BUSINESS , Self-study and classroom use
Advance
with answers
BUSINESS . VOCABULARY Self-study and classroom use . Third Edition
Advanced Bill Mascull
�CAMBRIDGE � UNIVERSITY PRESS
CBRDGE UIVERSIT PRESS
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+! f
Contents
INTRODUCTION 8 THE HUMAN DIMENSION O The working environment 10 A B
c
My work is so rewarding I like the teamwork I like the perks
Management styles 1
B
c
12
employability
A B
c
14
B
16
c
B
c
20
B
A B
Managing talent 1 Talent B Recruiting talent Managing talent
A
22
34
Standards and certification ISO 9000 and others
m Quality and people
Stress The causes of stress Quality of life
32
Quality in manufacturing Quality in services Widening the definition of quality
Quality sandards A
30
Equality Diversity Word combinations with 'diversity
QUALI m What is quality? A
Ways of working B Job flexibility Job protection
c
28
Hard and soft skills B Emotional intelligence Emotional intelligence 2
A
A
B
c
Teams Team players Stages of team life
I Equality and diversity
Flexibility and inflexibility 18
A
B
26
A
Outsourcing Employability Freelancers
Wor-life balance
c
24
Talent management 1 Talent management 2 Mentoring and coaching
I The righ skills
Hygiene factors Motivator fctors Empowerment
Employment and
B
A
Motivation B Motivation 2 C Theory X and Theory Y
A
A
B Team building
A
Management styes 2
B Managing talent 2
36
Investors in People The EFQM Excellence Model
1 Striving r peection
38
A Benchmarking and best practice B Six Sigma quality
Business Vocabular Use Advaced
3
COMPETITIVE STRTEGY I Strategic thinking A B c
B
industries
B c
A B c
B c
B c
B c
44
46
48
A
B - c
4
The fur Cs Customer expectations Customer dissatisfaction
Business Vocabulary i Use Advanced
A B c
64
Brand equity Brand positioning and differentiation Brand stretching
66
Steps abroad 1 Steps abroad 2 Think global, act local
LOGISTICS 50
Supply chain management 68 A B c
52
Manucturing Vertical integration Retailing
Logistics A B c
offshoring
54
A
B c
56
70
Logistics Word combinations with logistical Reverse logistics
l Outsourcing and
The ur Ps Three more Ps
O Customer satisfaction
B
62
Data and databases Customer relationship management
& Global brands
MARKETING
B
A c
Incurring risks B Attitudes to risk Insurance
A
A
Brands and branding
A
The ur Ps and beyond
Segmentation Customer groups New technologies, new concerns
Knowing your customers 3 B
Scenario planning Futurology Risk anagement
f Risk and uncertainty
Market intelligence and market research Research stages Marketing plans
Knowing your customers 2 60 A
Innovation and the development process Pioneers, followers and disruptors Shakeout and consolidation
Preparing or the future A
42
Industries and their players Mergers and acquisitions (M&A) Make or buy?
Innovation A
c
Competitive rces SWOT analysis Be ood at something
Key strategic issues
A B
Competition Competing and competitive
I Companies and their A
40
Strategy Word combinations with 'strategic Companies and markets
m Competition A
Knowing your customers 1 58
Outsourcing Business process outsourcing Offshorin
72
THE INTERNET AND ITS USES Accessing the internet
I Balance sheet 1 74
Broadband internet B Mobile internet Moore's law
A
A B
e Online communication A B c
76
Web 2.0 Keeping in touch Website attractiveness
B
A
A B
c
78
80
Attack and defence B Cybercrime Privacy and confidentiality
Comparing performance
Shareholder value A B c
A B c
A B c
82
The Uberisation process Disruption Crowdfunding
Intellectual property
B
84
B c
Finance B inancial reporting c The financial year Shareholders, bondholders an lenders
A
A B c
100
BOOM AND BUST A
86
98
Audits and their transparency International standards
m The business cycle
COMPANY FINANCE
Profit and loss account
96
Yield Price-earnings ratio Maximizing shareholder value
Accounting standards A
Downloading Copyright infringement Digital rights management
Financial perfrmance
Cash inflows and outflows Types of cashflow
Profit and profitability B Investment ratios c Return on equity Leverage
A
The sharing economy
94
A
Knowledge creation Intranets Global communities
Internet security
92
Liabilities Shareholders equity
I Cashflow statement B
m Knowledge and the internet
Assets Depreciation
E Balance sheet 2 A
90
Key indicators The business cycle Boom and bust
Bursting bubbles A B c
102
104
Bubbles The credit crunch The real economy
88
Accruals accounting Profit and loss Earnings
Business Voablary n Use Advancd
5
CORPORTE RESPONSIBl�I
HE GLOBAL ECONOMY
I Corporate socia responsibiity
I Gobaization
A B
c
Ethics Accountability and transparency Corporate social responsibility
B Socia repoing A B
c
B
c
c
108
c
112
Global warming B Carbon management c Carbon trading Carbon capture
A B
c
A B
c
6
Activist shareholders Controversial products Socially responsible investment
Business Vocabulary n Use Advaned
A
c
122
Dismantling the barriers Protected industries Fair trade
Internationa aid B
124
Hmanitarian aid · Development aid The aims of aid
Sustainabe deveopment 126 114
Board organization Separation of roles Rewards fr success (and fa re) re)
e Ethica investment
A
120
Direct investment Borrowing Word combinations with debt
l rade B
A
Corporate governance
A
c
110
Paths to prosperity GDP and GNI Globalizing trends
m Investment and debt B
Environmental damage Eco-friendly products Recycling
Cimate change
A B
Social reporting Word combinations with 'social Labour standards
C Green issues A
106
118
A B
c
116
Sustainability Word combinations with sustainable Sstainable development goals
INTERCULTURAL ISSUES m lntercutura teams A B
128
Cultural issues International teams
m lntercutura meetings
130
Meeting preparation B Cultural preparation c Running the meeting
A
lntercutura networking 132 Te rigt attitude B Good etiquette c Business ards
A
WRITING Business writing 1
134
CVs Job enquiry
A
G Business writing 2 A B
136
Invitation Aknowledgement
( Business writing 3
138
Outlines B Openings and introdutions c Desribing visuals
A
I Business writing 4 A B
140
Linking ideas Foreasts
Answer key
142
Index
160
Aso avaiabe
176
Business Voabulary in Use Advanced
7
Introduction Who is this book fr?
th e success of Business Vocabulary n Use Business Vocabulary in Use Advance Advance builds on the Intermeiate. It is designed to help advanced learners of business English t imprve their
business vocabulary It is for peple studying English before they start work and fr those already wrking who need English in their job. The emphasis is on o n language related to today's importan importantt and sometimes controversial business issues You can use the bok on your wn for self-study, or with a teacher in the classrom onetoone r in group groupss How is the book organized? organized?
The book has 66 twopage units The first 59 of these are thematic and look at the vcabulary of business areas such su ch as human resurces resurces quality strategy logistics IT IT marketing finance corporate responsibility and the th e glbal ecnomy There are then three units which focus on the language of the skills needed fr ding business across cultures The final four units develop business writing skills The lefthand page of each unit explains new words and expressions and the righthand page allows you to check and develop your understanding of the words and expressions and how ho w they are used through a series of exercises. There is cross-referencing between units t show cnnections between the same word o similarr words used in different cntexts simila There is an Answer key at the back of the bok. Most of the exercises have questions with nly one correct answer But some of the exercises including the Over to you activities at the end of each unit (see belw) are designed fr writing and/or discussion about yourself and your own rganization or one that yu knw. There is als an Index. This lists all the new wrds and phrases which are introduced in the bok and gives the th e unit numbers where the words and phrases appear. The Index also tells you how the words and expressions are a re prnounced. The le-hand page
This page introduces new vocabulary and expressions fr each thematic r skills area. The presentation is divided into a number of sections indicated by letters: A B C etc with simple clear titles � In Business Vocabulary in Use Avanced, Avanced, explicit reference is made to the business material in the Cambridge nternational Corpus (CIC) busines businesss pages of newspapers newspapers business textbooks and business meetings and discussions. The texts are stored in a database wich is searchable in various ways t reveal the patterns of business usage The database has been exploited exploited t identif identifyy typic typical al word combinations found in the data and there are ntes n tes about their relatve relat ve frequency As well as explanations of vocabulary there is infrmation about typical word combinations Again the CIC has been a prime surce f infrmatin abut these. There are ntes n the relative frequency of different words for example
8
Busine Vocabulary in Ue Advanced
There are notes about differences between British and American English, for example: labour; AmE: labor BE: trade unions; AmE: labor unions BrE:
The right-hand page The exercises on the right-hand page give practice in using the new vocabulary and expressions presented on the lefthand page. In gapfilling exercises fourcentimetre writing lines indicate that more than one word is needed to complete at least one of the gaps in the exercise; two centimetre writing lines indicate that one word only is needed in each gap Some units contain diagrams to complete or crosswords
'Ove to you sections An important feature of Business Vocabulary in Use Advanced is the Ovr to you section at the end of each unit There are sometimes alternative Ovr to yo sections for learners who are in work and for those who are studying prework The Ovr to yo sections give you the chance to put into practice the words and expressions in the unit in relation to your own professional situation studies or opinions Selfstudy learners can do the section as a written activity I n many Ovr to yo sections learners can use the internet to find more information. In the classroom the Ovr to yo sections can be used as the basis for discussion with the whole class or in small groups with a spokesperson for each summarizing the discussion and its outcome for the class The teacher can then get students to look again at exercises relating to points that have caused diffculty. Students can follow up by using the Ovr to yo section as a written activity for example as homework. The Answer key now contains sample answers for the Ovr to yo questions.
How to use the book for selfstudy Find the topic you are looking for by using the Contents page or the Index. Read through the explanations on the lefthand page of the unit Do the exercises on the righthand page Check your answers in the Answer key. If you have made some mistakes go back and look at the explanations and the exercise again. Note down important words and expressions in your notebook.
How to se the book in the classroom Teachers can choose units that relate to their students' particular needs and interests for example areas they have covered in coursebooks or that have come up in other activities Alternatively lessons can contain a regular vocabulary slot where students look systematically at the vocabulary of particular thematic or skills areas Students can work on the units in pairs with the teacher going round the class assisting and advising Teachers should get students to think about the logical process of the exercises pointing out why one answer is possible and the others are not (where this is the case). We hope you enjoy using Business Vocabuay in Use Advaned.
Business Voabulary n Use Advanced
9
.
1
'
,
.
·
'
:'
mhe wo,ling envioret · . : ; My work is so rewarding 'I work in advertising. I love my work! Its really rewarding and stimulating- satising and interesting Originality and creativity are very impotant in this industry, of course; we have to come up with - produce - lots of new ideas 'No two days are the same. I could be contacting film companies for new advetising campaigns one day and giving client presentations the next I like the client contact and I am very much handson involved with the productive work of the agency rather than managing it
When I joined the agency I hit it off with my colleagues immediately I still get on well with them and theres a vey good rapport between us This is all part of my job satisfaction
I like the teamwork Im an aircraft engineer I work on research and development of new aircraft I love putting ideas into practice I like working on my own, but its also great being pat of a team I like the teamwork (see Unit 9) and the sense of achievement when we do something new And of course the planes we produce are vey beautiful Is there anything I dont like? I dislike days when Im chained to a desk I dont like admin and paperwork Sometimes I feel Im snowed under theres so much to do I dont know how to deal with it And in a large organization like ours there can be a lot of bureaucracy red tape - rigid procedures that can slow things down
I like the perks Im in luxury goods sales I have some nice perks like a company car I have to meet demanding sales targets every month so the work can be very stressful (see Unit 6) But I enjoy the flexibility that I have in working when I want to without someone breathing down my neck all the time Unlike my husband who has to travel nto London every day I dont have to commute to an office Im out seeing clients most of the time My bos s allows me to work from home when Im not seeing clients My office uses hotdesking so when I do go into the office I use whichever desk is free I only get two weeks a year vacation time If theres a family emergency I can take time off without having to ask my boss. I work quite long hours - about 60 hours a week but I enoy my ob
10
Business Voabular n Use Advanced
11
Complete the sentences with expressions from A opposite. Work that is satisfying nd interesting is and If you spend time with customers you have 3 If you have a good working relationship with your colleagues, you them 4 If you do the actual work of the organization rather than being a manager you are 5 If you want to sy that work is not reetitious you can say' are when you have new nd efective 6 and ideas that people hve not had before
12
The aircraft engineer tlks about his work Complete his statements with expressions from B opposite I dont alwys like working with other people I like Its great to see what I lernt during my engineering course at university being applied in actual designs I like 3 I hate it when there is a big stck of documents and letters on my desk that I have to del with I dont like and I love the when we ll work together to create something new 5 Its rare, but sometimes when I come into the office nd see huge pile of work waiting for me, I fee 6 When we see a new plane fly for the first time we all feel a gret 7 I get frustrted when you have to get permission to spend anything over £50 I dont like nd
1.3
Complete what these people say with appropriate forms of words and expressions from C opposite
Our boss comes into the office four times a day to see what were doing Shes lways
· Being on the train two hours a day to and from work doesnt bother me I quite like
3
I sta at in the morning and finish at 8 in the eening I work really
Sometimes I work from home, sometimes in cafs and sometimes I go into the ofice I really like the
5
She een works on holiday so it doesnt really count as
6
I hated working in an ofice When there were family emergencies, I didnt like to ask for
7
Im a cr salesman nd I have to sell at lest ten cars every month - its very
When you work in a travel agency getting free holidays is one of the
9
I sit at home all day working and never see anyone I dont like
ink u ur j r ne u ud ike ve D u r ud u rk n ur n r p f e? Wich d u prefer? Business Vocablar Use Advaced
11
2
Management styles 1 Motivation 1 Yolanda is a senior manager of a car rental fir: 'I believe that all our employee can find satisfaction in what they do. W give g ive them responsibility-the idea that the decisions th¢y take have a direct ipact ipact on our success success and encourage them to use their intiative th they ey dont have to ask me about evey decision the make My style of managemenis paicipative employees take part in the decsion-making process. They are given a sense of empowerment (see Unit 3) We hope this feeling of empow�rment gives emplyees the feeling that they are valued wi with th anagement knowing the effo they make We believe that all this leads to a higher sense of employees When everyone fees otivated, motivation interest, enthusiasm and energ-among employees morale is good and there is a general feeling f wellbeing in the organization. This leads to improved job satisfaction'
Motivation 2 Xavier is a factory manage: ' dont beieve in all this talk about motivation. My subordinates the peop people le orking under me-are basically lay. They need constant constant supervision we have to chec chec what they they are doing all the time Some people think this is authoritarian, but think its the only way of managing There have to be clear rules of discipline-you have to be able to tell subordinates what is right and rong, with a pocedures res consistent set of disciplinary pocedu Decisions ust be imposed from above without decisions with with consultation we dont discuss decisions workers, we just tell tell them what to do
Theor X and Theor Y Xavier believes in what the US management thinker Douglas McGregor in The Human Side of Enterprse called Theory X-the idea that people dislike work and a nd will do everything they can o avoid it. olanda believes in Theory Y-the more advaced view that, given the right condit conditions, ions, everyone has the potential to find satisfaction in work.
12
Business Voabular n Use Advanc
.1
Yolanda's employs are talkng about her management style (se A opposite) Replace each underlind tem wth an expression from A, keeping the rest of the sentence as t s P ay attenton to the grammatical contx contxt t Th first one has been done as an exampl She knows exactly whats involved involved in our jobs She makes us feel she understands understands the eor eor we make 2 She encourages us us to do thins without askn her frst 3 Th fln amon emloes hr is very good We feel really nvolved and want to work towards the companys goals 4 We have a real sense sense of the dea that our ots ots are mortant for the success of the coman 5 We have a ral sense of lkin what we do and feeln ood when we acheve secfic oals n our work
Look at Band C opposte Read the text and and answer the questions cGrego's ideas about manageial behaviou had a pofound eect on management thinking and pactice. His ideas give a ame of efeence fo manageial pactice His Theoy Y pinciples influenced the design and implementation of pesonnel policies and pactices Today they continue to influence paicipative styles of management and the continued pactice of staf peomance appaisal -the evaluation of employees wok. McGego dened theoies that he felt undepinned the pactices and attitudes of manages in elation to employees These we evident fom thei convesations and actions he two sets of ideas wee called Theoes X and Y McGego was saying that what wh at manages said o exhibited in thei behaviou evealed thei theoiesinuse These led manages to pusue paticula kinds of policies and lationships with employees Regetaly, McGgos heoy Y was intepeted and pomoted as a onebestway i.e Y is the est! Manages o aspects of thei behaviou became labelled as Theo X, t�e bad steeotype and Theoy the good McGgos ideas wee much infomed by Abaham Maslows model of motivation Peoples needs povide the diving foce which motivates behaviou Maslows ideas suggested that woke dissatisfaction with wok was due not to something intinsic to wokes but to poo job design, manageial behaviou and too ew oppounities fo ob satisfaction
2 4 5
What have the long-term efect efectss of McGregors thnkng been according to the article? Which factors factors reveal reveal whether whether a manager manager blvs blvs more in in Theory X or Theory Y? Name tw o thngs that that result result from thse thse factors factors Dd McGrgor think think that Theory X or Theory Y rpresnted the bst way of dong thngs? Who nfluenced McGregors thnking? What did this thnkr thnkr believe to b the man factor in dtrminng peoples behaviour? 6 Is mployee dissatisfactio dissatisfaction n due to something within employes themselvs according to this thinker? Why? I Why not? Over to you Wre a o o t t ead of yur yur ranzatn ranzatn r n yu woud wr or u un n wa encourage ntatve amng eployees
Busines Vocabulary n Use Advanced
13
Hygiene factors Yolanda, the car rental manager we met in the previous unit went on a management course. Se looked at the work of Frederick Herzberg* who studied what motivates employees Here are the notes she took:
Some aspects of work can lead to dissatisction if they are not at a high enough standard. These are what Herzberg calls the hygiene factors: supervision - the way employees are managed policy the overall purpose and goals of the organization working conditions the place where you work, hours worked etc salary peer relationships how you relate to and work with others on the same level of
the organization security level of confidence abot the future of your job
motivatorr ctors: Other aspects of work can give positive satisfction These are the motivato achievement the eling that yo have been successul in reaching yor goals recognition the eling that your employers understand and value what yo do by giving positive feedback, which means telling you what a good job you are doing the work itself the natre and interest of the job responsibility when yo are in charge of something and its sccess or ilre advancement how r you will be promoted in the organization and/or how fr you will go p the career ladder personal growth how you develop personally in your work and your opportnities
to do this
N caree.
- Empowerment Now ook at the moe recent idea o empowerment (see Unt 2) Empowerment is the idea that decisions where possible should be made by
employees who are close to the issues or problems to be solved without having to employees consult their managers frther up the hierarchy. In other words managers have to delegate as much as possible Delegation is one of the keys to employees being empowered in ths way Also organizations become less hierarchical with fwer management levels
*Work and the Nature of Man, 'One Moe Time: How Do You otvate Employees? a ad ad Bses Reew, 2008.
14
Business Vocabulary n Use Advanced
3.1
Look at this job advetisement. Match the undelined items (1-6) with the hygiene factos in A opposite
DUVAL •/ \1JD ·
LEGAL TRANSLOR ENGLISH-FRENCH
SMITH
Paris (1) €80,000
Large Anglo-French aw frm seeks egal transator to translate and correct French and Engsh egal documents. Legal qualfcatons ad experence essentia Based n the frm's busy transaton depatment, you wl work (2) under the head of transaton () as a of a team of fve transators (4) n ne wth the overal oces of the frm You wl work (5) a 3hour week wth a (6) oneear contract n the frst nstance
Email CV to jma
[email protected]
3.2
Vanessa Holt got the ob in the advetisement in 31 above Thee months late, she wites an email to a fiend Complete the gaps in the email using expessions fom B opposite •••
From: Subject: Date To:
vanesalt@ac Bak he UK? 14 Nvb jae.ueail
H Jae H are ? Ive ee at Dva a Smth a g-reh a frm n Pars fr three mths Ive ha eeree f trasatg a t f feret mets s (1) s terestg egh t I t get a fr the r I m ss ever sas athg He (2) ever gves s a () fr eame he ever e s s ea m ss th ets ret I ever get a sese f (4) taes a the ret fr the r e There are te g rttes fr rmt a () at Dva a Smth t Im t sre I at t sta I th there mst e eer rttes esehere fr me t eve a as (6 ) s mrtat t me Ive ee t mve a t the UK a fr a j there S he t see s I gve a a the est
.3
Complete this table with wods fom C opposite I Noun decte erb empowe empoweed consultation consulted hieachical delegated Over to yc:1
Descibe ou own oganization, o one ou would lie to wo fo in elation to ezbeg's otiato tos
Business Voabulary n Use Advanced
15
4
Employment and employability .Outsour�ing
Nigel, a 30-yearold information technology (IT) specialist, talks about his career so far: 'I used to work in the IT department of a bank. All the IT work was done in-house. I thought I had a job for life But thenone day the work was outsourced to a specialized I company called IT Services (ITS) based in India Outsourcing abroad like this is offshoring (see Unit 32) he bank saw outsourcing as a way of saving money and keeping its competitive edge advantage hey said that it would be more costeffective would cost less to concentrate on their core activities most important ones Luckily, the bank didnt make me redundant I didnt lose my job and I started working for ITS instead At first I didt know what to expect, but now I am very happy We work with a lot of different clients Im a consultant and I give them advice Employability
ITS put lot of emphasis on professional development: We often go on training courses so that we can keepup with current trends the way things are changing in the industry ITS tell us that we may not have a job for life with the�[pany, bu that our uptodate skills wll mean that we will always be employable Companies nd governments talk about the importance of Ufelong learning continuing to develop our knowledge by going on courses reading etc In the next year or two, I may make a career move and join another company Freelancers
'When Im about 40 I want to set up on my own as a freelancer offering consultancy services to different companies The idea of working freelance on different projects for different clients attracts me ome experts say that increasing numbers of people will work this way in the future, as companies outsource more and more of their work because they want to concentrate on their core activities Y ca say freelancers o freelances. h crrsd ajecte is freelance, a i freelance wrk 16
Business Vocbuly n Use Advn¢d
i
4.1
Match the two parts of these extracts containing words and expressions from A opposite "Its shown us that you dont have to do everything inhouse, he said 2 Critics say that he ofshored jobs to India and 3 I'm an independent consultant in an area where we consultants 4 Insurance companies that usually managed everything 5 The new strategy has restored the firms
D
Some Japanese traditions, such as jobs for life The economics of oshoring will force multinational corporations
1
6
7
.2
a in-house are evolving towards full outsourcing b frequently outnumber the fulltime permanent employees c are disappearing as the country adjusts to the internet economy d competitive edge in cost and productivity e made employees reundant to maximize the companys multi-billion profits to outsource to developing nations where wages are lower g Lets use the market to get the most cost-eective benefit
Complete the sentences with correct forms of expressions from A, B and C opposite Theres a lot to be said for It would encourage more working men and women to refresh their skills on university short courses tailored to their needs That way they can keep up with the latest thinking in their area I love my new job This is definitely the best I could have made 3 The new chief executive fired ,000 employees and sold severa business units Noncore were outsourced Some former advertising executives ofer for ad agencies, bringing expetise the agencies do not have themselves 5 Some creative businesses like design services are kept going by work done by and have hardly any permanent staf 6 Of course there are advantages to doing some things You dont have to explain to outsiders what you want them to do
Over to _ � _"�MJf,- .
'
• Would it be possible to do your ob as a freelancer? Wh?/ Wh not? What are the advantages and disadvantages of being a freelancer? • What are the advantages and disadvantages for companies who use freelancers?
Busine Vocabulary n Use Advanced
17
5
Flexibility and inflexibility Ways of working
The US is often described as having a flexible job market with flexible working. Fo example: • temporary workers who only wok for shot periods p eriods when they are needed, eithe on a temporary contract with a company or though a temp agency • part-time workers who wok less than the maimum number of hours each week • job sharing where two people share a paticular job each of them working pat-time
Job flexibility Another aspect of job flexibility in the US is that companies can hire and fire employees easily easily.. When letting people go telling employee employeess hat they are no longe requied requied compan companies ies only have to give them vey shot notice warn warning ing and ela elative tively ly small small redundancy payments mon money ey to to compensate fo losing thei job. Unemployment benefits the money paid to people without without jobs are very low. It is said that all fle xible job market and encourage job creation Critics say that this these measures make for a fle approach leads to job insecurity, with employes able to get rid of employees too easily
Job protection France is a county with a vey different appach. Companies in touble touble ae only allowed to make employees redundant after a long peiod of consultation If employees ae made redundant they t hey eceve generous redundancy payents and then unemployment beneits he government says people need this sort of job protection and trade unions ogan oganizati izations ons that potect the inteests of workes ae fighting hard to keep it. Payments to employees such as sick pay and parental leave when they they have time off following following the bith of children ae also very generous. generous. Mothers get get long paid maternity leave and fathers get paternity leave But the social charges which employers and employees have to pay the government ae very high Citics say that these policies contribute to a igid labour market one with too much job protection protection They say that this sort of inflexibility discouages job creation and leads in the long run to highe unemployment and slowe economi economicc growth growt h BrE: labour; AmE labor As a consequence companies may look abroad fo rE trade unions AmE labor unions cheaper bases and workfoces. 18
Business Vocabular n Use Advanced
,'
51
Which type of work or workers in A opposite is each of these people referring to? 1
work at the local council fr two days a week, and my friend works in the same job on the other three days.
2 3
I'm on a job at Clarkson's untl the end of next week. Then Ill try and fnd something else
2
Two American managers working in France, Melinda and Nat, are talking about the issues in Band C opposite Replace the underlined expressions with items from those sections. Pay attention to the grammatical context Melinda: ts ridiculous! We cant (1) et rid of eole without a lot of (2) meetins and discussion with (3) emloee oranizations, oranizations, government government officials, and so on We have to keep kee p even the laziest, most incompetent people. know what you mean. dont have the opportunity to (4) recruit and et rid of people as Nat: want This sort of (5) riidit must be bad for the job market (6) The number of eole without obs in this country is very high Melinda ts a nightmare f f you do want to get rid of people, you have to (7) tell them three months in advance Nat: Yes, and you should see the (8) amount of tax have h ave to pay for each e ach of my employees just so they can get (9) mone mone when the fall ill, and so on Melinda We should move back to to the US There the job market is (10) one that ives emloers a lot of freedom When the economy is going well, the level of (11) new obs that can be created there is incredible.
3
Look at the expressions in Band C opposite. Say if these statements are true or alse When companies talk about letting employees go, they make them redundant One persons job flexibility might be anothers job insecurity n flexible job markets, markets, hiring and firing is complex 4 Employee benefits are paid for through social charges. Rigidity is another word for inflexibility 6 When fathers take parental leave, this is called maternity leave 7 he cost of job protection might be higher unemployment. unemployment. Over to
• s your cou count ntry ry mor moree like the S or rance rance in its ways of of working working hink of one one advantage advantage and one one disadvant disadvantage age of of flexible flexible working from from the point point of view of employers
Business Vocabulary in Use Advanced
19
6
Work Wor k -life balance
- Stress People talk about being under (a lot of) stress or pressure. They say their work is stressful (see Unt 1) and that they feel stressed or stressed out They ant to fnd ways to de-stress. They may complain that they stress-related ed llness ll ness Some people may suffer have a stress-relat burnout or a complete (nervous) breakdown, wich means they are no longer able to work. Here are some frequent combinations wth 'stress:
stress
I
counsellor
someone who advses stress suferers
factor
somethng that cases stress
symptom
a sgn that someone s under stress
management
ways of dealng wth stress
industr
used by ctcs who say that stress problems are overestmated and to refer to the unnecessary n ther vew counsellng, research, etc done n relaton to stress
Stress and pressure a boh conabl and nconabl. nconabl. Yo can alo alk abo h stresses and pressures ha yo a nd. nd .
The causes of stress The most common causes of stress are • heavy workloads you try to do too much and youre overworked • oce poltcs problems with colleagues who want to advance their own poston etc These people like playng poltcs • role ambguty responsblties are unclear • lack of management suppo manager do not provde the necessary help and resources • efforeward mbalance not getting sufficent recognton or pay • ho home mew wor ork k mb mbal alan ance ce not enough tie for amly personal interests, etc.
Quality of life Some people are woaholcs they think about ry lile except work Others are ncreasingly ncreasingly looking fr a beer qualty of lfe: less commutng more tme wth ther fmilies etc Journalists write about people downshng or rebalancng ther lves lves - ing a beer balance beween work work fmly life etc They may work patime work from home move to the country and so on In a recent recent survey a Nineyfve per cent of homeworkers said that they have a better worlfe balance or home work balance than when they were incompany because they can spend more time with their famles on lesure activites etc b Eghtytwo per cent said that they have more autonomy and ndependence they are able to organize their work and ther tme how they ant. But also c Sevenythree Sevenythree per cent of homeworkers homeworkers sad that there is no boundar between work on the one an an an persona\ e on the other other the two overlap. d Fiyseve Fiyseven n per cent said that they feel lonely lonely and solated out of contact wth others becaus they dont have colleagues around them 20
Business Vocabular in Use Advanced Advanced
6.1
Match the two parts of the extracts containing expressions from A opposite Having so many streas of instant O a on stress manageent without addressing comunication leads to information the underlying organizational causes overload 2 Many companies are reacting to the b Such deands are becoming a ajor stress probles of their sta experiencing stress factor at work by throwing training courses at the 3 Those working in the stress industry are D c before they aect your physical or ental mostly genuine well-eaning people health 4 Its important to treat damaging stress d eects of losing your ob symptos 5 Our stress counsellors are fully qualified to e But soe of them use ethods which are deal with the clearly not working
6.2
Which of the causes of stress in B opposite are each of these people () referring to? 1
2
3
Managers just don't see to care about the stress we are under I thought I was in charge of this, but Leila thinks she's responsibe I let the oice at eleven oclock last night and I was back here at eight this orning I cant go on like this
4
Its not so much the work hours its the intensity of the work and the pressure we are all unde
5
Hes not interested in finding the best solution to problems hes ust interested in scoring points
6
63
ook at C opposite Match these answers (4 with the findings in the survey (ad 2 3 4
Soetimes I wish I was working every day as pat of a tea in an oice Yes I see much more of my children' Yes my boss isnt breathing down my neck the whole tie I work in the living room and the work is always there waiting I cant get away from it Over to
_
. �J
• Nae three obs that you think are stressful What is the ain cause of stress in your ob? ow do you cobat stess?
Business Voabulary n Use Advanced
21
7
Managin talen 1 Talent
Pe ple with special skills a d abilites have talent (u c u table) or particular talents (cu table) Y u ca als refer t the pe pl he selves as talents. They r taleted Co pa ies talk abut a aging a d ev l pi gtheir talent pool the tale t tht they have available i th organiatio o
n
n o n
n
o
m
o
e
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m n
n
e o
n
n
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n
Recruiting tal�nt
Prest B ttger a Jea L uis Bas ux* pt the ma ae e t f a c pa y's tale t u dr these h adi gs: a Spot and recruit the raw t«�nt -i d a d epl y trai d pe pl This reuires ide tiyi g candidates -possile recru.its w atch the eeqs f the busi ess system a d selecti th s wh are ost lily t fit with .t°eir s c1ultUre t� way it d es thi gs b Induction The r�cruits the ee t be eucaed nhe key success factos of the busin s syste a dtheir le withi it . c Training ad delopmentA he indctint th fir ad its culture trai ing a d d vel p t esure that the epl y e as te capabilities skills ecessary t get the j b d e on
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Managing tal�ht
d
vau · ati (see U it } is a se i gly si ple c cept, but it is diicult to carr ut with ut te �ndou e[ a d xpe se; Ma agers ed a high degr of trai i g i rder t sa dardiz� h appach s that all ma agers use the same criteria ways of judgi g their e pl yees. , e Perormance improvement inteentio n, s T h e purp se of tese is to pr vide experie ces _t help the pers incr a sI their capabiliies Suh eperiees i clude • job rotatio where e pl ye do qifferet job . • execut ive uation ae e rai i g • 360-degre analysis w r anages asess � l oyees a d e ployees assess their ma agers a d this is foll we up wth cachig i divi d ual trai i g (see U it 8) Culture it iteentions r ai ed t thse who ca t r will t adapt t the c pa ys culturee pleargive early Mfeedba i rati h w they ar d in g Successio planing The chi f hma rs uces icer (CHRO) needs t pla the uture $aing e ds f te rga izati i relati t is 9bectives Specifica!l, the CHRO ust id ntify d pr vide th maagers\h Wiae ve a d .conti u e t put i t practice the firms busiss model -the wa it akes> . i > ;� . : • •_ Cmpens tion1 contribui< Each e ployee a ? a d ealwith the c mpa y the perfr a ce f tasks i e xcha ge fr rew rs -salary i ease resp sibilities etc The CHO overses this ea and esurs t.hat it ori s exet l t fro their e pl ye s, in t r s f perfranc�, commitment bei f a d suprt fr t h fir 7 a d moblity m vi g t diere t j i the c pa y Performace assessment o
n n
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The CXO Chalenge, dted by Pr�sto Botti ruP 2008.
-22
1 .1
Look at A opposite Which of these uses of 'talent is uncountable and which countable? I believe we have the talent available to grow and become a better business 2 Young talents have started to question old assumptions about how work is done 3 In markets where top talent is regarded as the determining factor, firms battle furiously for the top-quality workers 4 An organization must make maximum use of the talent available in the labour pool 5 She has a talent for identifying potential problems and ofering solutions to customers
1
Match the examples (8) with the topics (ah) in Band C opposite So the CHRO must also be able to explain to people Heres whats in it for you The CHRO must be the best salesperson or the idea of the exchange between the person and the firm 2 Workers are told what their job entails what is expected from them and how it fits in with what the company is doing 3 It requires managers to identify for example their bottom 0 per cent and top 20 per cent of performers 4 he private banking division of a global financial services organiation discovered that it lacked succession candidates to meet the needs of its growth strategy based on a new business model for private banking for very rich people Thus it selected based on specific leadership and performance criteria, a pool of highpotential managers 5 The method must reliably assess past short-term performance the individuals agility to rotate to new assignments and medium-term capacity and calibre to take on wider and higher levels of responsibility 6 In an international airline the quality of customer care was found to be directly influenced by the technical knowledge and pleasant attitudes of frontline employees This in turn was influenced by the quality f supervision As a result all supervisors were systematically trained in an inhouse programme designed to improve their employee management skills 7 A pharmaceutical company observed that one division was growing only at market average, despite product quality superior to competitors All sales leaders and candidates for sales leadership positions around the world were put through a programme involving assessment centres 360degree feedback and leadership training The results were evaluated and used to reorganize and focus the sales leader on key tasks Subsequently sales/market share rose by 20 per cent 8 A lowcost airline has a teambased culture, which is fundamental to the success of its business model The leaders and key professionals in this company take care of business by taking care of relationships People need to help at all levels to solve problems when they arise The company carefully selects new individuals to fit this culture Over
to
What arrangements are there or performance assessment in your organzation or one you woul like to work fr
Business Vocabulary n Use Advanced
23
8
Managing talent 2 Talent management 1 An expert in management trends says: 'More and more organizations put effort into identiying the key people - the specially talented people - in their talent pool Some experts call these super-talents core competents. (Compare this with a companys core competencies - see Unit 18.) One study ound that a computer company had identiied• 100 core competents out of its staff o 16,000; these were people who were missioncritical essential to the irms success This relates to the B approach, practised in organizations like Microsoft and McKinsey In performance assessment (see Unit 7), managers identiy three groups: the As are the top performers the core competents the best 10 or 20 per cent; the s re the middle group who perform well and the Cs are the bottom 10 per cent, who are encouraged to improve or leave the organization Executives making judgements lie this are talent managers.'
high fliers.
Talent management 2 he expet continues: And in some businesses there is a clear division between creatives the people with ideas and their managers For example, in advertising the creatives are the people who devise the campaigns and the suits are those who manage them. S
q In some industries, people come together for a particular project and then disband For example, in software development, maagers and programmers may come together to contribute to a particular project and then lave to work on others. Such workers are part o a viual organization
Menoring and coaching Mentoring is when a mentor a more senior manager gives advice to a mentee - a younger colleague on their career how to improve their ob performance, etc Reverse mentoring is when a
younger employee mentors an older manager, for example to info rm them abou new technology, social trends, etc hese are two forms of mentoring mentorship Mentoring is related to coaching see Unit where the coach - the senior person gives personal, onetoone training to a coachee an employee
24
Business Vocabulary n Use Advanced
8.1
Look at A opposite Then complete the article with these expressions You can use some expressions more than once ABC approach super-talent talent manager core competents talent management talent pool • If n n ur ord n wy onn w ovon, o o o wy o dn wn oo of nd o o w I w b ufu fo () : (2) (3) ody o vw n oo nd dd wo o on nd wo oud no y b n (4) On o nd o ny ufu wy of dnfyn bd n (5) ny bou dnn nd o fndn ou w y wn nd bn d o v o d of dnfyn 0 o 0 n of (6) u fo d ob of ddn 0 o 0 n of w? y no n onzon o w woud b on ron w fnn do So o b n of nr o ofon Fo o onzon n o y bou 0 o 0 n of nd on fuu d Fo o onzon u ofon v nd fo (7) fr on woud n f rn o b nd ' n b do no w nub dnfd fuu y uv So () ny b wy of dfnn n oo
8.2
8.3
Look at B opposite n the sta o a magazine are the ollowing people creaties or suits the eitorinchie the inance irector the hea o HR the journalists the photographers the esigners Complete the sentences with correct orms o expressions rom C opposite You can use some expressions more than once Harriet Green presient o the Contract Manuacturing erices Group has regular reakasts with her he also has a marker in her iar that alerts her when she in a long time in which case she contacts them hasnt hear rom her programs hae een oun to prouce three times Wellesigne more ehaioural changes than traitional training approaches scheme the leaers o a gloal irm engage with n this innoatie relationship ounger ierse talente iniiuals who lea the proiing unique insight or the chie executie an top team into how things reall are lower own the irm To estalish some egree o trust man irms in it necessar to create conitons o conientialit The can speak with the o course ut not with the coachees oss in orer to transmit the Ernst & Young uses the sstem o proessional ollows the proessional eelopment o the new irms alues The emploees an transmits the compans alues to them Over
to
, _
�-. zr; _S
s there a oral or inoral mentoring sstem in our school or organization o how os i wo
Business Vocabular in Use Advanced
25
9
Team building Teams In some (but not all) sitations, tasks can be achievd more easily by teams with a common purose rather than by individuals. Of corse, it's important to develop teamwork throgh team building so as to get the best from the team. Theevel of engagement and commitmnt is the degree to which team members eel involved with the team Here are sme freqent combinations it team': leade effo erfomance
team
dynamics effectiveness learning
the person in charge of the team the work done togter by the team the rest that the team prodces the way the eam oks together the degree to whih the team prodces rests when peple lear teams rather than ndiiday
.
Team players Meredith Belbin* has identified these typ s of team embers or Team Roles: a The Imlmenter converts the team\ pla intso�ething achievable b The qordinator is a confident member who ses objectives and defines team members roles c The Shaer defines isses, shapes ideas and ledsthe action d The Plant is a creative and imaginative eron who spplies original ideas and solves problems e The Resource Investigator commnicate} witth otside world and explores opportnities f The Monitor Evaluator sees all the possiilitie ealates sitations objectively and sees what is realistally achievable g The am Worker bilds the team, spprts other and redces conflict h The Comleter Finishr meets deai1es correctmistakes and makes sre nothing is forgotten
Stagesof team ife The typical team goes throgh a seriesf;tages: a Formi!g The grop is anxios and feel dependenJ o a leader The grop tri es to discover how it is going to operate and what the normal waysof working will be b Storing atmosphere may be C>n of conflct etwen members who may resist control from any oe person There may be the felnghat te task cannot be achieved c Normng At this stage members of th grop fel loser together and the conflicts are forgotten Mebrs of the grop will start to sp- eac oer There is increasingly the eelng tat it is possie to achieve the task d Peroming The grop is carrying ot the task or hich it was formed Members feel safe enogh to expess dierences of opinioni n relatin to 0th rs e Mourning The grops work is finise, ad its mmbers begin to have pleasant memories of their activites and acievements · '=
·
·.
,;
"'
-
.
c·
•
*Monogem!nt Teams: Why Thy Succeed or Fail, Buterwrt�infmnn, 1996.
26
Business Vocabulary n Use Advahced
91
Look at A opposite. Then read the article and aswer the questions In many manucturing industries, a daily mting is usd to kep th plant running smoothly; but this level of daily communication is seldom mployed in knowldge work or administration. Sarah manages a eam of nurses Sitting together in the morning and building positive emotion, energy, and shared tasks r the day hlps build their cus on the work of the whole unit Shared knowledg helps limit mistakes and keep people engaged in learning And knowing who may need help distributes the work of the unit across the rmal team structures The practice of daily meeting and discussion of tasks is another crucial way in which Sarah builds engagement Sarah's transparency in terms of peormance requirements is another leadership practic that reinrces engagement Once a month, Sarah shares inrmation with the group that shows the units overall productivi numbers and their clinic-by-clinic peormance This monthly meeting, to discuss the units perormance and the breakdown of ach teams perormance, creates peormance pressure fr all members of the team
2 3 4 5 6
What is Sarah's job? Two types of meetig are mentioned How oe does each of them happen? ow are kowledge work and admiistratio diferet from maufacturig? What are the advantages of regular meetigs? What negative thigs can regular meetigs prevet? What is the advantage of the monthly meetigs?
