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 TEXTS LAffi6 UAG E VSORK SKtLtS CASE 5TUDY

Tatk about what Listening: An interview Goo,: rt3 rTt t-'-

- r :alors Deating with The price of success:
makes a good with an expert on ldiorns communication Make recommendations
communicator communication breakdown to improve
communications within
Reading: A quiet word
page 6 beats sending e-mai[-
an electronics company

FinonciolTimes Writing: e-mail

Tatk about Reading: Diego Della Marketing word Brainstorming Henri-Claude Cosmetics
international Valle: ltatian atmosphere pa rtne rs h ips - creating a global brand:
brands is central to Tod's gtobat Devise a TV commercial
Noun compounds and
expansio n - Financial for a new eau-de-cologne
noun phrases
Times Writing: action minutes
page 14 Listening: An interview
with a professor of
internatio naI marketi n g
and the CEO of a training
organisation

Tatk about buitding Listening: An interview Describing relations N etwo rkin g At-Munir Hote[ and Spa
relationships with the Head of Gtobat
Multiword verbs
Group: Come up with
Corporate Respo nsibitity a plan for improving
of a major company customer satisfaction
and loyatty
Reading: How East is
page 22 meeting West - Writing: letter
Business Week

WORKIIIG A(ROSS CUTTURES: 1 DOll{G BUSII{ESS ll*TERNATIOilAttY page 30

REVISION UNIT A QI page 32

.i

D,tSCUSS,tON TEXTS LAT.{GUAGE WORK sKil.LS CASE STUDY

Discuss what Listening: An interview Prefixes Negotiating Kensington United:

makes peopte/ with the MD of a Negotiate a sponsorship
Present and past tenses
companres tech nology deveto pment deaI for a footba[[ club
successfu I co m pany Writing: press release/
page 36 letter
Reading: Profi [e: Carlos
Stim - The Telegraph

Discuss Listening: An interview Synonyms and Cold-catting Just good friends?

motivational with the Director of H R at word-buitding Decide how to deal
factors and do a a major company Passives with in-house personal
qurz Reading: Marriott Hotels re lationsh ips
lnternationat/KPMG - Writing: guidelines
page 44 The Sundoy Times

Discuss different Listening: An interview Describing risk Reach ing Winton Carter Mining:
aspects of risk with the MD of the lnstitute agreement Evaluate the risks of a
Adverbs of degree
of Risk Management new mining venture
Reading: Writing: report
lnternationa Iisation
- risk or opportunity? -
Financial Times

WERKIHG ACRESS CtT:JFURES: E W€}RKEF{G IFII F*ES[ frfiAftKET$ page 60

REVISION UNIT B EI pase 62

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 'rl it
+i

Market Leader is a multi-level business Engtish course for business:eople and students of business
Engtlsh. lt has been developed in association with the Financia! ir"res, one of the leading sources of
business information in the world. lt consists of 12 units based o" torics of great interest to everyone
invotved in internationaI business.

This third edition of the Upper lntermediate leveI leatures compLetely updated content and a
significantty enhanced range of authentic resource material, refiecting the latest trends in the
business world. lf you are in business, the course will greatly improve your ability to communicate
in Engtish in a wide range of business situations. lf you are a student of business, the course wilI
develop the communication sl<i[[s you need to succeed in business and will enlarge your knowledge of
the business world. Everybody studyingthis course will become more fluent and confident in using
the [anguage of business and should increase their career prospects.

The authors

David Fatvey (left) has over 25 years'teaching and managerial experience in the Ul(, Japan and Hong
Kong. He has also worked as a teacher trainer at the British Council in Tokyo, and was previously
Head of the EngLish Language Centre and PrincipaL Lecturerat London Metropolitan University.

David Cotton (centre) has over 40 years'experience teaching and training in EFL, ESP and English for
Business, and is the author of numerous business Engtish tittes, includin g Agenda, World of Business,
lnternotional BusinessTopicsandKeystoMonogement Heisalsooneof theauthorsof thebest-
setling Business Class. He was previously a Senior Lecturer at London Metropolitan University.
Simon Kent ftight) has over 20 years'teaching experience, includingthree years as an in-company
trainer in Bertin at the time of German reunification. He is currently a Senior Lecturer in business
and general Engtish, as we[[ as having speciaI responsibility for designing new courses at London
Metropolitan U niversity.
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Think of a good communicator you know. Exptain why he/she is
at communicating.

what makes a good communicator? choose the three most important

factors from this list.
. fluency in the language an extensive vocabularY a sense of humour

. grammatical accuracY being a good listener physical appearance

. an awareness of bodY not being afraid of no strong accent

language making mistakes

What other factors are important for communication?

Discuss these questions.

L what forms of written and spoken communication do you tike using? why?

2 what problems can people have with the different forms of communication?
3 How do you thinl< those problems can be solved?

which of these words apply to good communicators and which apPty

to bad communicators? Add two adiectives of your own to the list.
communicators articulate coherent eloquent extrovert fluent

focused h esita nt inhibited persuasive rambting

reserved resPonsive sensitive succinct vague

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UftdlT 3 "" COMMUNICATI0T

What irritates you most about these forms of communication?

E-mai[: for and
against mobile phone
conference calling

voicemaiL

BlackBerry

web presentation

What are the advantages and disadvantages of using e-mai[?

Read the articte on the opposite page quickly and choose the best title.
1 Time to switch your BlackBerry off

2 How to dealwith your inbox

3 A quiet word beats sending e-mait

Read the article again and list the advantages and disadvantages of using
e-mai[. Does the writer mention any that you listed in Exercise B?

Find expressions in the articte which mean the fottowing.

1 looking at another person (paragraph 2)
2 upsetting or embarrassing someone by being rude or tactless (paragraph 2)
3 not be caught or punished when you have done something wrong (paragraph 4)

4 pretend something is true in order to deceive people (paragraph 4)

5 keeping writing or tatking to someone, even though you do not see them often
(paragraph 8)

6 aiming an idea or product at someone (paragraph 8)

Complete this text with the expressions in Exercise E in the correct form.
ldon't have a problem with him his famitywhitst he's posted overseas and
sending e-mails in office time. That's not the main issue. However, if he thinks he can
sendingsuch abusive e-mails to colleagues, he is sadty mistaken and he'tI have
to face the consequences of his actions later. He is ctearly 'about his co[[eagues
and spreading nasty rumours. He'd be better off speaking to colteagues if he has
problems with them. He's stightty betterwhen speakingwith customers, but he needs to
think aboutwho he's speakingto when he's............'our products to them. And he just
doesn't know how to say no to peopte without

Discuss these questions.

L 'Business is best done face to face.'Do you agree?

2 How could communication be improved in your organisation?

3 How will communication change in the office of the Future?

s+ What do you do when you receive a nasty e-mail?

5 ls communication better these days with a[[ the new technoLogy?

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lJi{iT 1 *" {0MMUNleATl{3{l{

Match the idioms in Exercise A to these definitions.

1 to fail to understand anything 9

2 to share similar opinions and ideas

3 to give the main facts in a short, ctear way

4 to not understand something

5 to delay tatking about something

to keep someone in the
6 to give the latest information
[oop
7 to tatk about the most important thing
E to hear about something because the information has been passed
from one person to another in conversation

9 to be told something by someone who has direct knowledge of it

t0 to try to communicate with an unresponsrve person
1x to include someone in group communication
1.2 to not understand someone

to be on the same Complete these sentences with the idioms from Exercise A in the
wavelength correct form.
1 OK, I'tl .............1'mafraidit'sthelasttimewe'regoingtomissadeadline.
2 Paola and I and agree on most things. We seem to be.............
3 A tot happened while you were on hotiday. Let me ............ .

i* I thinl< we are ............ . I mean next week, not this week.

5 He never gives you a straight answer. He's always

6 1... ........that he's been fired. ls it true?

7 The new organogram is very complicated, but to ..... .. , we stit[ report to the
same manager.

E I'm afraid that isn't right. lf you think our biggest problem is communication, then
you have

9 This document from our subsidiary makes no sense at att. 1.............

10 I've tried to get my supplier to give us a discount several times, but they just won't.
It's like

t1 Thecompanyisgoingbankrupt.TheCEOtoldmehimself. 1heardit.............
tr2 l'tt needregularupdatesabouttheprogressoftheproject. l'tt alsoneedtoknow
what's going on when I'm away. Please .

Ask your partner these questions.

1 What have you heard on the grapevine recently?
2 When is it necessary to put someone in the picture?
3 ln what situations is it good to get straight to the point?
4. ls there anything you can't make head nor taiI of?
5 Who are you on the same waveLength as? Why?
6 Have you ever felt you were talking to a brick watt?
7 When have you been kept either in or out of the loop? How did you feet?

10
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A product delect
A weakness in the company's communications
was highlighted by the following incident. What
mistakes do you think were made in the way
this probtem was handted? How coutd they be
remedied?
About three months ago, a customer found a fault in
WCH's most up-to-date, mutti-functionaI ce[[ phone'
Her phone became very hot after being recharged
and it burned her hand. 'lt was so hot, I thought it
woutd explode,'she said. The customer complained
to the Customer Service Department, who sent her
a replacement phone. The employee dealing with
the complaint did not inform either the Marketing or
R&D Departments about the fautt. After this incident,
there were a number of similar complaints. As a
result of bad publicity, the phone was withdrawn
from the market.
Lawrence Discount Stores
Another incident a few weeks ago showed that
internal communications in the company were not
working wett. Read about the problem and discuss
the reason(s) why WCH lost an important customer.
Richard Lawrence, one of WCH's best and oldest
customers, phoned Wittiam Hooper about
the company's new digitat camera, the EX-120.
He totd Hooper that he'd probabty be placing an
order for 5,000 ofthe products in the next few
weeks. Hooper passed on this information by
phone to the Sates Manager. When Lawrence sent
in the order five weeks later, the Sales Manager
sent him an e-mail saying that unfortunatety
the new product was out of stock. Lawrence
complained to Hooper, who asked the Sales
Manager why he hadn't given priority to Lawrence's
order. The manager replied, 'l was waiting for him to
confirm his order. I didn't rea[ise that his order had to
be given priority.'
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What brands do you know that are marketed internationalty? Think of one
brand in each of these categories which is marketed internationally.

F*tothi.c .";r.ti* g!.Ilgfgg"_T91f soff i'ks

Answer these questions for each brand you [isted in Exercise A.

1 What is its country of origin?

2 What is its brand image?

3 What is the target market/segment?

4 What sort of advertising campaigns does the brand use? (Are they standardised or
adapted to local markets?)

5 What is the current slogan?

What are the most famous international brands in your country? What sort
of image do they have a) at home, and b) abroad?
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9NIII]XUVW IVNOIIVNUSINI "" Z i"lhlttr
UN|T2 " INTERNATIONAL fiJIARKETING

Answer these questions.

1 What do the following have in common: Gucci, ChaneL, Calvin Klein, Louis Vuitton,
Christian Dior, Versace, Giorgio Armani, Ralph Lauren, Prada, Yves Saint Laurent?

2 Which countries tend to make the world's most desirable luxury brands?

3 What would you buy if money was no object?

Read the article below quickty and complete this information.

Tod's group HQ- where?
2
Key products
3
Chairman
4
Competitors that Chairman admires
5
New markets
6
Obiective in next five years

FT

Diego Della Valle: Italian atmosphere

is central to Tod's global expansion
by Vincent Boland

It is not too difficult, in the high-
ceilinged elegance of Palazzo Della
Valle on the Corso Venezia in Milan,
to be seduced by the charms of a
certain kind of Italian lifestyle. Here
is the headquarters of Tod's Group,
which has become a powerhouse in
the marketing of that vision to the
world's wealthy and discerning.
l0 The atmosphere is deliberate: where
some Italian fashion houses have
expanded ever further into the realms
of celebrity and glamour, Tod's is
anchored as firmly as it can be to
15 its family roots and its traditional,
hand-made, century -old heritage.
Its signature products shoes and
- Italian luxury-goods and fashion
bags are made of leather, a raw
- producers have managed. Tod's has
material that has remained almost
unchanged since it was first discov-
ered. A new advertising campaign
willtake the company back to basics,
with a focus on Italian families and
their lifestyles - actual Italian fami-
lies, however rich and privileged
- rather than on celebrities.
'The Italian lilestyle is in our
DNA, and in our group, we believe
in our DNA,' says Diego Della Valle,
the Chairman and Chief Executive
of Tod's Group.
This image is especially imponant
in new markets, such as China and
India, he says.In common with other
luxury-goods makers. he is intent on
capturing consumers in those markets
who aspire to the same sense of the
Italian lilestyle as do customers in
more mature markets. 'A luxury-
goods company has to have control of
its image,' he says. 'For Tod's, the
thing is to communicate this tradition,
the generations of work that have
gone into our products. For us, it's an
absolute pdority.'
To achieve it, one must put quality
before quantity. and one must main-
tain the group's traditions even as it
globalises, which it has been doing
fairly relentlessly in the past decade.
The challenge is to marry tradition
with modernity in a way that not all He expects China and India to
account for as much as 25 per cent of
'75 revenues by then, because the growth
done it, Mr Della Valle says, by potential is much higher than in more
maintaining one key vision: 'We're a traditional markets. 'There is a much
luxury-goods company, not a fashion bigger appetite for luxury goods
company.' in those markets than in mature
This distinction between fashion markets, and day by day more people
and luxury is central to Mr Della are coming into this market.'
Valle's global ambitions. The two But as for China as a competing
have different products and ought to producer, Mr Della Valle is sceptical
have different strategies, he says. about its ability to produce luxury
The competitors,he admires most, goods. 'It lacks the structure of small
he says, are Louis Vuitton, Hermds companies, the tradition, the concept
and Chanel. of excellence' that Italian luxury.
Mr Della Valle says that the goal in goods producers have inherited and
the next flve years is 'to complete the which they must maintain as a com-
globalisation' of Tod's, for which he has petitive advantage, he says. "'Made
been laying the groundwork. 'I'd like in Italy" doesn't necessarily mean
Tod's to be much bigger than it is now. expensive goods,'he says. 'It means
without diluting the brand,'he says. excellent goods.'
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l.if{lT 2 "" INTgRNATIONAL fVtARKETII'lG

A compound noun is two nouns together. Noun compounds are common in

business because they are shorter and more convenient than noun phrases.
For example:
compounds and a market survey ralher lhan a survey into the market
noun phrases a product design brief ralher than a brief for the design of a product

Longer noun phrases are atso common. They may consist of adverbs, ad.iectives
and compound noun. This pattern is typicat:

adverb adiective/ -rng participle noun head noun

h igh ty confidential sa [es report

exce lle nt sponsorship deal

expanding custo mer ba se

Grammar reference page 1.46

Find noun phrases in the articte on page 16 which have similar meanings
to these phrases.
L a programme of activities over a period of time with the aim of persuading the pubtic
to buy a product (paragraph 3)
2 the person who hasthe highest position in a company (paragraph 4)
? the makers ofctothes, shoes, etc. in new and changing styles (paragraph 7)
4 an organisation that makes expensive things bought for comfort and pleasure,
not for basic needs (paragraph 7)

possibitity for future development and expansion (paragraph 10)

Cross out the word in each group which does not make a compound noun
with the word in bold.
1 marketing campaign i budget / leader / strategy

2 market leader / survey / check / sector

3 product market / range / features / taunch

4 advertising campaign / exchange / agency / slogan

5 brand awareness / toyatty / image / contract
6 sales figures / conditions / forecast / targets

7 price promotion I rise I product/ range

Write the words in each of these noun phrases in the correct order.
L advertising impressive campaign realty
2 customer department new relations
3 competitive mobile highty market phone
4 successful product incredibly launch
5 customer base loyal
,5 thorough extremely report sales
7 brittiantabsolutelycampaign'globaI
I competitive increasingly marketingenvironment

(l) cor"rr Listen and check your answers.

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 Creating a
global brand
A successfu[ French cosmetics company plans to go gtobat

a*3e round Kcy features o$ Lse

Heri-i'iiaucir: Iolmeiics ii'lCtj, a Frene h rcs'-netics Bageii r r r:,:i',.,,1iC anci eedar. with;itrus arc si:itei,
e i-ici per:oir;rl'caie aornpany, has ti'eateci a highly P it y's ic'i i has a ll:-<h. ',,rccdy, iong-lasting aroma.

rliccegifLli ee ri'de -t*iogne for men undei the brarcl o il la-c i:re !.ihri secret irgrerJleiits. i<ricr-;n to
name Pnyslque. f is ihe conrpany's nest'seiling
'1ic oiii:i a smaii n unrber- cf seriior managei's.
ren': fragrance arrd the rest-knoi"+n branil in
their prcdrrci pnrtfoiio. Hff is ncw planning an a rr! s:sni is ve i'y appealing to worneri. &4e n *ha
ini.:rnaticn;:i carrrnaign for Pry-sique eariv iiext yeai". uz= chy's!que:ay ihey fee I coniieleni, atiraciive
ll iiriends a high-profiie lautrcli in 10 coutrtries, arrd -.rpnisiicaled.
which ir,ili enabie ine [ri'and to achieve inter'ratioriai e i15 f;1rget auCience ir France iE ambitilr-is. care€r-
rr.cognitiori. The the irit of ihe campaign wili be minded men in the 3C-40 age range.
'Phy+iqric fci- lhe i.irban ltlla:i'.
.-he eau-de-rologne is pcsitioned as a premiiim
A glcbai ambassarir,r -;r relebrity in the aris rruorid - fragi'ance. it is priceC at tne to[i e nd cf tne market.
r';ill pg r!1g",ir6 !c l,'u{j the ta':'pargn.

'(tl)
got.:{+ Listen to a conversation
between Carla Fern6ndez, Global
Marl<eting Manager, and Pierre
Martin, Chief Executive of HCC.
They are tatking about the results
of research carried out in overseas
markets concerning the international
launch of Physique. Make notes on
the following aspects of the product:
a target audience
a brand image
a name
a positioning
a pacl<aging
O slogan
PRODUCT DETAILS -
PHYSIQUE
Product.shape: Tal l, rounded Promotion: Oommercials on
bottle, sol'id'appearance Black, French tdLdvision; radio spots;
with the brand name in the full-page advertisements in
centre. Silver top. Screw top prestigious magazines, e g.
or spray Paris Match, Marie Claire, etc
Average retail prices: Special promotions at high-class
40ml $60 events such as Longchamp
racing stadium. and in embassies
75ml $75
and duty-free shops at the
100m1 $95 airports
125m1 $1 1 0 Words associated with
The price places Physlque in Physique by consumers
the top ten most expensive male (in order of frequency): masculine,
fragrances. sensual, sophisticated, elegant,
Distribution in France: sold energetic, alluring, spicy,
exclusively in parfu merres glamorous, individualistic.
(specialised stores for cosmetics Quotation from sales literature:
and toiletries) and in shops in top 'Physique man is confident,
hotels ambitious and resilient. He is at
home in any city and enjoys the
challenge of urban life. He has
a lot of creative energy, travels
widely and is optimistic about
the future.'

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 Work in pairs. Ask each other the questions in the quiz. Then turn to
page 132 to find out how good you are at buitding relationships.

YOU ARE IN A ROOM WITH A ON FESTIVE OCCASIONS, DO YOU PREFER:

GROUP OF PEOPIE WHO DON'T E.G. NEW YEAR, DO YOU: a) to socialise with colleagues only
KNOW EACH OTHER. DO YOU: a) send greeting cards to everyone if you have to?
a) introduce yourself? you know? b) to socialise often with
b) introduce a topic of b) reply only to cards received? co I leagues ?
conve rsatio n ? c) send e-mails? c) not to socialise with colleagues?
c) wait for someone to say
DO YOU THINK DO YOU LIKE TO HAVE
something?
SMALL TALK IS: CONVERSATIONS WITH:
WHEN YOU ARE INTRODUCED a) enjoyable? a) people who share your
TO PEOPIE, DO YOU b) a waste of time? i nte rests ?
REMEMBER THEIR: c) difficult to do well? b) almost anyone?
a) name? c) people who are your social
b) face? eq ua ls?
c) clothes?

You are goingto listen to Gittian Baker, Business Relations Manager with an
internationaI training organisation, talking about how companies can build
strong business relationships. What factors do you think she wi[[ mention?

eue"rs Listen to the interview and check the predictions you made in
{:))
Exercise B.

What are the most important retationships for you a) at your place of work/
study, b) outside your place of work/study? Why?
22
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 l.lM!T 3 "' gtlCLF!ru6 Rf,tATl$N5!{tps

.(gerii"rd Alison Ward is Head of Gtobat Corporate Responsibitity at Cadbury,

Business the chocolate maker. Listen to the first part of the interview and complete
partnerships this information about Cadbury's Cocoa Partnership.
7
Lau nched
2
% Cadbury cocoa beans from Ghana
l
% yietd from the land
A
Average age of farmers
Cadbury partners in Ghana

(g cu1.ri Listen to the second part and complete these extracts with up to
three words in each gap.

Alison Ward
1 Wett,we'rereallyproudthatwe'veachieved ..........forourCadburyDairyMitk
brand...
2 So it means that peopLe around the world can now mal<e an............ and ...
3 Fairtrade's an interesting marque in that it's not onty . in consumer marl<ets -
....
it's very well but it also has great power bacl< in ............ .

'(D
enl.rs Listen to the final part and answer these questions.
1 What other partnership does Cadbury have?

Watch the
2 What does Alison say about the changes in the suppty chain with that partnership?
interview on
the DVD-ROM. :'11;r: ''
Think of any other partnerships similar to that of Cadbury and the farmers
from Ghana. Te[[your col[eague about it.

Business Where can you meet peopte to build good business retations?
networks in
Read the article on the opposite page quickly and say who these people are.
t Li l(a-shing 2 Gary Wang 3 Heten Wong 4 Zhou Junjun 5 Andrew Grant

Read the article again. Which paragraph:

x" begins by tatking about the origins of guanxi?
2 gives examptes of what can be achieved if you have connections?
3 talks about how guanxi is changing?
4 tall<s about top connections made at MBA programmes within China?
5 tatks about how a business started through connections made at a European
business schoot?

6 talks about networking through multinational companies?

7 talks about Chinese businesspeople wanting something in return for connections?

I suggests that mal<ing connections might take time and effort?

I
Answer these q uestions.
1 What is guanxi?

I 2 What examples are given of things you can achieve if you have good guanxi?

3 What can Western companies do if they are involved in informal groups?

1+ How is guanxi changing?

5 Why does Ogilvy Public Retations Worldwide hold annuaI parties for previous empLoyees?

2I+
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 {.$ 9: -: "' i#ir_*rrlc RELATgCruSi.iips

Mutti-word verbs are particularty common in spoken EngLish. They are made with a verb
Multi-word and particles such as at, awoy, down and off.Four types are:

1 Without an oblect
Networking now goes on in plain view.
2 With an object - separable
We'll drow up o new contract. / We'll draw a new controct up.

? With an object - inseparable

They're looking for business connections.

4 With two particles

l'm reolly looking forword to meeting you next week.

Grammar reference page 1.47

cot.ts Two executives are talking about buitding relationships with clients.
d;i)
Put the conversation in the correct order. Then listen and check your answers.

n a) They were both annoyed. My contact thought I had tet him down, and his boss
simply decided not to turn up at the meeting. we'd set up a meeting in Brussels
by e-mait, but he called it oflat the last minute. l'd already checked in at the hotet.

! bl otr, what went wrong?

n c) wett, I'm going to carry on worl<ing untit about six. we could meet after that.

tr d) How did you turn it round?

tr e) lt's fine now, but at the start of the year, it was disastrous.

tr f) So, how's the relationship with Toyota going?

n g) Welt, lwentovermycontact'sheadandwentdirectlytohisbossatToyotaMotors
Europe. I was reaLLy trying to clinch a deal.

n h) Gtad it worl<ed out. Anyway, are you free for a drink later?
! i) weLt, I had to buitd up my relationship with my originatcontact again. At first, he
l<ept putting me off. But eventually we met up and I focused on our relationship,
not the next sale. Now we get on really welI and sometimes play golf together.

tr j] was he annoyed?

underline att the multiword verbs in the conversation in Exercise A. Then

decide which of them has a similar meaning to each of these verb phrases.
t have a friendty reLationship 6 appear/arrive somewhere
2 registered 7 disappoint
3 make stronger &
;* change something into something successful I
arrange

continue
t
5 postponing/detaying 10 cancelled

Rephrase these comments using the muttiword verbs from Exercise B.

t We can't hold the meeting tomorrow.
We')l have lo call lhe meefing fomorrow.
? They've postponed the presentation untiI Thursday.

1 I'm sorry I've disappointed you.

il She's arranged the conference call for nine o'clock.

5 This is a crucialmeeting. Make sure you arrive on time.

6 Everyone continued working as if nothing had happened.

7 You'll need to register at the Hitton around four o,clock.

I I have a good relationship with my new boss.

't1
17.
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 tn

An A-rab hotel group wishes to buiLd eustomer Loyatty by getting to

knsw its visitors better and encouraging them to return to its hotels

Kacleground
Vanessa 5chultz, recently appointed Director of Customer'
Relations, has been hired by the Al-Munir Hotel and Spa Group to Results of Gustomer
improve the group's customer relations" The group has a number
of hotels in 0man and the United Arab Emirates. Vanessa Schultz's
Satisfaction Survey
(Average scores for responses from
first tasl< is to focus on buritding better relaiionships with the
customers completing the questionnaire
guests who use the hotels, especially wiih those who may become this year)
frequent visitors. The challenges facing the hotel group
are exemplified by the fotlowing facts. ln the last five years: Key: 5 = outstanding, 4 = good,
3 = average, 2 = below average,
' group turnover has fallen by 22% '1
- poor
. the group's room occupancy rate has dropped from 81%
ta 62"k Gategory Score
I customer surveys have indicated increasing dissatisfaction Location 5
Rooms 4
Amenities *
with the hotels
3
n the retention rate of guests has fallen fram25okta8"k Service 2
. there seems to be tittle customer loyalty to the hotel group Staff ** 2
I recent reviews have reduced two of the hotels' rating from lnformation *** '1

four stars to three.

Value for money 3

-
Vanessa Schuttz reallses that she and her colleagues must Amenities include such things as a
restaurant, caf6, spa, gym, business centre,
corne up with a ptan for building long-term relationships with
swimming pool, crdche, concierge.
guests. Discuss the possible reasons for the disappointing ** Respondents
were asked to grade staff
trends noted ahove. in terms of their helpfulness, enthusiasm
and knowledge.
the results of a customer satisfaction survey on the right.
Lool< at --. This refers to the information about the
What conclusions should Vanessa Schuttp draw frorn them? hotel provided in rooms, and about sites
and attractions in the region.
Vanessa Schultz has used the services of Abd At-Hatim Hamdi, a .--
iocal consuitant speciaiising in hotel man6gement, to find oui whv
many guests do nr:t return to stay at the hctels cn a reguiai'basis,
Hamdi carried out a survey of guests by telephone and written
questionnaires and it noro; reporting his findings to Vanessa $) cor.zz Listen to the
5c hu lte. conversation and check if your
reasons are the same as the
What d* you thimk wit[ be the nrain reasons why guests elo not
ones that Hamdi gives to
returm to the hotet?
Vanessa Schuttz.
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 Drew Corporation, based in Da[[as, USA, is an international group supplying food products
to the retait trade. lt is currentty hotding its annua[ ptanning conference in Mauritius. One of
the discussion sessions, entitled 'Succeeding in new marl<ets', is attended by some of the
company's top executives. The leader of the session has asked participants to worl< in sma[[
groups and either tatk about or provide notes on a recent overseas assignment, focusing on
iny cuttural problems they encountered in their work. ln one of the groups, Bob Hewitt tall<s
about an assignment in China, Christina Noval< provides notes about her worl< experience in
lndia and Metissa Petrides writes about a business trip to Russia.

() {) cn:".2: You are going to hear Bob Hewitt
talking about a recent new venture in
China. Listen and answer these questions.
Why didn't Bob mal<e more use of David Li's
business experience?
What does Bob mean when he saYs, 'we
expected to get a foothold in the marl<et
pretty quickty'?
What conclusion did Bob come to concerning
the future of Munchem restaurants in China?
o f
How would yot! prePare for a business trip
to a country you had never visited before?
@ <,1cs3.24You are goingto hear Christina
Novak tatking about a recent trip to lndia.
She had never done business there before.
Listen and answer these questions.
1 Why did Christina go to lndia?
2 What do you learn about Mumbai Enterprises?
3 What event helped to improve relations
between Christina and the President of
Mumbai Enterprises? Explain your answer.

knowledge of the Chinese market. the

@ <,1c$3.24 Listen again and note down
cultural mistakes that Christina made.
Rank the mistakes you noted
in Exercise B accordingto how
important you thinl< theY were
(1 = the most important). Checl<
your answers with the suggested
ranl<ing on page 139.
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Choose the best word to complete each sentence.
1 Liam is a very articulate /responsive speaker. He expresses his ideas ctearly
and effectively.

I The product presentation was rambling /sensitive.lt included a lot of useless

information, and no one reaLLy understood the point.

3 Yourtalk is [imited to ro minutes, so you need to be responsive /succinct. lf you

don't stick to the point, you won't have time to say everything.
{ Bitt is extrovert /focused,so he reatly enjoys giving presentations. He loves being
the centre of attention and tatking to people.
5 I'm afraid I stitt don't know anything about the launch. The Marketing Manager
gave a presentation about it, but he wasn't very hesitant /coherent. I don't think
he was prepared.

6 l've asked Eliseto attend the meeting. She'svery persuasive /inhibited, and lthink
she can get a good deal for us.

7 I realty enjoy listening to Pietro negotiate. Nds reserved /eloquent and knows the
business very wel[, so he speaks with great authority.

S To be afluent /concrse speaker, you need to practise speaking so that your words
flow naturally.

9 Veejay interrupted /confused Simon's tatk and asl<ed severaI questions. He shoutd
have waited until Simon had finished.

nS Let's noI clorify /digress from the main point. We haven't got much time.
11. Speal<ers can exploin /engage the audience by tetting interesting personalstories
and by making eye contact.

i.2 You have to concentrate and listen /ramble to the questions the audience asks.

Complete the conversation below with the words in the box.

bush grapevine loop mouth picture stick wall wavelength

A: Have you seen Marco today?

B: No. Why?

A: Oh, I just wondered.

B: Don't beat about the ............1. Why are you asking?

A: Wett, I heard on the. that he's been promoted.

B: ReaLly? Are you sure you didn't get the wrong end of 1he.......... .t?

A: That'swhylaskedifyou'dseenMarco. lwanttogetitstraightfromthehorse's

B: Why don't you ask Rotf? He'lll<now.

A: Rotf? Tatl<ing to Rolf is tike tatking to a brick ..t. We're never on the same
6

B: Ol(, how about Lea? l'm sure Marco's keeping her in the

A: Yeah, good idea. l'm sure Lea witl put me in the Thanks for the suggestion!
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NOISIAIU .. VIIN0
 UNITA " REVISION

Complete the sentences below with the words in the box.

1 The of the meeting this morning is to plan next month's launch.

2 What we need to ............ today is an agreement on the budget.

3 ldon't we could move the launch to next month, do you?

4 Can I .... . ....that we schedule a meeting for early next week?

5 That's............ !

6 That's the ............ idea l've heard for a long time.

7 Don't hold ............ .

I Say whatever comes to

9 At this , we want all your ideas, however crazy you thinl< they are.

L0 You're ....... .... right.

Circle the odd verb or verb phrase out in each group.

1 break off cement sever end
I
2 create damage jeopardise hurt
3 buitd up strengthen begin grow
4. foster maintain look after endanger

5 devetop promise encourage promote

6 disrupt improve cuttivate make better
7 restore resume estabtish restart
I undermine sour weaken a[[ow

Match the sentence halves.

1 We arrived at7 .58 and the train set a) forward to seeing you next week.
2 Let's set b) up the new contract while we continued
discussing the schedule.
3 I need to catch

4 Alicia drew
c) off at eight o'clocl<. We barely made it!
d) up with Freda - she's way ahead of me.
5 I was lool<ing for
e) on the printer. ls that Ol( with you?
5 I'm looking

7 I'm going to carry

f) on working untiI I finish.

g) Ramon this morning, but I didn't

E I need to switch
see him.

h) up a meeting for Tuesday.

I
34
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 What makes peopte successful? Add four more words to the list in the box
on the left. Then choose the five most imPortant.
charisma
dedication
Tatk about a person you know who is successful. Why are they successfu[?
d iscip tin e
drive
imagination What are the best indicators of an individuat's [eve[ of success?
looks How important are the following in your culture?
Iu ck
money exotic holidays cosmetic surgery cha uffeur-d riven car(s)
nepotism designer ctothes expensive jewellery mixing with famous people

pedigree pets luxury home(s) exctusive club membership

trophy partner domestic help having your name in the media

brand Complete these statements with the words from the box on the left.
customer Then discuss with a partner which three statements are the best indicators
headquarters of a successfuI business.
i n novation
A successfuI business ...
leader
people 1" is always making money and increasing its ........... .

profit 2 is often the market

shares
su bsid ia ries 3 is moving forward and interested in ....
workforce l* has a motivated
5 has a loyal ............ base.
6 has a world-famous............ and an instantLy recognisable logo.
7 issues . which are worth mi[[ions on the stock market.

I has its............ in a prestigious location.

t has branches and ............ all over the world.
1.0 treats its employees well and is ....... ....-orientated.
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tiNi? r+ "" 5ilCeE55

Discuss these statements.

