production era, the sales era, and the marketing era.

1. Why is marketing considered to be the evolution of the exchange process?

2. What do you know about the marketing topics mentioned in paragraph 2 of the text?

3. Explain in what the production era differs from the sales era and the marketing era.

TEXT 2

Read the text. What is it about? Give the title to the text. Defend your variant.

Marketing is closely related to economics, the social science concerned with the production, distribution, and consumption of useful goods and services. In traditional economic thought economic activity creates utilities of form, place, time, and possession. To marketers the form created is the product; place and time refer to having the product available where and when it is needed; and possession relates to ownership or transfer of title. Marketing is a part of the broad field of economics and helps to create these four all-important utilities.

Marketing is also related to other social sciences. It draws freely from sociology, the scientific analysis of social institutions as a functioning whole and as they relate to the rest of society. Marketing studies people in a social context, as members of different groups. Advertisers, for example, aim their appeals at particular market segments, such as the youth market, the urban market, the black market, or the farm market. Sociology helps us understand the differences not only between our society and those of other nations but also between various subcultures within our own country.

Psychology is the study of the mental, attitudinal, motivational, or behav–ioral characteristics of an individual or a group of individuals. Marketing practitioners find knowledge of psychology helpful in formulating adver–tising and sales campaigns. How do people think? What motivates them to buy? How can we change their buying habits? What price will have the strongest appeal? Psychological research has become a major tool of mar–keting analysts.

1. How does the study of marketing relate to economics? Sociology? Psychology?

TEXT 3

WHAT IS MARKETING?

It is impossible to speak about marketing without understanding what “needs and wants” mean.So let’s begin with the definition of needs and wants. A need occurs when a person feels physiologically deprived of basic necessities like food, clothing, and shelter. A want is a felt need that is shaped by a person’s knowledge, culture, and personality. So if you feel hungry, you have developed a basic need and desire to eat something. Let’s say you then want to eat an apple or a candy bar because, based on your past experience and personality, you have these will satisfy your hunger need. Effective marketing, in the form of creating an awareness of good product at convenient locations, can clearly shape a person’s wants.

The American Marketing Association, representing marketing professionals in the United States and Canada, states that «marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives». Many people incorrectly believe that marketing is the same thing as advertising or personal selling. This definition shows marketing to be a far broader activity. Further, this definition stresses the importance of beneficial exchanges that satisfy the objectives of both those who buy and those who sell ideas, goods, and services – whether they be individuals or organizations.

To serve both buyers and sellers, marketing seeks (1) to discover the needs and wants of prospective customers and (2) to satisfy them. These prospective customers include both individuals buying for themselves and their households and organizations that buy for their own use (such as manufacturers) or for resale (such as wholesalers and retailers). The key to achieving these two ob–jectives is the idea of exchange, which is the trade of things of value between buyer and seller so that each is better off after the trade.

For marketing to occur, at least four factors are required: (1) two or more parties (individuals or organizations) with unsatisfied needs, (2) desire and ability on their part to be satisfied, (3) a way for the parties to communicate, and (4) something to exchange.

1.Differentiate between needs and wants.

2.What is marketing?

3.Is marketing the same as advertising or personal selling?

4.What factors are required for marketing to occur?

TEXT 4

FINDING THE RIGHT MARKET

It only makes sense that, before you go after new customers or bring a product or service to market, you should make sure the product or service has a market. Likewise, you should know who has a desire and need for your product or service. This means digging up all the information you can – about present and potential customers, about the competition, and about the image people have of your company, product, or service. This brings us to three highly important words in marketing – demographics, psychographics, and geographics.

Demographics provides the most frequently used information. It includes data about age, sex, occupation, income, race, religion, family size, level of education, and nationality.

Psychographics gets personal. It gives psychological characteristics. It zeroes in on the behaviour that reveals people’s personal values, self-concepts, interests, opinions, and lifestyles. It tells, for instance, why people buy certain products over those of the competition, how often they make such purchases, and whether they are impulse buyers or planned purchasers.

Geographics is particularly useful for direct-mail programs. With geographics, a target market is defined by its location – a neighbourhood, city, or state, or sometimes according to population density (urban,suburban, or rural market, for example).

1. In your own words, explain the importance of psychographics, demographics, and geographics for a marketer. Give some examples.