9
oo at the types of team members in B opposite ad say if these statements are true or false Implemeters are not interested i final results. 2 Coordiators ted to tae a leadig, organizing role. 3 Shapers tend to ollow what other people say 4 Plants can be useful i providing new ideas when the team has ru out of steam 5 Some Resource Ivestigators probably eed to use the iternet. 6 Monitor Evaluators are ot good at seeig all sides of a problem 7 Team Workers may help to defuse argumets between members 8 Completer Fiishers are bad at fiishig things on time.
9
Members of a team brought together to wor o a design project said the followig thigs Match what they said (-5) with the stages (a-e) i C opposite We had such a great tme worig together 2
We need to appoint a leader
3 4
5
Who does Aa thik she is taig over and behaving lie shes i charge Were really maig progress now and we get o so well together Over
to
�:'t"
• Wha teashave yo worked in or are yo working in? Do you recognie he types in opposite in yor team? • What role do yo saly play?
Business Voabulary in Ue Advanced
27
10
The right skils
·
Hard and soft skills For a long time, hard skills - for example skills in technical subjects were considered the most important thing in business. But more and more people are realizing the importance of soft skills - the skills you need to work with other people and in the case of managers, to manage people in tactful and non-authoritarian,. nondictatorial ways These ar some of the emotional competencies that are becoming important
Emotional intelligence 1 The ideas behind emotional inteligence (E) were fist put forward in the 1980s 1 and later developed by Daniel Goleman2 • H says that E is made up of: a self-awareness examining ho your emotons aect your performance being selfconfident about your capabilities values nd goals; using your values to guide deciionmaking b selfregulation the ability t ontrol yourself an to think befre you act controlling your temper and handling impulse sudden desires to do things you may later regret c motivation ability to take th� nitiative do thigs without being told to enjoying challenge and stimulation; the drive to ork and succeed (see Unit 2) optimism d empathy avoiding the tendncy to stereotype others have unfair ideas about them not based on facts being aware of cultra dierences (see Units 6062) e social skills the ability to comunicate and to rlate to others: the use f influencing skills such as persuasion cooperation orking well with others dispute resolution the ability to solve arguments; good communicain with others including employees listeing skills; negotiation A measure of someone's intelligee is their intelligence quotient (IQ) Simarly, a measure of someones emotional awarenes ad selfawareness s their emotional quotient (EQ)
Emotional intelligence 2 Other researchers3 have identified hree main areas f emotional intelligence containing seven traits characteristics in these ategories drivers traits that mak eople do things: motivation and decisiveness the ability to take decisions when necessar constrainers traits tha cntrol in a god way what people do conscientiousness putting a lot of effort into your wor and doing everthing to the best of your ability and integrity honesty enablers traits that help pople to perform and succeed: sensitivit knowing how others feel influence and selawreness 1 John D. Mayer and Peter Salovey: Emoional Itelligece: Key Redigs, National rofessional Resouces, 2004 Danel Goleman moiol Ielligece Why i c mer moe h IQ Bloomsbuy, 996 3 Malcolm Higgs and Victor Dulewicz Makig Sese of Emotol Ielligece NFR Nelson 999
28
Business Voabular Ue Advaced
10.1
Look at A opposite. Were hard skills or soft skills mainly required at each of the following stages of a project to deign insurance product? The project manager: 1 2 3 4 5
employed someone with a doctorate in mathematics to work on risk probabilities gave three days o to a team member who said they had family problems at home analyzed her own feelings of frustration that the project wa going too lowly dealt politely but firmly with a request by her bos to finish the project a month early did market teting of the product with a number of potential conumers of the product and analyed the reult on computer 6 did careful reearch on the internet to find the best advertiing agency to launch the product
10.2
ook at B opposite. o which category (a-e) do each of these aspects of emotional intelligence (110) belong? 1 2 3 4 5 6 7 8 9 10
10.3
ability to deal with others' emotions, especially group emotion behaving openly and honetly with other being guided by peronal preerences in choosing goals and eeking out achievement capacity to tart and manage change among people commitment controlling your stress by being more positive learning from your experience retaining the ability to think clearly even when under presure the ability to see other people points of view and opinion undertanding yoursel your strength and weaknesse and how you appear to others
People in a company are talking about their colleague and managers Complete what they say with expreions from C opposite. 1 A B 2 A B 3 A B: 4 A: B: 5 A B: 6 A: B: 7 A: B:
Annabelle really knows what her own strength and weaknee are Ye hes got great Ben doesnt work particularly hard and he doent pay attention to detail. His problem is that he lacks Sofia never doe anything to upet anybody. I know. She ha great When Dan peaks people liten round here. Yes he has a lot of Ella has never done anything dihonest Youre right She ha a high level of Sam never put o making decisions hat' true He always acts with great Georgina really puts everything into her work - her job i the only thing that drive her wish had her
Write a description o the o kill required for your job or one you would like.
Business Voabulary in Use Advanced
29
11
Equality and diversity Equality If people are reaed dernly from each oher n an unr way, hey are discriminated against. Discriminatory pracces mgh be based n someone's: • age • race • education • gender • disability • geographic origin • sexual orientation heerosexual, homosexual, ec • family status - mared sngle e;. • social ackground;- someones socal class For example f a woman s unfarly reaed jus because he s a woan, she s a vcm of sexism a work sexist attitudes sex discrimination In many organzaons, women complan abou he glass ceiling ha allows hem o ge o a �artcular levl u no furher. Stereotypical fxed and unusfed deas abou whaen and women can do and abou he roles jobs and acves_ ha hey can have consue gender stereotyping. If someone s reaed unfairly because o[her race etnicity, hey are a vcm of racial discrimination racism. Offensve remarks abou someones race are racist and he person makng hem s a rac _ist. Older people dscrmnae agans because of her age ar vcms ofageism and ageist attitudes In he US affirmative action s when help s gven n edcaon and employmen o goups who were prevously dscrmnaed agans. I ran affrmave acon s known as equal opportunities These acns are also caled positive discrimination n boh counres. Some companes have an equal opponities policy �dignity at work policy coverng all he· ssues above whch s des gned o ncrease equality tang people farly and n he same way Diversity Many organzaons now am for diversity n he workfQre wh polces ha encourage inclusion " employees from as many dfferen ackgrounds as possble hs goes beyond equal opporuns and enables an organan o keep up h social and demographic changes changes n he makeup of socey and he populaon as a whole Exaples of such changes nclude nceases n he number of women, older workers etnic minorities: people from parcular counres and racal groups Organzaons are ookng for a divere workforce (See Un 50 for he mpoance of dversy n social reprting) Word combinations_ with 'diversjty training
initiative divesity
statement stategy management programme
eachng employees abo he mpoance o ves an acon desgned o ncrease dvesy a companys comuncaon abou he aude o dvesy a longerm plan fo pung dversy no acon how dversy s anaged n a company o companes n genea a sees of acons desged o pu dvesy no pacce .2
Br oae A a n connec wh coue a alway ued 30
Busines Vocabulary n Use Advane
11.1
Complete the table with words ro A and B opposite. Noun
Adjective
Related noun
age racist sex stereotype diverse discrimination
112
-
equal
etnic
-
Complete tese sentences with correct orms o expressions rom the table in 111 above : he was the marketing risk1 When we irst joined the company, our roles were taker and I was the conventional accountant. 2 housing policies conined lacks and Latinos to neigboroods close to industrial zones. stems ro a variety o Spanishspeaking 3 'Hispanic refers to people whose cultures troughout Latin Aerica and the Caribbean 4 Tey accused lenders in Los Angeles o systematic saying that blacks were 30 per cent ore likely to pay higher interest rates than whites computer industry rarely puts Osomethings on permanent 5 The notoriously employent contracts in the military can aect women aer tey get 6 The issues that Lucy raised about out o the military as well by appointing te irst woan executive director 7 The bank has struck a blow for to its maledoinated board 8 Allowing employees to take unpaid leave to observe a religious or cultural holiday is one policy used to show that a n organization encourages
113
Matc te two parts o these sentences containing expressions ro C opposite 1 People with stronger etnic identities were more attracted to organizations tat described a diversity 2 ne way to assess the potential efectiveness o diversity 3 About 20 state employees att�nded te diversity 4 Te company akes its diversity 5 Afirmative action statements signal an organizations attention to race and gender, but diversity
D D D D
a programs is to ask how likely tey are to change employee attitudes. b statements might signal an organizations concerns about a broader range o dierences. c strategy transparent by having a section on equality and diversity in its an nual report. d initiative in teir recruiting aterials than to organizations that did not describe a diversity initiative. e training seminar, titled ow to Work Eectively with Indian Nations and Tribal Members
Give an exaple o wat organizatons can o to encourage diersity and nclsion.
Business Voabulary n Use Advanced
31
Quality in manufacuring Nick Greer is head of qualty at car componen comany: 'From the oint of view o rodcers, ality ca be seen in terms of conrmity or conformance t, specfcaton which meas that the componets arts - and the rodct as a whole are made exactl as designed. In other wors there is conssteny an elmnaton of varaton no variations - resling in zero defects - no mistakes at all in the manfactring rocess Eerything mst be done rght frst tme to avoid te need for reworkng working again on comonents in order to correct faults and defects - mistakes The design for each comonent embodies the ntentions of its designer So conformity to ecification means tting these intentions int ractice when we make te comonents Pt anothr way this is elimination of variation We are also insired by ideas of employee nvolvement - ality shld be the concern of everyone in the comany. Like many ideas in relatin to ality these ideas were first develoed in Jaan as art of Total Qualty Management (TM) bt they have been coied all over the world
Quality in services erena ogliatti is cstomr relations manager t a large bank In services, there is a arllel sitation to the one in anfactring Bt ality can also be seen rom the oint of view of cstomers The service mt satsfy customer needs. The service received y the cstomer mst be exactly what is lanned an intended; misakes in their acconts for xamle make cstoer extremely annoyed Qality cold be defined n terms of customer apprval - recognition that we are satisfying stomer needs and customer expectatons Ad if e exceed - go beyond - those expectatons here may even be custoer delght - extreme atisaction (see Uni 24)
Widening the definition of quality
However as Andy Neely oints ot* ality can be seen in wider terms
a b d
performance - how wel the rodct erform its main fnction features - additional rts or characteristics that he rodct oers relablty- how l te ct cotines t eorm wthot breakdowns techncal durablty - ow long the rodct lasts before becoming technically obsolete -
e
ot of date sevceablty - how easy the rodct is to sevce maintain and reair aesthetcs - the look and feel of the rodct perceved qualty the cstomers jdgemen of e rodcts leel of ality value fo oney - wat te dt oes i reltin to the ie ai r it
• Business Performance Measurement, CUP, 2004.
32
Business Voablary i Ue Advced
12.1
Read the article and answer the questions with expressions from A opposite.
rder and eciency are hallmarks of the TVS Management (TQM).TVSs turnaround has hinged motorbike factory near Bangalore in southern on principles of attention to process consistency India direct fot trac arrows are painted transparency and employee involvement on the shiny shop floor of Indias third largest TQM was launched at TVS in 1989 and is credited motorcycle maker Large banners w ith slogans with reviving the ailing company.TVS rolled out such as 'Let Us Achieve Zero Defect s and Quality is 93000 motorbikes last year in India with sales a Way of Life hang across the bright facility where growing 19 per cent to reach about $900 million t nearly 2,000 vehicles are built each day on neat recently opened a fctory in Indonesia and aims to assembly lines globalize its business over the next few years Japans respect fr order has been fully he scenario bere and afterTQM reflects how fr transplanted to this TVS factory in the city of TVS has come in nearly two decades Productivity, Hosur Venu Srinivasan the mild-mannered quality and sales have improved dramatically yearold managing director and chairman of reviously the rate ofreworking remedying parts VS has indoctrinated the company with the plagued by faults was 15 per centThat gure has Japanese management strategy ofotal Quality fllen to 100 parts per million
O
1 2 3 4 5 12.2
Which expression refers to a Japanese approach to quality? What is the abbreviation? Which two aspects of quality are mentioned along with attention to process and transparency? Which two words are used for 'mistakes in manufacturing? What is one of the aims of TS in relation to these mistakes? What problem in the manufacturing process now aects 100 parts per million rather than 150,000 as before?
Use correct forms of expressions from A and B opposite to complete this memo
Memo
Fr: Jacqulin Tubn T: All htl anagrs
Of curs, buyng a faily hday is a big invstn fr a l f ppl. bth fnancialy and tinally W dn't jus wn t satsfy cus nds W want (1) th t b xrl ha W wn t vid th situatin whr thngs r nt what custrs wr xpcting; w wnt (2) sandards b xacl as dscribd Whn h htl ds nt c up t th dscrptn n th brchur ur clnts r xtrly angry his ans (3) avidn chans r diffrncs in rlatin t wha w pris Things ay b bttr than cusrs thught thy wuld gt r xapl th fd ay b bt hs ay b a way ging bynd (4) wha custrs wr hin fr but yu ust kp cntrl f csts 123
Match the sentences {1-8) wi�h the points in C opposite {ah 1 2 3 4 5 6 7 8
We guarantee five years or 200000 kilometres of troublefree motoring No other brand gives better performance in this price category It only requires servicing every 40000 kilometres It has beautiful lines It has heated seats for the driver and the passenger It has the latest engine technology t goes from zero to 100 kilometres per hour in four seconds Customer surveys give us top marks for quality compared to other leading car makes
What are soe of the riteia for quality in your organiation (shool oan et
Business Voabulary n Us Advancd
33
,
13
•
-
,'
' •
-�
�
� •
Quait1 stancrls ·
c : ; I ;
.
:
;
The International Organization for Standardization is based in Genea. It is a network of national standards institutes in over 160 countries working in partnership with internationl organizations goernments, indstry, business and consumer repesentaties ISO has deeloped more tan 21000 International Standards, whic it says are 'documented agreements containing technical specifications or oter precise criteria and guidlines to ensure tat materials products processes and serices ar fit - suitable - fr purpose' . Tere are two series of standards for management ystems: • te ISO 9000 series on quality management whic 'gies te requirements for quality management systems e standard for poiding assurance about the ability to satisfy quality requirements and to enance customer satisfaction supplier-customer relationships • the ISO 14000 series on environmental management for organizations wishing t operate in an environmentally sustainable mnner (se Unit 51) Organizations can apply for certification to ISO 90012015 and ISO 140012015 Thse are generic standards that can be applied to any industry singular: criterion pll criteria
ISO 9000 and other The ISO 9000 standards put particular impoance n a te role of top management in setting policies for quality top managers ae to be seen to be inoled in quality issues, not leaing tis to middle management b statutory and regulatory requirements for example, the car industry has to pay particular attention to safety and enironmental laws and standards in relation to e components that it uses c measurable objectives_ we hae to be able to easure quality and by how muc it is improing d resource management - ow you manage the inputs to your products, for example in human resources and materials e monitoring customer satisfaction customers ae the ultimate judges of qualitand we hae to constantly check and improe te score that the gie us f training eectiveness the training of our sta i an inestment and we ae to measre how eectie it is in terms of ur future profitability g contnua mprovement 100 per cent quality is eer acieed and tere is always room for improement (this is wht the Japanese call kaizen) 34
Busines Voabulary n Ue Advaced
J
: !
Standards and certification
Tere are also specific standards for partilar indutries, for example ISO 90003 for computer software
i
13.1
Look at the expressions in A opposite and complete the tabe. Ver Noun{) Ajeve application applied certiy certificate, certified standardize standardized
1
2
3
13.2
13.3
'
Complete each sentence using the correct form of the word from the ine with the same number in te table in 131 above 1 They tod us to bring in ISO-approved consutants to check our operations and make our through them 2 The process was very long and we had to provide vast amounts of documentation before we coud be all our 3 ow we can put the ISO 9000 logo on al our iterature We've documentation so that its cleary visible ur cients fee reassured in fact, they ove it! Here are some exampes of work on quality at a company producing car components Match each one with an aspect of quaity in B opposite
1 A the peope in the cal centre were sent on a course to deveop their sense of teamwork, and this increased saes by 15 per cent 2 The senior managers invited a quality expert to do a consutancy prect on production quality 3 The production manager ooked at the atest regulations on car safety on a government Ministry of Transport website 4 Empoyees are always paid bonuses for suggesting improvements, however smal 5 The company deveoped new soware to anaye quality data more cosely 6 They have checked the quality procedures in place for the components used at a of their suppliers 7 The car firms who buy the companys components are totay satisfied Over to :, ·
Fin out aout an organization (rhaps your own, or one o its suppirs that has adopt stanars suh as enti on o th ways in whih this has hand th way that th ompan works
J
Business Vocabulary in U Advancd
35
lnvestorsJn Peope There are models and frameworks . that emphasize the humn dmenson n mprovng qualty Investors in People a framework
developed n the UK It sets a level of good practice for trang and · development of people o acheve busness goals t s used by more than 14,000 organzatons n 75 countres he Investos in People Standard s based on four key prncples: a Commitment to nve n people to acheve busness goals b Planning how sklls, dvduals and tems are to be developed to acheve these goals c Action to develop an use necessarsklls n a well defned an contnung programme drectly ted to busness objecves d Evaluating utco1e�- the res�lts o trang and development r ndvduals' progress towards goalsthe value ache\ed and future needs
T he EFQ Exceee Mode he EFQM Excellence M,del was evelped by EFQM, a non-proft organzaton set up by leadng European copanes to hel8 Europeausnesses make better poducts and delver mproved servces through the efftve use of leng edge management ractces n the EFQM modelpeople are very much part of the wder qualty pcture he model refers to copany stakeholde not onlYts emloyees, shareholders ad customers, but the communty as a whole he model refers to • Panerships & resources the atrals sklls and noledge used by the frm !
• Strategy the frs strategies {see Unt 16) • Peopl4 the way that employee ae managed • Leadership the way the organzato s led • Processes prodts and services ow all the above ar combned and exploted :
he fve factors above thcontrbute to lty are enablers. Results are the outcom of the factors above hey can be easred n terms of
• Business results the fnal outcme; e the profts madb the rm • Customer result the way custoers feel about the fr • Society results he effect of th frms products and acttes on socety • People results he way manager, employees, shareholders and other stakeholders feel about the frm
36
Business Voabulary n Use Advance
14.1
A firm decided to introduce Investors in People principles. Look at the reports from the management and match them with the our principles in A opposite There are two statements relatng to each principle 1
We have a commttee of managers to work on the plannng of skills development for ndvduals and teams in ther depatments
2
We've announced in he internal company newspaper that we are going to apply the prnciples
3 4
5
We asked goups of empYees to co itbute ideas on " ways of mprovng ther sk�
6
ve asked all o manages ;to epot vebally on the pogess o te employees n wokng towads te goals
7
was sent on a trainng cou rse with the other managers We learned how to improve our management techniques
8
142
We sent all employees on a three-day qualty tranng course
Weve announced on our customer webste that were gong to apply the nvestors n People prncples
Complete the model, using the factors in B opposte
Descrie your own organization, or one you know, in ters o te EFQM model
Business Voabulary in Use Advanced
37
5
Striving r perfection Benchmarking and best pacie Benchmarking is when a firm inds out hich company peforms a particula task best and modes its perormance on thi best pr�ctice ways of doing thins that have produced the best results elsewhere and can Lbe adapted to a new stuation. Companies talk :bout caryin out a benchmarking exercise.T do this, they benchmark themselves against other companies. are compnies can measure he perfomance of diffrent departments in relation to ech other in an internal benchmaking execise. Comtitive benchmarking involves lookin outside the company at how other companies in the same ndustry do thins Functonal benchmarking los at ho the same functon such as manufacturin or personnel recruiment is done by noncopetitors Companies can lea a lot from firms who are not their direct competitors For exampl a train ompany can learn how to clean its trains in a better way by lookin at hw an airline oraizes the ceanin of its planes. One way of sein how a comtitor's poduct is made is by reverse engineering takin the product apart to see how it is made Th same principle an also be applied to services. Ths technque can also be used in enchmakin
I
Best pracice is usually unountable, but you can also alk abou the best practices in a parular area.
Six igma qualiy Quality can e measured in terms of thnumber of defecs per illion parts opeations, etc For example wi 45,000 defects p e r million parts this is w Sigma quality With thi level of uality the chances f a manufacture product uch as a mobil phone bein defective re quite ih Motorla was the first compan to aim r Six Sigm qualiy. In manufacturin Six Sima qualit is whn there is less thn one deect in 30000 comonents Motorol saved $5 billion over 11year period with S Sima This idea can also be applied areas outside manuacturin In invoicin fo exampl it means fewer han t�ree or four mistaes per mlion transctions Six Sima quality has been taken up by several other ompanies. And the ultimate oal is zero defects o defects at all.
38
Busine Vocabulary in Ue Avanced
15.1
Complete the sentences wth approprate orms of expressons from A opposte. The manuacturers' assocaton wants to help companes mprove manuacturng , so ts oering a new servce desgne to help companes themselves aganst the best n ther nustres 2 Engneers mae replacement parts or the cars by copyng the shape and dmensons of the orgnal parts a process known as 3 Internal looks or nternal an tres to establsh them throughout the organzaton 4 We use to evaluate the eectveness of our webste aganst those of our compettors 5 Look outsde yor ndustry! can teach you a lot - as the frms you ae askng or avce are not your compettors, they may be more wllng to help
15.2
Look at B opposte hen read ths artcle and answer the questons.
Globaization and nstant access to informaton, poducts and services continue to change the way our customers conduct busness. Today's competitive environment leaves no room r error. We must delight our customers and relentlessly look r new ways to exceed their expectations This is why Six Sigma quality has become a part of our culture What is Six Sigma? First, what it is not It is not a secret society a sogan or a clich Six Sigma is a highly disciplined process that helps us cus on developing and delivering n ea r perfect products and services WhySigma?The word is a statistical term that measures how far a given proce ss deviates from perfection he central idea behind Six Sigma is that if you can measure how manydefects'you have in a process you can systematically gure out how to eliminate them and get as close to zero defects as possible To achieve Six Sigma quality, a process
1 2 3 4 6
must produce no more than 34 defects per million opportunities An 'opportunity is dened as a chance r non-conrmance or not meeting the required specications This means we need to be nearly awless in executing our key processes KEY CONCEPTS OF SIX SIGMA
At its core, Six Sigma revolves around a few key concepts: • Critical to quality Attributes characteristics most important to the customer • Defect ailing to deliver what the customer wants • Process capability What your process can deliver • Variation What the customer sees and feels • Stable operations Ensuring consistent predictable processes to improve what the customer sees and feels Design fr Six Sigma Designing to eet manufcturing capability
What s the central ea behn S Sgma? What s an opportunty n ths contet? What word s use to escrbe somethng wthout faults? How s efect efne here? What wor s use to escrbe somethng wthout unwanted varatons? What wor s used to descrbe somethng where you know what youre gong to get? Over
to
"�-4, ; (• ·. 1 p i >
hnk about your opany or one you would lke to work for hen thnk about one o ts opettors Is t useul to know how eectve they are n derent areas
Business Voabulary n Ue Advanced
39
Strate A strategy (ountable) is a plan or series of plans for ahieving sucess. Strategy (unountable) is the study of the skills, knowledge, et required to make suh plans Strategic success in a ommerial organization is often measured in terms of profitability the amount of money it makes in relation to the amount invested An important part of planning resource allocation. This is the way that resources suh as finane, people and assets equipment, buildings, knowhow et are used to ahieve a patiular objective
A ompany's senior exeutives deide or frmulate strategy Many organizations state their main overall objetive or vision in a mission staement A strategy requires commitment Everyon in the organization must work towards the implementation of the strategy putting It into pratie and its suess
Word combinations with 'strategic Here are some frequent ombinations wit strategi:
strategic
move
an atio with a patiular purpose in relation to objetives
partnership
when two ompanies work together towards a speifi goa
decision
when a ompany deides something important for its longterm future
acquisition
when one ompany buys another for strategi purposes
goal
an objetive the ompany wants to reah
vision
when soeone has lear ideas about ations to take or future suess
Companies and markets When a ompany a defends b attacks
establishes a fothold/ toehold in
a maket,
d invades e dominates f withdraws fom
40
it tries to prevent ompetitors from being suessfu there it starts selling there for the first time it oupies a small part of the maret in preparation for gaining a larger part it stats to be very suessful there it is the biggest ompetitor there it stops selling there
Busine Vocabulary Use Advaced I
16.1
Here are some questions from shareholders at the annual meeting of a car company. Complete the chief executive's answers with appropriate forms of expressions from A opposite. 1 Q: A 2 Q A 3 Q A 4 Q A
62
Why has the company bought out one of its biggest rivals? This was pa�t of our to broaden our customer base. Some of our plants have very low productivity. What are you doing about this? are used more eectvely We have taken steps to ensure that our This is an important part of our strategic process. Why are you closing one of the plants? This is an issue oL We dont have infinite financial resources and we want to concentrate investment on the most profitable models Where can we read about the company's goals and values? Our main objectives are in the company's
Match the two parts of these extracts containin expressions from B opposite 1
2
As large retail chains such as J C Penney make strategic
are traditional shopping malls to do?
e objective of building close ties with local universities and research organizations.
0d parnerships in the US include Case
4
Western Reserve University and Cleveland State niversity
5
163
Ob moves to stand-alone stores what
Rockwell has direct ties to
3
6
Da
acquisitions as well as cs on our Howard Schultz, the under and leader of Starbucks had the strategic
own organic growth
Of
decision to concentrate on telecommuncations and become a leading spplier of mobile telephone technology ad networks
Rewrite this article, replacing the underlined phrases with appropriate forms of expressions from C opposite You can use some expressions more than once.
McDonald's arrived in Chia quite early and (1) was the bigest competitor by the time Burer Kin decided to (2) open restaurants there. Burer Kin did not have the resources to (3) agressive enter the market, so it (4) occuied a smal part of the maret by oenin just a small restaurant in Shanhai in order to test it This was successul, so Burer
Over
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to
1,
"J.� n,·�.T-" -1
Kin decided to oen restaurants in cities all over Chia Five years later McDonalds (5) was still the bgest compa in the market, with a 0 er cent market share Meanwhile oe o their cometitors Schlotzskys Deli had already iven u and decided to (6) leave the market.
•'= :
Think aout your oranization o one you would ike to work or ook at its wesite and ind its mission statement. I it doesnt have one what woud you suest
Business Vocablary n Use Advnced
41
17
Competition Competition Very strong competition in an industry can also be described as: • cut-throat • ferocious • intense • fierce • stiff
Actions that increase competition are said to encourage, intensify or sharpen it. Actions that limit competition are said to harm inhibit or stife it The main competitors in a particular industry are its key players (see Unit 19) Smaller compeitors may be referred to as minor players. Situations where there is only one supplier and no competition are monopolies
'Competing and competitive Competing and competitive are adjectives related to 'competition Two companies may produce competing products products that compete with each other A competitive product is one tat has real and specific benefits in relation to others of the same type
Here are some frequent combinations with competing:
competng
l
bids
price offers for a company n a takeover
offerings
products from different companies
suppers
companies offering simlar products or servces
technoogies
techncal ways of doing somethng
Here are some frequent combinations with competitive:
competitive
· 42
position
where a company is in relation to its competitors in terms o size, growth etc
pressure
the force that one compettor can brng to bear n relaton to another
price
one that is similar to or lower than those for similar product
theat
something that one competitor may do to weaken another position
advantage I edge
superior products, performance, etc that a competitor can offer n relation to others and whch give it a lead over ts rivals
strategy
a plan or plans for success in relaton to competitors and the study of ths in business schools
Business Vocabulary n Use Advanced
17 1
Complete the sentences with appropriate forms of the correct verb in brackets from A opposite. 1 In banking in the European Union, 25 separate national rules and all sorts of exceptions may result in (encourage/ stifle) competition rather than (encourage/ stifle) it. 2 Fast bullet trains have (intensify/ harm) competition n South Korea's domestic travel market 3 The Federal rade Competition rejected the idea that the combined companies would (intensify/ harm) competition noting that the two parties weren't direct competitors (sharpen/ inhibit) 4 International agreements regulating market access by airlines competition and are bad for customers 5 Consumers should welcome new entrants to the credit market not just because it widens their (sharpen I inhibit) choice but because it could lower the cost of credit by competition
17 .2
Look at B opposite Match the two parts of these extracts containing expressions with competing'. 1 2
3
4
17 3
What is to stop supposedly competng Commtouch can poston tself n the mddle of the competng Damond Felds Resources Inc was the target of competng The sofware s 25 per cent cheaper than competng
D
a
D
b
D D
c
d
bds from mnng gants lnco Ltd and Xstrata. suppers from secretly agreeng to keep prces hgh? oferngs, wth prces rangng from $300 to $450 technologes by oerng 'unfed messagng solutons
ook at B opposite again Complete the sentences with appropriate forms of words that can follow competitive' 1 He was criticized for being too Eurocentric and failing to pay suicient attention to the competitive from south-east Asia 2 he trick is to find businesses that can sustain their performances over the long term and have some competitive (2 expressions) to keep them ahead of their rivals 3 For the price-conscious consumer alternative retail outlets can oer organic food at more competitive and boost its financial growth through the BankOne will enhance its competitive transaction which is expected to add to earnings immediately 5 Mall stores are under the most competitive that theyve been under in their 0-year history with new discounters and superstores increasingly moving in alongside traditional malls 6 Decades of management theoriing around the world have produced mountains of books many of which promise to deliver the secrets of success But there is no consensus on competitive
Over > <
-
.�
'
to •
I
_:
hink about your organization or one you would like to work fr. Who are its fiercet copetitors? Why are they a threat
Busines Voabulary in Use Advanced
43
18
Companies and their industrie
Competitive frces
An ipotant stategic thinke i Micael Pte . He deine te ive m r at wk in any ur 1
Potential entrants
I Supliers H
B �f
�ubstitutes
Tee ae the acto ta a i need to onide in developing it m r (ee Unit 17) ccel i ha "to bu and m - keep - it m in elaion to the oce ·
· SWOT analyi
SWO tand o r, ru r In olating tategy a copany hold look at it tength and eaknee in elation o t coetito F exapl, a good ale tea i a tengt and poo nteal conicatio i a eake e cpany hold al look at oppotnitie and teat in it rm the teng o coetito govenen eglation, the ay that ociety i changin etc Thee aer Fo exaple a change in a cont' legilation on oadca{ting igt epeent an oppotnity o a gop tat ant to y a televiion copany tee Te cange old poaly alo poe a tat to exiing oadcate: Te ticla ay that a copany oganize and coine it hn eoce knoo eqipent and othe a et ae at Hal and Pahalad call it m Thee ae r r 2
od at ometh ng Be Pote ay tat copetiive advantage can e aed on • r eing podct o evice at te loet cot; ti i one tategy to adopt in um u th copetit podcing lage n o iila podct • r - eing podct o evice tat give u in te o qalit o evice copaed o copetito • u - coining eleent o te aove to tategie to cocentate on a a pecii pat o the aket ith paticla need The dange ay Pote i en a copany doe not ollo any o tee paticla tategie and i u m 1Competiiv Sgy: Tchniqus fr Analyzin Indusis and ompios, Free Pess, 2nd editon 004. 2 Compng f Fuu Havrd Busness School Pess 1996
44
Busines Voabulary n Use Advance
18.1
I
18.2
1
18.3
ook at A opposite and the examples (1-5) below of the expressions in the diagram boxes. Match each example with an appropriate form of one of the expressions 1 CocaCola and PepsiCola in soft drinks 2 a company that starts selling computer games when it has not sold them befre 3 electrically powered cars in relation to petroldriven cars 4 car manufacturers in relation to component manufacturers 5 component manufacturers in relation to car manufacturers The head of a UK university is presenting a SWOT analysis of his institution in relation to its attractiveness to foreign students. Complete the table below with the expressions in italics in note form The first one has been done as an example 1 'We have some very good lecturers, especially in science and engineering 2 'There may be an economic slowdown next year with fewer students able to aord to come here 3 We are situated in one of the UK's most attactive cities. 4 We need to improve our facilities students these days expect very highclass accommodation, restaurants, etc 5 The English language is a key asset. Everyone wants to study in English 6 There are some excellent universities in the US that are also strong in the subjects that we teach They may challenge our position 7 In the long term there are potentially more and more students om aboad looking to study in the UK W r r rg ! goo L:
ook at the mission statements of these companies Which strategy in C opposite does each correspond to? 1 To make sports cars for discerning enthusiasts with high technical knowledge 2 To sell clothing more cheaply than department stores 3 To sell electrical goods with a high level of atersales service Over
to
_,
nalyze your oranization or one you would like to work for, in relation to te indstry it is in and to te forces in opposite
Business Vcabular n Use Advanced
45
Industries and their players In some industries, like steel or tyres, there are few companies: these industries are concentrated. These are industries ith just a fe key players (see Unit 17). Other industries are fragmnted; r example, there are millions of restaurants orldide, and even the largest chain, McDonald's, only has a market share of less tan 1 per cent in terms of al restaurant meals served orldide Some industries have low entry barriers - anyon ith a small amount of capital can opn a restaurant f an industry has lo entry barriers and is attractve because of its high potential profitbility, there may be ne entrants This as the case for internet service providers a fe years ago; a lot of companies offered this service at first Other industries, like steel, require massive investment in equipment, knoho, etc Su investments are high entry barriers and ne entants to the industry are rare
Mergers and acquisitions (M&) Some companies are very acquisitive buying competitors in their industry or companies in othe industries in a series of acquisitions takeovers hich they may refer to as strategic acquisitions Or a company may merge combine as an equal it another company of similar size A company may also on or buy its suppliers and customer companies in a situation or process of veical integration
The result of this may be an unwieldy conglomerate a holding company ith a large number of subsidiaies hich may not be easy to manage profitably as a group
Make or buy? Supporters of conglomerates pointed to portolio heory the idea that hen demand for goods or services of one of the companies in the group as eak, it ould be compensaed by stronger demand for those of other companies in the group This meant that overall profitability uld be regular despite variations in profit from the differet companies Recent strategic thinking, especially in the West holds that conglomerates are not good any conglomerates have disposed of divested their non-core businesses selling them off in order to concentrate on their core business This is relate to the make or buy decision here companies decide hether to produce particular components or perform paricular functions inhoue or, on the other hand, to buy them in from an outside supplier see Unit 32). Hoever, many conglomerates continue to exist Fr example, in South Korea, there are chaebols hey ere often stared as family(-owned) businesses here different members of the ame family each oned and managed companies dealing ith different parts of the industial process in a situation of vertical integration see above) The nouns relating to dispose and divest are disposal and divestment They can be both countable and uncountabe nouns. Compare divestment wth investment.
46
Business Voabular n Use Advanced
19.1
Complete the crossword with the correct form of words from A, Band C opposite. Across
8 and 5 things that make it diicult to get into an industry (5 8) 9 a type of large Korean group of companies {7) 1 when a company sells a business activity (10) 3 see 12 down 5 If an industry is diicult to get into entry barriers are 4) 1 a large grou p of dierent businesses 12) Down 15
1 the idea used by believers in conglomerates 9 6) 2 A large industry with not many companies is (12) 3 When two companies join as . 5) equal partners they business (4) 4 a company's most important business activity: its . () 6 A company that buys lots of other companies is A large industry with lots of small competitors is (0) 0 A profitable industry that companies want to get into is 0) 2 nd 13 across when a company owns or buys its suppliers or customers (8 ) (5) 4 In a fragmented industry each competitor only has a small market (3) 16 f an industry is easy to get into entry barriers are 192
An execu tive in a consumer go ods company is talking Complete what she says with expressions from A and B opposite m w rn o onumr oo Ovr r w v m numr o (1) un ompn n w our on-rm pn o in numr xpron mn on onumr oo ompn n Europ T w now own r numr o w own rn v om n (4) n vr u o mn So w r now run numr o rn rom o n n un o ompn o onnr on our onrm w m n r ru or our r or An our o nr (5) nr powr w rn u nw (6) rom omn no nu o our poon w urr rnn.
Over to
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hink of a recen merger or takeover What benefits were claimed for it at the time? Have the materialized?
Busine Vocablary n Use Advanced
47
20
Innovation
_
Innovation and the development process
n '
Enrique Sanchez is head o new prduct /i develpment at a large cnsumer prducts cmpany: 'We want t foster creativity and innovation -the develpment new ideas. Ours is a large cmpany, but we want t avid becming bureaucratic, with slw decisinmaking We encurage emplyees t be creative within the rganizatin and t wrk n their wn prjects utside the usual ramewrks; we allthem t spend 15 per cent teir tie n this In this way new prduct develpment can be encurged with sme unexpected idas beig prducedwe ind that this encurages -lever and unusual new ways t hinking We set up skunk works -a place away rm the main cmpny sites and utside the usual tructues t wrk n innvatins This is the way we d ur new product development. The mst amus example this was BM when it develped its PC aay rm the cmpanys main research and development (R&D) sites We irmly believe that cmpanies have nly tw basic nctins: innvatin and marketng Ou marketing peple are heavily invlved in new prduct evelpment They get the reactins f9cus groupsgrups cnsumers wh say what they thin! th� prductat a very early sage in the .
development process:
Pioneers, fllowers and disruptors
One prblem is t knw whether t intrduce a prduct r service bere anyne else r t wait r thers t intrduce similar prducts Sme say that ifyu bring a product to marke irst u hae first mover advantageyu can inluence the way e market develps These cmpanes r the prducts are trendsetters innovators Others say that its bettert be ollowers nd learn r the mistakes the pioneers' There are cases where new entrants t an industry arive with a cmpletely dierent way ding thingstake Uber and the taxi industry r example They talk abut disrupting the industry and are smetimes reerred t as disruptors .
Pioneer is also a verb but s moe frequent as a non. Disruptor s also spelled disrupter.
Shakeout and consolidation
A new r emerging industry perhaps ne based n 3 new technology can be attractive; the ure structure the industry is nt yet established and here is rm r many cmpetitrs Bt as grwth in the new market slws smaller cmpetitrs with higher csts can n lnge cmpete They drop out r are bught by the larger cmpanies in a prcess shakeout and consolidaion leaing the larger cmpanies with the resurces t dominate the industry which is nw mature
48
Business Voabular n Use Advanced
20.1
Complete the table with the appropriate form of words from A and B opposite, and related words. Nu g) I Nu (/gz) ! jcv -/-g reatiity reatieness reatie nnoation brearati ingenios pioneers disrptors I
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20.2
203
Complete the sentenes with the orret forms of expressions from B opposite in design and ease of se and other phones had to 1 The iPhone was seen to be a ath p. 2 An in email and online adertising Yahoo was soon sholdered aside by Google 3 When one ompany a sessfl bsiness ompetition ineitably intensifies Consmers benefit from the reslting ts in pries and improements in qality. makng things inented elsewhere more 4 So far Taiwan has always been a heaply Mirosoft's Oie site with its own series and email that yo 5 Google has neer throw away Look at the following fats abot the deelopment of the market for on line book sales. They are not n hronologial order Complete eah fat with an appropriate form of an expression from C opposite Some smaller ompanies stopped selling altogether they here is a trend towards fewer and bigger ompanies in the market a trend towards 4 5 6
Selling books online in the 990s was new it was an Amaon and a few others lead the indstry they it The market is no longer yong it is now The rles of the game' are now fxed the strtre of the indstry is Over to
\"
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:
• s it always difilt for large organiations to oe p with nnoatie ideas and prodts? • How oes yor organiation prode new deas? • Thnk of ore exaples of indstries that hae been disrpted by new entrants and desribe how they hae been dsrpted
Busine Vocabulary n U Advanced
49
21
Preparing r the futur Scenario planning Manuel Ricardo works on,long-term strategy in a large il company: 'My job is to contribute to longterm plans for our futur activities. We have to antkipate judge and estimate what competitors behaviour and activities will be. We also have to look at trends in he general social and economic environment, and be reay to respond to changes' society and changes in the economy as a whole This is called scenario planning. In our organization we imagine ways in which the energy industry might change and evolve how the industry might develop and what the place of oil will be in relation to alternative fues in 20 50 or 100 years from now
Futurology Im a kind of futurologist futurist Of course · futurology is not an exact science but there are ways of forecasting predicting the future in a structured manner There is the Delphi method where a panel of experts mae forecasts about a subject independently and the forecasts are circulated to the other members of the group Each member then comments on the others observations The process is iterative repeaed several times Opinions converge become more similar and experts reach a consensus an agreement about what is likely to happen The method can be used to make predictions in a number of different applications uses The technique is based on the idea that a str1ctured group will produce more a�curate results than an unstructured one or from individuals working on their own It can be adapted for us e in faceto face meetings and is then called mini-Delphi Estim�teTalEstimate (ETE)
Risk management A related area is ris management Operating in politically unstable countries is one of the most extreme examples of where we have to manage risk. The dangers there may include nationalization of assets by the government Elsewhere we may be accused of working wi _th governments that people do not appro v e of We have to think about the impact of this in terms of r reputation for social responsibility (see Unit 49) There is the danger of oil spills from ships transporting our oil with the resulting pollution and associated costs of fines cleaning up etc In addition there is the much greater longterm cost of the negative effect this has on our image the way the company is perceived. A badly handled oil spill is a public relations disaster These are some of the potential crises we face We try to have contingency plans crisis management plans for all the risks we can think of If our computer systems are damaged for example in . fire we have business continuity plans involving backup machines on another site so that we can carry on working normally
50
Business Vocablary n Us Advancd
singular: crisis pua: crses
21.1
Manuel Ricardo is talking about the oil industry. Match the underlined words relating to the expressions in A and B opposite that he is referring to 1 'In studying the trends in the wider icture, we may find that there is increasing consumer demand for alternative fuels such as wind energy and we have to take account of this change in consumer expectations 2 Of course eole in m rofession take into account all the factors we can in making our forecasts but what we do is an inexact science 3 One of the problems with this aroach is that the members will come up with the same ideas as the other participants There is always a danger when you have a view that eveone shares that you exclude other possibilities 4 When you make these you cant avod looking to the past 5 'Of course is an inexact science - the only thing you can say for sure is that the future will be like the past but different 6 In this area some of our competitors are talking about scenarios over periods up to 300 years! 7 'This rocess of finding ideas and submitting them to others who then challenge them and send them back with comments can be very useful (3 expressions) 8 Its very diicult to predict how industries will chane and develo, and even more dificult to predict new industres that might emerge
212
Look at C opposite The questions are from shareholders at a tobacco companys annual general meeting The answers are from the companys chief executive Match the questions with the answers 1 Would you be prepared if the companys executives were kidnapped when working abroad? 'Do you approve of the governments initiative on preventing children under 16 from smoking? 3 What are you doing to protect the companys image in health issues generally? 4 's there a risk of nationalization of the companys assets by foreign governments? 5 'Are you sure that you have done everything to prevent damage to the companys reputation in extreme or unusual situatons?