1 Outselling your rivals is the best indicator of success.

2 Mismanagement is the biggest cause of business faiLure.

3 Rebranding is often a pointless exercise.

See the DVD-ROM ,'ri. 1+ Underfunding and overstaffing are the quickest way to faiture.
i-Glossary. ::
for the
5 Undercutting the competition is a dangerous business strategy.

(D CD1.z6 lsis lnnovation is a technotogrT devetopment company owned by the

Successful University of Oxford. Listen to Tom Hockaday, its Managing Director, tatl<ing
about the essentiat quatities of a successfuI business and comptete the gaps
businesses in these two extracts.
I think that the absolute essence of a business, or a business, is one that
oora..."
managesto............'and...........rsomething,whetherthatisa " 't,
but manages to ......... ..u it for more than it... ........t to ...... ...0 it.

...weareinvestinginthe...........ntotakeitthroughvariousstagesof development,so
that we can demonstrate it has ............'0, so that we might be able to attract
tt
more rounds of ...... investment or finance from other sources.

Listen to the second part of the interview and summarise in a short

+)) c01"27
paragraph what Tom says about Natural Motion - the type of company it is,
what it does and the reasons for its success.

Watch the
interview on ()) CD1"2E Listen to the final part of the interview and answer these questions.
the DVD-ROM. 1 Which types of business does Tom expect to succeed in the near future?

2 Which four examples does he give?

Read the articte on the oPposite page and correct the six mistakes in this
paragraph about Cartos 5[im.
Carlos Stim
Cartos Stim is probabtythe richest man you have ever heard of.The majorinftuences on
his life were his father, Juli6n, who was born in Mexico, and.lean Paut Getty' He studied
finance at Harvard University and on graduating set up as a stockbroker. He made a tot
of money in the Mexican recession of 1,982, setling his assets in the middle of the crisis.
ln 1.990, Slim gained control of Tetmex, which owns 90% of Mexican telephone [ines
and is the largest part of Slim's empire. Stim is also involved in charity through his
Carso Foundation.

Match the words on the [eft with words on the right to form word
partnerships. Then check your answers in the article.
L business a) spree
2 economic b) acumen
3 annual c) recession
4 retaiI d) point
5 turning e) sa les
6 buying f) outlets

7 global C) crisis

38
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UNlr 4 "" 5[Jee 855
Complete the rules with the words present simple, present continuous, present perfect,
post perfect or past simple.
Present and
past tenses 1 We use the to describe actions and situations which are generatly true.
Carlos Slim is worth obout $6zbn.

2 We use the to describe completed actions or events which tool< place at a

particular time or over a period of time in the past.
Slim bought Telmex in 1990.

3 We use the to describe current or temporary situations.

Petrol is getting more expensive by the week.
At the moment, Slim is writing a book obout his family.
4 We use the to describe life experiences, the present results of past actions
or to announce news.
The company hos done well recently.
ln recent years, Slin hos devolved power to his family.

5 We use the to describe an action which is completed before a time in

the past.
The office hod closed by the time we got there.

Grammar reference page 147

Labet the tenses in these sentences based on the articte on Page 39 and say
why those tenses are used.
1 ln recent years, Slim has begun to stretch his tentactes north.

2 Aged 11, he invested in government saving bonds.

3 He remains frugal in his tastes.

4 By 15, he had bought a very small sharehoLding in Banco Nacionalde M6xico.

5 SLim is currently tooking at investing in distressed assets.

Write an article about Appte for a business magazine. Use these notes,
putting the verbs in brackets into appropriate tenses.

THE COMPANY RECENT EVENTS

. (reinvent) the personal computer
with the Macintosh in 1980s
. (have) highest brand loyalty of any
computer manufacturer
. (operate) more than 250 retail
stores
. (have) informal culture
HISTORY
. (start) in Cuperlino, California,
April 1, 1976
October 23,2001'. (introduce) Ihe
iPod digital music player
Since it was formed 1976, (employ)
over 75,000 people worldwide
. Recently (rank) first as most
admired company overall in
Fortune survey
. People in survey by CoolBrands
recently (vote) the iPhone as
world's coolest brand
. September 28,2009 downloads
from App Store (surpass) 2 billion
WHAT IT IS DOING NOW
. Currently (experience) the greatest
expansion in its history
. Now (focus) on its software more
than ever
. At time of writing, (offer) students a
free iPod Touch with the purchase
of a MacBook

Research Carlos Stim on the lnternet and write a final paragraph for the
articte on page 39 saying what he is doing now.
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which of these factors would motivate you to work harder? choose your top
five and rank them in order of priority. Exptain your priorities.
bon us more responsibility working for a successful company
bigger satary threat of redundancy better worl<ing environment
commtSSton hard-working boss promotion opportunities
prarse supportive cotteagues more time off
important job titte perks more flexible working hours

cs?.l,2.2,3"3 Listen to three people talking about their motivation at work.

*r)J
Which of the factors in Exercise A do they mention? Who do/woutd
you agree with?

Discuss these questions.

i For what reasons might you change jobs? How often do you expect to do so in your
lifetime? ls changing jobs often a sign of success in your culture?
A recent US survey showed children preferred parents to go out and earn money rather
than spend more time with them. What does this show, in your opinion?

Woutd you prefer a male or femaLe boss? Why?

Turn to page 134 and do the quiz 'Are you in danger of burning out?'.
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to Madalyn Brooks, Director of Human Resources at Procter &

dg c02"4 Listen
Gambte (UK), and answer these questions.
1 What is the key to a successful business?

2 What are the two main ways in which Procter & Gamble drives iob satisfaction?

.0 eoz"s Madatyn says that iob priorities have changed in three areas over
the tast 10 years. Listen to the second part ofthe interview and take notes
on what she says under these headings.
tr ftexibitity

2 the drive for personal learning and growth

3 working for socially responsible organisations

adatyn roo$qs

Listen to Madatyn tatking about what people want. Do not take notes
.(:I coz.e
Watch the
interview on
white tistening. Afterwards, write down in one minute as many things as you
thC DVD-ROM. can remember that people want. Compare your answers with a partner.
Who remembered the most things?

You are going to read an articte from The Sunday Times survey The 100 Best
Companies To Work For. What would you look for in your ideal company?

Work in pairs.
Student A: Read Article A on the opposite page.
Student B: Turn to page 135 and read Article B.

Choose five points that you think mal<e the company in your article a good
one to work for. Take notes on those points and then te[[ your Partner,
without looking back at the articte.

Ask your partner questions about their company, so that you can work out
together whether these statements are true or false (M = Marriott Hotets
Internationat, K = KPMG).
l" Over 7O'k of staff at K and M think that their training is of great benefit.

2 M scores Lower on opportunities for personal growth than K.

3 Less than hatf the staff in M and l( earn more than f 35,000.

4 M and l( both offer childcare vouchers and contributory pensions.

5 l( has more than double the annualsales of M.

6 K emptoys a higher percentage of women than M.

7 M and l( have a fairly similar-size workforce.

& More than hatf the staff in M and l( earn f15,000 or more.

f n pairs, look at Article A to find word partnerships with basic, role,

performonce and poternify. Then look at Articte B to find word Partnerships

with career, childcare, medical and pension.
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We use the passive when we are not interested in who performs an action or it is not
Passives necessary to know.
lnformotion about the takeover had been leoked to the press.
We often use itto describe processes and procedures because we are more
interested in the process itself than who carries it out.
The bottles are filled before the labels are put on.

We use the passive to write in a more formalstyle because it is less personalthan

the active. lt is often used in reports, minutes and business correspondence.
Your application hos been forwarded to the Human Resources Department.

Grammor reference page 1,48

Match each tense orverb form (1-8) to the appropriate extract (a-h).

i!. present simple e] The report stated that more employees should be
encouraged to provide feedbacl< on management.
2 past simple
hl Emptoyees felt their iobs had been made more
3 present perfect
interesting th rough training.
4 past perfect e] The minutes ore atways taken by a member of H R.

5 present continuous dl The survey stated that employees become unhappy

when they feel that their concern s are being ignored
6 future simpte
by management.
I modaI verbs with
e) The performance reviews were corried out over the
pass rves
summer.
passive infinitives
f) They were happy to be accepted on the fast-track
programme.
g.l Employees will now be expected to act on the
reviewers'suggestions as soon as possible.
h) Bonuses and other incentive programmes have been
cuf since the recession.

Complete this extract with passive forms of the verbs in brackets.

Over time, job satisfaction.. ....... (define) in a number of ways.
Edwin Locke said that job satisfaction .......... (determine) by the difference
between what one wants in a job and what one has in a fob. Herzberg states that
satisfaction and dissatisfaction . .t (drive) by different things - motivation
and 'hygiene'factors (such as pay), respectively. Motivation
(can /see) as an inner force that drives people to perform. one of the most famous ways
of measuring job satisfaction is the Minnesota Job Satisfaction Questionnaire, which
' (create) in 1963. Some researchers say that peopte who . ..........
......6 (sotisfy) with tife tend to (satisfy) with their job.

Read these notes for four sections of a report on employee satisfaction.

Then write sentences, using the passive, to include in the report.
ExAMPLE: Quettrionnaire5 were AislribvleA lo all Aeparfme^fs.

PROCEDURE PRESENT PROBTEMS MEASURES TO IMPROVE RECOMMENDATIONS

. Distribute anonymous . Management ignore JOB SATTSFACTTON STNCE . lntroduce new
employee satisfaction su ggestions/complaints APRIT performance reviews
questionnaires: all . Not encourage staff to
. Encourage stafi to do for managers from
depa rtments take on new tasks various tasks 1 December
. lnterview union . Adopt oper-door policy . Carry out research
re prese ntatives into new employee
. Hold meeting with all incentive prog[amme
Heads of Depaftment

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 \

air'

A software company with a '[ong hours' culture needs to ensure

that staff relationships don't damage behaviour at work

*fl f*qeat
pati"icl< ftiliGuire , f EO li 5e n Diego'i:ased Techno2i, !; facing a prcnlti- caused by the highiy

conipeti[1ve natLire of the iT lndustt"V. Recu.ntiy, empioyees have been i'o'c'l<inA ntuclr longer iioLli"s
tlian ilr"eviouslrr and sften cver ureei<':ncis, As a resilit, a numLier of stal'f have devetnped i:lclse'
personai relaiicnshipl wit!r eacn oiner. iratrlck has begun la ihink that tne ecmpanv mai/ neeei io
irrtrqdirre a policV ro give these enrplcyee-< guiileiiner tcncernirg theii' nenaviour at tryoi"k.
r,echnoll is avcung cof-flilar:,i i,vilh :: ver-v reLaxed ainrosphere, and slai-f G!'e tncoLliil3,e.l ic
socialise riuring their free time,

Fiscr.rss the advamtages and disadvantages of worl<ing in this kiBtd cf envirnnrment.

e?at[*ns i sa* *5':t r#e#&s&s

Patricfl* ftfi*Gillre's assis?ant E:as prepared notes &n three eases in whieh personat re[*tionships
6ave eff*cted staff penfcrmarrce anci rnorale. Read about the cases in preparaticn Fer a a"neeting
on rnanaging ratatEenships at ttrer'k'

2 The sales conference 3 The loving couPle

1 Promotion aPPlication of
Judith Fisher
Peter Walters, the Chief Financial
Officer, had a close relationship with
one of his staff, Judith Fisher, but
they broke uP. A few months later,
Walters had to choose someone to
be promoted to be his deputy' Judith
Fisher was one of three candidates'
She didn't get the job. She claims
now that it was because she'd had
a personal relationship with Walters
which had gone sour. According
to her, this was Walters's waY of
taking revenge. Patrick McGuire and
Veronlca Simpson (HR Director) took
no action. ludith is now threatenlng
to take legal action against the
company.
At the company's international sales
conference, Brad Johnson, a sales
manager/ met Erica Stewart for
the first time. He attended all the
discussion grouPs she was in and
always sat at her table at lunch'
He texted her rePeatedlY, inviting
her to have a drink or dinner with
him. He was clearlY verY imPressed
with her.
When theY both got back to Head
Office, Brad Johnson asked for Erica
to be transferred to his sales team'
Erica went to see Veronica SimPson
in order to reject lohnson's request'
However, Veronica strongly advised
Erica not to turn down the transfer,
About a Year ago, two colleagues,
Lisa Davis and Steffan Olsen,
became romanticallY involved'
They kept their relationship secret
- or so theY thought. However,
the other members of their team
suspected something was golng on'
The team notlced that, at meetings,
Lisa and Steffan alwaYs suPPorted
each other's opinions. Also, theY
would give each other loving looks
or be more tactile than was normal
amonq emPloYees. Their behaviour
upset the rest of the team'
A representative of the group talked
to the team leader and asked her to
do something about it.

cannot decide what to do

{lt) coz.g Patrick McGuire has come up with a proposal

which he wants to discuss with Veronica Simpson.
Listen and take notes.
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Are you a risl<-taker? What risks have you taken?

Which item in each of the categories below carries the most and the least
risk? Explain why.
Travel Lifestyte Money Shopping
car drinking alcohol pro perty onLine

plane poor diet stocl<s and shares mail order

train smoking savings account private sales

shi p loggrng cash auctio n

What sort of risks do businesses face (for example: financial risks,

environmental risks)? Can you give some examptes?

The verbs in the box are used when tatking about risk. Check their meanings
and put them under the appropriate heading in the table betow.

janticipate catculate eLiminate encounter estimate evaLuate fure foresee l

lSg: identify measure minimise prioritise reduce spread __ wersh uo

-,-) L

predict meet manage

face
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LISiT 4 ." =;!5F'

coz.lr Listen to the second part of the interview. What are the five key
{rt)
steps to risk management?

tnz.l? Listen to the final part. Which three examples does Steve give of
.{})
organisations or industries that faited to manage risk? What does he say
about each example?
Watch the
interview on
Look at the audio scripts on pages 75V759. Underline the key words and
the DVD-RQM.
phrases that Steve uses to structure his answers. Compare your answers with
a partner.

Answer these questions.

lnsuring
trade risks x What things do you and your family insure against?

2 What sort of things do big international companies need to insure against?

Read the articte on the opposite page quickly and, in as few words as
possible, say what the main point of the article is.

Read the article again and answer these questions.

L How did the insurance industry start?

2 What do reinsurers do?

3 How do the two examples of major losses in paragraphs 7 and8 illustrate this quote?

'Countries with an underdeveloped system of insurance suffer immeasurably more

from major catastrophes than those where a good part of the materiallosses can be
covered by professionaI risk carriers.'

ln your own words, summarise the key points in the numbered examples
(1-3) in the article.

Find words in the articte which mean the fottowing.

1 when the maker of a product is responsible for any injury that the product causes
(paragraph 4)

2 money that a court orders someone to pay to someone else (paragraph 5)

3 the cottection of all policies hetd by an insurer (paragraph 6)

& the totaI combined risks that could be involved in a single Ioss event (paragraph 7)

5 a terrible event that causes a lot of destruction and suffering (paragraph 9)

Complete these sentences with words from Exercise E.

t They are being sued for . by clients who they advised to invest in an insurance
company that went bankrupt.

2 The defect in her car caused the accident, and she is suing the company for product

3 The region was devastated by a natural

4 lt's safer to spread your tiabitity by holding a ..... of risks.
5 An. of risk happens when there is a concentration of risks that might give rise
to very large losses from a single event.

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 We can use adverbs to strengthen the meaning of adjectives.
The uS hos seen some extremely high awords for domages.

We can also use them to soften the meaning.

The report was slightly critical.

Grammar reference page 148

Which of these adverbs strengthen the adjective which foltow and which
soften it?

a bit entirety exceptionatlY extremety fairty futty highty increasingly

moderately quite rather reasonably stightly somewhat totalty very

Complete these dialogues with a suitable adverb.

l" 'What were your sales results like last year?'

good. I made my targets with two months to spare.'

2 'What's your new CEO lil<e?

'Extremely talented and ............ intetligent. She brings out the best in people.'

3'Do you reatty thinl< we should invest in an ............ votatile market?'

'Welt, first of att we should stay calm and review what we already own.'

4 'What did you think of the H R Director's presentation?'

'Tobehonest, ldon'tthinl<shewas...........prepared.Sheseemedtobereadingit
most of the time.'

5 'Are you confident that the merger will go ahead?'

confident, atthough we still need a few more meetings to sort out one or two
probtems.'

ln pairs, create short dialogues using some of the phrases betow.

fairly accurate deepty disappointed

incredibty wett-prepared slightty damaged

absotutely awful totatty unrealistic

severely criticised superbly presented

badty misiudged thoroughty enjoyed

(l) cpz"r* Fottowing the brainstorming meeting in Unit 2 (page 19), the
team meets again to finalise ptans for the sales conference. Listen to the
Reaching
authentic meeting and note down what they agreed about these items.
agreement
1 Location

2 Workshop activities

3 Dinner

4 Month
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A mining company assesses the risks
invotved in a new joint venture

mslc xenamd
Winton Carter Mining (WCM) is a dynamic Canadian mining company. lt has
announced that it witt be going public early next year. Valued at C$85 million, the
company has mining interests in Africa and has been highly successfuI in exploiting
copper, cobalt and bauxite deposits in the more potiticatty stable countries in the
region. WCM's offer is bound to appeatto those investors who are witting to take
risl<s in return for high profits.

Discuss the risks and hazards that foreign mining companies could face f r: +

when exploiting mineral deposits in Africa - for example, political instabilitg, ],

Mining groups victim to African uncertainty

by William MacNamara

Under the jungles of countries
such as Guinea. rvhere soldiers
killed I57 demonstrators last
'uveek, and Congo, struggling to
recover fiom civil lvar. lie some
of the richest unexploited min-
eral deposits. Yet exploiting
those deposits poses problems
that scare off most of the compa-
nies best able to develop them.
Traditional sources of metals
- Australia, Chile, South Africa,
Russia - still have abundant
reserves. But as they are gradu-
ally exhausted, many in the
industly believe Africa's volatile
mining frontiers rvill have to
take over.

A di${ieuslt deaisimn
When a company goes public, it prepares a prospectus which gives
information about the company to investors. The prospectus aims to
persuade the pubtic to buy shares in the company. WCM has the op
of setting up a joint venture in an African country with the state-run
company, ATZ. WCM is considering whether to sign a contract with
The Chief Executive Officer and the Chief FinanciaI Officer of WCM' :
must decide whether to mention this project in their prospectus.

1 What are the advantages and disadvantages of mentioning

the African project in WCM's prospectus?

2 What do you think they wilt decide to do?

: #:lu

{D Coe.td$ Listen to the discussion between

DanieI Habersham, CEO, and Denise Couture,
CFO. What do they decide to do? Do you think
they made the right decision?
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 Curtis Knight is a public relations firm,
based in Switzerland. A growing part of
its worl< involves helping countries to
promote themselves as tourist or business
destinations. For example, it represents
countries at a semi-official [eve[ in forums
such as trade conferences and tourism
promotion fairs, handling the way the
country is advertised and promoted.
What would be useful to know if y*r"l
wamted to do busimess im Kazalqhstam?
f) <U csz"x5 S,n executlve frorn eurtis Knight
is giving a presemtation abcut tdapakhstan
to a group of huslneEspecple at a trade
conference. i-isten tCI the finst part of his
presentation and rnake nctes under
these headings.
GeneraI information
o Population
. Land area
. Ethnicity
o First contacts
Verba[/Non-verbaI communication
. Space between speakers
r Eye contact
o Handshakes
. Voice
Read the extraet on the opposite page from
a bncehure abaut busimcss im Kazakhstan
and answer these questicns"
1 What is the dress code for men and women in
Kazakhstan?
What attitude do Kazakhstanis have towards
punctuality? Can you give an example?
Who mal<es the decisions in most companies
in Kazakhstan? Why is this the case?
List three qualities that Kazakhstani staff
would look for in an expatriate manager.
Which two styles of management would be
effective in Kazakhstan? What kind of manager
would you prefer to worl< under?
What's the best way of developing a personal
relationship with a business contact in
Kazakhstan?
List three things that would characterise a
social evening in Kazakhstan.
O Discuss these questions.
What information in the presentation and
brochure extract surprised you?
What would you find difficult to deal with if you
were doing business in Kazal<hstan?
What questions would you tike to ask someone
who is an expert on Kazakhstan?
You have been asl<ed to make a
presentation of your own country or a
country you l<now well at an international
trade fair in Franl<furt, Germany. Use the
same categories as those in the Kazal<hstan
presentation to structure your tall<. present
the country you have chosen to the other
members of your group. Answer any
questions the audience may asl<.
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Choose the correct prefix to complete each word in botd.
lt We finished buitding our new multi- / ultra- modern offices earlier this year.
2 The sates team out /under performed [ast year. We simpty have to sell more, or we're
going to have serious problems.

3 The government is going lo ex /de regulate the industry next year.

lt We over /mis spent by about €100,000 tast quarter, so we need to save money this
q uarter.

5 Hiram andl re- /co-taughl a training session Iast month. He tall<ed about sales, and
I tall<ed about marketing.

6 We're going lo re /de namethe product so it's more appeaLingto the new market.
7 I mis /co- judged Leon. lthought he was doing a terrible job, but this has been our
most successfuI year.

With its fine workmanship and expensive materials, this range of furniture
under /out classes the competition.
o The ex- /over director predicted the company would faiL when he left, but it didn't.
tCI We have atruly ultra /multi national company, with staff from over 50 different
cou ntries.

Complete the conversation below with the correct form of the words in
the box.

I ask be detiver give have increase leav

Anto n We'd lil<e to place an order for 100,000.

Lo Chi lf you .. your order, we'tl ............' yo, a bigger discount.

Anton By 12 Aprit?

Lo Chi Sorry. could you ............' that?

Anton With a bigger order - more than 100,000 - can you mal<e the detivery date of
12 Aprit?

Lo Chi We can by that date, providing we. ' the order today.
Anton I'm not sure.

Lo Chi lfwe...........utheprice,wouldyoubeabtetoincreaseyourordertol5O,OO0?
Anto n Are you you have that quantity in stock?

Lo Chi We[[, no, not today.

Anton So what you're saying you can have 150,000 ready for 12 Aprit, but
you don't have stock today?

Lo Chi Yes, that's right.

Anton lwantto a question. How are you. ..........t0t0 produce and deliver
150,000 in time for 12 April? The shipping witt take at [east three days.
Lo Chi Yes, I hadn't thought ofthat.

Anton I'd like to a suggestion. I think we shoutd the question

of quantity and come bacl< to it later.
€9
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NOISIAIU .. 8IlN0
Write a set of guidetines (775-200 words) for managers to deal with their
team in a positive way. Write them as answers to these questions.
1 What should I do if I think someone is overworking and getting burnt out?

2 How can I motivate staff who comptain that they are underpaid?

3 What should I do if a member of staff arrives at work Iate every day?

1 Complete the sentences below with the correct form of the words in
the box.
anticipate eliminate encounter estimate identify prioritise spread weigh up
1 We're........... a downturn next year, so we're being cautious this year.
2 We've............the pros and cons and decided that the risk is too great.

3 Canyou the items in the budget? What's the most important expense?
What's the least important?

4 Palmer has............ a way to reduce risk that nobody else thought of.

5 We've reduced risk by our lending across more markets.

6 We............the cost of opening a new office to be more than a million pounds.
We think it's too risky.
The risl< of not hiring a local manager is that we'tl ............ probtems with the locaL
staff as a resutt.
We can't completety risk, but we can reduce it.

2 Circle the odd word out in each group.

1 stight minuscule negtigibte immediate
2 remote considerable serious imminent
3 terrible tremendous potentiaI huge
/+ significant minimal substantiaI great

Choose the best word to complete each sentence.

1 We've done exceptionally /moderatelywell this year. For the past five years, we've sold
about 200,000 units a year, but we've already shifted 450,000 this year!
2 The employee happiness scores were 3/10 two years ago,4/10 tast year, and 5/10 this
year, so our workers are becoming entirely /increasinglyhappy.

3 The flight detays and cancellations totolly

/slightly ruined our conference. We were
supposed to have 1,200 detegates, but only about 150 were abte to attend.
l+ Entering the German market tooks o bit /extremely risky, but I don't think we'tt
encounter any major problems. Let's do it.

5 He's been worl<ing successfu[[y in top management for more than 20 years, so he's
fairly /fully qualified to run the company.
5 We've sotd 50,000 a year for the past five years, so I thinl< increasing your sales target
to 350,000 next year is highly /reasonably ambitious.
 99
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NOISIAIU .. SIlNfl
 Which of these statements do you agree with? Explain your reasons.
Managers should:

1 know when your birthday is.

2 l<now where you are and what you're doing at all times during working hours.

3 not criticise or praise.

4 not interfere in disagreements between members of staff.

5 not ask peopte to do things they're not prepared to do themselves.

6 be avaitable at at[ times to give staff advice and support.

7 keep their distance from staff and not get involved in sociatising outside work.

E use potite tanguage at all times.

I work [onger hours than their staff.

3* comment on the personal appearance of their staff.

What is the role of a manager? Choose your top three roles from the
fo[[owing and explain your ideas.
o motivator o probtem-solver . friend
. mediator . monitor o organlser
. leader . decision-maker . role model

Can you connect the roles above to the points you discussed in Exercise A?

How important are these factors in judging the success of a manager?

. the toyatty of staff . achievement of resutts . popularity with their superiors

66
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UFIIT 7 ." MAITAGEMEi.IT STYLFS

Discuss these questions.

Management t What do you tike or dislike about the management style in your organisation?
styles 2 What would your ideaI workplace be like?

Work in pairs.
StudentA: Read the article on the opposite page aboutAnna Wintour, Chief Executive
of Vogue, the fashion magazine.
Student B: Turn to page 1,45 and read the articLe about Jim Buckmaster, CEO of Craigstist,
the lnternet company.

Read your article quickty and decide which of these statements are true
for the CEO you read about.
They ...

lt think most meetings are a waste of time.

? are good at making decisions quickly and firmly.

3 want peopte to l<now who is the boss.

r* think artificiaI deadlines are stressfu[.

5 believe in hiring the best staffthey can.

6 think their staff feel happy working there.

Read your article again. ln pairs, compare and contrast the styles of the
two CEOs.

Which of these adjectives do you think describe Anna Wintour?

approachabte demanding perfectionist ruthless volatile

Match the adjectives in the box to the definitions below.

anti-authoritarian approachable demanding

ruthless self-motivated talented volatile
-p.rf".tion-i-
L not caring ifyou have to harm others to get what you want

2 not satisfied with anything unLess it is exactly right

3 having a naturat ability to do something we[[

4 wanting to achieve something by themselves

5 against forcing people to obey strict rutes

6 friendty and easy to tatk to

7 expecting a tot of time and effort from others

S tiabte to suddenly become angry

Complete this paragraph with adjectives from Exercise E.

At my last company, the managers were remote and not at att ............t. They were hard
to get to know. The only one who showed any emotion was the CEO, who had a............'
temper. He was completely ruthless and didn't care about his staff at att. He acted [ike a
dictator. He had a ............' management style, insisting that everything was exact[y right.
He was also very demanding, making us work reatly unsociable hours. ln my new company,
the managers are good communicators, decision-mal<ing is open and transparent and the
styte is Management is by consensus. Atl the staff are and experts in
their own fields. They are............u and trusted to work without supervision.

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ln written Engtish, we often use pronouns to avoid repeating words and phrases
when it is already clear what we are talking about.
We need the report urgently - it's got to be sent to heod office.

Writers sometimes use we to refer to themselves and the readers together.

As we saw in Episode 1 ...

We sometimes use if as an 'empty'subject with no real meaning.

It's nine o'clock.
We can use it, this, that, these and those to refer back or forward to something
in a text, or outside the text itself.
Most French senior management were educoted at the Grandes Ecoles. These
colleges champion on intellectual rigour in their students. This produces a highly
ed ucated m an age m ent p o p ulati o n.

We can usetheylo avoid saying he or she, especially after indefinite words Iike
anyone, no one, somebody, eIc.
Someone's been trying to phone us all morning, but they can't get through.

Grommar reference page 1,49

Look at the Jim Buckmaster articte on page 145 and say what a[[ the words
in red refer to.

first paragraph of the Anna Wintour article on page 69 and find

Look at the
an example of if as an 'empty'subiect.

Look at the Anna Wintour article again and undertine a[[ the examples
of text reference. Use this checklist to hetp you.
. pronounS
. possessive adjectives or pronouns
c it, this, that, these and fhose

Say what alt the words you undertined in Exercise C refer to.

Read this paragraph and say what the former and the lotter refer to.
Wintour's critics describe her management style as autocratic, whiLst her supporters label
it perfectionist. The former betieve she is ruthlessly determined, whereas the latter would
rather say she is focused on exce[[ence.

Write a profile of a manager you know or are interested in.

I
Harding, Sales Manager of the drinks company Quench
+)) c&2.20, 2.21 f ason
Presentations Products, is giving a presentation to some customers. Listen to both parts of
the presentation and answer these questions.
1 What is the name of the product?

2 When witt it be [aunched?

3 What are its unique setling points?

4 What witt the audience tal<e away with them?

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&* r*e*3t &sr& * ent st 3s *{

Niel 5eLig and Pedar Lind founcied their electronics autr Johms*msae
company (S&L) in eopenhagen, Denmark, in You are directors of S&1. You interviewed three
1985. They developed the ccmpany by mal<ing members of the project team about Paul's styte of
top-of'the-range electronics products for highe r- managem€nt"
income groups" The producis have a classicalicok,
{tl eD?.22, z.z3,z.zq work in sma[[ gror-rps. l-isten
innovative designs and a distinciive appearance.
ta the eomments and note down the strengths and
A highly successful company, S&L has expanded
weaknesses of his style, usingthese eategories.
internationally and now has over 500 stores
o Personality o f,ommunication o Goai-setting
worldwide.
n Decision-mal<ing n Monitoring performance
5ix months ago, an internationai team was * GivinB feedbacl<
assembled to carry cut a prolect. Consisting of 16
members, tire team was instructed to conduct a
5urvey of 5&L's custcimei' service to retail outlets ffi lamia"r t e e'*$*#t &sx& etr
in six malor European countries"
The Directci-s of 5&L have tatked informally to
Unfortunately, the project ha-c run into difficr-rtiies" several candidateE vuho are interested in tal<ing over
Deadlines for submitiing reports ha,re been missed, from Pautjohilstone. The candidates were asl<ed tc
and morale in the project tearx is low. lt has become note down iheir management style.
airparent that the present Froject Manager, Paui
Read the descriptions of tl'reir style on the
Johnstone, does not have the right style to manage
opposite page.
the team. It has been decided. therefore, tri replace
him rniith 5omeone else n,ithin the organisation who
has a moi'e suitable management stvle"
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 Think of at least two advantages and two disadvantages of working in teams.

this quiz, tick the three statements that most apply to

For each category in
you. Then read the explanations on page 136.

a) I consider what I say. a) I often come up with a) t like to think logically. a) Meetings have to be
unusual solutions. prepared for carefully.
b) I contribute a lot in b) I keep emotions out of
discussions. b) lt's important to be decision-making. b) I like surprises.
realistic.
c) Action is more important c) I avoid confrontation. c) t hate time-wasting at
than reflection. c) People see me as a meetings.
d) I sometimes tread on
creative person.
d) I listen to others before people's toes. d) Too much time can be
I say anything. d) I like practical solutions. spent on preparation.
e) Understanding people
e) Discussion gives me e) You shouldn't overlook is as impoftant as e) People say l'm a punctual
energy and ideas. details. being right. person.

f) I don't
say a lot at f) You shouldn't get lost in f) I care about other f) I need a deadline to get
meetings. details. people's feelings. me gorng.

Work in groups and compare your answers to Exercise B. Then discuss

these questions.
1 Do you think your group would make a good team, based on the results of the quiz?
Why? / Why not?

2 Does a team atways need a leader, and if so, shoutd a team change its leader regularly?

3 Does tension between team members make a team more effective?

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{D c02.25 Listen tothe first part of an interview with Dan Cottins, founder of
Buitding team-building specialists Fresh group. According to Dan, what is a team, and
successfuI teams what is a leader's rote in a team?

{l) cnz.26 Listen to the second part. What kind of communication probtems do
people at work often have?

(D co2.z7 Listen to the third part. Work in pairs. Which four team roles does
Dan mention? Take notes on what he says about each rote.

.()) final part. What does Dan say about the attitudes to
coz.ze Listen to the
San Collins
teams and how they are ted in a) Europe and the US, and b) lndia and China?

watch the interview you have to set up a team for a very important proiect. Choose four peopte
on the DvD-RoM' you tno* and say why they would make a good team.

You are going to read an article entitled Recipes for team building. What do
you think are the advantages of sending teams on cookery courses?
New ways of
team buitding
Read the article on the opposite page quickty and check if your answers to
Exercise A were mentioned. What other advantages were mentioned?

Scan the article to find (where mentioned):

1 att the cookery schools 2 their clients 3 their locations

Read the article again and answer these questions.

1 Who are these people? Summarise the points they make in the article.

a] Anna Venturi c) Christi Strauss e) Rosatind Rathouse

b) Masete Siatu'u d) Richard Pash f) Letizia Tufari

2 Apart from running team-building courses, what else do some corporate cool<ery
schoots do? Whv is this successful?

Without looking at the article, complete these word partnerships.

1 f __t__team spirit 4 clientho_p_t_____
2 breakdownb rr s 5 incomest m
3 jointv_n__r_

Answer these questions.

