COMMUNICATION
Reading strategy: Identifying the main ideas
Read the title to have an overall understanding of the passage
Skim the paragraph(s), then try to identify the topic
Identify the topic sentence (often the first sentence or sometimes the last sentence)
Look for repeated words and ideas throughout the passage
A VOCABULARY PRACTICE: Match the words with the definitions
1 productivity A something that you give or do to achieve something with other people
2 to set an example B the rate at which a person or company produces things or does useful work
3 leadership C a high level of knowledge or skill in a particular subject
4 to bond with someone D to behave in a way that other people should copy
5 contribution E to keep giving attention to one particular thing
6 relationship-oriented F the position or fact of being a leader, the qualities of a good leader
7 expertise G interested in personal relationships
8 to stay focused H to develop a close connection to or strong relationship with someone
Collaboration means two or more people working together to achieve a goal Studies have found that working together makes people more motivated and helps them perform much better People
Teamwork fosters sustained engagement, reduces fatigue, and enhances outcomes Collaboration enables individuals to accomplish feats unattainable alone Effective communication facilitates goal alignment and idea exchange, fostering critical thinking and contributions Implement these five collaboration and teamwork tips to boost productivity and achieve superior results: 1) define roles and responsibilities; 2) establish clear communication channels; 3) foster a culture of respect and trust; 4) encourage active listening and feedback; and 5) recognize and celebrate team successes.
Creating a culture of co-operation
To achieve their goals effectively, team members need to co-operate and be generous with their resources, including their own talents When people get to know the strengths of their individual team members, they can use the different skills and expertise in the team to their advantage Team leaders can create a culture of co-operation by setting an example that includes spending time talking to and supporting individuals, and sharing their knowledge and resources with their team
If we see our team leaders being open and welcoming different ideas, we are more likely to do the same
Having clear goals and clear roles
Working in a team without clear goals is like running in a race without a finish line In order for team collaboration to be successful, members need to have clear goals and know their individual responsibilities This not only helps them to stay focused and motivated, but it also helps them to understand how they can play their part in the team's success
Leaders – focusing on tasks and relationships
Objectives are important, but we mustn't forget that a team is made up of people and their relationships to each other The stronger those relationships are, the more likely the team is to be effective A report by Harvard Business Review found that the most productive and innovative teams often have leaders with a flexible leadership style They might start a project being task- focused and deciding the goals and roles in a team But during the project, they might switch to a more relationship-oriented style, focusing on team-building and creating an environment of friendliness and trust
If we want our team members to work well together, communication is the key We need to provide effective channels of communication and encourage people to share what they're doing Simply meeting once a week for updates is not enough There are many project management tools like
Microsoft Teams or Slack that provide a regular and open channel of communication with everyone Another option could be creating a group on messaging apps like WhatsApp or LINE to offer team members a chance to informally communicate with others
Companies often organise social events because they know the importance of creating a sense of community The activity could be anything from a weekly lunchtime food share to a quiz afternoon Or you can start with simple, everyday things like having coffee breaks together or creating a space to share books Ideas like these all encourage collaboration by bringing people together and helping them bond with their colleagues
Collaboration is an opportunity to learn from each other and encourage fresh thinking, as well as a source of energy, strength and continued effort As the saying goes, ‘If you want to go fast, go alone If you want to go far, go together.’
Exercise 1: Which ways of improving collaboration are mentioned in the article? Choose the FIVE correct answers
A Putting in time talking to team members and giving them help
B Organising a fun group activity for staff
C Encouraging each team member to compete against the others
D Making sure each team member understands their role in the project
E Limiting communication to weekly team meetings
F Focusing on the goals but also on the relationships that team members have with each other
G Ensuring that everyone on the team has the same point of view
H Encouraging informal communication and socialising between colleagues
Exercise 2: Choose the correct answers
1 To promote co-operation, team leaders should
A provide assistance for those in need
B acquire as much knowledge as possible
C convince others to follow their ideas
2 Setting clear goals results in
A motivation being shifted from leaders to all members
B each individual’s roles and responsibilities being clearly defined
C project deadlines not likely being missed
3 It is suggested in a study that successful teams
B tend to strengthen interpersonal bonds
C are led by innovative individuals
4 Lines of communication should be expanded to include
A VOCABULARY PRACTICE: Complete the sentences with the correct form of the words person agency enquire communicate automate
1 Much emphasis is put on effective communication by customer interaction and building a rapport with clients
2 Chatbots deal with requests like billing details, and technical support, freeing up real customer service _ for other more complex situations
3 Transcripts of company specific and calls have to be analysed
4 The chatbot systems are only suitable for large-scale customer interactions, such as retail, travel, and _
5 It should be possible to overcome customers’ fear of dealing with an system
Chatbots: Can we help you?
In business so much emphasis is put on effective communication, personalising customer interaction and building a rapport with clients that it leaves you wondering where chatbots fit into this way of thinking
Chatbots - automated systems for conversations by text or voice - are becoming more and more common in customer service situations The little pre-sales chatbox with 'Hello, can I help you?' that pops up on the corner of your screen as you are browsing a shopping site can quite easily be ignored but if you contact a company with a question or a problem to be resolved you might not have any choice, at least at first, but to talk to one of these chatbots These virtual agents, available 24/7, can save companies time and money by dealing with requests like billing details, technical support and all manner of other mundane tasks, freeing up real customer service agents for other more complex situations
Artificial intelligence (AI) and natural language generation have meant that today’s chatbots have come a long way from the stilted, scripted conversations which were all the first examples were capable of, but it takes a lot of time, financial investment and data to build an advanced system Transcripts of hundreds of thousands of company specific enquiries and calls have to be analysed to train the AI, through deep learning, in order for the chatbots to handle requests correctly In addition, they must be able to connect with the rest of the company’s IT system and records, such as a customer's past purchases, settings and location This allows the chatbots to combine this information with the customer’s current question so as to identify and then correctly respond to the customer’s intent For these reasons, the latest virtual agent systems are really only suitable for huge service-oriented companies, with large-scale customer interactions, such as retail, travel, telecommunications and financial services
These advanced forms of chatbots might be able to mimic real speech and respond to subtle changes in tone of voice, however their aim is not to fool people into believing they are talking with a real person – that would leave clients feeling cheated and probably wary of using the company again – but to show that chatbots offer a fast, easy, reliable and above all secure way of
9 contacting a company In this way, it should be possible to overcome customers’ dislike and fear of dealing with an automated system instead of talking to a customer service assistant After all, being able to resolve any issues quickly and easily is good news for businesses and customers alike
Exercise 1: What is the main idea of the passage?
A Chatbots fuel customers’ fear of dealing with a machine
B Chatbots need a compilation of transcripts to grow more powerful
C Chatbots provide 24/7 responses to almost all customer inquiries
D Chatbots act as a solution to enhanced business-customer communication
Exercise 2: Read the article and decide if these sentences are True (T), False (F), or Not given (NG)
1 The use of chatbots in customer service has increased
2 Chatbots on e-commerce websites are often ignored by shoppers
3 Chatbots mean that customer service agents may no longer have employment
4 The first chatbots used a very natural and flowing form of language
5 Deep learning is how AI chatbots are able to learn to deal efficiently with customer requests
6 Smaller companies are advised not to use chatbots until the costs drop
7 A good chatbot should be able to convince people it is a real person
8 Some clients would prefer to speak to customer service assistants than use chatbots
1 Underline keywords in the statement
2 Scan the text for the (paraphrased) keywords
3 Read the sentence(s) containing the keywords in detail
4 Decide if the information in the statement agrees with the text (True), contradicts the text (False) or does not appear in the text (Not given)
A VOCABULARY PRACTICE: Complete the following sentences using the words in the box Use dictionary if necessary reassurance intensity reciprocate unconscious interpersonal
1 The university community provides support for developing vital graduate skills such as verbal and communication
2 During the pandemic, some attorneys pointed out to the fact that there was an increase of the of domestic violence
3 He seems to be driven by an desire to do better than everyone else
4 The commitment from meat processors offers some level of to organic farmers facing an expensive winter of feeding
5 European Commission President urged Britain to EU efforts to resolve post-Brexit trade arrangements for Northern Ireland
A Nonverbal communication is an intriguing part of business communication because it is both complex and somewhat difficult to pin down On the sending side, some nonverbal signals are controllable (such as choosing what to wear), some are habits you may not even think about (tapping your fingers when you’re impatient, for instance), some are trainable (using specific hand gestures during a presentation), and some are involuntary (such as blushing) On the receiving side, nonverbal signals are not always reliable (a person who avoids eye contact isn’t necessarily trying to hide something, for example), and people vary widely in their ability to interpret signals correctly
B In a face-to-face conversation, everything from your body language to your clothing to your eye movements can influence the messages and meanings the other party takes away from the exchange During a phone call, the pitch, rate, and other qualities of your voice can send nonverbal signals Even with written messages (both printed and digital), design and
11 formatting choices send nonverbal signals, although the focus here is on interpersonal communication Six types of signals are particularly important
INTERNATIONAL MARKETING
Read the title and headings
Look at the photographs and pictures
Read the first and last paragraphs
Then, ask yourself: What is the topic of the reading? What ideas are discussed in the reading?
