GLOSSARY

Advantage: Is a quality or condition that helps a company succeed.

Affordable: Something that is affordable is not too expensive to buy.

Approach: To approach means to move nearer to something or someone.

Assembly line: An assembly line is a group of machines and people in factory that work together to build a product.

Asset: Is any item economic value which is owned by a company or individual.

Aware: If you are aware of something, you know a little about it.

Benchmarking: Is a method of investigating successful techniques in an industry and comparing them to one’s own business.

Boost: something is to increase it.

Core value: A company’s core values are good qualities that the company wants to maintain when doing business.

Criteria: Rules, standards and tests used in evaluation and decision making are criteria.

Debt: is the amount you take away from or attack.

Detractor: is a person criticizes something.

Downturn: is a period of time when economic activity is not as strong.

Edge: An edge is a quality or condition that helps a company succeed.

Endeavor: To endeavor means to work hard in order to do something.

Entrepreneurship: Is the ability and willingness to start and manage a new business.

Esteemed: If someone is esteemed, he or she is respected by others.

Flop: Flop is to fail.

Foothold: Is a position that supports a company’s further development or expansion.

Gaffe: Is a mistake in a social situation.

Gap: Is a space, or a place where nothing exists.

Gel: Is to work well together and have a friendly relationship.

Grant: is money that someone gives to help with a specific project.

Issue: is an important matter.

Liability: is a deb that a company must pay.

Unit 15 Global Trade

Task 8. Writing

There is a World Trade Organization (WTO) Ministerial Conference taking place in London this week. These things are pretty controversial, there are those that say the WTO has too much power, for example a nation's laws mustn't violate the WTO's laws. Also the WTO can place trade sanctions on member countries if they violate a law. But without the WTO trade would only be regulated by trade deals made between countries, though it might be possible for other governments to put their own trade sanctions on a country that violated any agreements. And the WTO helps developing countries establish trade with industrialized nations, boosting the trade of all involved. It also ensures that global business between nations is equal and fair.

Unit 14 Global Economy

Task 7. Writting

A: Professor. I'm Derek Swam, from 'Market News'. Do

you have a minute?

B: Oh yes, I can spare a few minutes to talk.

A: Do you think that your lecture was well received?

B: Yes, the audience seemed interested in what I

had to say about the global economy.

A: And does global commerce always benefit a

country?

B: Well, there are some downsides to globalization.

But the good usually outweighs the bad.

A: Can you give me an example of one of the

downsides?

B: Well, in some industrialized countries globalization

has led to loss of employment. But I'd prefer you

not to mention that in your article.

A: That's OK. I have plenty of other material.

Task 8. Writing

How globalization affects the world economy: it leads to increased economic output in many

places, which in turn leads to a higher standard of living. Why global trade benefits countries:

global trade allows developing countries to trade with industrialized nations. This can help

increase gross domestic product, reduce national debts and consumers may also benefit by

getting goods at lower prices. Why global trade makes countries dependent on each other:

once countries start buying and selling things between each other this means that the

decisions of consumers in one country make on what to buy have an effect in the other

country, even if it is very far away.

Unit 13 Innovation

Task 7. Speaking

Hi Mike. How did the focus group for the new Shelbourne ad go?

B: It went well, Nancy.

A: Great!

B: But there were some things the participants didn't like about it.

A: Oh ... I thought it was really innovative. What didn't they like?

B: Well, the target audience for the product is adults over forty, right?

A: Yes, that's right. Most young people wouldn't be interested in that type of vehicle.

B: Ok, well, some of them thought the ad was too edgy

Task 8. Writing

There are many different ways that a company can market itself creatively. It can use social

networking sites instead of its own website to provide a more interesting and better targeted

online presence. Another possibility is to organize events like workshops or conferences.

Perhaps gifts could be given away at these events that bear the company logo. Another way is

to allow customers and suppliers to see who they are actually dealing with by putting photos

or videos

Unit 12 Competition

Task 7. Writing

A: Hello. I just received your email about needing

new strategic goals.

B: Yes. This company was at the top of the industry,

but we're no longer dominant. That needs to change.

A: I agree completely.

B: I'm glad to have your support Belen. I know the

other board members value your opinion.

A: The email says that you and the company vice-

presidents have formulated a plan to achieve this?

B: Yes, we've been working on it for a month now.

A: I had no idea that you've been thinking about it

that long.

B: Well, I wanted to make sure the goals were feasible

before presenting them to the board of directors.

Unit 11 Business Strategy

Task 7 Speaking

B: Yes. This company was at the top of the industry, but we're no longer dominant. That needs to change.

A: I agree completely.

B: I'm glad to have your support Belen. I know the other board members value your opinion.

A: The email says that you and the company vicepresidents have formulated a plan to achieve this?

B: Yes, we've been working on it for a month now.

A: I had no idea that you've been thinking about it that long.

B: Well, I wanted to make sure the goals were feasible before presenting them to the board of directors.

Task 8. Writing

An IT guy sending a reminder that all passwords need to be updated every 60 days.

An Office Manager reminding people to put all dishes in the sink by the end of the day.

A CEO explaining a new bonus policy.

A VP telling their division they’re falling behind for the year and need to meet certain numbers.

Unit 10 Achieving Perfection

Task 7 Speaking

B: Hi Peter. What were the results from the benchmarking study?

A: We got great results. In fact, we're better than our competition.

B: That's great news. But how can you be sure?

A: I compared production numbers. We're a smaller company so naturally produce smaller amounts overall.

B: I see. But why is that better?

A: Because we're way more efficient. We spend about a quarter of our budget on production. But the bigger competitors spend almost twice that.

B: I see. They produce more overall, but our methods save more money than theirs.

A: Exactly. In fact, the quality management standards on our production line could be applied elsewhere.

B: How so?

A: I noticed it while checking the internal benchmarks. As efficient as our production line is, our marketing department needs work.

B: So what are you suggesting?

A: We take the production best practices and apply them to the marketing department.

Task 8 Writing.

Anthea, We have recently completed our benchmarking study and the results are very encouraging. We are way more efficient than our larger competitors. We can see this because we only spend about 25% of our budget on production compared to almost 50% by our competitors. So even though they produce more overall, our methods save more money than theirs. The report also considered some internal benchmarks. Although our production line is very efficient the marketing department is not so good. The report suggests that we can improve the company further by taking the production best practices and applying them to the marketing department. Martin