Institute of linguistic and intercultural studies chair of applied modern languages in economics and law



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FREE INTERNATIONAL UNIVERSITY OF MOLDOVA

INSTITUTE OF LINGUISTIC AND INTERCULTURAL STUDIES

CHAIR OF APPLIED MODERN LANGUAGES

IN ECONOMICS AND LAW




ULIM – 15 ani de ascensiune

Olga DIMO, Valentina STOG
SUPPLEMENTARY READER
FOR STUDENTS OF ECONOMICS


Chişinău - 2007

FREE INTERNATIONAL UNIVERSITY OF MOLDOVA

INSTITUTE OF LINGUISTIC AND INTERCULTURAL STUDIES

CHAIR OF APPLIED MODERN LANGUAGES

IN ECONOMICS AND LAW

Olga DIMO, Valentina STOG


SUPPLEMENTARY READER
FOR STUDENTS OF ECONOMICS

Chişinău - 2007

SUPPLEMENTARY READER
FOR STUDENTS OF ECONOMICS

Recomandat pentru publicare de către Senatul ULIM

(proces verbal nr.3 din 28 noiembrie 2007)



Descrierea CIP a Camerei Naţionale a Cărţii

Dimo, Olga

Supplementary Reader for Students of Economics / Olga Dimo, Valentina Stog; Free Intern. Univ. of Moldova, Inst. of Linguistic and Intercltural Studies, Chair of Applied Modern Languages in Econ. and Law. – Ch.: ULIM, 2007 (Foxtrot SRL) – 108 p.


ISBN 978-9975-920-52-0

50 ex


© Olga DIMO, Valentina STOG

811.111:33(075.8)




CONTENTS
1. HOTELIER SERVICES 6

2. COMPANY STRUCTURE 12

3. SUPERMARKET ECONOMICS 20

4. PRODUCTS 25

5. RETAILERS AND WHOLESALERS 32

6. WHAT IS QUALITY? 38

7. BRANDS AND BRANDING 43

8. MONEY, MONEY, MONEY 50

9. BANKS AND BANKING 57

10. A STORY OF SUCCESS IN BUSINESS: CHINESE IBM 63


11. SAMSUNG ELECTRONICS AIMS TO DOUBLE SALES 67


12. STYLES OF MANAGEMENT 73

13. MOTIVATING STAFF 80

14. ECOMMERCE: SAVING TIME AND MONEY 86
TEXTS FOR INDIVIDUAL WORK

1. ADIDAS AGREES TO BUY RIVAL REEBOK 91


2. GETTING A LOAN 93

3. COCA-COLA UNVEILS NEW GLOBAL AD STRATEGY 95

4.THE CONCEPT OF THE FIRM 98

5. HOW TO USE AN ATM 99


6. BUSINESS CARD 102


7. FAST-FOOD CHAINS FACE OBESITY LAWSUIT 104

8. HOME ROBOTS ON SALE IN JAPAN 106



BIBLIOGRAPHY


HOTELIER SERVICES
Hotels are commercial establishments that provide paid lodging, usually on a short-term basis. Hotels often provide a number of additional guest services such as a restaurant, a swimming pool, childcare, etc. Hotelier business is an important industry in many countries, especially in those with developed tourism infrastructure.

Classification

The cost and quality of hotels are usually indicative of the range and type of services available. Due to the enormous increase in tourism worldwide during the last decades of the 20th century, standards, especially those of smaller establishments, have improved considerably. For the sake of greater comparability, rating systems have been introduced, with the one to five stars classification being most common.

Services and facilities


Basic accommodation of a room with only a bed, a cupboard, a small table and a washstand has largely been replaced by rooms with en-suite bathrooms and, more commonly in the United States than elsewhere, climate control. Other features found may be a telephone, an alarm clock, a TV, and broadband Internet connectivity. Food and drink may be supplied by a mini-bar, which often includes a small refrigerator containing snacks and drinks (to be paid for on departure).

