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Ex. 4. Express in one word using the words for reference below.

1.having a responsibility or an obligation to do something, e.g. to pay a debt;

2.to be unable to pay debts;

3.everything of value owned by a business that can be used to produce goods, pay liabilities and so on;

4.an enterprise owned by two or more individuals;

5.a proportionofthe annualprofits ofa limited company, paid toshareholders;

6.a partnership set up to carry out a temporary short-lived business project;

Words for reference: dividend, joint venture, bankrupt, liability, partnership, assets.

Ex. 5. Insert necessary prepositions.

1. A business organization is often referred … as a business entity. 2. A sole proprietorship is easy to set … and dissolve. 3. The company does not operate … a rigid charter. 4. The owner of the company is legally liable … all debts of the company. 5. Limited companies are taxed twice: … the profits they earn and … the dividends which come out of the profits. 6. Franchises benefit … the use of the trademark.

Ex. 6. Review the following statements and mark them true (T) or false (F). Correct the statements that are false.

1. The revenues, expenses, assets and liabilities of the sole proprietorship are also the revenues, expenses, assets and liabilities of the owner. 2. A sole proprietorship cannot be dissolved as easily as it can be started. 3. The main advantage of partnerships is that partners are legally liable for all debts of the firm. 4. Partnerships are as easy to dissolve as sole proprietorships.

Ex. 7. Answer the questions.

1. What are the most common types of business firms? 2. What kind of firm is a sole proprietorship? 3. What is the proprietor only responsible for? 4. How does a partnership differ from a proprietorship? 5. What is corporation? 6. What are the advantages and disadvantages of each type of business entity? 7. What is the most risky form of above described businesses? Why?

Ex. 8. Give a brief summary of the text.

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TEXT B. Types of Companies and their Structure

Task: scan the text focusing on different types of companies and their structure.

Business entities can be grouped according to the type of business activity they perform.

1.Service companies perform services for a fee. This group includes companies such as accounting firms, law firms, repair shops, and many others.

2.Merchandising companies purchase goods that are ready for sale and sell them to customers. They include such companies as auto dealer-shops, clothing stores, and supermarkets.

3.Manufacturing companies buy materials, convert them into products, and then sell the products to the companies or to the final customer. Examples are steel miles, auto manufacturers, and so on.

Companies in the non-governmental sector consist of two basic types: public and private. The difference between public and private firms can be found in their names. The word ‘limited’ (‘Ltd’) shows that it is private. The status of a public company is shown by the letters “plc” after its name. This is short for “public limited company”.

Public companies in general are large scale organizations such as banks, insurance companies and privatized companies. Private companies are smaller or family-run business. However, large companies can be private too, for example, IKEA, Domino’s Pizza and Hallmark Cards. A privately held company has shareholders.

Let’s describe a typical structure of the company. The company is operated by the board of directors. The directors are appointed by the shareholders, normally at the company’s annual general meeting (AGM). The chairman of the board will be expected to report for his stewardship during the previous year. The company’s accounts will be presented to the shareholders at that time so they can judge for themselves whether or not the board has been successful. The board of directors of a company is primarily responsible for determining the objectives and policies of a business.

Ex. 1. The diagram shows those who control a public limited company. Use the terms in the box to complete it.

1.------------------------- (owners of the company)

2.------------------------- (responsible to the shareholders)

3.------------------------- (appointed by the board to run the company)

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Ex. 2. Comment on.

–the types ofcompanies according to their functions

–the difference between ltd. and plc.

–the activities of the board of directors

Ex. 3. Analyze a company organization chart and write its description or a description of any company you know in about 100-150 words. Make use of the information below.

The most common verbs for describing structures are: consist of, be composed of; contain, be made of; include, be divided into

e. g. The company consists of five main departments. The marketing department is made up of three units. The sales department is divided into two sections.

Other verbs frequently used to describe company organization include: to be in charge of, to support or to be supported by, to be accountable to, to be responsible for, to assist or to be assisted by

e. g. The marketing department is in charge of the sales force.

The marketing department is responsible for advertising, sales promotion and market research.

The five department heads are accountable to the Managing Director.

Board of Directors with a Chairman (GB) or President (US)

Managing Director (GB)

or

Chief Executive Officer (US)

TEXT C. Nature of Management

Task: go through the text and summarise its main points under the following headings:

–Essence of management

–Types of managers and their functions

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Ex. 1. Match the Russian word collocations with their English equivalents:

Ex. 2. Answer the following questions.

1. What is management? 2. What types of resources is a manager in control of? 3. What are five managerial functions? Comment on them. 4. What two categories are organizational members divided into? How do operatives differ from managers? 5. What are the three levels of management? What functions do managers of every level perform? 6. Which of the following is not one of the five functions of management: planning, producing, implementing, controlling?

TEXT D. Corporate Culture

Task: skim the text to get the general idea about corporate culture. Say whether corporate culture is important.