TEXT 5

THE NATURE OF LYFESTYLE

Lifestyle is defined as how one lives. One’s lifestyle is a function of inherent individual characteristics that have been shaped and formed through social interaction as one moves through the life cycle. Thus, lifestyle is influenced by such factors as culture, values, demographics, subculture, social class, reference groups, family, and individual characteristics such as motives, emotions, and personality. Individuals and households both have lifestyles. While household lifestyles are in part determined by the individual lifestyles of the household members, the reverse is also true.

Our desired lifestyle influences our needs and attitudes and thus our purchase and use behaviour. It determines many of our consumption decisions which, in turn, reinforce or alter our lifestyle. Thus, marketers view lifestyle as central to the consumption process. Lifestyle analysis can be used by marketers with respect to specific areas of consumers’ lives, such as outdoor recreation. This is a common, very applied approach. A second approach is to capture the general lifestyle patterns of a population.

Attempts to develop quantitative measures of lifestyle are initially referred to as psychographics. In fact, psychographics and lifestyle are frequently used interchangeably. Now psychographics or lifestyle studies typically include the following:

– Attitudes: evaluative statements about other people, places, ideas, products, etc.

– Values: widely held beliefs about what is acceptable and/or desirable.

– Activities and interests: nonoccupational behaviours to which consumers devote their effort, such as hobbies, sports, public service, and church.

– Media patterns: which specific media the consumer utilize.

– Usage rates: measurements of consumption within a specified product category. Often consumers are categorized as heavy, medium, light, or nonusers.

Consumers can be categorized also according to their self-orientation and resources. Marketers differentiate three primary self-orientations:

– Principle-oriented – these individuals are guided in their choices by their beliefs and principles rather than by feelings, events, or desire for approval.

– Status-oriented – these individuals are heavily influenced by the actions, approval, and opinions of others.

– Action-oriented – these individuals desire social or physical activity, variety, and risk-taking.

The second dimension, termed resources, reflects the ability of individuals to pursue their dominant self-orientation. It refers to the full range of psychological, physical, demographic, and material means on which consumer can draw. Resources generally increase from adolescence through middle age and then remain relatively stable until they begin to decline with older age.

What is lifestyle?Why is the knowledge of consumers’ lifestyle so important for marketers?What factors determine and influence lifestyle?What is psychographics?In what way can the consumers be categorized?

TEXT 6

Read the text. Define the key sentence(s) of each paragraph.

CONSUMERS ARE SO DIFFERENT

Consumer’s self-orientation determine the types of goals and behaviours that individuals will pursue. Marketers differentiate the following groups of consumers.

Actualizers are successful, sophisticated, active, “take-charge” people with high self-esteem and abundant resources. They are interested in growth and seek to develop, explore, and express themselves in a variety of ways – sometimes guided by principle, and sometimes by a desire to have an effect, to make a change. Image is important to Actualizers, not as evidence of status or power, but as an expression of their taste, independence, and character.

Fulfilleds are mature, satisfied, comfortable, reflective people who value order, knowledge, and responsibility. Most are well educated, and in (or recently retired from) professional occupations. They are well-informed about world and national events and are alert to opportunities to broaden their knowledge. Content with their careers, families, and station in life, their leisure activities tend to center around the home. Fulfilleds have a moderate respect for the status quo institutions of authority and social decorum, but are open-minded about new ideas and social change. Fulfilleds tend to base their decisions on strongly held principles and consequently appear calm and self-assured. Fulfilleds are conservative, practical consumers; they look for functionality, value, and durability in the products they buy.

The Managerial Grid, which
has been developed by Drs Blake and Morton, concentrates specifically
on managerial behaviour. The grid is based on the traditional
dichotomy of concern for people and concern for production or
results. The horizontal scale from 1 to 9 shows degrees of concern
for results, while the vertical scale shows degrees of concern for
people, also from 1 to 9.

Five basic styles of
management can now be identified on the grid: 9.1.
Management (Scientific Management); 1.9. Management (Country Club
Management); 1.1. Management (Impoverished); 9.9. Management (Team
Management); 5.5. Management (Middle of the Road).

1 2 3 4 5 6 7 8 9

These research findings have
led to a change of thinking among many theorists who have suggested
that managers can be both hard and soft, simultaneously task oriented
and people concerned.

On the managerial grid, a 1.1
manager is a nothing — he is abdicative; a 1.9 is a country club
type, concerned only with people and morale, not with performance; a
9.1 is a task-dominated slave driver and autocrat. The desired
paragon is the 9.9 ma­nager who is greatly concerned with both
people and task.