A VOCABULARY PRACTICE: Match the words with their definitions
4 to be ahead of the game
6 to move with the times
A to change your ideas or behaviour as the world changes
B possessing or indicating much knowledge
C a person who buys products and services
D to get involved with or have contact with
E the process of changing something according to a particular person’s needs, likes, habits, etc
F a person or business that sells things to the public
G to know more about new developments in a particular subject or activity than your competitors
The marketing world moves fast Technology has changed the way we live and the way we promote and sell products In the last ten years, increasing use of social media, online shopping and platforms like YouTube and Netflix have allowed companies to connect with customers in new ways The number of people who go online every day is still increasing, and the marketing trends you need to know about right now are digital
Here are five essential marketing trends that companies must take note of in order to move with the times
Forbes reports that 72 per cent of Instagram users have bought something when using the app and
70 per cent of Pinterest users use the platform to find new and interesting products Companies can now create posts that allow users to shop directly on social media instead of companies’ own websites This allows retailers to reach their customers more quickly and easily
When a customer comes to your company, you want to make it as easy as possible for them to find what they need and buy your products PricewaterhouseCoopers reports that 73 per cent of people say that customer experience is an important factor when making a buying decision And when they say ‘customer experience’, they most value efficiency, friendly and knowledgeable customer service and easy payment options Companies that can provide a good customer experience keep their customers and attract new ones
There are so many marketing messages around us every day that people are very good at ignoring them, especially ones about products they’re not interested in So, in order to target the right kind of customer and connect with them, companies are personalising their marketing content This is made possible by the data that people generate through their internet searches, online shopping habits and social media use Online product recommendations, adverts and even the design of the marketing message itself is adapted to the interests and preferences of individual consumers
According to a report, although 86 per cent of people were concerned about privacy issues, 90 per cent were happy to share data about their behavior if it meant an easier and cheaper shopping experience In the same survey, 72 per cent of consumers said they would only engage with marketing messages that are personalized according to their interests
According to Forbes, 91 per cent of consumers say they prefer watching interactive and visual content to reading a traditional piece of information about a product And consumers are 85 per cent more likely to buy your product after watching a video about it
If an advertisement is interesting, amusing or unique, people will search for it online and share it with their friends Live videos on social media platforms like Facebook and Instagram are also known to attract large audiences and get people interacting with companies in the comments, where they can give feedback and ask questions about the products
SEO stands for Search Engine Optimisation – the strategies companies use to get themselves high up in the results lists of search engines like Google, Bing, Yahoo and others As the internet plays an increasingly central role in marketing and selling, it is vital for your company to appear in the search results when someone does a related search For example, if you sell coffee machines, you want your website to appear when someone searches for the best coffee machines or even ways of making coffee
There is no doubt that the trend of digital marketing and an increased focus on individual customers is set to continue Companies hoping to gain a larger market share should constantly update their marketing strategies to get ahead of the game
Exercise 1: Read the first and last paragraphs quickly What is the topic sentence of each paragraph?
Exercise 2: Read the title and headings and answer the following questions
1 What is the topic of the reading passage?
2 What ideas are discussed in the reading passage?
Exercise 3: Decide if these sentences are True (T), or False (F)
1 _ Television and newspaper advertisements are still the best ways to promote products
2 _ These days, people use social media more, shop online more and choose the videos they want to watch
3 _ Nearly three-quarters of Instagram users have shopped on the app
4 _ Most people say that if they like a product, the buying experience doesn’t matter
5 _ Most people will agree to share their data in exchange for a better shopping experience
6 _ Videos are a great way for companies to give information about their products and to interact with their customers
7 _ SEO is about making sure people see your product or company when they do internet searches
8 _ If your company is already using digital marketing, it doesn’t need to change
Exercise 4: Choose the correct marketing feature (A-E) for each strategy (1-8)
1 _ Advertisements using people’s names to get their attention
2 _ A video about how to use your product
3 _ Making it possible for people to buy your product on Facebook
4 _ Making sure your website contains keywords that people will search for
5 _ Customers being able to chat online with a friendly voice from the company to find out more about the product
6 _ Showing clips of models walking around wearing the clothes you’re selling
7 _ Making recommendations to customers based on their interests
8 _ Making sure that your website is easy to use and customers can find what they want easily
Action plan for Matching features :
1 Read questions/statements and underline the keywords
2 Scan the passage and find the keywords
3 Read the text sections that are surrounded by keywords
4 Match the features with suitable questions/statements
A VOCABULARY PRACTICE: Complete the marketing collocations (in italic) in sentences 1-10 with words from the box Use dictionary if necessary bring declining enter flood leader niche research segmentation share study
1 Market _ is about dividing your target market into different customer subgroups
2 Most companies are not willing to invest in promoting a product if it faces a _ market
3 A custom-made product can be profitable if the company identifies and develops a small market segment, that is _ market, effectively
4 Companies often try to capture market
_ by cutting prices or offering special deals
5 Market _ is needed in order to estimate the cost of doing business in a particular area
6 The purpose of conducting a market _ is to obtain information about customers’ need
7 The company with the biggest sales in the sector is known as the market _
8 Manufacturers sometimes _ the market with cheap products to ‘buy’ new customers
9 Every great idea needs a manufacturer who is willing to invest in order to _ it to market
10 The quickest way for large retail chains to grow is to _ new foreign markets
Using a collocation dictionary allows English learners to build up their own vocabulary of a particular subject such as marketing in this exercise
Some good collocation resources include:
Social marketing doesn’t have to suck
Many people regret the way some marketers offer cash or other rewards in return for lying to one’s friends, while other dodgy companies sell bundles of 10,000 Twitter followers to help a particular brand look well loved
However, the ongoing collision of marketing and social networks doesn’t have to involve trickery or deception
Picture this: you’re sitting by the pool at a Vegas resort, when you decide to tweet a picture of where you are to your friends at their fluorescent-lit offices A few minutes later, a waiter with an ice-cold beverage on the house, explaining, ‘Thanks for the tweet.’ Guess what your next tweet will be about? Staying at the BEST HOTEL EVER!!
That’s the scenario proposed by Marc Heyneker, co-founder of Revinate, one of a new generation of Web-based tools that help companies monitor what people are saying about them Similar tools are commonplace, typically picking up on keywords on Twitter, Facebook, Yelp and so on, but Revinate is different in that it specializes in a single vertical market: the hotel industry Individual hotels and chains can see how they stack up to the competition and respond to isolated or repeated gripes and praise
The hotel industry has faced disruption from online travel agents and review sites, leaving many hotels uncertain how to navigate this new landscape However, solutions like Revinate offer a lifeline, typically generating enough revenue to cover costs within a month Revinate has already signed on 491 hotels, from small establishments to major chains and Vegas resorts, and is now expanding its reach to the restaurant sector.
Medimix’s ScanBuzz TM applies a similar approach to help the medical industry listen in on what people are saying about hundreds of pharmaceutical products and brands A company looking to market a drug to fight a particular disease can monitor the social web to research how many misdiagnoses are made and try to educate the relevant doctors and hospitals about the disease’s symptoms Meanwhile, Radian6 tackles the same job for consumer packaged goods, technology
22 and other verticals, taking a more general approach than Revinate’s hotel or Medimix’s medical industry dashboards
Businesses leverage open web data to understand customer sentiment and enhance responsiveness This reactive marketing approach empowers them to address customer feedback on public platforms, contributing to their growth and reputation in the competitive online landscape By engaging with customer conversations, businesses can proactively address concerns, build trust, and adapt their strategies to better align with customer needs Ultimately, socially-reactive marketing fosters a more attuned and customer-centric business environment.
Exercise 1: Read the title and look at the photo What is the topic of the reading passage?
A Hotel reviewers and their influence
B Businesses and a new marketing trend
C Customers and their getaway trips
Exercise 2: Scan the passage and find out what these names refer to
Exercise 3: Decide if these sentences are True (T) or False (F)
1 _ Good customer feedback encourages hotels to give good customer service
2 _ Revinate has many competitors that pick up on keywords in the hotel industry
3 _ Online travel agents and review sites represent a threat that hotels have no idea how to deal with
4 _ ScanBuzz helps pharmaceutical companies to know which physicians and institutions to lobby
5 _ Radian6 provides a control panel of key data in several different business sectors
6 _ Socially-reactive marketing uses social networks to respond to what customers are saying
A VOCABULARY PRACTICE: Complete each group of word partnerships (1-5) with the correct word from the box Use dictionary if necessary brand customer market marketing product
Diego Della Valle: Italian atmosphere is central to Tod's global expansion
It is not too difficult, in the high-ceilinged elegance of Palazzo
MERGERS AND ACQUISITIONS
Underline topics and main ideas
Underline supporting details (facts, figures, proper names, etc.)
Focus on content words like nouns, verbs, and adjectives
Summarize the main idea of each paragraph in the margin – don’t use complete sentences
A VOCABULARY PRACTICE: Read and complete the definitions of joint venture , merger , and acquisition using the words and phrases from the box form collaborate market share strengths ownership accumulates
Joint venture: Two or more companies agree to 1 _ and jointly invest in a separate business project This type of deal allows the partners to combine their
Merger: Two companies, often in the same industry, come together to 3 _ one company Companies merge for many reasons, for example, to increase
4 _ and cut costs in certain areas, such as research and development
Acquisition or takeover: One company 5 _ enough of another company’s shares to take over control and 6 _
‘A risky business with a 70% plus failure-rate.’
