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
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.
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
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.
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Basic accommodation of a room with only a bed, a cupboard, a small table and a washstand has largely been replaced by rooms with en-suite bathrooms and, more commonly in the United States than elsewhere, climate control.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).
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.
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
1. supply of food and drink; 2. providing clients with foodstuffs, amusement, etc.
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
3. Stars are symbols
7. Hotelier business flourishes
rooms increase safety.
along major highways.
2. In residential hotels, guests
6. Most hotels and motels
countries with developed
Interior entrances to the
of hotel rating.
are usually accommodated
for longer terms.
4. For some hotels, conventions
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 pyramidalstructure, 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 ExecutiveOfficer (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:
specialized section of a large company
head of a department in a company/department head
smth useful which may help one to be successful
worker or person employed by a company
(pl.) people who work for a company/organization
to watch work carefully to see if it is well done
(N.) member of staff who is directed by someone;
(Adj.) junior in rank, less important
(N.) more important person; (Adj.) better/of better quality
money gained from a sale which is more than the money spent
separate from other divisions of a company
main office, where the board of directors meets and works
which puts decisions into action
director who actually works full-time in a company
4. Form as many derivatives from the words below as you can.
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
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.
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 reconcilessupply with demand.
KEY WORDS AND EXPRESSIONS:
product / commodity / article
make of product, which can be recognized by name or design