L Woutd you like to attend a cookery course as part of a team-building exercise?
Why? / Why not?

2 What woutd you find difficutt about working in a team?

3 Which sort of people make the worst team members?
r+ lf you could go on or design any team-building course, what would it be?

Write a short paragraph summarising the advantages of sending teams on a

cookery course.

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#EtBT'& '" TEAM BUILSING

The moda[ perfect is formed using modal velb + have + past participle.
His presence might have boosted the team's performance.

Two uses of the modal perfect are:

r criticisinB or commenting on past actions

You really should have bocked up the files.
We needn't have hurried to the oirport, as the plane was late.

. speculating about the past or present

I think the meeting moy hove finished now.
l've phoned the office three times now. I think they must have gone home.

Grammar reference page 1.49

Answer yes, no or not sureto each ofthese questions.

1, They should hove changed the team leader.
Did they change the team leader?

2 Alicia needn't have spent so much time on the report.

Did Aticia spend too much time on the report?

They could have prepared better if they'd hod more time.

Did they prepare as wett as they wanted to?

The team would have been stronger without him.

Was the team as strong as it could be?

The team moy have made a decision by now.

Has the team made a decision yet?
Carlos shouldn't have spent all the budget on one team-building course.
Did Carlos spend a[[ the budget on one team-building course?

The Chairman couldn't have prepared properly, as we lost the contract.

Did the Chairman do enough preparation?

I've lost my memory stick. I must have dropped it somewhere.

Did I drop my memory stick somewhere?

Which of these statements use the moda[ perfect correctty?

Suggest alternative modals for the incorrect statements.
1 lt's too late to sign the contract. You must have done it last week.

2 l'm a bit angry. You would have told me you had invited the entire team for dinner.

3 His behaviour yesterday could have ruined a[[ the team spirit we have built up.

4 They bought the shares when they were cheap and sold them at their peak, so they
needn't have made a lot of money.

5 Simone wasn't at the meeting. She might have been detayed at the airport.

6 You coutdn't have booked a ptace on the June course because it was completely fult.

7 She's made a lot of mistakes. She should have been very careless.

I Abi was inspirationaland a motivator. We must have made her team leader.

Rote-play this situation in pairs. Use as many of these structures as

possibte: should have / shouldn't hove / could hove / needn't have I
+ past participte.
Student A: You are a sales rep. You have iust been on a three-day business trip. You:
a stayed in a five-star hotel a phoned home from your room
a ordered breakfast in your room o hired a top-of-the-range car
o d ra n k most of the mini-bar o had your ctothes dry-cleaned by the hotel.

Defend your actions.

Student B:You are the Finance Director. Y'ou think the rep's expenses are excessive and
are refusing to pay them.
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 Bael*ground David
Designer Kitchen Products (Dl(P) is based in Seymour
Leicester, England. lt sells a range of high-class When David
i<itchenware to stores across Europe" A year ago, the 5eymour was
company hired a new Sales Manager, David Seymour, appointed Sales
to improve the sales revenue and create a high- Manager of Dl(P,
performing team. he was given the
task of increasing
However, since David Seymour's appointment, the
the company's
sales team has not mei its targets, and morale in the
sales revenue
departrnent is low. The management is disappointed
by at ieast 20%
with the results in the UK, as they are planning to
and building
expand into Asia in the near future" ln addition, the
up the sales
management needs a high-periorming sales team to
team for further
successfully launch several exciting new l<itchenware
expansion in Europe. He has so far failed to achieve
products early next year.
his main objective. To impro're the sales team's
The sales team consists of a mix of nationalities, but pei'formance, he now betieves the team needs to be
they are not working well together. David Seymour more motivated and to be set much more challenging
is considering various actions to improve the team's saLestargets. He would also til<e to have tighter
performance. He is well aware that if he cannot control over the team and to upgrade their training.
motivate the team to raise its performance, his own
job witt be on the Iine"
(l) coz.toListen to a sales meeting chaired by David
Before ta kirr g str0 n ger
Seymour. He makes a proposat about training for the
acti0n to generate more
team and asks members to comment.
sales revenue, David
Seymour made some What do you learn about the team's problems?
notes on the team. Read
about David Seymour,
then read the notes on
D id Seynnouros plans
Read about David Seymour's plans below. Then,
the sales team on the
in pairs, discuss which ptans you thitth will benefit
opposite page.
sales or teambuitding.

'To meellhe largel of
increating soles 6y 70o/o, eaeh
-e-ber of lhe sales leam will
be expecteA lo increate talet
by Z0% in lheir area.
' Committions will be 6aseA
enfirely on lhe lea-" monlhly
' f\onlhly soles figures for each ' Staff will aitend webinars (web
geminarf) aboul new prodvcls
-e^ber of lhe leam will
b aboard allhe lwice o monfh.There will also
c eaA of{ic.,..o. be much more ute of video
1- perJon,T = leatl conferences runby -e.
successful perfor-er.
' Slaff mutl te^A in weekly
' Each monfh,Iwill choose rep o rls ab o vt lh ei r a clivilie s.

perfor-ance.There will 6e no lhe'o vltla n Ai ng al e p e r o n

s s s

i nAivi d u al co m mi t ti o nt. of lhe monfh'. His/Her photo ' I will organise an informal
will appear inlhe company Ainner with each -e-ber of
'fhe sales represenlalive wilh nel,^ttlelfe r.
lhe sales tream in lhe near
fhe 6iggest percenlage increate future.
in sales over o tix-monlh perioA
will6e given a prize.
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(uer1e1;)VtNOS (u erpeu e1))NVH
 What are the advantages and disadvantages for a private individual
of borrowing money from these sources?
L a bank 4 a member of your familY

2 a friend or colleague 5 a pawnbroker

3 a loan shark 6 a credit-card company

ln what situations might someone use the sources of finance mentioned

in Exercise A?
ExAMPIE: A loon sharkif you have a Poor creAil raltng

What do you think these sayings mean? Do you agree with them?
,L Money talks.

2 Don't put a[[ your eggs in one basket.

3 You have to speculate to accumutate.

4 Don't throw good moneY after bad.

5 Lend your moneY and lose a friend.

6 Out of debt, out of danger.

7 He who pays the piper catls the tune.

Beggars can't be choosers.

What woutd you [il(e to raise money for, and how would you do it?
8?
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 !".lNlT9 "' RAlStNG FTNANCE

cpr.t simon Davies is Managing Director (Restructuring) at the Blackstone

{lt)
Ways to raise Group, a leading private equity firm. Listen to the first paii of the
interview
money and answer these questions.
1 Which three ways of raising finance does he mention?

2 What are the advantages of:

a) private markets? b) public markets? c) borrowing money?

.(D c03.2 Listen to the second part and answer this question.
What are the disadvantages of:

a) shares/equity? b) debt? c) pubtic markets? d) private marl<ets?

Simon Davies
co:"r Listen to the fina[ part. simon says there are four reasons
.(l)

Watch the why finance has become a short-term business. what are they?
interview on
the DVD-ROM.
In groups, discuss what you think about warren Buffet's fund.

How can start-up companies raise money?

work in sma[[ groups. Before you read the article, check that you know
the meanings of these terms. Use a dictionary if necessary.
1 business angels

2 bank finance

3 equity finance
4 debt fundraising

5 venture capitaI funds

work in pairs. Take notes on the key points of the article. Tel[ your partner
about them and ask each other questions if you want clarification.
Student A: Read the first hatf of the text up to line 52.
student B: Read the second hatfofthe text from rine 5g to the end.

Read the whole article and answer these questions in pairs.

1 What was the problem with some of the ,angel' networking clubs?

2 What was the advantage of London Business Angels?

3 How did Saha improve her ability to pitch to backers?

z+ Who finally invested in Saha's company?

5 What is the problem with bank finance?

6 What is the position with debt funding and equity finance?

7 What is the probtem with venture capitaL funds?

Find idioms in the first six paragraphs that mean the following.
X finish something you have started
2 a sudden or unexpected chance to do something that allows you
to become successful
in your job

3 reduce your chances of failure or loss by trying severaI possibitities

instead of one
l+ make sure you atways know what is happening in a situation
84
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Ut,llT9 "" RAlSlNG FINANCE

Prepositions commonly occur after certain verbs, adjectives and nouns. Look at these
examptes from the article on page 85.
Dependent
prepositions verbs adjectives nouns

DF,| Esprit has invested in They are fearful ofthe Access to finance ...
technology start-ups. cost.
She spent months pitching She is less optimistic Saha, founder of
to hundreds of investors. about debt fundraising. CitySociatising, ...

Grommar reference Page 150

Complete the extract from the articte with suitable words and dePendent
prepositions from the box. Then look back to page 85 to check your answers.
access to investing in [ooked into pitch to settted on turned down

First, she 'ange['networl<ing clubs, which provide entrepreneurs with ............'

targe numbers of weatthy individuats interested in............3 early-stage ventures.
However, she .... .......0 a number of these for reasons of cost: they were charging f 1,500
($2,488) just to submit a business plan.

Eventually, she............5 London Business Angets, through which she coutd

roughly 100 'angels'.

Study the Grammar reference on page 150, then match these halves
of sentences. They are at[ from newspaper articles or headlines.

1 EFM, the struggling investment a) for DubaiWortd's debt probtems.

house, yesterday became
b) to the major pubtishing houses?
vu Inerable
c) to takeover bids.
2 The government refuses to take
responsibility d) on being paid the interest on
the loan.
3 Deputy Prime Minister invites Japan
to invest o\ to angeI investors, venture firms
and other private equity investors.
4 Does Lulu.com pose a serious threat
f) in high-tech sector.
5 She is going to complain
o.} of providing both financiaI and
6 The banks insisted
strategic direction.
7 Our programme offers access
h) about her soticitor.
I The new Director of Finance must
i) of their responsibitities.
be capable
i) for money from an early age.
9 Teenagers need to develop a
heatthy respect

10 Att financialsupervisors should be

futty aware

Which of these negotiating tips do you agree with? Why? / Why not?
1 ln the early stages, you need to ask the other side a lot of questions.

2 Always interrupt if you don't understand something.

3 Never make a concession for free. Atways get something in return.

4 Use simple, direct [anguage and be open about your aims.

5 Signatwhat you are going to do. For example, say, 'l'd just tike to ctarify that.'

6 Summarise often so that everyone is ctear when you reach agreement.

7 Adapt your [anguage so that you don't appear aggressive.

I Tatk about your emotions and how you are feeling.

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Executive summary
This proposal is for a feature film shot on digital video. lts running time will be 110 minutes. There will be a
four-month shooting schedule and six weeks of editing. The budget for the film is 1.2 miliion euros A total of
200,000 euros has already been raised from family and frierids.

All for one is the story of three women in Paris They are in their late twenties and of different nationalities.
They become great friends, go out together, talk about their experiences and get advice from each other. The
film focuses on their dlfficulties adapting to French culture and on their complex relationships with the men
in their lives. There will be a bitter-sweet ending to the fllm, but the final scene will hiqhlight the strength of
their friendship, which helps them to overcome their problems,
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 o
O Discuss these questions. O to alt three parts
O) cps.z,3.B,3"e Listen
Think about a team you have been a member of a radio programme and answer these
of. Was it successful? Why? / Why not? questions.
What do you understand by an 'international' 1 Which of the topics in Exercise C do the experts
team? talk about?
Have you ever been a member of an 2 Which do they thinl< is the most interesting?
international team, or do you l<now of one?
lf so, how wett did the team work together?
O 0 cor.z Listen to the first part again and
answer these questions.
f) Which of these descriptions of the role of
What types of international team are
a team leader do you most agree with?
identified?
Explain your ideas.
What expectations of a team leader are
The team leader is someone who: discussed?
t has a charismatic personality. They are not only Why is praising an individualteam member
able to do their iob we[[, but can get other team not always a good idea?
members to follow them. Their sl<ills enable
them to get the best from the rest ofthe team.
2 is an older person and is therefore greatly
O <,1co3.s Listen to the second part again
and take notes to answer this question.
respected. Their role is to collect information
from the other team members and from How are attitudes to sharing knowledge
outside, to consider options and then to different for:
mal<e decisions. a) individuat cultures?
is simpty the boss. They will provide clear b) co[lective cu ltures?
instructions and directions for team members. c) mutuaI debt cultures?
They are there to mal<e decisions, which could
be right or wrong but which they must make. @ .t,l cD3.e Listen to the
finat part
It's what they are paid for. again and answer these questions.
is the most competent person, but no more ln what ways can meetings
important than the others. They will make cause problems?
proposals, which the other team members are
What social factors are
expected to analyse and question. This will
mentioned?
help the decision-mal<ing process.
3 Why is a handshake
important?
O ldeas about the role of a team leader vary
from culture to culture. What other cultural What is the most
differences do you think international interesting or
teams may have? Think about these points. surprising piece
o methods of communication of information
o
for you?
motivation and rewards
. ways of problem-solving
. sharing l<nowledge
. the role or use of humour
. the purpose/role of meetings
r job titles / position
. sociaI behaviour
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 1 Complete this table.
ad jective negative adiective
1
co nsid e rate

incom petent
6
creativ ty
8
diplomatic
9
indecisive
I] 12
ftexibitity
1i
inspiring
ittogicat
loyatty
20
organised
21 22
in efficie nt
23 )4
responsibility
26
sociable
27 2a
u nsu ppo rtive

2 Choose the best word to complete each sentence.

L Byron mal<es a[[ the decisions himself. He's not alallautocrotic /colloborotive.

2 Melanie is rea[[y people-orientoted /controlling.She's a very good listener, and lthink

she reaLly enjoys the sociaI side of work.

3 Pete has a centralising /laissez-faire management styte. He doesn't make a[[ of the
decisions, but everything that happens in the office crosses his desk.

4 Alberto's reaI strength is that he's directive /task-orientated. He loves scheduling,

organising and completing a job.

5 Leyta's a hands-on /empowering manager. she doesn't just tett peopte what to do,
she really gets involved in the work.

6 Andre's delegating /democratic style means that when we have meetings, he reatty
listens to everyone's opinion. Consensus is very important to him.

Complete the e-mail below with the pronouns in the box.

he it the one them they we

Dear Mika.
............'s1 10 p m,, but I'm still in the office Mr Chang is in New york today, and
; .... . .....' asked me to help him finish his two PowerPoint presentations He wants
j to show to the New York team first thing tomorrow morning when ......., ...a
I start work.
! Do you remember Dr Jarvis? He was .s who invited Mr chang to come to New

i York. He's there, and he said if the project goes well, can all expect a rise!
i t'O netter get back to work
:

i lrving
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NOISIAIU .. JIIN0
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UNIT C " REVISION

write a positive, encouraging e-mail of 100-120 words from Ana to Nick

based on the conversation in Skitls on page 93'
. Remind him about the conference.
. Remind him of the work his colleagues have already done'
. Offer encouragement and specific help.

1 Match the sentence halves.

1 A maior client is tate paying, so we have a) administration.

2 Every month, we PaY b) mortgage on it.

3 We're trying to raise cJ an instalment of our loan.

4 Our main shoP has a €200'000 d) asset.

5 We're paYing a 4% e) interest rate on our loan.

6 We'tt dectare f) some venture capitatto start our

7 lf the business faits, it wittgo into new business.

I Our town-centre tocation is a real g) banl<ruptcy if we run out of money.

h) a cashflow probtem.

2 Circte the odd expression out in each group.

L in the red in the btack in credit assets

2 a toan a debtor a grant an overdraft

3 tiabitities debts costs collateral
ll a creditor an interest payment a dividend payment a deposit

Comptete these sentences with fq for, of, about or in.

1 We have a lot of overseas sales, so we're vulnerabte ............ exchange-rate
flu ctu atio n s.

2 Do you have access the ontine database?

3 lf there's a safety problem, we'tl take responsibitity........... it'

4 Times are hard now, but I'm optimistic . the future.

5 We're capable filling targe orders in a short period of time'

6 Mr lqbat was the founder . the company back in 1889.

7 Rising oil prices pose a threat low-cost transport.

I We need to complain the quatity-controI problem. The stuff they've been

sending us isn't good enough.
g lf we pitch............ serious athletes, the product witt also appeatto people who
wear athletic ctothes for fashion.

1.0 we invest our employees because we believe that people are our
greatest asset.

94
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NOISIA]U .. )IlNfl
 .::l:::1 i
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Which of the following irritate you the most when dealing with customer
service departments? Choose the top three and compare with a partner.

on the phone face to face repairs and refunds

. BeinB put on hold . Unhelpfutcustomer r Delays on repairs
. service personnel .
Speal<ing to a Detays in getting
disinterested person o Stressed or indifferent money back
. staff
Choosing a series of . No replacement
options during your calL . Salespeople with poor equipment while repairs
. Finding the customer product knowledge are carried out

service number is . Too few staff at o Poor-quality repairs

continuously engaged peak times
. Disputes over credit
o Being cut off o No company policy on notes, 'proof of purchase',
customer service or etc.
complaints

Discuss these questions.

1 How important to a company's success is customer care?

2 ls it possibte to have too much customer care?

3 In what situations can too much customer service become a problem? Have you ever
experienced this?
>o
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i;iEat 1* '= i:.i:r':-{?*{R 5f a4.Vi{il

You are going to hear an interview with Phitip Newman-Ha[[, Director

and General Manager of Raymond Blanc's restaurant Le Manoir aux
Customer
Quat'Saisons in Oxfordshire, England. ln groups, discuss the best and
serv:ce
worst customer service you have had in a restaurant.

Listen to the first part of the interview. Would you [il<e to go to

4iri c03.10
Le Manoir? Why? / Why not?

41j) eo3"ts Listen to the second part and complete these extracts.
lwoutdsaythatwetrytoexceed .........',[...]wehavetohave.......'..']with
the..... ......tandwehavetotryandiudgeeachclient.... .....o,sothatwesensewhat
Fhi iEp 5{er+ur.t': bn-Halt they are for and try and u
that service att the time.

We aLso must provide ..t of service.

...'the standards you set are the........ ..t yor....

4il cor.r: Listen to the third part and answer these questions.
t what do att the staff at Le Manoir do, and why is this usefulwhen deating with
demanding customers?

2 What does Phitip say about expectations?

Watch the interview Listen to the final part. How are customers changing, what are
4;,) CD3"1i
on the DVD-ROM.
they doing, and how can this be usefut?

Read the articte on the opposite page quickty and say if the writer agrees
with these statements. lgnore the words in bold for the moment.
Changing
customer 1 Customer service is very important.
service ? Good customer service means always being abte to speak to a person.

Read the articte again and answer these questions.

1" How has customer service changed?

2 What did some customers not lil<e at first?

i What can companies do with customer data?

l+ Why do a lot of customers have bad experiences?

Summarise paragraph 5 in one sentence. Then compare your summary with

a partner. Finatty, discuss whether you agree with the position taken by the
author of the article.

Find idioms in the first and [ast paragraphs that mean the fottowing.
3 to say that you support or agree with something without doing anything to prove ii

2 white physicatty ctose to someone

3 information you get by someone tetling you

Comptete these sentences using the idioms in Exercise D.

:! I'd rather explain ., not on the phone.
? ... ........ is one of the best ways of gt-'tting business.

3 Some companies don't really care about career deveLopment, they just...' . .... to it.
 66
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UNlT10 *" CUSTOMERSERVICE

A gerund is formed from a verb but can behave like a noun.

- lt can be the subject of a sentence or clause.

Satisfying the customer is the aim of every business.
- lt can be the object of a sentence or clause.
I hate listening to computerised voicemoil mozes.
- lt often follows a preposition.
They became successful by listening to their customers.
A usefutway to use gerunds is in lists. (See page 95, Exercise A, 'on the phone'.)

Gerunds are formed by adding -ing Io the base form of the verb:
launch + lounching; involve', involving; get ) getting

Begin, start, continue and intend can be followed by the gerund or to with little or no
difference in meaning.
. Some verbs can be followed by either a gerund or an infinitive, but the choice can
lead to a change in meaning.
- She remembered to update the customer database. (She didn't forget)
- She remembered updating the customer dotabase. (She has a clear memory of this.)
Grommor reference page 1,50

The article on page 99 has many examples of the gerund (shown in botd).
Find:
L two examples as the subject of a sentence
2 one example as the object of a sentence or clause

3 three examptes foltowing a preposition.

Match these sentences (1-6) to their meanings (a-f).

1 I regret telting you ... a) I am sorry about the bad news I am about
to tel[ you.
2 I regret to te[[ you ...
b) I told you and I wish I hadn't.
3 We stopped producing the Atpha
modet. c) We stopped the production of something
etse in order to produce the Atpha model.
4 We stopped to produce the Atpha
model d) We stopped the production of the Alpha
mode[.
5 I tried speaking to Customer
Services. e) I couldn't get through to anyone there.
5 I tried to speak to Customer f) It didn't resolve the problem.
Services.

Complete these guidetines for improving customer service with suitable

gerunds. Add some tips of your own.

I mproving customer service

Recommended ways of improving customer service include:

7 f.eIY.fnip. catts promptty.

2 research to find out what customers need.
3 staff training programmes in customer care.
4 quickly with complaints.
5 the customer is happy with the outcome.
5 from complaints.
7 a rapport with customers.
8 about customers' buying habits.
9 refunds promptty to dissatisfied customers.
10 customers who are worried.
100
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 H

Baelcground
Ycil are nrembers af the Customer Services Oepartme nt oi i-iuri'ah Airlines, a budget airline
comDany- naseC atlFl(Airport, NewYorl<.. l-iurrah Airlines cflers low ticl<et prices for flights to
Eurcpe and Iimited services" it mai<es up for the low ticl<et prices by charging for extras like
food, prioritl,,r boar"dlng, seat allocation) excess baggage, etc. You often receive ccrresponCence,
tetephone calls and vaicemail messages from customers who are unhappy with your service"
Cailers 5eern to fcrget that you are a budget airIine, so you must keep operating costs low in
r:rder to provide passeilgers r,o,'ith cheap ticl<ets" l-lowever. ycu have to deal diptomaticalLy and
eifectiveiy r,^;ith these ilissatiEfied cListomers anci to coine up with solutions to their problems.

()) Cgl"lf,3.18 Worl< in pairs" One of

you is the Customer Service Manager
anci the other is the Assistant Customer
Servlce Menager. l?ead the written
correspondence on the right anci on
the opposite page" Then listen to
the telephone conversation and ihe
recnrded message, ancl make notes on
the l<ev points made by each cL.rsr'omer.
Because you are so busy, decicie which
complaints vou wiil handie now as a
priority, and which you will leave until.
later.
Discuss how you are going to deal'r,r'ith
the cornptaints that vou have prioritisecl"
As one gr"oup, discuss how yeu could
irnprove the service'/ou offer to Vour
customers.
To: Cusiomtji Services oePaitment
From: Martha Gomez
Subject: Complaint
l'm writing to you because I can't get through
to your helpline I've been trying all week, but I
get put on hold and then no one answers me'
My problem is, I flew from New York to London
last week on your airline, but when I got to the
airport, I couldn't find my suitcase at baggage
reclaim. I told someone at your desk. They
promrsed to investigate and call me. Since then,
nothing. I'm Brazilian, a single woman and on
my own in London. I must get my suitcase back'
It's got some expensive clothes, some important
documents and some jewellery. l've no insurance
for the items And I don't think I've got any bills for
the things I brought.
Please help me.
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 HU

Baekgrournd
Ycu are members of the Cugtomer Services Depertment of Huri"ah Airlines, a budget airline
company based at JFI{ Airpart, Nel,v Ysrl{. i-iuri-ah Air"lines offers low ticl<et prices lor llights to
Iui'ope and limiteci services" lt mal<es up for the low ticiset prices by charging for extras lii<e
fcod, pricrity irlai'ding, seat allocaticn, exce5s baggage, etc. You often receive correspcrrdence,
telephone cals and voicemailmessages from custorners l.vho are unhappy u.rith your-service.
Callers seem io icrget that you are a buCget airiine, ss you must keep operating costs iow in
qrderto pror,ririr passenge!'s ln;ith cheap tickets. Hotnrevet, you have to deal dipl,:maticatly anci
effectiveiv lvith tnese dissatisfied customers and to tcme up wiih soiutions to their probtems"

{}) C03.17,3.18 Work in pairs. 0ne af

you is lhe Customer Service Manager
and the other is the Assistant Customer
5ervice Manager, Read the written
corresponCence on the right and on
the oppcsite page. Then listen to
the telephone conversation and the
recorded fi]essage, and make ilotes on
the key points rnade by each customer"
Because you are so busy, decide
"ryhich
ccmplaints you wiLl handte n0w as a
priority, and which ycu will leave until
later"
Discuss how you are going to deal \,vith
the complaints thai you have prioritised
As one group" 4iscuss hotv ycu coirii
improve the service you cffer to your
iL.!stome!"5.
cuiloriiei services DePartment
ivrdiirra Gomez
l'm writing to you because I can't get through
to your helpline. l've been trying all week, but I
get put on hold and then no one answers me
My problem is, I flew from New York to London
last week on your airline, but when I got to the
airport, I couldn't find my suitcase at baggage
reclaim I told someone at your desk' They
promised to investigate and call me Since then'
nclthing l'm Brazilian, a single woman and on
m,/ crwn in London I must get my sultcase back'
It's got some expensive clothes, some lmportant
Cocunrents and some jewellery' l've no insurance
firr the items. And I don't think l've got any bllls for
the things I brought.
Please helP me.
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Work in groups. Think of a crisis you have I your country has experienced.
Say what happened and how it was handled.

Crisis-management experts have identified 10 key steps for companies

in a crisis. Complete steps 5-10 below using the verbs in the box.

lanalyse disclose inform practise predict set up

t Work out an action plan to ensure 5 Try to............ what crises could occur.
the crisis does not happen again.
5 ............ a crisis-management team.
2 Role-play a potentiaI crisis.
7 .. . ...... the directors.
3 Find out what happened and how
I ............ as much information as you can.
it happened.
4 Write down and circulate your
9 ............ the actions you tookto deal
with the situation.
crisis-management programme.
1il .. .. ...... making decisions under stress.

Complete this tabte with the steps in Exercise B. Discuss your answers.

before the crisis during the crisis after the crisis

Answer these questions.

X What sort of crises do business managers have to face?

2 How is a business crisis different from a business problem?

3 Can you think of any examples of recenl business crises? Which do you think
have been the worst in recent years?
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Uf'lNT 11 '" eRl515 MANAGEMENT

Listen again and complete these extracts using no more than three
+)) CD3.19
words in each gap.
...it'saproblemthatthecompanyfranl<tyhasbeenvery............'andvery'..........'to.
... it was only September 2OO9 that the company realty truty acknowledged there was a

and said 'we're gonna have a ............o '.

... its communication around the causes of the problem has been.'.'........t, and
consumers have been left ............6 and ...
€raig Smith
{r
The classic advice here is ............' and ............'. And the thing to do is to
and let peopte know that you acknowtedge that there is a problem, and know that you're
about it.

1l;) cD3.2o Listen to the second part of the interview and answer these questions.
1 What is the three-Part model?

2 What are the three criticaI activities or questions for part one?

.(l) cor.zr Listen to the third part. What three things need to be done during
a crisis?

Watch the
interview on (l) cor.zz Listen to the finat part. What questions does he ask with regard to:
thE DVD-ROM.
1 the recovery? 2 the auditing of the management of the crisis? 3 rebuitding?

ln groups, brainstorm the crises that these companies could have.

Dealing with a) a pushchair (buggy) company b) a mobite phone company
crises
Work in pairs. Read your article quickty and choose the best headline
on the left.
Student A: Read Article A on the opposite page.
Student B: Read Articte B on the opposite page.

Read your artictes again and take notes on these questions.

1, What crises happqned?

2 How did the companies mentioned dealwith their crises (if this is mentioned)?

3 What lessons can be learned?

Using your notes, tel[ your partner about the content of your article.

ln pairs, make as many word partnerships as you can by matching the verbs
(1-7) to the nouns (a-S). More than one combination may be possible.
t handle a) a warning

2 issue b) a problem

3 face c) a crisis

4 announce d) an investigation

5 cope with e) a recall

5 dealwith f) the public

7 reassure d an issue

Discuss other companies you know who have handted crises wett/badty.

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tlNlT 11 '" CRlSlS MANAGETUENT

There are many different types of conditiona[ sentence.

Conditionals . 'Zero'conditional
If you operate the pushchair properly, your child is not at risk'

r First conditional
If we act quickly, we'll limit the damage-
Second conditional
tf we recalled the cars, we'd protect our reputation.

Third conditional
tf Macloren hod withdrown its pushchairs immediately, there wouldn't
hove been a crisis.
Grammar reference Page 1'51

Match the sentences betow (7-72) to these headings (a-f)'

a) promise c) invitation/request e) speculating about the future

b) bargaining d) reflecting on the past f) advice/warning/threat

I It wouldn't have been a problem if they'd told the truth immediatety.

I lf I were you, l'd give media interviews as soon as possible'
a
j We'tt tett the truth if you print the entire statement.

* We'tt be abte to [imit the damage if we pay up now.

5 lf you'd fixed the fautt, we'd have ptaced an order.

6 Your money back if not 100% satisfied.

a lf we recal[ the products, it wilt be expensive'

E lf you would [ike a refund, cat[ Customer Services on 020 7711 3420.

I lf you order by the end of the year, we can give you a discount.

10 I woutdn't ignore the media if I were you.

1L lf we'd tested the product properly, we'd have known about this problem.

1"2 lwoutd be gratefuI if you would print our apology as soon as possible.

Decide whether each of these situations is a) tikety or b) unlikely to happen

to you. Then tett your Partner what you will or would do.
1 year.
You get a pay rise next 4 You travel abroad next year'

2 You win a lot of money. 5 You have to give a presentation in Engtish.

3 Your computer gets a virus. 6 Your company is taken over by a competitor.

. be prepared Discuss what went wrong in this situation. Use the notes from the crisis
. issue an apology management advice sheet on the left.
immediately
. react to the crisis
quickty
. protect your Harttey Health Group (HHG), the famity-owned healthcare products group, faced a crisis
reputation when it was discovered that some tubes of its best-setting toothpaste had been laced with
. have a crisis poison. The toothpaste contributed to 2O"k of its profit. Withdrawing the toothpaste woutd
management Plan be very expensive. HHG focused inwardty on saving costs, did not
give media interviews,
. recall damaged did not recatt atl toothpastes immediately, did not issue an apotogy, did not have a crisis
products management plan, and have now lost sales, share price and their reputation. within a
. act decisivety year, it has lost three-quarters of its market share.
. give media
interviews

10E
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 think it should be banned or, at the very least'
IAU]IGH PlAlIS only available to adults over the age of 21 '"
This is a further blow fbr the creator and
..III
ll] RAIIGE'' HIT BY developer of the video game, ExtremAction'
This Japanese-orvned company has its head ofhce
here in Los Angeles . In Rttn ge features a team
PSYGHlllllGY REPI|RT of mercenaries lvho are hired by the govelnment
of a {ictitious country, The Republic, to completely
Plans to Iaunch the blockbuster video game In Range
destroy a drugs baron and his private army of
on October 30 have been upset by a new report on
bodyguards. There are scenes of extreme
violence in computer games and its effect on young
violence, including brutal interrogations and
people.
- summary executions.
Professor Carl Davis, a psychologist specializing
It is expected that there rvill be record-breaking
in teenagers' behavi brought out a shock
sales of the game in the U.S. and U.K.
reporl based on a th dy of young people's
Pre-orders from retaiiers in both countries have
reactions to violent s Hjs main findings
been enormous. There's little doubt that In Rrtttge
are that violent video games do itrcrease the levels of
r.vill be the top-selling computer game of the year'
aggression in young people and they also desensitize
Holvever. there is severe criticism of the company
youngsters to death and destruction
and its new game tiom politicians, academics,
Commenting on ln Range,Carl Davis says,
community leaders, the police force, and the media'
"As founder of the Institute of Media Studies,
This threatens the success of the ceiebrity launch
I cannot approve the level of violence and violations
at the end of the month.
of human-rights law that are apparent in In Range I

Morgan, Director of Pubtic

Relations. Discuss what
information they give about
the following:
o the plans for the launch
r the sates projections for the
US and UK
. why the Chief Executive is
worried
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 What do you understand by these terms?
tr atal<eover/acquisition
2 a merger

3 a joint venture

cp:.zo Listen to a business expert tatking about the terms in Exercise A.

.(:t)

Compare your ideas.

Think of three reasons why one company might wish to take over another
company.

What do you think the advantages and disadvantages of acquisitions may

be for a company's:
1 employees?

? customers?

3 suppliers?

4 shareholders?

5 products and services?

1't2
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coE.:l Listen to Professor Scott Moe[[er, Director of the Mergers &
4ri)

Making Acquisitions Research Centre at Cass Business Schoo[. What three reasons
does Scott give for the lack of success of some mergers and acquisitions?
acquisitions

4))l cD3"?B Listen to the second part of the interview and answer these

i. Why is it sometimes better for the newly acquired company to be:

;i l<ept separate for a period of time?

h"i integrated very quicl<lY?

7 What do you need to determine in addition to the speed of the merger?

3 What other questions does Scott say you need to ask?

Seclta ffioelier

to the final part and tal(e notes on why the merger between
di! e03"29 Listen
Banl< of New York and Me[[on Bank was eventua[ly successfut.