Over -� " * ' .
D a 'Yes we are fully aware of our social D b
D c D d D e
responsibility in this area Protecting the image of any tobacco company is dificult but we support for exape the European Unions plans for stricter health warnings on cigarette packets We know our image will sufer if we dont Yes we have the best public relations firm in the business who know exactly what to do to prevent public relations disasters. No the trend now is for governments to sell stateowned assets in the tobacco industry rather than buy them 'Yes we have contingency plans to deal with that A special crisis management team will meet to deal with the situation
to
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• hat is the biggest risk for yor organization or one yo wold like to work or How has your organization handled risks in the past? What lessons has it learnt
Business Voabular Use Advaced
51
22
Risk and uncertainty
- Incurring risks Businesses take, run, confront or, more formally, incur risks of different kinds. They have to deal with unceainty not knowig what is going to happen in the future. Experts in risk analysis try to calculate the probability, the likelihood or, more informally, the ods of differen events happening in the future. usiness managers have to think about these kinds o risk for their organization a economic� the state of the economy as a whole might afect it performance b financial it might sufer from bad business decisions, and/or fom unwillingness of investors and lenders to continue funding it c human its employees or managers might make a harmful misake · d reg 'u latory- its activities might be restricted in new ways or become illegal e environmental - its activities might damage rivers the atmospere etc f reputational its activities or behaviour might be criticized, with its performance sufeing Managers attempt to reduce mitigat risk It can be minimized, but never completely eliminated removed Risk analysts and others talk about worstcase scenarios the worst possible combination of negative future events
I
Attitudes to risk Attitudes to risk how people fee about it vary widely.
Adrienne is an entrepreneur. Entrepreneurs are kno or their wilingness to take risks their risk appetite She is a ristaker ho has started seeral businesses two of them failed but one is very profitable. She tries o analyze the risk fctors involved in a potential business the things that will contribute to its success or failure ernardo runs the family business unded by his grandfather. He i� more riskaverse he has a low risk appetite and is very cautious For ample, he tries to limit his risk exposure by only trying to enter new markets where he is sure of success He believes in risk avoidance His risk strategy his plan for dealing with risk is basically to avoid it as much as possile
Insurance You can reduce unceainty and take out insurance against negative future events or eample businesses can insur against risks such as damage to their proprty theft of equipment and goods negligence actions (or inaction) by employees that harm other pople to maintain business continuity and against the cost of business interruption see Unit 21). The insurer will ask what level of cover is required how much the insured business will receive if it makes a claim The insured firm agrees to an excess- a particular amont that will be deducted if it makes a claim. In relation to all this infrmation the insurer issues an insurance policy and tells the business how much it will have to pay monthly or yearly in insurance premiums for the particular insurance cover nsurance companies have risk analysts who calculate the probability of various future events and how c e coan will have to pay out if they happen
52
Business Voabulary in Us Advance
22.1
222
Match these situations for the different companies below with the types of risk a-f in A opposite The government tells housebuilders that houses will have to be better able to resist fire A retailer sees reports that activity across the economy as a whole might decrease 3 A waste recycling plant fears that poisonous chemicals will leak into nearby rivers 4 A travel company's cruise ship is involved in a collision and lots of people see this on TV 5 A power company finds that workers have been falsifying safety reports 6 Shares in a car company fall when sales of its new models are isappointing Executives from various companies are taling about their attitudes to ris Use appropriate forms of combinations containing risk' in B opposite to complete what they say 1
When we look to export to new markets, theres always the things that can go wrng we have to loo at all the
3
Weve investe heavily in some politically unstable countries so we have a ceain egree of ( ossibilities) We put money into what we consider to be the safest activities you coul say hat we have a high level of The economy of our country needs people like this if new companies are going to be stare we nee people who are real We are a soli business growing at per cent a year We stic to what we now an have a low
4
5 22
We have managers whose job is to find the right combination between activities that are risky and those that are less risky they are the ones who work on our companys
Look at C opposite ad put these events into the correct order a Two weeks later Greta made a claim for €550,000 for compensation to guests for their inconvenience lost income for cancelled booings and the cost of new door locs b The insurance company agreed to provie cover of € million for this specific risk and an excess of €5,000 She paid a monthly premim of €500 c The claim took the insurance company six months to investigate and then they paid out €500000 aer educting the excess d She was very glad to have obtained this cover because one day computer hacers attacked the hotels computer system so that guests were unable to loc and unlock their room doors with their key cards about 0 guests were loced in an another dozen or so were loced out as it was impossible to open the doors manually e When the insurance company paid out Greta was relieved that she had insure against this worst case scenario even if she had not realized exactly what it would consist of! Greta had to call locsmiths to open the doors and she had to cancel guest reservations for the following week while the locks were changed g A hotel owner in Austria, Greta Schmidt, took out insurance against business interruption in addition to other more usual forms of insurance against fire damage to buildings and so on Over to _ :
I yo wor are yo a ristaer, or are yo risaverse? Give exaples f yo dont wor, thi about a ob yo wol like an ecide if you wol lie to be a ristaer
Business Vocabulary in Use Advanced
53
. :
23
� ;
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rHe foul Rs an te10
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·. ;
ThefourPs
Susanna Chang s marketing manager at a moble phone company: 'Of course, marketng is often defed n terms of the followng: • Product - decdng what products o servces to sell The word product for us can refer to a product or a servce, or a cobnaton of these. We have to decde what ou offers offerings products servces and cobnatons of these wll be • Pricing settng prces tha are attractve to customers and that are proftable fo the compny • Place fndng sutable distribution channels nd outlets to reach these customer groups • Promotion all the actvtes not jut advertisg and other forms of communication, used to suppor the product Th ncludes everythn from presales nformaton to aftersales servce These are the tradtonal four Ps f the marketing mix the factors that we use n dfferent combnatons for dfferent producFs and derent potetal buyers (see Unt 24).
Three morePs
But n servces such as moble phJne communcaton we also have to thnk about the fllowng • People The people in contact with our customers must have the rht attitude way o behavng, etc whether in our shops or n our call centres. They have to be helpfu welltrained and highly informed abouour products and highly motivted to sell them They are the publc face of the company, not only durng the sales process but aferwards Customers can come back th ther phones to get more "tranng from our sales assstants on how to use them. Ths afe�sales service s all part of the overall sales support. • Process Ths s the whole seres of evens fro ntal nterest n our compys servces purchase of a phone, connton, nvocng, etc._ Ths should be as efficient wellrun, problem ¢ ree etc as possble and contrbute to a · a �;-:] postve customer eperiece • Physical evidence Customers can ee our phones n our shops or on our webste, but they have to be convnced of the benefts of our servce as a whole. Untl the do, the servce remans intangible not vsble We provde physcal evdence of servces by gvg nstore emonstratons of people usng our phones, accessng the nternet, etc So my ob s much more than organzng advertsng campagns I work wth engneers fnance people and other senor manager to fnd /ferngs that wll appeal to customers 54
Business Vocabulary n Use Advanced
23.1
Susanna Chang is talking about her organization. To wich 'P of the marketing mix in A opposite is se referring to in eac of her statements? 1 2
3 4
5
6
23.2
We want to offer calls at a lower cost than our competitors We dont put our own brand on mobile pones - we sell pones from different manufactures for use on dierent call plans: both prepaid and montlybilled customers We advertise more and more on the internet We have our own ighstreet outlets, but we dont sell throug other chains We pone existing customers to ty to persuade them to buy more sophisticated phones where they can download other services. We sponsor sports events
Look at B opposite Complete the section headings (ac) with the three Ps from B opposite hen complete te gaps (7) wit expressions from B Use some expressions more than once a · ···
A service cant be experienced before it is delivered Tis means that choosing to use a service can be perceived as a risky business because you are buying someting (1) This uncertainty can be reduced by helping customers to see what they are buying. Facil ities such as a clean tidy reception area can help to reassure them b · ·
with your customers will make an impression and Anyone who comes into (2) that can have a profound eect positive or negative on customer satisfaction It is essential that all employees who work wit customers are te right kind of people for the job They must be , be appropriately trained and have the right highly informed and (3) (4) in dealing with customers The level of aersales (5) and advice provided by a business is one way of adding value to wat you ofer, and can give you an important edge over your competitors c .
The (6) of giving a service and the behaviour of those wo deliver it are crucial to customer satisfaction Issues such as waiting times the information given to customers and (7) sta are all vital to keep customers happy Customers are not interested in the details of how your business runs What matters to them is that the business works for them.
Over to ;c � : ,'-"; zs.·
• Tink f a prdut tat yu bougt recently Describe your purcase in ters f the fur s in A ppsite N desribe a service yu ave bugt reently in terms f te additinal Ps in B oppsite
Busine Vcabulary n Us Advancd
SS
24
Customer satisfactin
ThfourCs
Susanna Chang, mobie hone marketing manager (see Unit 23), continues: 'Th whole marketing!efort can be looked at from the point of view of customers, rather tan the opany, with the four ts: • Csomer solinwe aim to find a soution to a cutomer "problem by offering he right combination o product(s) and service(s) to satisfy particular customer needs For example, pay-as-you-go wa a dream solution for parents worri d about children running up big phone bills • Csomer cos he price paid by the cutomer for the product It includes the "price related to not buying aoher product of the sae or another type For eample, someone who buys a sophisticatedmobile may not then hav the money o buy a laptop or tablet that they wanted. • Convenience ditributing our product in the way tht is most convenient for each type of customer We hav to decide, for instance, how many new shops to open and where they should be We also hav to think about te people who prefer to buy online • Commnicaion ith the customercustomers are inormed about products through advertising, and s on, but the communiation is two-ay Customers also communicate with us, for eample trough telephone helplines This is a good way for us to find out more about what our customers want We can then change or improve our offering, and get ideas for new offerings Thinking of the markting mi in these terms h�lps us maintain a true csomer orienaion or csomer focs'
cstomereKpeations
hen customers get hat they hoped for, their xpecaions are me and there is csomer asfacion. Products, sadly, often fall below expecaions Whn epectations are eceeded you get more than you eected there may even be csomer delgh (see Unit 1), u this partly depends on how involved you are in the purchase There is a diference in your dege of involvemen when you buy diffeent products For eample, there is low ivolvement when yo buy something ordinaryJike petrol, and high involvement when yo purchase soething emotionall important such as a family holiday
- Cstomer dissatftion
Research shows that 5 per cent of dissatisfied ustomers dot complain they just change suppliers. Satisfied custmers create new busin;ess by telling p to 1 other people Dissatified ones ill tell up to 0 peop* Word-of-moh is a powerful form of advertising Some say that encouragg csomer loyaly allegiance is important for profitability They say that csomer reenion keeping eisting cusomers is ke Getting repe te heaper than finding ew customers omer defecion ut be reduced as much as possible of course, but a company can learn from los csomer analyss analysing its mistakes by asking those who do leave why they defeced erices like mobile phone and broadcasting companies have to reduce chrn the percetage of cusomers who change sppliers or who stop using the service altogether each year This is very cosly the companies ould preer, of course, t keep eisting customers and add more inorder to b u_ id their somer base *Phlip Koer and Kevin Kee:Mktg Management, eson, 2008.
56
Business Vocabulary n Us Avaned
24.1
A new customer for Sky satellite television services is talking. Look at A opposite and find which 'C he is referring to in each of the sentences 1
I wanted the satellite dish to be installed at a time that suited me
2
242
had some qesions about how o use he seie, so looed a he websie answeed all m eies
3
The os is e easonabl �onside _ ig all he hannels o ge
4
wanted a TV service with good recetion The ordinary V signal in my aea is very bad
Match the two arts of these sentences containing expressions from B oosite 1 The systematic analysis of customer claims constitutes an important source of information on customer 2 Dreze has researched customer 3 The companys acuisition of its rival led to customer 4 Maintaining customer 5 You can sometimes obtain customer
243
D
a loyalty programs for years and says the best rograms allow customers to earn points outside the business but redeem them inside b satisfaction or more likely on customer dissatisfaction c delght by delivering more than you promise d defections due to declines in service uality e allegiance results from continuing to provide excellent service which dissuades your customers from wanting to go elsewhere
Match the words and expressions in C oosite to the examles below A language school that ran courses for a companys employees - the comany was so pleased with the result that it asked the school o run more courses (4 expressions) he peope who use a particular supermarket chain considered as a group 3 A mobile phone comany that grew uickly despite not advertising much users just told their friends how good it was 4 A train comany with such bad services that 40 per cent of assengers stoped using its trains and took other forms of transport 5 A newspaper website where half the subscribers left each year but were replaced by new subscribers 6 he same newsaer websites uestionnaire to customers that le asking them to give their reasons
Over to fC1i �
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: "1
hink aout coee shops clothes shos suerarkets arlines or the ake of car that you drve o would lke to drve Are you/ Would you be a loya custoer? How is your loyalty rewarded
Busine Vocabulary n Us Advancd
57
25
Knowing our cstome l Market intelligence and market research Market intelligence is knowing about the lates trend in a market - th popl or organizations who buy or might buy somthing Ths tnds includ ,changs in buyrs' nds nw products that comptitors ar dvloping and so on. Som illignc can b gathrd by salspopl rporting what thy s going on whn thy visit customrs tc Or it might b gathrd by companis snding mytery hopper - rsarchrsWho rtnd to b ral consumrs who go into shops to s ow th companys products ar displayd how salspoplbhav tc. _Howvr finding out fully about a markt rquis systmatic market reearch marketing reearch. A spcializd company that caris tis out is a market reearch firm Rsarch can b carrid out using econqary data information that alrady xists and is publicly availabl and primary data - information col ctd for a spcific purpos Research stages Rsarch taks plac in ths stags: a Define the problem and the reearch objective idntify th xact purpos of th rsarc b Develop the reearch plan dcid ow t rsarc� is to b carrid out c Collect the data - gathr th informaton Pimary 9ata can b collctd through • obervational approach - for xapl atching how shopprs bhav in shops whn choosing btwn difrnt produts • cu group - a small group of popl isnvitd to discuss a product srvic organization tc with a moderator a spcialist in running group discussions lik this • online cu group- a group of popl iscuss th product tc onlin in a chat room discussion btwn svral popl o t intrnt. • urvey reearch a uetionnai is gin to popl fac to fac for xampl in mall intercept - popl ar stoppd and intrviwd in sopping cntrs or again on th intrnt bsit uss ar incraingly civing qustionnairs in this way • behavioural data information about hat popl actually buy rathr than what thy say thy buy or might buy (s data mining� Ui27) • experimental reearch, involving hypothee - possibl xplanations or causs - in scintific xprimnts to find th corrct on Rsarch such as this may us ample of popl wo ar rprsntativ of argr groups; t opinions charactristics tc of th sampl ar th samas thos of t widr group d Analye the data using tatitical technie - mathmatical mthod s ar usd to analyz larg amounts of data and draw concluion it find ky information of us to marktrs Preent the finding t reearcher comunicat what thy hav found in thir rsarch to th organiation Marketing plans T findings may b usd by th company as iput to thir marketing plan for a particular product or srvic Th plan includs t marketng mx (s Unit 23 rquird to achiv dsird rsults This typ of plan is tactical operational - rlating to th slction timing and spnding on ach lmnt of t mix A grand plan afcting a companys whol futu dirction is its trategic marketing plan
58
Busine Vocabulary in Use Advanced
25.l
Complete the sentences with appropriate forms of expressions fr om A opposite. 1 What makes a good ? The best notice both smal details an the big picture They focus on their own experience, but aso what is happening at the next counte 2 Salespeople may not ike having to spend time on a task for which they do not receive any payment In order to organize the function of the saes force sales managers should explicitly include this responsibiity in the saesperson's job description 3 We conducte collection using interviews and collection using pubished material 4 Even in a relatively youth-oriented industry such as athletic footwear seniors spent neary 13 per cent more in the past year than they did two years ago accordin g to data from the NPD Group a New York 5 The in pet ood emphasize not ony natura ingredients but also an increased obigation to identify the precise origins of those ingredients
252
Match these stages (15) in a market research project with the stages (ae in B opposite Researchers stoppe people in the street and asked them into the rooms to taste three dierent new instant coees They aske which one they preferred and got them to answer a questionnaire 2 Information from the tastings was anayzed not only the numbers of peope who preferred each type of coee but a[so their professions social cass etc 3 Managers from the market research firm were invite by Nestl to its oices in Zurich The research firm recommended that the coee to be marketed should be the east strong of the three that had been tested aong with many other concusions that would afect the marketing plan Researchers decied that they woud need a sampe of at east 1000 cofee drinkers in each maor European country They rented rooms in buildings on busy streets in Paris and other European capitals where they could get peope to taste the possible new types of cofee 5 A foos company wanted to find out if there would be a market or a new instant coee in urope t contacted Nielsen a market research firm
253
ook at C opposite Does each of these examples relate to a) an operational/tactical marketing p[an or b) a strategic marketing pan Folowing market research: 2 3 5
orthwest Airines merged with Deta Airines to guarantee their future Ford selecte the TV programmes during which its new Fiesta model would be advertised BM sold its PC business to Lenovo okia state including a satelite navigation feature on its mobile phones Appe cut the price of its iPo Over
to
, J
esribe one type of arket researh that your organiation or one you would ike to work for arries out and soe o its indings
Business Vobulary n Ue Advanced
59
26
Knowing yur customer s 2 Segmentation A segment is a group of customers or potential customers with similar characteristics, needs and requirements. Segmentation allows marketers to identiy and differentiate between the n eeds of the customer groups that make up a particular market Marketers may ofer different produts to different segments,or they may offer the same product,marketing i in different ways. For example, HD (high-definition) television screens are mareted differently for households and pofessnal users such as cafs and bars. They are positiond in different ways or each segment. Segmentation,identifying particular taget goups, can be Segment is also done in various ways used as a verb. Customer groups Customers can also be divided up by beh�vioal segmentation why,when and how oten they buy a particular product,their attitude towards it,etc. Identifying people who drink Coke a home rather than in cafs is an example o behavioural segmentation based on situation of use. In demogaphic segmentation customers are divided up on the basis of age occupation nd social class middle class,working ass,etc A company may intend its products to appeal to a particular demogaphic t9 be attractive to one of these groups People rom a given social �lass may spend their money in particular ways,but it can be more useful to look at people's lifestyle the overall pattrn of how they live,what they buy,etc Here, values opinions activities and inteests are importat Psychogaphics is the activity of attempting t categorize people i this way For example,the VALS system* divides people int groups such as: a actualizes successful,active people with cultivated,expensive tastes b stuggles poorer,elderly people who are loyal to amiliar brands c expeiences young,enthusiastic people ho spend a lot on clothes,music,etcwithout planning or a long time what they are going to buy d believes conservative people who prefer miliar products and established brards e makes practical familyoriented people w10 buy practical,untional products such a tools f stives people without much money,but ho buy stylish products to imitate those with more money New technologies, new concerns n retailing,adio-fequency identiition (RFID) can be used to tack llow prchases made by individual customers even more closely tha loyalty cads see Unit 27) Each product is identiied by a tag Electonic eades can sca tags in one go tQ see what is in a shpping trolley,a kitchen cupboard,etc This inormation can be" used to build pofiles deta iled descriptions of individual shoppers. On the internet,the technology exists o aalye taffic to a particular website by tracking the way that visitos use it and inteact with it How many people just look around and leave withut buying anything? How many convesions vsitors who go on to buy somthing are there? How any vitual shopping cats are abandone how many start a purchase without completing i? And the sotware exists to track the overall int net usage of individual users all the sites that they visit,how long they stay on each site, etc Mareters can use this infrmation to buld proies o diferent user groups Of course,all these things raise concers in thareas of pivacy and confidentiality; Y
60
Business Voabfry i Ue Advqced
26.1
Use expressions rom A and B opposite to complete these statements by people working fo r dierent organizations. You can use some expressions more than once 1 'I work or a food products company We make a powder that can be added to hot milk to make a nutritious drink It is used to make two dierent products and sold under two dierent names to mothers who feed it to their babies and to old people who drink it to get important vitamins O course, these are two entirely dierent This is the basis o our 2 We sell car insurance We calculate the premiums using applicants postcodes because this tells We are great us about the areas our customers live in and their believers in 3 'I work or a political party When we knock on peoples doors and ask them to vote for us we never try to persuade people who are hostile to us We concentrate on those who are favourable allows to us in some way even i they havent voted or us before. This us to target our resources better 4 work on health campaigns to discourage people rom smoking One of the most important · ___ is young people from 12 to 18 We want to discourage them rom taking up smoking in the irst place
26.2
Look at B opposite Match the consumers (16) with the VAS types (a) in B opposite 1 a father of three children who spends a large part o his weekends in doityourself stores 2 a middleaged person who goes out to buy a vacuum cleaner chooses a Hoover and avoids the new hitech brands like Dyson 3 a proessional person in her 30s earning €80000 a year who buys opera tickets at €100 each 4 a single woman of 22 who spends a large proportion o her income eating out and on clubbing without thinking much about her spending 5 a woman in her late 20s who spends 30 per cent o her income on expensive clothes brands so as to eel more at ease with colleagues who are earning more than her 6 someone with a basic pension struggling to reach the end o the month who buys food brands that she knew in her childhood
263
se expressions, and expressions grammatically related to them rom C opposite to complete the text
Google AnJyics now makes the features that expers dmand easy to use for everone. Gan rich insights into your Website {1) , with Advanced Segmentation Custom Reporing; Motion Chas and more Lrn more about where your (2) come from and how they (3) with your ste You'l get the inormaton that you �ed to write better ads strengthen your mareting initiaties and ceate hgher-conveing websites Learn more about the benefits Google Analytcs is free or everyone whether you are an aderiser publisher or site owner You can now use your Google Analyics login to access ebsite Optmise Find out whch page designs Headlines and graphics (5) the most istors
Over
to
1�-
hink o a product you have bought recenty and analye your purchase in tes of soe o the diferent types o seentation
Business Voabulary n Us Advacd
61
27
Knowing your customers 3 Data and databases
'Hi, m John. I head of data management t a big supermarket chain Customers can get money back by using our loyalty card when they go shopping Loyalty cards allow customers to collect points that can be redeemed against future purchass either with us or with other retailers in the same scheme 'This gives us masses of data about our customers buying habits which we then hold on our da:abase. We can follow what each of our cusomers buys and enrich the database with his information Here are some fequent combinations with data: analyss finding useful information in data (ee Unit 25) management the way data is colected, organized used, etc finding useful nformation in large amounts of data, using advanced data mnig techniues protetion preventng access to data by unauthorzed people and organzations warehousing keeping data safely Customer relationship management
Of course, with all the information we ' r# · � have on our computers in our data � :•i warehouses, pwerful computers are . needed to analye it This analysis is called � i!+ data mining We look for particular " .' patterns in conmer behaviour The data can be used to trget particular types of customer We build consumer profiles For example if someone has bought organic food in the past special offers are sent to them so that thy get reduced prices on future purchases of organic food All this is part of the wider picture of customer relatinship management (CRM) - ettin to know your customers The computer programs that we buy to do our data mining are referred to by their sellers often companies who pecialize in this, as CRM software packages CRM solutions 'Dealing with cutomers as individuals is our ultimate goal, but we are still a long way from this ideal of one-toone mrketing This has also been described as segentofone marketing The computer maker Dell may be on its way to this ideal; it puts together its products according to the specifications - equirements - of individual customers in a prcess of mass customization There are issues of privac and confidentiality that we have t be careful a about - customers have the right to check the inormaton tat we o ar about them We must be careful to obey the law on data protetion.' BrE:
AmE
62
Busine Vocbulary in Use Advned
27 .1
Complete the sentences with words that can follow 'data from A opposite by choosing the correct alternative. A key technolgy for monitoring and analyzing business performance is data - (protection/ warehousing) a data warehouse brings together data from multiple systems inside and outside the rganization 2 Facts commonly used in business data-- (analysis/management) are units costs prices, and revenues. 3 "Instinct alne isnt going to be able to predict the categories consumers want Selden says "The only way to get that insight is through data (mining/warehousing) _ (analysis/protection) security of access and 4 Security issues covering data physical security have been given close attention 5 The best companies demonstrate a strong organizationwide culture that values customer data - (management/warehousing) and actively uses the data to build better customer experiences
27 .2
Match the two parts of these sentences containing expressions from C opposite. We store data in a way that ensures the strongest 2 Linkages between customer satisfaction customer loyalty and customer relationship management (CR) have been created 3 In future computers will be able to follow us down the High Street checking which shops we go into and what we buy. 4 If customers cant opt out then that breaks European data 5 Bell Canada has adopted a faster more flexible CR
D D D D
a Over time emphasis has shife away from raw satisfaction measures towards loyalty and CRM b Critics find the prospect of onetoone marketing somewhat disturbing c prtectin law which demands that companies cant store your info without asking your permission d safeguards are in place to protect privacy and confidentiality e solution in less than two months he objectives were to ensure customer service and support through quick implementation
Over to " = · -"' �t1 I , _ r
Think abut yur rganiatin r ne you would like t wrk r • hat kind nratin des it hld abut its custers? • Hw des it get the inratin? Hw des it use the infratin?
Business Vocabulary n U Advancd
63
28
Brands and branding Brand equity A brand is a name given to a product or grop of products so that they can be easily recognize d. 'The most distinctive power of professional markters is their ability to create, maintain protect and enhance - strengthen the power of- brand$,' says Philip Kotler*. Here are some frequent combinations with •rand These are some of the issues in branding · the art and science of using brands: image loyalty awareness brand
identity recognition equity
what people tink of when they think of a brand the degree to which peope contine to buy a brand the degree to which people know about a brand what a brand mean repreent, etc the degree to which people recognie a brand the vaue of a rand to it owner a ometime hown on a firms baance sheet
he obnaton wth d are en n deendn order of feeny
Brand positioning and diferentiaion
High price per 100 grams
A firm can position a brand by emphasizing it characteristics and benefits in relation to oter Brand C brands- this is brand positioning. A company • Low High can position its products in a particular wa i in in relation to each other and/or to competing Brand B calories calories products- product positioning or it can • position itself in relation to other companies. Brand A • This can be represented on a positioning map Here is an example of a positioning map for Low price per 100 gras different brands of breakfast food Dierentiation is when a company designs a product in a way that distinguishes it from competitors brands and communicates the oparative benefits to customers in its sales documentation advertising etc For exampl Air New Zealand ran a series of advertisements with scenes filmed recently in our cabins By showig these authentic scenes the airline wanted to differentiate itself as genuinely more caring twards customers more human etc.
Brand stretching A flagship brand is the most important brand owned by an organization for example Coke is the most famous of the many so drink brands wned by CocaCola. A generic brand is one used on a variety of different products For example the brand name Nestl is used on all the food products the compan owns even if another brand name is also used on some of the products. Brand stretching or brand extension is when a company uses an existing brand name for new types of product Consumers are expected to associate some of the same characteristics with the new product think of the product in the same wy but there are limits to this Brand stretching can lead to brand dilution making the brand less powerful and thus can damage the core main brand. •Philip Koter and Kevin Kele: Marketing Managemen, Peaso, 2008.
64
Busines Voabular n Use Advanced
28.1
Match the two parts of these sentences containing expressions from A and B opposite. 1 We saw Formula 1 motor racing as a cost-eective opportunity of increasing our brand 2 Taco ell's strong brand 3 Simon and Sullivan (2007} define brand 4 Pharmaceutical companies sold prescription drugs at college health centers at large discounts so as to grab customers at a young age to build brand 5 Cingular did a tremendous job of building brand 6 Its true that MW's brand
O O
O
282
a image evokes food dripping with sour cream and cheddar cheese b recognition, but the name change made sense because AT&T needed to have a single, unified brand c awareness worldwide d identity is to do with more aggressive more fashionable more exciting, sportier cars than competing luxury brands e equity as the profits from branded products over and above the profits that would result from the sale of unbranded products loyalty that might last a lifetime
Look at B opposite Complete each sentence wit the correct form of the word in brackets (position) itself as an attractive destination for 1 Las Vegas has successfully conventions (position) it as a workhorse that would 2 When SG brought out the Altix they run with minimum fuss rather than as a breakthrough machine designed to set supercomputer records (position) has shifed with a new marketing strategy significantly 3 The brand enhancing the fashionability of the Burberry brand 4 Superior products and processes provide a means to (dierentiate) the corporation from its competitors ' (dierentiate) is preferable because it throws the emphasis on the 5 The term need to be better than rival products not ust in some general way but i n precisely specified ways 6 The marketers of all these dierent brands of vodka will say Well ours tastes better or Ours is special this way or that way they're all trying to (dierentiate) their brand.
28.3
Look at C opposite Was each of these brand extensions successful, do you think? Give reasons for your thinking 2 3 4 5 6
Ivory soap extended to dishwashing liquid and gentle care clothes washing detergent Bic pens extended to perfume using the small disposable pocket items association Coke extended to New Coke Dole pineapple juice extended to fruit juice, fruit salad and frozen fruit bars Woolite fabric wash extended to carpet cleaner spray Campbell soups extended to spaghetti sauce Over
to
ink about your oraniation or one you would like to work fr at are its brands? Wat are its flaship brands? Are tere any examples of bran extensin?
Business Voabulary n Us Advac
65
29
Global brands Steps abroad 1
Katrin Braun is maketing manage fo a Geman company ,th�t makes fokifts: 'We started to get inquiies from sia so we appointed found a used agents there who coud hep us with indirect export. Te represented us and sold our machine These ex�lusive agens each had thir own sales area - the agent in. each area was the on peson aowed to se our poducts thee Saes grew and we moved on to direct e}port we no ogeH1sd agents but haded expots ourseves We had a export manage based here in Geman but she spet ten months a ea traveUng · in our diffeent makets Steps abroad 2
Then we started licensing our production techniques to companes aboad we sod them the rights manufacture our forkifts 1der licence for thei markets In China for exampe we had a licensinJ agreement with a compa to produce and maket our foki{ts I there But in India we signed a joint venture ageement withan i estabished materias handing compa who knew the market w We woked with them as eua patns We set up a spea compan and we each invested the same amount of moe in th project addition personne fom both companies wee invo(ve rE licence license r AE license Ari licensing agreement i i licensing arrangeent, licensing deal licensing pact. r ri r i i rr r he agreement woked ve we for five ears; ut then we decided make a direct investment in India we decided to buid a forkift production pant nea deabad ad market our product ourseves Think global, act local?
We have global offerings we oe exact the same products a ove the word as equiements in frkifts are the same evewhere We teat the word as a homogenous marketwe dont need to adapt ou forkifts to individua makets Compaies that do this tak informa about glocalization
FL is now a global brandour products ae enjoed i 20 countis a ove the wod
Business Voabulary n Use Advanced
29.1
Cp H K pn xp B pp (U xp ) p p • 8 • From: j@p Subject: O ... ...... : @z a
. agreement has not been Dear Mr Steinbosch I'm very sorry that our a success Sales have been falling, with quality of what we manufactur together in South Africa a big issue as you know Grace b 1,
• From: Subject: To:
j@p . . . . @jz<
-
'
Dear Sirs Sohaircon are manufacturers of environmentally friendly air conditioners with custoers in over 0 countries around the world We are now looking to sell our roducts for the first time in Africa We would like to market our air conditioners in South Africa and neighbouring coutries through eclusive each with heir own sales territory ... ... @p @z Dear Mr Steibosh I was very nice meeting you in Johannesburg on Tuesday Thanks again for a very rouctive iscussion! We would like now to draw u a beween Sohaircon and Airdistrib so that your comany can make our machinery at your lant in Port Eliabeth If this arrangement is successful we would consider moving on in a few years to a full agreement between our two coanies
•
Subject: From: To:
,=
.
d
From Subject: o
j @p V @z
RP
Dear Mr Steinbosch It was very nice meeting you in ohannesburg on Tuesday Thanks again for a very roductive dscussion We would like now to draw u a between Sohaircon and Airdistib so that your comany can make our machinery . ........ at your lant in Port liabeth If this arrangement is successful, we agreement would consider oving on in a few years to a full between our two comanies ·
292
. ,
L C pp p 1-3) ) ) p p p ? 1 p p p Over t0 2 p p 3 xp p xp xp Business Vocablar n Use Advanced
67
30
Supply chain management Manufacturing Here are some frequent combinations with 'manufacturing: sector plant jobs manufacturing
productivity capacity operations process
the sector that akes things, rather than other sectors of the economy a factory work making things rather than in other sectors the amount produced by each worker or group of workers their output the amount that can be ade at a partcular plant or at plnts as a whole activities related to aking things all the stages involved in making something
'
�
Manufacturing plant sounds more modern than factory works.Fab plant is used to talk about one were hitech manufacturing of silicon chips the
main components of computers takes place. An assembly plant is one where products such as cars are put together on assembly lines. A new plant is built a ·nd production is ramped up progressively increased. Perhapsthe plant will operate at full capacity produce as much as t is able to or below capacity plant that is not operating at all is idle. Manufacturing operations depend on networks of suppliers raw materials, components, et. that have to be ordered and delivered at the right tie. These suppliers make up the supply chain a nd organizng an managing it efficiently is supply chain management (see Unit 31). Veical integation When Ford started making cars it raised its own sheep to provide wool for the seat covers! This is an exampl of vertical integration when a company produces everything internally that it needs ownJng all the stages of the supply chain itself Many organizatios outsource some of their requirements and buy them in from outside (see Unit 32) The uyingin process is known formally as procurement In advanced manfacturing suppliers are integrated into a manufacturers information systems. They oen deliver required parts just-in-time, eliminating the need fo waeou adli and storage in expensive warehouses Managers from the manufacturer often supervise the suppliers own production lines. This leads to clusters groups of suppliers located very nea the manufcturer their main or only customer Plants such as these that provide components to only one nearby manufacturer are captive plants Retailing Services such as retail that involve the movement of physical goods also depend of course on managing the supply cha in efficiently The eficient transpo distribution of goods and their sorae esecall in automated warehouses managed by sophisticated omputer programs, is known as logistics (see Unit 3)
68
Business Vocabulary n Use Advanced
30.1
Match the two parts of these sentences containng expressons from A opposte. The perfume bottle manufacturng 2 Our mproved fnancal results are due to better manufacturng productvty 3 The state has lost about 1700 manufacturng 4 Many Hong Kong manufacturers have adopted advanced technology and machnery n the manufacturng 5 In the manufacturng 6 The company has twce as much manufacturng 7 With 207 revenue of $28 bllon the company has manufacturng
302
D D D
a led by our Chef Operatng Ofcer b jobs during the year, contnung a decade-long declne c plant s the only one that the French glass manufacturing gant operates n North Amerca d sector eectroncs has become a maor export actvty. e capacty as s needed; the plant has 900000 square feet of unused space operatons on fve contnents and its products are sold n more than 50 countres g process to mprove ecency and product quality
Complete the artcle with these expressons from A and Bopposte Use one expresson twce. captive plants
integrated
ustntme
process
supplers
warehouse
When Western businesspeople rst went to Japan, they discovered the interlocking relationships between companies and their (1) . often funded or owned by a common umbrella organizationthe Keiretsu These company partnerships were quite naturaland as the geniuses at Toyota carried out decades of warfare on waste in every part and (2) of their business what could be more wasteful than supplies on (3) shelves for eventual use? Out of Japan came (4) supplies · nerve-racking r traditional Western factory managers It is still exciting to see less than an hour's supply of car seats stored in a Japanese auto plantaready stacked to match the colour of the cars that are on the production line Behind the handshake between need and supply was something more than (5) computer systems When Japanese auto companies started manufacturng in Britain they trained some local UK supplers to their rigorous bult needs But the vital components were made in new {6) by their usual Japanese (7) close to the British plant 303
Complete the table contanng expressons from Band C opposte Verb
Noun(s)
retal
retaling
warehouse
, warehousing
transport
transportaton
dstrbute outsourcng
k o a auaturr your outry ad dr t proa uppy a.
Business Vocabulary Use Advaced
69
31
Logistics Logistics The Council of Supply Chain Management Pofessronals (CSCM) in he US has defined logistics as'. ha pa of pply chain management (see Uni 30) ha plans implemens, and conols he eficien cos-effecive forward and reverse fow and storage of goods sevices and elaed infmaion bewee he poin of oigin and he poin of consumpion in oe Q me cusoes equiemens Anoe definiion by CSCMP is e managemen f inventory stoc a es o in moion The invenoy efe o he can be of raw materials components: • work-inprogress fo example some cas e anspoed beween quie disan plans fo diffeen pas of he manufacuing poces • finished goods A manage who woks in logisics o an academic who sudies he subjec is fomally a logistician.
m.
BE: n nnl E er BE wrrre, E wrre eyre
Word combinations with 'logistical The elaed adjecive is logistical o muc moe ael logistic Hee ae some fequen combinaions with logisical s ineesing o noe he negaive naue of some o he mos fequn wods following logisic�!
logistical
nighmare problem difficult challenge hurdle obstacle
Reverse logistics Reverse logistics involves he flow of maeials back to he disibuion poducion o supply sages hee vauable otcomes
esul fom hei eun* Sustainable development equis manufacue o be eponsible fo hi poducs from cradle to grave fom hi pduion o hei disposal recycling
One iniiaive in his aea is he opean Union rective se of uleson waste electrical and eectronic equipmet (WEE) The diecive gives guidance on • Reuse involves using he poduc again wihou goig hough one of he seps below • Repair involves fixing o eplacing boken o nofuncioing pas o componens fo use by he oigina o anoe buye
Wase compue dives fo ecycling
• Refurbishment involves esoing he pouc back o he oiginal specificaions Refrbishe poducs oen ave educed capabiliies and limied addiional sevice life
• Remanufacturing aims o upgrade he pouc impove is qualiy and pefomance fo example wih addiional functions and fetures • Recycling aims o salvage save fuue se as much value as possible fom retired no \oge se poucs hs involes eusi pas n comonens om os that have been dismantled aken pa and by cveing aeials *David L. Rainey: Sustainable Busness Deveopmen, CUP, 2006. 70
Business Voablary n Us Advancd
31.1
Match these people and things (-7) with expressions in A opposite. You can use more than one expression with our of the items 1 2 3 4 5
finding the best way of getting goods to the supermarkets in a supermarket group a university professor who lectures on supply chain management the subject taught by the professor in 2 above aircra wings to be used in the construction o a pane washing machines on a truck going out o the factory gate, rather than components being delivered to make them 6 the cotton to be used in making thread for clothes 7 books in a ookshop waiting to be sold 312
Match the two parts of these sentences containing expressions from B opposite At present internet sales of meat are restricted to Britain because of the logistical 2 There are a variety o logistical 3 Poor weather conditions company mergers and booming grain export demand have combined to create a logistical 4 The plant's lack of a waterside location created logistical 5 Providing child care is a logistical
313
D D D D
D
a nightmare for railroads this year slowing grain shipments b challege for working parents as well as a financial burden c diiculties and additional costs owing to its need fr access to water d obstacles to opening up a show that has not been perormed for two weeks from restarting complicated machinery to doing the dry cleaning. e problem of exporting small orders o fresh meat.
Look at C opposite Then use the words below to complete the article dismantle
disposal
recycle
refurbishment
remanufacturing
waste
•••
XEROX EQUIPMENT RECV l�f;: " .'�! •
Xerox was a pioneer in the (1) . .of retired copying equipment into new - free products for sale to customers As part of the companys (2)' initiative: Xerox established a customerproduct takeback process The initiative included designing new poducts with (3) . in mind and creating a remanufcture and parts reuse production capability and marketing effort Xerox understood that retired copying equipment presented opportunities fr creating value an d improving the total solution r customers and stakeholders Taking back endoflif equipment relieved the customer of the cost and effort of (4) , Xerox received equipment that had been in use and could study the implications and impacts of earlier design and production decisions It had evidence that could help current designers create improved products and better solutions Xerox designers also received the insights they needed to make their products easier to ( 5) refurbish and (6) . Solutions to the endof-life consideration have to be built in during frontend design and production Xerox has become a master at thinking about the total solution
Wat a t an ota nhtma f ur anzatn o on u wud t w ?
Busine Voablary n Use Advanced
71
32
Outsourcing and offshoring Outsourcing Outsourcing is when organizations p subcontractors - outside suppliers o do work that was previously carried out in-house (see, for example the first three combination below). These activities may be described as !Oncore not a part of the organization's core mpetences or competencies the skills that allo it to maintain its competitive edge (see Unit 17) For example, Kodak considers that its coe competence is electronic imaging and has kept this inhouse; it subcontracts farms out many othr activities A key problem is identifying what is core and non core A company must undertake transaction cost analysis of each activity to see whether it would be cheaper to outsource and benefit from a suppliers expeise - skills and knowledge - because it does not have this expertise and is unwilling or unable to develop it strategically The company has to decide which capabilities - skills are central to its particular corporate culture - the way it does things, how its employees think, etc .