Some 1,500 to 2,000 mergers and acquisitions are completed per year worldwide, of which around half are in the US With deals worth astronomical sums, ($25bn for HP® Compaq, $35bn for Daimler-Chrysler, and $77bn for Exxon-Mobil,) it comes as no surprise that American executives are queuing up to go back to school for M&A classes And although it’s true that improving earnings and asset growth are not the only goals in takeovers, the fact that many mergers result in a net loss of value suggests that schooling is sorely needed!
Every year hundreds of executives attend M&A courses at prestigious institutions from New York to L.A In these ‘open enrolment’ classes, the only condition of attendance is your, or rather your company’s, ability to pay the fees: as much as $1,000 per day At least that seems to demonstrate that the B-schools know something about improving earnings!
So what do you learn in a week with America’s top finance professors? ‘We aim to equip participants with techniques based on best practice in the key areas of merger activity performance,’ says Ted Austin from the Delaney School of Business ‘We cover all aspects of the conception, planning, due diligence, negotiation and integration stages.’ Austin also draws on case studies and guest speakers to illustrate some of the most common acquirer errors: over-valuation, over-confidence, ‘under-communicating’, and underestimating the value of your newest assets - the people in the company you’ve just bought In the turmoil of integration, your best engineers and managers may be more susceptible to attractive offers from the competition
There is no doubt that M&A is a risky business With a 70% plus failure-rate, you might think that B-school professors would do well to discourage their students from launching takeover bids But you’d be wrong Austin describes some of the other (good) reasons for mergers and acquisitions:
‘I suppose the most popular reasons mentioned in CEOs’ messages to shareholders are developing synergies and making economies of scale – these are sometimes conveniently long-term goals! Other objectives may be increasing market share; cross-selling, when for example a bank can sell insurance to its existing clients; diversification, if a company is perceived to be too dependent on
33 a niche market; or quite simply taking on debt, the so-called poison pill, in order to make itself a less attractive target for would-be buyers.’
The bankers, brokers and lawyers will be pleased to know there are still many good reasons to merge But what about the wrong reasons? ‘They mainly involve excessive pride or arrogance on the part of management,’ says Austin ‘Wanting to build too big an empire, too quickly, and overextending the financial, commercial and human capacity of the organization These courses aim to help executives bring their CEOs back down to earth: learning to follow your head rather than your heart is the key lesson in avoiding very expensive mistakes.’
Exercise 1: Read the first two paragraphs and underline the keywords Then summarize their main ideas
Exercise 2: Decide if these statements are True (T) or False (F)
1 _ Every year over 500 mergers and acquisitions in the US fail to deliver increased value
2 _ American executives are keen to get a share in multi-billion dollar takeovers
3 _ Executives wishing to attend M&A courses have to have an MBA
4 _ Experienced managers tell attendees about typical mistakes they have made
5 _ Because of the risks, business school professors do not recommend mergers
6 _ Shareholders can often only judge the success of their CEO’s acquisitions policy several years after a takeover
7 _ Austin says that empire-building, diversification and increasing debt are the wrong reasons for a merger
8 _ According to Austin, many CEOs embark on mergers and acquisitions for irrational, emotional reasons
A VOCABULARY PRACTICE: Circle the noun which forms a word partnership with each verb
1 take a stake / a bid / an acquisition
5 set up a share / a joint venture / a stake
6 make a merger / a joint venture / an acquisition
Difficulty level ** Some notes for company bosses out on the prowl
After a long hibernation, company bosses are beginning to rediscover their animal spirits The $10 billion-worth of global mergers and acquisitions announced last month was the highest for any month in over three years There are now lots of chief executives thinking about what target they might attack in order to add growth and value to their companies and glory to themselves Although they slowed down for a while because of the dot-com boom, they are once again on the prowl
What should CEOs do to improve their chances of success in the coming rush to buy? First of all, they should not worry too much about widely-quoted statistics suggesting that as many as three out of every four deals have failed to create shareholder value for the acquiring company The figures are heavily influenced by the time period chosen and in any case, one out of four is not bad when compared with the chances of getting a new business started So they should keep looking for good targets
There was a time when top executives considered any type of business to be a good target But in the 1990s the idea of the conglomerate, the holding company with a diverse portfolio of businesses, went out of fashion as some of its most prominent protagonists - CBS and Hanson Trust, for example - faltered Companies had found by then that they could add more value by concentrating on their "core competence", although one of the most successful companies of that decade, General Electric, was little more than an old-style conglomerate with a particularly fast-changing portfolio
Brian Roberts, the man who built Comcast into a giant cable company, was always known for concentrating on his core product - until his recent bid for Disney, that is It is not yet clear whether his bid is an opportunistic attempt to acquire and break up an undervalued firm, or whether he is chasing the media industry's dream of combining entertainment content with distribution, a strategy which has made fortunes for a few but which regularly proves the ruin of many big media takeovers
If vertical integration is Comcast's aim, then it will be imperative for Mr Roberts to have a clear plan of how to achieve that For in the end, CEOs will be judged less for spotting a good target than for digesting it well, a much more difficult task The assumption will be that, if they are paying a lot of money for a business, they know exactly what they want to do with it
If CEOs wish to avoid some of the failures of the 1990s, they should not forget that they are subject to the eternal tendency of business planners to be over-confident It is a near certainty that, if asked, almost 99 per cent of them would describe themselves as "above average" at making mergers and acquisitions work Sad as it may be, that can never be true
They should also be aware that they will be powerfully influenced by the herd instinct, the feeling that it is better to be wrong in large numbers than to be right alone In the coming months they will have to watch carefully to be sure that the competitive space into which the predator in front of them is so joyfully leaping does not lie at the edge of a cliff
Exercise 1: Read the first paragraph and underline the keywords Then summarize its main idea
Exercise 2: Decide if these sentences are True (T) or False (F)
1 _ In the first paragraph, the author says that CEOs can no longer find targets for mergers and acquisitions
2 _ Studying facts and figures from the recent past won't necessarily help CEOs to form a successful alliance
3 _ The trend in the 1990s was for companies to build portfolios with diverse investments
4 _ The author suggests that media mergers are always likely to improve share value
5 _ CEOs need above all to find the right company to acquire
6 _ If business planners wish to avoid some of the errors of the 1990s, they should be prudent when taking risks
Exercise 3: The text contains several hunting and animal metaphors , e.g on the prowl (looking for victims) Find the metaphors in the text which mean:
1 period of sleeping through the winter (para 1)
3 something to aim at (para 1)
4 one who hunts another (para 7)
A VOCABULARY PRACTICE: Complete the sentences with the correct form of the words anticipate strategy acquire operate event
1 Operators should allot extra time to dealing with any _ problems that may arise in that time
2 Part of the value of _ planning is that it helps an organization recognize and correct its mistakes
3 A business with so much growth is sure to generate interest among potential _
4 _ control systems are designed to ensure that day-to-day actions are consistent with established plans and objectives
5 The government was _ forced to bow to public pressure and reform the tax
Dixons Carphone case study: The hard work after the merger fanfare
Following the merger between Dixons Retail and Carphone Warehouse, the combined company faced the challenge of integrating their outlets effectively In an effort to differentiate between the former Dixons brands (Currys and PC World) and the Carphone Warehouse spaces, flooring with different colors was implemented However, Dixon Carphone's Chief Executive, Mr James, expressed concerns that this visual distinction could undermine the seamless partnership he desired between the two entities.
It is just one tiny example of the many management challenges that groups face as they enter the critical integration phase following a takeover or merger Even the most promising unions can be doomed by unanticipated culture clashes, problems with combining systems, or tension at the top between executives who suddenly find they have to share responsibility for businesses they once headed outright
ADVERTISING
Reading strategy: Distinguishing facts from opinions
A fact is a statement that is true and can be proven true
An opinion usually expresses a personal judgment or gives a position about something
A VOCABULARY PRACTICE: These following words in bold can be found in the text Choose the best answers to complete the sentences
1 The project is virtually finished, so there's _ to do
2 When something is painted a subtle color, you _ notice it
4 One reason a store’s sign might not be visible is that _
5 A man sits next to you One way to ignore him is to _
B pretend he is not there
6 Which is a more interactive activity?
7 If you get access to a building, you _
A are allowed to enter it
8 If you like a website's content, you like its _
Would you believe that the average person sees nearly 3,000 ads every day? That seems unbelievable, but advertising has become so common that ads are virtually everywhere we look Furthermore, most advertisements today don't seem like advertising Newspapers and television are no longer the only way for companies to reach their target audience Today, advertisers are far more subtle in their selling
Branded clothing remains prevalent in the fashion industry, with designer labels such as Gucci and Louis Vuitton showcasing their logos on garments and accessories for recognition Similarly, sports companies and teams emphasize their logos for identification, as exemplified by Nike's extensive investment in promoting its iconic "swoosh." This branding strategy enhances brand awareness and establishes a recognizable identity among consumers.