Watch the interview ,-1,.,

-t,. How would you go about making sure that the staff of a company that you
on the DVD-ROM. I
have just acquired feel vatued and welcomed?

ln groups, look at the tabte betow and answer these questions.

Acquiring a .!- What do the companies in coLumn A do?
green business 7 Match the company in cotumn A to the company that it acquired in column B.

FeeI free to guess.

,l What do you think aLt the companies in column B have in common?

A B

Danone Ben and Jerry's

L'O reat Stonyfietd Yogurt

Cotgate- Pa lmotive The Body Shop

Un ilever Aveda

Cadbury Schweppes Green and Btack's

Estee Lauder Tom's of Maine

Read the first paragraph of the articte on the opposite Page and checl< your
answers to Exercise A.

Read the rest of the article and say if these statements are true or false.
t Sean Greenwood is more positive about the takeover of Ben and Jerry's than Jerry
Greenfield and Kevin Ranney.

4 Large companies acquire small companies to help them with innovation.

{ The majority of customers shop elsewhere when their favourite brands have been
taken over.
/.1 Ben and Jerry's shares were doing wett just before Unitever bought them.

] Ben and Jerry's are using more freetrade ingredients than before the acquisition.

Answer these q uestions.

i What do [arge companies have that smaller companies don't?

: What problems did Ben and Jerry's have iust after the acquisition?

44!t
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[!NlT 12 '" MERGER5 Ail!D ACQUISlTlONs

There are many ways to talk about prediction and probabitity.

Prediction . We can use will or going to.
probabitity Buying Kraft's pizzo business will boost Nestl6's presence in North Americo.
After the acquisition, the returns to investors are going to be extraordinary.
o We can use the future continuous and the future perfect to predict what will
be in progress or will have been accomplished in the future.
Orange will be selling the iPhone from November rc.
The Bank of England will hove bought f125bn in bonds by the end ofluly.
o We can use modals.
More European mergers may be on the way in the oirline industry.
r We can use lexical phrases.
certain: There's certoin to be more acquisitions of green companies
in the next two years.
probable: lt's highly likely that Unilever will acquire them.
possible: Perhops the share price will rise next month.
unlikely: I doubt whether L'Or€alwill mqke a bid.
impossible: There's no chonce of the merger taking place.

Grammar reference page 151

Choose the correct verb forms.

1 We will have poid /will be paying back the loan by December.

2 I will be /will have been here for three years next May.
3 Next year, she will be working /will have worked in our Tokyo office.
4 We will be holding /will have held a meeting soon.

5 Don't phone me tomorrow because l'II be working /work on the bid all morning.
6 We will be offering /will have offered a special discount from lanuary 1st.

7 By the end of next year, we will be launching /will hove launched six new products
in three years.

8 This time next year, we will be enjoying /will have enjoyed the results of the merger.

Work in pairs. Say what you real[y think about the tiketihood of these
things happening.
o a stock-market crash next year

o Microsoft merging with Appte

. the majority of managers being women
. Brazi[, Russia, China and lndia becoming the malor world economies

r the Wortd Wide Web having serious problems

Work in pairs. Make predictions about your company, your country or

yoursetf. Use as many forms from the Language review box above as
possible. You may also find these phrases usefu[.
ln my lifetime,... Over the next decade, ...

Before long, ... By this time next year,...

ln the near future, ... ' By the end of this century, ...

ln the next ... years, ... Sometime in the next decade/century, ...

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Background
Rinnovar lnternational lnc. (Rl), with annuai revenues of $14 bitlion, has a 5% share
of the cosmetics, fragrance and skincare market" lt is currently seeking to buy
established companies which wilt add new lines to its range of products. Rl has a
strategy of expanding both in its domestic market, the United States, and overseas
by buying companies rather than expanding through organic growth" lts mission is
*
to be able to compete strongly within five years in the prestige and mass-market
cosmetics and skincare segments with major companies such as Revlon, L'Oreai
and Procter & GambLe.

A recent internal marketing survey revealed the fotlowing:

. products: Rinnovar needs to produce more innovative cosmetic products and

to have a wider product range, lor example, for heatth and haircare"
. marl<ets: lt currently has low sales in South Asia and South America.
" distribution networl<s: lt uses only exclusive agents in its overseas markets"
n production centres: All its products are made in high-cost US factories.

What are the advantages of companies expanding in domestic and foreign markets
by buying existing businesses rather than by organic growth (setting up their own
branches and subsidiaries)? Are there any disadvantages?

Look at the criteria betow that Rinnovar lnternationa[ use to select connpanies that
they are thinking of acquiring. lf you were Chief Executive of Rl, which three criteria
in the list would you consider to be particularly important and give priority to?

Type of business Financial Management r

We seek a company that has: T should have: We look for a strong, !
. a leading or well-established . ncreasing profits motivated, experienced,
t
position in its field vious three years entrepreneurial team. i (i)) co:":r Listen
. growth potential driven by . strong cashflow to the news
steady demand . turnover between 920 fnillion . 0wnership programme,
. a diverse range of customers and $100 million We prefer 100%, but
Business Focus.
and suppliers . high profit margins on its would consider a majority
. a reputation for high quality products. shareholding. Make notes on each
. excellent customer relations company's financial
. expand
a desire to Location performance a) last
already
internationally or has Preferably in a fast-growing, year and b) in the
done so. developing country, but all
three previous years.
locations considered. ?

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O Discuss these questions. Read about the experiences of negotiating
What sort of negotiations have you tal<en part
internationa[[y betow and answer these
in (at work or outside work)? questions.
2 How many people were involved? Were you What are your personal reactions to the
alone or part of a team? experiences described and views expressed?
3 Was the atmosphere formal or informa[? Would the experiences described be a) norma[,
4 Was the negotiation successful or b) a tittte unusual, or c) very unusual in your country?
unsuccessfu[? Why do you think this was?
It was very different to what I am used to. They
didn't seem to want to write anything down. There
Choose the correct option to complete each was a real emphasis on getting to l<now you - lots
sentence. of smalltatk. I felt it was all rather slow. No one
1 At the start of a negotiation, it can be important seemed to be in a hurry to get anything done.
to establish a ............ with the other side.
a) rapport b) stalemate c) guarantee
2 When both sides give something away in order Our negotiation was interrupted by new people
to make a dea[, they reach a ............ . coming in all the time. There was also a lot of
attention paid to the business cards, which was
a) concession b) compromise c) guarantee
new for me. We had three meetings before we
3 When one side gives something away, they
tall<ed about any business at al[. We were l<ept
mal<e a
waiting for a long time.
a) compromise b) breakthrough
c) concession
4 Something which stops a negotiation going
There were too many jol<es and first names. lt
smoothly is a ............ .
wasn't clear who was in charge and mal<ing the
a) timit b) sticl<ing point c) [ocl< decisions. lt was too casuaI and relaxed for me.
5 A situation in a negotiation where no progress I thinl< people should behave more forma[ly, use
can be made is a ............ . surnames and behave lil<e businesspeople.
a) deadweight b) deadline c) deadlock
6 A ............ is a creative solution which allows
the negotiation to progress. We thought we had a dea[ and made an agreement.
a) breakthrough b) breal<out c) breal<point Then they asl<ed for some new concessions.

7 lf both sides in a negotiation leave the table

without a dea[ (empty-handed), the negotiation
process There was no compromise. lt was a realfight. ln
the end, we reached deadtock and they wall<ed
a) breaks down b) breal<s off c) breal<s out
out. There was a lot of emotion and shouting - |
8 The minimum offer you are willing to accept is wasn't sure if it was normal or not. lt upset me a
l<nown as your ............ . bit, if I'm honest.
a) opening position b) fatlback position
c) bottom-[ine position
9 Some negotiations may involve a time There was a lot of eating and drinl<ing during the
restriction or............ . negotiation, having [unch at the same time as worl<ing.
a) deadlock b) deadline c) dead end

Which of the ideas in Exercise B could They seemed to want to discuss everything at
contribute to the success or failure of an the same time. lt felt disorganised and without
international negotiation? structure. I prefer some l<ind of agenda - you
know, more logical.

It was alI quite hard [ine. lt was more lil<e some

l<ind of competition. They seemed to just want to
win - to get something for nothing.
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NOlSlAld .. 0IlN0
UNIT D" REVISION

Complete this e-maiI with the correct form of the verbs in brackets.

Dear colleagues,
As you know, there was an item in the news this morning about a man repofting being
injured by one of our blenders (model WB-110). The injury was not serious; the man
has been treated and has not been hospitalised, but we're worried about the fact that
1 (act) quickly, we'll aveft a crisis. Here's the plan
it's been in the news. lf we .......
of action:
1) We're going to issue a recall. lf we. .. . ...'(do) this when we had a similar
problem two years ago, there wouldn't have been a crisis at that time. Had we
acted more decisively then, the media coverage............t (be) far better.
2) The message regarding all of our products is this: lf you follow the instructions,
our products (be) completely safe.
3) We're going to offer the injured man a settlement, but this is to remain confidential
lf we didn't do this, he might take legal action, which ...... .....u (be) very bad for
our reputation He has agreed to take the settlement on the condition that he won't
speak to the media about it.
4) We're going to hold a press conference this afternoon.......... .6 (lgnore) the
media and we'll never be able to control the flow of information. We're also going
to update our website (www.whirlblend com) regularly.
5) We're expecting a lot of phone calls, and we want to answer them. We need to get
all of our customer support people here today. Tell us what you need to make that
happen and you (have) it. We'll supply a document saying exactly what
they should (and shouldn't) say
Should you have any questions, please (contact) my office. . . ......; (give)
the right resources, our team can stop this becoming a crisis
Good luck to everyone!
Steven Biggs
direct line: 0554-987-9983

lmagine your colleague Steven Biggs has asked you to write a press release
of 720-740 words about the situation described in his e-mail above.
The name of your company is Whirlbtend.
. Think of the best heading for your release.
o Say what's happened and what action the company is taking.
. Say who the press should contact for more information.

Choose the correct verb to complete each sentence.

i PharmaceuticaI company Lonza has launched /taken a bid to acquire Patheon.

? VMware, Cisco and EMC have targeted /made an alliance.

? l've just written a book on how lo sell /make a successfutacquisition.

4 Lions Gate shareholders have rejected /set up abid by Carl lchan.

5 Sky has been ordered to reject /sell part of its stake in lTV.

6 China's Haier Group set up /took a joint venture with Taiwan's AUO.

7 AVG has taken /lounched a 20% stake in Zbang.

8 There are reports that Vodafone plans to make /torget an unnamed company
for takeover.

724
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NOISIAIU .. 0I|NO
Letters

Salutatiop TM Breweries GmbH

When you don't l<now the name Baubergerstr 1 7
of the reci pient: 80991 Munich

Dear Sir/Madam (BrE)

Lodies and Gentlemen (AmE)

When you know the name of

the recipient: Ms Teresa Winch
Deor Mr/Mrs /Ms/Mi ss Wi n ch Vending Machines Inc.
(BrE, AmE) Box 97
Note: ln the US, the titles Mr. New York
and Mrs. are followed by a futt 19 February

stop/period, e.g. Mr. Winch. Dear Ms Winch

Endings
When you don't know the name
of the recipient:
Yours foithfully (BrE)
Sincerely yours (AmE)
When you l<now the name of
the recipient:
Yours sincerely (BrE)
Sincerely (AmE)
South-East Asian opportunities
I was very pleased to have met you again at the open day we held in our
Munich brewery last week. I hope you enjoyed yourself and felt that your
visit lvas useful.
I found our discussion about the activities ofyour organisation in Korea
very interesting. It seems to me that there are a lot of ways in rvhich our
organisations could work together to our mutual advantage in South-
East Asia. I have enclosed a brochure with further information about our
products. I propose that we get together soon to discuss the matter in
more detail.
I hope this suggestion js ofinterest and look forward to hearing from you.
Yours sincerely

Sign the letter, then print your Km^^rt S0&

name and position under your
signature.
Katherine Sell
Sales Manager

Common abbreviations Encl. product brochures

Re. rega rd in g
pp (on behatf of) when
you sign the letter for
someone else
documents are
enctosed with the
letter (sometimes
also encs.)
copies: the names
of the people who
receive a copy of
the letter
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WRITING FILE

Press releases

The header for a press release

should mal<e clear who it Press Presse Prensa
comes from, what the subject
is and which part of the press it
is aimed at.
Automatix plc
Semi Conductor Division

The subject should be put in For the trade press

bold print so that iournatists 21 December
can see immediately if it is
retevant to them.
Opening of new production facilities in Johor Fahru, Balanesia

The main body should have
a short introduction with
names of people who might be
interesting for the press, some
description of what is new or
interesting for the public and -
if possibte - a good quote which
the newspaper coutd print.
At a ceremony attended by Automatix Chairman, Rocco Truffaldino,
and the British Ambassador to Balanesia, Sir Edward Faulkner,
Automatix plc's new semi-conductor-chip facilities were opened in
Johor Fahru on Wednesday.
'The new facilities represent our commitment to expanding our
production of advanced memory chips. We aim to be the supplier
of choice for the world's leading electronics companies, without
damaging the environment,' said Mr Truffaldino.

A special feature of the plant is the clean, no-waste production

The style should be formaI an
concise, with nothing irrelevant
to the particular story.
process, which aims to have zero impact on the environment.
For add itional information, visit our website www. pr.automatix.co.uk
or contact Jerry Turner +44 (0)1792 536012 (phone), +44 (0)1792
536723 (fax).

Always include some

information as to how
journalists can get more
information about the subject
if they want it.
Date:21 December
Title: Opening of new production facilities in Johor Fahru, Balanesia
Addressed to: The trade press
Author: Kylie Dawson

728
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WRITING FILE

Action minutes

Always put the title, date,

Minutes of the Management Committee Meeting time and venue (place) of the
meeting, plus the names of the
Date: 7 Aprit
participants.
Venue: Buitding B, Room 1,0-273
Particip.ants: ,|im Scarfield, Andrea Hevitsun, Robbie Gibson,
" Paul Keown. Apologies: Tony Barton
The minute,s can be an
important record of what was
really discussed at a meeting,
so it is important to make sure
Management We agreed changes to the
that the summary of each point
pay review management pay review. AH witt
is as accurate as possible.
include these when the review is
presented at the next meeting of
the finance committee. lnitiats are used to refer to
We agreed that we need to produce and PK
participants.
Sa Ies JS
projectio ns better sales figures for the next
next quarter quarter after the poor results so far
this year. JS and PK wilL spend the
next month personally visiting our
top ctients to check the reasons for
the business downturn.

Recruitment We decided not to do any recruiting

and capital over the next quarter. However, The 'action'column is
expe nditu re we wilL buy the new accounting important for showing who is
software to increase our efficiency supposed to do what by when.
in invoicing customers, if we can
get a bigger discount from the
software supplier.
lf you are a participant at a
Company bonus Because ofthe present financial meeting, always make sure you
scheme situation, a bonus scheme can only check the minutes when they
work if it is tinl<ed to productivity. have been written up. lf you
AH witt review different possibitities think something has not been
for discussion with the finance accurately reported, then have
committee and report to us at the it corrected.
next meeting.

Next meeting: 3 May L4:00

Venue: Buitding B, Room 10-213

130
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Student A
Role play 1 Role play 2
iTwo colleagues from your company witl be visiting You are the overseas agent for an electronics
company headquarters next month. You need to company. The Marketing Manager of the company
telephone head office and give the fotlowing detaits phones to discuss plans for advertising the company's
about the visit. new range of up-market coffee machines. You and the
Names of visitors: Rachel Buergisser and lgnacio Marl<eting Manager have various ideas for promoting
Atfonso Paz the sales of these items. Try to agree on a suitable
Contact number: 05876 549006 advertising strategy.
Flight detaits: BA 3098 arriving at 1,5:40, not 18:30, Note:You are on your mobile phone and the battery is
on the 13th May Iow, so check all the details carefuIty.
Hotel: Parl< Crowne Ptaza (13th-16th May) You want to:
Note: You tend to speak quite fast on the telephone. . spend a lot of money on radio and TV advertising
. hire some modets for in-store promotional
activities at locaI department stores
(twice a week for eight weeks)
. exhibit the products at a localtrade fair
. do some direct mait shots to setected house and
apartment owners
. start a viral marketing campaign, but you have no
experience in this area.
You want the Marketing Manager to contribute at
least 80% of the cost of the advertising, which you
expect to be about €100,000 in total. You couLd
contribute 20"/",buI this would greatly reduce your
profits on the products.
While doing the role play, practise some of the
expressions you can use for dealing with breakdowns
in communication.

3 cri[din ret*t**nships, $tarting up, f,xerelse " pa e ??

Key **7 Buitding relationships is not easy for you.

\ aj2 b)1 c)0 Communication is the l<ey. Make the effort to
2 a:2 i:l 1 r)0 talk to people about problems. lgnoring them
3 a]2 bl0 r)1 won't solve them, and practice makes perfect.
t+ a)2 b)1 {)0 &*9 You are making the effort to buitd good
5 a)1 b)2 fi0 relationships, but are you trying too hard? It
6 a]1 h)2 c)o might be better to spend more time developing
the relationships you have rather than going
out to meet more people.
1S.-i!2 Congratulations! You obviously enjoy
good retations with many of your business
associates. Can you use your sl<ills to heLp
those who work with you improve their
business retations, too?
 €€t 'aldoad 61
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ACTIVITY FILE
6 Rislc, {ase st*dy, pag* 59
Director 2
The security risl<
The country has been unstable for many years. There have been civil disturbances in the area recentLy.
There was a demonstration caLling for the release of a rebeI leader currentty in jait.
ln some countries in the region, mining companies have been attacked by gangs of robbers,
and some workers have lost their lives.
Jo satisfaetl*x, tartln el e x€r{:is*
Are you in danger of burning out?
You're turning up for meetings at the right time, but
in the wrong week. You're pouring milk into
the wastepaper basket rather than your coffee.
You've lost your temper with half of the office, and
the other holf are cowering under their desks. You
could be suffering from burnout, a debilitating
condition coused by working too hard for too long
and failing to prioritise. Try this quiz to see if
you ore in danger of self-combusting.
.i Your boss asks if you can worl< [ate for the third
night in a row. Do you:
a) say yes without giving it a second thought?
b) taugh potitety and close the door on your way
out?
ri say yes, but feel like crying?
t Some of your colleagues want to play a practical
joke on your boss for April Fool's Day. Do you:
ai organise a brainstorming session to select the
best idea?
bl tett them that there are more important things
to be done?
r] go to your boss and tell them what they are
planning to do?
3 You arrive home one Friday night with a pile of
work only to discover that your partner has
arranged a surprise weekend away. Do you:
e; leave the work behind and take Monday
offto catch up?
b] tell him/her that you're sorry, but you can't
afford the time?
c] agree to go, but insist on tal<ing the worl<
with you?
Checl< your score on page 1,43.
* Team bu![ding,Sk$[[s- Exercisc S, page 79
Student B
You are a member of the team. You meet your team
leader to discuss your performance at work, You are
unhappy for these reasons:
. You feeI you are working harder than everyone
else. You are always the last to leave work. . You think the team leader is too young and
. Your hard worl< is not recognised and appreciated
by the team.
. You recently married and are missing your partner
and young child.
734
, * e r{.&,
There is a rumour going around that a proposed
company merger may mean some iob losses.
Do you:
ai tal<e a cursory gtance at the fob adverts
in the paper and took for your CV?
*) bite your nails untityour fingers hurt?
cl find yoursetf hyperventilating?
It's bedtime and you are exhausted after a
stressful day at the office. Do you:
a) lie awal<e for two hours, then make a start
on next week's assignment?
h) lie awake for five minutes, then steep right
through untilmorning?
r; lie awal<e for one hour, then read for a while
untilyou falI asleep?
Some co[leagues ask if you could help them with
a problem, but you're in the middte of a project
with a tight deadline. Do you:
*] schedule some time in your diary to worl< with
them when you're free?
bi agree to help, but become irritated when
they don't grasp the sotution straight away?
c] tett them to speak to someone who cares?
There are a lot more things on your'to do'list
than you realistically have time for. Do you:
;ai divide the items into 'urgent' and 'important'
and start with the urgent things?
i:] pick out the easy tasl<s and start with them?
ej work overtime untiI they're all done?
An old friend you haven't seen for ages asks
you to go out for a mea[. Do you:
a] have a fantastic evening of reminiscence?
h] refuse the invitation as you are always too
tired to go out on weekdays?
rJ accept the invitation, and spend the evening
telling them all about your job?
from The Guardian
. You do most of the boring paperwork for the
accounts while your colleagues are given more
face-to-face contact with clients. You are not
happy with how the workLoad is being distributed.
inexperienced, and is not managing the team well.
This is the main reason why you are unhappy.
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ACTIVITY FILE

I Teann buitding, Case study, page 81

Director 4
You want to:
. hear the opinions of the other directors before
making up your mind. You are not sure whether
to keep David Seymour or not.
. appoint Sonia as manager if the other directors
think David shoutd go. Sonia is tough, talented
and dynamic, just what the team needs as a
leader. She's also a very good communicator.
. replace Max with one of the other sales reps.
He is not a dynamic person and has a poor record
at getting new business.
. insist that Hank attends a course to improve his
interpersonalskills.
o to think of other suggestions for improving the
performance of the sales team.

6 Risl<, Case study, page 59

Director 1

The exploitation risk

The 8O-acre Kango site is located in the south-west ofthe country. Sites near Kango have
previously produced good quantities ofcopper and basalt.
0ne site, just 50 kilometres from l(ango, has produced large quantities of coltan, a precious
metaI used in many consumer electronic products, such as ce[[ phones and DVD players.
Another site,85 kilometres from l(ango, has proved to have diamond deposits.
Geologists reports say that the site has potentiat, but there is no guarantee the deposits
will be profitabte.

I Team building, Starting up, Exercise B, page 74

Score L point for each of the foltowing answers: 18-24 points

Doers vs. Thinkers: a,d,f You are definitety a creative type. You value original
Mind vs. Heart: a,b,d ideas over detaited planning. You are tikety to show
Details vs. ldeas: b,d,e consideration for others. You can get bored easity and
Planners vs. lmprovisers: arcre sometimes need to be under pressure to get results.

Score 2 points for each of the fotlowing answers: 12-17 points

Doers vs. Thinkers: b,c'e Ctear thinking and careful ptanning are of great
Mind vs. Heart: crerf importance to you. You are not afraid of challenging
Details vs. ldeas: a,c,f others in order to get results. You are likety to be
Ptanners vs. lmprovisers: b,d,f ambitious and well organised.

Team building, Skills, Exercise D, page 79

Student A
You are the team leader. You meet a member of your team who is uncooperative and unhappy.
Find out what the probtems are and try to offer sotutions so that the employee performs better
as a member of your team.

8 Team building, ease study, page 8tr

Director 1

You are the leader of the meeting. You want to:

r get rid of David Seymour by asking him to . replace him with a new person from outside the
resign. You think he has some good ideas for company. A new manager should be
improving sales, but he is not a suitable person appointed - someone with good peopte skills
to manage the sales team. He's not a and better managerial ability.
'people person'. He's been given more than . discuss David's proposals and find out what the
enough time to turn things round. other directors think about them.
. think of some other ways of motivating the
sales staff and improve team spirit.

736
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ACTIVITY FILE
Tenrn huilding, Case study, page E3
Director 3
You want to:
. move David Seymour to another department in the
com pany.
. reptace him with another member of the sales
team. Chang might be a good choice.
. have a department meeting every two weeks, led
by the new manager. Everyone should
be encouraged to express their opinion.
t0 e ustemer service, Voeahutary, Exere ise ffi, pag'c 97
Group B: Deating with customer comptaints
1 Keep an open mind at aLl times.
2 Do not end up arguing with the customer.
3 Do not be defensive.
4 Concentrate on the situation, not the personalities.
5 Don't force your solution on the customer.
6 Try to find out what result the customer wants.
7 Tett the customer what you can and cannot do.
8 Offer compensation of greater vatue than the goods or service complained about.
Xt erisis rr!a{xag€ment, S$ti[{s, ffixereise C, pag'e n0g
Student A
You are the presenter of the TV programme. SeveraL
consumers have contacted you to comptain about the
lamp, code-named BX 150, sold by a [ocat electrical
appliances ma nufactu rer.
They say:
. the Lamp overheats very quickty, which has caused
some users to burn their hands.
11 erisis anage{$ent, fase study, pege ?nX
Group A
You are Directors of ExtremAction. Your objectives
are to:
. defend your game
. work out an action plan to deat with the crisis
. handlethejournalists'questions.
Your team witt be [ead by the Chief Executive of the
company. You wilt support her/him at the press
conference and answer journatists' questions.
138
il
keep Hank in the sales team. You are Hanl<'s
ctosest friend - you went to school together.
He is a difficult person, but a top-ctass salesman.
reduce the sates team to five members and mal<e
the others worl< harder and be more productive
(you decide who shouLd go).
a reorganise the sales team (you decide how).
a thinl< of other suggestions for improving the
performance of the team.
. the vinyl coating on the electrical cord gets too
hot, so the cord bursts and melts. As a result,
in some cases, materials near the [amp have been
set on fire.
. the bulbs in the lamp sometimes exptode, which
could harm peopte's eyes.
Try to persuade the company to recall all the lamps
or to resotve the problem in a satisfactory way.
Hotd a meeting to discuss what actions you witt
take to deal with the situation.
Here are some possibte actions. Add any others
you can thinl< of.
. Postpone the Launch untiI people have
forgotten about Car['s report.
. Withdraw the game and make it less violent.
. Defend the game and go ahead with the [aunch
as planned.
Try to predict what questions the journaLists
will ask and prepare answers to them.
Decide on an action ptan to deal with the crisis.
Be prepared to tell the journalists what you
have decided.
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llH AilAtrtv
ACTIVITY FILE

Working across cultures 4, Tasl<, page 121

Pair B
1 Lool< individuatty at the points to consider in 1 Avoid an agenda. Let the negotiation develop
an internationaI negotiation listed on the right naturally.
and add two more. 2 Ask a lot of questions to find out the position of
2 Choose the five most important points from the other side'
your [ist. 3 Try to disguise what you really want.
3 Tatkto your partner and agree the five most 4 Be prepared to walk away without a deaL.
;, important points. 5 Never compromise on your key points.
4 with Pair A and try to agree the five
.Join up most 6 Be careful not to let the negotiation break down.
important points from your two lists. 7 Make no concessions untit the end.
8 Make sure you 'win'the negotiation and get the
best possible deal.

6 Risi<" ease study, page 59

Director 4
The economic risk
The cobatt and bauxite markets are booming at present, but the industrial metats market internationally
is volatile. The stock-market prices of some sma[[er mining companies have been fatting.
The slowdown in the Chinese economy is continuingto have an effect on commodity prices.
There will be a generaleLection in the country in six months'time.

1 fsrnrnumlcatlon, Ski[[s, Exerelse F, page 11

Student B

Role ptay 1 Role ptay 2

You are expecting a call from an overseas subsidiary
confirming the details of a visit to your head office
next month. You have been given some information by
a colleague, but are not sure if it is correct.
Names of visitors: Bargaster? and Paz?
Contact number: 06875 41,3870?
Flight detaits: 8A3765 arriving at 17:10 on the
12th May?
Hotet: Hilton Plaza (721h-1.4th May)
Note: You have a rather quiet tetephone voice.
You are the Marketing Manager of an electronics
company. You phone an overseas agent to discuss
plans for advertising the company's new range of
up-marl<et coffee machines. You and the agent have
various ideas for promoting the sales of these items.
Try to agree on a suitabte advertising strategy.
Note: You are on your mobile phone and the battery
is low, so check all the detaits carefutly.
You want to:
o ptace special advertisements for the new products
in lifestyte magazines
. have some in-store promotions and
demonstrations at department stores
(once a week for three months)
. advertise the products on buses, trams and in l<ey
outside Locations (bittboards)
. make sure the products are exhibited at a trade fair
. contact a local marketing consultant for advice
on viraI marketing:
Marl<us Kaufmann, lel: 01,7 82 55037 8
E-mail: m.kaufmann@J H PAssociates.com
You witt contribute €60,000 towards the cost of the
advertising. You expect the agent
to contribute €40,000 towards the cost of advertising.
While doing the role play, practise some of the
expressions you can use for dealing with breakdowns
in communication.

140
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l'ltJ AilAtrlv
ACTIVITY FILE

E Team building, Case study, page El

Director 2
You want to:
. keep David Seymour as manager. You are a close .
friend of David's. You think he's an excellent
manager of a difficutt team. He just needs more
time to put things right.
. send David on a management training course
which focuses on teambuitding.
io get rid of Hank. He is rude and immature, and
upsets the other members of the team.
have fewer reports, meetings and web
communications, so that the sales reps can focus
on increasing sales and looking after customers'
needs.
. think of some other ways of motivating the sales
staff and improving team spirit.

3 Buitding relatinnships, 5hi[[s, Exereise D, page 27

Student B

Rote play 1 Rote ptay 2

You are a Canadian supplier of sheltfish. A US
restaurant owner phones you. You have never met
the caller, so get more information about the person
and his company.
1 Find out how the owner heard about your
busi n ess.
2 Do not offer to suppty the owner, as you have too
many orders at present and are under-statfed.
However, it may be possible later.
You are a speaker at a conference. You sit down
next to one of the participants. You thinl< you may
have met the person before, but you're not sure.
1 Show interest when they introduce themselves.
2 lf they want you to give a tall< at their company,
find out what date they have in mind and mention
that your fee for an afternoon session is $2,000 +
transport costs.

6 Rlsk, Case study, page 59

Director 5

The financial risk

The exchange rate ofthe locaI currency is fluctuating.
WCM witt need to invest in expensive new machinery to exptoit the site. The company will
need to borrow money, in addition to using the proceeds ofthe share offer to finance the
devetopment of the site.
The transport services within the country are not reliabte, which could increase the costs
of mining the site.

