Vocabulary:

appreciate - повышаться (о курсе вылюты, ценах)

appreciation of the euro – повышение курса евро

depreciation of the dollar – обесценение доллара

book value – номинал, номинальная стоимость, балансовая стоимость

Синонимы – par value, face value

TRANSLATION NOTES:

keiretsu – организация бизнеса в Японии, при которой банки и компании тесно связаны друг с другом; структура основана на перекрестном владении акциями нескольких компаний

1. Why do you think the parallel in this article is drawn between America and

China?

2. Discuss which emerging countries in Asia may repeat Japan’s economic

experience.

3. Make a list of what you consider to be advantages and disadvantages for

investors to pour their money into the country.

4. Explain the following terms found in the case study: Japan Inc; keiretsu.

5. State the reasons that lead to a financial bubble.

6. Is too much regulation bad or good for business and what do you think is or

should be the role of government.

VOCABULARY REVISION – UNIT 3

Замедление темпов экономического роста; цены резко упали; цены слегка выросли; крах; крушение; цены снизились ненамного; устойчивый экономический рост; экономический спад; подъем; цикл деловой активности; экономический бум; спрос; цены взлетели; вызывать дeпрессию; экономический кризис; умеренное оживление (после спада); низшая точка (экономического) цикла; стагнация; ожидаемая инфляция; безработица; длительная инфляция; с поправкой на инфляцию; торговый баланс; положительное сальдо торгового баланса; дефицит баланса по текущим операциям; дефицит платежного баланса; структурная безработица; валовый внутренний продукт; платежный баланс; валовый национальный продукт; видимые статьи торгового баланса; жесткая кредитно-денежная политика; установление границ изменения денежной массы; бюджетно-налоговая политика ФРС; денежная масса; рост денежной массы; основные экономические показатели.

Part 1 Unit 4

PRODUCTS, MARKETING, ADVERTISING

UNIT 4

PRODUCTS, MARKETINg, advertising

Section 1 sellers, buyers, consumers, and key players lead-in

Traditionally, marketing has been a term applied to the process or act of bringing together buyers and sellers. Despite the common misconception, marketing is more than advertising and promotion.

In the past, companies were product focused, and employed a team of salespersons to push their products into or onto the market, regardless of market desire. A market focused, or customer focused, organization first determines what its potential customers desire, and then builds the product.

The essence of marketing is the realization that customers use a product or service because they have a need, or because of perceived value, not because they want to spend their hard earned money.

Companies quick to respond to the needs of a market are market-driven, market-led, or market-oriented. These terms show approval, especially when used by organizations about themselves.

People and organizations who market a product make decisions as to how, when, and to whom it is to be sold: for example on its design, price, and distribution. People and organizations making these decisions are marketers or marketeers and work in marketing.

A firm may depend on their own sales team and/or on the salesmanship of their distributors, wholesalers or retailers.

A retailer buys goods or products in large quantities from manufacturers or importers, either directly or through a wholesaler, and then sells individual items or small quantities to the general public or end user customers, usually in a shop, also called store. Retailers are at the end of the supply chain. Marketers see retailing as part of their overall distribution strategy.

A wholesaler buys and stores goods in large quantities from their manufacturers or importers, and then sells smaller quantities to retailers, who in turn sell to the general public.

An agent who supplies goods to retailers is distributor.

The channel of distribution is the route that a product takes in reaching its end users. Outlets must be created which enable the product and the customer to be physically brought together, and which enable the customer to buy.

There are a number of ways to talk about people who buy things.

An individual who buys products or services for personal use and not for manufacture or resale is a consumer.

Customers are individuals or organizations who buy things from shops or other organizations.

Clients are individuals or organizations who pay for services provided by a professional person or organization such as lawyer or advertising agency.

A business may refer to its customers as its customer base or client base.

Competitors are organizations selling products or services in the same market, and they can also be products or services themselves. Competitors compete with each other.

An advantage enjoyed by a company with lower costs than a rival, enabling it to sell for less or make greater profits at the same price as its rival is competitive advantage or competitive edge.

Competitors in a market are players, and the most important ones are key players.

Companies without competitors are monopolies.