Your favorite forms of entertainment are also filled with ads Companies actively, seek to sponsor concerts and TV shows: for example, the Coca-Cola Company sponsored American Idol, one of the most popular shows on American television, since its first season Similarly, many sports tournaments would be impossible to hold if not for money given by sponsors, who want their ads clearly visible in stadiums In movies, you'll see characters driving a particular brand of car, or eating a popular snack, because companies pay for their products to be there In the James Bond film Casino Royale, car manufacturer Ford paid about $22 million for James Bond to drive one of its cars – for only three minutes! The problem for advertisers is that people have learned to ignore traditional advertising, such as TV ads and billboards Advertisers must find new ways to get the public to notice them – and continue noticing them The key word now is "engagement": companies are trying to create deeper, more interactive experiences, which could be anything from contests to parties to charity runs, and link the experience with the brand Companies have starting using the Internet to reach a wider audience For example, brand websites can be accessed by anyone, anywhere Advertisers are using social networking sites like Facebook to post videos and
49 entertaining stories that feature the company’s products Their goal is for people to share these posts with their friends, and eventually reach millions of people The energy drink company Red Bull has been very successful in creating online content that viewers respond to By sponsoring and making short films focused on extreme sports like skateboarding and surfing, Red Bull has attracted more than hundreds of millions of views on its YouTube channel Advertisers are finding new and different ways to grab our attention As a results, ads are getting more creative Instead of telling us what is so special about a product, advertisers are making products part of our lives
Exercise 1: Choose the correct answer
1 The passage mentions clothing in paragraph 2 because
A consumers pay extra for clothing with logos
B clothing can be a way to advertise a product
C advertising on t-shirts does not work
2 Which best describes what the writer means by "engagement"?
A A company puts an advertisement in the newspaper
B A company pays a famous actor to appear in a television commercial
C A company organizes and funds local sporting events
3 According to the passage, what is the main problem advertisers face today?
A Advertising costs too much money
B People do not notice advertisements anymore
C People do not read newspapers or watch TV anymore
Exercise 2: Circle the correct answers to complete the following sentences
1 Advertisers have (fewer / more) ways to reach consumers now
2 In modern advertising, we (know/don’t know) when we're being sold to
3 Branding involves companies creating (memorable logos / better products)
4 (Ford / The movie studio) paid to have a specific car used in a James Bond movie
5 Companies use social network sites like Facebook so that people can (share information about the brand / buy their product directly)
6 Red Bull sponsors short films about (energy drinks/skateboarding)
Exercise 3: Read the text again and decide if the following statements are Facts (F) or Opinions (O)
1 The average person sees nearly 3,000 ads every day _
2 Today, advertisers are far more subtle in their selling _
3 Many designer brands like Gucci and Louis Vuitton display their logo on their clothes and bags _
4 Nike has spent hundreds of millions of dollars creating and promoting their logo _
5 The Coca-Cola Company sponsored American Idol since its first season _
6 The energy drink company Red Bull has been very successful in creating online content that viewers respond to _
7 Red Bull has attracted more than hundreds of millions of views on its YouTube channel _
8 Ads are getting more creative _
Exercise 4: Read the sentences Underline the part of each sentence that makes it an opinion
1 It is unbelievable that the average person sees nearly 3,000 ads every day
2 Branding is also very important for big sports companies and professional sports teams
3 American Idol is one of the most popular shows on American television
4 Advertisers must find new ways to get the public to notice their advertisements
5 Companies are trying to create deeper, more interactive experiences
Exercise 1: Match the words with their definitions Use dictionary if necessary
A to show the best qualities or parts of something
B to have control over a place or a person, or to be the most important person or thing
C an amount which is more than usual
D to control something or someone to your advantage, often unfairly or dishonestly
E something that you hope to achieve
G to direct so many things at someone that they find it difficult to deal with them
H when someone or something always behaves or performs in a similar way
I believing that people are only interested in themselves and are not sincere
J to make someone or something become dishonest or immoral
K a person who has had a lot of experience of a particular activity
L a speech or act which attempts to persuade someone to buy or do something
Exercise 2: Complete the sentences with the correct forms of the words in Exercise 1
1 They work as a group - no one person is allowed to _
2 The children _ her with questions
3 Throughout her career she has very successfully _ the media
4 If anything goes wrong, I'll _
5 The man in the shop gave me his sales _ about quality and reliability
6 The study claimed that violence on television _ the minds of children
7 The main aim of the exhibition is to _ British design
8 I've never had any political _
9 She is a _ of many election campaigns
10 It's important to show some _ in your work
11 I've always been deeply _ about politicians
12 We're willing to pay a _ for the best location
Money can buy you love
Difficulty Level ** Are we being manipulated into buying brands?
1 BRANDS are accused of all sorts of evils, from threatening our health and destroying our environment to corrupting our children
Brands are so powerful, it is said, that they force us to look alike, eat alike and be alike
2 This grim picture has been made popular by many recent anti-branding books The argument has been most forcefully stated in Naomi Klein's book No Logo: Taking Aim at the
Brand Bullies Its argument runs something like this In the new global economy, brands represent a huge portion of the value of a company and, increasingly, its biggest source of profits So companies are switching from showcasing product features to marketing aspirations and the dream of a more exciting lifestyle
3 Historically, building a brand was rather simple A logo was a straightforward guarantee of quality and consistency, or it was a signal that a product was something new For that, consumers were prepared to pay a premium Building a brand nationally required little more than an occasional advertisement on a handful of television or radio stations showing how the product tasted better or drove faster There was little regulation It was easy for brands such as Coca-Cola, Kodak and Marlboro to become hugely powerful Because shopping was still a local business and competition limited, a successful brand could maintain its lead and high prices for years A strong brand acted as an effective barrier to entry for competing products
4 Consumers are now bombarded with choices They are also harder to reach They are busier, more distracted and have more media to choose from They are ‘commercials veterans’ experiencing up to 1,500 pitches a day They are more cynical than ever about marketing and less responsive to messages to buy Jonathan Bond and Richard Kirshenbaum, authors of Under
The Radar – Talking To Today's Cynical Consumers, say ‘some of the most cynical consumers are the young.’ Nearly half of all US college students have taken marketing courses and ‘know the enemy’ For them, ‘shooting down advertising has become a kind of sport.’
5 Marketers have to take some of the blame While consumers have changed beyond recognition, marketing has not Even in the USA, home to nine of the world’s ten most valuable brands, it can be a shockingly old-fashioned business Marketing theory is still largely based on the days when Procter & Gamble’s brands dominated the USA, and its advertising agencies wrote the rules Those rules focused on the product and where to sell it, not the customer The new marketing approach is to develop a brand not a product – to sell a lifestyle or a personality, to appeal to emotions (It is a much harder task than describing the features and benefits of a product.) However, brands of the future will have to stand for all of this and more Not only will they need to be a stamp of product quality and a promise of a more desirable lifestyle but they will also have to project an image of social responsibility
Exercise 1: Read the text and decide which of the below views is closest to that of the author
1 Marketing transforms brands, making them stand for things that they just don’t stand for They don’t deliver.’ – Naomi Klein author of No Logo: Taking Aim at the Brand Bullies
2 ‘Brands provide us with beliefs They define who we are.’ Wally Olins, a corporate identity consultant
Exercise 2: Read the text again and match the headings i–vi with paragraphs 1-5 There is one extra heading
5 Paragraph 5 i Brands past ii Advertising brands iii The new consumers iv Guilty v The case against brands vi The importance of brands
Exercise 3: Read Paragraph 3 again Decide if the following statements are True (T) or False (F)?
1 _ It was relatively easy in the past to create a new brand
2 _ Buying a branded product did not cost customers more
3 _ Brands were developed for the international market
4 _ The government closely controlled the markets at home
5 _ Brands deterred other companies from entering the market
Exercise 4: Read the text again and decide if the following statements are Facts (F) or Opinions (O)
1 Brands are so powerful that they force us to look alike, eat alike and be alike _
2 In the new global economy, brands create the biggest source of profits for a company _
3 Companies are switching from showcasing product features to marketing aspirations and the dream of a more exciting lifestyle _
4 ‘Commercials veterans’ can experience up to 1,500 pitches a day _
5 It was easy for brands such as Coca-Cola, Kodak and Marlboro to become hugely powerful _
6 Nearly half of all US college students have taken marketing courses _
7 The USA is home to nine of the world’s ten most valuable brands _
8 It is a much harder task than describing the features and benefits of a product _
Exercise 5: Read the sentences Underline the part of each sentence that makes it an opinion
1 The argument has been most forcefully stated in Naomi Klein's book No Logo: Taking Aim at the Brand Bullies
2 In the new global economy, brands represent a huge portion of the value of a company
3 Building a brand was rather simple
4 A strong brand acted as an effective barrier to entry for competing products
5 Consumers are harder to reach
6 They are more cynical than ever about marketing and less responsive to messages to buy
7 Marketing in the USA can be a shockingly old-fashioned business
Exercise 1: Match the words with their closest synonyms
A featuring a product in a film or TV programme
E selling to customers over the phone
F publicity material delivered to homes
Exercise 2: Complete the collocations below with the following verbs and nouns Use collocation dictionary if necessary
Verbs run launch make sponsor
3 To _ an advert in the press
Exercise 3: Complete the text with the appropriate form of the collocations above
Signing a celebrity and using their star status to 1 endorse a brand is one of the standard advertising techniques Tag Heuer, the watchmaker which 2 _ a number of
_ currently has Tiger Woods under contract Nicole Kidman has
3 _ for Chanel No.5, which has been shown around the world But choosing the
56 celebrity who will 4 _ exactly the right _ is not always so easy, as several companies have found out What happens when a company is about to
The decision of whether or not to cancel a celebrity endorsement following criminal accusations involves a complex interplay of factors While celebrity endorsements can significantly boost sales, advertisers increasingly seek alternatives to mitigate risks The potential damage to brand reputation and consumer trust must be carefully considered against the loss of potential revenue when deciding on the appropriate course of action.