The managerial grid is a
promising concept, and training programs have been instituted to
encourage managers to move to­ward the 7.7, 8.6 and 9.9
positions. Nonetheless, it is by no means established that most
effective managers are at 9.9 (this is extremely doubtful) or that it
would be desirable for all managers to move in this direction.

SPEAK AND WRITE

1.When choosing candidates for
any particular job, the Americans say,: “What can this person do?”;
the French say, : “What qualification has she/he got?”; the
British say, “What kind of background has this person got?” Which
question would you ask when you are to choose an applicant? Why?

2.Suppose you have been
appointed Dean of your department. Design a curriculum that would
prepare students for their role in management. Specify your
objectives and the means to be used.

3.A study in one of the
largest American corporations indicates that the two criteria
“quality of college attended” and “ a rank in class” were the
best predictors of future managerial success in that firm. If you
were a recruiter for a large company, would you utilize these
criteria? Why or why not?

4.What is, from your point of
view, the general relation between age and job satisfaction?

5.How many different ways of
finding a job can think of? Which one is the most reliable?

6.A recruiter of a big company
said that they didn’t what anybody who “enjoyed exercising
power”. Can you explain why?

7.What kind of a company would
you like to work for: state-owned, private limited company,
multinational corporation, etc. Why? Give your reasons.

8.What is the most
group-oriented phase of life? Discuss why.

9. What are the qualities of
an effective team player? What qualities could you contribute to a
team?

10. Some people compare a
small company to a family. In your view, is this analogy valid and
useful? What are the benefits and risks of viewing a company as a
family?

11. Examine the relationship
between your needs and the rewards and satisfactions of any job you
have held.

1. Interview four people on why
   they work and which of their needs are satisfied or frustrated.
   Summarize and comment on their responses.

2. “Poorly considered solution
   will be costly in dollars, happiness, or both” Your comments and
   examples.

3. What can be the reasons for
   business failure? Ground your point of view.

4. Comment on the following:
   “Excellence costs, … but in the long run mediocrity costs far
   more.”

5. The human being is a
   continual problem-solver, decision-maker, and innovator. Analyze
   your previous week (day, month, year) and describe the situations
   when you had to be ‘a decision-maker’, ‘a problem-solver’
   and ‘an innovator’.

6. Mothers and fathers often
   have different ways of managing their families. How would you
   describe the management style of your parents? Teachers?

7. Which management styles have
   you experienced? Which do you prefer?

8. Make the list of the best
   qualities of a manager and rank them in order of importance. Then
   make the five worst.

9. “Shadow business doesn’t
   yield sunny life”. Do you share this point of view?

10. Summarize the information of
    the Unit to be ready to speak on Management. The first step to be
    done is to write the plan of your future report.

11. Choose any question (problem,
    topic) relating to Management and make 10-12 minute report in class.
    Refer to different additional sources to make your report
    instructive, interesting and informative.

UNIT
4

MARKETING

May
both seller and buyer see the benefit

Your vocabulary

Market

—
a place where goods and services are bought and sold.

Black market

—
the system by which people illegally buy and sell goods, or foreign
currency.

Buyer’s market

when there are more goods for
sale than there are people wanting to buy them.

Seller’s market

— a
market characterized by excess demand in which buyers consequently
experience difficulty in buying.

Marketable

— able
or fit to be sold.

Marketing

—
the part of business which is concerned with the way in which a
product is sold.

Ex.1.
Translate the
sentences given below. Pay attention to the words in italics.

1. Chesterham is a small
market
town with a population of 2000.

2. Access to new foreign
markets
was assured.

3. This device was
first marketed
by a Japanese firm.

4. They have never had to
operate in a market
economy.

5.It’s a seller’s
market at the
moment.

6. A talking watch will
shortly be on the
market.

7. Many labour-saving devices
have come onto the
market.

8.You’ll never get a picture
as good as this one on
the open market.

9. Exxon might well be
in the market to
buy up a competitor too.

10. They took
the mineral water off
the market while
tests were being made.

Ex.2.
Marketing can be
defined as an art of buying
and selling.
Let’s have a look at the following group of words. Do you know
each of them? Into what two groups can they be subdivided?

Purchase, sell, splash
out on, buy up, pick up, sell off, buy in bulk, flog, snap up,
stock up, be a sell out, buy in, buy wholesale, sell up, be
selling like hot cakes, outsell, bestseller.

And now use them in the
sentences below.

1.It’s best to … when
house prices are high.