Here are some frequent combinaions with outsourcing' business process
administrative tasks
inrmation technology {IT)
computerbased tasks
logistics
outsourcing
transport and warehousng
strategic
outsourcing that is important or the companys longterm goals
offshore
ofshoring see below)
Business process outsourcing Business process outsourcing (BP includes:
• back office outsourcing whic involves business functions such as: a purchasing - buying in materials, etc b payroll paymen of emploees salaries c billing invoicing prepar}ng invoices and sending them to customers • front office outsourcing whic involves customerfacing services, such as d technical support - maintaning products bought by customers, training customers etc e marketing
. Ofshoing
=
72
Outsourcing to companies abroad is shoring. Financial institutions were among the first to offshore their back office operations,with call centres and IT services moving to countries such as India and the Philippines, part of the trend for businesses and economies to globalize However there is now a reaction Some companies are bringing home operations that used to be done abroad in a process of inshoring Similarly isourcing is when organizations that had outsourced activities bring them back in-house
Business Voablary in Use Advanced
32.1
Replace the underlined expressions with appropriate forms o f expressions from A opposite. 1 These are something that really benefit our customers and our competitors can't easily imitate them 2 The are very reliable hey provide the services more cheaply than if we did them here their level of knowlede and skills is greater than ours Anyway, these are not strateicall imortant activities for us 3 ! has shown that it would be cheaper to anage our IT networks ourselves, rather than ettn another oranization to take care of them 4 Only we know how to make this paint and this gives us a great advantage But if our rivals steal our industrial secrets, we will lose ' 5 The wa we do thins round here is based on advanced pharmaceutical research by the best minds in Europe
322
Which area of BPO (a-e) in B opposite is referred to in each of these situations 15)? A company started outsourcing to different specialied firms and found that: 1 employees started to coplain that overtime payments had been miscalculated 2 its product brochures were much better and led to more sales 3 the machines that it sold were better maintained 4 customers complained that they were being bullied for payment 5 the cost of its company cars had gone down
32.3
Look at A and C opposite Then read the article and say if the statements are true or false
Why have councils llen out of love with outsourcing vital services? A Guardian invetigation o the 36 strategic public prvate partnerships (PPPs) where local govement authorties outsource activities to commercial companies has und that 13 o the contracts signed between 2000 and 2007 which ranged m even to 15 year and covered back-oce nctions property management and highways have since gone back inhouse either at the end o contract or a a result o ealy terminations That means that in more than a third (36% o cases councils und that delivering services in-house could save more than by outsourcing to commercial companies From the outet Cumbra came ce to ce with the rgidity in its prvate contracts he council committed to one o the rst major public-prvate partnerships r highways and building management in and it outourced a host o evice om radworks to in the ubsequent yeas nstead o the costeciencie hoped r Cumbra's councillors say they tussled with contractors and
1 2 3 4 5 6
lacked the bargaining power to keep price down. They say that the prvate companie could name the price r any additional out-of-contract eice that arose When the contracts r highway and oadwork went up r renewal between 20 I and 2012, the Conevative council leader Eddie Martin ught o political presure and brought all highway and road operations back inhouse. " was leading a ve committed group o Conservatives and it was somewhat anathema to think aut insourcing, ay Martin "he govement says that outsourcing i everything but while it might get you an initial cheaper price that prce simply doesn't lat you loe exibility and it caues a great deal o unrest Now Cumbria estimates it saves £18m each year on highway and rad serices And when disater trike like the recent oods it says it can deploy sta in a heartbeat as council sta dont need to negotiate on outof contact work
Outsourcing always saves oney for local government authorities About twothirds of publicprivate partnership contracts have continued according to the survey Cumbria only outsourced highway maintenance Cubria managed to keep prices lower than they would have been inhouse Soe of the areas Conservative councillors continue to be in favour of outsourcing Apart from cost flexibility and unrest among employees are given as reasons for bringing back services inhouse
oo o o? I o Busines Vocabulary n U Advaced
73
Broadband internet
High-speed broadband access to the inere, makn easer o download ex pcues nd vid etc. has now become welesabshed. Hgher bandwidth- conecon seed" allo bete ue f som applications such as webcams for woway vie comcon a videoconferencing, whee pole n w or moe locaos an ee and talk to ch or. Internet TV has also emeged wih uses able o ah televsion as streamed ve he ernet and with videoondemand (VOD) sees sc as e BBC's Player o wch pogamms e Intere cess easngly avaabl on wireless LN (local area network) systems ommnly kwn as WiFi. To cces th ntee n hs way you hae to be n a patcur hotspot a ple sch a caf arpor rmnal ec. eqpped wth he nework. Mobile internet
Ts rele o accessi he nere v mobile devices ch a moble pho tablets handhelds In ths aea, a ew aego of comper as emged: he netbook a small poable lapp ompuer wh no movng pas speically desgned o browse surf the internet The standar moble communcations cology fo don s s 3G 4G Mob devces eay ome loadd equppe wh dfeen appos apps pogram for feent uses o example email music player suh s Appe's Pod ec Aoe f tese aplcaos s SatNav satellit� navigation usg GPS (Global Positioning System) wth mapping o see whee yu re an navigate plan follow rotes. Moore's law
As ever Moore's law is ayng is par n bnig down he pre of dffere deces. This s he pncple ha he computing pwer o a parular sze of computer chip e basc oponen of ompues wll rghly doule every 18 mnhs. means tha he cos of a parua un of oe o ha ve 18 mon reseeable future. The w s named afer Godon Mooe coounde of he ch cmpany n, who made he predc 965. 74
Busines Vocabulary in U Advand
33.1
33.2
Use expressions from A and B opposite to complete these sentences. 1 Akimbo oers inividual TV shows as well as TV 'channels like the Anime Network 2 American Airlines replaced its network, including all its computers and put in higher to carry data pictures and graphics Eleutian Technology is a company that uses Wyoming teachers to teach South Koreans how to speak English via . Most of the cameras dont ofer 4 Many day-care centers oer streaming video, but the quality is generally good enough to pick out individual children. 5 Microso has enabled the Xbox to movies and television shows 6 Streaming video iers from in that its not downloaded to a computer Rather it streams playing only once on a computer, while downloads are generally accessible more than once broadban network fo fans who want to 7 The New York Giants set up a access the internet on their laptops or mobile devices during the game. Read this avertisement an answer the questions using expressions from A an B opposite •••
I n ju b phn n wn: unn v u p n n nn bw h Opu 3000 h h 3 b hn n h b w hn I n h u nu P n h u n bu n wnd h Opu
33.3
1 Which technology does it use to make calls and access the internet? 2 Which technology does it use in hotspots? Where can you buy new applications for it? 4 What o you use to avoid getting lost? 5 What do you use to find and access ierent websites? Use Moores Law in C opposite to do the following calculation. In 1987 the cost for a particular size of computer memory chip was US$125 What was the cost for the same unit in 217? Choose from these options (ac) c 1 cents b 1 cents a $1 Over to
-
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• hat kin device yu usually use t access the intenet hat st sevces yu tyically access exale tballactin ve elays intenet shn weather ecasts
Business Vocabulary n Use Advanced
75
34
Online communication Web 2.0 The internet is evolving. Many internet companies went out of business when the dotcom bubble burst in 2000-1 What has emerged is Web 2.0 'Web 2.0 is the business revolution in the computer industry caused by the move to the internet as a platform, and an attempt to understand the rules for success on that new platform· It emphasizes: • communication • information sharing • interoperability - the ability of different computers and computer systems to work together • collaboration - users working together, fr example on wikis - websites that anyone can edit
contribute to and change; the most amous wiki is the online encyclopedia Wikipedia
Keeping in touch Instant messaging allows internet users to send short messages to each other that are received immediately Social networking sites allow users to post - make available details and pictures about themselves in their profiles, say who their friends are etc. Some are external social networking sites open to everyone There are also internal social networking sites openonly to particular groups fr example medical workers in a particular speciality who exchange information and advice with each other in a specialized forum Here users may be vetted checked to see if they are properly qualified Videosharing sites such as YouTube have created another online co mmunity internet users seen as a group. Users upload videos they have made to the site for all to view. (When users upload material copied from elsewhere there are problems - see nit 38) Other online communities make up the blogosphere and include • bogs - on ine diaries written by bloggers with readers able to react and comment • vlogs - online video diaries written by vloggers • chat rooms - users conversing with each other in written form to socialize • forums - where people discuss a particular subject Website attractiveness Websites are judged by their attractiveness - how nice they are to look at and their user · friendliness - how easy they are to use By their nature some applications are more interactive than others requiring more activity on the part f the user. Many websites are free to use and they generate reve1e make money with advetising. Advertisers, ike site owners want to know how many hits they are getting how often the site is visited - or in other words the amount of traffic they have as well as the number of unique users different visitors to the site. There is also the number of page views - the total number of times that people look at the sites pages Another factor is whether a site is sticky whether users stay on the site for some time. The related noun is stickiness There are specialized internet ratings agencies that measure user numbers stickiness etc. One task of website management companies is to ensure that when people enter particular words in a search engine like Google a site is near the top of the rankings the list of sites that appear first. ee evepes ae always looking fr the next killer app - the next very popua an profitable application * Tim O'Rellys defnto of a erm fst used by Dale Doghery ad Crag Ce. 76
Busine Vocablar in Use Advanced
34.1
Complete the sentences using approprate forms of expressions from A and B opposte 1 I'm an IT m nager and when we buy a new internet applic ton, I want to be sure that it wil w rk with the applic tion that we already have What I want is . Aa joba recru t er or I B M check di f e rent . t o e e i f anyone appl y n g or wi t h u has h s or her t here You can see them d ing stupid things sometimes! 3 � ·l ii l t; ohb .. � . ' - _i5 I - are very unny I .m. doct . r,. nd I'm treati n g someone wi t h rare tr pi c l di s ease, I oi ed n . . t o f n d out m re b ut i t f r m col l e ague I t ' g ood to f e el part f an. .. but at the s me tme to kn w th t the ther users re pr perly Iorruna web ite that ny. ne wcithother cce peandplech nge t' and it great - I mre grebig r. . Web 2 0 . . . . . . . . ci l . . . . . . . . .. . . . . . . .. . . ele c ee i ch wih ech her eily Complete the table wth words from C opposite ei ve N attractve interactvity userfriendly stcky Repl a ce the underl n ed express ns n thi s d a l o gue between two company managers w t h appropri a te f o rms of expressi o ns f r om C oppos t e and the tabl e i n 4 above us n g any necessary 3 verbs Peopl e say that our webs t e s n t very attracti v e Amar Britt: butI know() We veralmustl number do someth n g about t The number of ( ) di f e rent v s t ors s rel a t v el y h g h of v s i t s t t he s t e s very l o w and so i s the number of ( )aes vi s i t e d Amar Another probl e m s that the si t e s not ( ) one where v s i t ors sta a l o n t m e and wepeoplmuste sayfndtsways not very ( 5 ) eas to use BrAmartt Yes,Yes and of ( 6 ) maki n more rof t f r om i t waysfoofr maki n g sure that we come near the top of the { 7 ) l s t when peopl e Britt Yesse rchweonmustthefnndternet the names of the types of product t hat we sel l Amar: Yes t m e to change the ( 8 ) f r m that takes care of our webs t e I thi n k Britt Right a
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r
a
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4
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6
34.2
34.3
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Ihave s t fapostir theatdaabout lot oftrecru t e rs l o ok at soc a l net w orki n g s t es t o check t h e n f o rat o n t h at cad d at e s heselves Why?/ Why not? Businss Voabulary n Use Advancd
77
35
Knowledge and the internet Knowledge eation lkujiro Nonaka and Hirotaka Takeuchi suggest a mode of knowledge creation - the way that knowedge in < ompany is buit up. They see tis as a process that is continua growing and deveoping To uderstand and manage it effectiey, they suggest the SECI mol They see tis as a epeated process that wi buid up an organization's knowedge over time Tese steps are to be found in a learning orgaization, one that is abe to produe innovation nw ideas and poducts {see Unit 20) Knowedge is a companys intellectual ca�ital
a Socilization spreading tacit unspoken knowedge by sharig experience in working on something d Intealization: through learning by doing and handson experience the knowedge becoes part o te individuas knoledge base what tey kno and thus becomes an asset something vauabe or the oganization
b Eternalization deveopng cncepts ofen with analogies hen one idea s used to increase understanding o anoter that aow tem to be communicated
c Combination sorting adding and cmbining ideas to make ew kowedge
Intranets One way of making knowedge avaiabe to everyone in a company is throug a ompany or corporate intranet a website specificay for a companys empoyees For eampe in projec deveopment they can ook at how past projects were ·organized, how much te cost, et Thy can se new ideas that were proposed but that were never taken up Empoyees can ap into a vat aount of information Tere can be chat rooms and orums {see nit 34) for discussion of ideas ad the spreading of knowedge A possibe probem is managing this knowedge and making it avaiabe in usabe ways Te information has o be weorganized, otherwise there s a danger that peope wi be overwemed b information verload. There as to be metadata . information about where the content i to be fd
Global communities Rob Mcwen is te CO of Godcorp Inc, a god mining ompany: We competey anged our approach to knowedge We were having troub e fining god in a particuar pace so we made a te informatio we ad accessibe on a collabortive site on he internet Unti then a ot of this information had been proprietary we owned i and didnt sare it This is mass coUaboration, collective intelligece crowd intelligence crosourcing c it wat you wi; anyone wo wants to can collaborate on an onine project We gave prize mony for sucessu suggestions about where to ind god but tere are cases, such as the onine enyopaedia Wikipedia where networks of peope do this for enjoyment, reconition by oters, or opportunities to oiaie with others They ma be reerred to as prosumers ontributors t the "
18
Busine Voablar in Ue Advanced
35.1
Match the expressions (1-4) with the stages (a-d in A opposite. 1 A manager compared the low of components through the production process in terms of a river 2 A production worker showed a new employee how to do a particular part of the production process 3 An employee ound some useful data on the internet and combined it with data from within the company in order to solve a problem 4 Employees worked together to apply new knowledge on production techniques to their own production line
352
Match the two parts of the sentences containing expressions from A and B opposite 1 I feel that this experience reall D a capital are the most important assets o the modern helped build my knowledge corporation. 2 Alavi and Tiwana* deine b intranet, where companies post important knowledge documents or special skills o certain employees 3 People and intellectual D c into the expertise of local people and allows local 4 ASpace will operate like a and county governments to share data corporate D d creation as the 'development o "new 5 People who eel overwhelmed organizational knowhow and capability by information D e base for the engineering task ahead of me 6 The County Intelligence Initiative D f overload will believe the research showing that taps worldwide information production is increasing at an average rate of 30 per cent each year *In Roald J. Burke ad Cary L Cooper (eds}: Building More Efectve Organzaons, CUP, 2007
35.3
Look at C opposite Read the article and answer the questions The World Communit Grid W�G is a virtual supercomputer created b millions o home computers worldwide t is tackling problems rom childhoo brain cancer to AD water puriication to more eicient solar power Now the grid is helping to ind a cure or bola And anone can take par b signing up and creating an account or their P C or mobile phone choosing projects and downloading the relevant soware tanle itow president o the IBM nternational Foundation was par o the team who came up with the WCG concept ears ag When it was launched at IBM it was very new technolog ven now when people donate power on their computer there surprised its possible The technolog onl works i there are massive numbers o people involved There are now more than hree million devices involved; and 7 people donating processing power Whenever a computer is dormnt it will star running research This means that scientists sarching r res who ·are aced with millions o compounds one o which ma be the key to disbling a disease can accelerate their research t would take ears to eamine each com pound in a laborator Computer modelling accelerates this process b identiing the most likel compoundsJorab testing This either reuires access to a supercomputer wich can cost a million pounds a sum that :inconceivable to underunded research teams or the can parner with the World Communit Grd virual supercomputer
�- _ 2 3 4
In which general areas does WCG undertake research? What form does crowdsourcing take? What must they do to contribute to the project? How might people collaborating in the project become prosumers in relation to solar technolog?
Business Voabulary in Use Advanced
79
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Atack and defence Melissa Vorster is a consultant on internet security: 'I work with companies to try to prevent hackers from infiltrating - illegally penetrating the companies computer systems in order to steal or destroy the information on them. Hackers may write programs designed to overload an organizations system with requests for information so that users cannot access it. This is a denial of service attack, and it causes huge inconvenience for customers and lost business for companies Another problem is viruses. A virus is a small program designed to make computers malfunction, despite the firewalls and anti-virus programs that we install as the technical defences to preven computers being infected Computers may also be hijacked used to send viruses on to other computers Viruses designed to do this are Trojan horses These are just some examples of malicious software malware
Cybercrime 'Cybercrime is criminal activity on the internet Companies that sell goods and services over the internet need to reassure customers that their credit card details wil not be stolen by cybercriminals Confidential information is encrypted coded so that it cannot be read by others Companie� that sell on the internet will display the level of encryption that users of their site benefit from
'nternet bank accounts are protected by passwords Phishing is when criminals try to obtain this information by sending emails that pretend to be from someones bank telling them to reconfirm their security details passwords etc and allowing criminals access to the account Or they may manage to put spyware on your computer that records passwords etc. as you type them This is identity theft You might get an email telling you that you have won a lottery or that someones uncle has died and left money that you can claim These of course are scams
Privacy and confidentiality When someone uses the internet they leave an electronic trail a record of the sites they visit and if they buy something their personal details This raises issues of privacy and confidentiality Who should have the ight to access and analye this information? 'This is all pat of the debate about the powers of surveillance the powers to watch and eamine the activities of private individuals that law enforcement agencies such as the police should have Critics say that the authorities should not snoop into peoples private lives; they say that there are big issues of civil liberties at stake These are freedoms that ordinary people should have without being watched by Big Brother a term from George Orwells novel 1984 describing a society that was under constant surveillance
80
Busines Vocabulary n Use Advanced
36.1
Look at A and B opposite. Complete the article with these expressions. identity theft
infected
infiltrated
malware
scams
Cybercrime boQ'ing Computer security fr · Mcfee says that 'Sophos said that there were now ve cybercriminals were "cashing i on consume ti0e . more infecte emails being sent than anxiety to prot o0 get rich quick at. th beginning of the year Soph�s ade , An ath
Which expressions in opposite are people talking about here? Use the cue in brackets to help you. 1 'They took my details and applied for a credit card in my name (specific crime) 2 I change mine to each of the sites I use every couple of months (letters and/or numbers) 3 I get these emails, supposedly fro my bank asking me to confirm my security details but you can see theyre not really from the bank (specific crime 4 Some experts say that in this area were losing the battle against these guys (2 expressions: the activity and the people involved in it 5 trust the website beause know they use the ost advaned tehnique t keep my details safe (ethod for doing this 6 The site asks me for my password and the name of my favourite film (infrmation) 7 ts scary- it lets others know exactly what youre typing. (soware)
.3
Complete the sentences with expressions from C opposite 1 Cisco a maker of telecommunications equipment, sells technology used by around the world in internet surveillance 2 Much of what people do online their search engine queries and the ads they click on is logged by internet companies generating intense criticism from groups that compare such activity to George Orwells 3 he human resources department should ensure and of employees personal infrmation under the Data Protection Act 4 he Center for Democracy and echnology is a Washington policy center that tries to protect in the digital age eople think they have anonymity on the internet, but they dont realize they leave an The US 6th Circuit Court of Appeals in Cincinnati ruled that federa prosecutors should get into someones permission in the form of a search warrant before they email
yu feel safe usig iteret bakig Wat a yu d t inie te isk
Busine Voabulary n U Advancd
81
The Uberisation process Uber offers transport by car. Users enter details into the Uber smaphone app, and the nearest driver arrives to pick them up and drops them at their destination Drivers provide their own cars. Apps allow the same business model - way to make money to be used for a particular activity all over the world, and this is sometimes referred to as Uberisation. For example, Deliveroo provides deliveries from restaurants with workers using their own motorcycles or bicycles. Companies like this, and the people working for them, rely heavily on mobile apps specifc software on smartphones Users pay the company directly and providers receive payment by smartphone with the company taking its commission a percentage of the price paid b the user There are similar platorms or hairdressing, house cleaning, building work and so on People driving for Uber or making deliveries for Delveroo are said to be participating in what is informally known as the gig economy - part of the wider picture of increasing use of self-employed contractors rather than permaent employees, for many tasks
Disruption Some say that working for compnies like Uber giv�s them flexibility to arrange the hours they work as they wish. Others think that the companies are avoiding employment laws, for example on the minimum wage and that their okers should hae the benefits of employees, such as sick pay and holiday pay. They say that there should be more reulation. This is one of the outcomes of th disruption of trditional indusries. Some commentators talk about the sharing economy where people can 'share their assets such as cars or houses. he internet has changed the relatioship between proiders and uses thanks to feedback from users an providers givng reviews of each other. Providers and users ith 'bad behaviour can be eliminated in this way
Crowdfunding One orm of disruption is crowdfunding Many ne business ideas were traditionally funded financed - by bank loans. Crowdfunding on the inrnet allows entrepreneurs - people who start new companies, or startups - to appeal directly to backers who put money directly into projects that interest them For example Kickstarter is a site that invites pople to invest inreative projects such as indeendent films or music. Some are equitybased where baces have a stae n te business and get a share of any profits, and some re rewardsbased where backers get particular fixed rewards - benefits - decided in advance. 82
Busines Vocabulary n Ue Advanced
37 .1
Use appropriate forms of words and expressions from A opposite to complete the sentences. 1 In the no one has a full-time job any more They've got gigs a bunch of dierent projects, consultancies· and parttme bits and pieces of up to 25 per cent of the apartments rent 2 The website takes a 3 "Free isnt a viable he said noting that by charging sellers the ratio of completed transactions jumped from 10 per cent to 50 per cent 4 The is normally someone who has agreed to do a piece of work but is to be lef free to choose their own method of doing it 5 Smarphones and have been around for several years but they have really exploded in popularity these last few years 6 Legal services which so far have largely resisted technology may be next in lne for
372
Match these examples with words and expressions from B opposite 1
You can ake a fortune by renting out the parking space on the drive in front of your house
2 3 4
Local employment law specifies that no one should earn less than 29 pesos per hour
5 6 7
373
n the K traditional bookshops are no longer the usual plaes to go to browse and buy books
We get paid even if we're Q ill r a c-ouple of days, and we get fee semina on how to increase our income.
Complete the artcle with words and expressons from C opposite (Some occur more than once)
Meet the crowdfunding consultants: 'We live or die by success Growing nber of smll busin tuing indendent e to cte cwdfunding cmpi La ya, I A a k a ay h h a Sy Oa "T a a vy h ay. "I a k a ay (1) Ovy a (2) a h q a ' j y A a a kh aav A h h av Pa a h h hh h a £70,0 a C aa D (3) a ay a a a aa Thy a qy (C' ) h (4) ak aa v xha a (5) h Th h a (6) y Kka a C () h (8) a a a (9) y h h hy v C a ha a- ha £21 lr aza hh a ah. A A j a a h v a x ak h aa a . "C ay ha a a ay T Wh, h aa ay a Th ay kh a ha v a (1) a h aa a x a aa.
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Business Voabulary in Use Advanced
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Inteectual propey·.
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Downloading Joe Reggiano is a music industry executive: 'Sales of CDs have decreased dramatcally. People can download music from online music stores such as iTunes for very reasonable amounts. We license the stores to do this We even organize downloads of concerts jus aer they have happened So the whole business model in our industry is changing. Tis is the new way to generate revenue - make money with our content, in other words our music, pay royalties to its creators the performers - and make a profit and stay in business Of course, illegaldownloading and file sharing when people make copies for their frends on peer-to-peer (P2P) sites is stll going on But we think that legal downloading is a better alternative for consumers
Copyright infringement Julia Kaprisky is a film industry executive We have problems with films appearing on the internet even before their release - before they come out in cinemas And when they do come out there are people who pirate our films by using cameras in cinemas This piracy infringing our copyright. Content providers like film companies face a big challenge through copyright the such as this Our assets our films are our intellectual property. The companies can only be profitable if these assets are copyrighted and protected Everything on the internet is in digitized form - the language of computers and the internet People can make perfect copies of music or films without any loss of quality We have technical means of encryption so that records and films cannot be copied. We also use a system of electronic digital watermarks - technical means to identify the source of all material. But of course, there will always be people who find ways of breaking this encryption; nt f f digitized our defences wil have to become more and more digitalized. technically advanced
Digita rights managemet Julia Kaprisky·continues There is a lot of discussion about digital rights management (DRM) Some people say that films and music should not be copy-protected, but we argue that films need to make money and be profitable if we are going to be able to pay film makers, actors, etc. and to invest in new films We want a system of digital rights management to make sure that people pay for the films that they watch We want total copyright protection fr all our products whereby we receive payment for all use of our property We want to fight any idea that a record or film can b e "free
84
Business Vocabular n Ue Advanced
r
38.1
Complete the table with words from A, Band C opposite. Verb
Noun
copyright download encrypt infringement pirate protect 38.2
Now match the nouns in 381 above with these deinitions This is when: 2 3 4 5
38.3
legal means are used to prevent a film or recording from being copied (2 words) technical means are used to prevent a film or recording from being copied a rule or law is broken a film or a recording is obtained from a website a film or recording is copied illegally
Complete the extracts with appropriate forms of these expressions from A Band C opposite content filesharing 1
2
copyright (x 3} license
digital rights peer-topeer
download (x 2) piracy (x 2)
articles, they should not by aflicted with what the When readers . ree software moveent and campaigners call "digital restrictions anagement" (and what its proponents cal anagement) And the reader should not be required to accept any orm o end-user . agreement about what she is or isn't allowed to do wit h the articles she . ... That should law alone be governed by
The UK's major internet services providers are this week sending "educational letters to customers who have been using their connection to access lms, TV shows and music The llegally as part of a government campaign to crack down on . ISPs wont monitor customers activities themselves but will instead rely on data om anti··..rm MarkMonitor The system will only apply to that is . so any customers exclusvely using illegal streaming services owners who wont e targeted This is part of a campaign acting r think their has been shared without their permission
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Business Vocabular in Use Advancd
85
39
Financial perfrmance Finance Please study the input ad exercises in the units n this Company Finance sectin (Units 39-46) i te order gien, as each uit e[ies on knowldge of previous uits. Finance is te ay me is made, lent, used, etc. To descibe te finandal siuation of a government, orgnizai or person, you talk abut their fnances. he way tat soeting i pid for is te way tt it will be nance - it financg A financier is some wo works finan at a hig lel, proiding me or particular comaies, prjects etc. Financial repoing i the iormatio that a compay gives about its fiaces. Financil performance i how wel or badly, a copay is doing fro a finacial point f vie.
Fnancial repoing Maria Maloe is te cief ance oicer {CFO) of a large intratiol media company, bas in the UK, with activities n televisi ad publishi. Ses talking t new traiees i te finance epamet: As with all companies istors and anlysts want to kow how th comay i being run ad ow teir moey is being se. Eac year we produce an annual repo it tree ke sets of figues: • profit an los (P&l) account • balance heet • cashflow statemen 'These ae the ree key nancial stateents i financia repoing The gie te basic iformation about our finacial rsul see Uits 4042
l tr rt vry qrter vy t
The fanca year 'Our finncial year eds o 1 March, alough oter comanies coose other dates. Soo ate tis, we publish preliina re lts prelims The ull repo an accounts are publihed a fe months ater. s a UK mpany, we also publis nterim results interims aer te firt si mts of our fiancia ear
Shareolders, bondhlders and lenders 'We use shareoler oey from the sares tat we issue to perate ad ivest the business. Some o te poit we make is ormally paid out to them, usualy in the frm of iens i relation to the number o sares that te each old. Our share are trae bought ad sold on te Lodo stock ma 'We borrow money in e rm of bons We pay percentage interest o tose bons ad then ater reay te princial- the aout of moey origially lent o us Our bonds ar traded o bo marets
We also borrow moey r banks i te orm of loans, d we pay inerest on ts leing Of course, our sharehldrs bonholers ad leners aH take a kee iteret i r accous! The results we publis ca ect share prices; good resuls cause rics to rise if the market believe e copay is nealue wever, poor results oen caue a dp isar prie, c s overvalue'
86
Busines Vocabular in U Advce
39.1
Complete these sentences with appropriate forms of expressions from A opposite. 1 The separation between shareholders and managers allowed for firms to be__ in the running of the corporation without further involving the from conventional banking 2 The firm helped companies that could not obtain sources. 3 The company is in a terrible state - its are in crisis and production is flling
392
Complete the crossword with the correct form of words from A, B, C and D opposite
Across
3 and 7 down one of the three key financial statements (6, 3, 4, 7) 6 what you get r lending money (8) 8 wha you normally get if you own shares (9) statement (8) 10 another of the three key financial statements: 12 Final information about a company's performance is found in the 14 the third of the key financial statements (7, 5) 15 information about the first part of the year (7, 7)
report and accounts (4)
Down
1 2 3 4 5 7 9 11 13
the executive in charge of money chief (7 7) If you think a companys shares are cheaper than they should be they are results that are not final (7) the adjective from finance (9) the owner of bonds {10) see 3 across abbreviation for 1 down (3) people and institutions that lend money (7) money borrowed from a bank is a (4) Over to
(11)
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• Wh do copanies spend oney on aing their annual repors look aractive? Wo are tey intended or W ight a company see ts annual repo as a mareting tool
Busine Vocabulary n Use Advancd
87
40
Profit and loss account Accruals accounting Maria Malone (see Unit 39) continues: The accruals principle o accruals methd means that evens in a particular reping perid, r example sales of goods or purchases of supplies, are recorded in that period, rather than wen _ money is actually received or paid out, which may happen in later period Profit and loss 'The prfit and lss (P&L) accunt records the prfit - the money we make - or the lss - the money we lose uring a particular reporting period, using the accruals princiJe. In our case, our accounts show sales from books, magazies, television advertising, etc during the period Then we show the cst f gds sld (COGS) for example labur csts cost of employees salaries and the cost of materials. Then we take away general expenses - the costs related to making these sales such as salespeoples salaries, rent for buildings, etc There is also the cost of depreciatin - thi is Designing a book not an actual sum of money paid out, but is shown in the · accounts to allow or the way that equipment wears out and declines in value over time and will have to be replaced se Unit 41) This leaves us with our perating prfit. Then we subtract the interest payable on money we have borrowed in the form of bonds and bank loans This givesthe
prfit n rdinary activities befre tax o pre-tax pfi Sometimes there are exceptinal items to report fo example the cost of closing a particular operation, bu t fortunately this does not happen very oen Of course, we pay tax on our profits and in the UK thi is called crpratin tax'
Making a television programme
Sales are also referred to as turnover in BrE. The proit and os account is caled the income statement in the US
Earnings From the prfit aer tax we usually pay dividends o Pss, omit skip dividend 9 shareholders and you can see the figure for dividends occur in this order of frequeny per share However, when business is bad, we may not There is no diference in meaning do this - we may pass mit o skip the dividend Profit after tax is also referred to as earnings Naturally, we dont pay out all our profit in dividends We keep retained earnings - some of the profit to invest in our future activities see Unit 42) You can look at profitability in terms of earnings per shae (EPS), even if some of these ernings are retained - kept by the company and not paid out in dvidnds
88
"Busine Vocabular in Ue Advanced
40.1
402
Match words rom the box to make expressions in A, Band C opposite. The first one has been done for you as an example accruals
exceptional
interest
payable
profit
account
expenses
items
proit and loss
earnings
general
operating
reporting
retained
Now complete each sentence with the correct expression from 401 above. runs rom 1 April to 31 March 1 Our 2 The company's beore exceptional items has increased by 10 per cen t this year 3 We have decided to keep £250000 from our profits as and not distribute this to the shareholders in the proit and loss account this year related to the 4 One of the restructuring costs o our operations in Korea 5 With the o course postponing or bringing orward cash payments has no efect 6 During the early months o the loan the amount o each month on this type o loan is relatively high eventually arrives at a igure for profit to shareholders ater the 7 he deduction of all expenses including debt interest and taxes 8 he cost o new operations in Argentina caused to increase to £60.5 million rom £519 million
403
Are the statements containing expressions rom Band C opposite true or false in the context of a company's profit and loss account? 1 2 3 4 5 6 8 9
he cost o goods sold is the total cost related to selling something Selling and general expenses include the salaries of the salesorce Depreciation represents an actual amount of money paid out to suppliers o equipment Operating profit is the same as pre-tax profit I a company has a bank loan and/or has borrowed money in the form o bonds it has to show interest payable in its accounts. Exceptional items are paid out every year and relate to the normal operations o the business A figure or profit aer tax relates to what is le aer corporation tax has been paid I a company shows a figure for retained earnings from a particular period it has paid out all the profit from the period to shareholders EPS and dividends per share are the same thing
Describe the prit (r lss) a cpay i the nws rcently.
Business Vobulary n U Advncd
89
41
Balance sheet 1 Assets
A company's balance sheet gives a snapshot phoo of is asses and liabiliies a he end of a pariular period, usually he 12-monh period of is financial year. Bu he snapsho coul be aken on ay day of he year. An a$set is somehing ha has value or he power o earn money for a business. These include: 1 curent assets: •" cash a he bank •· secuities invesmens in ohe _ companies • stocks f aw mateials, unnishd goods inished goods ha are going to be sold, ec • debtos money owed o he company by cusomers, no including bad dbts ha will probably never be paid 2 ixd tangible or physical assets Socks eqipmen, machiney� buildings and land (se Uni 4} 3 inangible assets for example goodwill he value ha he company hinks i has as a fucioning organizaion wih is exising cusomers and in some cases bands (see Uni 28} beause esablished brands have he power o earn money, and wold have a value for any poenial buyer of he company Items are caied shown on he balance shee a paicular amous. However here are some hin of value haare never shown o a balnce shee, for example he knowledge and skills of he company's employees rE stocks; AE inventories E debtors AE accounts receivabl receivables Depeciation Of corse, some asses such as machiner a equipmen lose heir vaue over ime because hey wea out and become obsolete. Amoun reaig ohis are shown a depeciation or amotization in he accouns. For example, ome compuer equipmen is depeciated or amotized over a very shor period, perhaps as shor as hree years, and a chage or his is shown i he accons The value of he equipmen is witten down or reduced each year over ha period and wttn o compleely a he end. Depreciate depreciation r E amortize amortization AE
he amoun ha is shown as he value of an �sse a a paicular ime s is book value his may o may o be is maket value he amoun a i could be sold for a a ime. For example land or buildngs may be worh moe han shown in he accouns because he have increased i value quimen may be woth less han shown in he accouns because is alue has no been depreciaed by a realisic amoun.
90
Business Voabulary n Us Advancd
41.1
Complete the assets table fr a UK company with expressions from A opposite, and the relevant figures using the infrmation below. (The other half of this balance sheet is in Unit 42) • Paradigm has goodwill - in the form of hundreds of satisfied customers worth an estimated £30 million This is its only intangible asset • It has investments of £1 million in other companies • It has raw materials unfinished goods and finished goods together worth £7 million • It owns equipment and machinery with a book value of £18 million • It owns land with a book value of £62 million • The company has £22 million in its accounts at the bank • The company owns offices and factories with a book value of £188 million • Various people and organizations including customers owe £15 million
ASETS (millions of pounds) (a) . b) .
(c) .
Stocks
d . Total current assets {f ... .
{) ···
Equipmen and mahner
Total fixed assets book value 0) .
Total intangible assets TOTAL ASSETS
412
Using the information in B opposite and in the table in 411 above decide if the se statements about Paradigm's assets are true or false The figure fr: 1 2 3 4 5 6
cash relates only to banknotes in the safe on the company's premises equipment and machinery is the price it was bought fr minus amounts for depreciations stocks relates only to finished goods waiting to be sold land and buildings is the exact amount they could definitely be sold fr goodwill is an estimated value that a buyer of the company might or might not agree to pay debtors is a reasonable estimate of how much it will receive from them
Over to yc•u Think of a company that you're inteested in. What ae some o i ts main assets? Which o them might be shown on ts balance sheet?
Business Vocabulary n Us Advancd
91
42
Balance sheet 2
.-
.
-
iabilities A company's liabilities - everything it owes are its debts to suppliers lenders bondholders, the tax authorities, etc 1 Current liabilities are debts that have to be paid within a year for example: • creditors money owed to suppliers, etc • overdras when the company spends more money than it has in its bank accounts • interest payments that have to be paid in the shor term • tax payable money owed to the tax authorities 2 Long-term liabilities are debts that have to be paid further into the future for example longterm bank loans and bonds.
creditors E accounts payable payables BrE:
Shareholders' equity When you deduct a companys liabilities from its assets everyhng owns o ae \e wh shareholders' equity, owners' equity shareholders' funds (The last of these is used particularly in UK company accounts.) In theory this is what would be left for shareholders if the business stopped operating pai d all its debts obtained everything that was owed to it, sold all the buildings and equipment that it owns, etc Shareholders equity as shown in a companys accounts includes • the capital that shareholders have invested • the profits that have not been paid out in dividends to shareholders over the years but that have been kept by the company as reserves retained earnings (see Unit 40)
92
Business Vobulary n Use Advnced
42.1
This is the other half of the balance sheet in Unit 40. Complete the assets table with expressions from A opposite and the relevant figures, using the information below. • Paradigm has a bank loan of £40 million to be repaid in five years • It has issued £200 million worth of shares • It has issued bonds for £60 million that it will have to repay in seven years • It has retained earnings of £21 million • It has to pay £7 million in interest on its bank borrowing a nd bonds • It owes £10 million in tax • It owes £12 million to suppliers and others • On one of its bank accounts, Paradigm has spent £4 million more than it had in the account.
Creditos
(a)--· (c)
(d) . Total current liabilities Bank loan repayable n fve yeas
9) Total long-term liabilities (h) .... ( .
Shareholders' funds TOTAL LABILITES PLUS AREHOLDERSFUNDS
42.2
Using the information in B opposite and in the table in 421 above, decide if these statements about Paradigm's liabilities are true or false 1 2 3 4
The item for creditors includes debts that will have to be paid relatively soon Overdrafts are a form of short-term loan In the coming year, Paradigm will have to pay more tax than it pays out in interest on its loans The figure of £12 million for creditors relates to money that it paid out to them in the previous period 5 Shareholders' equity of £200 million is the current value of Paradigms shares held by shareholders 6 Retained earnings is the total of all the dividends that have been paid out to shareholders over the years Over
to
' ·:.
When a cony oes bankrupt, ie oes out o busness what are ts usul lbilties?
Business Voabulary n Use Advanced
93
43
Cashflow statement Cash inflows and outflos accruals method
Remember that undr the (see Unit 40), events in a partular reporting period ar recorded i that period, rather than when the money is actually received or paid out, which may happen in a lter perod. And depreciation (see Units 40 and 41) represens reductions in the values of the firm's equipmnt, etc although no actual cash leaves the company, of course However, the cashflow statement shows cash inflows and outfows money actually coming into and going out of a company in a particular period A company can have cashflow problems even if it is profitable, for exampe if it is paying suppliers mre uickly han it being paid by customers. This is related to the credt terms that businesses hae In the K, there is usually an agreed The frms and g credit period of 30 dys or more in which ae about equally fequent.� invoices must be pai In some countries, this peiod is much longe cashflow, cash-flow
cash flow
Types of cashfl Net cashflow'from erations
is the money generated by the sales of th� companys goods or serices, mins the oney spent on supplies, staff salaries, etc. in the period Net cashflow from ivestment activities is the overall result of he following: • inflow -loans repaid and loan interest paid by borrowers; money rceived from sales of securities in oher companies sales of land, buildings and euipment • outflos loans made to borrowers purchases of securities in othe companies purchases of land, bildings and euipment Ne cashflow:rom financing activities is the result of the following • inflow money received through issuing new shares and bonds in the company money received throuh shortterm borrowing • outflows- money repaid in shortterm borrowing dividends paid t shareholders Ading and stractig the figures above, the company calculates its net sh position at the end of the year Invetors chck the cashflow statement to see how the company has obtained and used cash - how mch it has made from its operations, raised through new share issues, etc
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Business Vocabulary n Ue Advanced
0
:
FINANCI
-� 94
C
TIVITIES
43.1
Use the information in A and B opposite plus the facts from the presentation below to complete te table about a fictional UK company called SBC Last year, SBC had a net cashflow from its operations of £10.1 million It bought a new office building fr £8 million and new equipment fr £1 million The company lent £1 million to one of its directors so that she could buy a new house SBC paid £10 million to buy shares in Company A and obtained £6 million fr shares that it sold in Company B It received interest of £500000 on a loan it had made to another director and sold its old office building or £5 million SBC obtained a bank loan fr £500000 that it will have to repay next year It paid out £1 million in dividends to shareholders It raised £125 million by issuing new bonds and £1.75 million by issuing new share capital It also repaid a loan of £15 million that it obtained last year
(Millions of pounds. Negative igures are shown in brackets ) Operating activities
Net cashflow from operations
Investment activities
purchases of securitie
10.1
(10)
money received from sales of hares in other companies
(a) · -
oans made to borrower
(b)
oan repaid and loan interet paid by borrower
0.5
purchases of land, buidings and equipment
(c
sale of land buildings and equipment
(d)
� "'
Net cashflow from Investment activities Financing activities
I
money received through hort-term borrowing
(f)
money repaid in short·term borrowing
(g)
money received through issuing new shares in the company
175
money received through iuing new bonds in the company
(h)
dividends paid to shareholders
(i)
(e)
,
I
"
Net cashflow from financing activities NET CASH POSITION AT YEAR END
3.0
"
( j)
What are typical credt terms in your country or other countries t hat you know?