6 _ the _ that they want to reach
1 It was Lord Leverhulme, the British soap pioneer, who is said to have complained that he knew half of his advertising budget was wasted but didn’t know which half The real effects of advertising have become more measurable, exposing another, potentially more horrible, truth for the industry: in some cases, it can be a lot more than half of the budget that is going down the drain
2 The advertising industry is passing through one of the most disorienting periods in its history This is due to a combination of long-term changes, such as the growing diversity of media and the arrival of new technologies, notably the internet With better-informed consumers, the result is that some of the traditional methods of advertising and marketing simply no longer work
The media are the message
3 But spending on advertising is up again and is expected to grow this year by 4.7 percent to
$343 billion How will the money be spent? There are plenty of alternatives to straightforward advertising They range from public relations to direct mail and include consumer promotions, such as special offers, in-store displays, business-to-business promotions (like paying a retailer for shelf space), telemarketing, exhibitions, sponsoring events, product placements and more These have become such an inseparable part of the industry that big agencies are now willing to provide most of them
4 As ever, the debate in the industry centres on the best way to achieve results Is it more cost- effective, for instance, to use a public relations agency to invite a journalist out to lunch and
CRISIS MANAGEMENT
Exercise 1: Match the words with their definitions
A wanting to achieve something by themselves
B not caring if you have to harm others to get what you want
C having a natural ability to do something well
D liable to suddenly become angry
E against forcing people to obey strict rules
F friendly and easy to talk to
G a person who is not satisfied with anything unless it is exactly right
H expecting a lot of time and effort from others
Exercise 2: Complete this paragraph with the adjectives from Exercise 1
At my last company, the managers were remote and not at all 1 _ They were hard to get to know The only one who showed any emotion was the CEO, who had a
2 _ temper He was completely ruthless and didn't care about his staff at all He acted like a dictator He had a 3 _ management style, insisting that everything was exactly right He was also very demanding, making us work really unsociable hours In my new company, the managers are good communicators, decision-making is open and transparent and the style is 4 _ Management is by consensus All the staff are 5 _ and experts in their own fields They are 6 _ and trusted to work without supervision
60 Minutes' Morley Safer interviews Vogue's Editor in her first lengthy U.S T.V profile
She is said to be the most powerful woman in fashion and she does nothing to dispel that belief Her name is Anna Wintour, a name that strikes terror in some and loathing in others It should also be said she commands a loyal band of friends and admirers
“The blurb on your unauthorized biography reads ‘She's ambitious, driven, needy, a perfectionist.’ Accurate?” 60 Minutes correspondent Morley Safer asked Wintour
“Well, I am very driven by what I do I am certainly very competitive I like people who represent the best of what they do, and if that turns you into a perfectionist, then maybe I am,” Wintour replied
Wintour is involved in every detail of the magazine: the clothes, editing the pictures and articles She is decisive, impatient and bears a look that says “I'm the boss, and you’re boring.”
“An editor in the final analysis is a kind of dictator – a magazine is not a democracy?” Safer asked
“It’s a group of people coming together and presenting ideas from which I pick what I think is the best mix for each particular issue, but in the end, the final decision has to be mine.” Wintour explained “We’re here to work There’s on-duty time and off-duty time, and we’re drawn together by our passion for the magazine If one comes across sometimes as being cold or brusque It’s simply because I’m striving for the best.”
Despite Vogue's glamorous reputation, Editor-at-large Andre Leon Talley clarifies that the workplace is demanding Talley describes Anna Wintour, the magazine's editor-in-chief, as intimidating, suggesting it's a shield to assert her authority Wintour maintains a professional demeanor, refraining from revealing emotions Talley compares her work assessments to a medical analysis, indicating her thorough and analytical approach.
Vogue's Creative Director, Grace Coddington, suggests that Editor-in-Chief Anna Wintour intentionally maintains an intimidating presence Her office's remote location and unwelcoming ambiance create a sense of distance, contributing to Wintour's reputation as an unapproachable figure This strategic approach allows her to preserve a mystique that reinforces her authority and exclusivity within the fashion industry.
What is the office atmosphere like?
‘We don’t really have the arcade games, fussball, ping-pong tables or that sort of thing, but I guess it’s a cosy kind of non-corporate atmosphere, it just feels like you’re sitting in a house, and there’s no dress code I spent a lot of years working in organisations that were regimented and we were told what to do in many different ways, and I developed a very anti-authoritarian mindset by the time I was put in a position of authority The last thing I wanted to do was reproduce all of those things that I had disliked so much Such that our employees aren’t really told what to do, or when to do it, or when to come into work, or what they can wear, and we don’t set deadlines at all – unless they are set for us by some external force like a regulatory agency I don’t think that artificial deadlines are a good idea They just create stress where it is not needed.’
So there is no management?
‘We do have a hierarchy, we do have managerial positions, but I personally don’t like trying to impose my will on someone else or trying to hold it out that I’m in a position of authority I hold that in reserve as an absolute last resort, and certainly years go by when I don’t have to exert that kind of authority.’
How do you motivate people?
Craigslist's unique philosophy and hiring practices create a positive work environment The company prioritizes the public good, fostering a sense of purpose among employees By carefully selecting talented and self-motivated individuals, Craigslist empowers them to excel in their roles, fostering a harmonious and productive workplace.
And you really don’t hold meetings?
‘Of all the meetings that I’ve gone to the past, virtually all of them, I’ve felt, were kind of useless
I don’t like closed-door meetings because they always mean something bad is going to happen.’
Exercise 1: Read the two articles quickly and decide which of these statements are true for each CEO
They… Anna Wintour Jim Buckmaster
1 think most meetings are a waste of time
2 are good at making decisions quickly and firmly
3 want people to know who is the boss
4 think artificial deadlines are stressful
5 believe in hiring the best staff they can
6 think their staff feel happy working there
Exercise 2: Look at the first paragraph of the Anna Wintour article and find an example of it as an ‘empty’ subject
Exercise 3: Look at the Anna Wintour article again Underline all the examples of text reference and say what all the words refer to Use this checklist to help you
it, this, that, these, and those
Exercise 4: Look at the Jim Buckmaster article and say what the words in bold refer to
A VOCABULARY PRACTICE: Complete the sentences with the words and phrases in the box ability attempt believe in deal with failure go wrong opportunity succeed
1 I feel confident I will do well on this course I _ myself
2 When I don’t _, I feel really bad I only like doing things I know I will achieve
3 When things _, I feel embarrassed and don’t want to see other people
4 I think I will be successful in life; I just need the right _ This chance will make me a success
5 I _ problems quickly so they no longer bother me
6 I always edit and rewrite my essays I never hand in the first _
7 I have the _ to succeed at anything when I try hard
8 I worry about _ and rot doing well It stops me trying
1 Many people fear failure and try to avoid it even when they have the opportunity to succeed One way we protect how we value ourselves is by believing in our own ability and by convincing others of it as well As a result, many people won’t attempt something if they think they might fail Altering our view so that failure is fine and nothing to worry about could be the key to opening opportunities to be successful in life
2 Failure is an aspect of everyone’s life However, when we think of experiencing failure we shouldn’t think of ourselves as a failure People often feel ashamed or embarrassed when things go wrong, but failure actually gives us the chance to learn, adapt, and improve When companies find that a product is unpopular and not doing well, they often take the opportunity to improve the product, and doing so can make them more successful as a business People can also look at their own bad experiences as an opportunity to learn and improve For example, if someone does badly in a job interview, they can learn what went wrong and do better in the next one In fact, nearly winning can make people much more determined to succeed in the future It gives us a feeling of nearly being successful and makes us much more determined to succeed next time we try
3 Passion is also a vital part of being successful When people constantly say no to your ideas, enjoying what you do can push you forward to continue You are motivated to keep trying because you are doing it for yourself or something you believe in, like a charity Some people
72 connect success to ideas such as fame and making money While these are ways to measure your success, there are also many other ways such as how happy your achievements make you Feeling good because you are doing something you love or are supporting others, can be one way of viewing your own success, even when others don't recognize your achievements
MANAGEMENT STYLE
Exercise 1: Find words to complete the table
Noun Adjective precision stimulation empathetic collaboration equipment varied male complication
Exercise 2: Now match these definitions to the adjectives above
1 people who understand others and what they are feeling
4 something containing a lot of differences
5 people who are good at working together
6 people who have particular skills
Nature and nurture in the executive suite
1 Women are calmer than men They are more collaborative and they dislike self-promotion It is all in their genes Progressive thought once held that men and women were essentially the same and that it was social conditioning that made men aggressive and women co-operative Some writers still argue this way In an article in the Harvard Business Review, Alice Eagly and Linda Carli say the reason women managers generally adopt a softer style is unlikely to be genetic They do it because people react badly to aggressive women and a collaborative approach is how female managers assert their authority
2 A new book, Why Women Mean Business, is bolder: biology matters, it says The authors, Avivah Wittenberg-Cox and Alison Maitland, approvingly cite recent research showing men’s and women’s brains differ This inevitably affects the way they manage ‘Why would differences in communication styles, biological rhythms, and brain functioning (to mention only a few) stop just short of leadership styles?’ they ask
To thrive in the modern business landscape, companies must embrace feminine leadership qualities With declining populations in Europe, enterprises require more women in senior management to drive growth In the current knowledge-based economy, effective collaboration and persuasion within teams are crucial Rather than conforming to traditional masculine norms, companies should recognize and capitalize on the innate strengths of women, ensuring their success in the workplace.