A business’s culture is the culture of the group of people working for that business. It is the set of beliefs and values held by employees that determines how they will respond to a particular situation. Thus, at the very heart of Johnson & Johnson’s success is its underlying mission, which it calls ‘Our Credo’. It states the company’s responsibilities to their customers, employees, communities and their stockholders. This mission statement is shared by all of its businesses and has been translated into 36 languages. Obviously, it acts as a common bond between the various business units. The Credo also acts as a yardstick against which all decisions can be judged. Moreover, if the managers are uncertain about the wisdom of a particular course of action they can judge it against the letter and the spirit of the Credo.

Does culture matter? A business may well have objectives it wishes to achieve and politics it wishes to implement, but its success will depend on the extent to which employees embrace these initiatives, and that in turn depends on the prevailing business culture.

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There is a wide variety of factors that determine corporate culture within an organization. These include management style, recruitment policy, reward policy, and stated aims and objectives.

For example, if a firm aims to recruit innovative high-fliers, offering above average salaries, this will tend to create a more dynamic, forward-looking culture. A firm filled with top-quality graduates aiming to make their mark will differ from the one in which most employees are clock watching.

Dress-code, timekeeping, hot-desking, time off, reporting procedures, types of meeting, and names are all the elements of a corporate culture. Let us dwell on some of them. The dress code in the workplace is the rules about what kind of clothes employees are allowed to wear there. In some companies employees are allowed to wear clothes that are less smart than usual on Friday. This day is known as a dress-down Friday. Hot-desking is also one of the elements of corporate culture. It is the practice of not assigning particular desks to particular employees in a workplace, so that employees can work at any desk that is available.

Culture is very important – it has a major impact on the behavior patterns of a firm’s workforce. It is not something that can be achieved overnight.

Discussion:

1.What is management? Is it an art, a science, an instinct or a set of skills and techniques that can be taught?

2.Management starts with planning. Good management starts with good planning. Is it true?

3.Could you enumerate the most important character traits, crucial to being a good manager?

4.Can you imagine a company performing successfully without management?

Project

Prepare a presentation on one of the following issues:

1.An outstanding manager and his/her way to success.

2.How to be a good manager.

Use any sources available.

Section III. LEXICAL-GRAMMAR TESTS

Grammar material to be revised:

1.Word Formation. Word-forming Suffixes.

2.Verb. Tenses in the Active and PassiveVoice.

3.Non-finite Forms of the Verb (Infinitive, Gerund, Participle I, II).

4.Conditionals.

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TEST I

I. Read the text and answer the questions that follow.

What is the difference between management and leadership?

1.Leadership and management must go hand in hand. They are not the same thing. But they are necessarily linked, and complementary. Any effort to separate the two is likely to cause more problems than it solves.

2.Still, much ink has been spent outlining the differences. The manager’s job is to plan, organize and coordinate. The leader’s job is to inspire and motivate. In his 1989 book “On Becoming a Leader,” Warren Bennis composed a list of the differences. The most important of them are the following: 1) the manager administers – the leader innovates; 2) the manager focuses on systems and structure – the leader focuses on people; 3) the manager is the classic good soldier – the leader is his or her own person; 4) the manager does things right – the leader does the right thing.

3.Perhaps there was a time when the calling of the manager and that of the leader could be separated. A foreman in an industrial-era factory probably didn’t have to give much thought to what he was producing or to the people who were producing it. His or her job was to follow orders, organize the work, assign the right people to the necessary tasks, coordinate the results, and ensure the job got done as ordered. The focus was on efficiency.

4.But in the new economy, where value comes increasingly from the knowledge of people, and where workers are no longer undifferentiated cogs in an industrial machine, management and leadership are not easily separated. People look to their managers, not just to assign them a task, but to define for them a purpose. And managers must organize workers, not just to maximize efficiency, but to nurture skills, develop talent and inspire results.

5.The late management guru Peter Drucker was one of the first to recognize this truth, as he was to recognize so many other management truths. He identified the emergence of the “knowledge worker,” and the profound differences that would cause in the way business was organized.

6.With the rise of the knowledge worker, “one does not ‘manage’ people,” Mr. Drucker wrote. “The task is to lead people. And the goal is to make productive the specific strengths and knowledge of every individual.”

1.Why must leadership and management go hand in hand?

2.What are the functions of managers in the new economy?

3.What did Peter Drucker write about the goals of modern managers?

II. Translate paragraphs 3 and 4 of the text into Russian/Belarusian.

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III. Make the derivatives using the given suffixes. Translate the words into Russian/Belarusian.

- ment: to achieve, to improve, to involve, to recruit

-tion: to complete, to assume, to motivate, to solve

-ive: effect, act, support, decision, compare

-able: reach, approach, achieve, advise

-en: hard, wide, sharp, broad

IV. State the tense of the verbs in the following sentences. Translate them into Russian/Belarusian.

1. Much ink has been spent outlining the differences between management and leadership. 2. Warren Bennis composed a list of the differences in his book “On Becoming a Leader”. 3. In the economy, where value comes from the knowledge of people, management and leadership are not easily separated. 4. Organizational members are divided into two categories: operatives and managers. 5. The mission statement of the company “Johnson & Johnson” has been translated into 36 languages. 6. Corporate-led globalization is being met with increasing protest and resistance.

