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BUSINESS AND MANAGEMENT; WEEK ONE ANSWERS

1. Information Structure:

a. Paradigms of management control do not exist in isolation. Each is aconstruct of people living within a particular social world. These socialworlds can be described in terms of national cultures, while legal andeducational institutions, regulatory regimes and markets for information arealso relevant contextual factors. All these factors need to be consideredwhen examining each paradigm and how it functions.

The highlighted phrases connect back to the previous sentence.

2. Given > New

a) Competitive context has always been important to strategy. The availabilityof skilled and motivated employees; the efficiency of the local infrastructure;the size and situation of the local market, the extent of governmentalregulations have always influenced company strategy. Competitive context has always been important to strategy.

Company strategy has always been influenced by the availabilityof skilled and motivated employees; the efficiency of the localinfrastructure; the size and situation of the local market, andthe extent of governmental regulations.

b) Companies today depend more on local partnerships. They rely onoutsourcing and collaboration with local suppliers and institutions; they work moreclosely with local customers; and they draw more on local universities and researchinstitutes to conduct research and development.

Companies today depend more on local partnerships. Suchpartnerships allow collaboration with local suppliers andinstitutions, closer work with local customers and research anddevelopment with local universities and research institutes.

c) The greater threat facing London's financial-services industry comes from athousand smaller regulatory hurdles. Financial firms will find it more difficult or

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expensive to conduct business or enter new markets because of them. The greater threat facing London's financial-services industry

comes from a thousand smaller regulatory hurdles. Because of them, financial firms will find it more difficult or expensive toconduct business or enter new markets.

d) The idea of a legal framework for firms that put profits second is not confinedto America. Since 2005, people have been allowed to form "community interestcompanies" in Britain, for example,

The idea of a legal framework for firms that put profits second isnot confined to America. For example, in Britain, people havebeen allowed to form "community interest companies" since2005.

Again, the point is that the sentences changed so that the ‘Given’

and the ‘New’ are closer together.

3 ii Parallel structures

1) According to the psychologist Harry Levinson, the five main types of badboss are the workaholic, the bully, the poor communicator, the

jellyfish, and the perfectionist. Parallel noun phrases

2) To get ahead, to keep their self-respect, and simply to survive, wiseemployees handle problem bosses with a variety of strategies. Parallel infinitives

3) To cope with a bad-tempered employer, workers can both stand up for

themselves and reason with a bullying boss. parallel infinitives

4) Often, bad bosses communicate poorly or fail to calculate the impact of theirpersonality on others; listening carefully and being sensitive to others’responses are qualities that good bosses possess. Parallel gerunds

5) Employees who take the trouble to understand what makes their boss tick,engage in some self-analysis, and stay flexible are better prepared to copewith a difficult job environment than those who suffer in silence. Parallel infinitives

iii

Exact enumerators: DISADVANTAGES:a. According to the psychologist Harry Levinson, the five main types of bad bossare firstly, the workaholic, secondly, the bully, thirdly, the bad communicator,fourthly, the jellyfish type, and finally, the perfectionist.

In this case, enumerating the short noun phrases makes it seemfragmented.

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b. You could change this to exact enumerators, but you also have exact

enumerators in the second half of the text.

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B. ACADEMIC READING THE MONSTER CHOMP COOKIES CASE

Pre-reading b:

a. Where do you think this text comes from? From a teaching text book onBusiness Case studies – because the material is arranged and laidout easily and accessibly.

b. What sort of graphical information does it contain? Market shares andIncome.

c. Who might the text have been written for originally? Why? Business andManagement students because of a. above; the accessibility of thematerials.

d. How is it organized?

1. A general introduction to problems that might exist when entering amarket.

2. A particular study of Beatrice Companies and problems with sellinga particular product in Brazil.

3. Measures taken to solve the problems: different cookies; newpackage

4. Results in Brazil

Reading: General understanding:

1. Why have some companies had difficulties in selling products which aresuccessful in their home countries in other national markets? See ll 1 – 40:

Consumer tastes e.g. Campbells in Europe; packaging needs altering

e.g. EMU airlines in Australia, etc; distribution channels e.g. food

markets in Latin America; pricing structures; promotional

strategies;

2. What problem did Pepsi-Cola encounter in Germany with its advertisement?Translation of its slogan ‘Come alive with Pepsi’ to Come back from

the grave with Pepsi’.

3. How has the food-buying pattern in Brazil changed recently? A move from

local markets to supermarket shopping.4. How did Beatrice companies enter the Brazilian food-processing market?

Acquisition of 80% stake in local company Ailiram.