Business Voabulary in Use Advancd
95
44
Comparing performance Prot and profitability The profit made by a company in a partcular perod s also referred to as ts earnings - profts after tax or net income money pr>duced mnus everythng spent to produce t There are dfferent ndcators of profitability- vel of proft n relaton to what s requred to produce t One measure s EBITDA- earnings berinerest, tax; depreciation and amoization (see Unt41 for these last two tems). Comparng te BITDA of dfferent companes s a good way of comparng ther fundamental operating permance before other fnancal and tax consderatons are taken nto account t may be used to se a comany s good at generating cash cashflow (se Unt 43) A company's profit (uncountable) from a particular period may also be referred to as ts profits (plural). Profits is also used to refer to several periods or several companies
Investment ratios. Another way of comparng cmpanes s b lookng at investment ratios the relatonshp of one key fgure to another One mportant rato s return assets (ROA} where you look at a company's profts for the year n relaton to the value of ts asse� (see Unt41) to see how well managers are usng those resources. Ths s an ndcator of how w�ll he compay s usng ts capacity the maxmum number of products t can produce n a artcular perod Partcular levels of ROA may ndcate that a company s operating at full capacit: may hav spare capacity. f a company uses relatvely ew resources
Return on equity eturn on equity {OE) measues how well a company's managers are usng shareholders' equity (see Unt42) to nvest n actvts and resurces that generate proft for shareholders For example n a partcular year proft before tax s £50000 and the company has shareholders equty at that tme of £500000 t has ROE n tat year of per ent Lke all ratos ths can be compared wth fgures from other companes n the same ndustry or for the same company from year to year Oe gure by tself doesnt mean very much
Leverage To get a better return on equty/companes may borrow n the form of loans andor bonds The amount of a companys borrowg and the nterest t pays on ths n relaton to ts share captal s t s income leverage. Ths rato can be expressed as a percentage; for example a company that mak es £80000 n operatng proft n a partcular perod and pays £20000 n nterest has leverage of 25 per cent Ths can also be expresse n terms of interest cover the number of tmes t could pay the nterest out of ts operatng poft n ths case four tmes A company wth a lot of borrow:g n relatn to ts share captal s highly heavily leveraged You can also say that t s heavily inebted. A company that has dfculty n makng payments on ts debt s overleveraged A company that reuces the amount of debt that t has deleverages Leverage is also called geaing, eseciall in BrE Companies may be sad to be highly geaed.
96
Business Vocabulary n Use Avn?ed;
44.1
Complet the xtract with thse exprssions from A opposite Use one of the expressions twice. cashflow Sequoia has receved investor inquiries as to why our cashflow has been so much better than reported net ncome. This is party accounted or by non-cash factors such as (1) ·· . I we ook at Sequoia's (2) , our exceent
442
EBITA
net incoe
(3) s more understandabe Our (4) in the quarter was $9,000 but our (5) were $000 for the same perod or $60000 higher
Match the underlined words with th expressions in B and C opposite to which they refer 1 The're the most profitabl assts at the arket research firm AC Nielsn, rather than machiner buildings and so on so this is not a very usful masure in judin its succss. 2 British Rail was famous for usin its trains and other quiment in the most intensive wa ossible - but the uipment brok down more oftn and wore out faster than it would otherwise (2 xpressions) 3 n manufacturin, a return on mone invested b shareholdrs of 15 per cent would be uite a ood fiur 4 Until recently in bankin, a fiure for rofits in relation to the mone available to a bank of 1 pr cnt was considered rasonable 5 This money is what shareholders have invested over the ears lus an rofits not distributed in the form of dividends and ROE is calculated to see how well its bin used
Match th two parts of thse sntencs containin xpressions from D opposite 1 These bonds ar oftn issud by hihly 2 For buildin firms that were heavily 3 We needed to reduce dbt and de 4 Hihrisk bonds prform bettr when the economy is boomin, helpin havily 5 The company is massively ovr 6 Many firms are too hihly
D
D
Over
a leveraed the slowdown was catastrophic its a bad time to be a builder but a ood time to buy a house b levrae in ordr to survive c eared, havin borrowd to expand their businesss in the boom and now with incomes fallin interest payments that are difficult to make. d leveraed and owes much more to lenders than its oprations will ever brin in e levrad small companies to ake scheduld payments of interst and principal indebtd companies that then have trouble meetin intrst payments
to
Is your oranization school compay, tc. swatin its assts? r does it hav spare capacity? Gve an overviw of th sitation
Business Vocabulary in Use Advance
97
Yield Investos look at the yield of a company's saes the divide per share that it pays out in elation o the shae pice. Fo e:ample, a compan whose shaes are wth €20 and that pays a diidend of €1 ha a yield of 5 pe cent Those inestos inteested in high dvidend payouts lok fo income shares haes that hae hgh diidends in lation to thei pices Othes look fo growth shares, typicallywith lowe yilds, if they think te companys pofits wll gow oe the comng yeas and that te shaes will incese in alue
Prce-eanngs ato But companies do not pay out all thei earnings in diidends each peiod Not all eanings ae dfsributed to shaeoldes; companies keep some as retained earnngs (see Units 40 and 42) Inestos want to knw how well thei mony is woking fo them and one way of doing this is to lo at the earnings per share (EPS). This is caculated by diiding te aftetax pofit by the numbe of shares outstanding the numbe issued and in existence Fo eample, if a company has an afte-tax pofit of 1 million and has fou illion shaes outstandig, it hs EPS of 25 cents Inestos can also use the eanings pe shae to wok out the price-eanings ratio (PE ratio) this is the shae pice diided by the eanings pe shae. A company with EPS of 5 cents and a cuent sae pice of €5 has a PE atio of 20 Tis atio gies an ida of how expensie a sae is in elation to the poft the company is making If inestos ae willing o pay fo shaes with a highethan _ aeage PE tio, it may be because they exect the company o hae highethanaeage pofits gowth in the futue and they ae thus wllng to pay moe f these highe pedicted eanings
Maxmzng shaeholde value Saeholdes in a company obiously want to maximize thei return on investment (ROI) return Tey inceasingly lok at how the company s managed n tems of sharehoder value the total amount the shaes they hold ae paying out in diidend and the incease n the alue of thei shes duing the tie that they hold them
I
singular: return o ivestmet; plural: eus ivestmet
If a companys shaehldes could get the same o bette ROI by putting tei mney on deposit in a bank, they will not be too pleased with the companys manages So shaeholds ae atching senio manages decisions inceasingly closely A company may say that it wants to maximize shareholder vaue, and use its assets and potential assets in the most poftable way his iplies key strategic desions such as maing the ight acquisitions, and divestment (see Unt 19) f business units that do not make enough pofit een if they ae not actually lossmaking
98
Busine Vocabulary in Ue Advanced
I _ ' �
45.1
Complete the crossword wit� the correct form of wo .rds fromA, Band C oposite
12
13
15
Across
2 see 12 across 6 The number of a company's shares in existence is the number (11) 7 te share price divided by te profit belonging' to that sare (2, 5) 8 A comany may keep these or a rainy day (8, 8) to sareholders, some not (11) 10 Some profits are 12 and 2 what many investors want companies to do (8, 11, 5) 13 occasions when one comany buys another, or the companies bought (12) 14 abbreviation relating to profit er sare (3) 15 and 9 down choice that a company makes hoping to beome more prqfitable (9 8) Down
1 and 3 companies profitability in relation to wat investors have ut in (7 2, 10) 4 If a company doesnt keep all the profit from a particular period, theres a (8, 6) 5 describing shares that increase in value (6) 8 an abbreviation relating to what you get back (3) 11 describing shares tat produce good dividends (6) 452
Complete the sentences with appropriate forms of expressions f rom C opposite 1 The role of the Chief Financial Oicer is to enable te best use of capital so as to 2 Consider te outsourcing of a large art of te manufacturing load and the conseuent of many plants 3 Nokia made a to concentrate on telecommunications and become a leading suplier of mobile telephone tecnology and networks 4 Programs that provide cildood nutrition, education and agricultural know-ow can pay big often exceed 20 per cent a year dividends the 5 There is room for growt because there are many small companies available as targets Over
to
It ofen aes sense to maximize shareolder vaue by divesting lossaking businesses and investing in oter areas, but is tis always easy to do? Wy?/ Wy not?
Business Vocabulary Use Advaced
99
46
Acounting standr Audit� and lheir transpary
Every mpanppoints pecialist exteral accoµntants-who its accounts. The auditors a ove the accounts if the thk they give a of the companys situatin If not hey spcify the q1 they have aout the accounts. If auditors do tis, it certainy gets:iestors worried! ompies ta give;- false L in her accounts are said to . The ay or arti·amouts-idcating that they are more or less tha they really a mpanes that do this ae gjlty of ut auditors coplain tat there my b a beteen whathe are reuired by law to do and whaients ad investors sot es expect the to do auditors say that they should not be expected t ck up very problem. ollowing th sdal of Enro and othe in he U, ivestrs became increasingl wrried about or ad they are demading that auditors suld be more strictl the autoties should them more os 0
R goJemet agences hec
Internationa stanards 0
_,
•
-
In the UK te VY accounts are resnted s governd by regulators such as the F R C (FRC} In the they[ve theG 1 P (GAA) promoted by the F A S B AB). eol and institutions vest in copanie wordwde. T�rfore it is imortant for fiancial reorting to be in a form that meas the sa� ting to pee aH o ver the wor& This is why acountants wodwidere moving ward A S (AS)- or rule that copanies al over th ord will, idealy end usig. These {tandars will ev�tualy bacep� by -organizations-such a the O C? QSC) represeting stock m a rkets all over the world, icludig the alimporttS C (SC) in the . This acceptance wi falitate stent by allowig invsrs fr om every ctet to udersad ad rus e accout s of comaieswherever they a based. The has coe under attack fr ot sgts its right t control financial activitis to'vet te excesses tat Ee1to th e banking crsis f the years 2007. rtics said that its-ntrol of the finanial serices indstry ws ot strict enough
100
:� =
Busine Vocablry n Us Advanced
:·-:
'�.i_
·
46.1
Complete the aticle with these expressions from A opposite. Use two of the expressions twice auditor rotation irregularities
auditors overstated
collapsed transparency
cooking the books regulator
fraud understated
US audit regulator imposes record fne A US audit (1) .. has fined (2) Heath Berwick (HB) a record $95 million for unreliable audit reports The claim centred around HB's auditing of US agricultural products firm Mataymeats, which (3) last year Its financial reports were found to contain accounting (4) and misleading financial statements - its accountants had been with external auditors HB failing to spot the Values of its land assets (6) in Argentina had been (7) . over a long period and costs relating to the Mataymeats wholesale operations were hugely Investors in the 8 462
A spokesman for HB said that the conduct described by the (0) . was "not part of HBs culture and did not represent the professionaism for which HB is known throughout the auditing industy H e added that those involved had since left the firm HB audited Mataymeats throughout the companys 40year histoy The case will no doubt intensify cals fo r obligatory 1 Relationships between businesses and their auditors often become too cosy and a regular change of auditor woud hopefully lead to mor e (2) for investors
Decide if these statements about the article in 461 are true, false, or if the information is not given 1 2 3 4 5 6
463
bankrupt company are now suing Mataymeats directors for (9)
The regulator fined Mataymeats Mataymeats is still in business he costs of wholesale operations were miscalculated by a large amount The regulator is suing Mataymeats for fraud he individual auditors involved are now working elsewhere he knowledge that auditors develop about their clients is always beneficial
Look at B opposite and answer the questions using abbreviations Which body or set of rules would be most involved with or relate mainly to the following? a company whose shares are listed on the New York Stock Exchange and that is accused of accounting fraud 2 the way that something is presented in a UK company's accounts 3 discussions between stock exchanges around the world on standardizing procedures 4 the way multinationals around the world account for profits from overseas subsidiaries 5 the way that something is presented in a US companys accounts
ecie a cae of fale accti that yu reemer Wa happene t the peple invlve
Busine Vocbulary n Use Advanced
101
47
The business cycle Key indicators To assess the state f a country's ecoomy, commetators look at key indicators such as: a the jobs market how many peopl are in employment and how many are out of work or nemployed. b dsposable incomes - what people have available to spen after buing essentials such as foo, electricity, etc c reta sales/ conmer spendng how much people are spenng in the shops. This is relate to consmer bor 1owing - how much people have borrowe in loa, on their creit crs, etc the property hosng market - ose prices, an the price an availability of mortgages - loans to buy property Interest rates ecie by a coutrys central bank - how much it costs to borrow money - are very importat in this context e inflation - how fast prices are risin f financial markets incluig the stock market for company shares g the trade balance - how much the ountry is importing an exporting If it exports more than it imports, it has a trade srpls; if it imports more than it exports, it has a trade gap h excange rate - he value of a countrys crrency government speding - the amount that the government is paying for everythig that it provies There is a bdget srpls when a gvernmet takes in n: BrE AE re in taxes tha it ens; hre i a bdget defici : AE l when a government takes in less in axes than it spens
The business ccle
I
Economic growt i when a countrys economic activity increases Typically, when the economy recovers from a trog - its lowest pint - there is a perio of recovery when growth starts to pick p - spee up This s followe by a pase of prosperity when people an companies have money to spen an feel confet about the future These two phases make up a perio of expanson Te economy then peaks or reaches i peak - highest point an starts to decline grow more slowly The econom may even srin in a perio of contraction contract in a slowdown get smaller - before it reaces a trog bottoms ot an starts to grow again This is the economc or bsiness cycle
Boom and bust When the economy is boomng - growing fast commentators stat to talk about the risks sgns of overeatng wt key inicators geting out of control an a loss of economc stabty They talk about the ee or a so anding with the govermet aiming to bring ecoomic activity back to more sstanable levels - ones tha can be continue - without the economy going into recesson - techniclly, a perio of eclining activity lasting two cosecutive quarters (six months) or more ong perio of severe recession is a depresson or a slmp This whole process is referre to, slightly informally a the boom and bst cycle
102
Business Vocabulary n Use Advanced
47 .1
Match these headlines (1-9) with the issues that thy rlate to a-i) in A opposite. 1 Shares in biest one-day rise for O years 6 Avg . 3 c g, lcc ll 2 Average house price now €00,000 7 TRADE GAP WIDENS BY RECORD 3
4
£500 MILLON
Jobless at lowest for 12 years 8
Gornment borrwing rises to unprecedented levls
CONSUMERS IN RUSH TO LLS
' . 5
47 2
Dollar falls to 15-year low against yen
9
4
Cum m pc jump ck
Use nouns from B opposite to complet the labls in this diagram (1) ..
(2 ) ..
> � 0 z 0 ( w
(5).
6) . TIME
7 3
Use correct forms of expressions from C opposit to complete these sentences 1 Britain's economy for most of the Blair decade, growing by or 4 per cnt per year 2 The Central Bank raised interest rates, a move aimed at reducing the risk of in an economy that is growing at more than 11 per cent per year The presidnt said he is concerned but believes the markt will find a without substantial government intervention and will not go into a rcession 4 Government spending went well beyond sustainable lvls during the boom and this threatene 5 The economy had a sudden reversal and experiencd a severe following growth of 8 per cent the previous year 6 In the gold industry, cycles last an average of ten years
Over to , � ° - " �
. , r: _
•
At wat point in the usinss cycl is your country right now? What is th state of som of th y indicators? Business Voabulary in Use Advanced
103
48
Bursting bubbles Bubbles
A bubble is a period when demand for something-the number of people who want to buy it grows too fast leading to pres also rising too fast. Here are some frequent combinations with 'bubble: economic financial speculative real estate housing property
bubble
morgage
Then the bubble bursts, with demand falling very fast Prices cras with buyers wanting to sell for whatever they can get, including those who had bought at the top of the market when prices were highest. The credit crunch
The cedit crunch of 2007-9 was part of a widr banking crisis. US banks had lent too much moey to mrtgage borrowers who could not repay. These were called su-prime or informally, NINJA no income, no job or assets mortgages The bans had repackaged and sold n these mortgages in the form of new securities lending to otherinancial institutions, who then lent money to yet others on the basis that they would get their mney back from rep�yments of the original mortgages. However the buyers of these securities did not know that the motgages were highrisk When house buyers started to default on- stop repaing their loans the lenders were in trouble. These defaults meant that what banks thought were aluable securities were in f act toxic worthless assets Some commentators blamed light-touch regulation of banks; the said that he government regulators had not been strict enough And thy criticized ratings agencies commercial organzations that publish risk levels for differet securities who hd underetimated the risks Bank said that they wanted to deleverage rly less on borrowed money Some financial institutions were in danger of going out of business, and governmets in some countries had to rescue them. Banks refused to lend to each oter and to companies and individuals causing problems in the real economy with businesse and individuals unble to borrow money in the ways that they had been used to. This in turn led to a fullblown total economic crisis The
real economy
Following the credit crunch, governments around the world were worried about deflation a period of falling prices and falling demand wich would be very difficult to end. So they produced stimulus packages actions designed to increase economy activit, for example by lowering taxe in order to give people more money to spend They reduced interest rates to nearly zero meaning that borrowing money was almost cost free. Th1y started printing money putting more money into the economy than realy existed in order to increase demand. But critics said that this last move could be dangerous bcause of the risk of galloping inflation- prices rising very fast or een stagflation inflation with no economic growth.
104
Busines Voabulary n Use Advanced
48.1
Match the two parts of these sentences containing expressions from A opposite. 1 During the real estate 2 One striking difference between the current crisis and recent financial 3 Students and factory workers were ptting much of their savings into stocks threatening to create a speculative 4 The bursting of the housing 5 No-proof loans fed the mortgage 6 When Hong Kong's property 7 Yubari continued building tourist sites even after the collapse of Japans economic
D a bubble because byers listed incomes much higher D b c d D e D D g
48.2
Look at the expressions in Bopposite What are these things examples of? 1 2 3 4 5 6 7 8
48.3
than what they really earned bubble also represents a period of lost wealth even for people who keep their homes bubble burst, revenue was slashed and the government incurred a budget deficit of HK$32 billion bubble as the nation tried to spend its way to recovery bubble that could end in a damaging and politically explosive crash bubble lenders and mortgage brokers sometimes encouraged homeowners to borrow more based on inflated home values bbbles is that this time it is the developing world that is best positioned to weather the current storm
the Financial Services Authority responsible for seeing that UK bank finances are healthy Standard and Poor an organization that judges how likely it is that loans will or will not be repaid manufacturing retail etc as opposed to financial services when banks are left to decide for themselves which activities are too risky to get involved in rather than being told what to do by the government when banks and companies borrow less when a housebyer stops repaying their mortgage debts that lenders discover are never going to be repaid having previously believed that they would be when many companies go out of business unemployment rises to 10 or 20 per cent and the government doesnt really know what to do
Complete the table with words from A Band C opposite Noun
Verb
crash default delate deleveraging regulae recue tmulate
How dd he red unh of 2007-9 ae you ounry?
Business Voabulary n Use Advanced
105
49
Corporate social resonsibility Ethics Ethics (countable) are moral beliefs about what is righ or wrong. Ethics (unountable) is the study of this
The related adjective is ethical Here are some fque combinations:
ethical
behaviour
doing things that are morally righ
lapse
temprary failure to act in the corect way
dilemma
a choe between two actions tha might both be morally wrong
standard
a e or moral behiour in a paticuar area
stance
a stted opinon ab the right thing to do in articular situation
issue
an area where mora behaiour is important
Accountability and transparency Individuals and organizations should be accountable -completely open aout what they do and able to explain their actions. Delngs business tranctions should be transparent not hidden or secret and explainable in a wy that can be understood b outsiders Companies may say that their managers and employees should act with ntegrty and, moe formlly probity complete honesty and that they do not tolerate any for of professional misconduc. People expect the behaviour of organizations to be above board ompletely oen and honst
Corporate social responsiility Companies have long had codes of ethics and codes of conduct saying how their managers and empees should behae. Now they are loking at these issues in more systematic ways They are designating exetives to oversee the whole area of coporate social responsibility (CSR), which relates to the ollowng areas among others a employment and communit: ey w;t to p attention to things that afect the wellbeing f eeryone not just their employees in the ares where the ompany has it plants offices and other activities b environmental protection: te want to condut bsiness in ways thatprotect the environment for example to ensure that the cmpany does ot case poution of th ai rivers etc and does not endanger plant and anial life or contribte to climate change (see Units 50 and 51) c winning new business: they want for example to get business without engaging in corruption for example offering bribes money given to soeone so that they behav unethically Companies want to be seen as ood corporate citizens with ctiities tht are beneficial not only e stakeholders (see Unit " but for the commuity and society as a wole
106
Business Voabulary Use Advaced
49.1
Match the two parts of these seteces cotaiig expressios fro A opposie 1 'We are coited to the D a sace we are always lookig to redce he aot of paper highest ehical we use: 2 Is ethical b lapses cae to light icldig ciy aagers hirig their relaives 3 There were qestioable ehical c behavior i bsiess affairs differe fro everyday _ hey tigheed the ciys behavior i he faily or coity? ethics policy after a srig d dilea of whether to disclose to a byer that the hose of ethical igh soo be deolished o ake way for a ew road 5 'As a bak with a strog D e sadards ad to prootig or edicaios oly for ethical approved ses; the copay spokesperso said 6 Hes dealig with the f isses icldig wheher he helped a copay that hired his ethical brother as a lobbyist
49.2
Copl�te the seeces with expressios fro B opposite 1 His lawyers have arged tha he trasactios were copletely above......... ........ ad approved by he other directors ad 2 The coe of professioal codct reqires directors to act with .. ad o accept hat failre to coply carries he threat of fies: 3 faces e os serios charges of yet broght agaist a big accoacy fir wih clais that it deliberately cocealed evidece of frad We are otally abot the ethods that we se so it wold be hard for s to hide the fact if we were ot givig the correc bers i or fidigs 5 The ciys officials ogh to be held far ore tha they are today for wha they sped ad how
49.3
Match the ideas -5 i the aricle with the pois a-c i C opposite
CSR: MORE THAN PUBLIC REATIONS {) G nu mn nnu () D n nnn A mn n u nn nmn un mm un n mn mn m m u nun nnn n n, m () u um n n nn n n nn nz u un mun nu u 80 nn m un mu m uu 44 un
Over
mn nzn n n (4) mn n nm nu n u nn u, num m u u n m mn n 7 n n mn n 7 n nn nn mn n n m xu nn n mn () nm n n n u m um , n u n mn n SR m, n , u mn
to
Thik f a particular ethical isse hat cocers you Wite a leter o a copay askig wha is plicy is his issue
Business Voabular n Use Advanced
107
50
Social reporting Social reporting In recent years, businesses have een increasingly ware of the importance of social and environmental ssues r their reputation. There has een a trend toards ommissioning social audits relting to their social performance - these audits evaluate the effect of their ehavior n relaton to their employees nd to society as a hole A ne denson in this is companies' attitudes to the now rgent isue of climate change. Social audits are part of social reporting - hen a company regularly gives information aout the social mpact f its activities and spporters say that it is as importan as financial reporting. They say that it provids impotnt information for ll of a companys stakeholers This is part of the ider picture of stakeholder theory the ida that companies have responsiilities not only to emploees customers and shareholders ut to all memers of ociety affected y their activities Critics say that a social audit may just e a pblic relations exercise, ith no real enefits.
Word combiations with 'social Here are some frequent ord cominations ith sial:
social
issus
areas of concern uch as unemployment poverty etc
justice
the idea that eople should e treated fairly and euitaly
programmes
actions y a gvernent to reduce poverty unemployment etc
responsibility
hen compaies are concerned aout the conseuences of their actvites on te community as a hole
welfre
hen ork condtions ae goo and people are happy
Labour standards Companies are also increasingly aare of the imporance of their suppliers reputation For example a lot of clothing manufacturing is done y upliers n developing countries Companies in this industry are particularly open to criticisms aout labour exploitation Some employ sweatshop labour- underpaid people ith terrile woring coditions Another aspect of this is lack of worker representation for example in oplaces here trade unions (see Unit 5) are anned. But many point t progress y leading companies in this area n improving labour standards for example ensuring that their suppliers are ping thir orkers fairly that they have a good health and safety recor ith lo levels of illness and accdents, an so on Companies and their suppliers also do not use child labour they ensure tat orkers are aove the legal minimum age. They know that incresingly, they have to e see to e socially responsible Hoever, critics sy that companies ith loer proles may nt e oserving these standards
108
Business Voabular n Use Advanced
50.1
Complete these extracts with expressions from A opposite. 1 The management has to be aware of its wider responsibilities to the community not just employees and shareholders, when presenting new proposals. This is sometimes called 2 There is a risk that companies in industries that are more renowned for polluting and exploiting and use it to highlight their more than caring and sharing could adopt ethical activities purely as a 3 The investment fund Jupiter says it will operate a 'best in class approach allowing investment in within its peer group any UK company that has a good record of 4 uditors should also be required to report to a wider interest group than just the shareholders. These could include bankers customers and suppliers potential shareholders employees and even government departments 5 A group of experts looking at how company law operates is already considering whether giving details of their companies should be forced to publish annual social and environmental policies
502
Complete these sentences with expressions from B opposite 1 The Social Venture Network applies capital to enterprises that reduce poverty and advance social (2 expressions) 2 Organizations have benefited by adopting strategic approaches to environmental and social 3 Different individual self-interests can have a negative effect on corporate profits and hence reduce overall social 4 The federal government is facing a harder time obtaining resources to fund social 5 Toyota is seen by many as the automaker most successful in creating an image of environmental sensitivity and social
503
Match these expressions from C opposite with the newspaper headlines a worker representation b child labour 1
2
c health and safety record d sweatshop labour
Underage children found working in clothing factory PLNT'S UNION REPRESENTAIVES SCKED
3
Workers get 25 US c�ts an our to� 12-hour day igrim conditions j
4
Factory accidents '30 per cent above national re
Fin out about oca reponbty ue n a copany tat you are nterete n
Business Voabulary in Ue Advanced
109
51
Green issues Environmental damage For over 40 years, governments in many developed countries have imposed stringent - strict environmental regulation to combat environmenal pollution daage to the land, sea, etc caused by industry. For example, companies shoul ot pollute the air with toxic emissions from chimneys or with effluent toxic liquids that they discharge into rivers or the sea They should dispose of waste in acceptable ways. Critics who say that manufacturing is often moved to;countries with less strict regulations complain that pollution is being exported. Nuclear power plants are required to monitor level f radioactivity form of energy that can harm humans, animals, etc but critics say that even minimum levels of radioactivity are unacceptable And some pollutants are carcinogenic they cause cancer The nuclear energy debate has now been reactivated in the context of climate change Supporters of nuclear power say that it can help to combat global warming
Eco-friendly products Deepsea fishing has to be done in a way that maintans fish stocks and avoids overfishing Agricultural products should be produced in ways that can be continued and that avoid overfarming Ideally those engaged in logging that causes deorestation should have an incentive to maintain future timber stocks through reafforestation
BrE:
Another aspect of sustainability is renewable resources, including alternative energy sources such as wind power solar power from the un and tidal power from the natural rises and falls in sea level These are together known as renewables hese are some of the environmental green issues that governments and companies are facing Companies may say that their products and activities are eco friendly (Eco- is used in many other combinations to refer to the environment) All this is pat of the idea that businesses should be rn in ways that are sustainable in ways that maintain the resources that they rely on. Companies may say, or example that their products come om susanabe orests 9r their �eafood from sustanable fishing methods Some companies produce reports on these issues that give a more favurable impression than is justified by the facts This is called greenwash by crits For more on sustainability, see Unit 5
Recycling Products should be made of materials that are recyclable reusable in new products The European Union, for example has regulations about the propoion or percentage content of products and µ e esed and recycled Househol an nusra ase should also e recycled Some companies r example, are recyclin 'g their products by reusing parts in new products (see Unit 31 All this is part of the wider picture of corporate social responsibility (see Unit 4 110
Business Vocabulary n Ue Advanced
51.1
Complete the table with with wods om A, Band C opposite. Nu g g
J jcv
Vr -
-
(f)
-
-
g yg 51.2
'
Use oet oms om the table in 511 aboe to omplete the sentenes om waste wate 1 Enionmental eqiements eqiements will oe the ont to emoe that is dishaed into the Santa Cz Rie 2 O the billions billions o empt wate bottles bottles that ae thown thown awa eah ea onl a small popotion ae 3 The EU's Waste Eleti Eletial al and and Eletoni Eqipment Dietie makes manates esponsible esponsible o eletoni podts o the olletion and 4 The intodtion o stinent stinent les and hea ines has led to less waste bein into the sea 5 The Food and D Administation ontines to ind taes o o hemials in impoted ish
51.3
Complete these extats with with appopiate oms o expessions om Band C opposite 1
2
3
4
5
Illegal .. . . . ... . around he word robs US companies of millons millons of dollars a year in lost sales, accordin to a study by the American Fores & Paper Associaion
Haiti as ioi oo i o eaa as as iiat 9 o is s o o -
Critics call the ads . ;· , a thin attempt to make companies' activities moe eco-conscious than they are
hat stepshae een taken n o aea to help te eni enionen onent? t? Wat else els e shol e one?
Busines Vocabulary in Use Us e Advanced Advanced
111
52
Climate change Global warming
Since the beginning of the industrial revolution about 250 years ago, emissions from the burnng of fossil fuels such as oil and coal have led to increasng aounts of carbon dioxide and other greenhouse gases in the atosphere. This greenhouse eect has led to global warming- an increase in teperatures around the world Expets predct serious conseque@ces if is continues, wth, aong other things, storms and rising sea levels causng floods, and droughts - perio periods ds of of low or no rainfall This in turn wll lead to severe effects on infrastructure trans transpo, po, councaton, etc with large large nubers of people forced to ove away fro affectd areas
Carbon management Indvduals and copanes are ncreasngly aware of ther carbon fotprint the aunt of carbon carbon dioxide that their activities produce and take easures to reduce t Governents alk about the need to reduce carbon levels and have signed climate treaties nter nternato natonal nal agre agreents ents that oblige countries to take easures to reduce the aount of carbon that they emit. The frst of these was the Kyoto Protocol of 1997, desgned to put the United Nations Climate Cange Convention nto effect Change has h as been slow, however, and in 2014 the UN Intergovern Intergovernntal ntal Panel on Cliate Change forecast that by 2100 global temperatures would increase by between bou 3 and 5 degrees Celsius
Carbon trading The axiu aount of carbon that a copany is allowed to produce is capped i iite ited d to a partcular level Wth carbon trading a copany can et ore tha ths K creits fro another copany that ets less than the peritted aount These credit can be traded bought and sold Wth carbon offsets, the carbon doxide produced by a copany's activites or prodcts can be offset copensated for elsewhere For exaple, a car copany can arrang for trees to be planted to absorb the equivalent aount of o f carbon that its cars cars produce If by ding this th ;ount of carbon produced does not increase, the copany can clai that its activites are caronneutral
Carbon capture oe scentsts say that the above easures will not be enough to reverse clate cange They say that the greenhouse gases already n the atosphere need t o be reoved fro it, f exaple by by capturing it and storing it underground This s carbo carbon n captur capture e carbon sequestrtion sequestrt ion 112
Busines Voabulary n Use Advance Advance
52.1
Complete Compl ete the article, using expressio expressions ns from A opposite opposite.. Use some expressions more than once
NATIONS MUST MUST �ACT NOW' ON CLIMATE CHANGE C �:;\ !s t . n
t
t
f
tter
leadi g i dusry g oup wa d on Thu sday Wa r a d s wag i fras ruc ur , h l c iciy n wo k a d a spor w all a isk rom h ff cs o (2) gas s includi g d oughs loods and s v e (3) . said h I s iuio of Mechanical E gi rs an i naio al body or h gi ri g indus ry I u g d gov nme s arou d h wo ld o ac up o h chall g o adapi g o h ff c s o clima cha ge a h r han pu i g all h ir frs i o cu i g (4) ... E vi onm al g oups hav b luca i h pas o suppor h cause o adap a io i d v lop d cou i s ou o co c ha i would b s as a fallback opio ha would mov h e d o h m o cu g nhouse gas (5) Bu h y hav suppor d allocaing u ds om rich cou i s o he d veloping wo ld i o d o h lp poor cou ri s o adap o clima cha g which h y oh rwis would o hav h fu ds o do (6 ha is i us oday is lik ly s ill o b i us ma y d cad s from ow h IM chE poi d ou a d so i is impora compa ies d v loping such (7) oday o build h p obable f cs o clima cha g i o h i plans e
n
n
ee e
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rne
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n
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tr n
e
ere
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t e en
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522
n
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n
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n e nt
nee
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f rt e
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n er
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Relate the underlined words to to nouns in B C and D opposite 1 2 3 4
I'm trying to reduce mine by taking the train train more and flyin less The are already much higher than predicted ten years ao Critics say that these areements areements are useless while coal is still being used as a fuel This is very expensive, but removing carbon from the atmosphere can be done done (2 expressions) 5 ! needed to be replaced replaced by a stricter agreement agreement limiting emissions even further further 6 Land Rover has a scheme for these whereby whereby the emissions emissions durng a cars first 40000 miles are compensated fr by projects reducin the use of burnin wood as fuel in East Africa 7 Companies can trade these so that some companies emit more more carbon dioxide and some less but the overall level is the same 523
Use appropriate frms of verbs from B C and D opposite to complete these sentences ngineers are now able to carbon dioxide and store it underground 2 Companies can their emissions by commissio commissioning ning activiti activities es that reduce carbon emissions elsewhere 3 Carbon dioxide can be from the atmosphere by plants 4 Governments can legally legally limit the amount of carbon a company can by · ··· · ·· it.
Carbon credits can be between companies
What step stepss have yu tak r iht yu take t rduc yur ca ftprit? f tprit?
Business Vocabulary n Use Advanced Advanced
113
Board organization Corporate governnce is the way a company is
organized an maaged at the highest level This can have a critical influence on the company's performance. A companys board of directors corporate board includes the following board members: • execuive directors, the chief executive office (CEO) and other senior managers such as the finance director • non-executive directors nonexecs or independent board members - outsiders with relevant management experience who are invited to si on the board, bringing their expertise and an external view Large investors in a company like pension funds may also have seas on he board so that they can influence ho the compay is run In some coutries uch as Germany, there are two boards Above the management board is a more senior superisory board some of whose members are not shareholders These boards are a companys governance bodies. Commentators talk about the quality o a company's stewardship the way that it is guided, managed and protected In the banking criis of 20079, there were complaints that banks board members had not been active enough in estioning the actions of banks' CEOs, actions that led to the collapse of t heir institutions
Separation of roles Another key issue n corporate governance is whether the most senior job in a company should be split into tw or not Should the roles of chairman chairwoman and chief executive officer be held by one perso, or should there be a separation of roles? Some peopl say that these two functions should be separated in order to avoid concentrating too much power in on persons hands Supporters of combining the two roles, however, say that this gives the copan stronger leadership
Rewards fr success (and failure) Executive pay o, more formally, executive remuneration compensation has become an increasingly sensitive issue Top executives are rewarded fr success in the form of high salaries and share options (BrE) or stock options {AmE) the chance to buy shares in the company cheaply Executives say in their defence that share options are one of the incentives that can make them perform better Cmpany boards may appoint a remuneration commitee to make decisions in this area Remuneration consultants are brought in to advise on remuneraion packages for senior
managers Executives may alo be seen as being rewarded' or failure, with high payous payoffs when the leave the copan following poor performance And there is increing anger about the senior managers of banks receiving bonuses extra payments when their institutions have had to be bailed out rescued by governments Following he baning cr _ is of 20079 senior bankers especially have been described, informally as fat cats, yg hat they do not deserve their continued hgh saare a be fllowing the damage they hav done to the institutions that they lead 14
Business Vocabulary i Us Advad
53.1
Complete the sentences wth approprate forms of expressons from A and B opposte. Yahoo ncreased ts revenue nnefold and more Under Terry Semel's than trpled the number of employees to 12,000 2 Its oblgatory for corporatons n Germany to separate nto a more senor board (Aufschtsrat) and a board (Vorstand) wth the requrement that a thrd of the members of the are not shareholders 3 The reform of the corporate has three ams: the emphass on (non-executve drectors); the focus on evaluatng the actvty of all board members; and the drve to separate the functons of charman and CEO.
532
Complete the table wth words from C opposte b remunerate compensate
I
i Nun
reward ncentvze pay out pay off balout 533
ow replace the underlned expressons n the sentences wth approprate forms of epressons from the table n 53.2 above In these such as the ones n 2008 governments have to lend vast amounts of money to the banks to prevent them from collapsng. 2 The average CEO n the US s now pad 00 tmes more than the average employee so ths s very controversal (2 expressons) 3 Everyone agrees that eecutves should have these as motvaton to produce good results but when they are gven bonuses just for average performance there s anger. 4 There s also anger when executves leave ther organatons followng poor performance but they receve huge ones even so (2 expressons) Over to you
What are the overnane bodes of yo oany or one that yo wod lke to ork fr?
Busine Voablary n Use Advanced
115
54
Ethical investment
Acivist shareholders The biggest shareholders in many companies are institutional invetr such as invetment fund - funds that group together the money of many diffret investors. There has been criticism that institutioal investors are not active enugh in the cmpaies that thy iest in for exaple, when they do not vote at shareholders' meetings And in the banking crisis of 20079 thee was criticism that shareholders had not challengd the decisions being made by the banks excutives Critis say tha gd corporate gvernance (see Unit 53) requires activit harehlder who take a ore active role in th way that the companies that they invest in are run
Conroversial producs George Unwin is a fund manager for an ethical invetmenHund: People and organizations who put the money int our fnd ant us to ivest it in ethica! ays We want to avoid companies that have a bad record on soal and envronmental issues We particlarly want to avoid certain s�ctors: tobacco arms manufactures nuclear power or uranium producers So we put our cliets mone y ino funs that do not ivest in these activities In selecting companies to invest in we look closely at ho tey are managed We are paricularly interested in issues of corporate governa n_ ce We beliee tha wellmanaged companies are me profitable to invest in As ever tanparency and accuntabiity (see Unit 4) are key
SoaUy responsible invesmen There is more and more relevant inration about �thicaly run companies that people can put their money into In the UK FTSE4Gd is an inex ' ethialy manage cmpanie. In the US there are the Dw Jne Sutainabilit indexe • DJSI Wrld containing the shares of 300 companis fm 23 coutries that lead their industries in terms of sustainabiHty •· DJSI Stxx-180 companies fro MEuropen couries Sutaina�ility is theidea that businesses should be run nt fr shorter profit but i n a way that taes account ofJheongterm interes of soety and the environmet (For more on this see Units 51 and 5) DSI d�fines crprat uainability n these erms
a Sttegy integrating ongt�ecoomic envirnmentl nd social aspects in their business strateg�s while maintaining global cmpetitveness an brand reptaton b Finac!,l shreholders demads for sofinanc ial retus longterm economic groh op com ication and transparent fiancial accounting c Cutmer andPrduct fostering loalty by inve$ting in customerelaionship management and produc ad service innovation that cuses on tchnolie and systems which use financial naturaand social resources in an eicient eective an;economic manner over the ong term d Gerance and Stakehlder settig the highet stanards of corporate governance and stakeholder engagement including orporate coes of nduct and public reporting e uman managing human resources to aintain workfce capabilties and employee satisfaction through bestinclass organiationalearing and knowledmanaennt practices and remuneration and benefit progras The FTSEGod and OSI indexes give he overall v ue ofhe share price of the ethical firms and we can cmpare the performance of inividual firms aainst them This is pa of the ovemet toward cially repnb)nvetment (SRI
54.1
Look at A and B opposite. What are these things examples of? 1 A company that gives full details of its directors' pay, benefits and pension arrangements giving informaton in its annual report beyond what is required by law 2 A fund that promises not to invest in companies that make weapons 3 An oil company that says it will take full responsibility fr the environmental consequences of its production activities 4 Pension funds and insurance companies that invest on the stock market and elsewhere 5 A company that has a board structure that follows best practce in this area 6 People who own shares in a company and want to prevent the company operating in a country whose government they disapprove of
542
Complete the table with words from B and opposite Noun
I Ad jective
hs anspan aounal susanal 543
Adverb haly anspanly -
susanay
Now complete the sentences with appropriate expressions from 542 above 1 Does the chief financial ofcer provide real-time information r internal decision making and for governance purposes? 2 The presentday idea that the corporation is to outside shareholders was unknown in the nineteenth century 3 Asda has committed itself to supplying only caught fish toward their 4 Sales managers may influence salespersons to behave more or less clients 5 hell views openness and as an essential pat of the longterm energy solution for the global business environment 6 oyota mapped out the companys strategy for growth in the 21st centu y It included balancing the needs of people society the economy and the global environment
544
Match what these executives say (15) with the points (ae) in opposite. 1 2
3 4
5
We have taken steps to evaluate the effectiveness of our employee training programme With the latest software we can anticipate what our customers are going to require from us six months from now We reall ae to tae account of the ongterm enironmental ipact of our actiities We follow all the latest recommendations on structuring our oard of directors in the most responsible and effective way Our profits and growth exeed our competitors performance
he only esponsibility of copanes is to ae a profit What do you thnk
Business Voabulary Use Advaced
117
.