4 Why Women Mean Business is an innovative and stimulating book But the resort to biology raises problems First, scans have indeed shown differences between male and female brain functioning Newborn girls look at human faces for longer than they look at mechanical mobiles, while boys do the opposite
5 But the science is far from settled We still do not know the precise mixture of nature and nurture that makes men and women what they are
6 Second, if you argue that women’s empathetic nature makes them particularly suited to helping run collaborative enterprises, a corollary would have to be that they are less well equipped for other tasks
7 Third, the problem with characterising huge groups is that it takes no account of the large variations within them Women, on average, maybe more empathetic than men, but we all know collaborative male managers and sharp-elbowed female ones, just as we know boys who cannot turn plastic sticks into tractors and girls who do not listen quietly while others speak Nature is important, but humans are endlessly complicated
Exercise 1: Put a tick for the expressions from the first two paragraphs and some related expressions under one of the two headings: Nature or Nurture
1 ‘It’s the way you’re brought up.’
2 ‘It’s all in the genes.’
4 ‘It’s unlikely to be genetic.’
5 ‘That’s the way you’re born.’
6 ‘It all depends on your environment when you’re growing up.’
Exercise 2: Now match each of the writers mentioned in the first two paragraph to the nature and the nurture argument
Exercise 3: Read paragraph 3 and 4 to decide if these statements about the expressions in italic are True (T) or False (F)
1 you come round to an idea, you agree with It the first time you hear it
2 people are collaborative, they believe in working together
3 you change your essential nature, you behave in ways that you have to learn
4 a book is stimulating, it is boring
5 there is resort to a particular idea in your reasoning, you use that idea to support it
6 an argument is settled, it has not been decided
Exercise 4: Which is the most important point in Paragraph 3? Choose the best summary
A Women need to learn how to be collaborative in order to succeed as managers in the future
B There are decreasing numbers of woman who can become managers because of Europe’s future population decreases
C It is in women’s nature to be collaborative and this will ideally suit them to be managers of the types of companies we will increasingly have in the future
Exercise 5: Write the ideas from the reading passage into the graphic organizer to illustrate the main reasons and results
People react badly to aggressive women
4 More demand of collaborative managers ………
A VOCABULARY PRACTICE: Match the words with the definitions
1 economic recovery A reach particular objectives
2 social influence B what people typically do in particular situations
3 behaviors C a particular way of reasoning
4 accomplish D the way that people change because of what they see in others
5 line of thinking E the way you look at something
6 perspective F a period when business is improving
1 What is the way forward for managers during a period of economic recovery? Leadership is a process of social influence: it is concerned with the styles and behaviours of individuals that cause others to follow them Management is the act of getting people together to accomplish desired goals In other words, we all need to be leaders and managers How does this line of thinking help you? For starters, it is interesting to note that almost all the well-known books on management were written from the perspective of the manager, not the employee
A crucial element in fostering employee motivation and engagement is providing challenging work that encourages professional growth Granting autonomy and fostering collaboration empowers individuals while giving them a sense of purpose Recognition and appreciation, rather than monetary incentives, tend to be highly valued by employees seeking a rewarding work environment.
Inherent challenges faced in effective management arise from its unnatural nature Despite theoretical knowledge, reverting to habitual behaviors is common, especially under pressure Most individuals must exert significant effort to master management skills, with a select few possessing natural aptitude This highlights the ongoing struggle to align actions with known right practices, demanding consistent effort to overcome ingrained habits.
Senior leaders should establish an overarching management model that fosters efficient individual management practices Experimenting with innovative models can provide a competitive advantage A well-managed organization maximizes employee contributions Engaged employees proactively seek value-adding opportunities, fostering responsiveness, innovation, and resilience.
5 However, one thing is certain: reinventing the practice of management is not going to provide your company with any short-term benefits But that is the whole point The road to recovery
87 starts now, and it is therefore a perfect time to put in place the basic changes that will accelerate over time
Exercise 1: Which alternative could NOT be used to replace the expression in italics from Paragraph 2 so as to keep a similar meaning?
1 ‘Ask some colleagues you work with about the last time they felt fully motivated and engaged at work.’
2 ‘ it was a challenging project, one where they had to stretch themselves ’
A work nearer the limits of what they were capable
B try harder than they normally did
C employ new people to help them
3 ‘ they were given a tot of autonomy ’
4 ‘ they had an opportunity to work collaboratively with others ’
A together with B towards the same goal as C in parallel with
5 ‘ instead, they will focus on the recognition ’
A concentrate on B talk about C emphasise
6 ‘…and kudos they received from doing a project well.’
A increase in salary B increase in respect C increase in status
Exercise 2: Read Paragraph 3 to decide if these statements are True (T) or False (F)
1 Being a good manager is a normal thing to be able to do
2 It’s possible to apply all the advice given all the time
3 Managers can go back to their previous behaviour when under pressure
4 Two examples of typical behaviour of managers under pressure are given
5 There are a small number of people who are good managers without advice or training
6 Others can be good managers with just a little effort
Exercise 3: Replace the words in italic with nouns from Paragraphs 4 and 5 (One of the answers occurs twice.)
1 They have a big role to play in improving managers’ skills in their organisations
2 Senior managers are introducing them in organisations to give managers an idea of what to follow to improve their management skills
3 This can really be improved in relation to other firms if managers’ skills get better
4 This helps to make people perform as well as they can
5 This means that people are always looking for ways to contribute in new, productive ways that haven’t been predicted
6 This means that managers react more to problems and are more able to deal with them
7 You won’t get these, but you will get longer term ones
Exercise 4: Write the ideas from the reading passage into the graphic organizer to illustrate the main reasons and results
People felt fully motivated and engaged at work
B Things get busy or difficult at work People lapse back into their old habits:
C A well-managed company encourages individuals to work more effectively
A VOCABULARY PRACTICE: Match the words with the definitions Use dictionary if necessary
1 to appreciate A a feeling of anger because you have been forced to accept something that you do not like
2 resentment B to accept a particular job or responsibility
3 frustrated C to praise someone in order to make them feel attractive or important, sometimes in a way that is not sincere
4 proactive D to decide which of a group of things are the most important so that you can deal with them first
5 to flatter E taking action by causing change and not only reacting to change when it happens
6 to manipulate F feeling annoyed or less confident because you cannot achieve what you want
7 empathy G to recognize or understand that something is valuable, important or as described
8 to prioritise H the possibility that something good might happen in the future
9 to take on I the ability to share someone else’s feelings or experiences by imagining what it would be like to be in their situation
10 prospect J to control something or someone to your advantage, often unfairly or dishonestly
Your boss, and your relationship with them, has a big impact on your working environment and sense of job satisfaction But although learning how to manage your boss is an important
90 professional skill, it is one that is not often discussed This article explains what managing up means, what the benefits are and how to do it
Nicole loves many things about her job – she loves the responsibilities she has, she gets on well with the members of the team she is leading, and she appreciates the working environment she has The only thing that keeps her awake at night is worrying about her boss, Peter
Peter joined the company as manager of Nicole’s department only four months ago He had previously been working as a manager in a different industry and is less familiar with his new business environment Methods that he used before are not going down well with members of this new department and an atmosphere of resentment is building in the team Nicole feels Peter is not getting the best out of his team and thinks his lack of background knowledge about the business is leading to poor decisions
So what could Nicole do? She could:
(a) join in the gossip against Peter,
(b) complain about Peter to his managers,
(c) do nothing and hope that Peter quits his job, or
Options (a) and (b) might create more tension and build an even more negative working atmosphere, and option (c) is likely to cause Nicole to feel frustrated and dislike her job Fortunately, there is a proactive option that Nicole can take: she can choose to manage up
SOCIAL ENTREPRENEURSHIP
A VOCABULARY PRACTICE: Match the words or phrases with their synonyms in the box
Creating a timeline can be useful for understanding and remembering the events in a text A timeline should show all of the important events that happened during a period of time
The origins and success of Facebook
A Facebook is the world’s largest social network By the end of 2010, there were 550 million users around the world and the number is still growing In 2011 Time Magazine predicted that if the growth rate continues, Facebook could have 1 billion users by 2012 Facebook has been increasing the number of languages the site can be used in and has added a translation program as well
The inception of Facebook can be traced back to Phillips Exeter Academy, where the concept of "The Exeter Face Book" aided students in connecting with their peers In 2004, Mark Zuckerberg, a Harvard undergraduate, utilized this idea to launch an online platform for Harvard students In a matter of weeks, the network's popularity surged, prompting Zuckerberg to enlist the assistance ofDustin Moskowitz and Chris Hughes Within four months, Facebook had expanded to include 30 additional university networks The summer of 2004 witnessed the relocation of Zuckerberg, Moskowitz, and Hughes to Palo Alto, California, where Zuckerberg encountered Sean Parker, a former Napster co-founder Parker's collaboration with Zuckerberg led to their first investor, Peter Thiel, contributing $500,000 to the startup.