5. Describe the cookies that Ailiram produced before Beatrice assumedownership. very similar to those sold by dozens of other Brazilian

firms – plain, fairly undifferentiated, round cookies and biscuits

made of wheat flour and sugar. How does Beatrice propose to changethe cookies? a hard, flat cookie that looked as if a monster had taken

a bite out of it. The flavors were initially chosen to be chocolate,

vanilla and coconut

6. Describe the new package for the Monster Chomp cookies. The packagedepicts a friendly monster taking a chomp out of a cookie on the

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front; on the back, some children’s game is shown and a lesson

about safety or other instructive message is presented. Thus, the

package provides both an appealing, funny advertisement and an

educational lesson.

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2. Interpreting Financial Reports – Business Abbreviations: Table 4

– 2

Cr$ Cruzeiros/dollars_____ mio millions of cruzeiros

Exch. Rate Exchange Rate exp Expenditure

P&L Profit and Loss marktg Marketing

Grs Grams merchand merchandise

3.Table 4-1: Cookie Market Shares Report. Answer these questions:

a. What do the figures in this report represent? Market share of cookies by

company in two Brazilian cities.

b. What do the names in the left-hand column refer to? Companies that sell

into these households.c. Which two areas of Brazil does the market share information in the reportcomefrom? Sao Paolo and Rio de Janiero. From what year? 1984

4.Table 4-2 product launch report to answer these questions .

a. What is the title of the report? Monster Chomp Cookies 3-year sales and

P + L Forecast

b. What information does it provide? Costs and possible profits for threeyear period. c. What was the Cruzeiro/US dollar exchange rate in 1984? 1600/US$

d. What was the retail price for a 200gr packet of Monster Chomps in May1984? 600 Cruzeiros

e. What percentage of profit contribution did the company forecast for theproduct in1984, 1985 and 1986? 1984 – 3.2%; 1985 – 13.0%; 1986 – 15%

5. VocabularyA survey revealed that cookie sales to supermarkets are very competitive in Brazil,with at least ten companies selling ‘Maria’ type cookies to leading stores. Breakinginto this highly competitive market would require displacing the competition byproducing a differentiated product.

Ailiram’s strategy to gain access to supermarkets was to sell at the top end of themarket, where there were only three brands competing, with a high quality,innovative product. Ailiram decided to model the new product on the MonsterChomp cookies already sold in the US, and produced a hard, flat cookie in a choice of

three different flavours, in an unusual shape as though a monster had taken a biteout of it. Additionally, a new package; design would appeal to children up to the

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age of 12, who constitute about half the market for cookie consumption in Brazil.

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1. Describing Aims & Means

In these two sentences, what is the ‘aim’ and what is the ‘means,

or method’ to achieve the aim?

AIM MEANS

a. By successfully selling Monstrinho Creck Cookies, Ailiram would

establish an image of high quality products and gain access to

supermarkets.

b. Beatrice intended to use Ailiram as a base for entering the national market in

Brazil, by first pursuing supermarket sales in Sao Paolo, then by

expanding product lines and distribution throughout the whole

country.

Example:

By redesigning the packaging, Ailiram hoped to appeal to Brazilian

children – the largest consumer group for cookies.

Redesigning the packaging would allow Ailiram to appeal to

Brazilian children – the largest consumer group for cookies.

MEANS

AIMS

2. Changing the flavour of its soups allowed Campbell’s to attractEuropean customers.

Changing the flavour of its soups meant that Campbell’s couldattract European customers.

3. Persisting with its dried soups enabled Knorr to develop a large

enough market segment to justify operating in the US Persisting with its dried soups meant Knorr could develop a large

enough market segment to justify operating in the US

4. Checking the translation of product names and promotionalmaterials allowed companies to avoid problems when entering othernational markets.

Checking the translation of product names and promotionalmaterials enabled companies to avoid problems when entering othernational markets.

5. Acquiring 80% ownership in an existing local firm allowed Beatrice

to enter the Brazilian markets. Acquiring 80% ownership in an existing local firm allowed Beatrice

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to enter the Brazilian markets.

Cause & Effect / Reason & Result Cause/Reason (CR) or Effect/

Result (ER.)

1. Beatrice entered the Brazilianmarket through …… Effect/ Result (ER.)

d. acquisition of 80% ownership in anexisting local firm. Cause/Reason (CR

2. She felt that this product hadgood potential for sales in Brazil

since……. Effect/ Result (ER.)

c. such unusual cookies were notavailable there.