55
Globaliztion
'
• ·
. : •· [ ,
>
• . ·,
Paths to properity
In terms of econc development, the world s dded nto: the rch industrialized ountries advanced· eonomies of the West (The We s taken nclude countres such·s Japan and Austrlia.) the deveping ountris less-developed ountries (DCs) at vajous stages of industrialization -the are newly industrialized ountris {NICs). ome of ths are middlinome ountries A some ch as the Asia gers fstrong ecnomes SE Asa lke aian and Sngapore ae reachng Western lels of eal and prosperty Th BRIC ountes Bazl, Russa Inda Chna have also been quckly increasng her inme per head the oney earned and he ealth possessed y each persn countres th rural enomies -ased o agrcultur and vey lttle ndustry, ere mt people are ery poor These are soetmes referred to as the Trd World. People ho at to emphase the dfference etee the ndustralzed and the lessdeeloped cuntres of the orld often reer to the oh an the Suth
GOP and GNI he prosperity a country s measure n terms f GDP Gros Domesti Produt), hh s the value of ts eoni output all the goods and services prdued there n a year GDP per apita s the total outp of a partcar countr dvded the nuer of peple lvng there Hgh natonal nome can men hgh living standrds -hgh leels of ealth for people Ths depends on the nome distribution of artcula contres the ay hat money s dvded amng the people of a untry • Posperty can also e measud n terms of GNI Gross Natonl Inome) Ths ncludes money comng nto a cntry from estments aroad, ns mony leavng the country to go to nvestrs frm aroad hi s the ne name fr at used to e called GNP Gross National Prodt)
Globalizing trends Goalization the tendenc for the gloal eonm to fucton as one unt th ncreasng interdependen< eteen derent pars of the rld hat happens n one place affects hat
happens n another. ese are some o the factors hat are dng gloalton Its supporers say that groth and prsperty cntnue to spread thanks to free mov!ment of apal money for nestment can easl moed around te orld trade lielization free trade -ostaces to nteatnal tade are gradually eng removed shipping osts that are everdeclnng thas to the ffency f ontainerization teleommniations �nd omputing osts' hav falen drmatcally Bt the redit unh (see Unt 48 of 2079 strnthened crtsm of gloalzaton th some tect partular companes from oeg mtt fr example with tris taxes o mpoted goods. Ths s protenism.
118
Business Vocablmyn Use Advaned
55.1
552
Complete the crossword with the correct form of words from A and B opposite.
Across
Down
2 very poor countries considered together (5 5) 4 eves of materia comfort: iving (9) 7 where most activity happens outside towns economis (5) 9 Advanced economies are (14) 10 poorer countries considered toether the (5) 14 a goods and services produced in a particuar period (8, 6) 16 rich countries considered together, even if they are not a ocated there the (4) countries are 18 and 15 down between the rich and the poor ones (6 6)
1 and 5 od name or GNI (5 8 7) 3 how money is divided between peope income (12) 6 weath (10) 8 abbreviation for gross nationa product (3) 11 Singapore Taiwan and others Asian (6) 12 the 'L of LDC (4) 13 rich countries considered as a group the (5) 17 abbreviation for ross nationa income (3)
Match these sentences with expressions in C opposite The charge for transportin a whoe container of goods across the Pacific can be as itte as $50 2 The cost of a three-minute phone ca from London to New York in 1930 was £200 in todays money The same ca costs much ess than £1 today 3 There are no taxes on goods traded within the European Union 4 We can invest in many Asian countries and bring back our profits without penaty 5 We shoud impose specia taxes on foreignmade stee 6 The US imports more than it exports much of it from China, and China buys American debt Over
to
Can the eve of deveopment o a country be measured by GD aone? If not what other factors houd be taen into ccount
Busine Voabulary in Use Advanced
119
56
Investment and debt
Direct investment
Foreign direct investment (FDI) is when companies put money into investment projects in other countries. With free cross-border capital flows, they can repatriate their profits to their own country, or withdraw their investment altogether
There is debate about whether governments should try to limit capital flows inflows and outflows - with capital controls o whether they should follow the global trend towards liberalization.
Some economists say that too much liberalization of capital flows leads to instability in a countr's economy with foreign exchange crises which lead to devaluation its currency becomes woth less in terms of others For example some say that Chinas growth has benefited from the fact that its currency is not freely conveible This lack of conveibility prevents the capital outlows that some other Asian economies have suffered from at various times
Borrowing
The International Monetary Fund (IMF) and the World Bank play an important role in the development of less developed countries A main function of the World Bank is to lend money to countries so that they can obtain the conditions for economic growth For example the World Bank sponsors infrastructure projects - road building water supply systems etc and projects in health education and agriculture But developing countries may build up unsustainable levels of debt and An infrastructure project ditchdigging be unable to repay these debts The IMF has debt reduction programmes Heavily Indebted Poor Countries (HIPCs) that will reduce the amount of money that they owe The MF also contributes to work on the Sustainable Development Goals (SDGs) specific targets relating to povey reduction and the stimulation of growth in poorer countries
combinations with 'debt Word Here are some frequent combinations with debt: load I burden service
debt
rescheduling restructuring relief forgiveness
an amount o debt owed by a company country etc een as a problem aing repayent on a det when lenders agree for a debt to be repaid at a dierent time when lenders agree or a debt to be repaid in a different way when lenders agree that debts do not have to be repaid in ull or an be repaid later than originally agreed when lenders agree that debts do not need to be repaid
ebt ld i ore eent than debt burden and debt ore reent than debt restructurn
120
· .Business Vocabulary Use Advaced
g
�
•
56.1
Complete the sentences with expressions rom A opposite. 1 China remains the largest recipient of among developing economies. But ater a decade when heavy rom abroad were credited with bringing the country out o poverty, that investment is levelling o 2 were imposed as an obstacle to oreign investment in the country. 3 There has been a o the Liberian dollar since last year One US dollar used to be worth 35 Liberian dollars but is now worth 60 Liberian dollars 4 Almost everywhere we see a lowering of barriers to the international transer o capital goods, services culture and inormation. The prevailing trend almost everywhere is towards 5 Investors should keep in mind the political and economic emerging markets
56.2
in many
Replace the underlined expressions below with expressions rom B opposite 1 demands both economic growth and speciic anti-poverty policies 2 Critics say that the countrys social welare policies will be imossible to continue i oil prices all. 3 Among the governments lans are a $2 billion plan to expand subway services in major cities 4 The government has shied the emphasis o policy rom the ontrol o inlation to makin the econom bier 5 Despte all the promises made by rich nations these countries are still suering under the burden o unpayable debts 6 When we worked on these obectives ten years ago, clean water was one of the goals. 7 These institutions spread particular economic policies around the world, usually in exchange for a badly needed loan or a condition attached to a loan
56.3
Match the two parts o these sentences containing express ions rom C opposite. 1 hose with the heaviest debt 2 Maryland aims to keep debt 3 The airline has said a successul debt 4 The company is negotiating a debt 5 Celebrities have taken up the cause: Bono campaigns or debt 6 The couples debt load on credit
D
a rescheduling agreement with its 225 creditor banks b burden got the worst interest rates, sometimes more than twice as high as other borrowers c service to no more than 8 per cent o the state's tax d restructuring would prevent it rom going bankrupt e cards alone, peaked at around $40,000 relie and Angelina Jolie puts Arican hunger on MV.
Over to yu ud te det f developn untrie e metely rie? y/ Wy nt?
Busine Vocabulary in Use Advanced
121
�
-
.
57
Trade
· .
·-
Dismantling the barriers Free trade areas o blcs such as
• the EEA (Eurpean Ecnmic Area) contining the Europen Union plus some other countries • NAF {Nrth American Free Trae Area) Cnd, US nd Mexico • GAFTA {Greater Arab Fre Trade rea) • Mercsur grouping of South Americn countries hve dismantled bolished trade barries between their memer counties, or moved towrs dismntling them. These brrier include: • taris- txes on importeq goods • qutas limits on the number of oos tht cn be importd Supporters of ree trade believe tht thee s incresed prosperity fr ll if goods nd services cn be freely bought nd sold ll round the wold he Wrld Trade Organizatin (WT) is working to remove or dismntle trde brrirs nd to resolve trade disputes disgreeents bout trde. .
However countries of the North ve yet to pen up their markets fully to griculturl goods frm the South WO negotitions re permnnly ongoing. The ltest stge of negotitions is referred to s the Dha rund, ter the Guf city in Qtr where they begn i 2001.
Protected industries Americn steel executives compin tht the hve higher costs thn mny other steelproducing countries nd tht they cn't compete with teir prices. hey sy tt some countries re dumpg their steel selling it for less thn it costs to roduce. So they ske the government to impose triff on imported steel But steel producers in other coutries fel tt the US is engging in unair trade practices; from their point of view its prtectinism. Thy sy tht they believe in free trde, nd tht they shold be llowed to compete in n open world mrket or steel. And even within free trde res during the economic crisis of 079 there were clls by some politicins for compnies to repatriate podction to their hoe cuntries in order to ulify fo finncil ssistnce from the government.
Fair trade Clire Longdon is consumer in Britin I beieve n far trade. When I buy produts, especilly cmmdities like coffee or bnns, look for the Fairade mark The Fairade orgniztin m�e sre tht prducers nd grwers, oten smallhlders mll frmers re pid fir price, not just the mrket pice, which cn be ctstrohiclly low " Producers re encourged to r cpratives orgniztions jointly owned by them in order to sell t!er product without going through the usul middlemen woleslers. Prices cn fll drmticlly when there is erprductin round he world, cusing glut in \ cooy, u Firrde gurntees prces p o procers
122
Business Voabulary in Use Advanced
,.
57 .1
Complete the sentences with appropriate rms of expessions from A and B opposite. between 1 US and EU business leaders now need to ocus on removing the two blocs rather than aim to create a single area 2 He said raising prices by increasing on Japanese luxury cars would give Detroit's Big Three automakers an excuse to increase their own luxury car prices their markets They oer 3 The BRIC economies have been growing and many new opportunities 4 The Eropean Union warned that South Korea shuld open up its car market, accsing the contry of tomatoes consumers 5 If the Commerce Department rules that Mexico is can expect higher tomato prices because the US will impose on them limiting the numbers that can be imported
57 2
Look at opposite Then read the article and decide if the statements below are true or false
1 2 3 4 5
Smallholders are too often overlooked by companies and policymakers alike, but they could hold the key to helping solve the food crisis and tackling poverty Just 20 years ago, Rwanda was utterly devastated. They are now rebuilding their econom, with organized smallholders at its heart ust 20 years ago, Maraba village was one of the country's poorest; their low-quality coffee was sold straight off the bushes to passing mddlemen
These are the most innovative farmers I have ever met constantly researching new ways to improve productivit, such·as making organic compost, or to add value, such s roasting at a village level using traditional techniques And they have sparked an economic revival that sees Maraba now among the more prosperous villages in Rwanda, as evidenced by the bustling bank and choice of hairdressing salons, while the farmers are now building and running a nursey school
da, the Maraba farmers have organized themselves into a Fairadecetified cooperative, have four washing stations (the first stage in processing coee), have trained the first generation of cuppers or tasters, who are contantly improving qualit, and are commanding record premiums for their prize-winning beans They are roasting and selling their cofee all over Rwanda as well as expoing it through Union Handroated to UK shop shelves
It is an economic revival that, with the right suppot smallholders could lead worldwide Some 450 million smallholder farming households cultivate two hectares or less, and with their families they make up a third of all humanity Increasing their incomes will therefore be vital to improving the incomes of the poor Indeed� because smallholders tend to spend more income on local goods and services, they coul d be the impetus that stimulates virtuous economic circles in local economies
Rwandan smallholders have only recently started growing coee They have started selling their produce abroad as well as across Rwanda They have improved the qality of what they grow They have not always been prosperous in relation to others in Rwanda, but now they are Smallholders around the world and their families represent one-third of everyone alive today
yu/ Wul yu uy Fatra pruts? Wy?/ Wy nt?
Business Vocabulary n Use Advanced
123
58
Internationl aid Humanitarian aid
When there are extreme siations, aid agencies such as Oxfam or Mdecins ans Frontirs play an impotant role. These situatins include: war; natural disasters suc as eartquakes, flods, epidemics - widespread disease and famine when people do not have enoug to eat, f9r example following crop failure when crops are not produced as usual Emernc reUef s provid in the form of supplies medical assistance and so on This is part of humanitarian aid. Aid agencies are NGOs {no-overnment organizations) even if in soe caes they are toally or partially funded by governents Development aid
Aid agencies also contribute to economic development through specic devlopent projects These projects may use intemediate technolog equipent and machinry suited to lcal conditions that local people can operate and maintain Some of these projects aredesigned to improve infrastructure a ountry's ater supplies roads etc Some provide seed money for small businesses the money they ned to star u until ey become viable and able to develop by themselves This is develoment aid, ferred to technically as oicial developent asstace {ODA The aims of aid
Development aid oen also omes from donor countries Some countries are mre generous than others giving a higher proporion of their national wealth he placs to whch d is sen and the uses to which it is put are influenced by pressure groups such as th NGOs enoned aoe Governments receiving aid are recipients Some donors give tied aid they req�iret he reiients to use the money to purchas quipment etc from the Many would say that the ppose of aid is pove reduction But tre is a ot o discusson about ow s can e achieved Some experts say that the best use of aid is to invst i projecttat contibute to economic development =
124
Business Vocabular Use Advcd
58.1
Complete the sentences with expressions from A and B opposite. have promised about $600 million to help earthquake 1 International victims survive the winter 2 AQY opportunity to prepare for the eects of extreme changes in climate can help nations prevent and an - heavy rains from becoming floods, a drought from becoming a outbreak of disease from becoming an · 3 nsrance companies have traditionally oered policies to farmers covering catastrophic weather and resuling majr 4 Emergency all oo ofen arrives in the wrong quantity at the wrong time flooing in when no adeuate channels exist to allocate it 5 The squadron has a mission to provide aid in developing nations, as well as help with disaster relief _ to people in developin 6 Trickle Up is an o(ganization that provides nations who want to start small businesses 7 Natural� , such as the cyclone and flooding that hit Bangladesh r ecently; iped ot many people's socks of food
58.2
Match the newspaper headlines 1) with a word or expression from B or C opposite 1
2
3
New online tracking system in Ethiopia links cofee makers to markets
Sri Lankan women's group to start textle factory thanks to long-term loan
Hundreds of protestors call for the cancelling of Third World debt ,
4
5
Use of clockwork radios revolutionizes life in remote villages
6
7
Mobile phone use in Latin America doubles in three years
Angola to receive cash from Italy to develop telecommunications, using Italian contractors "
an a cont exst on hantaran aid alone? Why? I Why not?
Business Vocabulary n Use Advanced
125
Sustainability
Sustainability is the idea that the economy shoud b organized ln ways that can be continued without causin irreversible environmental damage depletion of natural resources, etc. Businesses and economies shoud be run not for short-term profit, but in a way th t takes account of the longterm interests of society and the enviroment, for exampe by not contibutin t o factors that cause limate hange.
Deveoin countries are tryin to attain the livin standards f the industriaized ord Some exerts warn that, in addition to the daners of b warmin, the ord's natura resources are not sufficient for such are-scae economic deveoen there Others arue that renewable nonpolluting energy sors such as wind power, sola power and tidal power wi aow further economic rowth without cusin damae to the environment (see Unit 51)
Word combinations with 'sustainable agriculture I farming livelihoods forestry sustaiable
tourism isheries seaood energy trasport
Sustainable development goals The United Nations Sustainable Development Goa (SDGs) rate to areas such a the endin of povey, the taret of zero huner, the rovision of ealth and well-being for a ad so on There are socia oas such as gender equality equa rihts r men and women They aso reate to the we oa o sustanable eonomi rowth woride here is much discussion how his rowth can be achieved, and the ace of developmnt aid Unit 58) in this rowth 126
Business Voabulary n Ue Advanced
591
Match these issues from A opposite with the newsaper headlines. Match some headlines with more than one issue deletion of natural resources short-term profit 1 2
environmental damage renewable energy
SAHARA SOLAR PANEL HOPES
BOOKS AND NEWSPAPERS 'DO NOT DEPLETE FORESTS
59.2
4
SHAREHOLDERS LOOKAT I ONE YEAR HORIZON _ CHEMICALS FROM. PLANT FOUND IN RIVER 'WILL NEVER DISAPPEAR
Match the combinations in B opposite to these examles 1 The development of electric cars by Tesla and others in the US 2 Building wind farms in Denmark 3 Planting more trees than are cut down in Scotland 4 Limiting numbers of visitors to national parks in Costa Rica
593
3
sustainability
5 Prohibiting the taking of certain types of fish from the sea in Canada 6 Planting crops in Kenya that do not destroy land in the long term 7 Lending small amounts of money to business startups in Bangladesh
Look at A, B and C opposite Then read the article and decide if the statements are true or false •
DESPTE MANY OBSTACLES, THE WORD IS GETTNG BETTER Johan Norberg explains how deveopment continues with or without international encoragemen When we discuss the UN's new sustainable development goals (SDGs), there is widespread pessimism. International cooperation is not what it used to be and some leading politicians are actively undermining it Even so I am optimistic about world development Economic growth and local rerms have more impact on development than international targets The most successful countries have been the ones that opene d up to the global economy and spurred growth Some countries that made the most progress like China did not receive development aid Development was homegrown Despite setbacks more countries are democratic more farmers get ownership titles to land and to sell goods to other countries Some frms of aid push aside local knowledge initiative and adaptation On the other hand the r eason why the world is improving
1 3 4 5
right now is that in many countries these sources of progress have gained much more room to manoeuvre As a result farmers an improve their lives and activities in their own way and on their own ter ms with smartphones and better fertiliser power grids and health clinics microloans and mobile money This is often done with the help of aid workers as long as they understand that their role is to strengthen communities not to redesign them Obviously we need strong international cooperation to create a hospitable climate r these local eforts We need an open world economy with the reedom to trade we need an international security architecture that guarantees saty and peace and we have to deal with global environmental problems But if we manage to get at least the basics right in the international arena - granted that this is a big "if am hopeful th at billions of people will continue to make tomorrow better than today r themselves their amilies and their communities
International cooperation on economic development is not as good as it was China's growth was partly due to international aid All forms of aid are good Farmers around the world have benefted from developments that are not aidrelated Eorts towards economic development can only be made at an international level
Over to ,- . re yu timsti r essimisti abut the aaity f the lanet r future rwth? Will the tye f enmi rwth in the develoin wrld desribed in 9 abve ntinue to haen Give yur reasns Business Vocabulary Use Advanced
127
60
lntercutura teams Cultural issues
Culture is the 'way we do tings round here. Here might mean a country an area, a social class or an organization such as a company or school It includes values - things that people think are impotant - and beliefs - things that people b _elieve in Cuural differences can arise when people from different cultures work together or do business togeter for example in these areas:
a Hierarchy What is the distance between managers and he people who work for them and how is this shown? b Roles Qf men and women Are women oen found at the highest levels of business and society? Are there jobs that are traditionally done by each gender? Is there a glass ceiling - a level of seniority in organizations beyond which women rarely go? c Conversation and discussion What is the system of deference showing respect in communicating with more senior colleagues? How do pe o · ple behave in dierent settings formal informal social situations etc? What is their attitude to turntaking - interrupting other people or letting them finish? How tolerant are they of sence? What is their attitude to proximity _ how close people stand together? What kind of gestures and body language do they use? How much contact - handshakes kissing - is there? d Attitudes to tasks Are people taskoriented - focusing on the task at hand? Or are they relationshiporiented focusing on the people that the are working with? e Attitudes to time planning, punctuality, the working day/week/year meals and breaks, leisure. time weekends holidays etc Relation of work and private life What forms of hospitality are shown to customers/clients? Do businesspeople invite colleagues and contacts to their homes or is everything done in the office restaurants etc.? International teams
A global car company has brought together some of its bes engineers for a year at its research centre in Germany to work on a project developing a new lectric car Some are native English speakers others not Different cultures can have dfferent iterpretations of the same behaviour Negative intepetations
Positive intepetatrons Adnan alway efe o head oce efoe makn a decon.
u
, buu,
Nadne call he eam leade 'i.
u
u - i oo eecl o
Calo eak Enlh in a vey fomal way
ub b
uu u oo fomal
Sannah alway don wo hn a once.
u
ee away leave y 6 m.
b
z
Ma end a lo of me a he coffee machne chan
b
, oo fendly
Lee alway ay exacly wha he hink
, ,
, u b vey ccal n a cel way
Gna doen alway follow ocede
b
u z
ekka doen ay mch ao o\n on
b
uu
'
Business Vocabular Ue Advaced
60.1
Match the ponts and subpoints in A opposite (a-f) with the oganzation descbed below The fist one has been done as an example. 1 Whe a seno manage s talkng, junio colleagues do not nteupt r r 2 Manages and employees all have lunch in the same estauant 3 Clients ae nvted to kaaoke bas untl one o two in the monng 4 Meetings always stat and finsh on tme 5 People ae udged on the ablty to get the task done 6 Woen aely jon the boad of diectos 7 Changes n the company's actvties ae usually planned two yeas ahead 8 When someone wants to undelne a pont in a meetng they mght bang on the table 9 The oce closes in August and eveyone goes on holday
602
Look at A and Bopposte hen ead the two atcles and answe the questons D H D D; D D ; 1 What dd the ol company decide to do? 2 Why would you agne that ths would not be a poblem? (This s not specifcally entoned) 3 Which ssues fo A and chaacteistcs fo Bae mentoned n the aticle? I tata ta th att t tw ta ha vyth t wth va aity a vy tt t with t t a a a at t th ta t i that "aat haat t a t h th tn at y iiva th ta wa a t th a a ty wv th ta w at y ty t tat ata hav a thy a t wa tay v O th ta a that ta t a hav i t wa a a at wht ha n v th tv h
,
What type of ndividual s the atcle about? 5 Ae poblems n ntenatioal teams always elated to cultual dieences? 6 What was the outcoe of knowing the answe to ths question? Over
to
,J
� 4< -ia.c'" Y,"
Slt th paiula types behaviu in the e lun in Bppsit w wl thy e piv in yu oaniatin
Business Vobulary n Use Advanced
129
61
lntercutura meetings Meeting preparation Just after they arrived in Germany, he tam (see Ur it 60) were to have their irst formal meeting chaired by the team leader Louise an American engineer. Bere the meeting she ade these personal notes on the agenda
1 agree the basic rules 2everyone woks
3d�cide who w d what 4idependence 5bn tod what to do a the time
Cultural prepration To understand more about how his American boss ouise might run th meeting Carlos read this article about business meetings in he S.
Running the meeting ouse caed - told everyone to cme to the meeting and said these things to vaious participants a You're being rude. Could you toe down your cmments, please? b You're getting .off the point We dont need to hear about your living arrangements c OK now we have your detailed proposals but we can't see the ood fr th trees the proposals are too detail�d BrE: humour d Please give me a yes or no anser AmE humor e OK Carlos, can we keep the humour fr some other time? · f Lets keep the ball rolling here We need to keep going Please say hat you hve to say g I know m the one in hage b come out and say what you thik! I now t's not on the agenda but we need to discuss this now
130
Busine Vocabulary n Ue Advanced
611
Look at A opposite. Here re some moe notes (a-f) t hat Louise akes relating to the meeting agend Decide if each one refers to 1 Ground rules or meetings, or 2 Team working
a Tem to be encourged to socilize togeher once week in the evening no going home stright fer work tht evening! People should come to meetigs prepred, nd with ny informtion tht will be requirE. No 'tlking over ech other ech prticipnt sould be llowed to finish. When working on tsks dont expect the te le€e to povide l the nswers No mking or receiving phone clls or tex messges em membe to undergo three dys culturl wreness tining to void uure misundetndings work 61.2
Complete the table with words from B o pposite
oun on ononion
I AJti
ioi ou oniou u 13
Now match the djectives in 612 bove with their meanings 1 2 3 4
61.4
wanting to protect other people's feelings plesant and friendly not wasting time not cler
5 descriing situations where there is argument and disagreement ngry and hostile
Look at C opposite Match the different type s of behaviour obsered by Crlos duing the meeting 18 with wht the chair of the eeting said in rection to each one ah)
1 h gr resp for m es t SO CH�g Less v o 1
2
ks st wni o�s e 9 , w sev& scs bore he respo
4
5 e o �e mg w proposs - mObe oo ! 6
sms o �k �< mgs sh be more le s evt - es't k �e pot
7 mmu v d WO phas ov-d Over to .', � -'1 Y
,. c
; "
Iagine that istr r the Engishspeking worl is coing t your cuntry Ge se tps n what t expect n how t behve n eetings
Business Vobular in Use Advanced
131
The right attitude
After sx months on the desgn team n Germany, Carlos started to look for work elsewhere. He dd ths by networking- meetng people from the same professon at conferences and other events, ncluding specal networking events desgned for ths purpose He found some tps for events lke ths desgned wth a UK audence n mnd a Be visible, proctive nd riendly Not sure wht to tlk bout? Crete dilogue Mnge the business crds Follow up with people f Be resource Be dptble Hve un!
c d e g
I• _" = = = = = : = B =E = En = = d = = �E dialog:
Good etiquette
Now look at the some of the notes that Carlos made about the above tps n an nternatonal context • Proximity (see Un 60), y cotact tc. - snd esnble dsne f peple bu n f nd lk he n he ee f bu hlf he e
• Drc (see Un 60 I Fo o ar shw he gh degee f espe nd dn' be vefl
• Coicat arriaty at t rit tim tc - dn lk h nd dn' gess ge ff he pn
• B car it or - pbbl ell kes
• Aoi iict cotroria nd iti jct eg ps
Busness cars
In many nglsh-speakng countres busness cards are treated rather casually ut n Asa, they are mportant When someone hnds over ther card, tke it with both hnds, look t it creully and tret it with cre nd respect. Feel free to sk questions (wthn reason of course) about the nfrmaton on t t's good to show interest n ths way, and t wll help you to nderstnd the orgniztion that the person works for Do not write or mke notes o t Store it n a specfc place Hand over your card n return, als wth both hands; ensure a you a\ways hve supply with you_ 132
Business Vocabulary n Ue Advanced
621
Match these items of advice (18) with the points (a-h) in A opposite. 1 Think about questions such as: 'What makes you interested in . ? What are you hoping to get out of the meeting? or Do you know any of the other people here? 2 Not everyone is a natural networker, but we can all learn how to make more meaningful connections Set a goal before each event that will keep you focused and interested, like meeting three new people and learning one interesting thing. And above all enjoy yourself! 3 Try diferent ways of staying in touch with the person (phone email postcard lunch etc) ake sure that you have something specific to say based on what you know about them 4 Make the first move in a friendly way Expect to like people and to enjoy the event If not people will sense it and will not connect with you 5 Keep your business cards in one pocket and the cards you collect in another pocket. Develop a system for keeping track of the people you want to follow up with (you can carry a pen to make a quick note on the card or just tear the corner) 6 Find out what other people value or need most Put people in your network in touch with each other This creates a much stronger positive impression than trying to sell yourself Oer to email an article or resource you have that may be helpful for them 7 Dont lecture Make the goal in your conversations to connect rather than impress Ask questions and find out more about the other person Remember, you need at least six encounters before they remember you Ask permission to stay in touch in a concrete way; suggest a time to call or send an email. 8 Find out the other persons communication or thinking style and adapt your own message to it. f the person likes facts, dont talk too much about abstract ideas; give them facts and figues
62.2
Carlos spoke to an older Chinese engineer Wang Ya at a networking event in Asia and later on the phone Match what Carlos said (16} with the issues in B opposite 1 2
3 4 5
Were getting on to politics. Lets not go there Ah Canton was there last year for a conference And heres my card s this is a good time to call hall we moe over there he people net to us are getting too close. There was a paniard an talian and a Frenchman
6
623
ook at C opposite Were each of these actions at the networking event in Asia appropriate or inappropiate? When Wang Ya handed over his card and Carlos saw that he worked in Canton he made a comment about it 2 Carlos then handed over his card with one hand 3 Two other people were talking nearby One handed over his card and the other (following the advice in 621 point 5 above) tore the corner as a reminder to make contact later 4 The second person then handed over his card in return; the first person looked at it carefully and put it in a special pocket in his briefcase Over
to
�J Y; . .-- TL,
Ge s ee e t ee i t etwkn eet k tt t tde hw u unt
Busines Vocablar n Use Advanced
133
GM;J·i\t Lookng < for chllei, iellly simlai vopnt work n rnwb1 nrg. Woud k to ov nto em meme
c Entut sel-se n work on projt wt miiml seisi Efftv mlise good iiizi ss nd workng on vr t on Exprn of worng wt rr t fro ie e cles wt eess � ll isses eil ecme em lee ieil ems
14 999now imel sech scieisEon In Torrn Cforn
:QBVi•'U :(r 2008 Futur ngr eele cQse i-hse ii orgnd bExxon 'un 2006 Onwk our n ntrutur trnng t tr Aot, UK
<H!d�h 998999 Mses eee n Hdrorbon Unvrt of Vnouvr, Cnd Dissei "Enrg u n owrbon ono 994997 Bchels eee n CEngnrng Unvrt of Toko n@" NieJp seeeEng rt rt bb Jpn ookng lt DlJpnCndn iliy born Toko 3 Apr 976 Af)§ BrE: CV, curriculum vitae; AmE rsum, resume In the English-speaking world it is becoing ncreasngly unusual to show marital status or children on CVs. Older people are soeties advised not to put ther date of birth. Riku above has put his interests, but showing these is optonal (Do not use '.) Also at the top of the docuent do not put CV or urriculum Vitae, just put your nae
Job enquir ••
F : Sbjt Dt T
riku76@homacom Envronmenal sienss 20 Marh r@singaporerenewassg
H. f y dy' Los Angeles Times, y y d d y d y, d I y A CV I d yd d d y xx will d y 15 d 3 I d y y d I y y I d y y d y d! L f f B R
134
I
Business Vocabular Use Advaced
How to end eails Less formal More forma:= = == = Best regards Reards Best wishes All the best Best
63.1
63.2
Look at the CV in A opposite. Then write one based on this information, using the same headings 'Hi Im Ramesh Patel and I really like Bollywood cinema and rock music I played in a rock band at university and we played semi-professionally but when I graduated after three years in 2007 from New York University in Media Studies I decided to do a Masters degree in Journalism just in case I stayed another year at NYU to do this. The course was great and we concentrated on broadcast media something that I wanted to get into I wrote a dissertation with the title "A comparative study of broadcast TV in three English-speaking countries: India US Australia Anyway the band broke up a year after we all graduated so I was glad I had made the decision to pursue a proper career! I was born in Brooklyn on 19 May 1986 and grew up there but my parents were from India Im a US citizen and Im bilingual by the way I started my first ob in 2008 working as an assistant to news reporters on a Hindi-language channel for Star TV based in Mumbai but now Id like to move on Im good at working in teams and would like to think that Im a good communicator, thanks to all my media training People tell me that Im good at explaining complicated ideas clearly I also like to think that Im good at keeping calm and cool in front of the camera even when things go wrong My goal now is to work as a TV reporter for a TV company in an English-speaking country Why not Australia? ook at B opposite. Then look at the email below In some of the lines (111) there is one extra word that is unnecessary. Other lines however are correct Tick the correct lines and cross out the extra words in the other lines. •••
Fm: raesh.ptl@googeic T hbneu
1 2 3 4 5 6 7 8
Hello. I have visited your company's website and like the look of what you do! I am writing specifically with a reference to the section on your website about working for your organization. Would you have an openings for someone with my background? As the attached my CV relates, have a Masters degree in Journalism from New York University and I have worked for above three years for Star TV based at their Mumbai oice where I was an assistant to news reporters would now like to be relocate to Australia and hopefully become a news reporter myself I will be in Australia next month on the vacation and available for a discussion - I would be happy 9 to visit your oice in Sydney at my own on expense - I believe have a lot to offer a company 10 such as the yours. 11 Looking foward to about hearing from you Best regards Ramesh Patel
Over
to
ou have read about an organization that you find interesting and would like to work for rite the beginning of an email (about 100 words to the organization (nam it saying why you woud be a suitable candidate
Business Vocabulary n Use Advanced
135
64
Business writing 2 Invitation Riku Henderson receives this email from Singapore Renewables (see Unit 63): • ••
Subject: Envimetal sci From: joh. ! u@arewbg To ku76 D: 31 M
Dea M Hendeson Thk yu fr yur mil o 20 Mac iquirig abo mplymt n o coan. We ae acve ecn o vaos osons n o oanzaon, eseca envonena scenss n o eseac and deveoen cene wul lik t iit o o an noa dscsson a o eadaes n Snaoe on Wednesda 23 A a 200 Pl ul yu firm tht o ae ill t on a dae? Man ans We ae neesed n e US ae o o e exanson and od e o ves on s e deveoen In ode o eae o o dscsson w wul grtful if o cod e a so eo (2 aes) on o ve o 1) e ene saon n e Uned Saes oda and 2) e oena o eneabe ene ee ove e nex 40 eas aca eeence o bc onon oads deen os o ene Pl mil u o eo y 5 A I en irult yur rprt o e acans a e dscsson o be o ce eseac scens Ann Bao o eseac ojecs co-odnao Caes Qnn and se We oo oad o ean o o Bes eads Jon L Head o Han Resoces Snaoe Reneabes
Inquir ad inquir ae mch moe feet e tha nquir ad nquir, especally AmE. �
Acknowledgement Here are two possible replies from Riku Henderson. The first email is written in a more frmal style than the second Both styles are acceptable when writjng emails • ••
Subject m ie From To
i Subject a
eee
B j J
Fom
Date 2
To upe D: 2 A
Dea M
Dea M L
an o o o ea o 3 Mac hi i t firm tht wul light o coe o o eadaes o a dscsson on Wednesda 23 A a 200
ans o o a o 3 Mac Thi i t lt yu kw tht I b ry pl o coe o o HQ o a dscsson on Wednesda 23 A a 200
wul hppy te e eo tht yu pify h t a o enoned abo en and conen it t yu b 5 A rqut
' gl t e e eo tht yu ri Ive noed a o enoned abo en and conen I lt yu h it b 5 A yu k
Bes ses
Bes ses
R Hendeson
R Hendeson
t's ot possble to say o wte v g ths cotext 136
Busine Vocabulary n U Advanced
64.1
Look at A opposite. Choose the correct alternatives to complete this email •••
'
about positions in our company Thank you for your email of 13 May () . We are actively (2) r various () in our organization particularly finance specialists We (4) to invite you for an interview at our headquarters in Singapore on Monday 5 June at 00 pm Please could you confirm that you would be able to on that date? () if you could prepa a presentation on Before the interview, we would be (6) what you see as the economic situation in the world today illustrated b y PowerPoint slides Please email us your slides by June I will then copy them onto the computer that you will be using for your presentation (7) them also to the other people who will be present "
1 a ask 2 a employing 3 a posting 4 a would want 5 a resent 6 a thankful 7 a circulating 64.2
b asking b joining b positions b would like b partake b lease b dispatching
c asked c recruiting c vacant c may c assist c grateful c purveying
d asks d proposing d situations d might d attend d oblige· d shiping
ook at B opposite Below, email relies from two other candidates have been mixed up Put each email into the correct order (The begining of the first - more formal - email is d and the beginning of the second - more informal - one is e}
.I b
Would it be possible to arrange another date Im sorry if this causes any problems
This is to let you know that Id be very happy to come to your headquarters for the discussion that you mention but unfortunately Im not available on April
c
This is to confirm that I would be delighted to come to your ofice for a discussion on Thursday April at 930 am
d
Thank you for your email of 31 March
eI
Thanks for your email of 31 March
Over
I
f
I
gl
hi I I I
Ill send it to you by 15 April as youve asked hoping that you will be able to offer another date for the discussion
I will let you have it by 15 Apri as requested
I will be happy to write the report that you specify and I have noted the requirements for length and contet
But Id be glad o write the report that youre asking for Ive noted what you mentioned about length and content
to
Writ th bginning f th ply (00 rs) r th rganizatin that yu rte t in th Ovr t yu sectin Unit 6 inviting yu fr an infra iscussin
Business Voabulary n Use Advanced
137
65
Business writing 3 Outlines Riku Henderson (see Units 63 and 64) makes notes for the outline of his presentation:
Introducion I Backgroun Part I: Main frms of traditional energy - percentage of energy use today advantages and disadvantages of each likely trends in uture use Part 2 Main forms of renewable energy advantages and disadvantages of each likely development of each type over next 40 years
Concusions - most likely situaton of each in next 50 years
Openings and introductions The purpose of this repot is o ... • I the rst par, Ill outne I xplan I ilsrate I anlyze I break dow ... • I' give a breakdown I descripto I vervw ... • n the seco pat, Il move on to look at I examine ... n the nal part, Ill (ry to) aw sme cnclusos about ... I make some predictions abou ...
Describing visuals As you can see from the pe chart graph diagram table . • The pie chart graph diagram table ow tha .. nuclear energy gas oi coal
• •
accut r represents mkes up constitues
B far he lrges source of energy is ... Next I In secon plce come(s) ... Thidy, there is .. I urth position i ... Not behn I Quite a long way ehnd s .
Coal 18%
Natual gas 28%
138
ow currentl t presn
Nuclear energy 8% Oil 36%
Renewables 0%
Business Vocabular n Use Advanced
x per cent of current energy use
65.1
Complet the table with words rom A and B opposite. Nu
V describe
analysis otline explanation examination look breakdown predict conclde 65.2
ow write a possible introdction to Rik's report, sing appropriate forms of expressions rom the table in 651 above and nderlining them beginning in this way:
Te rpose of � rort w exine e wrrent n9 sn in e n Ss < M e po r r en9 e ov e next 50 s. In e st pm, I\ d:e e p of ent sourc of nr9 e S no 'L ge a . 65.3
Write part o Riks report sing expressions from opposite the information in the pie chart and th nots next to it Begin like this
As HOU C see ro e p ct bB e gest sour of en9 o l unts or 41 p t of n9 use e S ost of e o es ro .
Over to yu Draw a i char aot an aspct of yor organzaton school or deant (r xa th nr o pol n derent daents or th ner o stdents dong diffrnt sjects) and writ a contary on it lik th on in 653 aoe
Business Vobulary n Use Advnced
139
66
Business writing 4 Linking ideas Here are some expressions you can use to add one idea to another. Energy from biomass comes mainly in the form of ethanol, which is made from corn (maize) Critics say that maize should only be used as a food source
Moreover,
they say that large areas of rainforest have been cleared to make way for maize production around the world
Geothermal energy using heat from underground springs only makes a very small contribution to energy use
In additon,
geothermal plants are expensive to build and maintain
Tidal power requires installing equipment offshore that is very expensive
What's more,
the equipment breaks down frequently due to the violent seas
Here are some expressions you can use to compare and contrast one idea with another or introduce another idea which might seem surprising The US is well-placed to produce more solar energy
However,
solar panels are concentrated in the south and southwest
Wind energy is very clean and efficient
Nevertheless,
there is strong opposition from people who object to seeing more wind turbines
Hydroelectric schemes especially in On the other the western US such as the Hoover hand, Dam provide 46 per cent of renewable energy
future development of this form of energy is unlikely as most of the potential schemes have already been realized
Hoover Dam
Forecasts Look at these ways of expressing future trends By 2050 on current trends: 1 renewable energy is going to provide about 30 per cent of the country's needs as opposed to 7 per cent today 2 the amount of energy consumed in the US overall will have decreased by 20 per cent the economy will be bigger of course but energy will be used more eficiently 3 solar energy should probably represent 20 per cent of renewable energy 4 oil gas and coal might each represent about 20 per cent of total energy use unless something unexpected happens 5 the environmental argument that nuclear energy does not contribute to global warming may win out 140
Busine Voabulary Ue Advanced
66.1
Match the two parts of these sentences containing expressions from A opposite. 1 I can assure you that there are no plans to sell the newspaper division 2 A switch of truck suppliers involves the important costs of changing spare part inventories 3 IBM studies have indicated that seven per cent of employees believe that technological advancements have improved their ability to balance work and personal life 4 Boldness is an essential moral characteristic in a leader, for it generates combat power beyond the physical means at hand 5 Older managers were suspicious of the big epansion and later even opposed to internationalization efforts 6 These new hotels create employment for local people
662
D
D D
D
D
a However, 62 per cent of employees also have growing concerns about technology's impact on the length of the workday b Whats more there are no immediate plans to sell individual newspapers c Moreover a good leader understands that good leadership is about who you are not so much about what you do or can do d Nevertheless, the new chairman and new managers were able to persuade the board members and the Ko< directors e On the other hand, the animals that you see here will be driven away from their homes In addition a client may sometimes incur important risks, especially those of not being fully satisfied with a new supplier
Look at B opposite Use the same structures (1-5) to make predictions for the future containing these ideas By 200: 1 electric cars/ account for more than half the cars on the road 2 climate change/ not have had the eects predicted today 3 population growth/ level off 4 nuclear energy/ represent 3 per cent of energy production I unless I another big nuclear accident before then 5 attitudes to personal consumption I change enormously
66.3
Now make alternative forecasts to the ones above in 662 (You can use different verbs for each one this time) The first one has been done as an eample 1
Over to - � _. Make soe reast out trend in your own proesson or industry or one you woud ike to wor in
Business Voabulary n Ue Advnced
141
Answer key 1.1
1 rewarding, stimulating 2 client contact 3 get on well with 4 hands-on 5 No two days are the same 6 Originality creativity
1.2
1 working on my own 2 putting ideas into practice 3 admin paperwork 4 teamwork 5 snowed under 6 sense of achievement 7 red tape, bureaucracy
1.3
1 breathing down our necks 2 commuting 3 long hours 4 flexibility 5 vacation time 6 time off 7 stressful 8 perks 9 working from home
5 Abraham Maslow; he thought tat motivation was key in peoples needs 6 He thought tat workers were dissatisfied because of the way that obs were badly designed the way that managers behaved and the lack of opportunities for people to be satisfied wth their obs Over to you (sampl answer)
3.1
3.2
Over to you (sample answer)
I'm an industrial designer. I can work from home for three days a week, as it gives me a lot of fleibility and I can develop ideas without interruptions But I go into the oice the rest of the time and there I can discuss ideas wit colleagues and I feel like I'm part of a team whic is great I have the best of both worlds! 2.1
2.2
142
2 use our initiative 3 Morale, motivated 4 responsibility 5 job satisaction (sampl answers)
1 McGegos nkng as nfuenced participative styles of management and the continued practice of staf performance appraisal 2 Managers' beliefs can be seen from the things that they say and do. 3 These lead to managers having particular policies towards employees and to relate to them in particular ways. 4 No e did not think that either Theory X or Y should be taken as a model Business Vocabulary Use Advaced
3.3
I would recommend developing initiative in the following way Car production workers should be able to submit ideas for improvement in the production process If an idea leads to increased efficiency, the worker concerned should receive a bonus 1 salary 2 supervision 3 peer relationships 4 policy 5 working conditions 6 security 1 the work itself 2 recognition 3 responsibility 4 achievement 5 advancement 6 personal growth V -
\
Ovr to you (sampe answer)
I sell packaging equipment to food manufacturers I have a great sense of achievement when I reach my sales obective or the year If we o a good ob we get recognition in the form of a generous bonus and positive feedback from our sales manager The work itself is ascinating I have a technical background and the technical progress in packaging macinery as been amazing since I started out There are good opportunities for advancement I hope to become sales team leader net year. And in terms of personal growt te company I work for is great we are encouaged o go on anng couses n aeas that are unrelated to our work Im learning to play the classical guitar at te moment
4.1 g 5 d
2 e 6 c
3 b 7 f
4 a
52
42 1 liflong learning, current trends 2 career move 3 activities 4 consutancy services 5 freelancers 6 in-house Over to you (sample answers)
I write technical documentation or manufacturers of domestic appiances dishwashers washing machines, and so on. I coud do this work as a freeancer, but I prefer being a salaried employee I ike coming into work every day, and its easier to keep up with what's going on I hear about technical developments with the new modes fr exampe and aso office gossip!