Social functions

Some hotels have conference services and meeting rooms and encourage groups to hold conventions and meetings at their location. Conventions form the most important source of income for some hotels and motels. In the US, for example, an estimated number of about 10 mln people attend conventions yearly. Conventions assure a steady income from both sleeping accommodations and meeting rooms that are used for conferences and lectures. Dining facilities are the source of additional revenue through the sale of food and drinks. Local residents also use the catering services, meeting rooms and ballrooms for social gatherings and business meetings.



Hotel varieties

Hotels differ from motels in that most motels have drive-up, exterior entrances to the rooms, while hotels tend to have interior entrances to the rooms, which may increase guests' safety and present a more up market image. The hotel for travellers is usually located within city boundaries and caters for people travelling on business or for pleasure. Motels provide lodging for the same group of persons, but are often situated near or along major highways.



Both hotels and motels provide numerous amenities in addition to sleeping accommodations: maid service, radio and TV, parking, recreational facilities, food services, and retail shops.

Residential hotels are intended for permanent residents. They are similar to apartment buildings, provide room service, and often have dining facilities. Lodgings are available on a weekly, monthly or yearly basis.

Resort hotels and motels are usually located in seaside, lake, or mountain areas and provide accommodations for tourists and vacationers. Resorts provide all hotel services plus recreational and athletic activities.
KEY WORDS AND EXPRESSIONS:


to cater (for)

to deal with or provide for smth

catering

1. supply of food and drink; 2. providing clients with foodstuffs, amusement, etc.

amenities

things, circumstances, surroundings that make life easy or pleasant

establishment

commercial business

rating

classification on the basis of a number of features

facilities

equipment or buildings which make it easy to do smth

revenue

money received

to reside

to live; have one’s home

resident

person or company permanently living or operating in a country or area

hotelier (adv.)

dealing in running a hotel as a business enterprise

guest

person staying in a hotel

up market

more expensive and appealing to a wealthy section of the population

accommodation

is lodging in a dwelling or similar living quarters afforded to travelers in hotels or on cruise ships, or prisoners, etc.

lodging

temporary accommodation

childcare

is the act of caring for and supervising minor children

en suite (adj./adv.)

BrE, from French

joined onto a bedroom and for use only by people in that bedroom

broadband

in telecommunications is a term that refers to a signaling method that includes or handles a relatively wide range of frequencies, which may be divided into channels or frequency bins.

snack

a small meal or amount of food, usually eaten in a hurry

motel

a hotel for people who are traveling by car, with space for parking cars near the rooms

1. Answer the following questions:


1. Have you ever stayed at a hotel? What ind o a hotel was it?

2. What is the difference berween a hotel and a motel?

3. Why is it profitable for hotels to host conventions and meetings?

4. What does the accommodation fee usually depend on?

5. Are there any five-star hotels in Chisinau?
2. Join pairs of antonyms.


1.

d.

2.




3.




4.




5.




6.




7.




8.




9.




1. guest a. expenditure

2. temporary b. interior

3. hotel c. minor

4. highway d. host

5. revenue e. products

6. resident f. home

7. exterior g. permanent

8. major h. path

9. services i. visitor

3. Give English equivalents for the following:


hotelier

гостиничный




a presta servicii

предоставлять услуги




staţiune climaterică

курорт




venit stabil

стабильный доход




automagistrală

автострада




localizat/amplasat

находиться; располагаться




conectare

подключение




comodităţi

удобство

1.

2.


cazare la hotel

проживание в гостинице




servicii suplimentare

дополнительные услуги



4. Fill in the gaps with the words in the box.



computer duties in writing staff terminals receptionist

confirmation lobby customer email contact reservation

HOTEL RECEPTION SERVICE

A hotel receptionist always works in one of the “front offices” near the front hall, or _____________________ (1). Usually all members of ___________________ (2) who work in these offices have direct personal or telephone _________________ (3) with the guests. In a large hotel, the _______________________ (4) welcomes and registers the guests. In a smaller hotel, this official performs the ______________ (5) of advance registrations clerk, enquiry clerk, and bookkeeper.

A hotel receives ___________________ (6) requests in different ways. In many hotels telephone bookings are the most common. They are quick and make it possible to get full information from the _______________________ (7). Hotels often ask their potential guests to confirm the booking _________________________ (8).