Cause/Reason (CR)

3. Biscuits are probably the mostwidely distributed product inBrazil, as …. Effect/ Result (ER.)

e. they are often the only thing eaten forbreakfast.Cause/Reason (CR)

4. Ailiram’s managers felt thatcookies had to be hard and flat inorder to meet Brazilian children’stastes, but the shape could beunusual. Thus, ….. Cause/Reason (CR)

f. it was decided to produce a hard, flatcookie that looked as if a monster hadtaken a bite out of it. Effect/ Result (ER.)

5. A package design was chosen to

appeal to children between theages of 5 and 12 years because… Effect/ Result (ER.)

a. survey results showed that almost

50% of cookie consumption in Brazil isamong children up to 10 years of age.Cause/Reason (CR)

6. There was very little profit for thefirst year of sales because of ….. Effect/ Result (ER.)

b. the expense of the advertisingcampaign to introduce Monstrinho Creckin the Sao Paolo area.Cause/Reason (CR)

2 : Complete the following sentences with a suitable linker and correct

punctuation.

E.g. Beatrice acquired 80% ownership in an existing local firm. Consequently, thecompany was able to enter the Brazilian market.

1. Such unusual cookies were not available in Brazil. As a result, she felt that thisproduct had good potential for sales there.2. Since biscuits are often the only thing eaten for breakfast, they are probablythe most widely distributed product in Brazil.

3. The reason for the decision to produce a hard, flat cookie that looked as if a monster had taken a bite out of it was the feeling of the Ailiram managers that

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while cookies had to be hard and flat in order to meet Brazilian children’s tastes,the shape could be unusual. WHAT EVER YOU DO, NEVER, EVER WRITE A

SENTENCE AS BAD AS THIS ONE!!!

4. Survey results showed that almost 50% of cookie consumption in Brazil isamong children up to 10 years of age. Therefore, a package design was chosen toappeal to children between the ages of 5 and 12.5. The consequence of the expense of the advertising campaign to introduceMonstrinho Creck in the Sao Paolo area, was that there was very little profit for thefirst year’s sales. AND ANOTHER APPALLING SENTENCE!!!

LISTENING: Sheena Iyengar : Choosing what to choose

http://www.ted.com/talks/sheena_iyengar_choosing_what_to_choose.html

1. This is the ‘advertisement’ which TED gives for the talk.

a. Why does the first sentence use the second person plural ‘we’? To

pull the reader into the text Is that a good idea? It isn’t really

academically objective.

b. List the adverbs and adjectives which appear in the first paragraph?What is their job? Are they ‘good’ adjectives or ‘bad’ adjectives?Deeply; surprising; famous; ingenious; rich; much broader;

(and other nouns, too). These words are too unqualified for

real academic writing/discourse!

c. Do you know who Malcolm Gladwell is? Why do you think he ismentioned? He’s a popular and very famous writer on

statistics and their effect on the human condition. Iyengar’s

work is now associated here with this famous man.

d. What is the job of the final sentence? (ll.15 – 17). This sells Iyengar

even more as a famous and accessible writer.

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We all think we're good at making choices; many of us even enjoymaking them. Sheena Iyengar looks deeply at choosing and hasdiscovered many surprising things about it. For instance, her famous

"jam study," done while she was a grad student, quantified acounterintuitive truth about decision making -- that when we'represented with too many choices, like 24 varieties of jam, we tend notto choose anything at all. (This and subsequent, equally ingeniousexperiments have provided rich material for Malcolm Gladwell andother pop chroniclers of business and the human psyche.)

Iyengar's research has been informing business and consumer-goodsmarketing since the 1990s. But she and her team at the ColumbiaBusiness School throw a much broader net. Her analysis touches, for

example, on the medical decision making that might lead up tochoosing physician-assisted suicide, on the drawbacks of providing too

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many choices and options in social-welfare programs, and on thecultural and geographical underpinning of choice. Her book The Art of

Choosing shares her research in an accessible and charming story thatdraws examples from her own life.

1. Now make three predictions about what you are going to hear.a.b.c.

2. What problems might there be with the material in this presentation? It’s very

short and this might lead to major over-simplification; particularly of

statistical information.

3. What strengths might the material have? Iyengar works at a very reputable

academic institution. It is suggested that she is a reputable researcher

whose work has been influential.