1 make people redundant 2 consultation 3 trade unions 4 hire and fire 5 infexibiity 6 Unemployment 7 give them three months notice 8 social charges 9 sick pay 10 flexible 11 job creation
53 1 2 3 4
Spain is probably more ike France The abour market is quite infexible with simiar obstaces to hiring and firing people as there One advantage of fexibe working for employers is that they can get rid of workers when they no longer need them, and hire them again when they do need them One disadvantage is that empoyees feel ess loyalty to the organization and therefore ess motivated
Advantges of being a freelancer:
• You can organize your work the way that you want to • You don't have to get to the office by a particuar time every day • You can take holidays when it suits you rather than your employer • Its possible to feel isoated and unmotivated • You aways have to be thinking about finding the next project It's possibe to waste a ot of time if you dont discipine yoursef Advantages for companes:
• It costs ess than hiring more employees • Freelancers can be very fexible about when they work • They often speciaize in one thing so they can be very good at what they do Disadvantages for companies
You have no control when a freelancer you normally rey on is not available fr the next piece of work • There is a risk when using a freelancer or the first time that their work might not be of a good enough quaity
51 1 job sharing 2 parttime work 3 temporary work
5 true 6 false 7 true
Over to you (sample answers)
_
Disadvntages:
true true fase true
61
b
2 a
3 e
4 c
5 d
62 1 2 3 4
lack of management suppot role ambiguity homework mbaance heavy workoads s office politics 6 effotreward imbalance
63 1 d
2 a
3 b
4 c
Over to you (sample answers)
• Currency deaer teacher and policeman are three stressful jobs • As a production manager, the main causes of stress in my job are unexpected increases in demand which mean increasing production and this is difficult to do quicky I combat stress by doing a lot of sport, especialy running and swimming 1 2 3 4 5
uncountabe countabe uncountabe uncountabe countable
Busine Vocabulary in Use Advanced
143
7.2
2 b 6 c
1 h s a
3 d 7 e
4 g 8 f
9.3 1 e
2 a
3 c
4 b
5 d
Over to you (sample answers)
Over to you (sample answer)
• Ive worked in a number of teams on big engineering projects • Yes we work well as a team perhaps because someone perfrms each role • Im a Completer. like to ensure that project deadlines are met,any mistakes corrected and nothing forgotten or omitted
There is employee assessment every six months,with managers talking to their employees individually to tell them how they are doing. There is no assessment of managers by employees,no 360-degree assessment
8.1 1 supertalent 10.1 1 hard
2 core competents 3 talent manager 4 talent pool s Talent management 6 core competents 7 talent pool 8 ABC approach
4 sof 5 hard 6 hard
2 soft 3 so
10.2
1 e 6 b
2 d 7 a
3 c 8 b
4 e 9 d
5 c 10 a
103 1 selfawareness 82
creatives: 2,3,6 suits 1,4,5
8.3
1 2 3 4 5
2 3 4 5 6 7
mentees mentees mentoring/coaching reverse mentoring,mentoring coach,coachee mentoringmentorship,mentor
Over to you (sample answer) Im a corporate trainer. Id like to think that have soft skills the ability to work with all sorts of people tactfully and in a non authoritarian way Training these days requires these sorts of skills rather than more authoritarian methods
Over to you (sample answer) I work for a small electronics company (30 employees) There is a formal system of mentoring,where each new recruit is assigned one of the senior managers,who has regular sessions with them and gves them advice about the firm's values and culture
9.1
11.1 age ageist,ageism race,racist,racism sex sexist,sexism stereotype stereotypical,stereotyping diversity,diverse, discrimination discriminatory, equality,equal, ethnicity,ethnic,
(sample answers) She manages a team of nurses Daily and monthly There tend to be fewer daily meetings. They encourage positive emotion and energy,and sharing out tasks for the day, and help nurses to think about the units work as a whole Knowing who may need hel allows the work of the unit to be shared out among team members Meetings also keep people engaged in learning and develop commitment 5 They help limit mistakes 6 The monthly meetings encourage nurses to think about the performance of their own and other teams
1 2 3 4
9.2
144
1 2 3 4
true rue false true
5 6 7 8
true fase true flse
Business Vocabulary n Use Advanced
conscientiousness sensitivity influence integrity decisiveness motivation
11.2
1 2 3 4 5 6 7 8
11.3
1 d
stereotypical Discrimnaory or Racs ethnicity (or race) racism (or discrimination) ageist sexism equality diversity 2 a
3 e
4 c
5 b
Over to you (sample answer) Traditionally,my company a newspaper publisher,has recruited graduates from the
3 4 5 6
flawless Failing to deliver what the customer wants. consistent predictable
as attractive as possible with coffee shops and sofas where people can read and relax beore making their purchases 18.1
Over to you (sample answer)
As the second biggest clothing retailer, we are always looking at the biggest company and what it does. Of course, there are some industrial secrets that it will not reveal but its always interesting to go into their shops and see how they do things - the clothes they sell how they display them, the decor of their stores and so on 16.1
1 2 3 4
1 b
163
1 2 3 4 5 6
2 d
3 e
Strengths
4 c
5 f
6 a
18
1 b
work or a supermarket chain We are criticied or having too much power over our suppliers, for example farmers but we think they get fair prices for what they sell Competition between the supermarket chains is intense and there is always the danger of more lowcost entrants to the industry We dont think theres a danger from substitutes as people will always have to eat! The bargaining power of customers is high they can always go to our lowercost competitors so we have to make sure that we oer an attractive alternative in terms of range of goods attractive stores and so on
173
1 2 3 4 5 6
stifling, encouraging intensified harm inhibit sharpening 2 d
3 a
4
threat advanage/edge prices position pressure strategy
Ove to you sample answer
I work for Waterstones bookshops. Our fiercest competitor is the online retailer Amazon We hope that customers will keep se and uy books rather than ordering them online. But we also know that we have to make our stores 146
Business Voabulary n Use Advanced
1 focus 2 cost leadership 3 diferentiation Over to you (sample answer)
Eli Lilly's mission statement is to create and deliver innovative pharmaceuticalbased healthcare solutions that enable people to live longer healthier and more active lives
172
Threats
• • US
Over to you (sample answer)
1 2 3 4 5
I Weaknesses
• • UK • .
dominated the market attack the market invade established a oothold/toehold still dominated withdraw from
17.1
industry competitors entrant substitutes buyers suppliers
18.2
strategy resources planning resource allocation mission statement
16.2
1 2 3 4 5
19.1
Across
5 8 9 11 13 15 17
barriers entry chaebol divestment integration high conglomerate
Down
1 portfolio theor 2 concentrated 3 merge
4
6 7 10 12 4 6
19.2
1 2 3 4 5 6
core acquisitive fragmented attractive vertical share low
encourage contributions and input fro people not actually working fr the company via the company's website The company then rewards the best suggestions and contributions Another example of disruption is in b0ok distribution Amaon dirupted the book retail industry first with its online ordering service and then with its Kindle reade
strategic acquisitions acquisitions/takeovers subsidiaries unwieldy conglomerate profitability entrants
211
1 2 3 4 5 6 7 8
(social and economic) environment futurologists/futurists the Delphi method panel a consenus orecasts futurology scenario planning mini-Delphi / EstimateTalkstimate I ETE evolve
212
e
Over to you (sample answer)
Daimler merged with Chrysler so that Daimler would have better access to the US car market and Chrysler to the European market. They planned to develop models together, reduce cot� etc But the cultural differences between the two companies were too great and the merger fell apa
Nouns (people/ Adjectives and organzations) -eding forms
reativty, reativeness
reators
innovators nnovaton innovatveness
,
_
202
203
nnovative
- bureaurats
bureaurati
ngenuity
-
ingenious
-
pioneers
pioneering
dsruption
dsruptors
dsruptve
1 2 3 4 5
trendetter innovator pioneers follower disrupted
2 3 4 5 6
dropped out shakeout and consolidation emerging industry dominate mature etablihed
Over to you sample answers)
• Ye many organization are bureaucratic and low to come up with new ideas I work for Procter and Gamble and one way that we have of getting new ideas i to
5 c
I work r a tour operator and the biggest risk is that through no fault of our own we go bankrupt This can leave thousand of customers abroad and unable to get home This would be very unfrtunate or our customers and for us so we do everything we can to avoid bankruptcy! We almost went bankrupt once a few years ago when we had inancial controls that were less strict than todays but we learnt our leon and now the business is run much better with close attention to costs and financial results
reatve
bureauray
4 d
3 b
Over to you (sample answers)
201 Nouns (things)
2 a
221
d 4 f
2 a
3 e
5 c
6 b
222
1 risk strategy ris factors 3 risk appetite rik exposure 4 risk avoidance 5 risktakers 6 risk appetite
223
g
b
d
a
c
e
Over to you sample answer)
I guess Im a risktaker I like trying new thing I have an appetite for risk it may all go wrong but I like the excitement For example I was a bit of an entrepreneur even before I le university I staed a business selling electric bikes to my fellowstudents and this turned into a fulltime job aer I graduated Business Vocabulary n Use Advanced
147
pricing 2 product 3 promotion
23.2
a physical evidence b people c process
1
1 2 3 4
service 6 process 7 helpful
intangible contact motivated attitude
I was attracted to my new LG high definition screen (prduct) by their TV advertising (promotion). The product was available in department stores and electrical goods stores, but I preferred to buy it on online (place) I paid slightly less than I would have done in traditional retail outlets (picing) I took my car to be serviced yesterday. When I went into the service centre, it took five minutes for someone to come to greet me (people) I left the car, but they didn't phone me to tell me what was going on So when I went to pick it up, I found they had done all sorts of work, some of which wasnt necessary () But they did show me a component that had broken and that had really needed replacing (physical evidence)
1 convenience 2 communication 3 customer cost 4 customer solution
24.2
1 b
24.3
1
2 3 4 5 6
2 a
mystery shopper 2 market intelligence 3 primary data, secondary data 4 market research firm 5 latest trends
25.2
1 c
2 d
3 e
4 b
5 a
25.3
b
2 a
3 b
4 a
5 a
3 d
1
Over to you (sample answer)
I work in the marketing department of a car company We organize regular market research to see what people think of our models and those of our competitors The latest findings are that people are looking more and more for environmentally friendly cars 26.1
segmentation, segments 2 social class, demographic segmentation 3 behavioural segmentation 4 target groups
26.2
e 4 c
26.3
1 traffic 2 visitors 3 interact 4 conversion 5 convert
1
1
2 d 5 f
3 a 6 b
Over to you (sample answer)
4 e
5 c
customer loyalty, customer allegiance, customer retention, repeat business customer base word-ofmouth customer defection churn lost customer analysis
Over to you (sample answer)
I try to use my countrys national airline when I fly They have what they call a Superloyalty card, based on air miles, which gives me a number of advantages The most important one s ree gs o couse Others include getting priority when I check in, a free lounge 148
25.1
5
Over to you (sample answers)
24.1
where I can wait before boarding, and being able to upgrade from economy to business class at very low cost
4 place 5 promotion 6 promotion
23.1
Business Vocabular n Use Advanced
I recently bought a ticket on a lowcost airline to go clubbing in Mallorca this summer For this flight, Im in the leisure travel segment, rather than a business traveller Demographically, Im in the 2534 segment, and in terms of VALS I guess Im an experiencer, spending a lot of money on music, cotes a bb a te tcets to get to places where I can meet other people like me! 1 2 3 4 5
warehousing analysis mining protection management
27.2
1 d
2a
3b
4c
d export manager agent direct export export manager Order 1 b 2 d 3c 4a
5 e
Over to you (sample answer)
28.1
I work at Boeing. We hold a lot of information about our customers the airlines We get most of the information by asking them for it We have a lot of data about their requirements on different routes and in many other areas. They also let us have some of the results that they have gathered from their own market research, which we also hold on our database And of course the technical people here hold a lot of information from the airlines relating to the operation of our planes by our customers We use this information to make sure the planes we produce meet the requirements of the airlines and of course their passengers 1 c 2a 3e 4f 5 b 6d
28.2
1
2 3 4 5 6 28.3
positioned positioned positioning differentiate differentiation differentiate
The real outcome is given in each case, followed by a possible explanation 1 Successful: The idea of gentleness carried across smoothly to the new products 2 Unsuccessful Bic is too closely associated with pens and razors 3 Unsuccessful: Coke was the real thing so New Coke could not logically also be the real thing 4 Successful: all in the same category and closely associated 5 Successful: both in the same category and closely associated 6 Unsuccessful soup and spaghetti sauce not close enough together Over to you (sample answer)
29.1
29.2
1
b
2b
3a
Over to you (sample answer)
Rolls Royce is one of the UK's biggest expoters. It makes aircraft engines for civilian and military aircraft, plus turbines for applications such as power generation It has its main base in Derby, and also has other plants including one in Bristol It has about 37000 employees 40 per cent outside the UK 30.1
c 5 d
30.2
suppliers 2 process 3 warehouse 4 ust-intime 5 integrated 6 captive plants 7 suppliers
303
1
2 a 6e
3b 7f
4
g
1
Verb
()
Over to you (sample answer)
Dell manufactures computers in Lodz Poland but many of its suppliers are elsewhere Many of the components come from China, for example. Components arrive in Gdansk by container ship and are then taken to the plant by truck
I work for Unilever and our food brands include Lipton Flora, Becel Blue Band Hellmanns Knorr Bertolli Calve Magnum and Cornett. Theres no flagship brand as such as we are strong in so many different product categories We prefer to develop completely new brands rather than brand extensions of different brands
31.1
1 supply chain management 2 logistician 3 logistics 4 workinprogress BrE workinprocess AmE inventoryinprocess AmE 5 finished goods 6 stocks BrE inventory AmE 7 stocks BrE inventory AmE
a joint venture joint venture b indirect expot, agents c licensing agreement, licensing agreement under licence oint venture
31.2
1
e
2 d
a
4 c
Business Voablary n Use Advance
5 b
149
31.3
1 2 3 4 5 6
refrbishment waste remanufcturing disposal dismantle recycle
333
Over to you (sample answers)
• Yes, mobile devices are suitable r accessing the Internet now the screens are bigger and the download speeds are faster I use my mobile to download football action replays I don't use it f r internet shopping (for that I use my computer when I at home), but do look at the weather recast occasionally to see if its going to rain
Over to you {sample answer)
work for an airline and our biggest logistical nightmare is when our planes are delayed by congestion at airports, especially Heathrow. The outward flight arrives late which means that the return flight takes off late, causing passengers to become very angry I
321
341
1 Core competences/competenies 2 Subcontractors, in-house expetise non core 3 Transaction cost analysis outsourcing them / subcontracting them / farming them out 4 our competitive edge 5 Our corporate culture 342
322
1 b
323
1 False: Money may be saved initially, but they are often more expensive in the longer term. 2 True 3 False It outsourced a rane of serves from highways to I 4 False They ended up spending more 5 True 6 True
2 e
3 d
4 c
5
a
343
Over to you (sample answer)
Here in India, we have benefited greatly from outsourcing Many of our graduates work in call centres f r UK banks But outsourcing is increasing in other areas which require higher levels of expertise, f r example software development 331
332
1 2 3 4 5 6 7
150
Internet bandwidth videoconferencing webcams download videoon-demand wireless wireless from the Optium site GPS the browser
Business Vocabular n Use Advaned
1 interoperability 2 external social networking sites, posted, profle 3 videosharing sites uploaded 4 internal social networking site, online community vetted 5 wiki, collaboraion 6 messaging, networking sites, comunication Adjective
Noun
2 3 4 5 6 7 8
unique users traffic page views sticky userfriendly generating, revenue rankings website anagement company
Over to you (sample answer)
I think its acceptable f r recruiters to check social networking sites in this way What people say about themselves there is probably more reliable than what they put in their CVs Copanies need to know eerythng abou the people they are recruiting! 351
1 b
2 d
3 c
352
e 4 b
2 d 5 f
3
35.3
1 cance AIDS, water purification, solar power 2 Peope onae pocesg me o their computers to perorm very complex calculations.
1 3G
2 3 4
c
4 a
a 6 c
3 They must download software and allow their computers to be used when they would normally be dormant 4 They might benefit from cheaper electricity in the futue.
37.3
Over to you (sample answer)
36.1
362
363
At my university, there is an intranet that allows us to get information about different courses and members of staff to look at our lecturers' PowerPoint presentations and to check availability of the spots facilities among many other things 1 scams 2 security 3 infiltrated 4 identity theft 5 infected 6 malware 1 dentity theft 2 password 3 phishing 4 cybercrime cybercriminals 5 encryption 6 security details 7 spyware 1 law enforcement agencies 2 Big Brother 3 privacy confidentiality 4 civil liberties 5 electronic trail 6 snoop
Over to you (sample answer)
I would like to stat a chain of residential centres for extreme physical training The presentation would cover: potential customers highincome professional people who want to get fit through extreme physical experiences (marathons rock climbing deep diving etc) but with luxury accommodation centres log cabintype architecture with very high levels of comft location of centres wilderness areas but within 2 hours drive of an airpot staff combination of a) extreme spots trainers and b) people with a background in luxury hotels promotion advertising on social networks and in business/financial press total investment $2 million required initially minimum investment $10000 per individual return 5 per cent interest per year for three years fllowed by return of the initial investment or the possibility to invest more
Over o you (sample answer)
37 .1
37.2
I dont feel nevous about using internet banking One way of minimizing the risk is to change the password often and not write it down anywhere And I never put the acount details into emails that I might send to people for example when I write to someone about transferring money to my account 1 gig economy 2 commission 3 business model 4 self-employed contractor 5 smatphone apps 6 Uberisation 1 sharing economy 2 review feedback 3 regulation 4 minimum wage
5 flexibility 6 disruption benefits crowdfunding 2 bank loan 3 Crowdfunding 4 backers 5 stake 6 crowdfunding 7 rewardsbased 8 backers 9 rewards 10 crowdfunding
381
Verb
38.2
N
1 copyright protection 2 encryption 3 infringement 4 download 5 piracy Business Vocabulary n Use Advancd
151
38.3
1 download, digital rights license downloads copyright 2 piracy piracy file-sharing peertopeer copyright copyrighted content
7 profit and loss account 8 general expenses 403
Over to you (sample answer)
I think its acceptable because groups these days have lots of other ways of making money from concerts and so on. Music companies have to find new ways of generating revenues the idea of selling songs through download sites is just a hangover from the days of selling records 39.1 1 financed financiers 2 financing 3 finances 39.2
Across
Down
3 6 8 10 12 14 15
1 2 3 4 5 7 9 11 13
profit and loss interest dividends cashflow full balance sheet interim results
finance officer undervalued prelims financial bondholder account CFO lenders loan
40.2
152
1 reporting period 2 operating profit 3 retained earnings 4 eceona es 5 accruals principle 6 interest payable Busine Voablary Ue Advaced
false true false false true
6 7 8 9
false true false false
Over to you (sample answer)
General Motors recently made a loss of $39 billion in the third quarter of its financial year the secondworst loss in US corporate history 411
a b c d e f
412
1 false 2 true 3 false
Cash Securities 12 Debtors 15 Buildings
g h i k
188 Land 62 Goodwill 30
4 false 5 true 6 true
Over to you (sample answer)
Carphone Warehouse is a retailer of mobile phones in the UK t has a chain of outlets in strategic locations in most UK cities but most of the sites are rented and the rented sites do not appear on its balance sheet It has knowledgeable staff but employees dont appear either t has stocks of mobile phones to sell which do appear and money in its bank accounts which also appears on its balance sheet
Over to you (sample answers)
Companies make their reports look attractive because they want to communicate in a way that seems fiendly open etc Annual reports are intended for investors and potential investors including shareholders; they are also directed at financial ournalists reporting on the company and of course the company's employees themselves The report can be seen as a marketing tool intended to impress each of these audiences 40.l accruals principle exceptional items general epenses interest payable operating profit profit and loss account reporting period retained earnings
1 2 3 4 5
42.1
a b c d e f g h i k
42.2
1 true 2 true 3 true
Overdraft 4 Interest payable ax payable 10 40 Bonds repayable in seven years Shareholders equity 200 Retained earnings 21 4 false 5 false 6 false
Over to you (sample answer)
Whn a company goes out of business it usually has liabilities in the form of money owed to supplers lenders he tax authorities and in some cases employees unpaid salaries
43.1
a b c d e
45.2
f 0.5 g (15) h 125 1 j 56
6 (1) (8) 5 (75)
1 2 3 4 5
44.2
1 Knowledge workers physical assets return on assets (ROA) 2 sweating its assets I operating at full capacity 3 return on equity (RO) 4 return on assets (ROA) 5 shareholders' equity
44.3
aortization and depreciation net incoe EBITDA cashflow EBITDA
46.1
1 2 3 4 5 6 7 8 9 10 11 12
46.2
Across 2 shareholder value 6 outstanding 7 P ratio 8 retained earnings 10 distributed 12 maxiize 13 acquisitions 14 EPS 15 strategic
1 2 3 4
46.3
1 SC 2 FRC 3 IOSCO
Down 1 returns 3 on investment 4 dividend payout 5 growth 8 ROI 9 decision 11 income
7.
1 f
2 a
3 b
4 e
5 d
6 c
Over to you (sample answer) The unvesity that I go to is really sweating its assets All the lecture roos are full all the time there are usually ong queues in the restaurants and there are normally people waiting to use the computers in the library I dont think they could increase the number of students without making furth er investments 45.1
maxiize shareholder value divestment strategic decision returns on investment (ROI) acquisition
Over to you (sample answers) • This is not always easy to do because anagers ay have high coitment to the industry that they know and in which many will have spent their entire careers They ay even have an eotional attachent to it In smaller firs and in some cultures anagers may not want to be forced to fire loyal employees And the knowledge that anagers have of their industry ay not be usable or applicable in the new activity that they want to get into
Over to you (sample answer) Credit terms in Gerany and Sweden are quite short - 30 days is normal, with interest payable after that time But in southern Europe Spain and Italy for example they can be up to 120 or even 150 days 44.1
1 2 3 4 5
regulator auditors collapsed irregularities cooking the books irregularities overstated understated fraud regulator auditor rotation transparency
False: It fined the auditors Heath Berwick False It collapsed rue False Investors are suing Matayeats for fraud 5 Not given 6 alse The relationship can be too close 4 IAS 5 GAAP
Over to you (sample answer) There was recently a case in the UK of a charity whose chief accountant was taking money to finance his luxurious lifestyle He ended up in prison
1 f 6 b
2 d 7 g
3 a 8
4 c 9 e
Business Voabulary n Us Advance
5 h
153
47.2
4.3
49.3
1 recovery 2 prosperity 3 peak
4 trough 5 contraction 6 expansion
1 boomed 2 overheating 3 soft landing
4 economic stability 5 recession 6 boom and bust
Over to you (sample answer) Here in Spain right now the business cycle is bottoming out, with signs that things will improve next year, when the economy will pick up. But for the moment unemployment is very high house prices are falling by 15 per cent per year inflation is rising and the currency is falling in value 48.1
1 f
5 a 48.2
48.3
1 2 3 4 5 6 7 8
2 g 6 c
3 e 7 d
Noun crash default deflation deleveraging regulaion, regulaor rescue stimulus
1 e
49.2
1 2 3 4
154
2 c
f
Verb crash default delae deleverage regulae rescue simulate
4 b
5 a
boar integrity probity professional misconduct transparent accountae
Busiess Vocablar in Use Advanced
3 a
4 a
5 c
50.1
1 2 3 4 5
50.2
1 justice/welfare 2 issues 3 welfare
503
b
stakeholder theory social reporting, public relations exercise social performance stakeholders social audits
2 a
3 d
4 programs 5 responsibility 4 c
Over to you {sample answer) In the tea plantations of southern India employers have from the beginning ivested in the social welfare of their employees by building worker accommodation, schools etc and ensuring that working conditions are good 51.1
Over to you (sample answer) In France the credit crunch did not affect us too baly There was a slowdown economic growth declined fr a while but there was no actual recession Declining demand for our products rom Europe an the US was partly replaced by demand from Asia 49.1
2 a
Over to you {sample answer) I'm writing about your companys continued pollution of our local river his has been going on for some years now with obvious effects on wildlife: there are dead fish floating on the surface for example Your company says that it wants to be seen as a good corporate citizen but your apparent disregard for the environment makes it hard to believe that you are sincere in this What actions will you be taking to improve the situation?
4 b
a regulator a ratings agency the real economy light-touch regulation deleverage default toxic assets fullblown economic crisis
b
6 d
Noun carcinogen discharge disposal environment polluion pollutant ecycling
Verb -
discharge dispose (o)
I Adjetive carcinogenic
pollute
environmenal polluting
recycle
recycled recyclale
-
51.2
1 pollutants 2 recycled 3 disposa
4 discharged 5 carcinogenc
51.3
1 logging 2 eorestation 3 Overfishing
4 renewable 5 greenwash
Over to you (sample answer} In my area they have started regular collections of paper an glass for recycling More coul be done o ece ouon example by charging drivers to enter the city centre in their cars
52.1
52.2
52.3
1 global warming greenhouse 3 storms 4 emissions
emissions 6 Infrastructure 7 infrastructure
1 my carbon fotprint Carbon levels 3 climate treaties 4 Carbon capture/ Carbon sequestration 5 The Kyoto Protocol 6 carbon ofsets 7 carbon credits 1
2 3
capture ofset absorbed
5 good corporate governance 6 activist shareholders
5
4 emit, capping 5 traded
54.2
ethics ethical ethically transparency transparent transparently accountability acountable environment environmental sustanability sustainable sustainably
54.3
transparent accountable 3 sustainably
54.4
1 e
53.1
53.2
Verb
z 53.3
54.1
55.1
1 transparency 2 ethical investment fund 3 accountability 4 institutional investors
4d
5 b
Acoss
Third World 4 standards 7 rural 9 industrialied 10 South 14 economic output 16 West 18 middle Down 1 3
5 6
8 11
12 13 15 17
1 bailouts 2 compensation remuneration 3 incentives 4 payoffs payouts I work for a German company that has a supervisory board of whom a third are not shareholders and an executive board responsible fr the daytoday running of the company
3 a
Companies have responsibilities other than just making a profit They should be good corporate citiens encouraging good relations not just with shareholders but also with employees supplers customers and so on
N
Over to you (sample answer)
c
4
Over to you (sample answer)
Over to you (sample answer)
I've tried to reduce my carbon fotprint by taking the train to work rather than driving. I fly less - its now realistic to go by train from the UK to a lot of places on the Continent 1 stewardship 2 governance bodies supervisory management supervisory board 3 board nonexecs
ethically 5 transparency 6 sustainable
1
55.2
Gross ational dstribution product prosperity G tigers less orh income GI
1 shipping costs 2 telecommunications costs 3 trade liberaliation/ free trade 4 free movement of capital 5 protectionism 6 interdependence Over to you (sample answer)
Some say that material development gives a alse idea about the state of a country They look at other factors such as levels of happiness satisfaction etc Busines Vocablar n Ue Advanced
155
56.1
1 2 3 4 5
foreign direct investment, capital flows Capital controls devaluation liberalization instablty
59.1
1 renewable energy depletion of natural resources sustanablity, environmental damage 3 shortterm proft 4 environmental damage
56.2
1 2 3 4 5 6 7
Poverty reducton unsustanable infrastructure projects stimulation of growth Heavily Indebted Poor Countries {HPs) the Millennum Development Goals the nternatonal Monetary Fund (MF) and the World Bank
59.2
1 2 3 4 5 6 7
59.3
1 True 2 False: China's development came through economc growth 3 False Aid should not push asde local knowledge, initiative and adaptation 4 True 5 False nternational cooperation can assist local efforts
56.3
c
1 b
3 d
4 a
5 f
6 e
Over to you (sample answer)
Many argue that the debt burden of some developing countries s so great that the debt burden must be forgiven. These countries are spendng so much on debt repayments that they cannot afford to pay for education and health services 57.1
1 2 3 4 5
5.2
1 false 2 true 3 true
Over to you (sample answer)
The worlds population will eventually stop growng thanks to rsing living standards. But will enough of the worlds economies adapt to the sort of sustanable practices descrbed in the aticle in time? m cautiously optimistic about ths.
trade barriers free trade tariffs openng up protectionism dumping quotas 4 true 5 true
60.1
2 3 4 5 6 8 9
60.2
(sample answers)
Over to you (sample answer)
Yes buy Fartrade products because they hep smal farmers around the world to make a decent lvng 58.1
58.2
1 2 3 4
aid agencies famine epidemic crop failure relief
1 2 3 4 5 6
development proects seed money pressure groups tied aid intermediate technology economic development infrastructure
5 humanitarian 6 seed money dsasters
Over to you (sample answer)
No A country needs long-term economic development that goes beyond humanitarian ad provided to relieve mmedate difficulties 156
Busines Vocablary n U Advanced
sustainable transport sustanable energy sustanable forestry sustainable tourism sustainable fisheries/seafood sustanable agriculture/farming sustainable lvelhoods
a distance f hospitality e punctuality d taskorientation b glass ceiling e planning c gestures e working year, leisure tme
1 t decided to merge its Belgian and Dutch operations 2 You would think that these neighbouring countries have similar cultures and there would be no cultural difficulties 3 The Belgans perceved their Dutch colleagues as often pompous and rude and not takng enough account of the need to do things n Belgium the Belgian way The Dutch found the Belgians bureaucratic overdeferential to the hierarchy before making decisions and disorganied. 4 nddual with an acerbic personal style
5 No they may be down to individual personalities and there are difficult people in all cultures. 6 When people realized this they were free to challenge unacceptable behaviour
4 Proximty eye contact etc 5 Be careful with humour. 6 Deference / Forms of address 62.3
Over to you (sample answer) Here at the advertising agency where work people like to think of themselves as creative and independent so they would criticize colleagues who depend too much on procedures in particular situations We are proud of our multitasking we like to be seen to be doing several things at once. We spend a lot of time at the coffee machine but chatting like this with colleagues is congenial and a good way of coming up with new ideas!
1 appropriate 2 inappropriate
3 inappropriate 4 appropriate
Over to you (sample answer) n South Korea: • Keep eye contact for half the time Dont stare at the person you are talking to Stand about a metre and a half away Dont get too close. • Dont try to be interesting by talking about difficult subects like politics Treat more senior people with respect dont use first names. Make sure that your business card is upto date Dont make handwritten changes to it Dont try to make people reveal confidential commercial information
61.1
1 b c e
61.2
Aj
V E
Skills
61.3
61.4
2 a, d f
1 diplomatc 2 harmonious 3 focused 1 g 5 c
2 f 6 b
63.1
Ramesh Patel Career goals
G G
4 vague 5 confrontational 6 aggressive 3 d 7 h
Qualifications
0000 J Y U " V E U 9900 U
4 a 8 e
Over to you (sample answer) In the Czech Republic people are usually pretty punctual We like to plan meetings well in advance and it can be quite difficult to set up a meeting at short notice We like to arrive with the feeling that we are well-prepared and with all the facts and figures at our disposal Czechs tend not to show too much emotion within a business meeting and there is limited body language and facial expressions but this doesn't mean that were not interested 62.1
62.2
b 5 d
2 h 6 f
3 e 7 c
4 a 8 g
void difficult/controversial/sensitive subects eg politics and religion 2 Treat business cards with respect 3 Communicate appropriately at the right time etc
Experience
00 V V Languages
E Interests
Personal
U 9 90 63.2
1 2 a 3 an 4 my
5 above 6 be
8 1 11
the on the about
Business Vocabulary n Ue Advaced
157
Over to you (sample answer) To the Financial Services Authority London Hello.Your organization has been in the news a lot recently, and I'm writing to ask if you have openings for someone with my background I have a Masters degree in Computer Science and was recently made redundant from my job as an IT specialist in the share trading department at UBS where I worked for 15 years I have detailed knowledge of how trading systems work and I think I would be an ideal candidate to work in the department at FSA that deals with illegal trading practices .
64.1 1 b 5 d 64.2
2 c 6 c
3 b 7 a
second part Ill move on to a more detailed analsis of the contribution of each type of renewable ener and ty to exlain the situation of each one Ill conclude by having a look at the likely evolution of renewable energy over the next 50 years and make some risky! predictions about the future contribution of the different types of renewables in relation to the probable situation then of traditional energy sources
65.3
4 b
Email 1: d c h g Email 2 e b a i f
Over to you (sample answer) As you can see from the pie chart at my university the most popular subject in the languages department is English just over 30 per cent of the students here study it as their main subject Next comes Mandarin with 25 per cent In third place is Arabic with 15 per cent Fourh is Spanish with 10 per cent and fifth equal are French talian and Portuguese with just under per cent each
Over to you (sample answer) Dear Ms Karamanlis Thank you fr your enquiry about employment at the Financial Services Authority The FSA is actively recruiting people for the area that you mention irregular share trading practices We would like you to attend our Canary Wharf offices for an informal discussion on Tuesday 22 January at 330 pm We would like you to prepare a short PowerPoint presentation (10 minutes) on your work at USB there is no need fr you to send the slides beforehand Ps could you confirm that you will be able to attend? Many thanks ..
65.1
.
652
158
Noun
Verb
descipton
desce
analyss
anayze
outne
outne
expanaton
expan
examnaton
examne
ook
ook
eakdown
eak down
pedcton
pedc
concluson
conclude
{sample answer) \ ac er source and a breakdown of the contribution of each source to the overall energy consumption of the US In the Busine Voabulary U Advacd
(sample answer) Next come natural gas and coal with 22 per cent each. Again much of the gas comes from abroad but the coal is mined in the US Emissions that cause global warming are of course coals biggest poblem In futh position is nuclear ener with 8 per cent with all its problems of disposal of radioactive waste But not far behind nuclear · is renewable energy with 7 per cent.