4 Serceess, Slti[[s, ENereise E, page 41

Student B

You are the Chief Buyer for the Swiss retaiter. You want the manufacturer to agree to the following:
Detivery time: Two weeks after receiving order
Place of delivery: lndividuat retaiI outtets (16 around the country)
Price: To p-of-the-ra n ge briefcase: €500

Medium-priced briefcase: €270

Co lo u rs: Black, brown, maroon, pink
Payment: Two months after deLivery
Discou nt: 10% for orders over 200
Retu rn s: Alt unsold briefcases returnable up to one year after order

t42
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llH AI|A|I)V
ACTIVITY FILE
*isim nsrlse! fase stul y, pa *
Group B
Concordia (independent distribution company)
I Financia[ terms
. You want to be repaid t20ok of your investment
(€1.2 mittion) within five years of the [aunch
ofthe film + a share ofthe net profits on 70/30
basis (70% for you, 30"kfor the fiLmmakers).
Your reasons are:
- the two fi[mmakers have no experience of
mal<ing feature films
- it is essentialto use well-l<nown actors in atI
main roles
- there are other costs that the fitmmakers
have not considered (see betow).
2 Film titte/location
. You prefer the titte Friends forever.lt emphasises
the main theme of the fi[m.
. Berlin is a better [ocation than Paris. The city is
less well l<nown and therefore the sites where
the action takes ptace will be more interesting
and mysterious.
3 Payment of instalments
. 207o when pre-production begins
. 5O% at the start of the production stage
c 20o/" at the beginning of post-production
. 10% will be reserved for marketing and
promotion
4 Director/scriptwriter/music
o You are happy for CharLes to be Director and you
approve Gunnar's script.
o You want to have a highty commercial
soundtracl< by a famous band. This will add to
the production costs but atso to the profits.
3t erls$s ana *rn€rxt,S$qit&s, Hxerelse fl, pa * 1
Student B
You are the Sales Manager of the furniture company.
The lamp is your best-seLling product. lt is a beautifulty
designed item which costs $60 in the stores.
You l<now that:
. the [amp could overheat if it was left on for many
hours.
. there is a warning labeI on the [amp not to leave it
on for more than six hours.
. as far as you l<now, there have been only two
incidents when users have burnt their hands. This
was because they were caretess.
1* {$stsrmer serviee. V*eabu[ary, Exereise D, page gy
Group A: Dealing with customer complaints
1 Show the customer you are listening by checl<ing that you understand.
2 Attow the customer to show their emotions if they are upset or angry.
3 Say you are sorry that the customer is upset.
4 Admit that the problem was your fault as soon as possibte.
5 Make sure you get futt detaiLs of the problem.
6 Summarise and make sure that the customer understands what you have said.
7 Ask the customer to put the complaint in writing.
8 Be firm if you are sure of your facts.
744
Cinematographer/ 1" and 2"d camera assistant
. You want to hire an experienced professional to
be cinematographer, not someone from the fitm-
studies course. You are witting to use students
from the course as camera assistants. Hiring a
professionaI wi[[ involve extra production costs.
Actors
. The main characters shoutd be top fiLm actors
from the countries concerned. You will persuade
them to take low salaries but offer them a share
of the fitm's profits.
. HirinB top professionaI actors witt add to
production costs but greatly increase profits.
Part of the increased cost will come out of the
fiLm's profits.
Marketing and promotion
.10% ofthe budget should be retained to cover
marketing costs.
Product placement
. This is a great opportunity for you to make
money from the film. You believe you coutd
persuade at least eight companies to place their
top brands in the film.
The way the film ends
. You want an upbeat, happy ending. One ofthe
women, Fabiola, should meet and marry the
Frenchman of her dreams. The finaL shot should
be of her kissing the bridegroom at the marriage
ceremony.
I
. the viny[ coating of the cord is top quality and
very thicl<. You are surprised to [earn about this
problem and wiLL look into the matter.
. the bulbs in the [amps have been supptied by
a top-quaLity electrical goods manufacturer.
You believe that a competitor paid a reporter to write
the harmfuI report.
You have been selling the tamp for two years to
retaiLers and have had atmost no complaints.
Tryto mal<e a good impression in the TV programme.
Do not agree to recalI the product.
Sttl
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llH AItAtIfV
 ldioms Noun compounds and noun phrases

ln the [anguage of business, idioms and metaphors When two nouns occur together, the first
are often used with reference to the domains of noun is used as an adjective and describes
sport, war and gambling. the second noun. The first noun answers the
question 'what l<ind of?'.
*r'?
a ma n ufactu ri n g su bsi dio ry
Idon't know the exact price, but $500 is a good
a draft ogenda
ballpork figure (: estimate).
a phone conversation
She's smart ond really on the ball (: q u ick to
a network operator
understand).
Follow his advice, and it'll be ploin soiling Noun + noun compounds can often be
(: easy to do or achieve). transformed into structures where the second
You don't know where you stond - they keep noun becomes the sublect.
moving the goalposts (: changing their aims an oil refinery(: a refinery that produces oi[)
or decisions). compony executives (: executives that worl<
There must be no unfair competition in the EU, and for the company)
we sholl continue to stress the need for o level
a trqvel ogency (= an agency that sells trave[)
playing field (: a situation that gives no one
an advantage). Noun + noun compounds may atso be
&Y
reformulated using a preposition.
Bill's on the worpath (: very angry) again - morket research (: research into markets)
there ore mistakes in the publicity material rail transport (:
transport by rait)
we sent out. leisure octivities (: activities for [eisure)
You moy have to do battle with (: fight it out with) o web Page (= a Page on the Web)
the insurers because they won't w0nt to pay up. their Paris store (: their store in Paris)
Manufacturers often feel they are fighting o income distribution (: distribution of income)
Iosing bottle (: malcing no progress) against The first noun is usually singular.
counterfeiting.
lf you can convince the commercial attache here,
a five-star hotel (not five-stars)
co ns u m e r- p u rch asi n g beh ov i o u r
that's holf the bottle (: the rest is easy).
(nol consumers)
I've been fighting o running battle (: having
risk qssessmenf (not rsks)
a series of arguments) with the financial
brond names (nol brands)
department, but they won't give us the money.
However, some words retain the pluralform.
She may want to convince you otherwise, but you
soles policy
should stickto your guns (: maintain your
needs analysis
point of view).
She's up in orms (: very angry and ready to fight) Sometimes three or more nouns occur together.
about the lack of safety procedures. line manogement system
a blir: n resea rch ce nt re
p rod u cti o
We aretrying to hedge our bets (: reduce our travel insurance claim form
chances of faiture) ond not put all our eggs in M oto ro la's so ftwa re d ev e lo p m e n t
one basket. establishments
The odds ore stacked agoinst us (= 11',ut. are many Hyphens can be used to avoid ambiguity in
difficulties), but we're determined to succeed. such compounds.
It makes no odds (= makes no difference) whether so ftwa re -d eve I o p m e n t e sta b i s h m e n ts
I

we get permission or not, we'll go ahead

Noun compounds can be modified by adjectives
anyway.
and adverbs.
They're poying over the odds (= more than it's
worth) for the site, but it's a prime location. i nspiring team leod e rsh i p
i nternotionol b usi n ess d ev elo p me nt d i recto rs
We had our doubts obout Susan, but she hos
really come up trumps (: produced good, extremely bori ng co n feren ce p resentati o n
unexpected results). increosingly volotile mobile phone market
tf you ploy your cards right (= do the right thing),
you'll get the promotion.

t46
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]]N]U]I]U UVWWVU9
GRAMMAR REFERENCE
Passives
We use the passive when the person who performs
the action is unknown, unimportant or obvious.
The file wos stolen.
The roof wos domaged during the storm.
She's been given the sack.
? The passive can be used in at[ tenses and
+ with modal auxitiaries.
A new fitness centre is being built.
The job was going to be done on Friday.
He hod been osked to do it twice before.
She moy be reguired to work on Sunday.
The best employees should be given a
performance bonus.
He would have been told eventually.
2 lf we know who performed the action
(the agent), we use by.
The ff Ie was stolen by o secret agent.
f, ln a passive sentence, the grammatical subject
receives the focus.
a) Giovanni Agnelli founded Fiat in 1899.
b) Fiat wos founded by Giovanni Agnelli in
1899.
ln a), our attention is on the agent - Giovanni
Agnetti. ln b), it is Fiat rather than Agnetti that
is the topic ofthe sentence.
4 The subject ofthe sentence can be a pronoun.
We were informed that the firm was going to
be token over.
5 Passive constructions are common in formal
contexts, for example in reports or minutes,
and they hetp to create an impersonaI styte.
Using if as a subject enables us to avoid
mentioning the person responsibte for saying
or doing something.
It was felt that the system needed to be
changed.
It wos decided that expenditure would be
limited to $250,000.
It was suggested that staff be given stock
options.
It was agreed that the proposal should be
re jected.
148
Adverbs of degree
lf we want to amptify the quality an adjective
describes, we use an intensifying adverb. These
are some of the most common.
The presentotion was reollyTtery good.
She's deod certain to get the job.
The new design looks pretty good.
I wos extremely surprised by her reaction.
She's a thoroughly efficient orgoniser.
The relative strength of adverbs is shown on
this scale:
Strong: a b so I ute ly, a lto g eth e r, a wfu I ly,
co m p lete ly, g re otly, h ig h ly, qu i te, te rri b Iy,
totally, very
Moderate: foirly, mildly, moderotely, partly,
q uite, reaso nobly, so mewhot
Weak: o bit, o little, morginally, poorly, slightly.
The whole thing is quite amazing.
The goods ore reosonobly cheap.
I was slightly surprised by what she said.
Note that quite also means foirly.
The restourant is quite cheap, but the food
isn't wonderful.
lntensifying adverbs modify adjectives that are
gradable - that is, they can signify degrees
of a given quality. Adjectives that are not
gradabte or identify the particular class that
something belongs to are not normally used
with intensifying adverbs. We cannot say:
a-very-uniqae-;aa
afiAyfteeSift
@
ffi
However, you can use an adverb such as
absolutely or utterly wilh an ungradabte or
classifying adjective to show that you feel
strongly.
It doesn't cost anything - it's absolutely free.
The task is utterly impossible.
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sraLptDasu aql "'sUtDH Il![ puD al[og ur.lo[
alowal "' alDw'uawo/tl "' uaw "'npuaD
'raq1a3o1
'ataq1 pD Ilasolr rn:ro sr-uIuolue pue suAuoul{s pue 'AlrLue;
aues aqi o1 Sur8uolaq sprom 'slxal ur uago Aral
t uaqu4 op o1 aw toJ 4JoA ou sou ataql
asnDaq a4JJo aql olut auo5 atoq l.upaau I aluarajar lel!xal
.awoLl
lD 'uaw ol )leq Sla]aj tailDl aLll .
patols I os'op o1 aw toJ 4tou ou so/rA uaql uawoA o] )leq snpt tawtoJ at11 o
asnDaq a4JJo aq1 olut awu ol paau l.uplp t :5 qder8eted u1
'ol paau l.uptp pue 'ta8eueLu aleu aqt o] s.taJaJ
i o
aADLI l,upaau uaaMlaq aluaroJJrp aql aloN ra8eueu aleu elapun Surltonr
'uou sJDas ou atD
ae[o1dua Iue o1 lteq nsat nol lnol lnol .
7Ja1
sal{p ryawa5ouDw o^ J oi )req s"laJa,l otll aql o
uaql - uolJDNasal D apDw aADLI ot 7t46no notr
'ol oD ol qol taqlouo :7 qdet8eted u1
1uttorq 'a1{p yawa5ouDw aql ol s.la1e.l auo aql .
pauDrsat aADLI l.uppot4s aH
lnoqlu )req
latuDa Ipnp o ot )lpq sla1ai lr o
lol D palllwqns uaaq a^Dq plnoqs ltodat aql uawoMo])req npt laqlltra4) llaql .
'asprilrl ol posn aie :1 qdet8ered u1
a^DLl ol aluerejer lPlllpluu.rpl9
lq5no pue aADLI 1unnoLls'a^Dq nnoLls
'woal 'sluauuqsrund pup spleMal uo Alatnyolaql spalaqM
D so nqla1ol payoA 1,upoq au Jt
slnsat poo5 tpns pa^atq)o a^DLl allA
'3u11urqi;o sl1eM Mau lalsoJ ol pual pue Alleuorlouua
l.uplnot
'sn L4l!/A uaaq J;pls raql ol alelal nwtoJ aqj 'uotluaile leuostad
poq atls n1uuls uaaq a^Dq plno^ wDal aqf pue luaLua8ernolua Aq alenrlom ol pual ueu uelll
! arou uauioM'rauueu palpluauo-lenpt^tpuI'uo
'1sed aq1 lnoqe sasaqlodAq aleur -spueq arou e sa8elnotua apoul leuotleullo;sueil
ol pasn a)e a^Dq
l,uplnoM pue a^oq plno/vl y'qreordde uo-spueq aloL.u e a)pl uatuoM
'aao1 .toJ dn p aqs yq
y atoD ,roop ]xau lqEu aq 11,y 'dn ssaLu noz{
,auD luDtlluq D pDtl amq y61w/ppn aLlS uaqM 'lng 'punolp ul,l Mou)l uana l.uoM noI'yg
'lq6lw )o plnor Surop at,noz{ uaqM, st Aqdosolrqd aql 'Suotnn sao8
Sursn passardxa oslp are sarlrunUoddo passr6l g SurqlaLuos lrlun Jlo-spueq are s,taEeueu aleW 'o^41
aqi Jo leuotltppll atou aq1 sr a1A1s leuotltpsuell
Dqloq l,uptp aLls lnq'uorlowtoJur
V 'paUrluapr arann sa1{1s lueuateueu ol,U
aql aw uan5 atoq lq61w/p1noz at15 'uorsrnradns aletuaj lapun alueutolrad sales
'uorlelui r ursuotleueA pue uotlleJStlps ut satualaJ]tp
ssardxa ol pasn aq oslp uel slepou ised e ranolsrp ol palueM slaqlleasal aql !plnltUed ul
'atueLurolted lsaq ltaq] slntlo leql
iltzDJg ol uaaq JaAau aA,l asnDaq aw uaaq
eLo,4 LuD lt lnq 'rcDJg ut aw Jaw aqs slos aq5 auo aLll pue talard seleuu a1{1s luaua.Eeueu aq1
'6u4aaw iwtols rlat D uaaq eADq lsnw uaaMlaq aluataJJtp e aq uEt alaql leql 1no sgurod
l! tDaq wotJ pq'Jlaslw daLll l,usolA I osle l/ lng 'srauolMou aql aL!ollaM lauuosrad
lpqu
('araq alqrssod lou sales aleu pue alpruaJ qloq 'llnH 1o l\lrsranru;1 aql
st low atopnqi 'ssallns e seM lt nnoul ary1) Jo sureH lllf pue a1Ao6 uqoI Aq lno pauret {pn1s
'ssattns loat5 D aq ol lno pautnl pq 'atryroJ e o1 Surp.ro:ry'ssallns panurluol aneq ol lueM
an!ilal D uaaq atoq plnot/lt161w palotd at11 Iaql ysaaAoldwa traql lo tapuaE aqt ol sa1[ls
'aqa auoawos uaaq atoq plnot/lqdryfiow luauua8eueuu )laql )olq ol a^eq 11,,,far77 'sta8eueu
y pq '4tod to) aql u! DpuDloA uos 1 1q0noq1 1 salps Suruolaq arp uauJoir atou q3noq1ly
'1sed aql ut 'lxal aql ur sproM taqlo o1 )req pup pleMloJ
sluana lnoqp alelnlads o1 slepoLu lsed asn a6 T la]ar sproM ureuar Moq alou pup lxa] s!ql peau
lleJled lePow aluareJer lxel
]fN1U1I]U UVWWVU9
GRAMMAR REFERENCE

Dependent prepositions Gerunds

Here is a list of common verbs and the The gerund is the -ing form ofthe verb used as a
prepositions that follow them. noun, either as the subject or object ofthe verb.
complain about insure against react ogoinst Selling is all about persuosion.
hint ot account for hope for Getting through to the right person isn't
Iong for opt for pay for always easy.
stive for emerge from stem from
My idea of reloxation is going to a fitness centre.
suffer from invest in result in
fuet on insist on rely on Gerunds follow prepositions.
omount to lead to object to
We are committed to giving the highest quality.
refer to relate to resoft to
We depend on having fost communications.
ossociate with contend with sympathise with
They are often used to begin an item in a [ist.
Some verbs may be fotlowed by more than one
Good leaders are skilled at:
preposition, with a corresponding change in
mean rng.
. fixing goals
. motivoting people
How did you leorn of his sudden departure? . producing creative ideas.
I hope you will leorn from your mistokes.
The team consists of (: is made up of) two Gerunds can be made negative, used in the
Americans and two Japanese. passive and used with past verb forms.
For he4 job satisfoction consists in (: it 6ot"O It's wonderful not having to get up early
on) having almost no work to do.
for work.
Here is a list of common adjectives and the Being kidnapped is not a pleasant experience.
prepositions that follow them. He mentioned hoving met our moin competitor.

lacking in aware of capable of Many verbs are followed by a gerund

representotive of contingent on intent on (e.g. admit, avoid, consider, deny, dislike,
relionton conducive to essentialto involve, mention, recommend, risk, suggest).
porallelto prone to susceptible to
He denied his expenses.
vulnerable to compatible with filled with
fiddling
Idislike hoving to eat ot my desk.
This is a list of common nouns and the She suggests roising the price.
prepositions that foltow them.
Some verbs are followed by either a gerund
admiration for for
aptitude bid for
or an infinitive. The choice of one or the other
demand for need for remedy for
usually leads to a change in meaning.
respectfor responsibilityfor roomfor
search for substitute for threatto lncreased production may mean taking
access to alternative to contribution to on extra staff ot the weekend. (: invotve)
damage to exception to introduction to I didn't mean to couse ony offence.
reference to resistance to solution to (: intend to)
bon on comment on constraint on He remembered to buy his wife a present.
curb on effect on tax on (: He didn't forget.)
controst with dealings with dissatisfaction with
He remembers buying his wife a present.
involvement with relotionship with synpathy with
(: He has a clear recollection of this.)
The gerund is formed by adding -ing to the
base form ofthe verb.
She's talking to a client.
However, some gerunds require minor
spelling changes.
e For verbs ending in -e, take away the
e before adding -ing.
He's making some coffee.
. For verbs ending in consonant + vowel +
consonant, double the final consonant
and add -ing.
ls anyone sitting here?
But do not double the final consonant if
it is in an unstressed syttabte.
developing, marketing

150
lst
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aq l,uoM swoal luawa6ouow 5aq aql uaAl
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o] pasn aq uel saserqd lerrxal 3urmo11o1 aq1
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'sr sloulo aLls 'alDl aq ol punoq s,aLls 'salu aiu as
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atqutal D ut aq p,a/A'ryulDd toJ 1ou l! ataAIi
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.uoow aql a^oq lou pnol\ aM'd1aq srq toJ uaaq rcu I poH
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a^Pq llrM ro ssarSold ur aq llrM leqM tlrpald uPl aM'nnoqs )o ata/A 'pDq st qla^ aqlll
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(urpUar %08) 1aI panno aaoq luot laql
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a^,IaLll'nlJJo rno 6urpu! a1qnol1 luo atoL.1 1,uon lat11 ilunustp D
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s,ra)leads aql salerlpul lepoui aql'suorllrpard 'suorlsanb pue sluaL!alpls le)laqlod^q
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u N !r _1_
qg MJr^ _u_l!!cAT I o N
,.}:
TRACK 1
Good comnrunicators really lisfen to people and take in what is said They
maintain eye contact and have a relirxed body language, but they seldom
interrupt lnd stop people talking. Ifthey don't understand and want to
clarify s-omething, theywait for a suitable opportunity
When speaking, effective commun.icators are good at giving information
Tl-rey do not confuse their listener. They make their points clearly. They
rvrll avoid tecl-rr-rical terrns, abbreviations or jargon. Ifthey do need to use
unfamiliar tenninology, they explain by giving an easy-to-understand
example. Furthermore, although they may digress rn order to elaborate
a point and give additional information and cletails where appropriate,
they rvill not rmble and lose sight of their main message Realll
efi-ectrve comrnunicators who have the abiliry to engage with colleagues,
employees, customers and suppliers are a valuable asset for any business.
i.a-:: TRACK 2 (: = INTERVIEWER, S* = ALASTAIR DRYBURGH)
: How do you advise conpanies to cope with modern comrnunication?
4* I thinkthe thingto rememberis the principles of commrmication havent
changecl and I don't think there's anything inherent in technology that
makes good communication easier. lt can n-rake it better, but there are
also mury r.ays it can make it worse. So, I think theret four things that
you need to remember. The first thing is that yorive got to remernber
people l-rave limited attention - ifyou like, limited bandwidth which
puts the onus on you as the communicator to think hard about what rt is
exactly you're trying to communicate and make sure that you get it down
as succinctly as possible
Un1 second point is, recognise that, you know, comrnunication is about
meadng. Itt not about dumping vast mounts of data on people and
expecting them to deal with something Nor,y I went to a presentation
once and someone started off. He said, well, I've got 4l slides here, but I
think I'11 get through them all in 30 rninutes. Ard they were really dense
slides - lots and lots of graphs and pictures. Now, I was actually at tl-re
back ofthe room, and these glasses are not quite what they should be I
need new lenses I couldn't reacl any of the slides because theyrvere so
fine, so tl-rat's whatyou've got to remernber: don't dump lots of data on
people You have to distil the r-ireaning into, into a small number of points
Um, the third point about comr-nunication is, iti just as much about
listening as it is about telling things, and the biggest comrnunication
problems I come across in organisations are actually failures oflistening
rather than failures of, of oulward conmunication/ particularJy the
inability or unwillingness of senior management to listen to what other
people are actually telling them.
Ald the fourth ques , point is that, um, you know, if a communication
is going to be effective - ifyou are actually going to get someone to do
something or stop doing something or do something dillerently - tl-reret
got to be some sort of emotiona] connection in it.
And so, ifyou think about all those four points, there's no obvious reason
why technology would rnake any of those easier. There ue certainlyways
you can use it to make it easier; there are certainlyways you can use it to
make it an awful lot worse. So, I think that's what you've got to watch. The
prrnciples remain the sarne. The tools could help or could hinder.
il*i TRACK 3 (! = INTERVIEWER, Ai] = ALASTATR DRYBURGH)
! Do you think that in general companies are now communicating better
with their customers?
&l ln general, I rvould say no, and I think there are, there are exanples of
excellent comrnunication and there ue exarnples of awful communication.
Ifyou think about lwo examples, perhaps, ofcompanies who've used
technology to change the way they comrnunicate with customers, one is
absolutely fantastic, the other is completely abysmal awful.
The fantastic one I would say is Amazon. The thing about Amazon you
always know lvhere you are. You order sorrrething, you get a confirmation
lJm, as soon as it's been sent, you get another confirmation. So you
alu'ays feel exactly . .. you know exactly where you are. Yon know exactly
what s happening, when your thing's going to turn up - which anyone
could do, but most people dorit. The other thing about Amazon is they
are, in a sense, listening to you because they're looking at the things
you've bought in the past and suggesting - well, based on that, there are
otl-rer things you migl-rt like. I think that's very effective con-rmunication.
It certainly resulted in ne buying quite a 1ot more books than I otherwise
would. Or things like, you know, people who bought, other people who
752
bougl-rt this also buy th.rt. That's, that's really good because agaiD they
are using the opportunity of having 1rcu or this wonderful technological
platforrn u'here they clon't lust knorvu.hat you buy tl-rey loow er.erythinu
1'ou've ever looked at to tell you useful things I think it's great because if
I want books on a particular subject, it will suggest books I've never heard
o[ Ald I'll buy them, so it's, it's good for thenr as well So tl-rat u'orks
reallywell
i:.:i TRACK4 (.{il =ALASTAIR DRYBURGH)
i.li Recause what they've done is they've built this arnazing computerised
l'oicernail maze, which seerns to be designed to prer.ent you ever from
getting to talk to a real person who could actually ans.lt er your question
or solve your problem. So you go through push one fbr this, dial one lbr
this, dial two for this, dial three for that. Neither option seems to answer
my question, so what do I do? Sometimes I arrived at points where
litcrally my options were to hear the message again, which was no use,
or hang up. There are some points where, ifyou;ust don't do anything
and hang on the line, you will actually get to talk to a hun-ran being ...
but it takes you a while, you know, rlany minutes on tbe phcne, repeated
attempts to find out where those are. Ald so, I don t rea1ly knowwhat
they're trying to do They've obviously put, I suppose, put an emphasrs
on elficiency, but, in the process, they've actually made themselves
almost impossible to deal with.
{}: TRACK 5 (1i5 = KOICHI SATO, F$ = BERNARD KLEBERMANN)
K$ Yamashita Electronics, I(oichi Sato speaking.
1{ Hello, I(oichi, this is Bernard I{ebermann. How are you?
lr.iVerywell, thankyou How can I help?
{ We need sorne more sales literature. We'le planning a big advertising
campaign for your new laser printer, the HG9O3 model. And theret a lot
ofdemand for your other products too, by the way.
{5 Good.
{ Could you send some more brochures - 5,000 would be good - plus
some updated price lists, the same mount? Also we need point-of,sales
literature, especiallyposters at least 200 - and, um, yes, some ofthose
pens ancl pencils with the company logo on, also 50 or so ofthe bags that
we give out at exhibitions.
i{3 OIt,Idon'tknowillcanrememberallthat . canyou ..
{ Good Another thing, you might like to know, werve managed to get a big
new customer/ SeeLmayer.
$ Seel- ... I clon't think I know the company ...
l{ We're very excited about it. They're a big restaurant chain. They've placecl
an order for 5 18 ofthe new lasers. Please tell your boss, Hideo. He'll be
very pleased, l'm sure.
!{3 Ar order for 580 laser printers? Great ! I'11 let my boss know. He' 11
probably want to write to this company .. . er ... Seelmund ...
i{ Yes, please tell him to write to them. That'd be good pR. They're
expanding very fast in Europe and they'll probably orcler sorne computers
from us as well. They're planning a big roll-out here in the next two years.
Tell him that
i{5 Um, yes, a big, um, roll out, you say, umr interesting I'll tell hinl
imrnediately. I'll need some details about the company, an address and
the right person to contact and .. .
8{ Sorry, I(oichi, I can t hear you, it's an awful line. Aryway, nice talking to
you. Speak to you soon.
{r}1TRACK6 (!{$ = KOICHI SATO, *K = BERNARD KLEBERMANN)
i{5 Ymashita Electronics, I(oichi Sato speaking.
&l{ Hellg I(oichi, this is Bernard I{lebermann. How are you?
{5 Verywell, thankyou. How can I help?
for your other products, too, by the way
!{5 Thatt good. Could you hold on a second while I get a pen? ... OK. What
do you need?
ii Could you send some more brochures - 5,000 would be good plus
some updateci prices lists, the sarne mount? Also we need sone point-
ol-sales liter.rture.
Sorry, Bernard, I didn't catch that. Could you slorv dorvn a little, please?
I need to take some notes.
Oh, sorry Rigl-rt I said we need more brochures.
1i{ fught, I've got that so far. Could you give me some more detarls?
Certainll'. Un1 3,000 brochures for Srvitzerland, 1,000 for France and
€9t
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AUDIO SCRIPTS
which would be, you know, it could be interesting like for everybody, you
know.
i4i That's great. Any other ideas, any options?
:,€ Well, I, my . my suggestion rvould be Florence. I think it's a great city,
um, lots of things to do there, there's great food obviously, um, ancl they
have very nice accommodation as well.
ir":? Mm-hm, OI(, that's great Now, can we think of some, um, activities that,
er, we can do in this sales conference?
ali Mm, um, product launches, um, u'e always have something conirlg outl
um, ah, at the beginning of the year/ so, umr that cl be a great, um, sessior.r
to have.
Mm, and probab\. follou'ing that would be some product training?
J- !l
Good idea, yeah, mm-hm.
i+l TRACK 13 (i*T = MARTIN THOMAS, Cs = CAROL RUECKERT,
:,lt* = CAROLINE HOLLOWAY, Gi? = GUILLEM ROJAS)
'qti Thatsounds . that's an excellent suggestion/ yeah, that's great. OI(, what
about the accommodation, anybody any ideas on that?
.:-i Well, I suppose we could do some different things, um, I mean, we could
iust go for a four star hotel or, um, look at maybe some boutique irotels.
1.4 Mm, thatt a good idea, but, um, yeah, I think it'l1 end up coming down
to price, but, um, accomrno- um, there'.s great accommodation in all the
Iocations we've mentioned, so ..
Gfi Definitely, let'.s see ifwe can get a good deal, you know, like research a bit
on each, on each case, you know?
{4 Yeah.
*+ And it depends on the deal I guess that will decide.
iil Yeah.
it fhe budget is always irrportant.
t*! Yeah, any other ideas about u'hat rve . what u'e can do lvith the
participants in their free time, what they you know, all the delegates
can do?
i.li Well, I think it'll depend on how long u.e're actually going to have the
conference...
i$i Mm hm.
'ii ... tun, but it would be nice to maybe take a half a day or something and
go and see some of the sights.
:'4i
That's a good idea, yeah.
ill 14t1, excursions, yeah, you're right, um, u'hat s alwal.s been successful,
I think, is, un1 gala dinner, the ... um, it's quite nice in the ... in the
evening to get to lcroui un1 other delegates from all over the rvorld, so
dinrrer is a great way to interact with other colleagues.
Thatt true
It's a good idea.
r: rj And finally, you know, ah, maybe like, just like to indicate some time you
know, Like doing, like I don't krow horv nany cases we're going to Like to
have the conference, bnt like for netlvorking, you know, because during
the gala dinner you are not usually like discussing about too many issues
about work. So just that you know there are no like, ah, an hour, a day,
you knorv, where the people can meet to discuss about anything.
14; OK, good, that's really great, yeah.
{* Mm-hm, that sounds good.
idl Thanks, guys, that's .. theret some really brilliant ideas, so OI!
need to look at the location, then - we've got some ideas ofAmsterdam,
southern Portugal or Florence; we need to look at the ... the timing
more, but u.e know that we should take a half day out for some kind
of leisure-time activity to do wit[ un1 the delegates for this. Ard the
accommodation, we'11 look at depending on price, and also who can
accommodate these, um, these people, and also we need to look at the,
um, the workshops that you've suggested and the different sessions. OI(,
that's great, thankyou very much lor some brilliant ideas.
lil No problem, thanks.
Ii"T:TRACK 14 ([T= CARLA FERNANDEZ, PM = PIERRE MARTIN)
ril We've had some interesting results from the focus groups in the markets,
Pierre. It seems we may have to change the group we're targeting when we
have the internation:rl launch From the research, it looks as ifwe'11 need
to target a lower age group. ,And perhaps reposition the brand, targeting
the masculine, adventurous, energetic male, rather than the sophisticated,
aspiring urban man
i5* Oh, whyk that?
lf It's really about the competition. A lot of top producers are coming
out with premium brarrds aiming at the urban man. It seems that this
segment of the n-rarket is well catered for
in fact, it's becoming rather
over-crou'ded. Givenchy,Jean-Paul Gaultier, Hugo Boss, even I(ylie
Minogue they're all launching male fragrances at tbe top end of the
market.
Fi4 I see Well, it'l1mean changing the brand hage of Phlsiqre. That'll be
big step and rve'll need to think it through
754
{f Absolutely. Arother tl-ring thatk come out of the focus groups isr Phjyslqre
is seen as a French brand, and it seems that won't work in many of
our target markets We may need to change its nane to appeal to an
international audience, especially a younger one
Ff,,4 Mmm, does that mean Physi4ae should no longer be a prerniurn product?
Are they saying we should market it as a high-volume, mass-market
fragrance?
{l Perhaps it may come to this. Certairiy in the emerging markets for
example, Cl-rina we could make a lot of money rf we promoted it as a
rnassrarket fragrance, at an affordable price
FtE OI{. Tell me about packaging. What did the research come up with? Iti
essential that we get the packaging right.
{F Not good news, I'm afraid. The packaging we're using here just isn t
appealing for rnost of the international markets We're going to have to
think again, and create a new look that'll have universal appeal. And our
creative team is going to have to produce a really exciting advertising
cmpaign that we can use in all the markets, with a few changes here and
there.
F41 OI{ Arything else the research found?
1.ll You'll l-rave a full report on your desk tomorrow. But one other thing, we'll
definitely need a new slogan ifwe change the audience we're targeting.
So that's something else the Marketing Department must start thinking
about.
UNIT 3 BUILDING RELATIONSHIPS
a{-:l TRACK 15 (l = INTERVIEWER, Se = GILLIAN BAKER)
I Gilliary what are the keyfactors inbuildinggoodbusiness relationships?
** I'd say one of the best ways of building a Iasting relationsl-rip is to give the
customer or supplier superior value and satisfaction. It's all about not
just meeting the customert expectationsr but trying to exceed them if
possible. Ifyou satis$. and also delight the customer) this will produce
€ireater customer loyalry and tl-rat in turn u'il1 leacl to a better company
performance.
Let me give you an example. It was reported in a marketing book written
by the fmous American marketing expert, Philip I(otler. He gives the
exmple of Lexus Cars. It's well lcrown that the manufacturer of this
luurious car makes imn-rense efforts to satisfy their customers and
exceecl their expectations. Appareutly, a customer bought a new Lexus
car, and whrle driving it horne, he decided to try out the radio. As he
tunecl in to some radio stations, he noticed that theywere set to either
his favourite station music, news or whatever - or to his daughter s
favourite station - in th.is case, it was rock music. Every button was set
to his or his daughter'.s tastes. How did it happen? Qrite simply, the
mechanic who checked the car he d traded in to buy the Lex-us noted the
radio settings. He then transferred these to the new cu. Ofcourse, the
customer was highly impressed.
i I see, so you're suggesting custorners will remain Joyal to a con-rpany if it
makes that extra effort to satisfy and if possible delight them?
ri$ Exactly.
a*-l.TRACK 16 (; = 11115py1EWER, AVy = ALISON WARD)
I Can you tell us about the Cocoa Partnership and how it came to be
we developed?
A We launched the Cocoa Partnership in 2008, and it's a €45,million
investment into cocoa sustainability. But the inspiration for it came from
a piece of research which was done in the UI( and in Ghana. And we
looked at what was happening to cocoa farms in Ghana, and cocoa in
Ghana accounts for about 70 per cent ofour cocoa-bean supply, so itt
an important country for us. We found that farmer yields were declining,
and they were actually only getting 40 per cent. So, a 40-per-cent yield
from the land, compared to what they could get so a real gap between
the potential ofthe land and what they were getting now.
\\'ealso found that farmers were ageing. So the average age ofa farmer
is50 young people don't want to become farmers in Ghana, And we
also found .. . Through the researcll we looked at the social aspect in
the village, and it was clear that we needed to take some action in terms
of helping people have a susta.inable livelihood from cocoa So, that's
really where the investment came from, um, and, already, we're working
with partners rn Ghana, including the United Nations Development
Progrme, ancl then with social erperts Like Care, VSO ar-rdWorld Visiory
to actually look at howwe create, create action at a farming level in Ghana
But there'.s also a real comrnercial element to this because/ quite simply,
ifwe don t have the beans, rve don t have the bars that, for our great
chocolate brands uound the world. So, it's really important that this isn't
just a social programme, but itt actually a commercial programme as well.
{* j TRACK 17 (; INTERVIEWER, AW ALISON WARD)
= =
a I \\'hat are the benefits for each side in this relationship, and are there
consumer beneiits, too?
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AUDIO SCRIPTS
C I see. So .. . did you sell a lot of pizzas to the Cl-rinese, Bob?
B No, I'm afraicl we didn't. The whole project was an expensive failure.
C Oh really? Too much competition, then?
B Well, there were a lot ofaggressive pizza businesses springing up but
that wasn t the problem. We just didn't get it right from the start For one
thing, the product wasn t right Our thick, l5-inch pizzas, which were
so popular in the other rnarkets, were much too big [or Chinese tastes.
Another problem was, customers weren t able to eat them out ofboxes
as they were walking along. Ald the Chinese like to do that Also our
toppings didn't seem to appeal to them. The pizzas just didn't taste and
smell delicious to them. lt surprised me, because people loved them in
our other Asian markets.
M OK, so theproductwasntright Whataboutpricing?
B Well, we sLipped up there, too. We went for the top end of the market
because we thought our pizzas were better quality than the competition,
but the Chinese didn t see jt that way. For them, our pizzas were too
expensive and theyweren't value for money. They thought we were
ripping them ofl'!
M Mm. I suppose you had a home delivery seruice, did you, as well as the
take-out business ?
B Yes, we dicl; we thought it was one of our USPs. We guaranteed to deliver
to any customer within 20 minutes. Unfortunately, we hadn t reckoned
with the trafiic problen-rs in the big cities. It was murder to get across the
cities at peak times Sornetimes it was over an hour before custorners
got their pizzas. That realJy damaged our reputation The word soon got
around we weren't reliable. But our biggest mistake, without a doubt, was
to sell our pizzas through a take-out business. Il the customers wmted to
eat on our prenises, there was onJy standing room. Now, Chinese people
are very sociable. They like to take theu friends md relatives to a restaurant
md stay there for a long time We should have offered them Anerican-
style restaurants with an attractive d6cor. They d have enjoyed that.
C So ... are therestill anyMunchemrestaurants in China?
B Na[ my feeling was there was no way back. Our brand had no credibility
after a while. I told Head Ofice we shoulcl sell o1r the restaurants and cut
our losses.
CDlTRACK 24 (B= BOB, M = MELISSA, e = CHRISTINA)
C Well my trip to lndia wasn't easy either, but I d call it a partial success.
I went there to negotiate an agreement with Mumbai Enterprises, to
distribute our products nationwide. It's a well-known comparrywith food
store. all over lhe counlry.
I Yeall isn t it owned by the Duleep Shghs, one of the richest famlies ur lndia?
C Yea\ that's right. It was a pretty important assignment for me. If I could
get them to be our distributor, it'd reallybe a feather in my cap, it d really
raise my profile in Drew Corporation
B I can understand that. A deal with Mnmbai Enterprises would be worth a
lot of money to the company.
C Exactly. Well, it started quite well. I met the President and some top
executives and was given a tour of their flagship store in the city. When
the meeting began a couple ofdays later, there was a lot ofchit-chat at
the begimring, mostly about the Indian cricket tem. That frustrated
me a little, but I didn't show it. Aryrvay, we followed the agenda for the
meetingr and the President did most of the talking
At one point, the question of storage came up. I told him his stores would
need special refrigerated cabinets for some ofour foodstulfs, and that I
could give him detarls ofan Australian supplier rve use for this purpose.
'Was that OI(?' I askecl hmr 'We shall see, we shall see,' he repeated,
'everything is possible in Indial And he srniled at n-re. I took it that he
agreed with this suggestron. At a later neeting, the sr-rbject of storage
came up again 'That's no problemi the President said, 'all our stores have
the latest refrigeration equipment. We'll use the cabinets we have for your
productsl 'But I thought we'd agreed you'd buy them from our Australian
supplieri I said. 'No, no,' l-re replied, bur technology is the best in the
world we don't need to use foreign suppliers.' Hc seerned displeased, so I tecl-rnology to take it through various stages ofdevelopment, so that we
didnt push him on this point.
M Mmm, there seems to have been a bit of a misunderstar-rding there.
C Yeah, that was my irnpression By tlre end of the week, I was getting very
frustrated by the slow progress Also I was suffering from a stomach upset
and I was a liftle short-tempered. Maybe I showed it.
M Do you thinkyou came across as impatient?
C Yeah, it coulcl be perhaps they thought I was rather rude. It was just ..
we d spent hours md hours during the week talking about the long-term
objectives ofthe deal and what sort ofrelationship we would have in the
future. It was exhausting. To be l-ronest, I was thinking more short term,
how to get to the point when we could shake hands on the deal.
M So what was the ellect of that?
C Well the atn-rosphere in the meetings started to change. It was as if the1.
didn't trust rne any more. I had the feeling they didn't think I was s:incere.
756
Ard when I made a mistake rsitl-i a couple of figures I gave them, I had the
distinct impression that thel thought I was inconpetent.
B So, did the deal lall through, Christina?
C Fortunately, it didn't. There l as a turning point at the beginn.ing ofthe
next week. The Presider-it inr.ited me to his horne for dinner We had a
splendid meal. I brought some lor.ely flowers for his wife and toys for his
young children that went dorvn really well. Ard we had a fascinrting
conversation about Indian u-t, u.l-ricl-r I'm really interested in.
B So thatt lvhat turfled things around?
C Yes, I'd say so. It all changed after that. The meetings becarne more
friendly. The President'.s colleagues seemed to take their leacl from him
and began to show me a lot more warmth and respect
M So did you complete tbe deal? \Vill Mumbai Enterprises be our
distributor:in hrdia?
C I'm not sure, to be honest, but rve dicl make progress I've got to go back
to Mumbai with a team and work on the finer details of the deal But I'm
more optimjstjc nom l think they really like and trust ne
CDlTRACK 25 (GK = GALINA KOZNOV)
GK lt's not surprising that GeorgyVolkov didn't mnt to gir,.e Melissa a five-
year sales forecast for the products they were supplying because there
are so many permissions and certificates you need in Russia before you
can set up a joint-venture cleal A1so, Volkov probably didn't want to give
iigures he might har.e to chalge at a later stage :in therr relationship. He
didn t want to be stuck with those iigures.
Melissa should have known that the joint-venture process was likely to
take longer to set up in Russia than in some other countrtes.
Rela-ring and socialising is important to Russians. So the trip to the dacira
rt the weekend was a good opportunity for both sides to develop their
relationship.
Melissa shouldn t have been upset about Volkov s comments on the
organic products. He was tryirrg to be helpful and friendly with his
advice about the products Rr-rssians tend to be direct when they speak
English, just as they are in their own language, and foreigners shouldn t be
shocked ifRussians appear rather abrupt at times
For Russians, personal relations when doing business are important.
That's why Volko\.wanted to settle the legal matters by using l-ris
schoolfriend a pcrson he kneu.well and trusted He l.ould feel more
cornfortable consulting a friend in a small lega.l firrn than going to a large
organisation where he knew nobody.
FinalJy, Melissa nade a big mistake by not delaying her fligl-rt back to
Dallas. The meeting with the Minister would har.e been an important step
in setting up the joint venture The Minister would have expected to meet
someone of importance in the Anerican company. When he learned that
Volkovwoulcl be accompanied b1. the General Manager irr Moscow, he
probably thought that thc lou'er-level ollicials in the ministrywere nore
appropdate to ilttend the meeting. The right person to be there was either
Melissa or her own boss.
uNrT 4 succEss
{*:. TRACK 26 (9 = INTERVIEWER, ?i-i = TOM HOCKADAY)
I What trre tl-re essential qualities of a successful business?
=ftt Ithjnkthattheabsoluteessenceofabusinessis,orasuccessfulbusiness,
is one u'hich manages to manufacture and sell sornething, thetl-rer
that's procluct or r. service, but manages to selJ it for more than it cost
a
to produce it. So, you are generating profit from delivering a product or
service and you're getting more money in than is going out and that is
absolutely at tl-re heut of a successful business
Now', in our context at Isis, we are creating businesses which are based
on cleveloping very early-stage technology So, actuall, it! going to
take quite a fervyears for the company to go from those initial phases
to actually having a product or service to sell. So, at the euly stage ofa
technology business, really what we're doing is we're investing in the
can demonstrate it has increasing value, so that we might be able to attract
more rounds ofventure capital investrnent or {inance from other sourccs.
But, one day, of course, we ue airning for a product or sen.ice which we
can sell for nore than it cost us to produce.
eill TRACK 2T it = INTERVIEWER, Ti'* = TOM HOCKADAY)
I Which business success stories inspire you?
?i"i I think the ones that are based upon a great team of people, where you
cm see the passion and the vision and the clarity ofthought that has led
to the creation ofa successful business. So, from within Oxford, um, the
rvork ofIsis Innovation, in the last 10 yea-s, we've helped set up 65 new
companies rl'l-rat rve call unir.ersitl spin-out compalies - based upon
Oxford Unjversity technologies, Oxford University researchers, where
\\'e've got irlestment and management.Alcl it'.s probably unfair to pick
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AUDIO SCRIPTS