In many countries, _______________________ (9) reservations are preferred. As compared to reservations by telegram, email is fast and the _________________ (10) is made in no time.

A number of hotels now have _____________________ (11) terminals. This facility inks their reservation system with other hotels, with airline seat reservation systems, and with _______________________ (12) in the offices of major travel agents.


5. Match the beginnings of the sentences with their endings.


1. Motels are usually situated




 of their own security system.

 most important source of

income.





3. Stars are symbols

7. Hotelier business flourishes

in





 rooms increase safety.

 along major highways.




2. In residential hotels, guests

6. Most hotels and motels

dispose





 countries with developed

tourism infrastructure.



 Interior entrances to the




 of hotel rating.

 are usually accommodated

for longer terms.






4. For some hotels, conventions

are the

6. Do the crossword.

1. ___|___|___ ___ ___ ___

2. ___ ___|___|___ ___ ___ ___ ___ ___ ___

3. |___|___ ___ ___ ___

4. ___|___|___ ___ ___

5. ___ ___ ___ ___|___|

6. ___ ___ ___|___|___ ___ ___ ___ ___

7. ___|___|___ ___ ___ ___ ___ ___ ___ ___

8. ___ ___ ___ ___|___|___

9. ___ ___|___|___

10.___ ___ ___ ___ ___|___|___ ___ ___

11. ___ ___ ___|___|___ ___ ___ ___ ___ ___

12. ___ ___ ___|___|___ ___

13. ___ ___|___|___

1. classification on the basis of a number of features; 2. equipment or buildings which make it easy to do smth; 3. to deal with or provide for smth; 4. motor hotel; 5. sound or signal giving a warning; 6. not expected to change/going on for a long time; 7. conference, congress or other gathering of members of a society, political party, or of businesspeople; 8.firm and non-fluctuating; 9. symbol of hotel rating; 10. antonym to “arrival”; 11. supplementary; 12. place visited for health or recreation reasons; 13. of small size or length.

COMPANY STRUCTURE
All modern businesses are composed of groups of people known as specialist units or departments which execute the different jobs needed to run a successful business. This helps to organize and control the employees and make sure the necessary work is done efficiently. There are additional benefits of organizing people into groups: it helps to develop team spirit also usually improves motivation and productivity. The groups have department heads or managers in charge of them.

There are different ways of organizing the business into groups, and each way has its advantages and disadvantages. Under hierarchical or pyramidal structure, for example, one or a group of persons are at the top and an increasing number of people form successive levels below. Each staff member knows his/her supervisor/superior and subordinates. Yet the activities of most companies are too complicated to be run in a single hierarchy.



Divisional structure is usually associated with market expansion and product diversification. Under such an organization, each division is self-contained and operates as a profit centre. Their activities are directed by the central headquarters (HQ) which define corporate strategy, allocate finances and may control R&D and purchasing activities. This structure may become a source of tension between the HQ and profit-making divisions as regards the allocation of costs by the central unit into the individual divisions.

The matrix structure is used in organizations where there is a great deal of interaction between departments and where employees report to more than one manager. Thus, one and the same staff member will work in his/her respective department (marketing, production, personnel, etc,) and will simultaneously participate in cross-divisional projects, reporting to both the respective department head and the Project Manager. So there are risks associated with a situation when personnel members are confused about whom they should report first.

For manufacturing companies, the functional structure ensures optimal control and accountability. The company is divided into a number of departments (finance, production, purchasing, etc.), each with its manager. A senior manager, whose functional title may be Director or Chief Executive Officer (CEO) is responsible for internal supervision and coordination between departments. However, the system may not be suitable for large businesses with many different markets and/or products. Its positive and negative features are stated below.