2. The bakery usually … its
cakes … at half price just before closing time.

3.Why don’t we … … and
move to Canada? Property is really cheap there.

4. Don’t let him try and
… you his car – he’s had endless trouble with it.

5. By the end of the 1980s
portable computer systems were …larger systems by 30%.

6. The new book, which reveals
intimate details about Princess Diana’s private life is … … …
… in New York.

7. Jane Fonda’s new diet
book is sure to be a … in America.

8.Madonna’s European tour …
a total … … .

9.Foreign investors are not
permitted to … land.

10. If I were you, I’d … …
that dress before someone sees it.

11. That picture? Oh, I … it
… on the market last week.

12. We … … … a bottle of
champagne to celebrate her promotion.

13. The supermarkets are full
of people … … for the New Year’s holiday.

14.We always … … … . It
is so much more economical.

15.Mark … the earrings …
and then … them in the market.

16. People had to … …
candles during the electricity strike.

17.In the last five years
development agencies have … … almost all the land in the area.

Ex. 3.
This exercise is a kind of an addition to the previous one. What is
common in them?

Match the words
given below with their definitions.

Consumer,
buyer, customer, client, clientele, purchaser.

1. A person who buys something
(a formal word).

2.The people, especially rich
people, who regularly use a shop or restaurant or the services of a
professional person.

3. Someone who buys goods from
a particular shop, restaurant, or company.

4.Someone who is buying
something expensive such as a house, company,, or painting, usually
from another person.

5.Someone who pays for
services or advice from a professional person or organization.

6. A person who buys and
uses goods and services.

Ex.4.
To show that you know the words from ex.3 fill them into spaces.

1. Madam Vickor caters for a
very select … .

2. Ford has launched a big
new sales campaign in an effort to bring in new … .

3.We couldn’t find a … for
our house, so we weren’t able to move after all.

4.The firm is one of our
oldest … – we don’t want to lose them.

5. We may have to pass
increase in the price of raw materials on the … .

Ex.5.
Open the brackets.

Key marketing decisions (to
be) made within limits (to set) by the organization. The strategic
management process (to involve) the steps (to take) at an
organization’s corporate and divisional levels (to develop) long-run
master approaches for sur­vival and growth. In contrast, the
strategic marketing process (to involve) the steps (to take) at the
product and market levels (to allocate) marketing resources to viable
marketing positions and programs.

Focusing the Business with the
three Cs
business theorists (to point out) that three Cs—customers,
competitors, and
the company
itself— (to interrelate) (to estab­lish) the basic character of
an organization’s business. An organization’s busi­ness (mission)
(to be) a statement about the type of customer it (to wish) (to
serve), the specific needs of these customers, and the means or
technology by which it (to serve) these needs. This definition (to
affect) the company’s growth prospects by establishing guidelines for
selecting opportunities in light of customer needs, competitors’
actions, the organization’s resources, and changes in environmen­tal
factors.

Read
the text once again and explain, in your own words, what stands
behind the three Cs.

Ex.6.
Translate into
Russian in written form.

Production
Life Cycle

Products, like people, have
been viewed as having a
life cycle. The
products life cycle concept describes the stages a new product goes
through in the marketplace: introduction, growth, maturity and
decline.

The
introduction stage
of the product life cycle occurs when the product first enters the
market, sales grow slowly, and profit is little.

The second stage of the
product life cycle, growth,
is characterized by rapid increases in sales, and it is in the stage
that competitor appear.

The third stage,
maturity,
characterized by a leveling off of total industry sales revenue.
Also, marginal competitors begin to leave the market. Most consumers
who would by the product are either repeat purchases of the item or
have tried and abandoned it.

The decline
stage is the beginning of the end and occurs when sales and profits
are steadily dropping. Frequently a product enters this stage not
because of any wrong strategy of the company but because of
environmental changes.

Can
you give any example illustrating four stages of product life?

Ex. 7.
Study the following
words and word-combinations. Make your own sentences using each of
them. Translate the sentences into Russian.

pay, payment, pay off, pay
one’s respect, pay through the nose, payable, pay-claim, payee,
prepayment, payment by the results, payment in advance, payment in
due course, payment in kind, payment on account, payment terms,
payola, payroll tax, pay-as-you-earn (PAYE)

LET’S
READ AN TALK

T E X T 1

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Since you’re here, I bet you’re wondering what is the answer to client vs customer dispute…

Is there a real difference between client and customer??

Well, let me first tell you that I’ve been there.