C In 2005, Facebook received $12.7 million in funding from Accel Partners and expanded to include high school networks and added a popular photo sharing feature
D In 2006 Facebook received $27.5 million in funding from Greylock Partners and Meritech Capital, as well as from their first investors Facebook opened up to work networks and in September 2006, Facebook allowed anyone with an email address to sign up
E Facebook continued to grow throughout 2007 Over 1 million new users signed up every week and there were 40 billion page views a month Facebook was no longer only for college students, in fact the fastest growing user group was the over 30 age group, and by the end of
2007 there were 50 million active users worldwide To bring in more money, Facebook launched ads on the site and expanded their platform to include the mobile phone market Based on these figures, Microsoft invested $240 million into Facebook for 1.6 percent of the company in October 2007 This meant a valuation of over $15 billion, making Facebook the 5th most valuable US Internet company
F In 2008 Facebook became involved in US politics by co-sponsoring the presidential debates with ABC News and the major candidates even had their own Facebook pages Facebook continued to launch sites in different languages around the world increasing its global market
G In 2009 Facebook more than doubled the number of users going from 150 million to 350 million in 12 months Several features were added to the site and Facebook collaborated with CNN Live allowing Facebook users to watch CNN clips on the site In spring of 2009 the Russian investment firm Digital Sky Technologies made a $200 million investment for preferred stock at $10 billion valuation Later that year Facebook acquired FriendFeed, allowing users to receive updates in real-time from blogs and other social networking sites
H In 2010 Facebook reached the 500 million user mark and the company continued to grow They raised $500 million from Goldman Sachs and Digital Sky Technologies, increasing the value of the company At the beginning of 2011 Goldman Sachs began to offer shares in Facebook to their richest clients and rumours started that Facebook would need to go public soon Not too bad for a company which started as an idea in a dorm room at Harvard
Exercise 1: Read the main ideas Which paragraph includes the following information?
1 The fastest growing group of users in 2007 were people no longer at university
2 In 2009 Facebook allowed users to watch news videos on the site
3 Mark Zuckerberg got the original idea for Facebook from his high school
4 Goldman Sachs offered clients the chance to invest in Facebook
5 The Facebook network first expanded to universities in the Boston area
6 Facebook launched Facebook ads to get money from advertisers
7 The first investor, Peter Thiel, gave Zuckerberg half a million dollars
8 Facebook became involved with politics by co-sponsorship with a news station
Exercise 2: Read the article about Facebook Are the statements True (T) or False (F)?
1 _ Facebook users must be able to understand English
2 _ The original Facebook was printed and given to students
3 _ Facebook was a network for only Harvard students for the first year
4 _ Mark Zuckerberg built the Facebook network with several friends
5 _ One of the first people to work with Zuckerberg was the founder of another internet site
6 _ It took three years for Facebook to allow high schools to sign up
7 _ Peter Thiel and Accel Partners continued to support Facebook even when they attracted new investors in 2006
8 _ People with email addresses could get a Facebook account in early 2006
9 _ Facebook played a role in the 2008 presidential election
10 _ All of Facebook's investors were from the US
Exercise 3: Read the article, then complete the timeline Use the sentences A-I
A Facebook was predicted to have 1 billion users in this year
B Facebook reached the 500 million user mark and the company continued to grow
C Facebook launched ads on the site and expanded their platform to include the mobile phone market
D Zuckerberg created an electronic network designed for Harvard students
E Facebook collaborated with CNN Live allowing Facebook users to watch CNN clips on the site
F Facebook expanded to include high school networks and added a popular photo sharing feature
G Facebook opened up to work networks and allowed anyone with an email address to sign up
H Goldman Sachs began to offer shares in Facebook to their richest clients
I Facebook became involved in US politics
A VOCABULARY PRACTICE: Match the words or phrases with the definitions in the box
D positioning of products in stores
E products in boxes or other containers
F when an organisation is established
G group of shops with the same name and owner
I the approach of selling only basic products or services and not offering additional or unnecessary details
1 Over the last hundred years or so, ALDI has become a household name with over 8,000 stores worldwide The foundation of the company began in 1913 when the Albrecht family opened a small food store in Germany, and the name is short for Albrecht Discount It didn't take long for the little ‘service store’ to become popular In 1946 the sons of the family, Karl and Theo Albrecht took over the store and began to expand to other areas of Germany, using their discount philosophy to keep their market share In 1954 they opened their 50th store in Germany and by 1961 their business had grown to a network of over 300 stores The company
102 then split into two independent companies; ALDI Slid, run by Karl to service the South, and ALDI Nord run by Theo for the North Since that time the two companies have been run and operated separately, although they occasionally negotiate with suppliers together and carry some of the same own brands
In 1967, Theo Albrecht expanded ALDI by acquiring a chain of stores in Austria Later, ALDI Süd made a significant move in 1976 by purchasing 50 stores in the USA and introducing its limited-assortment concept, featuring only 500 select-brand products Despite their smaller store sizes, ALDI capitalized on the growing demand for value-oriented shopping in the US and experienced rapid growth Continuing its global expansion, ALDI Süd extended its presence across Europe and established stores in Australia in 2000.
‘less-is-more’ paid off in the USA and by 2011 they had more than 1,000 stores in 29 states serving 15 million customers a month Their business concept covers all aspects of operations, from selecting suppliers to finding locations for stores – all of which is geared towards selling quality products at the lowest possible price
3 What has been the secret of their success? ‘Self-service’ was still a relatively new retail structure in the 1960s and ALDI became the first company in Germany to adopt this concept The stores operate a ‘no frills’ philosophy and shoppers bring their own carrier bags to keep prices down, a concept that was new for shoppers in some countries In addition, streamlined processes, a select-brand strategy, a relatively small but reliable product assortment and their special double-guarantee offer of a replacement product plus a refund gave ALDI a competitive edge ALDI has also kept up with the times and in 1996 began selling electronic items Today shoppers can buy standard canned and packaged goods as well as digital cameras, printers, clothing, fresh fruit and vegetables and dairy products, making ALDI a one- stop shopping experience In addition, they have extremely high-quality standards and guarantee that their products are fresh
ALDI's business model caters to customers prioritizing efficiency, quality, and affordability Its uniform store layout, unpackaged displays, and minimal packaging enhance shopping expediency The company's buying power secures low supplier prices, enabling them to pass on significant savings to consumers By focusing on private label brands, minimizing marketing expenses, and eliminating non-essential services, ALDI offers prices up to 50% lower than traditional supermarkets.
Exercise 1: Read the article Then complete the timeline Use the sentences A-H
A The Albrecht brothers created two separate companies
B The Albrecht brothers created two separate companies
C The 50th shop in Germany was opened
D ALDI Sud bought a chain of shops in another European country
E After Europe and North America, ALDI Slid expanded to its third continent
F The Albrecht family opened a small shop
G Karl Albrecht bought 50 shops abroad and put the select-assortment concept into practice
H The first shops to introduce a new style of shopping in Germany were becoming popular
Exercise 2: Read the statements about the article Are the statements True (T) or False (F)? Correct the ones with false information
1 _ The first part of the name of the company came from the Albrecht family who started the business in 1913
2 _ The Albrecht sons used discounts to get people into their shops
3 _ The two companies, ALDI Nord and ALDI Sud, are operated and run together
4 _ When ALDI expanded to the US, they offered 500 own-brand products
5 _ ALDI found a niche market in the USA with people looking for value for money
6 _ ALDI are one of the pioneers who offered the concept of self-service in Germany
7 _ The double-guarantee gives the buyer a refund and a replacement product
8 _ ALDI later introduced fresh foods, dairy products and electronic items
9 _ Today ALDI can offer very good discounts because they sell mostly brand-name items
10 _ ALDI spends a lot on advertising
Exercise 3: Match these words from the text with their definitions
1 aspects A being able to buy many different items
3 household name C a group of different types of something
4 to select D to give from one person to another
5 assortment E the percentage of people a company sells to in one area
6 one-stop shopping F to choose
7 to pass on G parts, sections, areas
8 non-essential H a well-known company
Exercise 4: Complete the sentences using words and phrases from Exercises 2 and 3 You may need to change the forms of the words and phrases
1 Customers at ALDI can either fresh or packaged items to buy
2 ALDI two different companies and covered different areas of Germany
3 Customers like the idea that ALDI discounts to them when ALDI gets low prices for goods from suppliers
4 ALDI has developed into a successful business from its small start in Germany, and through expansion into other countries has worked hard to increase their
5 As ALDI believes strongly in a , goods are left in the cartons they were shipped in and customers have to bring their own carrier bags or buy carrier bags from ALDI
6 Once a company becomes a it can usually increase its sales and does not need to do as much advertising
7 Many successful make use of the concept of offering the same or similar goods to customers no matter where they are located
8 Having a reliable of goods can help shops to attract and keep customers
9 Many supermarkets offer services which have nothing to do with selling food and drink
10 The ALDI concept is people who look for good value for money
The development of market research
SUCCESS
A VOCABULARY PRACTICE: Choose the correct option A–C to complete the sentences Use dictionary if necessary