1. Specialization by function is more efficient. Employees get experienced in and competent at one particular job.

1. Communication is weakened by a lack of communication across and between functions.

2. Accountability is clear: each staff member knows his/her job tasks and responsibilities.

2. Departments may become over-focused on their own agendas and lose sight of the overall business objectives.

3. Clarity is improved: it is clear who is in charge of this or that operation.

3. The system can lose flexibility because things have to be done ‘by the book’.



KEY WORDS AND EXPRESSIONS:


department

specialized section of a large company

manager

head of a department in a company/department head

advantage

smth useful which may help one to be successful

employee

worker or person employed by a company

personnel/staff

(pl.) people who work for a company/organization

to supervise

to watch work carefully to see if it is well done

subordinate

(N.) member of staff who is directed by someone;

(Adj.) junior in rank, less important



superior

(N.) more important person; (Adj.) better/of better quality

profit

money gained from a sale which is more than the money spent

self-contained

separate from other divisions of a company

headquarters

main office, where the board of directors meets and works

executive

which puts decisions into action

executive director

director who actually works full-time in a company

chief executive

executive director in charge of a company

R&D/research and development

scientific investigation which leads to making new or improving existing products

to allocate

to divide (a sum of money) in various ways and share it out

1. Fill in the table matching company departments with their functions.





PRODUCTION

MARKETING

FINANCE

R&D

PERSONNEL










1, 4, …















































































1. scientific research; 2. advertising/promotion; 3. making balance sheets; 4. laboratory tests; 5. hiring employees; 6. developing new products; 7. market studies; 8. concluding sales contracts; 9. sociological studies; 10. paying salaries; 11. dismissing workers; 12. buying raw materials; 13. dealing with banks; 14. installing equipment; 15. dealing with payments; 16. dealing with buyers; 17. personnel training; 18. interviews on TV; 19. manufacturing goods; 20. making payments; 21. receiving complaints from customers.

2. Match the job titles with the descriptions of functional responsibilities.


1. Managing Director

 Someone who heads the department responsible for manufacturing the product.

2. Executive Secretary

 Someone who keeps the accounts in the finance department.

3. Sales and Marketing Manager

 Someone who heads the department responsible for scientific research and the development of new products.

4. Sales Representative

 Someone responsible for running the company’s financial affairs.

Production Manager

 Someone who heads a company and is responsible for its running.

6. Personnel/Human Resources

Manager

 Someone who sits in the lobby, answers the phone, and greets visitors.

7. R & D Manager

 Someone who heads the department that advertises and sells the product.

8. Finance Director

 Someone who is responsible for selling the product to customers.

9. Accountant

 Someone who does secretarial work for top management.

10. Receptionist

 Someone who heads the department responsible for staff matters, such as the hiring of employees.

3. In the text, find equivalents for the following words and expressions:




subordonat

подчиненный




responsabiltate/raspundere

ответственность, подотчетность




director executiv principal

генеральный директор




personal/cadre

штат сотрудников




complicat

сложный




şef de secţie

заведующий отделом




profitabil/rentabil

приносящий прибыль




avantaje şi dezavantaje

преимущества и недостатки




a raporta

сообщать/доклады-вать




a fi compus din

состоять из




distribuire a cheltuielilor

распределение издержек



4. Form as many derivatives from the words below as you can.




VERB

NOUN

ADJECTIVE/ADVERB

to supervise







to allocate







to function

function

functional

to report










division




to coordinate













subordinate

5. Look at the scheme of a typical organization by function. You have to:

a) match department names with the definitions provided below, and

b) explain the functions of the departments whose definitions are

lacking.

1. The __________________________ department is in charge of all the workers and their needs and training; develops motivation strategies to improve productivity.

2. The task of the __________________________ department is to buy all the different inputs the business needs.
3. The ____________________________ department is responsible for looking after all the money needed to run the business. It may be divided into two units:

3a. management accounting department/section

3b. financial accounting department/section
4. The ____________________________ department is trying to bring the product manufactured by the company to the attention of buyers, make more people buy it, and organize the work of sale channels. This brings revenue and (hopefully) profit.
5. The ____________________________ department is in charge of improving existing products and developing new ones.
6. The ___________________________ department is responsible for manufacturing the products. It may consist of two units:

6a. component manufacture/section

6b. product assembly
7. The ________________________________ is in charge of developing company strategy, integration and coordination of the functions.
6. Do the crossword below:
1 ___ ___|___|___ ___ ___ ___ ___