For many years, I was neutral in a client vs customer fight. I thought both words have the same meaning, and so I can use them as synonyms.

As it turns out, that’s not a thing!

And while in a day-to-day talk a few lexical mistakes may slip through, it won’t be the same in business communication.

When you try to appeal to your audience you have to use the right words. Plus, you should sound knowledgeable enough, so they want to trust you.

Today, I’m going to show you how to understand the client vs customer dispute, on which side to stand and whether it really matters!

Table of contents:

1. Definition of a customer
2. Definition of a client
3. Key differences – Client vs Customer
4. So… I have clients or customers?
5. Alternatives to customer and client

First, I’ll explain the definition of client and customer (separately) so later we can clearly see how both are different.

Definition of a customer

“There is only one boss. The customer.” – Sam Walton

When it comes to the dictionary definition a customer is a person or an organization that buys something from a shop, store, or business.

Right away, we can see that customer is a word that we mostly refer to in regards to casual purchases.

And that should be no surprise as the word comes from the Latin ‘custom’ which simply means ‘practice’.

Therefore, we can understand a customer as a person who buys goods frequently or has a habit of doing so.

What?! It was 50% off!

That’s also why we define a customer as a person who purchases goods or services in exchange for money.

Also, it’s important to mention that the customer doesn’t get involved in a long-lasting relationship with the business he purchases from.

This means, that the whole sales cycle is usually short.

Of course, brands can build a good relationship with their customers – and they should! – but since they don’t rely on only one or two customers, they can focus on other parts of their business.

For a more day-to-day example: You can think of a customer as a person who uses one-off services – goes to the store or eats in a restaurant.

Definition of a client

“The best way to look at any business is from the standpoint of the clients.” – Jamie Dimon

Again, let’s start with a dictionary definition.

A client is a person who uses the services or advice of a professional person or organization.

Straightforward, we see that a client is more of a ‘formal’ form of a customer.

That’s because a client is involved in more specific types of purchases, namely services.

This means a guy who goes to buy a few apples and pears is not the store’s client but a customer.

Yet, if you go to the lawyer to help you get out of that deadlock situation then you’re his client.

Now, that was a real deal!

When it comes to the client the sales cycle tends to be quite long. Therefore, the relationship between both entities also tends to play a significant role.

For a day-to-day example: Think of a client as a person or entity who uses professional services such as a law firm or a design studio.

Now that we know the definitions of both client and customer, let’s take a look at key differences between both.

Meaning

The first and the most obvious difference in the client vs customer fight is the meaning.

Thus, just to recall.

Customer means a person who buys goods and services from the company. While the client refers to a person who looks for professional service from the business.

Relation with the seller

The other key difference is the type of relation that a client and customer have with the other entity.

A customer engages in a transaction with the company. That means, it is probably a one-off purchase. Thus, the seller doesn’t have to build a strong relationship with the buyer.

On the other hand, a client engages in a fiduciary relationship with the company.

This means both sides work on long-term goals and a long-lasting relationship. Plus, the business has to focus on creating a strong bond with the client in order to make him come back.

Agreement

A third difference in the client vs customer dispute is the matter of an agreement.

The customer, as he makes an only one-time purchase, needs no formal agreement between him and the seller.

Yet, the client engages in a long-term relationship that can be oftentimes hard to predict. Meaning, an agency or a firm may not be as relevant as it seemed to be at first. Thus, both sides need a formal agreement that will include things such as:

• Quota
• Deadlines
• Responsibilities
• Expected results
• Projected results
• And more…

The offer

While this difference between client and customer doesn’t touch on either client or customer directly, it shows us how businesses that target both groups differ.

First, we have companies that target customers. Such entities can offer both products and services.

And on the other side, we have companies that have clients, which, as you’ve probably already guessed, offer services only.

Longevity

This difference is strongly linked to the relation one.

Namely, businesses that have customers tend to build relations with less longevity that the ones that have clients.

That’s, of course, because they don’t rely on long-term goals and rather just aim to score one-time sells.

On the other hand, businesses that have clients have to do their best to keep clients from churning. After all, they rely on the relationship they create.

Personal attention

Last but not least is the matter of personal attention that vastly differs in the customer vs client dispute.

That’s because whenever you want to create a long-lasting relationship you need to put more personal attention towards another person.

Think of it like about a date.

You’d go out with a guy or a girl and hope that she or he likes you.

You wanted to create a relationship, not hoping for a one-night stand. Thus you did your best to grab their attention and show your benefits.