V.Underline the infinitive and identify its form.

1.You do not have to take any formal action to form a sole proprietorship. 2. A franchiser has the right to control the quality of the goods and services produced by a franchisee. 3. To manage is to forecast and to plan, to organize and to command, to coordinate and to control. (Henry Fayol) 4. Management is expected to work for the achievement of the objectives of the particular organization in which it exists. 5. It is easy for partners to attract new employees and raise additional capital. 6. She reminded me to come to the meeting. 7. The operatives had four questions to ask the personnel manager after the meeting.

VI. Underline verbal constructions. Translate the sentences into Russian/Belarusian.

1. Promotion campaign made it possible for the managers to achieve good results. 2. Their proposal was reasonable enough for the board to consider it in a meeting. 3. The company is known to have been working on their new product for a year. 4. The CEO made the supervisors control the project more thoroughly. 5. When the manager entered the office he saw his secretary talking on the phone. 6. His duty completed, he had a three-month leave.

VII. Open the brackets, use the correct form of the infinitive or gerund.

1. He is said (accomplish) all the tasks already. 2. A major disadvantage of (do) business as a general partnership is that all partners are personally liable

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for (pay) all business’s debts and liabilities. 3. We risk (lose) a lot of money, if our objectives are not accomplished. 4. The chairman will be expected (report) for (manage) the company during the previous year at the AGM. 5. There's no point in (argue) over overhead costs of this project implementation any longer. 6. If a limited partner starts (make) management decisions, his status immediately changes. 7. The board of directors of a company is responsible for (determine) the objectives and policies of a business. 8. They are engaged in (discuss) this problem now.

VIII. Open the brackets, use the correct form of the verbs in the conditional clauses.

1. If we (to reach) agreement on the 9th of October, we would have signed the contract with our foreign partners the same date. 2. If he (to convince) his German supplier then he would have no problems today. 3. If the opportunity (to arise), be sure I will help you. 4. If we (to have) good advertising, the product will be a success. 5. If there (to be) an easy solution, we would have avoided the problems. 6. If we (to take) your advice, we would have spent more money. 7. If he (to attend) the meeting last week, he would know what to do now.

TEST II

I. Read the text and answer the questions that follow.

Importance of Marketing

1.Marketing is a very important aspect in business since it contributes greatly to the success of the organization. Production and distribution depend largely on marketing. Many people think that sales and marketing are basically the same. These two concepts are different in many aspects. Marketing covers advertising, promotions, public relations, and sales. It is the process of introducing and promoting the product or service into the market and encourages sales from the buying public. Sales refer to the act of buying or the actual transaction of customers purchasing the product or service.

2.Since the goal of marketing is to make the product or service widely known and recognized to the market, marketers must be creative in their marketing activities. In this competitive nature of many businesses, getting the product noticed is not that easy.

3.Strategically, the business must be centered on the customers more than the products. Although good and quality products are also essential, the buying public still has their personal preferences. If you target more of their needs, they will come back again and again and even bring along recruits. If you push more on the product and disregard their wants and the benefits they can get, you will

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lose your customers in no time. The sad thing is that getting them back is the hardest part.

4.Various types of marketing approaches can be utilized by an organization. All forms of marketing promote product awareness to the market at large. Offline and online marketing make it possible for the people to be educated with the various products and services that they can take advantage of.

5.Apart from public awareness about a company’s products and services, marketing helps boost sales and revenue growth. Whatever your business is selling, it will generate sales once the public learns about your product through TV advertisements, radio commercials, newspaper ads, online ads, and other forms of marketing. The more people hear and see more of your advertisements, the more they will be interested to buy.

6.Although marketing is important, if it is not conducted and researched well, the company might just be wasting on expenses and time on a failed marketing approach.

1.In what aspects are marketing and sales different?

2.Why should marketers be creative in their activities?

3.What should any business be focused on?

4.In what case will your business generate sales?

II. Translate paragraphs 2 and 3 of the text into Russian/Belarusian.

III. Make the derivatives using the given suffixes. Translate the words into Russian/Belarusian.

-er: to market, to research, to promote, to package, to consume -tion: to generate, to contribute, to recognise, to execute, to relate -ful: doubt, fear, purpose, meaning, boast, thought

-(i)al: commerce, promotion, operation, convention, essence, benefit -less: value, price, profit, fruit, change

IV. State the tense of the verbs in the following sentences. Translate them into Russian/Belarusian.

1. To implement a marketing program successfully, hundreds of detailed decisions often (to require). 2. Marketers currently (to look for) new market opportunities. 3. Direct marketing (to show) tremendous growth in recent years. 4. Over the next months, we (to change) our methods to make marketing activities more effective. 5. When we got to the trade fair, it was still early. Some of the exhibitors (to unpack) their publicity materials. 6. Once a target market (to identify), a company has to decide what goods to offer. 7. It (to calculate) recently, that the majority of new product ideas come from customers via sales

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