dynamic change. Our consumers are very demanding. They constantly F{ OI(, I quite understand Can,vou recommend anyone I could contact and
want new products, new ideas that are going to improve their lives, which sound them out about the job?
is company purpose. So, our people are constantly challenged to come 5.fJ Well, let me see ... no, not oil the top of my head, I d have to think about
up r.ith new innovation, new ideas and build ever stronger and better it Why don't you give me your number and I could probably think of
customer relationships and supplier relationships. So, I think through someone if I had a bit more time.
lwo-pronged approach ofcommitted to people and driving challenging lil Great. I d appreciate that. N{y number's 0207 6,14 8981 ...
opportunities for them has driven our job satisfaction
{.$ITRACK I (FL = PATRICIA EVANS, Ft = FEDERICO GONZALEZ)
l-::,,lTRACK 5 (: = INTERVIEWER, Sts = MADALYN BROOKS) Pli Good morning, Mr Gonzalez. My namei Patricia Evans I rvork for an
I Do you think that job priorities among employees l-rave cl-ranged much executive recruitment firm A friend of yours, Enid Wong, gave me your
over the last I0 years? name.
:1,'li: Yes, I do. I tl-rink job priorities have changed in the last l0 years, silce t€ I see. Whatls it about?
I've been working in this field. I think there are several areas that I can Fi Aposition has become vacant at I(B Financial Services. Head Negotiator.
tl-rink of that, come to mind. The first one, I think, is fleribility. A strorlger I was wondering ifyoud be interested.
clemand these days for flexibility in the u'ay ... when people wor( where F* Mmm, I(B Finance? They are a very good company. But I don't know. I'm
they work and 1-row they work. This was initially clril.en, I thin( by the fairly happy here, actua11y.
changing role ofwomen in the'lvorkplace. As more wornen entered our l[ People often say that to me, Mr Gonzdlez, but they change their mind
rvorkplaces, the clernand for flexible hours, flexible timing, started. when they hear more about the oller.
But, as time'.s moved on, iti the new, emerging generations in the f {i Well, it would have to be a really good one to interest me.
workplace who are demanding even greater flexibility of where they work ?5 It is. KB are offering a top salary and great benefits package ..
through new, emerging technologies, of, of remote communications and l{ Are they?
also the denancl for sabbaticals and opportunity to take time out, which Ff Would you like to know the salary range?
is changing the u'orkplace oftoday. F{ Sure.
I think another key area that has cbanged is the drive for personal learning PI Well, it's over six 6gures, I can tell you that: probably in the region of a
and gron th - a second area where, I think, people reallywant to take hundred and fiIty for the right person.
personal control oftheir growth. I think, before, individuals looked at the i:6 Is that pounds or euros?
company to do that for them. People don t expect to stay with the same F[ Euros. There's another thilg you should bear in mind. It's a very attractive
company, or even doing the same lype of worlg all their lives) an). more. part ofthe package they olIer. They give stafa substantial bonus at the
So, there's a rnuch stronger drive towards my growth, my development end ofthe year usually well above the industry average.
and wl-rat an I learning in everything I do F{ii Mmm, interesting.
,{nd I think the third area I'd pick up on for the change is people's Ii Look, why don't we get together and I'll give you some more details?
requirement that the organisations theywork for are socially responsible. Then, ifyou're still interested, we can take it from there.
That's clearly moved a huge arrount in the last 10 years. People now
iG OI(, where can we talk?
want to work for companies that are committed not just to greener
f I Hou- about meeting at the Chamberlain Hotel? Therei a nice bar there,
environmental issues such as reducing carbon footprint and recycling
it's quiet during the afternoon. Ard it's not too near where you work!
and, and these areas - but also things like how we're cornmitted to
fil OI(, lett do that I knowthe Chamberlain Hotelwell
supporting our local communities.
F[ Fine.What day surts you?
Can they get involved in charitable work and other voluntary areas? And
Fe Well, how about next Wednesday? Say, at three otlock. Is that OI{ for
these are hugely different to how I remember it being just 10 years ago.
you?
I*,:TRACK6 (! = INTERVIEWER, *= MADALYN BROOKS) FH Let me see I'll just check my diary .. Yes, that time's OI(.
i Looking forward, what changes do you see in tbe way people feel abont lii Right, see you in tbe Chamberlain at three
worli? Ff Ilookforwardto it Bye
* I think it'.s more of what I was talking about with the changes. I think
C$?TRACK 9 (p = PATRICK MCGUIRE, V5 = VERONICA SIMPSON)
we're on a journey. I thinkwe'll see an increase in this desire for training.
Self-actualisation, building self and skills will be a constant demand.
F I've thought a lot about this problem, whether we should have a company
policy about close relationships. I thrnkrve've got four options, Veronica.
People are encouraged to be lifelong learners, to grow and develop,
VS OK.Whatt the first?
and we really see this demand increasing in the workplace. People p We could iust ban a1l special relationships at work. lnsist that staffgo
want opportunity to grow through training, through opportunities of
elsewhere if a romance develops. I believe some companies have that
challenging assignrnents, and I think that will get ever, ever bigger I think
policy.
P&G is well set up to deal with that. Leadership and ownership are core
of our principles, so that will come through as we, as we n-rove ahead into
V5 Mm-hm. What about the second option?
the future
F We could do what a 1ot of companies here are doing, we could ask staffin
special relationships to sign a love contract.
I do think this drive for feeling a company is socially responsible will
also get higher IVe are seeing, today, a drive for peoplet desire to have
Y5 A love contract? How does that work?
tine out) to get involved in r.oluntaryworlg to think how they can put fi Simple. Itt a document that staf sign. They declare that they have a
back into the society that they've taken out ofup until now. Ard I think special relationship, and the document specifies what behaviour is
people will want to feel proud of their r.orkplaces in that respect. They'11 acceptable. It could also indicate what action we might take, such as
want to feel that they can share with their families and their friends an transferring one or both staff, altering their reporting lines or even what
environment they me working in to be responsible. Tl-rey'll want to disciplinary action we could take.
be able to take time to do voluntary work, such as working rn schools, V5 Mm-hn. I see.And the tl-rird option?
working in local communities and, and giving back. So, more of the F Our policy could simplybe that stafiimust inform their team leader if they
changes we have already seen getting deeper into our workplaces, will be
have a special relationship and they must agree to behave appropriately at
the challenge for us employers in the future. work.
V$ Ardwhat's the last option?
I:IITRACK 7 (t = ENID WONG, r]{ = PATRICIA EVANS) !: Do nothing Have no policy at a1l.Just accept that it's human nature and
i!1/ EnidWong.
we can t do anything about it.
li Good morning, Ms Wong My name's Patricia Evans. I work for an
executive recruitment agenqa UNIT 6 RISK
i;!: Oh yes?
{IT.tTRACK 10 ($ = INTERVIEWER, SS
!l I was given your name by Edward Zhang, I believe you know him quite
= STEVE FOWLER)
i What are the main lypes of risk that companies face?
u.e11.
$F Welf there are two ways of looking at risk. One way of looking at risk
i:: That'.s correct.
is to divide risks to an organisation between internal risks and external
li: He suggested I call you. He thought you might be interested in a position
risks Now, sone examples ofinternal risks include injuries to ernployees
that's become vacant at I(B Financial Services. Its for a chiefnegotiator.
rvithin a factory or, alternatively, a fire in a warehouse, for example.
Wouldyou like to meet to find out a bit nrore about the job?
Exarnples ofexternal risks can include an earthquake or a tsunami
i*' Well, I'm flattered you've called me It's nice to hnow I'm still in demand.
afectir.rg a site or, alternatively, a change in exchange-rate mechanism.
But l'ronestly, I don't think there's any point in us meeting. I'm very happy
Nou', I mentioned there were two ways of looking at risk. The other
in this job, and I don t u'ant to go anlwhere else - well, not at this stage of
\\'a). oflookjng at risk is to divide up risk into four categories - hazard,
my career, an)ry4y.