66.1
1 b
2 f
3 a
4 c
5 d
6 e
66.2 By 2050 1 Electric cars are going to account for more than half the cars on the road 2 Climate change will not have had the effects predicted today 3 Population growth should have levelled off 4 Nuclear energy might represent 30 per cent of energy production unless there is another big nuclear accident before then 5 Attitudes to personal consumption may have changed enormously 66.3
(sample answers) 2 Climate change might have had bigger effects than those predicted today 3 Population growth may not have levelled of 4 Nuclear energy will not represent as much as 30 per cent of energy production more like 10 per cent 5 Attitudes to personal consumption will stay the same
Over to you (sample answer) Accountancy will probably see some big changes over the next 30 years. Computers · will probably have a much bigger role, analyzing igures and spotting trends This will make accountants more productive However the human element will still be very important he relationship with clients might become more dificult as ollowing the credit crunch and cases of raud in 2009 governments may put more pressure on accounting firms to spot signs of problems before they become serious
Italan
Portuguese 7%
Frnc %
Spanih 10%
Arabc 5%
Mandan 25%
Business Voabulary in Use Advanced
159
default on/ 1 b: 48 defect (n'i:k/ 12 defect ( i:k/ 24 defects per mllon ,i:k 3: j 15 defend a maret /1 1:k1/ 16 deference/ / 60, deferental,J/ 60 defne the prolem/ 1 0 )/ 25 defne the research oectes 1 0 3:J k1z/ 25 deflaton/1 1J;/ 48 defrestaton/ i:1J/ 51 delegate 1 3 delegaton/ 1J/ 3 deleerage/i: i:v / 44 48 Delph method/ i / 21 demand/1:/ 48 demographc/, 1k 25 demographc changes, 91k Jd1z 11 demographc segmentaton k 1J / 26 denal of serce attac/ 1 ;V 3:1 k/ 36 depleton of natural resources 1 i:J V J z:1z 59 deprecate/ 1 i:Ji1 41 deprecaton 1i:Ji 1J 40, 41 1
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depresson/ 1 J / 47 de-stress/ i: 6 detaled proposali: UZ}/ 61 dealuaton/i:j1J/ 56 deelop the research plan 1' 0 3:J 24 deelopng county1 )I kAi/ 55 deelopment ad/1 1 58 59 deelopment process 1 , 20 deelopment proect 1 k/ 58 derentate1Ji1 26 derentaton/,1Ji1J/ 18, 1
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dgtal rghts management (DRM I 11) 1 38 dgtal watermar 11 : :k / 38 dgtaled/ 111z d/ 38 dgted 111z d/ 38 dgnty at wor polcy/ 19i 3:k )i/ 11 dgressons/ 1 Jz/ 61 1
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dplomacy /1 USi 61 drect approach/1k J 61 drect expot1k k: 29 drect nestment1k / 29 drecte 1 k1/ 31 dsand1/ 8 dscharge/1J:/ 51 dscplnary procedure/ 1i i: 2 dscplne /1/ 2 dscrmnate aganst /1 k1 11 dscrmnatory/ 1 ki 11 dsmantle/1 / 31 57 dsorganed1:91z/ 60 dsposale ncome/ 1z kA 47 dsposal/1 z 19, 31 dspose of /1 UZ V/ 19 51 dspose of wastez 1/ 51 dspute resoluton /1j: ,z':J 10 dsrupton1J/ 37 dssatsfacton/ 11kJ/ 3 dssertaton,1S 1J/ 63 dstance/1/ 60 dstrute/ 1j:/ 45 dstruton/ 1 j:J/ 30 dstruton channel 1 j:J J/ 23 derse wororce/13: 3:k:/ 11 dersty13:i/ 11 dersty ntate/13:i 1 J1 / 11 dersty management/13:i ,/ 11 dersty programme/ 13:i , 11 dersty statement 13:i ,1/ 11 dersty strategy/1 3:i / 11 dersty tranng 13:i 1/ 11 dest1 / 19 • destment1 / 19 45 ddend 11 d/ 39 40, 42 d dend payout/ 11 1/ 45 ddend per share/ 11 3: J/ 0 45 D toxx/ i:11 k/ 54 D World/ i:11 3:/ 54 Doha round: / 57 domnate 1/ 20 1
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domnate a maret/1 :k1 16 donor country kA 58 dotcom ule k A/ 34. Dow ones ustanalty ndexes z SS i k1z 54 download// 33 38 downsh J1 6 draw conclusons/: kk:z/ 25 drer/ 1/ 10 DRM (dgtal rghts management /i::/ 38 drop out/ / 20 rought / 52 dual natonalty/j: ,J)i 63 ump/A 57 1
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earnngs/3:1z/ 40 44 45 earnngs per share (EP3:Z 3: J/ 40, 45 eathquae 3:k1k/ 58 EBTD (earnngs efore nterest tax deprecaton and amotaton ,i:i/ 44 ecofrendly/i:k/ 51 economc ule/,i:kk A/ 48 economc cycle i:k 1k 1k/ 47 economc deelopment/ i:k1k 1 / 58 economc growth/ i:k1k / 5 47 economc output i:k 1k 55 economc rs/i:k1k k/ 22 economc stalty/ i:k 1k 1i/ 47 economc alue i:k 1k j:/ 59 edt/ 34 educaton k1J 11 EE (European Economc rea / i:i:1/ 57 ecentIJ 23 eluent// 51 eortreward malance/ : 1 6 EFQM Excellence Model /i:kj: k / 14 (emotonal ntellgence/ :1 10 electronc reader/,kk i:/ 26 electronc tral k,k 1 36 electronc watermar kk ::k / 38
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Business Vocabulary n Use Advanced
163
eliiate i /'m k/ 22 eliiatio o aiatio /1m1f V v1fn/ 2 eegecy elie m:3n ':/ eegig ity m:31 ds/ 20 eiio 'm1fnz/ 52 eit /m1/ eotioal /mdf/ eotioal coetecie mfdnd km1dnz/ eotioal itelligee ( ,mdfdn 3dn/ 0 eotioal qotiet (EQ) /,mdfdnd kWdUfdn/ 0 eathy /mpdO/ eloyaility !mp1'b1/ 4 eloyale !m'pdb/ 4 eloyee mp:/ eloyee oleet mp: vvdn/ eloyet a oity /mp1mn n mj:n/ 49 eoe pd/ eoeret mpddn/ eale /nbd/ 0 4 eorae oetitio /k3 kmp;fdn/ ecrt /'kp/ rtio /'kpfn/ ar /n3/ 9 egaeet /13mdn/ 9 eha r /:n bnz/ qur nkwd/ ur /nkwd/ rih ata /f '1b1s/ 7 trat /'n;n/ trur /,npn:/ irot /'v1nmdn/ iroetal u /vnmnd 1f:z/ irtal aet /v1mn mn3n/ H rt llut /vnmnd pd':f/ ir /v1n,mn pkfn/ 9 rotal rult /nv1dn,mn j'1fn/ irtal r /vnn k/ irtl lu !nv;nmn vj:/ �M\ "{ /v1n,mn s'sb/ /p1'1k/ 1
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PS (eaig e hae /,:p:/ 40 4 Q (eotioal qotiet /:kj:/ 0 eqalai /:kw; b11s/ 6 eqal ootitie /,kw p'j:nz/ eqal ootitie olicy /:kwJ pj:ndz p/ eqality 'kw/ eqity-ae /'kw b1s/ etalih /bf/ 20 etalih a oothol i a aet bf ' m:k1/ 6 etalih a toehol i a aet 1,bf d ,:k1/ 6 tiatTalEtiate /'s1m :k 'sm/ 2 ethial ehaior /O b11vj/ 49 ethial ilea /1 'md/ 49 thial ietet /81 'vmn An/ 5 ethial ie /1 '1f:/ 49 ethial lae /1 'p/ 49 etial tae /81 s:ns/ 49 ethial taa /81 'n/ 9 thially aage coay /1 ,mn3 'kAmpn/ ti /Oks/ ti iorit /Ok 1n/ thiit /Ons/ u o a EE / j,pn :nm1k / luat ut ,vj1 'kmz/ l /'vv/ tatio !k': ,kspk1f;nz/ Xtil it !kspf n; dmz/ /'kss/ hae rt !ks'f3 / 7 lu et /ks,k:1v 13;n/ eut oeato ,zkjv .mpdns1fdn/ ut tr ,zkjd1v 1 k/ uti ut !zkjJ1v 3'k1fn/ ut /zkjv 'p1/ ut ruti zkjv mj:n'1f;n/ i /1kspnfn/ tt a /,kpkfn p/ tt /kspkf;nz/
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exeiece kpdnd/ 6 exeietal eearch /kp,mnd ':f/ 2 exetie /,kp:':z/ 2 exo /ksp:/ 5 exot aage /ksp ,3/ 2 exteal cto k:nJI '/ exteal oial etoig ite 1ks:nJI 'J nw:k1 1/ 4 extealiatio ksnd1 z1fdn/ 5
a lat /'b p:n/ 0 actory /kd/ 0 i tae / '1/ aitrae a /' m:k/ 5 ll elo exetatio /:I b ,kpkfnz/ 24 ale aotig :s kn/ 4 lyoe uiee /';;n b1zn11z/ ae /m/ ot /:m '/ FSB (Fiaial cotig Staa oa} /1s'b:/ at at / k/ alt /:/ D oreg irt ietet /,:'/ eatr ) /':f a /':bk/ i otiti /d,fs kmpd1fn/ tt /1s kmpJ 1f;n/ le arg / 'f/ a /n/ 9 a t t /n 1,pmdn/ i /'nsz/ iial /1'nnf/ Fil outi tar Br B) /1nnfI kn1 sndz b/ il ul /nnfd bAb/ ial t /1nnf :k1/ l rr /1,nnfJI p':n/ l rrt /1,nnf p:/ l R Col ) I ,n '1 kJ/ al ult /1'nf 'ZA/ l r /1nnfd sk/
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1
inancial statement/f '/ 39 inancial year/f '/ 39 inancier/f'/ 39 inancing/'fI/ 39 inishe goos/,f1 'udz/ 31, 41 irewall/ f1:/ 36 irst moer aantage/f: ,:v d'vd3 / 20 it or rose/.f1 f p:p;/ 13 it interention/f ,'v/ 7 ixe assets Ifk '/ 41 lagshi bran/ fp d/ 28 lexibility/ fk1/ 1 37 lexible ob maret/,fk1 d ,:k/ 5 lexible woring/ fk1; ':k1/ 5 loo lAd 52 58 lent/'f:/ 63 ocs (n) /'fuk;/ 18 ocs gro/fu :p/ 20 25 ollower/fu/ 20 orecast 'f:k:/ 21 oreign irect inestment (FD) /f d1k v/ 56 oreign exchange crisis/.f 1kd ,k1/ 56 ormi ng/f:I/ 9 ormlate strategy/f:j1 d/ 16 or m/f:/ 34 35 orwar low/:d 'fu/ 31 ossil el/'f f:/ 52 oster creatiity/.f k ' v/ 20 oster innoation/f 'v1/ 20 or Cs/f: :z/ 24 4G/ d3:/ 33 or Ps/: 'p:z/ 23 ragmente/f1d/ 19 ramewor'f1:k/ 14 ra/f:d 46 FRC (Financial Reoring Concil) /,f::/ 46 ree moement o caital/f: ':v v kp/ 55 ree trae/f: '1d/ 55 57 ree trae areas/f: 1d z/ 57 reelance/'f::/ 4 reelancer/'f::/ 4 rom crale to grae/f kd v/ 31 ront oice otsorcing f ,f 'u:/ 32 FTSE4Goo/fufud 54 ll contribtion/fu k'j:/ 61 1
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ll rort an acconts/fu p: d ku/ 39 llblown economic crisis/fu'u ,:k;'k k1/ 4 nctional benchmaring fI :k/ 15 nctions/ 'fIk;z / 31 n/fd 37 trist/ 'fj:/ trologist/,fj:'d3/ trology/.fj:'d3/ 21 GAAP (Generally Accte Acconting Princiles) /d3:'p:/ 46 GAFTA (Greater Arab Free Trae Area) /'f/ 57 galloing inlation/;p1I 'f;/ 48 GDP (gross omestic roct) /,d3:d:'p:/ 55 GDP er caita/d3:d:p: p: kp1/ 55 gearing/91I/ 44 gener eqality/d3d k/ 59 gener stereotying/ 'd3d 'u1p1 11 general exenses/,d3 1k'p1z/ 40 Generally Accete Acconting Princiles (GAAP) /d kp1d ;kuI ppz/ 46 generate/'d/ 43 generate cash/,d1 'k/ 44 generate cashlow/d kfu/ 44 generate reene/,d31 'v:/ 34 38 generic bran/d,k 'd/ 28 generic stanars/d3,k 'ddz/ 13 generos/'dJ/ 58 gestre/ d3/ 60 get o the oint/ f p/ 61 get on well with/ '! 1/ gig economy/ 99 1/ 37 gie notice/1v 'u/ 5 glass ceiling/ : :I/ 11 60 global bran/u d/ 29 global economy/u k/ 55 global ecosystem/u ':ku,1/ 59 global oerings/u z/ 29 Global Positioning System (GPS) /u p'z I ,J/ 33 global temeratres/ , 'pz/ 52
lobal warmin/ uJ :1/ 51, 5
globaliation/u'z1 55 lobali/'uz/ 32 glocaliation/;u1 z; 29 glt// 57 GN (gross national incom) /,d3:'/ 55 GNP (gross national roct) /,d3:'p/ goo cororate goernance/ud k:p; 'v;/ 53 54 goo ractice/ d 'pk/ 14 goowill/ud'1/ 41 goernance an staeholer /v� 'k,ud/ 54 goernance boy/v , / 53 goernment sening/ ,v 'pd1/ 47 GPS (Global Positioning System) /d:p:'/ 33 Greater Arab Free rae Area (GAFTA) /J ; f: d J/ 7 green isses/ ': ,:z/ 51 greenhose eect/ :u ,fk/ 52 greenhose gases/,:u z/ 52 greenwash/': 51 gross omestic roct (GDP) /u dk pdk/ 55 gross national income (GN) /,u 'Ik/ 55 gross national roct (GNP)/u , pdk/ 55 gron rles/ ud :z/ 61 growers/u;z/ 57 growth shares/ ';u0 fen! 45 hacer// 36 han oer/d uv/ 62 han hel/'dd/ 33 hanling/'dI/ 30 hans-on/,z/ 1 hans-on exerience/z, kp/ 35 har sills/ :d 'kz / 10 harm cometition/,: kp/ 17 harmony/:/ 61 health an saety recor/0 f :d/ 50 health an wellbeing/ / 59 heaily inebte/,v1 dd 44 Heaily nebte Poor Contries (H PCs) /,v ,dd p: ,kz/ 56
Business Voabulary in Us Advanced
165
heavily leveraged / 'd3d/ 44 heavy orload /, w:kd/ 6 helpul /f/ 23 hierarchica /; :k1/ 3 hierarchy /1;:k/ 3 high entry barriers / '/ 19 high lier /1 f1;/ 8 highly geared /, ;d/ 44 highly inormed / 1 d/ 23 highly leveraged / ':;d3d/ 44 highly motivated / 111d/ 23 high-ris /1 k/ 48 hiac /'1d3k/ 36 HIPCs (heavily i ndebted poor countries} /'/ 56 hire and ire / ; f/ 5 hit it o ith / 'f w1/ 1 hits // 34 hold on a database /;d d d1;1/ 27 homeor balance / wk / 6 homeor imbalance / w:k ,1'L/ 6 homeorer / ,w:k;/ 6 homogenous / d3;;/ 29 hospitality / !/ 60 hotdesing /dk0/ 1 hotspot // 33 house prices / z/ 47 household aste /d 'w1/ 51 housing bubble /'z ,A;/ 48 housing maret /'z0 :k1/ 47 hoever // 66 human /'j:/ 54 human resources /j:; z:1z/ 13 human ris /j k/ 22 humanitarian aid /j, 1d/ 58 hygiene actors /d3 fk/ 3 1
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IS (International ccounting Standards) /11 / 46 identity the /'d; f/ 36 idle /'d/ 30 illegal donloading d/ 38 image 13 21 IMF (nternatonal Monetary und) // 56 impact on society /1k 14 implementation /1/ 16
166
Implementer /1/ 9 impose /'pz/ 2 improviser /'1z/ 60 impulse /'1A/ 10 in contact ith / kk w1/ 23 in employment / '1/ 47 incentive // 53 nclusion /'k3/ 11 income distribution /,kA d1j/ 55 income leverage /kA ,d3/ 44 income shares / 1kA J/ 45 income statement /kA 1/ 40 incur riss /'k: k/ 22 indebted /d1d/ 44 independence /,d'd/ 6 independent board member I d1,d 'd / 53 index /'dk/ 54 indirect export /d,k k/ 29 individual (n / d1 d3;/ 9 induction /dAkJ;/ 7 industrial revoluton dA J/ 52 industrial aste /,dA 'w/ 51 industrialiation dA'z1.;/ 55 industrialied country / dA1zd kA/ 55 industry /'dr/ 18 industry competitor /,d '1/ 18 inect /fk/ 36 iniltrate / f/ 36 inlation /'f1J;/ 47 inlexibility /,fk; 1!/ 5 inlos /fz/ 56 inluence /f/ JO inormation /f1/ 46 noration overload /f,1J 'd/ 35 inormation sharing f'; ;/ 34 inormation technology (T} outsourcing /f'1J; kd3 '/ 32 inrastructure /f,AkJ;
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52,58
inrastructure proect /fAkJ d3k/ 56 inringe copyright /'fd3 k1/ 38 inhibit competition /11 ;'1J/ 17 inhouse /,/ 4, 19 32 63 initiative 1J1/ 10
Business Vocabulary n Use Advaned
innovation /;1/ 35 innovator /'UV/ 20 input // 13 inquire kw1/ 64 inquiry /'kw/ 64 inshoring /:/ 32 insourcing /:10/ 32 instability /,; / 56 install /':/ 36 instant messaging /; '1d31/ 34 institutional investor /1,jJ;; '/ 54 insurance cover /J: 'kA/ 22 insurance policy /J: '/ 22 insurancepreiums /': 'p:z/ 22 insure against riss /'J: kz/ 22 insurer /'J: / 22 intangible /'d3/ 23 intangible assets /,nd3 '/ 41 integrate into /'11 / 30 integrity /'r/ 10 49 intellectual capital / ku 'k;/ 35 intellectual property ,lkj '/ 38 intellectually stimulating /,kju j1/ 63 intelligence quotient (Q) /'d3; ,kW/ 10 intense competition /, k ;ml 17 intensiy /'1f1/ 17 interact /;k / 26 interactive / k1/ 34 interdependence / ;d1d/ 55 interest /;/ 26, 39 interest cover / kA/ 44 interest payable / '/ 40 interest payment / 1 1/ 42 interest rate /; 1 / 4 48 interimresults /; zA/ 39 interims /'z/ 39 intermediate technology /:d k;d3/ 58 internal benchmarng /,:; 'J:k/ 15 internal actor / 'fk/ 18 internal social netoring site I wk10 / 34 internaliation ,1 z1J/ 35 Internaona ccountng Standards (IS) /,J ; k ,ddz/ 46
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anageent suppor /md3m; $p:/ 6 anuacture /mj'fkJ;/ 29 anuacturing capacity /mj;fkJ p/ 30 anuacturing obs /mjfkJI ,d3z/ 30 anuacturing operations /mj;fkJ p; 1;z/ 30 anuacturing plant /mjfkI ,pl:/ 30 anuacturing process /mj;fkJ p;/ 30 anuacturing prouctivity /mjfkJ pdAk/ 30 anuacturing sector /mj;fkJ k/ 30 apping /mp/ 33 aret /m:k1/ 25 aret intelligence /m:k d3/ 25 aret research /,m:k1 :J/ 25 aret research ir /,m:k : f:m/ 25 aret share /m:k f/ 19 aret value /m:k lju:/ 41 areting /m:k1/ 32 areting i/m:k11 m1k/ 23, 25 areting plan /m:k1 pl/ 25 areting research /m:k :J/ 25 areting research ir /m:k : f:m/ 25 mass collaboration /,m l 1/ 35 ass custoiation /m kASm'z1�/ 27 aterials /m'1z/ 13 aternity leave /m: l:/ 5 ature /m'j;/ 20 axiie shareholer value /mk1m1z Jld lju:/ 45 easurable obective /,m3l d3k 13 eet expectations /m: kpk1z/ 24 entee /m:/ 8 entor /m:/ 8 entoring /m/ entorship /'mJ1p/ 8 Mercosur /m:ku:/ 57 erge /m:d3/ 19 ergers an acquisitions /'d d k1zz/ 19 etaata md1/ 35 ileincoe country /mdl 1kAm k/ 55 1
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ileen /'m1dlm/ 57 iniDelphi /mdlf/ 21 inial supervision /,mml u:p13;/ 63 iniie ris /m1mz k/ 22 iniu wage /m1mm 1d3/ 37 inor player /m pl/ 17 isleaing inoration /m'l:d1 f'm/ 46 ission stateent /m m/ 16 ission-critical /,mJ'kl/ 8 itigate ris /'m1 k/ 22 obile app /'ml p/ 37 obileevice /'m d1/ 33 obility /ml/ 7 oel /md/ 14 oerator /md1/ 25 oest /md/ 60 Monitor Evaluator /m 'lju:1/ 9 onopoly /mnpl/ 17 Moores law /m:z :/ 33 orale /m':/ 2 oreover /m:UV/ 66 ortgage /m:d3/ 47 48 ortgage bubble /m:d3 Al/ 48 otivation /m/ 2 10 otivator actor /m 1 ,fk/ 3 ourning /m:n/ 9 ultitaser mAl:/ 60 63 ystery shopper /m p/ 25
networing /:k1/ 62 neverheless /'l/ 66 new prouct evelopent /ju: 'pdAk d1lpm/ 20 newly inustrialie country (NC) /,ju:l dAlzd kA 55 NGO (nongovernent organiation) /d3: 58 NC (newly inustrialie country) /':/ 55 niche /:/ 18 NN ortgage /d3 m:1d3/ 48 No two ays are the sae. /nU u: dz : 0 1m/ 1 nonauthortarian I :8/ 1 noncore /'k:/ 32 noncore business /k: '1z/ 19 non-ictatorial /dk:;l/ 10 noneec /zk/ 53 noneecutive irector /,zkj d'k/ 53 non-governent organiation (NGO) Am :;1z1;/ 58 non-native /11/ 60 nonpolluting energy ource /p lu:I 'd3 :/ 59 noring /'n:m/ 9 Norh /:8/ North erican Free Trae rea {NFT) /:8 mn f: d / 57 nuclear energy /ju:kl ;d3/ 59
NFT (North erican Free Trae rea) /f/ 57 nationaliation o assets /l1zJ / 21 native speaer / p:/ 63 natural isaster / d'z:/ 58 navigate /1/ 33 negligence /d3/ 22 nervous breaown /: '1kd/ 6 net cash position / k p,Z/ 43 net cashlow rom inancing activities / kfl fm 'f1I k'z/ 43 net cashlow ro investent activities / kfl fm m k1z/ 43 net caslow ro operaions / k'fl fm pJz/ 43 net incoe / 1 1km/ 44 netboo /k/ 33 networ /:k/ 35
obective d3k1/ 16 observational approach /zJl ,pJ/ 25 obsolete /'l:/ 12 41 occupation /kj; p;/ 26 OD (oicial evelopent assistance) / d:1/ 58 os /dz/ 22 o te point /f 0 p/ 61 oer /f/ 23 oerng / 23 oice politics /,f p1k/ 6 oicial evelopent assistance (OD) /; f1J d1lpm ; ;n/ 58 oset f/ 52 oshore /f:/ 32 oshore outsourcing /f: :1I/ 32 oshoring /f'J:/ 4 32 oit te ivien m1 0 ddd/ 40 one-to-one areting lwA A m:kI/ 27
Busine Voablary n Ue Advaced
1
online community /l u:/ 34 online focus group /,l u:/ 25 online music stor /l ju:zk : I 38 open up a mart /,; A ':k1/ 57 openoor policy /d: 'pl/ 61 opening /;11/ 63 operate at full capacity /, / 30 44 operat below capacity /1 1l J/ 30 operating prformance /p ;,:/ 44 operating profit /'1 ,/ 40 operational /,;l/ 25 opinion /'j/ 26 opportunities /,p'ju:Jz/ 18 orginalty /dl/ 1 out of wor / v 3:k/ 47 outflows /lz/ 56 outlt /l 23 outsource /:/ 4, 30 32 outsourcing /:10/ 32 orraf /vd:/ 42 orfarming /,vJ':0/ 51 oerfishing /v11/ 51 oerheating /v':10/ 47 orlap /vl/ 6 orleeraged /v'lvdd/ 44 oerload /'vJld/ 36 oerproduction /,vdAkJ/ 57 orsght /'v1/ 46 orstate /Jv/ 46 oeralued /,;v;vlu:d/ 39 oerwore /vJ'3:k/ 6 owners equity / k i 42 P&L (profit an los) account /p:J'l k/ 39 40 P2P (per-to-per) site /:J': '/ 38 page iews /d vu:z/ 34 panel of xprts /JI kp3:/ 21 paprwor /'1J3:k/ 1 parental leae /l l:v/ 5 participati /:'pv/ 2 parttime worer /:1 3:k/ 5 pass th iind /p: d1v1dd/ 40 passwor /:3:d/ 36 paternity leae /'3: l:v/ 5 payoff /p/ 53 pay out / / 22 payout // 53
payroll /l/ 32 PE ratio (pricearnings ratio) /:: ,1/ 45 pa /:k/ 47 pr rlationship /1 l11/ 3 peertoper (P2P) site /1p / 38 popl /p:pl/ 23 people managemnt /'p:pl ,d;/ 14 pople satisfaction /':l 1,k/ 14 prcei quality p,:vd 'kJ/ 12 performanc /p:/ 12 15 performanc assessment /':J / 7 8 performance improement interentions /p: u:v 'vz/ 7 performing /':/ 9 per /3:k/ 1 personal growth /'3:l / 3 phishing /1/ 36 physical assets /.1l / 41 44 physical eidnce /z1l vd/ 23 pic up /1k A/ 47 pioneer /,1/ 20 piracy /J/ 38 pirate /'1;/ 38 plac /pl1/ 23 planning // 14 16 60 Plant /l:/ 9 platform /l:/ 34 play politics /,l1 'l1k/ 6 points (n) // 27 policy /pl/ 3, 14 policy & strategy /'l Jd/ 14 pollutant /p'lu:/ 51 pollute /Jlu:/ 51 polluton /'lu:J/ 49 pompous /ppJ/ 60 portfolio theory /: 'l 1/ 19 position /J 1;/ 26 28 position brans /J z1 dz/ 28 position itself /Jz1 1'l/ 28 position proucts /;,1 dAk/ 28 positioning map /zJO / 28 positie iscriminaton /p1v dk/ 11 positie fbac /z1v :dk/ 3 post // 34 potentialntrant /l / 18 1
porty /'v/ 59 porty ruction /v dAk/ 56 58 prict / d1k/ 21 preiction /d1k/ 21 preliminary results /l 'ZAl/ 39 prelims /':lz/ 39 presnt the finings /pz dz/ 25 prssure group /p u:/ 58 pretax profit /,:k / 40 priceearnings ratio (P ratio) /1 3:Z ,1;/ 45 pricing /11/ 23 primary ata /1 d/ 25 principal /;l/ 39 print money /p A/ 48 prioritie /p11z/ 63 priacy /v/ 26 27 36 proacti /kv/ 60 probity // 49 process /p/ 14 23 procurement /'k/ 30 proucers /dju:/ 57 prouct /dAk/ 23 prouct positioning /,pdAk pz1/ 28 prouction line /pdAk l/ 30 professional eelopment /,l d1vlp/ 4 professional misconuct /l kdAk/ 49 profile /;/ 26 34 profit // 39 40 44 profit after tax /, : k/ 40 profit an loss (P&) account /1 I J,k/ 39 40 profit on orinary actiities bfore tax /p :d kvz 1,: 'k/ 40 profitabilty /11/ 16 19 44 profts // 44 prootion // 23 proprty bubbl /pp ,AJ/ 48 proprty maret /'p :k/ 47 proportion /p'p:/ 51 propretary /'/ 35 prosperity // 47 55 prosumer /Ju:/ 35 protct /'k/ 38 protect brans /k d/ 28 protctionism /pk 1z/ 55 57 proximity /k1/ 60 62 psychographics /'1k/ 26 public rlations isaster /pAk ,l1z d1'z:/ 21 publc relations exrcise /Ak l1z k;z/ 50 1
Business Vocabulary n Use Advanced
169
sales suppot /'sedz s p:t/ 23 salvage /slv13/ 31 sample /'s:mpV 25 satellitenaviation /stla1t nv1ge1J 33 satisaction /sts'fkJn 2 satisy custome needs / st1sfa1 'kASt ni:z/ 12 SatNav /stnv/ 33 scam /skm 36 scan /skn 26 scearo planning /s1no:riu ,pl/ 21 seach engine /'s:tJ en31 34 seat on the boad /si:t n 5 b:/ 3 SEC (Secuities and Exchange Commission) /esi:si:/ 46 seconday data /seknri e1t/ 25 secuities /s1'kjurtiz/ 2, 41 48 Secuities and Exchane Commission SEC) /s1kjutz n 1ks tJe3 k m1J 46 secuity /s1kjurt 3 secuity details /s1 kjurti
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i:tedz
36
seed money /'si: mAn 58 sement /segmnt/ 26 sementation / segmnte1Jn/ 26 segment-of-one maketing /segmnt wAn m:k1t1/ 27 selawaeness /self'werns/ 10 selconident selfknf1nt/ 10 selemployed contacto
/self1m'p1 kntrkt/
37
selegulation / selfregjle1J 10 sel-state /selfst:t/ 63 se on /sel '/ 48 sense o achievement
tJi:vmnt/ 1 sensitivity /sens1't1vt 10 sepaation o oles / sepr e1Jn v rulz 3 sevice v /s:v1s/ 12 sevceability / 1 s:v1sb1ti/ 12 set up you own /set AP n j:r u 4 settin /set1/ 60 sevee ecession /s1v1 seJ 47 sex discimination /seks 1skm1 ne1Jd/ 11 sexism /seks1zm/ 11 sexist attitude /seks1st ttj: 11 shakeout and consolidation /Je1kaut n knshe1Jn/ 20 Shape /Je1p/ 9 shae /Je/ 39 shae option /Jer pJ 3 shae pice /Je pra1s/ 39 shaeholde /Jeul/ 39
shaeholde value /'eul 'vlj:/ 4 shaeholdes' equity /Jeulz ekw1t 42, 44 shaeholdes unds /Jeul fAnz 42 shaes outstandin /Jez aut stn1/ 4 shain economy /JerI iknm 37 shapen /J:p 17 shippin costs /'J1p1 ksts/ 55 sho-tem poit /J:tt:m prft/ 59 shnk /Jk 47 sick pay /s1k pe1/ signs o oveheating /saz v
Ui:t/ 47
silence /'sadns/ 60 silicon chip /s1hkn tJ1p/ 30 sincee /ss1/ 60 situation o use /s1tje1Jn j:s/ 26 Six Sima quality /s1ks s1gm. 'kwlti 1 skip the dividend /skp 5 '1v1en 40 skunk woks /skAk w:ks/ 20 slowdown /suaun 47 slump /slAmp/ 47 smallholdes /sm:lul 57 smatphone app /sm:tfun p/ 37 snoop into /sn:p t:/ 36 social and economic envionment
/suJl n i:knm1k varnmnt/ 21 social audit /suJl :1t/ 0 social changes /suJl 'tJe31z 11 social chages /sJl tJ:31z social class /suJl klo:s/ 26 social issues /suJl 1J:z 50 social justice /suJl 3Ast1s/ 50 social netwoking /suJl netw:k1/ 34 social pefomance /suJl pf :mns/ 0 social pogamme /suJl prugrm 0 social epoing /suJl 'p:t1/ 50 social esponsibility /suJ spnsbdti 21, 0 social skills /suJl 'skdz 10 social value /suJ vlj:/ 59 social welae /suJ} welfe/ 0 socialization /suJla1ze1J 3 socialize /'suJlaz 34 socially esponsible /suJl 'spnsbV 0
socially esponsible investment (SRI)
suli spnsbl 'vestmnt/ 4
so landin /sft 'ln1/ 47 so skills /sft 'sklz/ 10 sola powe /'sul pa/ 51 59 someone beathe down you neck
/SAIDWAO bri:5 aun j: nek 1 South /sau6/ spae capacity /spe kpst 44 specialized oum /speJla1z f:r
34
specification /spes1f1'ke1J 27 speculative bubble /spekjlt1v 'bAbV 48 spot the aw talent /spt 5 r:
tlnt/ 7 spywae /spa1we/
36
SR (socially esponsible investment) / esa:ra1/ 54 stafing /'sto:fI/ 7 stalation /stgfle1J 48 stake /ste1k 37 stakeholde /ste1kul/ 14 49 50 stakeholde theoy / ste1kul 1ri/ 0 standad /stn/ 46 standads institute /stnz st1tj:t/ 13 statup /sto:tAp/ 37 statistical technique /st. tstk.l tekni: 2 statutoy equiements /sttjtri kwa1mns/ 13 steeotype /sterta1p/ 10 steeotypical /stert1p1kV 11 stewadship /stj:J1p/ 3 stickiness /st1ks/ 34 sticky /st1k 34 stif competition /st1f kmpt1J.n/ 17 stifle competition /sta1fl kmp t1Jn/ 17 stimulating /'st1mjle1t1/ stimulation / st1mjle1J. 10 stimulation o gowth /stmj le1Jn v gru0/ 6 stimulus packae /'st1mjls pk13/ 48 stock maket /'stk mo:k1t/ 39, 47 stock option /stk pJn 3 stocks /stks/ 31, 41 stoage /'st/ 30 31 stom /st:m 2 stomin /st:m1/ 9 stategic acquisition /strti:31k kw1z1J; 16, 19 stateic decision /strti:31k 1 s13 16 4 stategic goal str ti:31k guV 16 stategic maketin plan /str ti:31k m:k1t pl 25
1
Busess Vobury Us Avce
171
trategic move/s :d31k u:/ 16 trategic otorcing/s :d31k 's:s1/ 2 trategic artnerhi/s :d31k p:J1p/ 1 trategic cce/s :d31k skss/ 16 trategic viion/s :d31k 13/ 16 trategy/sd3 14, 16 54 tream/s: 3 trength/sOs/ 18 tre coneor/ss ks/ 6 tre actor/ss fk/ 6 tre intry/ss ds 6 tre management/ss d3/ 6 tre ymtom/ss s1 6 tree/ss/ 6 tree ot/,ss / 6 tre/ssl/ 1, 6 tre-reate ine/ss,l11d s/ 6 tringent/sd3/ 51 triver/s t/ 26 trctre/sAkJ/ 20 trctre gro/sAkJd u:p/ 21 trgger/sAl/ 26 tc in the mie/sAk 1dl 18 bcontract (v) /,sAk/ 2 bcontractor/sAkk/ 2 borinate/s:d/ 2 b-rime mortgagesA,p1 :1d3/ 48 biiay/ss1d 19 btitte/ sAs1ju:/ 18 cceion anning/sksJ ,pl11/ 7 it/su:/ 8 ertaent/su:p,l;s/ 8 ervie/su:p1z/ 46 erviion/,su:p13/ 2 erviory boar/su:p1z ,:d 5 ier/spl1/ 18 0 ierctomer reationhi /s,pl ,.s l1J1p/ 3 y chain/spl1 ,tf1 0 y chain management/s pl1 f d3/ 0 1 ort/sp:/ 61 r the internet/s: / 33 rveiance/s:ls/ 36 rvey reearch/s:1 s:/ 25 aay s,s t 51 1
1
1
5 4,5 9
tainabe/ssl 51 172
tainabe agrictre/ssl kAl/ 59 tainabe eveoment /s,sl d1lp/ 1 Stainabe Deeoment Goa /ssl d1lp lz/ 56 tainabe economic growth /ssl :k1k O/ 59 tainabe energy/ssl d3/ 59 tainabe arming/ssl f:1/ 59 tainabe iherie/ssl 1Jz/ 59 tainabe oretry/ssl f/ 59 tainabe eve/ssl ll/ 47 tainabe iveihoo/ssl l1ldz/ 59 tainabe eaoo/ssl s:fu:d 59 tainabe tranort/ssl sp:/ 59 tainabe torim/ssl z/ 59 weat aet/,s ss/ 44 weatho abor/,sp l1/ 50 SWT /s/ 18 SWT anayi/s ls1s/ 18 tabet/l/ tacit/ts1/ 5 tact/kl 10 tactica/k1l/ 25 tacte/kls/ 60 tag/ / 26 tae ot inrance/1k :s/ 22 tae ri/1k sks/ 22 taeover/1k/ 19 taent/l/ 7 taent manager/l ,d3/ 8 taent oo/l t p:/ 7 8 taente/l1d 7 tangibe aet/d3l ss/ 41 ta into/ tp u:/ 5 target/:1/ 2 target gro/:1 u:p/ 26 tari// 55 5 taoriente/,:sk:!/ 60 tax ayabe/ks p1l/ 42 TBL (trie bottom ine /,::l 59 team/t:/ 9 team biing/: ldI/ 9 team ynamic/: d1,1ks/ 9 team eectivene/: 1 k1s/ 9
Busine Voablary n Ue Advanced
team eort/: ,/ 9 team eaer/: l:d/ 9 team earning/: ,:/ 9 team management/: d3/ 63 team erormance/: pf:s/ 9 team ayer/: ,pl1/ 9 Team Worer/: :/ 9 teamwor/::k , 9 technica rabiity/ ,kkl dj1 12 technica eciication/ tkl sps11k1z/ 13 technica ort/,kl sp:/ 2 technoogy/kld3/ 20 teecommnication cot /,,ju:k1Jz kss/ 55 tem agency/p 1d3s/ 5 temorary contract/p kk/ 5 temorary worer/,p :/ 5 tet a hyothei/ ,s 1pOs1s/ 25 the SEC moe/ ,s:s:1 dl/ 5 the wor ite/ :k sl/ 3 theory X /,O ks/ 2 theory Y/1 1/ 2 Thir Wor/:d :d 55 threat/O ts/ 18 G/,Od3:/ egree anayi /O: Add,s1td1: ls1s/ 7 tia ower/1dl p/ 51 59 tie ai/ t1d 1d 58 time o/1 f I 1 timewater/11s/ 60 tone own/ d 61 to management/p d3/ 13 to erormer/p p:z/ 8 Tota Qaity Management (TQM /,l ,kl d3/ 12 toic aet/ tks1k s ts 48 toic emiion/ ,ks1k 11Jz/ 51 TQM (ota Qaty Management /,:kju: 12 trac/ tk/ 26 trae/1d 9 52 trae baance/1d ,ls/ 4 trae barrier/1d ,/ 5 trae ite/ 1d d1,spju:s/ 5 trae ga/1d ,p/ 4 7 trae iberaiation/1d l1z1 55 trae r/ t1d s:pls/ 4 7 1
trade union'1 ,j:j taif k 26 34 tining nd deelopent/, 1vm 7 tining eetieness ,1 1fk1v 3 trait/1/ trnstion ost anlysis zkJ k 1 32 tanspreny// 46 49 34 tnsprent/' 49 tansport/':: 3 tendsetter/'.; 2 tiple otto lne (BL , bm 9 Ton hse, :/ 36 tough/f 4 tu e and air iew/: f v: 46 turnoer/':,;v; 4 tu-tang :1k1 60 Tw igulity/: ,1m 'k;/ 5 Ueriston:b;1z1J; 3 ultiate ott line A1m ,b;m 60 uncounitie ,Am:1v/ 60 under ( lot peur ; v ) 6 und (a lot ) stess; (; ;v ) 6 under line/, 1 9 undette ,A;'1/ 46 underlud,'v: 39 undisiplined IA1/ 60 unplyd /Am 47 unplyentm'1m; 5 unplyent enits Im'1m; bf unthilly /A1k/ 9 uni tde ptis If '1 kSz/ 57 uninied gd I'f1J z uniu ues j::k :z;z 34 Unitd Ntins Clite Change Connt in:1 Jz km; ,vJ; unMtu I'J; 60 unsustinl,;b 56 unwily ongloer I,: m; 9 upgrd/ A 1 / 3 upld IA;/ 3 u yu inititi:z j: 1v/
useriendliness ,:z'f 34 tion tiev1'k1J 1m aguenessv1/ 6 aluale outo /v;b 'km/ 3 lue oney ,vj: f 'm/ 2 alued/'vj:/ 2 alues'v:z/ 26 ertil integtionv: 11J; 9 30 etv 34 ile/v1b 8 ideoconeencing /v1kf 33 ideoondeand (VD)/,v1 1m: 33 ideosaing sitev1J 1 34 itul oganition'v: :1,z1 8 irtul opping art/v:; 'J1 k: 6 iusv1 36 isilev1z;b 6 iion'v1 6 isit/'v/ 34 isito'v;/ 6 logv/ 3 logger/v 34 OD (ido on dand),v:: 33 olue industry /'vj:m S/ 8
wireless N (loal area networ) 1 33 wieless loal area networ (N)I 1S ; ':k/ 33 witdrw o a aret1,: fm d 'm:k1 6 withdaw inestent1: 'vm 6 word-oout,:vm 24 wor ro oe:k fm m wo on our own:k : wor under soeone:k A 1 SA woraholic,:k 6 worer epresntation : z1J 50 woing conditins/:k1 1J;z 3 50 woinpross /:k 3 wolie alanc:k1f b;/ 6 wos/:k 30 Wold n: bk 56 World a e Oanation (WO) : 1 ,:1z1J 5 worstcse scenaio :k1 1':/ wite down/1 ' 4 writ o/1 f 4 WO World de Onitin) /Abj:: / 5 ildj:/ 45
wroue 30 wreusing;z1 30 wte lticl and lectronic equipent (WEEE)1 1k ;f 1kk 1k1m/ 3 wneses/':kz/ wlt// 58 wa out / 4 wecbkm/ 33 wesiteb1/ 6 we si t nge e nt opn /'b ,mm; ,kAm 34 WEE (wste elctril nd lctroni equipent)/: 3 wll - ing/b:1 wlltin' 3 West/ Wi·Fi1f1 33 wii/1k 34 win new usnss j: 'b1z 49 wind p w 5 59
eo deets,Z :fk/ ero hune/1 Q 59
173
174
Business Vocabulary n Ue Advance
Acknowledgements The author would like to thank Liz Driscoll, as well as Chris Capper Neil Holloway ad the entire team at Cambridge Uiversity Press fr their extremely eficient handling of the editorial process. The autors and publisers acknowledge te ollowing sources of copyright material a nd are grateful for the ermissions granted. While every eort as been made, itas not always been possible to identify te sources of all te material used, or to trace all copyrigt olders I f any omissions are rought to our notice we will be appy to inclue te appropriate acknowledgements on reprinting and in te ne xt update to t e digital edition as applicable
Key: B Below C Centre L Lef R Right T Top =
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Training Joural fr the text o p 25 adapted from 'To have and to hold getting your organisatio oto taented peoples CVs by Charles Woodrufe humaassets.couk 2003 Copyright© Traiing Joural Reproduced with kind permission; Meredith Belbi or the text on p 26 adapted from Managemet Teams Why they succeed or fail Reproduced with kind permission Cambridge Uiversity Press for the text on p 27 from Leading with Values, Positivity Virtue and High Pefmance by Edward D Hess im S Camero (Eds) Copyright© 2006 Cambridge niversity Press. Reproduced with kind permission The Financial Times for the text o p 26 adapted from A disciple of Japanese quality management by Amy Lee e Finanial imes 28012008 Copyright© The Fiacial Times Reproduced with permissio Permissio to reproduce extracts on p 34 from the Internatioal Orgaizatio for Standardization (ISO) website is granted by BSI Standards Limited on behalf of ISO Reproduced with kind permission Michael Porter for the text o p 44 adapted from Five Competitive Forces Reproduced by kind permission The Guardian fr the text on p 73 adapted from Why have councils fllen out of love with outsourcig vital services? by Lizzie Presser The Guardian 02032016 Copyright© The Guardian Reproduced with permission The Idepedet for the text on p 79 adapted from In 10 years crowdsourced computing has changed the world now its tacklig Ebola by Genevieve Roberts Te Independent 1062015 Copyright© The Indepedent Reproduced with permission; The Guardian fr the text on p 83 adapted from Meet the crowdfunding consultants We live or die by success by Lucy Douglas The Guadian 27012017 Copyright© The Guardian Reproduced with permission The Guardian for the text o p 85 adapted from Publishers must let online readers pay for news aoymously by Richard Stallma The Guadian 01092016 Copyright© The Guardia Reproduced with permissio The Indepedent r the text o p 85 adapted from Internet companies sed letters to customers who have been dowloading pirated contet by Aatif Sulleyman The ndependent 17012017 Copyright© The Indepedent Reproduced with permission Telegraph Media Group Limited fr the text on p 99 adapted from Inquiry lauched in PWCs auditg of Satyams accouts by Dea Nelson The Telegaph 08012009 Copyright© Telegraph Media Group Limited Reproduced with permissio; The Financial Tmes or the text on p 113 adapted rom Natios must act ow on climate chage by Fiona arve ·y The inanial mes 2009 Copyright© The Fancial Times Reproduced with permission The Guardian for the text on p 123 adapted om Smallholders farm a route out of povey by Harriet Lamb The Guardian 23022009 Copyright© The Guardian Reproduced wth permission ·"
Potgraps
� All the photographs are sourced from Gettymages \p 10 (T) JohnnyGreigE+ p 10 (C) Siri Staordhe Image Bak p 10 (B} Hero Images p 12 (T) Musketeer/DigitalVisioGetty mages Plus p 12 (B) peepoE p 16 Jordan SiemesThe Image Bank p 17 CaiaimageTom Merton p 18 Jon Feigersh led Images p 20 RADsaniStockGetty Images Plus p 22 JohnyGreigiStockGetty Images Plus p 2 4 (T) FatCamera E p 24 (B) Geber86E p 26 M_ayaE+ p 28 g-stockstudioiStockGetty Images Plus p 30 PeoplemagesDigitalVision p32 Ia LishmanJuice Images p 34 NicoElNinoiStockGetty Images Plus p 35 magesBazaarmages Bazaar p 36 Jetta PouctiosBled Images p 38 atakanE p 40 Digital VisionDigitalVisio; p 42 JohnnyGreigiStockGetty Images Plus p 46 £choCultura p 48 zoramE p 50 (T) Dimitri OtisThe Image Bank p 50 (B) VladimirovicE+ p 52 (T) Joh LudBlend mas p 52 (C) Hero Images p 52 (B) Monica RodriguezStone p 54 (T) AntonioE+ p 54 (B) Vasily Pindyurin p 62 {T) Sam Dieph isThe Image Bak p 62 (B) vetkitiStockGetty Images Plus p 63 Arcticmagesconica p 66 T) pobaE p 66 (C) David L esDigitalVisio p 66 (B) olegkaliaiStockGetty Images Plus p. 68 BimE+ p 70 (T) llhedgehog!liStockGetty Images Plus p 70 (B) GewoldiStockGetty Images Plus p 72 fstop23E+ p 74 ocentiCultura p 80 (T) mammamaartE p 80 (B) PM magesconica p 82 svetikdE p 84 (T) magesBazaar/mages Bazaar p 86 llhedgehoglliStockGetty Images Plus p 88 (T) Hero Images p 88 (B Bloomberg p 90 stockvisualE+ p 92 joxxxxoiStockGetty Images Plus p 98 MF3diStock etty Images Plus p 102 hh5800E p 104 DNY59E p 106 dolgachoviStockGetty Images Plus p 108 RubberballMike emp p 110 Spaces ImagesBlend Images p 112 Zhag PegLightRocket p 114 Portra ImagesTaxi p 115 Shanno Fagan axi p 118 RapixeliStockGetty Images Plus p 120 Anadolu AgencyAadolu Agency p 121 Peter MacdiarmidGetty Images News p 122 (T) lvcandyDigitalVisio Vectors p 122 (B) David MarsdePhotolibrary p 124 Michael GottschalkPhotothek p 126 submanE p 12 (T) laus VedfeltTaxi p 12 (B) Imae SourceStockbyte p 134 frackreporterE p 139 Christian VorhoferimageBROER p 140 Christopher Morris - CorbisCorbis Historical p 141 Martin PickardMomet Illustrations
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