1 We were amazed by John’s He gave €100 to charity
2 I try to some money every month to put towards my summer holiday
A fritter away B invest C set aside
3 Even as a student, I was keen to and plan my career
A pick up B think ahead C stick at
4 Helen obviously made a good at the interview because she was offered the job
5 Mike: Do you know the rules for using commas in English?
Jim: I think so I’m not bad with
Scanning means looking through a text quickly to find specific information, such as names, numbers, and dates We scan items like the newspaper, a timetable, a dictionary, and the table of contents in a book When you scan, do not read every word Look for key words or phrases that will help you find the answer quickly Think about how the information will appear on the page For example, if you are looking for a date, scan only for numbers
6 Zara’s parents really her decision to drop out of university
A disapproved of B relied on C prevented from
7 Backpacking holidays don’t appeal to me anymore I think my days of are over
A soaking up B taking it easy C roughing it
8 The main attractions in Paris are busy all year round It’s a very place
9 Our holiday with some famous scientists was an unexpected surprise
10 I was when I heard a loud noise outside my flat during the night
William Zhou, one of the owners of Chalk.com, had always believed that teachers had it easy As far as Zhou was concerned, teachers just taught from a book and enjoyed long holidays each year
It was only after visiting his old school that he realized just how hard a teacher’s life can be While he was there, he saw first-hand the vast quantity of work that teachers have to deal with; writing lesson plans, preparing exams, plus the other paperwork they have to do So Zhou came up with an idea to make teachers’ daily workloads much more manageable and Chalk.com was born It’s an app that makes teamwork easier, and helps with planning lessons and assessment It’s now used worldwide by both primary and secondary school teachers
Security concerns arise due to the common practice of using easily guessable passwords for sensitive accounts like online banking Brennen Bryne, CEO of Clef, recognized this inadequacy and developed an innovative solution that eliminates the need for complex password management This breakthrough simplifies the login process by providing a more convenient and secure alternative to traditional passwords.
116 phone replaces words and numbers because the website simply recognizes this device instead Bryne believes that this system means anyone can have access to good security Clef has quickly grown in popularity with gaming and developer tool sites, and indeed manages logins to more than 40,000 websites
Codie, a toy robot and app set, is designed to spark children's interest in coding Its creator, Adam Lipecz, believes that children should not only be able to utilize technology but also comprehend its inner workings Lipecz emphasizes that existing educational toys fall short in teaching children coding fundamentals His goal is to provide a superior tool that emphasizes coding patterns, acknowledging the growing trend of computer programming education extending beyond traditional classrooms.
Grove labs believes that inspiring people to take responsibility for growing their own vegetables has benefits for both people and planet And Grove owner, Gabe Blanchet, believes that seasons or location need not get in the way Blanchet recalls how she and co-owner, Jamie, built an indoor garden during their university years and enjoyed fresh fruit, vegetables and herbs all winter The idea grew from there, Blanchet explains, as they realized that by designing a similar, but perhaps more beautiful and technologically superior system, they had the potential to develop a successful company while simultaneously making the world healthier and more sustainable
VirtualU blends technology with fitness and healthcare, enabling users to track their progress towards weight or body shape goals Using a sophisticated 20-second VFit Scanner, individuals can obtain precise measurements including height, weight, body mass, fat percentage, lean muscle mass, and body part measurements Caroline Pugh, a VirtualU co-owner, emphasizes the convenience of the scanner, which saves users approximately 90 minutes during health assessments The technology also holds potential for online shoppers, allowing them to find the perfect clothing fit.
1 aims to offer tutoring through an alternative method to a conventional school _
2 offers users a safe way to access information online _
3 allows people to keep an eye on their progress towards a specific goal _
4 aims to make a difference for those working in the field of education _
5 encourages people to produce part of their own daily diet _
Exercise 2: Read the passage again Do the following statements agree with what is said in the reading passage? Write Y if the statement agrees, N if the statement disagrees, and NG if it is impossible to say
1 _William Zhou discovered that an opinion he had had for a long time was accurate
2 _Brennen Bryne feels that security in online banking should be made a top priority
3 _Adam Lipecz wants his company to produce a higher-quality product than his competitors’
4 _Gabe Blanchet says that it’s possible to run a valuable business which takes the environment into account
5 _Caroline Pugh thinks that eventually her company will be used by designers in the fashion industry
Exercise 1: Match the words with their definitions
A the opinion that people in general have about someone or something
B to improve or develop in skills, knowledge, etc
C to obey a law, rule or promise or do what it states
D doubt or lack of trust
E when you do not trust someone or something
F to judge or decide the amount, value, quality or importance of something
G someone whose job is to give advice about a subject
H a group of people with family, work or social connections
Exercise 2: Complete the sentences with the right forms of the words in Exercise 1
1 The government's _ has already been harmed by a series of scandals
2 He started as an apprentice but quickly _ to foreman
3 If you make a promise, you should _ it
4 Since they discovered the truth about his background, his colleagues have regarded him with _
5 Authorities are _ damage caused by last night's stormy weather
6 She has a deep _ of journalists
7 The subject was never discussed outside the family _
8 I waited so long for my turn to see the careers _
Silicon Valley, the name given to the southern portion of the San Francisco Bay Area in California, is home to a lot of high-tech industry It has many of the world’s largest high-tech companies, and thousands of start-up tech companies The term originally referred to manufacturers of the silicon chip (the small piece of material inside computers that’s essential for them to work), but eventually came to refer to all the high-tech businesses in the area
Silicon Valley has a social and business culture that supports advance, and ‘playing’ with new technology, meaning that people are encouraged to take risks to see what happens And as this is
119 supported with higher engineering qualifications and clever management, it has done much to create the success stories we hear about today – companies such as Google and Apple, for instance
So why exactly have the companies in Silicon Valley been so successful?
Business experts say there are five basic unwritten rules that Silicon Valley companies stick to Firstly, they like to trust and be trusted In some places, new companies may be viewed with suspicion until more is known about them In Silicon Valley, however, people are welcomed and an informal coffee shop meeting arranged out of curiosity can quickly turn into a business partnership Social barriers, whether caused by language, culture, or distrust can end relationships before they’re born Overcoming barriers and creating trust outside the circles people usually work in is key because development can only take place when people contribute a range of ideas and skills
The second rule involves understanding the importance of teamwork Many people view business as a game with a winner and a loser However, the most successful business people know that it’s all about treating others fairly The lesson to be learned is that ‘You can’t progress alone’
A third common Silicon Valley practice is the idea of ‘paying it forward’ This means that someone already established will spend time with someone just starting out, by taking them to lunch, for example This results in the newcomer being introduced to new people and having their own personal advisor of sorts So, what’s in it for the advisor? Well, they’re actually getting a great deal in return They’re building a solid reputation by helping out a new person, so they’re seen as an expert and someone to be trusted
Paying attention is another key factor in building relationships and assessing needs A story’s been told about an investor who turned up to do a presentation to the director of an established business During the investor’s presentation, the director spent most of the time texting Apart from being rude, he may well have missed out on the chance to work with the next Mark Zuckerberg – one of the five founders of the hugely successful California-based social network site Facebook Successful people know that in order to stay at the top, they need to continue learning And to do this well, they need to create an environment where a range of ideas and skills are valued Finally, it’s important to say ‘yes’ instead of ‘no’ as often as possible Will every employee’s design idea be a good one and be turned into a successful product for the business? No But it’s important to make employees feel that there are no awful ideas – just early versions of better ones
Thomas Edison, the inventor of the light bulb, tested over 2,000 materials before he came up with a model that worked Fear of failure shouldn’t stop people from experimenting
Exercise 1: Which five of statements A–H are true about how high-tech companies in Silicon Valley operate? There are three statements that you don’t need
A They provide new employees with personalized advice packs
B They are aware of the importance of listening to what others have to say
C They believe in their colleagues’ ideas, which allows relationships to develop
D They keep detailed records of all ideas that they receive from investors
E They value the opportunity to help others as a way of improving their own name
F They reward their employees financially for having advanced qualifications
G They understand that there is no such thing as a bad proposal
H They realize that making some losses is unavoidable
Exercise 2: Read the article again and complete the sentences Use ONE WORD ONLY from the text for each answer
1 The name given to the region of California with a great deal of high-tech _ is Silicon Valley
2 Companies in Silicon Valley encourage people to be adventurous with _
3 Experts believe that the success of companies in Silicon Valley is due to some simple _ which they follow
4 ‘Paying it forward’ may mean that the advisor’s _ grows as he offers help
5 Thomas Edison tried a wide variety of _ before coming up with his final version of the light bulb
Exercise 1: Match the words with their definitions
A to give somebody information about something that was previously secret
B an advantage that makes someone or something more successful than other people or things
C a personal web page or diary
D to stop something from developing normally
F an advertisement on television, on the radio or on a website
G to persuade someone to do something by making it look very attractive
Exercise 2: Complete the sentences with the right forms of the words in Exercise 1
1 The marketing campaign is starting with four online _
2 Young people are _ to the city by the prospect of a job and money
3 Training can give you the _ over your competitors
4 You can post a comment on my _ here
5 She was accused of _ confidential material to a competitor
6 She’ll be earning big _ soon!
7 They hope the new rules will not _ creativity