158
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 AUDIO SCRIPTS
, ,i: OI(, but you have to take risl<s to make money. We've grown fast because
u'e're not afraid of taking risks let's say calculated risks. Remember
I(azakhstan? Everyone was saying it was too ris$r to invest in the area,
so rve stayed away. What happened? A f'ew companies went in, and they
made l tbrtune there.
li{ Yes, I accept we missed a geat opportunity when we stayed out of
Itazakhstan. But this share offer, it s a diI}'erent rnatter altogether. We don
want investors to hold back from buying our shr.res just because they
thinkrve're a high risk compan)', ore thatt going to go bust soon.
i-rf{ I'd say you're exaggerating a little. OI(, 1et's give this a little more thought.
As you say, rve haver't decided yet to sign with AIZ, but it's a decision
we're going to have to mal<e pretty soon.
:-,i Well, our Ncw Rusiness Department are doing some research now.
They'll report tl-reir findings at our next managerrrent meetingr and tl-rat'll
help us to make up our minds.
WORKING ACROSS CULTURES 2:
WORKING IN NEW MARKETS
CD2TRACK 15
Thanks for coming to my talk today. I knorv that most of you are here
because you have an interest in doing business in Kazakhstan in the
future. My purpose today is to give you a basic understanding ofthe
country and ofits business culture.
Let rne start with a fewbasic facts. Kazakhstan is in Central Asia and it
has a population of just under 15 million. It's a big countrT with the ninth
largest land area in the world equivalent in size to western Europe. Itt
rich in ratural resortrces and has received or.er ,10 billion clollars in foreign
investment since 1993.
A key feature ofthe country is the diversity ofits population there are
more than 100 ethnic groups. The tu,o biggest are the I(azakhs and the
Russians, but other ethnic groups inclucle Chechens, Ukainians, Tatars,
Germans and l(oreans, to name but a few. However, I(azakhstan is
basically a mlr ofRussian culture and Kazakh oriental traditions.
I'11 give you one striking statistic: -51.8 per cent ofthe population are
IGzakhs and 31 4 are Russian. By the way, Russian is the olicial language
and the language of br-siness
Now, there is one I(azakh tradition which is important when you iirst
rneet businesspeople. Ifyou uant to rnake a good impression, you
shouldn t immediately talk about business. You should start by asking
how they are, and hor,v the family is. Tivo or three questions like tl-rat go
down well, and then you can start getting down to business.
Aword nou'aboutverbal and non-verbal conmunication. Usually in
Kazak)-rstary people keep at anni lelgth during a conversation, and it's
important to keep good eye contact when talking to people - they expect
that. Touching is not acceptable in formal situations, especially between
members of the opposite sex. When you meet a man, you should shake
his hand. Nowadays, itt becoming more common for business and
professional women to shake hands, but it s better to wait for a woman to
take the initiative in this case
I(azakhstanis tend to speak fairly quietly and less directly than in some
other cultures, such as North Arnerica. Ald when sorneone from
Itazakhstan explains sornething, they may give a lot ofbackground
information u.hen answcring your question Be patient, because they
want to give you a thorough :rnswer.
u !!,Lr z TIANAG E ty! E N r g-,r_y LE-s-
{-i}2TRACK 16
i considerate, consideration * logical, logic
; competentr competency ,t loyal, loyrlty
? creatir.ercreativity i i-: organised, organisation
j: diplomatic,diplomacy ii decisive, decisiveness
! ellicient, eliciency 1.l responsible, responsibility
$ flexible, flexibility 1.i sociable, sociability
i our new iced tea that'll be launched early next March. I hope by the
inspirir-rg,inspiration i1 supportive, support
i-3:TRACK 17 ii = INTERVIEWER, L = LAURIE MULLTNS)
i What are the key qualities for a successful manager today compared to
the past?
i- if, Isee two major factors which influence the managerial function today
The iirst one is the ability to rnanage in an increasingly competitive,
volatile, changing, business environment Ar example of this is the
grou.th of the so-called BRICI( nations, B-R-I-C-K, rvhich rs Brazil,
Russia, Ildia, China and I(orea. Arising from this development is, there s
greater concern for recognition ofthe individual person within the rvork
organisation Um, people u'ill bring their own cultures, their own, uh,
situations to diversity. We now have a far more diverse workforce, uh,
760
their culture, um, the importance of non-verbal communications, and
international human resouf ce mJnagement.
Secondly, the manager torlav has to manage with an increasing rate
oftechnical change this is alLied to the competitive and challenging
business environment. A particular example ofthis is the so-called
information communicatjons technology which is often shown as ICT.
t So if we take just one example of this, if you think of developments in
computer-based technologl and consider managing a remote team. lJm,
so people today rnay no longer be at the same desk, the san-re location, or
they rnay not u'ork together in face to thce contact. So this means that)
through ICI a rnanager nay have to ilteract rvith staflwho may not be at
the same desk, may not'"vork together, may not be in the sme building,
may not even be in the sane location ancl may not even be in the same
country
aLzTRACK 18 (1 = INTERVIEWER, :, = LAURIE MULLINS)
i Which management style do you think gets tl-re best out olpeople?
I The underlying consideration here is that people are not owred by
the orgarisation, um, people bring their own perceptions, biases,
attitude, personality, cultures to work So arising from that, I see six key
fundamental managerial philosophies One is consideration, respect and
trust Most people respond according to the rvay they're treated. So ilyou
treat people with politeness and dignity, the chances are, the majority of
staffwill respond in a similar manner.
Recognition and credit people can be praised to success. Let people
knowyou acknowledge good work. An exarnple of this, if you have a
junior member ofstalTwho, on your behal{, prepares an excellent detailed
report for senior manager, when you as the departmental manager submit
that report, w\ not add the nan-re of your.junior colleague as ioint
author?
Three: involvement and availability. Take an interest in your stali
maintain an open flow of comrnunication, the so-called inanagement by
walking aboutl The key feature ofthis is not to grve the impression to stalf
that you don't trust them, that you're supervising their work, but you're
taking an interest in their work.
Four: a sense ofjustice. Treat people fairly, but according to merit. If
dilhcult decisions have to be made, stalf are more likely to accept tbose
decisions ifthey feel they've been treated fairly, and with a sense of
justice. This requires good human resource management.
Five: positive action on an individual basis. Ifcolleagues are working in
a, a tem, and one or two colleagues need to be criticised, criticise those
people in private, on an individurl basis.
Ard lastly, point slx: emphasis on end results. The encls do not always
fully justi$' the means, but wherever possible, place emphasis on not
tirle keepingr or what people appear to be doing, but the level of
performance actually achieved.
{G:TRACK 19 (: = INTERVIEWER, Let = LAURIE MUtLtNS)
f As more managers work internationally, how should they adapt their
styles to suit this situatron?
L Ar underlying precept is that managers must be fully rware of their
or.vn predisposition torvards people, and their preferred natural style
ofmanagement For example, some managers believe in the need for
direction and control tl-rough an organised system ofcentral control,
formal organisation structure, um, systems of routine, and the belief that
itt natural for people to try to get away with what they can; therefore
management has a job to stop them doing that and to control and
supervise them the'carrot and stick' assumptions.
Other managers believe in the integration ofindividual and organisational
goals and that people can be committed to the goals ofthe organisation,
in r.hich case theywill exercise self direction and self-control
{*?TRACK 20 ftt{ = JASON HARDING)
i fi First of all, thanks very much for coming to my presentation I'mJason
Harding, Sales Manager of Qrench Products. I'm going to tell you about
end ofmy presentation, you'll understand what a unique product we're
oliering and want to place a large order for it.
OI(, what is Qrench Iced Tea? What are its unique features? Qrench
Iced Tea is available in several flavours lemon, green, strawberry and
grape - and it comes in sweetened, unsweetened and diet versions of
the drink. It's a delicious, healthy, thirst-quenching drink Ard the fact
that we o11'er it in diferent versions will give it a delinite edge over the
competition I want to stress that In other words, it's got a wide appeal.
As you all knolri I'm sure, customers buy iced clrinks for different reasons.
For instance, many people are watching their weight, so they'll buy the
diet version Others do sports and will want to buy the sweetened version
that'll give thern extra energy.
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AUDIO SCRIPTS
I Ol-r, why s that? Howwould that I-relp?
d Let me explain. Sophiet getting marriecl early next month. She's got a lot
on her rnind at the moment, and itk not work, it's the wedding. That's her
priority at the rnoment ...
!- Yeah, OI(, but even so ...
K Why don't we wait for a while? Let her get the wedding out of the way.
I think you'1lfind she'llbe the Sophie we used to know then ... shet
always been a good member of the team. She hasn t changed overnight,
has she?
l- Mmm, I dontknow, maybe ...
!{ Look, Iet's talk about this in a few weeks' time. We can review the
situation then. Meanwhile, you and the others can talk to her, in a friendly
way, I hope, and, OI! I'l1l-rave a quiet word in her ear.
L Al1 right, we'11 see if that works. Thanks for listening, Itaren.
eilZTRACK 30 (n = DAVID, fifi = MAX, l{ = HANK, !- = LAURA,
${ = NATALYA, 5 = SON|A, { = CHANG)
F Id like to talk abouttraining today. I've got aproposal to make - see
what you think about it. I feel that you'd all benefit from more training.
Even ifyou're very experienced, you can alrvays add to your klowledge
and update your skills. So, my proposal is you should all go on at least
two training courses a year to update your knowledge. You could either
choose which courses you go on frorn a list I've drawn up, or make
suggestions to me. How do you feel about this? Yes, Mu?
M Well, an obvious question really: would it be compulsory to go on two
courses?
D Yes, it would. I think everyone would benefit from more training
ffi Then I'm sorry I don't think itt a good idea. Personally, I don t enjoy
courses, I don't think I need them. I'm the top salesman here, and I've been
that for the last three years I certainly don t need any more training. I need
to spend all my time looking after my custorners' needs. That's mypriority.
{-} I see OI(, what about you, Hank?
|'i Well franldy, Ma-r is talking rubbish as usual We all know he's top
salesman because he's been given the best area to work in, and he's been
there for years. I nean/ anyone could sell kitchenware inWest London
Put a monkey in there and he d be salesman of the year.
* Han\ you're being very offensive, you loow.
futr Sorry, Hank, I can t 1et you get awaywith that l've built up sales in this
area steadily over the last l0 yeus, and it hasn't been easy at all to get
into some of the top stores, but I've stuck at it and now it's paying otr My
customers are loyal to our company. Ttrey like me, and I really look after
them. Thatt the reason I'm the top salesnan, it's not about being in the
best area.
Fi OL, OI(, sorry if I ofended you, Ma-r - I just like to speak my mind,
that's all.
D Right, we'1l take that as an apology. All I want to know from you is, do you
thinkmyidea's a good one?
!"1 Yeall right, I suppose so ... uh, well a good idea for some of our team,
anlvay Natalya could certain-lybenefit from a lot more training.
0 I'd like you to keep your personal comments to yourself, if you don't
mind.
tf Allright ... Ithoughtyouwantedmyopinion.
* Thanks, I've noted what you said. Laura, what do you think ofthe
proposal?
Er, well, Hankt right, it is a good idea, more training courses, but not
all of us. Ifwe want to increase sales, we ca.dt have everyone running offat
a momentt notice. We need to focus on meeting our sales targets.
OI( .. . Well, rvhat do our younger members think? Sonia? Natalya? Yes,
Natalya.
Er, well ... I don t think itt a good idea for experienced people like ...
Ma-x. If he went on a course, he'd probably end up teaching everyone. I d
Iike some more training, if possibler to improve my sales and negotiating
skilis, but I think once a year is enough.
li Sonia?
q
I've already been on two sales courses, that was in my previous job. For
me/ it'd be a complete waste of time. I'm more interested in the way you
pay commissions here. I thrnk ...
Sorry, Sonia, I must stop you there Comrnissions are not on the agenda
today. Chang, you d like to say something?
I think, David, it is a good idea to offer more training to the tearn You're
on the right trackhere. But why do you want to make it compulsory?
Why don'tyou have a talkwith member of the team, find out ifthey
eacl-r
are interested in more training, and then draw up a trainng plan for each
person - that's the way I d do it.
Yeah, I see what you mean, Chang. Thatt a useful suggestion. OI(, urn,
who haven t we heard from yet?
762
UNIT 9 RAISING FINANCE
{fiSTRACK 1 (; = INTERVIEWER, 5t = SIMON DAVIES)
I In which ways can a busiress raise finance, and what are the advantages of
eachway?
are probably, I guess, three ways in which I would see business
5i? There
raising finance. Um, fust, er, equiry either current shareholders or new
shareholders. Er, a business can raise finance by effectively selling shares
to its more shares to its current owners, or shares to new owners.
Um, secondly, I would see a business being able to raise, er, money by
borrowing, through debt Um, and thirdly there's a hybrid, um, effectively
a combination of the two, un1 something that starts out as borrowing that
could convert, um, into shares or equity, er, at some stage in the future.
Withir that, there are two markets that a - a business could raise finance
in, a private market or the public market.
A private market is what it is, it is a private market, private individuals,
private relationships, has the advantages ofconlidentialitl, um, and
rernaining, urn, below the radar screen. Um, the public markets, um,
selling shares to the public markets has the advantages ofhaving a much
deeper pocket. There is a greater source offunding available from the
public rnarkets, um, and thatt the same for, er, for debt as wel1, so if
you re borrowing money, un, the bond markets, the capital markets, tend
to have a far greater, um, amount of funds available, so the larger your
business is, the more public you're likely to want to be in the way in which
you raise filance. Ard then iinally, urn, hybrid finance, er, as an example,
convertible bonds.
CS3TRACK 2 (l = INTERVIEWER,.Sn = SIMON DAVIES)
! And what are the disadvantages ofthe different ways ofraising finance?
5$ For shares, un1 equity carries a fairly significant capital cost, um,
people who, er, invest in shares expect a return that reflects the risk that
they're taking. Um, shareholders obviously carry the full business risk
and doilt have a right to be repaid their money. Urn, they can receive
dividends over time, but only after the company has covered its costs
and other liabilities, such as interest on the debt. Um, for debt, and
the disadvantages are that obviously, um, the interest burden on debt
is required to be paid over time. That reduces the amount of cash that
a company has that would otherwise be available, er, for it to use for
investment purposes,
Um, there s also advantages and disadvantages in the public versus private
markets. LIm, the pubLic markets, um, while they give you a broader, um,
amount of capital available, um, they don t create that qpe of private
relationship that you would get in the private markets - you could have
a dispersed shareholder base. Um, in the public debt mukets, you could
end up with, er, effectively bondholders ofwhom you don t know their
identity, um, whereas in the private rnarkets you very closely knowwho
your lender is or who your shareholder is. Um, for the private markets,
the disadvantages are potentially a lack ofcapital available ifyou're a
significant business. Um, in addition to that, um, private markets will
tend, on the equity sider to want a significant returq and some significant
change to shareholder control features, um, to the extent that you will
Iose a certain amount of control over u'ho your executive management is
and how that management effectively runs the business.
CTSTRACK 3 (l = INTERVIEWER, 5D = SIMON DAVIES)
for
i Do you think {inance is always a short-term business, or can borrowers
and lenders develop more long-term relationships?
5F Finance has becone somewhat short-tern business/ to a very great
extent, and there are, I think, three or four reasons, um, for that. One, um,
is the breadth ofopportunity available, un1 gives people such a range of
investment choice from a funding perspective, that, um, they are almost
spoilt in their ability to invest and then sell and reinvest. Um, so the
whole attitude has becorne quite - quite short-termist from an investing
perspective.
Um, the second is the speed of in ... - the speed and quality of
information. Um, information is key in making investing decisions, and
the better the quality of information, the easier it is to make a decision.
But the speed with which investment decisions can be made now, is, um,
incredible compared to only say 10 years ago or 20 years ago. But it does
give people the opportuniry effectively, to become a short-term investor.
Un1 I think thirdly, er, what has a-lso happened is that the banks have
become less relationship-driven from a financing perspective and
more relationship-driven from a sales and distribution perspective. So
the relationship between a a lender and its borrower has changed
fundamentally at this time, um, and elI'ectively, the person who used to be
the lender is now distributing, um, finance to a syndicate ofother people
who are - u'ho are becorning lenders but who are more naturally, um,
inclined to be able to buy and sell the investments that they make. Un1 so
the loans become a more tradable feature, um, and less static, um, creating
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AUDIO SCRIPTS
UNIT 10 CUSTOMER SERVICE
{*}TRACK 10 (! = INTERVIEWER, Filjl-{ = PHILIP NEWMAN-HALL)
I Can you tell us a little about the Le Manoir?
Fill{ Yes, Le Manoir au-r Q:at'Saisons is Raymond Blanct dream of excellence
within a hotel and restaurant in the UI(. We are a 32-bedroorn lutury
hotel with a stunning restaurant. The heart oftl-re house is the food and
the cuisine, and everything else that we do in the house is .. The ethos of
the kitchen spreads into everyr'vhere else in tl-re house. It is a retreat from
the norm and is supposed to be a house where you can come and feel
comfortable. We like to think that the house tells you what you can do in
it rather thirn what you can't do in it. It's a two-Michelin starred restaurant
and we fave now been running for 25 years.
eDITRACK 11 (E = INTERVIEWER, pl{$i = PHILIP NEWMAN-HALL)
! At Le Manoir, how do you define top quality customer service?
F;Sfi It's very diiicult to answer that, but I would say that we try to exceed
customers' expectations/ we tryvery hard to see that customers are
wanting something before they even know they want it. So, therefore, we
have to have empathywith the client and we have to try ard judge each
client individually, so that we sense what they're looking for and try and
provide that service all the time
We also must provide consistent standards of service. If we doilt provide
a consistent standard, then one guest! expectations willbe met and
another guestt won t be met. We tryvery hmd to have a phrase within the
house that'the standards you set are the standards you getl Ard once you
have set those standards, we try to offer those to guests at all times.
{n}TRACK 12 (i = 11115pv1EWER, phil'f = PHILIP NEWMAN-HALL)
I How do you train staffto deal with demanding customers?
Pillfi Get them to empathise with the customer, the guest. Try to put them
in their place, try to see it from their point of view. We particularly
allow every single member of the staffto have a guest experience. So,
they stay in the house overnight, they eat in the restaurant and they
understand what the experience is like for a paying guest. So, therefore,
if it was their own rnoney theywere paying for it, theywould understand
what they should expect for that, and I think that gives them an edge
in understanding what a client is looking for when they come rnto the
house
Itt very ... high-end here, so, therefore, people's expectations are very
high, and we have to try and exceed those expectations. And I thinkby
only getting the stalfto understand what those expectations are) we can
then meet them and, and exceed them.
ttisTRACK 13 (l = lX1EpylEWER, PF{i{ = PHILIP NEWMAN-HALL)
{ Do you think that customer service requirements are changing, or have
they always been about the sme things?
Fflll-! I think they're becoming much more demanding. I think people are
expecting a lot more for their rnoney nowadays and I think the way
the world is now, people are more open and more questioning of what
they're receiving for their money So, I think we have seen a definite
increase in the number ofpeople who would complain, when perhaps
they wouldn t have complained before which is no bad thing because
it gives us great feedback. But I thinkpeople in general are much more
demanding nowadays than they used to be. And therefore, we've had to
up our game to actually provide better service So, yes, I really think it has
changed over the last few years.
i&STRACK 14
,& Good morning, Madam, how can I help?
6 Well, you see, I bought two bottles of wine from you on Monday. It was a
special promotion, your'wine of the month' offer.
A Oh yes, I remember, we gave you a very good price on that one) 30 per
cent offif you bought two bottles, wasilt it?
& Yes, thatt rigl-rt. It was one of the main reasons I bought the bottles, the
price was right. But when my husband and I tried one of the bottles, we
found the 'n ine was rnuch too sweet.
A Really? \A4rat exactly do you mean by'much too sweet'?
E Wel1, like fruit;uice. Ard when I offered a glass to my neighbour, she
took one sip, then said, 'Sorry this wine's too su'eet for me. Do you have
anything else?'
A Mmm, I can t understand that, I'm afraid. Well what did you do next?
ffi We tried the other bottle, but it was even sweeter I We were hoping .. .
you see, we were hopingyou d give us a refund or let us choose tw'o other
bottles, er, free ofcharge.
A A refund! I'm sorry, but that's not our poLicy at all. We can't give refunds
to customers, tust because they're disappointed with their purchase You
understand that, surely?
F Isee,well .. tobe honest, Iu.as hopingyou'dbe alittle more
understanding ... Irnean ...
764
,4 I'm sorry, Madm, but rvhen 1'ou buywines, you need to checkwhat the
label says. Medium u'inei not the same as drywine.
6 I hrow that. But all thc .anre, it was [.rr loo rweel ..
,4 So you're saying it rvas too su-eet and I'm saying mediun-r wine is always
sweet. I can't do anything more lor you, Madam. I can only sa11 'Retter
luck next time' and ... don't forget to read the labels.
C{}?TRACK 15
,Q Good morning, Sir. I'm carrying out a consumer satisfaction survey
for the airline you'l-e just travelled on. Could you possibly answer .i few
simple questions for me?
E Certainly. Go ahead, please. I'll do my best to answer them
,6. OK .. well, were you, on the whole, satislied with the seruice you received?
S Satisfied? Certainly! ln fact, I rvas more than satisfied.
.& Tl-rat's great. \\4rat did you like especially about our service?
I We1l, you see, we weren t expecting much, the flight ms very cl-reap, so
we knew there wouldilt be any meals. It s a no-frills airLine, isilt that what
they call it?
.& fught. No surprises, then?
S We1l, yes, there were, actually. The stewards and stewardesses were
absolutely fantastic, really friendly and helpful. Notl-fng was too much
trouble for them. And theywere really good with our young children,
brought them games to play with it kept them quiet and occupied
during the flight We weren t expecting tl-rat. It was a pleasant change,
I can tell you!
A I'm pleasecl to hear the stafflooked alter you well. What else impressed
you?
S OI(, er, everything, really. The plane took olf on time and arrived on time.
The service was great, and we were even given free rolls and a collee or
orange iuice. We'lI deiinitelybe flying with your airline again. Ard we'lI
tell all our friends how satisfied we were. I can t say more than that.
ED}TRACK 16
A Something so irritating happened recentlywith a delivery that I d
ordered. I certainlywon't be using the suppJier again.
B Whathappened?
A Well, I work frorn home as a translator for a leading bank My printer had
brokery and I needed a new one urgently. The person who took my order
was extremely friendly and promised it would be there the next day.
* oK.
A Mm-hm. It didn t arrive, and I had waited in all day to receive it! When
I phoned the supplier, I got the sme friendly, helpful treatment agrin -
theywere very sorr;4 it would delinitely be there the following day. But
they let me dom again. This went on for the rest of the week.
S Howawful!
A I was veryput out indeed. It was all talk and no action.
[G?TRACK 17 (F = PASSENGER, C5 =CUSTOMER SERVICES AGENT)
F I'm calling because I've just come back from Italy on one ofyour flights.
And I want to complain about the service before I flew and when I was on
board the aircraft.
CS Oh, sorry about that. What happened, then?
F Well, I had some hand luggage and it was just a little over the linrit, only a
little bit, and I was charged an extra 30 dollars - I couldn't believe it! You
know, I don t think the scales are very accurate. Aryrvay, then I had to pay
three dollars for tu.o plastic bags to put my toiletries in I don't know if
your company or the airport got the money for them.
i5 Well, I don't know, but I'm afraid if you're oyer the limit ... well, go on.
F Right, then we went bybus to the plane, the bus was freezing co1d, and
when I got there, there wasn't a proper stairway to the plane It was just
some sort of flimsy mobile steps and it was really dangerous climbing up
them. I was so afraid of falling and breaking my 1eg No one helped me, of
course. Everyone rvas in a rnad rush to get a good seat on the plane.
{5 Oh dear! It canbe abit of a scrarnble at times, I know.
F Ary,'r,vay, during the flight, the stewards and stewardesses seemed to be
more interested in talking to each other than servir-rg us. I d asked for one
ofthose entertainment boxes, you know, a sort ofD\{D player I think
you call it a TV box. I paid 15 dollars to have it, but I didn't know}row to
work the machine, and the attendants were too busy, they said, to help
me So I didn't see anything on the box.
eS Well, that shouldnt have happened, should it?
F No. Another thing, I was given a sandwich, I had to pay three dollars for
it, and the roll was really stale. I don't know about the meat in it, but when
I went to the hotel, I was sick and had an awful stomach all night.
{5 Oh,I'msosorry Ofcourse,yourbadstomachcouldhavebeencaused
by anything There are a Iot of nasty viruses around .. .
E; I don't knou'. But I certainly won t be using your airline again, I can
promise y.ou that
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{,*:TRACK 24
:1 Could you please te1l me how many of these items you import each
month?
J Could you be a little more precise?
3 Roughly how marry complaints about the toys do you receive each week
4 lsn't it true you've been receiving dozens ofcomplaints from custorners
everyweek?
I Do you denypeople havebeen phoningyou and e-mailingyou constantly
to cornplain about the toys?
i Why are you still selling them?
7 Isr-r't your real reason for not recalling the toys very obvious, Mr
Bradshaw?
& But what a-rc you going to do about these defective toys ? low. Ard the reason for that is due to a nurnber ofdifferent factors First
'! When exactly will you get back to us?
3* Would you answer my question, please?
{i}3TRACK25 (LT= LINDATHOMSON, S strategywould be, but more of an opportunistic basis as to whether a
= BOB MORGAN)
iT OK, it's pretty clear we've got a crisis on our hands, Bob, but before we
decide how to handle this one, could you run me through our plans for
the launch?
Yea[ sure, um ... we]l ... the big event, ofcourse, will be the extracts
from we'll show in the lJniversal movie theatre. There'll
tl-re game that
be an invited audience, famous people in the arts and entertainrnent
business, movie stars, artists, musicians, media people, anyone with
influence, even a few politicians - only those who support us, ofcourse
L- OI(, sounds good. What about the big party afterwards?
*i'"4 You'll really enjoy it I hope If ll be at the All Seasons hotel There'll be
over a thousand attending, we've got Q7 performing at midnight, they're
the hottest group in the country at the moment they love our game by
the way ...
l? Great!
Lett see, what else can I tell you? Oh yeah, all the service staffwill be
dressed like mercenaries in combat gear and they'll all look really tough,
perhaps a bit intimidating.
LT That's a nice idea. II'II get us good coverage in the press. They'lI put those
photos on their front pages.
Exactly Abit of controversywont harm sales at all!
13 What a cynic you are, Bobl But you're right, of course. How about our
advertising and promotion? Are you happy with it? Itt coming in for a lot
of criticism.
I'm totally happywith it, just look at the sales projections.
LT We'll come to them in a moment. What about advertising?
fi OI(, well, we started with a teaser campaigq as you know, followed it
up with TV and movie-theatre commercials, sent advance copies to
reviewers of garning magazines - theywere all fuI1 of praise for the game.
In fact, one magazine awarded it their Gold Medal that gave it a big
boost - then we backed it all up with viral advertising, 500 l8-year-olds
got a copy ofthe game and they spread the word to their friends, relatives,
classrnates and so on.
ili OI(, what about the latest sales projections? You got them from
Marketing?
13 Yes, you'll love the figures. We expect sales of seven million in this
country, bringing in a revenue ofaround about 350 mrllion dollars, and in
the UI! four million with a revenue of 200 million dollars. Those Iigures
are just for tl-re iirst month.
li Mm, it s looking really good. That'Il more thm cover the 200
million dollars we put into the project. Ard we'l1 really knock out the
competition with those figures. But . . . I'm very worried about all the
criticism we're getting. How should we handle itl We don't wmt to screw
up at this late stage. Our opponents aren t playing around, they're really
out for our blood.
uNrr 12 MERGERS AND ACQUTSTflONS
{*sTRACK 26
Well, moving on to the idea of restructuring. The terms fakeover and
dcquisition arc to some extent interchangeable, although in recent years
the term acquisition has become more popular. Strictly speaking, a
takeover refers to one {irm gaining control ofanother bybuying over
50 per cent ofits shares. This takeover may be either friendly or hostile,
which is when the company being targeted doesn t want or agree to the
takeover. Ifa company acquires a part ofanother companyt shares, which
maybe less than 50 per cent, this gives thern an interest, holding or stake.
Over 50 per cent would becorne a controlling interest. A merger, on the
other hand, involves two companies or organisations coming together to
form a larger one. Although a merger sounds more like two compames
coming together on rnore equal terms, many mergers are in fact rnore
like takeovers for one ofthe businesses involved, as usually there is a
766
dominant partner. A joint venture involves two quite separate companies
co-operating for a limited time, or for example in a particular geographical
area on a particular project, but rnaintaining their own identities. This
could be something such as building a plant which is quite conmon in
. . . ? the oi1 and gas industry or developing a new tecl-rnology which would
benefit both companies Now, if I rnay, I'd Like to look in more detail at
some other ...
{,}-?TRACK 27 (l = INTERVIEWER,5&4 = SCOTT MOELLER)
I Why is it that a nurnber of mergers and acquisitions don't work as well as
expected?
5M It is true that somewhere between two-thirds and three-quarters of a1l
acquisitions fail, uh, so the success rate in acquisitions is obviously quite
off, inadequate planning. Ul1 that is to say that the strategic plm behind
the acquisition tends not to be grounded in too much ofwhat the future
company is able to be acquired or not.
Secondly, the due diJigence done on the target company tends to be
done much too quickly, and in many cases doesn't focus on the key
factors that are goilg to drive that particulu deal to success in the future.
More time should be spent trying to understand what it is that really
rnakes that target company successful - if it is already successful - or why
perhaps it has failed, uh, and whether that can be turned around il in fact,
!
the company is being acquired because, uh, it is a company thati now
available, because oflack of success.
Ard then lastly, um, there's really a lack
of planr-ring for the post-merger
integration period. Many, many times a deal is done, and then once the
company is acquired, the focus ofrnanagement tends to disappear. They
go on to the next deal, they go on to some other strategic initiative and
forget that the really hard work comes, and the work that takes years and
years, comes after the deal is closed, when in fact the integration really
takes place. The people have to start working together from two diil-erent
companies now as one. The customer databases have to be put together.
Back-office systems need to be integrated, suppliers need to be contacted,
and basically, two companies need to be made one.
CD3TRACK 28 (! = INTERVIEWER,5tt1 = SCOTT MOELLER)
i Once the merger has taken p1ace, what can be done to ensure the
successful integration of the businesses?
5F.4 In order to assure the successful integration of the businesses, one iirst
nlust determine whether, uh, you want to integrate the companies
completely, md at what speed. That is, there are mmy deals where
you actually want to make sure the newly acquired company is kept
separate for a period of time, perhaps to understand that companybetter,
u[ perhaps because you lt ant that company to operate as a separate
subsidiary.
Uh, other times, you'll want to integrate the newly acquired cornpany
very, very rapidly in order to make sure that you don't lose customers,
that you don t lose employees, uh, perhaps because there'.s something that
has a very time-critical element, uh, driving the purpose of the acquisition
in the first place
Once you've determined whether you want to do it quickly or slowly, you
also need to determine whether you want to impose your own cullure
and way ofoperations on that company, or in fact to keep that companyt
own culture separate, perhaps for a period oftime, or again, for a longer
period of time.
So deterrnining the speed ofthe acquisition, and determining how, u\
fullyyou want to integrate it are the two critical things driving then what
you are going to do afterwards. Uh, are you going to appoint somebody
from the company itselfto run that division, or do you want to bring
in new management, perhaps from the acquirert own management, or
perhaps from the outside?
eS3TRACK 29 ({ = INTERVIEWER, 5M = SCOTT MOELLER)
! Can you give us an example of an acquisition that has worked reallywell?
5fu4 One example of an acquisition that has worked really well is actually the
rnerger between Banh of NewYork and Melion Bank, which tookplace
back in 2007 Those two banks had actually, interestingly enoug\ eight
years earLier, uh, had an unsuccessful attempt at coming together where
Bank of New York had rnade a hostile attempt to, uh, overtake, uh, Mellon
Bank.
Uh, however, in the second try, what they did is they understood some of
the rnistakes from previously, so experience is very important. But most
importantly u'hat they did is they met very early before the deal became
public, ar-rd the1. determined what it was that were showstoppers things
that could derail, that could stop the deal in the future from being
successftil, and they did determine what those items were very, very early
on.
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oqrt uosrad arll asneraq ltr{t Paurtl: aqdeu 1r (1:e|ru15 arou Surqlou Surqiluy lpa:a,r,or 1,ua,teq 1 tare due aralll q ia{Et ot ueld am uorl:a:tp
pu€ sseursnq op o1 uoqualur ue,{lpar sI lI ;ut8aq.tou ue: sru:al laraq aq1 pue.tlar.lqSql ]qgnoq a^{,(r{.lt tnoqe iealr aou no'( are !q8q1
rol Surlerlo8au leql pu8rs r sr llerluol aquo Suru8rs aql 'sa;nllnl auros uI (auou rol anpl lo; pr€puels .trau e las pm narlqBql ,{en aql peal
'tlr; uI leap e3o uorsnlluor aqt ur a3€ts Fug aq] ueqt raqler d1tlsuoqrlar pn ,rtaptq8pl ';1Il ar{t uI slatoq ta8pnq;o arnlry aqt aq lut.nar.tq8g
ssaursnq e;o Surrufa4 aql;o uBrs aqt aq osp dtru pertuor V tradsai lo telr€ru aqlJo lolras srll uI rePeal sn a{eu IIIM r{rlrla sleloq
lsn.rlJo {rel €Jo u8rs e st uaas sr peJluor Frxro; e leql ples aq pFol lI la8pnqlo (1pug puy mar,tq8rH ueql
o11o;l.rod e padola.r.ap areq 1,am
sasel aucs u pue '1ueg:odtur a:our qrnu sI qln{m luauaar8e pqral:o Suureuar 'dno;8 aqt otur slatoq SnJo raqunu e pale:8a1ur a^pq [,e {
alErlspuEr{ aq} s,lr 'sarnllnr.raqlo uJ peulrluol lleJo sauqPtaP PU€ sallnp 'salrs luaudola^ap :no; s (utduo: aql uo slalorl aar,r.q8rpl nau 1pncl
/uallu,r'FLuloJ e aq
'sarlqrqrsuodso: orll saul1lno qrrqa'ltraurnrop pBal areq 1,am raunl leql1g ielurl ,srca,( a,r.g ur marrqBrH aas aa op araqn oS
o1 pa1:adxa sr srql rauros ro1 " Jlestr tltrluol aql ol uo Surloru (1puo:a5 'alr1:a (qo ureru rno a q s.(rmp 1pm -(auoru ro; anpl p oo 3 1a1oq rtarrq8ql
'tsn'rl pue qlr^{ asra 1t 1aa; tlam motq o1 1aB ,{aq1 aldoad qlr,tt e 1r Surdels;o aruarradxa aql (o(ua d1pa.r slatuolsnr lEtll alns a{Err II,aM
/arr^las prlrru{ qtr'n s1a1oq la8pnq aq
spap op dpo 1IIn aldoad:^saursnq eraqm'sdrqsuoqelar IPuosred lnocle llr^ir slatoq arlt IIE qSnor{tTv'putsrq
[u sr ssaursnc]'plJon rqt;o s1:td reqlo u1 1t:r3o1 put 1oo: 'l€uoller aq marrq8rg aql Sursn ruaql lalleu pue a:utru:o1rad rraql alordur ';n aql
pporls lTaJ s tr qrrqm'Bunletu-ttorsllap ssaulsnq punos rlllm ala;:alul uel ur slatoq raqto ,{nq or urld all 'pue:q rtar,rq8ql aq1 ro; l3a1t:1s snoqrqut
tuarxrlues pur uorlourS 'e1er:dorddrur se uaas llerauaE st sdrqsuoqtlar pue :qsqear 'rea1: r areq ar11 idno:8 aql ro; sueld arnlry rno eft l€qr!!
puos:adlo luaura8e-rno:ua aq1 puos,radrut pue a,r.rpalqo - tlerJuol ')In aqt ur slator{ la8pnq papuurq
eJo sru-ral ur uaas sr ssaulsnq'sarnlpr euos rog 'drqsuoIlPlaJ ssaursnq Jo or1o;uod € dola,Lap o1 firun1:oddo aqt sn sarr8 aseq:rnd srqt tuql
aqllo uorldarrad aq] sr sarnllnl uaa.trlaq alualaJlp rofeu c tp;o ls:rg paurrldxa ar,1 prry rtartq841 parrnb:e ar,am,(q,t no( p1o1 a,t,1 lq8ry '
slaurEll aql rllla lll:lap aJour uI sanssl arFJo arxos auluexa o1 sdno.rS ' alarTaq (purg artr puE uortrsrnble aql urorg slgord Sutsta:rut rog
snro1 Jalprrs olrrr >1earq nol arolaq sealp urpu ar-rr{t lE
{ool ol aTI p,I sagqrqrssod pal n aas art 'q13ua4s pnueug mo pue aurure:8o:d 8rmne4
suorgeqoHau puoqeuralul uI anbrun :no 'slatoq la8pnq Suruun.r pur Suru.rto ur aruar:adxa rno rlll.l,\
psqo.mr SuHaF uaq.rt putu ur 8ur:raq r{uo !\ rrt qrlr{ \\ s3luaJaglp pu? spw:q nar-rq8q1 ar{l;o ppuatod rp-{\org eqt lnoqt patr:xa.!qrpa::rn ar,ar11
.,{yddns aqi uuqr
sr.dr:urrd p:aua3,r,io1 e auqlno ot 1nc1 isa:n11nr :glreds lnoq€ IFI ol tur 1r
,(1pa-r 1,uop 1 o5 osuas p;Buruearu,(ue ur snor8ar lnoqe 11tl o1 alqrssod ,ralrar8 qrnru sr sruooJ ro1 pu€uep eql /pauoquau 1se lng'q8rq prora:
,(1ea: 1ou s,l1 rlsruedg puc su€rIEiI rqtJo an,rl sI a[Its aql s1:adsar raqlo ? lp aJ€ sarJrl a8l?l
sruool alq€lrt^e uog sanua,taa asrr o1Surmtquo:
u
ur 1ua;a-grp (ra.r ar 1nq /sarlreprurs auros aleqs suparo; pue asauedef aft sater rrroor pue .(:wdn::o 1a1oH
'>IIl arlt tlr prre:q 1a1oq taBpnq r
aq] 'alduexa rog 1:ar:orur Lldrrns uauo a.rt suorlesqtraua8 puot8a: pue dolatap o1 arurl papr eql sl sl{l t1a11 2suorlrpuor ta1:eur arll lnoqe trq6
suoqda:uorard lerl] sr a{tsu ol lurod raqlo ag1 a:uarradxa 8ur1erlo8au gn aq1 pue ado:ng ur s1a1oq ta8pnqJo la^al aqt;leq lnoLle qtErll
I€uorteulalurJo Ielel aqt ua^r ro rapuaB 'arn1p: dueduro: apnpur 'uorlras la8pnq aqt rrr ale >Ifl arp ur slatorl;o lual rad g 1 (1u6 :qsqers
i^rolrE] lar{lo 'suor1r11o8au ur rnor^eqaq ssuluJalap leql aJnllnr FUorleu aldurs e no-( a.r.r8 aru la.I 'pueuap aqt taaru ol slatorl ta8pnq q8noua
(pro 1ou s.qr qcql sr ilels arll urorJ lq8r: asqea: o13urq1 auo dn uap;p lou aJ€ aJaql /sr q1n:l aql rlng slsor tnr o1 3ur,&1 s auo.{rala /1p:grp arr
pe:1uo: u 1aB pue lFsar arll uo snro1 pue ssaursnq o1 umop 1aB ol sa111 suorlrpuof lrrxouolE slaloq snorBrlsard 'ap:s-dn alou aq] u unlt rrq]€r
euoi:a.ra 1eq1 eapl aq] ralduexa ro1 lleuorltu:atur,(1dde dp:ussarau s(epe.trou s1a1oq la8pnq put a:rrd-pru ur dels o1 Surpual are
aql ;n
lolr op aJnllnr rr.tro rnod ruor; aldoad qlul ssaursnq Surop uaqm 11a,tr. ot sralla el] ssaursnq teqt u^\oDI IIa^r s,tl ']a{lnu
aql ur dEB aqt (ltsrrC
rsauo rrlsauop ol 'qtaor8 ro; l1rungoddo aq1 pue suoqrpuor la{leu aqt rtalrrru arlt ur de8
{ro.rt Llrq.tt srrlrel aleu ol aIe}snu 8rq e s,}erll lnq
luaraJrp ou ale suorlerlo8au puorleu:alur leq] aunsst aldoad.(ueyq arp :suospal ureu aarrll ala,u alaql.{es p,1 lnar,rg8rq (nq an prp (qm /;1g
'saJnllnl ssor:r Surlerlo8au 1e 'uorleluasard (ru ur ralel asaql auqlno
1oo1prnb
r a1e1 o1 a1q p 1 (ep aqllo utd srql ur 'mou pue - fieD 'leqt roJ s{ueql il.I pu€lq aar^q8g aq1;o arn1ry aqt .ro; surld snorlrqure .{ra,l a,req a14
z€ )tvultcl ')IIl aqt ur araq talreu 1a1oq-la8pnq aq] otu e^up ,rno roJ uorlepuno; aql
se marrqBql3o uorlrsrnb:e aqt aas an tarTr€a pauortuau I sr tlam lq8ry 65
SNOIIVIIO9] N lVNOIIVNUlIN I (t)vuc Nvsns = *:) o€ )r)vdr.{fi:
:t SlUnlln)SSOUfv 9Nl)UOfiA
uoqrsrnbre-1sod
filsnpur uops puorssalo:d Burop aq ot EuroB srm-(uudruo: arlt leq^{ 8ur,(Jrtuapl ur e1o: r11qnd d:a.r
eql q uoqrsod 8uor1s e seq (ueduror aql lnq rsread aarqt lsel aqt ur tuar rssalord
'.(ral e 1oo1 oq,r (wdruo: aquo u€runerl3 pu€ OAf aql se.^{
:ad g1 ueqt ssal,(q pasEalur a^trl slgord 'srpllop
uorTlrru 8 Jo slgord 1au uorlrrBalur aq1 se 11an se '.(3a1e4s pap aq] ur pa8e8ua .{1daap -fta.r teql
{}la t€3d lsel srclop uoqFu i6 paddol sapg sarrluno: ueadorng o.rt1 .uar4,{aql (lluelrodur lsoru pue rp:em;o; a,r.rrp o1 Suro8 sem ssautsnq aql
ur s1:npord rreq salnqulsrp osp .1gg rnq'+a1:eu auorl aql ur e,r€ sal€s .\\orl rl1 sp
rapr aruos peq-(aq] 'paurela: aq o1 Suro8 ara^r sassaursnq rprrla
s1rlo 1ua: rad a,lg-l]aurg e:r:arrry quoN ur suolES Ieuorssa-lord :o,g maul (aqt 'aq o1 Suro8 se r ssoq naq] oqa ero;ararll ,(poq&arg
'soprs qtoq uro{ aldoad;o raqunu pnba ur tnoqe qlrm
^\enl
st:npord a:e:rrrqJo srarnlre;nu€u do1 aq1;o auo sr dHS 'rpuolg 'qreag
urJe4 ur paseq'sllnpolcl rrEH uaaqs te jool asop p 3ur.p1 ar (aq1.ies u:g aq] Suruun.r aq ol Suro8 sen oqa;o uoq€rgrluapr aql8urpn1:ur teap
auos iaruoq,rpetr (ueduro: r ro1 oE puoqeu.ralrq relorrury 11r rr (1eur1 aql Bununouue .(1a1uuq1n 'qn 'aldoad roruas (:al '.tra-\-Io sapls Llloq ruo{
'1ua: ,rad gy,(q
iulsearlul ueal e :aq1a3ot
tnd uaql (aqt - plssallns aq lou tq8tu 1tt11 srualr asoql
s1g :d qtrm'srra-{ aa,rql snor.rard ar11 ur 1se3 .ttar8 .(ueduo: aq1 rr-\ouury - s:addolsmoqs asoqt r{SnorLlt pa1:o.rt Sur.rtq
sr prp uarli .{aql teq11
roj la8ret Surldual t sr/sre11op uo{llu lrI Jo slgord 1au put srelop 'In;Ssalns aq o1 Suto8 s 1r a:ns a{pu o} }u€^\ a14 ,{1puag;
uorTllrrr Z9 lsorup;o.rua(lsel saps qlrm'opuo11 tal,pu aqt,+o tuautS:s s.ll arns a)Eu ot lurm a1,1 :a8:aru slqt qllr rlSnorq] oB 1,up1nor1s am uaql
ra,lroqs pue qltq arll do]a^ap ot put EIs11 otul purdrr oi,urunlroddo 'pa3:aru amq am aruo LuaLIl qlr-^\ Ieap o1 Suro8 ar,a'n rtoq lnoqe aar8t
aql relouurH a,rr8 ppor { slrnpord ra.uoqs pur rltrrL osF' tnq srllalusol l,uef alr1r 'ale surelqord asoql leq,rt uo aar8t 1,u€f a.\rJI llou suralqord
dluo 1ou sarnl:epwur,{ueduro: uEaro)I srq1 tr;^uqoo1 a.1,i1qeqord asoql lsed 'asoq] la8 ],uer aAJI PIES pue 'd1:ea ,(lar arem srualqord
pqualod esoqt leqm pagUuapr laql 'alqet aLIt uo sp:et :raqt lnd eprs q:eg
IIra lcuorluulalul :r,touury iurduol -raqlouE sr stlnpord tr.-ag opuog