2 ___ ___ ___|___|___ ___ ___ ___ ___

3 ___ ___|___|___ ___ ___ ___ ___ ___ ___ ___

4 ___ ___|___|___ ___ ___ ___ ___ ___ ___ ___

5 ___ ___ ___|___|___ ___ ___

6 ___ ___ ___|___|___ ___ ___ ___ ___ ___ ___ ___

7 ___ ___ ___ ___ ___|___|___ ___

8 ___ ___ ___|___|___ ___ ___ ___ ___ ___

9 ___ ___|___|___ ___ ___ ___ ___ ___

10 ___ ___ ___ ___ ___ ___|___|

1. scientific work; 2. the way in which smth is organized; 3. junior in rank or position; 4. in charge of; 5. person with a position of authority; 6. main office of a company; 7. antonym to ‘subordinate; 8. one of several divisions of a business, shop, university, etc.; 9. synonym to ‘staff’; 10. a number of persons united for business or commerce.
7. Fill in the gaps with the words from the box.
responsible to departments managers in charge of board human managing directors shareholders production

deputy directors responsible for marketing limited

DIRECTORS AND MANAGERS

As a rule a private ........................... (1) company has only one director. A public limited company must have at least two ….................. (2). Usually there is no upper limit to the number of directors a public company may have.

A limited liability company (companie cu răspundere limitată/общество с ограниченной ответственностью), or a corporation is headed by the ……......... (3) of directors elected by the ……................... (4). The directors appoint one of their number to the position of managing director to be ....................... (5) the day-to-day running of the company. In large organizations, the .....................(6) director is often assisted by a general manager. Some companies also have assistant general managers. Many directors have deputies, who are named ............................. (7).

Directors need not be shareholders. They are ......................... (8) the management of a company's affairs. They are not subject to any residence or nationality restrictions.

Big companies have many ....................... (9) heading departments. They are all ....................... (10) the managing director. Among various departmental managers, the following can be mentioned: sales and .................(11) manager, .................... (12) resources manager, industrial engineering, or ....................... (13) manager, etc. The number of ......................... (14) depends on the size of the company.

SUPERMARKET ECONOMICS

Supermarkets offer valuable economic lessons. The modern supermarket illust­rates in a small way how the market system operates in the economy as a whole.

Each supermarket has tens of thousands of items of various sizes and brands. Store owners and managers compete for the customers' dollars by trying to offer the best service and the greatest variety of goods possible at prices their customers are willing to pay. They attempt to maintain a bright and cheerful atmosphere that will make shopping pleasant for large numbers of customers.

The modern supermarket provides everything from basic foods to best-quality branded foodstuffs produced by the most famous foods manufacturers of the world. Almost all the items here are sold packaged.

Customers can choose their purchases or have lunch at numerous bars. Their children have fun riding three-wheeled bicycles with baskets for the purchases. Additional assortment also includes cosmetics, detergents, toys, kitchen utensils, small electric appliances, and even videos of recent movies.

Information about consumer preferences in this huge mix of products is generated by a simple procedure. Consumers take their selection to the checkout line. Checkout clerks enter information about the sale on the store's computer by passing the product's bar code across a scanner.

The store responds to differing consumer preferences for health, economy, convenience and even vanity by stocking the goods consumers prefer. Products that fail to satisfy are replaced by more attractive products. "Winners" are selected and "losers" gradually lose shelf space.

Ultimately producers either improve their products or pass from the scene. The consumer is really king, and the market registers consumer preferences and reconciles supply with demand.


