- •If you play your cards right … starting up
- •Business is to make profit for the company’s shareholders.
- •What is your own philosophy of business?
- •Listening
- •What do you think of Body Shop’s business philosophy?
- •Vocabulary
- •Match the words with their meanings
- •Complete the sentences with the words from a. Change the form of a word if required.
- •Reading Developing a Mission Statement
- •The Business Vision and Company Mission Statement
- •Core values
- •Core Purpose
- •Visionary Goals
- •Case study Background
- •Those who go beneath the surface do so at their peril.
- •Starting up
- •Vocabulary
- •Hierarchy
- •Board of Directors
- •Responsibilities/functions
- •Managers and executives: uk
- •Managers and executives: us
- •Philips is a major multinational company which has almost 30,000 trademarks registered worldwide.
- •Reading
- •Look at the photos. Which departments of a company do they represent?
- •Listening
- •Translate from Russian into English
- •Case study Background
- •Unit 3 Organization Forms and Company Presentation
- •Angry scenes as members reject
- •Partnership
- •Unit 4 Key Management Skills
- •Vocabulary
- •For managers, the three key skill types are technical, human and conceptual. Match them to their definitions and examples.
- •Listening
- •Reading
- •Management Skills
- •Supplementary discussion: women in management
- •The Roddick Phenomenon
- •The New Achievers
- •Case study Background
- •Everything that can be said can be said clearly.
- •Starting up
- •What other factors are important for communication? Discuss these questions.
- •I can stay cool when I am in the middle of a conflict.
- •Vocabulary
- •Which of the words above have the following meanings?
- •Reading
- •Hard Sell around the Photocopier
- •Grammar
- •Case study
- •The only place where success comes before work is in the dictionary.
- •Vidal Sassoon, hairstylist
- •Starting up
- •At the Forefront of Innovation
- •Vocabulary
- •New Coke for Old
- •Ford Edsel: Remember My Name
- •Keeping Your Confidence Up
- •1. A four-year contract
- •2. Maximum advertising at the football ground
New Coke for Old
By 1979 Coca-Cola's lead in the US soft drink market was down to 4% although it was spending $ioom more on advertising than its great rival Pepsi. So, after 99 successful years Coca-Cola decided to change its original formula and launch New Coke. Coke spent two years and $4m on new flavour research. By 1984 their market lead was down to 2% but in blind taste tests people seemed to prefer New Coke to Pepsi and in the biggest test 61% preferred it to original Coke.
Within 24 hours of its launch on 23 April 1985, 81% of the US population knew of the change to New Coke. However, once it was realised that New Coke was to replace rather than to be available as well as original Coke, the complaints started. By the middle of June there were 8,000 a day. Coke also received 40,000 letters. On 11 July Coke executives apologised, admitted their mistake and re-introduced original Coke as Coca-Cola Classic.
The failure of New Coke had cost more than $4111. Sales of New Coke continued to fall while sales of Classic rose. Loyalty to the original was stronger than ever and Coca-Cola regained its place as the nation's favourite soft drink.
Ford Edsel: Remember My Name
In the late 1940s Ford decided it needed a medium-price model to compete with General Motors - 'a car for every purse and purpose' - which would appeal both to the young executive and the professional family on the way up. Named after Henry Ford's son, Ford spent 10 years and $250m on the Edsel's planning and development. With $50m being spent on advertising, the launch in September 1957 was the most expensive for any commercial product to date.
Problems began when, due to an increase in road deaths, the US Automobile Manufacturers' Association agreed not to advertise a car's power and performance - two of the Edsel's main features. Also motoring journalists said the car was not the great innovation which Ford claimed. What's more, it had a conflicting image of speed against suitability for young families more interested in safety and comfort. Finally, many Edsels were faulty. Word spread and sales fell. Despite this, Ford spent $400,000 on a TV broadcast with Frank Sinatra and Bing Crosby, Next they sent a mailshot to 1.5m car owners offering a test drive. An economic recession in the US contributed further to disappointing sales. On 19 November 1959 production was stopped. In total only 109,466 Edsels were sold (although only one was ever reported stolen) making a total loss of $350m. As Time magazine said, ‘It was a classic case of the wrong car for the wrong market at the wrong time’.
What would you have done in the situations descried in the articles? What lessons can be learned?
SUPPLEMENATARY READING
A. Write down three qualities that you consider essential for success and explain why. Then compare your answers with your group-mates.
B. Read the article “Keeping Your Confidence Up” by Dennis O’Grady. See the meaning of the highlighted words in the box below the text.