. adjective (odj.) Headwords for adiectives followed
by information in square brackets, e.g. [only before a
nounl and [not before a noun], show any restrictions on
where they can be used.
o noun (n.)fhe codes fCland IUlshow whether a noun,
or a particular sense of a noun, is countable (cn
agenda, two ogendas) or uncountable (awareness,
brandi n g).
. verb (v.) The forms of irregular verbs are given after
the headword. The codes 1// (intransitive) and IIl
(transitive) show whether a verb, or a particular sense
of a verb, has or does not have an object. PhrasaI verbs
(phr.v.) are shown after the verb they are related to.
. Some entries show information on words that are
related to the headword. Adverbs (odv.) are often
shown in this way after adjectives.
. region tabels The codes AmE and BrE show whether
a word or sense of a word is used onty in American or
British Engtish.
I
account n. [C] an arrangement between a bank and a
customer that altows the customer to pay in and take
out money; bank account
accountable adj.[nol before a noun] responsibLe for the
effects of your actions and willing to explain or be
criticised for them; accountability n. IU]
accounts n. IC] the department of a company that deals with
its acco u nts
acquire v. [T] 1 to buy a company
2 to buy part of a company
acguisition n. lC, Ul when one company buys another one,
or part of another one
actuary n. lCl someone whose job is to catculate risl<s, in
order to advise insurance companies or pension funds
admission of tiabitity n. IC] when a person or organisation
accepts tegal tiabitity for something
advertising campaign n. lCl an organisation's programme
of advertising activities over a particutar period of time
with specific aims, for example to increase sales of a
product
agenda n. IC] 1 a list ofthe subjects to be discussed at a
meeting
2 someone's secret plan or aims, rather than the ones
that they say they have
agent n. lCl a person or company that is paid by another
person or company to represent them in business
appoint v. [T] to choose someone for a job or position
168
assess v. ll, Tl to make a judgement about a person or
situation after considering aLl the information
asset 1 n. IC] something or someone that is usefuI because
they heLp you succeed or deaI with probtems
asset 2 n. IC] something belonging to an individual or a
business that has vatue or the power to earn money
auction n. IC] a public meeting where land, buildings,
paintings, etc. are sold to the person who offers the
most money for them
audit n. lCl an officiat examination of a person's or
organisation's accounts by an expert, to checl< that they
are true and honest
award 1n. lCl 1 an amount of money that is given to
someone as a result of an official decision or iudgement
2 something such as a prize or an amount of money
given to a person or company to reward them for
something they have done
award 2 v. [T] to officiatty give a prize or an amount of money
to a person or company to reward them for what they
have done
backer n. lCl someone who supports a pLan, person or
company, usuatly by giving money
bankrupt adj. nol having enough money to pay your debts
bankruptcy n. [C, U] when someone is judged to be unable
to pay their debts by a court of Law, and their assets are
shared among the people and businesses that they owe
money to
benefit n. [C] something, especially money, that an employer
gives to workers in addition to their normaI pay, to
encourage them to work harder or be satisfied where
they work
benefits package n. lCl the total amount of pay and alt the
other advantages that an employee may receive, such as
bonuses, health insurance, a company car, etc.
bid n. lcl an offer by one company to buy another, or the
value of this offer
bittboard n. IC] a large sign used for advertising
bond n. lCl an amount of money borrowed by a government
or an organisation. The government or organisation
produces a document promising that it witt pay back the
money that it has borrowed, usualty with interest. The
document, which can be bought and sold, is atso called
a bond.
bond market n. IC]the buying and selling of bonds
bondholder n. IC] a person or organisation that owns bonds
bonus n. lCl an extra amount of money added to an
employee's wages, usually as a reward for doing difficutt
or good work
69t
ralpl lr lol l1ed pue MOU Surqlauuos
Inq o1 'r1a lerlddns 'doqs e qllM luauaBu e))e ue Z ueol e Aedat louuet laMolloq aqlJ!
leraueE ur Surpual lueq rapual e ol roMolroq e l1q pasrLlotd slasse lnl 'u letalellol
ro'ueol e lo1 )ueq p qllM ]uoua8uele ue I lnl 'u llpaJl
uorlesrue8to to uosLad leuolssalotd e
lerauaE ur ssoursnq lo'auo a8rel e Allensn tuorJ arApe lo saltAlasto1 slled oqM auoauos [1] 'u 1ua11:
'Aueduor e o1 3ur1e1er Iunou e erolaq l\luo] 'lpo eletodtot
pJeoq slr Jo raqL!aL.u
{uedLror aql u! salpqs Jo LUroJ aq} ul AuedLUol roruas ]sotu aq1 lil1er:adsa'uorlesrueEto to AuedLuot
e Aq predar aq uel teqt puoq e []l 'u puoq alqtya^uol a8rel e;o a8teq: ur st oqM uosrad aql []l'u uprulpqf
pa8eueu oq plnoqs ueuroMlreql
Aueduo: aq] Moq apnap ol saleqs q8noua ro'Iueduuo: ro ueL.ulrpql1o qot aqt lo 'uotlestup8ro to Aueduuot
sareqs
e Jo aql llpq ueql aroLr uMo ol [f ] zl z lorluol e Jo ueuroMreql ro
ueulteqt aqt IrelnEuts] 'u z tleql
qlnu ool asearful Surlaau e 1o a8reqt ur aq ol l1l z , rleq:
lou saop SurqlaLuos leql arns a)eur ol ua)pl uorlle ue Z 'luaprsard lo leql se qlns'sqotteqlo qllrvt
'pa8eueu sr Aueduor aq] Moq apnap o] alqe
paurqL!ol saurlaL.u0s sr (larglO a^tlnlaxl Jalql) Oll lo
aq oi saleqs qEnoua lo 'sareqs sll lleq ueq] arour uMo
qol aqI'AuedLuor e 1o luauaBeuer-u Aepfuena 'leul.lou
Iaql 'AuedLuo) e Jo luluD seq auoauros Jl
'u r lolluof, I lll aq1 ur
Alrroqlne lsotu aql q1M raEeueuu oq] []l 'u Oll
op ]ou lsnu ro 1aqlo aq] roJ
osaql Jo 3ururl aq1 pue 'Aueduuot e 1o lno SuroE
op ]snur qlea leqM sAes qrrqnn sdnorE ro aldoad arotu
pup olurEurruor l\euouu Jo slunoule aql In] 'u MolJtlsel
ro oMl uaamlaq luaLuaatBe ualluM leulloJ e ll] 'u llelluol
's1qap s1r t\ed
suorlesrue8ro pup sassaursnq l\q ueql laqlel 'asn uMo
ol l1auoLU qEnoua aAeq lou saop ]t asnelaq aletado
raq] roJ aldoad Aq lq8noq spoo8 [1etn1d]'u spoo8 launsuoJ
o] onurluol louuet saoE sseursnq e 11 '/po lsnq
l'lsnq
llasar ol ro
seapr lelruqla] polueApP
asn ssaursnq roJ ]ou 'asn uMo raql toJ saltAlas pue
'u
uo paseq seuo Allenadso'satltAtllp ssautsnq Mau olut
slrnpotd'spoo8 sAnq oqm uostad e lll teunsuol
l1auouu slnd oqnn tolsoAut alenud e ll] 'u laEue ssaursnq
a1 d oad
solnr lenUJo A,tessateuun pue
1o dnorE e SuoLue luaueat8e [teln3urs'1]'u snsuasuot
palerrldLro: lo ]ol e Surneq to Surnlonur '/po r;lelrnealnq
'auop Suraq sr lpqM q1r,u aat8e panloAut aldoad
11elap e Sursnet to1 alqrsuodser to
aqt lle qrqM ur sauo are suor]le ro sueld 'sluauaatEe
Sutsnluor are Aaql uaqm Allenadsa 'LualsAs lpnUjo ue Jo
lonsuasuo) lunou e atoleq Aluol '/pa lensuasuo:
sassarotd pue salnr paletrlduLot aql llp lll 'u I:elrnealnq
raq1e3o1 pauro[ aneq ]eql sarueduol ]ualaJJtp lelanas Jo
Surlsrsuo: uorlesrueSro ssautsnq a8tel e [1] 'u ale.lauroltuor
ulg e 3u11eu Allenadsa'Surqlauuos Surop
uo luads uaaq spq Aauou.r qlntu Moq Surles loJ pasn Z
sraqlo qllM SurladLuor ur paalrns ol alqe arouu liuedLuo: sluaurasrlla^pe u r pasn
e sa)eur leql a8eluenpe ue lll 'u a8eluenpe anlllladuo: ual1o - a:rid ur nnol Atan 1[unou
atolaq tlluo] 'po rp8pnq
'lnJSsallns aq lllM lsaq op oqM asoql pue laqlo qlea 'tla 'uo Iauou aq1 puads lltM ]t ]eqM
qlrnn aladuot ol aneq aldoad 'a,trlrpdwot sr ssatotd e 1; 7 'puads llrM lr qlnul Moq pue'aultlJo pouad reln:rlted e
sraqio upql Aldeaqr alou saltAlas ro spooE rano auolur se aAtalol lltM ]t qlnul Moq Jo luauuurano8
rraql 3ur11as Aq aldLuexa loJ's.laqlo ueql lnJssatlns aloul e ro uorlesrue8ro ue Aq apeLu ueld paltelap p []l .u r la8pnq
aq o] preq Aran 3urAr1 ale sassautsnq qrlqM ut lnotAeqaq
pup suorlenlrs aqutsap ol pasn 1 '/po an111laduot uErsap s1r to aueu slr Iq
pasruSorat eq Alrsea uet 1:npord oql leql os Aueduuo:
sraEeueu lueUodLur s,IuedLuor e ol palaJJo e Aq ltnpotd e oi
uanrS oupu aq] [1] 'u arueu puelq
aie ]pLlt'suorldo )tols se qtns'saEelue^pp laqlo oql lle
pue Aed Jo ]unoulp lelot aql lll 'u a8elred uollesuaduot
puerq B lnoqp a^eq aldoad
ieqt sJarlaq pup seapt Jo uottlaliol aqt lll 'u a8eul puelq
pauuPq.ro ]rnq uaaq aneq Aeql
uErsap slr ro
asnelaq auoalros o1 pred lunoup ue [1] 'u uorlesuaduot aueu slr l\q pasruSorat aq Alrsea uet 1:npord aql leq]
'slelaLu pue sltnpotd uteJ ale sotltpoLl.tLuol os AuedLuo: e Aq ltnpotd e o1 uanr8 aulpu p [1] 'u puelq
1o salduex3'sserotd leulsnput ue ur paEueqt to pasn
passnlstp atp asaql pue suotlsaSSns sa>1euu
uaaq seq ll oroloq uroJ rseq slr ur auo l1llenadsa'1gotd
auolirana ataqnn Surlaaur e SutAeq Aq su.relqord Surnlos
e a)pL! ol plos aq uel 1eq1 ltnpotd e lll 'u llrpouLuot
pup seapr nnau Surdolanap;o Aem e In] 'u Surm.rolsulelq
Alrnrlre teln:r1ted e ur paAaqo
sarrrd ro sales iuotllnpotd se qtns SurqgaLuos
sr Mel aq] lEql sarnsua leql uorlestue8to 1en91o ue 7
asearrur o1 sdlaq 1eq1 SurqlaLuos [telnEurs] 'u z lsooq
plos a^eq Aaql r1a'spuoq
'sarpqs 'spoo3 Jo anlpA aql ol Sulp.lollp auooLLOS sarrLd ro sales
o1 pred Aauou Jo lunoute up I ln '1] u uorssrruruo: 'uorltnpotd se qlns SurqlaLuos ospallut ol [_L]
z r lsooq
IUVSSOl9
GLOSSARY
credit crunch n. fsingutar] when borrowing money becomes
difficult because banl<s are forced to reduce the amount
they tend
creditor n. IC] a person or business to whom another person
or business owes money
damage 1n. IU] a bad effect on something that makes it
weaker or less successfuI
damage'z v. [T] 1 to cause physicaI harm to something
2 to have a bad effect on something in a way that makes
it weakei or less successluI
damages n. Iptural] money that a court orders someone to
pay to someone else for harming them or their property,
or causing them financial loss
deadline n. [C] a date or time by which you have to do or to
complete something
debt n. [C] 1 the state of owing money
2 money that one person, organisation, country, etc.
owes to another
3 capitaI borrowed by a business or government
organisation on which it pays interest
debtor n. IC] a person, organisation or country that owes
money
deceive v. [T] to make someone believe something that is
not true in order to get what you want
1
dectine v. Il] lf sales, profits, production, elc. decline, they
become tess.
decline'zn. lC, Ul when sales, profits, production, etc.
become less
default rz. Il]to fait to pay money that you owe at the
right time
delivery n. IC, U] the act or process of bringing goods,
letters, etc. to a particular ptace or person
demand n. lUl 1 the totaI amount ofa type ofgoods or
services that people or companies buy in a particular
period of time
2 the totaI amount of a type of goods or services that
peopte or companies would buy iI they were available
deregulate rz. [], T] to remove or reduce the number of
government controts on a particutar business activity,
done to make companies work more effectivety and to
increase competition
devotve v. [T] to give work, responsibility or power to
someone at a lower or more [ocaI level
differentiatev. [T]When a company differentiatesits
products, it shows how they are different from each
other and from competing products, for example in its
advertising. This is done to show buyers the advantages
of one product over another.
diligence n. IU] care that someone in a position of
responsibility takes with their work
770
discount n. IC] a reduction in the cost ofgoods or services
in retation to the normalcost
distribution n. IU] the actions involved in making goods
available to customers after they have been produced,
for example moving, storing and selling the goods
distributor n. lCl a person or business responsible for
making goods available to customers after they have
been produced, either one that sells directty to the
public or one that sells to shops, etc.
diversify v. Il] 1 lf a company or economy diversifies, it
increases the range of goods or services it produces.
2 to start to put your money into different types of
investments in addition to the investments you already
have; diversification n. lC, Ul
divest v. Tl lf a compa ny divests assets, it sells them, for
f
example because it needs cash for another activity or
to repay debts.
dividend n. IC] 1a payment of a part of a company's profits
to its shareholders
2 a part of the profits of a company for a particular
period of time that is paid to shareholders
for each share that they own
domestic market n. IC] the country you Iive in or where
a company is based, seen as a ptace where goods or
services can be sold
downturn n. IC, U] the part of the economic cycle when
prices or the value of stocl<s, shares, etc. fatl
draft n. IC] a document or piece of writing that has to be
checked and possibly changed, and so is not yet in its
finished form
earn y. [], T] to be paid money for the work you do
earnings n. Ipturat] the profit that a company makes in
a particular period of time, or the total profits that
companies make in a particular industry or economy
in a pa rticu la r period of time
edge n. lsingutarl lf a person, company or country has an
edge over others, they are more successful, profitable,
etc. because they have an advantage that the others do
not have.
emerging adi.lonly before a nounll countries, especialLy
those in Asia, Africa and South America that are just
starting to have inftuence or power in trade, finance, etc.
2 in an early state of development
empower v. [T] to give a person or an organisation the power
or the tegaI right to do something
empowerment n. IU] when workers in a company are
given more responsibitity by being allowed to organise
their own work, make decisions without asking their
managers, etc. For the company, this has the advantage
of making their employees more involved and able to
help clients more quickly.
entrepreneur n. [C] someone who starts a company,
arranges business deals and takes risks in order to make
a profit; entrepreneurial adj.
tlt
aar8ap lo ]unoL!e'azts ut aseallut ue [1] 'u qytrrol8
sq0l roq] asol oJdood uaqM In ']l 'u ssol qol
)loM plPq loJ pleMaj e se ssautsnq e Jo
Surqlauuos Suru:teq to 3urso1 lsrr o1 l1l z asrpredoal sraquraLU roruas o] apeu luauuled e lll 'u luauAed 11;lurpoot
lgord e a)PL! ol rapro ur I O] paltns ale
{auoLu slsaAut leql uotlestue8to to uostad p ll] 'u lolselul 1eq1 areld relnrrlted qlpa ul spoqlaut asn lnq A11eqo13
lsanur noI 1eq1 AauoLu Jo lunoL!e ue Z
)urq] plnoqs sarueduuor leql eapt aql In] 'u uor1esrlero13
ssautsnq e olul lnd st leql l\auoLu 'laurolul aLl] sp qlns uotleltunulLuol
aql ro 'alqelgord pue ln;ssallns orour lr a)eur ol taplo 1o sLualsAs ltuolllala Jo asn paspallut aql pue
ur ssoursnq e olurlnd sr l1auouu uaqM
I ln 'l] 'u luaulselut lLodsuetl deaq: '1e1rdel Jo ]uauanoul aal1 aq] 'slauleq
ape.rlJo Surpua aql ale uot1os11oqo16 ol pal a^eq ]eq1
alqelgord pue ln1ssallns alour
s3utql aql;o auros 'plroM aql la^o 11e ssaursnq Surop
ssaursnq e a)eL! llrM leqt sEurql uo Iauouu pueds o1 7
sarueduo: leuotleulalut a8tel Aq pal ']lun auo sp >lloM
lgord e a)eur o]
o1 Auouora plloM aqt rol l1tuapual aq] [n] 'u uollpslleqolt
rapro urrla'Auadord 'spuoq'saleqs l1nq o1 1[1 '1] z lsaru;
a LUlsaAu r
real\ auo Allensn 'aLrrl Jo pouad reln:r1ted p tano lsalaiur lu
rol Aauou Sururelqo 1o Alrnrlte aqt lnl 'u 3u1s;etpun;
3ur1e1nrler roJ pasn alet aBeluarrad aq1 [1] 'u elpl lselalut
AeM stql u!
suMo uorlBSrupSlo lo uostad e 1eq1 IuedLuo:
palsaAur Iauou jo ]unoue ue lo 'sluaLUlsanur 1o aBuer
e1o lred e ro'AuedLuol e ut uMo noli leql saleqs Z
e ro luaulsaAur 1o adAl relntrlted e olut slolsaAut
rolrsodap e 01 )ueq e liq to ueol e
uorl Aeuouu 3ur]lnd
sr Ilrnr1:e osoqM IuedLuot e 7
ro1 AauoLu Surnroloq auoauos liq lueq e o1 alduuexa ro1
alqelre^e
'rapual e ollaMoloq e Aq pred lunoule up I In] 'ulsaJalu!
seq uotlestue8ro to uostad e 1eq1 AauoLu 1 lll .u punl
pred ueaq seq lunoue peat8e ue Jo lle ltlun apeu ole
's1!auaq
leqlsluauuAed reln8ar Jo sarJos e Jo auo l3l 'u luarulelsur
aDuuJ So saldLuexa alp lsalalut jo salel Mol lp sueol pue
arurl Jo poued 3uo1 e tano Allenadsa 'a:tnos srer Aueduuor'suorsua6 'saEenn saptsaq qof e qlran uanrE
.ro []rnr]re Lelnrrlred e Llol; uotlpsrue8to to Aueduuo: e alr^ras ro aEeluenpe leuotltppe ue [1] 'u luauaq aEu1.r;
olur SurLuor Aauou Jo slunou.tp telnEat 'u upalls aulolut
[]] 'l1ltelnBar lo ual1o 3ur11e1 to Surseartur 'aEueqr
sluaulsa^ur LLrol] t'aq1 'aprytnl't1a'sa1et 'auuolur 'salud 11 [1]z alenlrn1;
anralar noA leql ro qof tnol uolJ ulpa nol1 1eq1 Aauou.r 7
'ur are l\aql
'uotlenlts rrnau /1ue lrns o1 Ilrsea paSueqt
eq ro aEueqr uet alqxal st ]eql 'tla'ue1d'uosrad y 7
ssaursnq 1o adIl aql pup asn liaql ualsls Surlunotte
'3u r>1rome1a1 pue Surreqs-qo['aLu r1rxa11
aql ol Surprorre slem lualaJJtp u auo)un taLll alelnllpl
sapnlrur osle Surltonn alqxaH'tla 'autlJo sporLad 1,toqs
sar u ed Luol'slsol aut os Ierr,le 3ur>1e1 lal1p'satltAtlle
roJ s]rerluol uaql anrE'aLut]-llnrr upq] laqlel au_rrl-lred
slr tror; saleuu Aueduot e leq] Aauou I In ']l 'u auof,ut
>1rom 'sqo[ ]ualaJJtp op o] sla)loM )se uet sra[olciLua
Iauou arou puads ro alou atnpord lapteq 'alqxal ale )loMro1 sluauaBuelle Jl I '/po alqrxa1;
)roM uaql a)eu ol [llerradsa 'SurqleLuos op o1 aldoad
aEetnotua ol pasn st qlt[]M Surqlar-uos l1] 'u anrluarul laqlo qlea uot; Anq Aaql spooE relntrlted
uo saxel UodLut a8teqt o1 1ou eatEe staulred Surperl
'llas ol lueM ]ou op slaploq0leqs are qlrqM sarilunol oMl qltqM ur ualsAs p lnl .u epelll!pJ
osoqM Aueduot laqloue Inq o1 sarrl Aueduuor e
LllrqM ut auo st lanoa)el lo ptq altlsotl y'/po alllsoq ln1ssallns atoLu to ra33rq
.r"r
sauolaq l1ueduot to Atlsnpur ue uaqM l1] uolsuedxa
luana leneds e le slsanE to1 saprnotd uorlesrue8ro
'lnJSSallns olotu lo ra33rq sla8
ue ]eql )uup pue
pooJ se qlns sal^ras l1l 'u llrlelldsoq
7t'spuodxa l1lrnllte ssautsnq to fulsnpur 'l1r-uouo:a ue 1; 7
raploqaleqs telntrlred raqurnu.ro
e Aq IuedLuor p ut plaq sa.reqslo Alrluenb e []l 'uEurploq lunoup'ozts utte8rel SurqlaL!os a)eu ol lo !aqLunu
Iauou to1 aEueqtxa ut autl lo pouad e to1 Surqlauuos
lo ]unoule'azls ur ra8tel auuo:aq ol I [I,1] z puedxa
smoloq auoaL!os qtrqm Aq luauuaEuerLe ue [1] 'u . arrq .raqlouP qlrnn lqBnoq aq
uer Arualnr auo qltqM le atrrd aql []l 'u aler aEueqtxa
nol\ ro1 qol telntrlred p op ol
oL.url uoqs p roJ uorlesrue8to ue to uostad e AoldLue o1 7 sanual.lnt 3ur11as pue SurAnq;o 11rnr1:e aql []l 'u atupqtxa
qoIlueueurad e auoauos anr8 o] aar8e o] I lI] z r at!q
1rLlr1 1e8a1 lo lenu]o ue puoAaq oE o1 lgl 7 peelxe
uorlesrue8to ue
Aueduot p ur saleqs
io Surplrnq uteul lo algJo ppaq aq1 llptnldl'u sralrenbpeaq suMo uorlesrue8lo lo Aueduuo: e uaqM [1] 'u a1els Alrnba
Ip] 'u Surlunqpeeq lll
'u ralunqppeq :qol luasard lroql a^eal o1 uosrad alqpltns lqap lou'sareqsJo r!loJ aql ur lelrdet lll 'u lelrder fi1nba
e Surpensrad Iq uago'qol telntrlted e op o1 atuauadxa sueol Luol] ueq] laqlel
pue sllr)s iqSu aql qtlM raBeupLu e pug o] lll z lunqpeaq sarpqs uor1 seq AuedLuo: e 1eq1 lelrdet aql In] 'u filnba
AUVSSO]9
GLOSSARY
iointventure n. lCl a business activity in which two or more
companies have invested together
launchl v. ll, Tl to show or make a new product avaitable
for sate for the first time
launch'zn. lC] an occasion at which a new product is shown
or made availabte for sale or use for the first time
lease y. lTl lf you lease something from someone, you pay
them to let you use it for a particular period of time.
ledger n. IC, gsuatty plural] one of the books or computer
records showing the totals of items shown separately
in the books of first entry or day books
tiabitityn. lC, usuatty pturatl 1 an amount of money owed
by a business to a supplier, lender, etc.
2 the responsibitity that a person or organisation has for
toss, damage or injury caused to others, or for payment
of debts
tiquidation n. lC, Ul when a company stops operating
because it is in financiat difficutty and its assets are sold
to pay its debts
liquidity n. IU] the abitity of a company to make payments
to employees and supptiers, interest payments to
banks, etc.
loan n. IC] money borrowed from a bank, financial
institution, person, etc. on which interest is usually
paid to the [ender untilthe loan is repaid
loan shark n. [C] someone who lends money at very high
rates of interest
logo n. IC] a design or way of writing its name that a
company or organisation uses as its official sign on its
products, advertising, etc.
loss n. IC, U] an event that causes a person or organisation
to make a claim on an insurance contract
loyal adj. lf customers are loyal to a particular product, they
continue to buy it and do not change to other products.
toyalty n. lUlthe fact of being loyalto a particutar product
management buyout n. [C] when a company's top managers
buy the company they work for
manufacturer v. [T] to produce [arge quantities of goods to
be sold, using machinery
market share n. lC, Ulthe percentage of sales in a marl<et
that a company or product has
merger n. [C] an occasion when two or more companies,
organisations, etc. join together to form a Iarger
company, etc.
minutes n. Ipturat] an officialwritten record of what is said
and decided at a meeting
mismanage v. [T] to manage a company, economy, etc.
badly; mismanagement n. lUl
772
mortgage n. lCl a legal arrangement where you borrow
money from a financiaI institution in order to buy land
or a house, and you pay bacl< the money over a period
of years. lf you do not make your regular payments, the
lender normatty has the right to take the property and
selt it in order to get bacl< their money.
negotiate v. ll, Tl to discuss something in order to reach an
agreement
nepotism n. IU]the practice of giving jobs to members of
your famiLy when you are in a position of power
networking n. IU] making use of meetings with other people
involved in the same kind of work in order to share
information, help each other, etc.
occupancy n. lUl used to talk about how many beds or
rooms in a hotel, hospitat, etc. are being used by guests,
patients, etc.
outlet n. IC] a shop, company or organisation through which
products are soLd
outsource v. fT] lf a company, organisation, elc. outsources
its work, it employs another company to do it.
outsourcing n. IU]
overdraft n. [C] an arrangement between a banl< and a
customer, allowing them to take out more money from
their current account than they had in it, or the amount
invo lved
overtime n. lUlthe money that you are paid for working
more hours than usual
overwork n. [U] when someone works too much or too hard
partner n. lcl 1 someone who starts a new business with
someone else by investing in it
2 a company that works with another company in a
particular activity, or invests in the same activity
partnership n. IC] the situation of working together in
business
pawnbroker n. [C] someone whose business is to lend
people money in exchange for vatuabte objects
performance appraisa[ n. lC, U] a meeting between an
emptoyee and a manager to discuss the quatity of the
emptoyee's work and areas for future progress
perk n. lCl something in addition to money that you get for
doing your job, such as a car
pitchv. lTl to try to make a business agreement, or to sell
something in a particutar way
portfolio n. IC] alt the products or services offered by a
particular business
position v. lTl lf a company positions a product in a
particular way, it tries to get people to think about it in
that way in relation to the company's other products and
to competing products.
positioning n. IU] the way that people think about a product
in relation to the company's other products and to
competing products, or the way that the company would
tike them to think about it
€Lt
la)lPr.u
aqllo lrpd relnlrlred e ut soltAlas lo s]lnpold aLlt z
papoou raEuoq ou sr qoI aql asnp]aq Aueduuo:
ssPll
e ur qoI raq] sasol auoaulos ueqm Iq '1]'u A:uepunpat
leDos pue slsalalur 'aL!olut'a3p sp qlns'sltlsilallelpql
lelrL.urs alpqs leql slaulolsnlJo dnolS e I []l 'u r luauSes aztS lo lunoL!E
'errrd ur ralleus lo ssol SurqlaLuos o)eu ol [_1] z arnpar
uraql aMo
noA lpq] Aeuouu aql )req Aed louuet noA 1r auoauuos anrS aldoad,r,rau
o1 esruuord noA leqt slasse raqlo to Ilradotd [1] 'u A1;tn:as Surlrnrrar Jo ssaulsnq aql lo ssalold aqt In] 'u luaultnttal
In 'l] 'u luaupuolas :aLUr] Jo porrad e to1 uorlesrue8to SurqlaLuos sanralai oqM auoauos []] 'u luegdltar
roqloue roJ )roM o1 aaAoldLua ue to1 aEuerre ol ltl z puoles 'MOr P Ur SqlUOUr XrS
Iauou Jo slunoLUe llptus ]sanur pue aAps o1 aldoad rol sllpl uorlrnpotd leu]snput uaqM uolssaral E st alaq]
a8ernorue ol plos puoq luauurano8 e [1]'u puoq stulnes ]eql raprsuol s]srr!ouola Auey; 'eseartap luaLuIolduua
pue Alrnrlre ssaursnq pue'Alpeq Surop sr Arlsnpurto
lunolle lrsodap ALeurpro ue
A-uouo:a ue uaqM aulrlJo pouad e In'l] 'u uolssatat
ueql lsaralur raqErq qlrnn Illensn 'aur] Jo porrad 3uo1 e
rano Aauouu Surnes roJ lunolle )lueq e ll] 'u lunolle sEugres lll 'u 11erarl! q1M SuorM
SurqlaLuos aq Ieu oraql asnplaq ]l ulnlar o] sJau,lolsnl
salrnras ro spooB
s)se lr 'sllnpord s1r;o auo sllDil AuedLuot e 11 l1l z llerar
3ur11es uuorl Illenadsa 'aurlJo poued e
lano saAtalal
uorlesrue8ro ro ssaursnq e 1eq1 Aauout In]'u anualat l1 lelnEursl 'u Surpuelqar
'pasrUaApe sr 1r Iem oq] lo aueu s1r SurEueqt Iq uelo
'Luol1 orupl 1r uosrad to ateld aql ol
)req luas aq ']r ]noqp 1urq1 aldoad 1eq1 Ienn aq1 aEueqt o] saul lt
plnoqs )o ue) alqDutniar sr lpql Surqlauuo5 '/pa alqeulnlat
'ar^ras ro 1:npord e
spuotqu Iueduuot ell [I] 7 puelqat
ureEe lteq pue
prepuels lo onleA'A1rlenb teqntrlted
areld e ol lanell o1 noI smo11e ]eqj'lla'la)ll p 'lpo rutnlat e seq Surqlauuos lo auoaulos ]eq1 )ulqj o1 [1] zr . aler
luaulsa^u r
aEeluar ad
ue LUoIJ epeLu lgord Jo lunoule aql ln 'll 'u z uinlal
e se passatdxo ualJo'suaddeq Surqlauuos saultlJo
'nol pauoqdalol aneq Aaql asneteq ouoauos raqurnu aql ro Surqlaulos Jo salduexe Jo laqunu aql €
auoqdalal noA'11e: auoqdalal e u)nJil noI1l lll z r urnlat 'rla'luauilsaAur ue a)Pu
'lla'azrs ut palnpal'drqstaunno paEueqt ')ueq p ur Aauouu ]nd noI uoqM aAtalal nol1 eBelualad
p ro 'l1auouu Surmoloq ro1 pa8teqr a8eluattad aqt
seq Aueduor e rage aldoad IoldLue ol anutluot ol Z 7
suaddeq SurqleLuos qlqM le peeds aql 1[1] .u, aler
lr o^eq ol anurluor o1 ro Surqlauos daal ol I l1l z utelel
't1a 'sdoqs ol ueq] raqlel 'r!lqnd anrsuadxa ro
3rq Surqlauos 111er:adsa 'Surqlauuos Anq o1 l1l z . aseqtlnd
oqlJo sroqurau o1 spooE slles ]pq] ssautsnq p []l'u lallelal
lqEnoq uaaq seq 1eq1 SurqlaLuos 7
rrlq nd
Surqlauuos SurAnq Jo lle aq] I In] 'u r aseqltnd
aqlJo sraqurauu o1 uedo st leql'rta'doqs e l;11'u 1le1ar
pa^lo^ur sareqs Jo lunoule
lralred 1ou to peBeuuep seM qtrqnn lqEnoq
aql pue's.rolsaAur palsarolur llp o] porallo alp saleqs
Aaql ]eq] ouo Jo pealsur lrnpord p ouoauros anrE o1 7
uaqM uorsello ue [telnBurs Allensn '1] 'u 3ur.ra;;o trlqnd
uostad luolaJJtp e o1 qol aql a^!E pup .rla
'uorlrsod 'qof ltaql ulol1 ouoaL.uos a^oulal ot I [1] z a:e1dar lunou e ato;aq Aluol '/pa leuorlourord ietrntes
ro lrnpord e llos 01 papualur s4rB aat; lo sluaLlosrlraApe
paMoroq uaoq seq 1eq1 lleuouu >1teq Ied o1 l1l I /iedar
lenads se qlns Ilrnrlte ue ln 'l] 'u uorloruord
auoqd aq1
uorlesrue8to to AuedLuot e
uo uoql o1 3ur11e1 ro sraulolsnl Surjaar-u Iq se:rntas to
ur qoI elqrsuodsat atoLu'pred ra11aq e auooulos anrE o] €
slrnpord s,Aueduot e
llas o] paAoldua auoomos [3] 'u dar ':1a'arud slr 3ur:npar'Alaprm
'ate1d luata;tp p ol a^oul Aaql'palotolat 1r Sursrlranpe Iq atrntas to ltnpotd e llas o] preq A.r1 o1 7
s )o salDolal ra)loM to IuedLuo: e ll [1 'l] zt alelolat uaddeq o1 Surqlauos aEetnotua lo ''lla 'lnJSSatlns aloul
'uo pepuadap lo palsnll auoraq 'ruor8 'dolanap Surqlauos dlaq o1 1 [1] z alouord
aq uel alqDtlu sr 1eq1 Surqlauos lo auoaulos '/pD elqsllat sarlrluenb a8tel ur Allensn 'sltnpord sp plos oq
o1 sBurql SurnnorE ro SurleLu 1o ssatotd oq] [n] 'u uollrnpotd
ssol Aue 1o lred
Aed o1 pue Iueduot loq]oup q]lM )su aluplnsut a8tel e pred sr 1eq1 lsolalut aq11o Aue Surpnltur
'reqs o] seerBe 1eq1
AuedLrot aluelnsut ue l1]'u tatnsutat lou 'ueol p
Jo lunoulp leurEuo aql ItelnEurs] 'u lednur.rd
ro1 pred eneq Iaql sarAras ro 'lensn ueql Alrlenb teqBrq 1o ale 'lla 'spooE
spooB aql qlrM pausrles lou ale Aaql asne:aq aldr-uexa 'slrnpord wntwatd Iunou e atolaq Aluo] 'tpo rwrywatd
loJ ')leq Iauoiu ltaq] ouoaulos anrS o1 [_L] z z punJaJ
aler ro lunoue prepuPls
noA o1 lreq uanrB sr leql l\ouoLu Jo rxns e []l 'u r punJal e anoqp 'Aauour Jo lunoue leuotltppe ue l1] 'u , urnluald
AUVSSO]9
GLOSSARY
segment'z v. lTl to divide a targe group of peopte into
smalLer groups of peopte of a similar age or with similar
incomes, interests, etc., so that products that are most
suitabte for each group can be sold to it; segmentation
n.Iu]
service contract n. [C] an agreement between a company
and one of its directors, stating what the director witl do,
how much they witt be paid, etc.
sever y. IT] to end a business relationship or connection with
Someonei"because of a disagreement
severance n. IU] the act of officiaIty ending an agreement
or contract, especiaLly between an employer and an
employee
share n. IC] one of the parts into which ownership of a
company is divided
shareholder n. [C] someone who owns shares in a company
slogan n. lCl a short phrase that is easy to remember and is
used by an advertiser, organisation or other group
slowdown n. [C, usualLy singular] when something gets
slower
sponsorl v. IT] to give money to pay for a television
programme, a sports or arts event, training, etc. in
exchange for advertising or to get public attention
sponsor 2 n. lCla person or company that pays for a
television programme, a sports or arts event, training,
etc. in exchange for advertising or to get public attention
sponsorship n. IU] financial support given to pay for a
sports or arts event, training, etc. in exchange for
advertising or to get public attention
stake n. IC] money risked or invested in a business
standard n. IC, U] a [evel of quatity, skitt, abitity or
achievement by which someone or something is judged,
and that is considered good enough to be acceptable
statement n. IC] 1 something you say or write publicty or
officiatly to tet people know your intentions or opinions,
or to record facts
2 a tist showing amounts of money paid, received,
owing, etc. and their total
stock n. [C, U] 1 a supply of goods, kept for sale by a shop or
other retailer
2 one of the shares into which ownership of a company
is divided, or these shares considered together
stockbroker n. lCl a person or organisation whose job is
to buy and se[[ shares, bonds, etc. for investors and
sometimes for themselves
stockmarket n. IC] a place where companies' shares are
bought and sotd
strategic odj. done as part ofa pLan to gain an advantage or
achieve a particular purpose
strdtegy n. lCl 1 a plan or series of ptans for achieving an
aim, especially success in business or the best way for
an organisation to develop in the future
2 the process of skitfut planning in general
774
subsidiary n. lCl a company that is at least half-owned by
another company
supplier n. lCl a cornpany that provides a particuLar type of
product
1
suppty n. IC] an amount of something that is available to
be sold, bought, used, etc.
suppty'z v. lTl to provide goods or services to customers,
especiaIty regular[y and over a [ong period of time
supply chain n. lCl the series of organisations that are
involved in passing products from manufactrtrers to
the pubLic
sustainable odj. slrong enough to continue existing or
happening for a Iong time
take over phr.v.lll to take control of a company by buying
more than 50 per cent of its shares
takeover n. IC] the act of getting control of a company by
buying over 50 per cent of its shares
target 1n. lcl 1 a Limited group of people or area that a plan,
idea, etc. is aimed at
2 a resutt such as a tota[, an amount or a time which you
aim to achieve
2
target v. [T] to aim products, programmes of work, etc. at a
particular area or group of people
term n. lCl 1 one of the conditions of an agreement, contract
or other legal document
2 a word or expression that has a particular meaning,
especially in a technicator scientific subject
trade n. lUl the activity of buying, setling or exchanging
goods within a country or between countries
turnover n. Isingular, U] 1 the amount of business done in
a particular period of time, measured by the amount of
money obtained from customers for goods or services
that have been sold
2 the rate at which workers leave an organisation and
are replaced by others
venture n. lCl a new business activity or profect that
involves taking risks
venture capitaI n. IU] money [ent to someone so that they
can start a new business
viral odj. passed on to other people on the lnternet or using
mobile phones
voice mail n. lUlan electronic system on your teLephone
that lets you leave messages for people who phone
you when you are not available, and Iets them leave
messages for you
wage n. [C] money that someone earns according to
the number of hours, days or weeks that they work,
especially money that is paid each weel<
wannabe n. [C] someone who tries to look or behave like
someone famous or Like a particular type of successfuI
person, because they want to be like them (usually used
to show disapproval)
sLl
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AUVSSOl9
Pearson Education Limited
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Acknowledgements
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Thanks atso to Lewis Lansford for writing the Review units and
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Extract in Unit 1 from 'A quiet word beats sending e-mait', The Hnancial
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The SundoyTimes,08l03l2009, copyright @ The Times, 2009
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Extract in Unit 10 from 'Customer service is changing the world',
The FinancialTimes,OT 11.1.12008 (Betzer, M.), Copyright O Mike
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ISBN

tl
97