KEY WORDS AND EXPRESSIONS:



item

product / commodity / article

brand

make of product, which can be recognized by name or design

branded goods

goods sold under brand names

customer

buyer / client

to compete

to try to do better than another person/company

to package

to wrap and pack goods in an attractive way

to purchase

to buy

a purchase

thing/product which has been bought

assortment

assorted collection of goods

preference

thing which is preferred

checkout

place where customers pay for the goods they have bought

bar code

system of lines printed on a product which when read by a computer give a reference number or price

to respond

to reply/ react

vanity

having too high an opinion about oneself

to fail

not to do smth which you were trying to do

to reconcile

to bring to an agreement

supply

1. act of providing smth which is needed; 2. stock

demand

need for goods at a certain price

1. Answer the following questions.

1. What supermarkets in Chisinau do you know?

2. What items are usually sold in big supermarkets?

3. What can you say about supermarket prices?

4. Where would you go shopping if you want to buy high-quality

foodstuffs?

5. Where would you go shopping if you want to buy cheaper foodstuffs?

6. What foodstuffs are considered the most competitive?

7. What is your favorite soft drink brand?

8. What is bar code used for? Who reads it?

9. Who are the winners and the losers in a supermarket?

10. How would you explain the term 'shelf life' of a product?

2. In the text, find equivalents for the following words and expressions:


1.




2.




3.




4.




5.




6.




7.




8.




9.




10.




11.




12.




1. to make something better

2. having too high an opinion about

oneself

3. to be unsuccessful



4. material used as food

5. to bring two people, or opinions, or

phenomena to an agreement

6. place where you pay for the goods

you have bought

7. to enjoy

8. to keep up/support

9. to try to do better than another person

or another company

10. single article or unit in a list/thing

for sale

11. a large store, usually selling food,

where customers serve themselves

and pay at a checkout;

12. very large.
3. Find an odd word in each line.
a. department store supermarket trade outlet theatre shop

b. customer client seller buyer purchaser

c. goods shares commodities wares items

d. fee tax royalty honorarium salary

e. vanity price cost value worth
4. Choose the right word.
1. When there is no ... on an item, the checkout clerk must consult the price-list.

a. postal code b. telephone code c. bar code

2. This trade outlet failed to respond to customer ... for economy: the goods are too expensive here.

a. differences b. references c. preferences

3. In the conditions of economic ... each supermarket must offer its clients as many additional services as possible.

a. operation b. competition c. production

4. It is not easy to ... the best goods at reasonable prices.

a. select b. elect c. neglect

5. Your pronunciation must be ... as soon as possible.

a. approved b. improved c. proved

6. Shops of all kinds are ... trade outlets.

a. wholesale b. supply c. retail


5. Give English equivalents for the following:


cod de bare (pe un produs)

штрих-код




asortiment suplimentar

дополнительный ассортимент




loc de vînzare/de comercializare

кассовый терминал




preferinţele cumpărătorilor

предпочтения покупателей




a reconcilia/corela

cererea cu oferta



примирить предложе-ние и спрос




spaţiu comercial/de expunere (a produselor într-un magazin)

место на полках




mărfuri de firmă

фирменные товары




produse alimentare

продукты питания




procedură simplă

простая процедура




a îmbunătăţi/perfecţiona producţia

совершенствовать продукцию




articol (în cont, în balanţă); (de export, import); tip de marfă

(titlu în sortiment)



статья (в счете, балансе); (экспорта, импорта), вид товара, изделие




gamă largă de produse

широкий ассортимент товаров




a nu promova

(un examen)



провалиться (на экзамене)




a satisface cererea

удовлетворить спрос




6. Form as many derivatives from the words below as you can.


VERB

NOUN

ADJECTIVE/ADVERB

to prefer

preference

preferential; preferred

to maintain







to compete







to fail







to improve







to satisfy







to operate






7. Match the beginnings of the sentences with their endings.





4. Store owners and managers try

to


 the checkout line.

 the most varied assortment of

foodstuffs.



 the product's bar code across a

scanner.


1. Supermarkets teach valuable

8. Consumers enjoy free access to

the


 how the system operates in the

economy as a whole.



6. The market registers consumer

2. Products failing to satisfy

consumers are



3. Information about the sale is

entered


 reconcile supply with demand.

 goods and take their selection to

7. The modern supermarket

provides


 maintain a cheerful atmosphere.

 replaced by more attractive

ones.


 The store responds to differing

 preferences and helps to

 on the store's computer by

passing


 economic lessons and shows

 consumer preferences.





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