On the contrary, if you were looking for a quick score, all you had to do is lie about who you are and show how ‘awesome’ you are.

Sure, you might achieve what you wanted, but there’s no chance you’d ever meet him or her again.

Unless you’re Joey, of course!

And business is just like that.

While businesses who have customers can’t or, at least, shouldn’t lie about their offer, the personal attention is less required in their case. Here, the quality of a product should do its job.

The same aspect is much different in regards to client-based businesses. Here, personal attention is highly required and should be a priority as you want to keep the client for as long as it is possible.

Plus, you hope he’ll come again and do business with you on a recurring basis, for example like website building businesses.

So… I have clients or customers?

After all is said and done you should have a good outlook on the topic.

Yet, if you’re still wondering: Do I have clients or customers?

Let me give you a few examples of companies that are client- and customer-based.

An agency like the above has clients

Client-based companies:

• Law firm
• Design studio
• Accounting firm
• Insurance agency
• Real estate agency
• Advertising agency
• Health care provider

A supermarket, on the other hand, has customers

Customer-based companies:

• Bank
• Restaurant
• Retail store
• Supermarket
• SaaS product
• Service station
• Amusement park

As you can see, typical service-based companies such as agencies and studios have clients.

Their priority is to get only a few, yet, high-ticket clients and stick with them.

Customer-based companies that are, for example, retail stores and restaurants usually rely on many customers that make one-time purchases.

But, as you can see, these are not businesses that can just be unappealing to their customers. While the relationship of the single trade is much shorter compared to client-based companies, they also need reoccurring purchases to function properly.

The real difference lays in the volume.

Businesses that sell to thousands of clients simply can’t focus on personal attention and fiduciary relationship. Logistic-wise it’s not really possible.

Alternatives to customer and client

-Wow! That’s a lot of confusion for just two words!
-I agree.

But maybe, just maybe, we can find some alternatives that will help us resolve the client vs customer dispute.

Below, I list a few words along with their definitions that, in specific scenarios, can be used as
alternatives to words customer and client.

Buyer – A person who makes a purchase. It can also be used in regards to a person employed to select and purchase stock or materials for a large retail or manufacturing business.

User – A person who uses or operates something. Nowadays, mostly used in regards to software users.

Consumer – A person who purchases goods and services for personal use.

Patron – A customer of a shop, restaurant, etc., especially a regular one.

Clientele – The customers of a shop, bar, or place of entertainment.

Purchaser – Synonym to a buyer. A person who buys something.

Habitué – A resident of or frequent visitor to a particular place.

Shopper – A person who is shopping.

Whenever you get stuck with customer vs client in your mind, go back to the above list and consider using one of the alternatives!

Make your customers stay, with a reliable business phone system!

In agreement with talrnu’s comment, I think “window shopper” is in fact appropriate here. In usage (which might be better represented on Urban Dictionary and Yahoo Answers), this term is commonly employed to refer to people who walk around both inside and outside of shops, and is used to differentiate such people from those who have more of an inclination to make a purchase.

From Urban Dictionary:

1. Someone who looks at stuff they can’t buy.

2. When one visits a store or mall to admire goods rather than to purchase them.

From Yahoo Answers:

It implies [. . .] someone who is not serious (a shopper who has no real intention of buying [. . .])

---

“Browser” does not sound right to my ear as it seems like an awkward nounification. Most people will think of something they use to view websites. I have not heard the word used this way. It would probably require explanation, which would defeat the purpose of having a single word for it.

That said, I have heard people say that they are “just browsing” to indicate that they are not actively pursuing a purchase at that moment. For your case, I could certainly see someone saying “he’s just browsing.” As far as saying “he’s not a customer”, you have another problem.

---

Anyone visiting the store is, potentially speaking, a customer. so it’s not ideal to say “he’s not a customer” unless you are pointing to an employee, security guard, pomeranian, etc. You might be clearer if you qualify the word “customer” before you establish this comparison, for example: “he’s not a serious customer, he’s _____________.”

---

Lastly, another term I know for such a person is to describe them as a looky-loo.

looky-loo

(also lookie-loo)
NOUN

^INFORMAL

1.1 A person who seems interested in making a purchase, but whose actual intention is only to browse:

a treat for all the North Shore’s looky-loos: the popular Spring Designer Kitchen Tour

A good business broker will separate the real buyers from the looky-loos, bring in more qualified prospects, and usually can garner a better price for the business.

_{Source: Definition of looky-loo in Oxford Dictionaries}