Or phrases functions

7. Write definitions for the management functions by matching a function on the left with a definition on the right. Use this definition form:

a. Planning - the day-to-day direction and supervision of workers

b. Organizing - the evaluation of how well company objectives are being met

c. Directing - the determination of overall company objectives and how they can best be achieved

d. Controlling - the process of putting the plan into action

a. Planning is _____________________________________________

b. ______________________________________________________

c. ______________________________________________________

d. ______________________________________________________

MARKET STRUCTURE

A market can be defined as any form of contact between buyers and sellers for the purpose of buying and selling goods and services. Markets always have two sides: the demand side, composed of buyers, and the supply side, made up of sellers. Markets can be local, national or even international. A market typically has four elements:

1. Buyers - people wishing to acquire goods and services.

2. Sellers - people wishing to sell goods and services.

3. The goods and services, which are going to be exchanged.

4. A means of payment - that includes cash, cheque, credit, standing order and hire purchase.

The demand for a product is the amount of a good that people are willing to buy over a given time period at a particular price. For most goods and services the amount that consumers wish to buy (the quantity demanded) will increase as price falls.

The desired demand is the information showing the amount of the product that consumers are willing to buy at different prices - not what they actually do buy. The demand for a product is not only influenced by price. An individual may be influenced by factors such as personal tastes, the size of income, advertising, the cost and availability of credit. The total market demand will be affected by the size and age distribution of the population and government policy.

The quantity of goods and services that producers offer at each price is called supply. While demand is concerned with the buying side of the market, supply is concerned with the firm's or producer's side of the market. Unlike demand, the quantity supplied of a good will increase as price rises. The supply of a product is not only influenced by price. Supply will be affected by anything that helps or hinders production or alters the costs of production.

Consumers have a wide variety of choice in how they spend their income, and there is a large quantity and many different types of goods and services that the consumer can buy. One difficulty that confronts a firm is to decide what to produce. Satisfying the wants and needs of consumers and anticipating these wants can make the difference between success and failure in business. Some things, such as food, are essential. Food is an example of a single-use consumer good. Most people, having satisfied their needs, can attempt to satisfy their wants by the purchase of items such as cars, TVs, microwave ovens and compact disc players. They are sometimes called consumer durable products. Alternatively, they may purchase services such as dry-cleaning, haircuts, trips to the cinema and meals out.

Today, a successful company is one, which tries to discover what the consumer wants or could be persuaded to buy and then makes that product and sells it at a profit. Such firms are said to be market-oriented. In a market-oriented firm one of the functions of marketing department is to find out consumer requirements. This is in complete contrast to a product-oriented firm, which first produces a product and then tries to sell it in the hope that the consumer will buy it.

Market research involves studying the market to discover exactly what the customer really wants. Companies collect information in order to build up a picture of consumer requirements. It can come from two main sources.

1. Primary information is information that is not already available. One of the techniques used to collect this information here is field research — questioning consumers directly about their tastes and preferences.

2. Secondary information is information that is already available to the firm. It can come from a variety of sources, such as government statistics and business and trade publications. Gathering information this way is called desk research.

Identifying the tastes and preferences of consumers is not simple because there are many different types of consumers with different tastes. Firms normally try to build up a consumer profile, i.e. the age, sex, occupation and location of its consumers.

Every firm usually possesses its own internal information about the popularity of its products and about its own sales. This information, although useful, may be of limited value since it tells the firm nothing about the total size of the market, competitors' products and prices, or consumer preferences. Consumer research can be carried out by the Market Research Department of a company or by Market Research Centers, which specialize in providing this service for others.

Market researchers collect, analyze and interpret data to provide companies with information about the needs and desires of the buying public, they develop forecasts of consumer motivations and buying habits on the basis of these forecasts, they propose strategies for the marketing campaign of current products and suggest areas for market expansion.

availability of credit – наличие ссудного капитала

buyer n – покупатель

cash n – наличные деньги, наличный расчет

cheque n – банковский чек

consumer durable products – потребительские товары длительного пользования

consumer requirements – потребности потребителя

cost n – стоимость

credit n – кредит

demand n – спрос

desk research – разработка статистической документации

field research – исследования на местах

forecast n – прогноз

hire purchase – покупка в рассрочку

international market – международный рынок

local market – месстный рынок

market expansion – расширение границ рынка

market r esearch – изучение конъюнктуры, возможностей рынка

Market Research Center – центр маркетинговых исследований

Market Research Department – отдел маркетинговых исследований

market structure – структура рынка

marketing campaign - кампания по организации и стимулированию сбыта

marketing department – отдел маркетинговых исследований, отдел реализации, отдел сбыта

market - oriented – ориентированный на рынок

national market — национальный рынок

price n – цена

product - oriented – ориентированный на продукцию

purchase n – покупка; закупка, купля (приобретение чего-л. за деньги)

purchase on credit / for cash – покупка в кредит/за наличные (деньги)

purchase v – покупать, закупать (приобретать что-л. за деньги)

seller n – продавец

single - use consumer good – товары одноразового использования

standing order – постоянное платежное поручение

supply n – предложение

total market demand – общий объем спроса на рынке

ECONOMIC INTERDEPENDENCE AND INTERNATIONAL TRADE

International trade is the voluntary exchange of goods and services between people in different nations. For thousands of years people have benefited from international trade, which provides them with products not available in their homeland. By the mid-1980s international trade amounted to about $2 trillion annually.

At the basis of international trade are the concepts of specialization and economic interdependence. When individuals or businesses produce a single or very narrow range of products, it is called specialization. Many individuals and businesses specialize because by concentrating their efforts on the production of a narrow range of products they are able to increase productivity.

Specialization, however, leads to a decrease in self-sufficiency. If individuals and businesses concentrate on the production of specific goods and services, they must rely on other people to furnish the remaining products that are needed to satisfy their wants and needs. Economists call such dependence economic interdependence.

The same process of specialization and economic interdependence takes place on a national level in international trade. As people in various nations specialize to use their resources better, the nations become less self-sufficient. The political and business leaders of these nations turn to international trade to fulfill some of their wants and needs.

Absolute and comparative advantage. The world's resources are unevenly distributed. Each nation has a different quantity and quality of natural, human and capital resources. The unequal distribution of resources affects what and how much goods and services a nation can produce.

Two concepts help people to decide which goods and services to produce for export. The two concepts are: absolute advantage and comparative advantage.

Date: 2015-10-21; view: 616; Нарушение авторских прав