2. Pre-listening: What do these words and phrases mean?

A very upscale grocery store; mustard; vinegar; mayonnaise; a little tasting booth;

procrastinate; concretization; vivid; hitting the default button;

3. You will now hear the first segment of the talk. Fill in the table

Day Typical

American

Number

of decisions 70

Week CEO Number of

decisions139

Ave Time

50% of decisions

9 mins

Longest time

1 hour or

more

4. Second segment of the talk. Draeger’s store

a. Fill in the table with the food types and numbers that you hear:

Food types No. of varieties

a. Mustards & Vinegars 250

b. Fruits and Vegetables 500

c. Bottled Water < 24

d. Olive Oil 75

e. Jam 348

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b. Fill in the table with details of the experiment that Iyengar carried out in thestore:Numbers of jams % people stopping % people buying

24 60% 3%

6 40% 30%

i. What does the speaker say these figures prove? That too much choice

results in confused customers which leads to fewer purchases. Do you

agree?

ii. Are there any problems with these figures? These are percentages of

percentages so we lose the objectivity they might provide.

5. Listen to the third segment of the talk; Fund Offerings available in

retirement savings plans.

Complete the table :

1,000,000 Americans 650 retirement plans

One plan (401k) 657 plans from 2 to 59 offerings

Participation rates:

2 funds c 75%

60 funds c 60% More choices –avoided stocks or

equities; put money inpure money market

accounts

6. Now listen to the fourth segment of the talk: Negative consequences;

What are the three main negative consequences of choice?a. Delay in choice

b. Make worse choicesc. Make less satisfactory choices

7. Now listen to the fifth segment of the talk: The four solutions:

What are the four solutions, Iyengar proposes, for the negative consequences of toomuch choice?a. Solution one: Cut

Examples: i. Proctor and Gamble 26 Head & Shoulder > 15 < 10% profits

ii. Golden Cat Corp. > 10 products < 87% increased profits iii. Average Grocery store: 45,000 products Walmart: 100,000

iv. Aldi 1,400 v. Harvard: 300+ > 20 financial savings lifecycle fund

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b. Solution two: Concretization:

i. - Why does Iyengar show the picture of the road? The picture makes the road

seem dangerous when the words didn’t.

- Is this a good example? It’s a good example of a road, but is it a good

example of a financial decision.

- Why might it be a bad example? Financial decisions are abstract and

difficult to visualize.

ii. ATM/credit card 15/30% more money spent

iii. ING : visualization 20% greater enrolment

c. Solution three: Categorization:

i. Wegman’s grocery stores: a. Magazines: 331 – 664 magazines

600 magazines ÷ 10 seems less choice than 400 ÷ 20

categories

b. Jewelry: Categories need to be real

d. Solution four: Condition for complexity:

Move from simpler to more complicated decisions.

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WEEK TWO – SUGGESTED ANSWERS

1. Issue Point

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Finance--the funnelling of savings to their best use--is a vital industry.Britain is very good at it, leading the world in various financial markets,including foreign exchange and over-the-counter derivatives. The City'scomparative advantage is clear from Britain's trade balance. The exportsurplus in financial services and insurance was 2.6% of GDP in the firstthree quarters of 2011. Add in the exports of related services, such aslaw, accountancy and consulting, and the trade surplus rises above 3% of GDP. An industrial cluster that can generate foreign earnings on such ascale is enviable. No other country, not even America, comes close tomatching Britain's trade balance in finance. And with its domestic

economy problems, Britain needs all the exporting power it can muster.

Issue: Words such as ‘vital’ ‘very good at it’ – give values which

can be discussed in the middle section of the paragraph – i.e.

‘comparative advantage’, ‘No other country’

Point: ‘problems’; ‘needs’ show the point the writer is making.

TASK:

What are the differences between these two paragraphs:

a.

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The British government's own policies on tax and immigration are alsodoing a lot of damage. The 50% tax rate, introduced by the previousLabour government in 2010, brings in little money and has made Londonthe most taxed out of ten financial centres for high net-worth individuals. The present generation of financial bosses, who live in and like London,may tolerate it for a while, but younger ones are feeling the pull of Switzerland, Hong Kong or Dubai. As for immigration policy, the best wayto win Asian business is to lure the young Asian financiers to London.

Tight limits on talented immigrants damage the City's prospects--andindeed the prospects of every bit of British business.

A paragraph can have both Given-New sentences AND have the three

parts: issue/ discussion / point.

a. Blue areas show how the sentences link, conceptually.

b.

The British government's own policies on tax and immigration are alsodoing a lot of damage. London is the most taxed out of ten financial

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centres for high net-worth individuals, and the 50% tax rate, introducedby the previous Labour government in 2010, brings in little money. Younger bosses are feeling the pull of Switzerland, Hong Kong or Dubai,although the present generation of financial bosses, who live in and like

London, may tolerate the high tax rate for a while. As for immigrationpolicy, the best way to win Asian business is to lure the young Asianfinanciers to London. The City's prospects--and indeed the prospects of every bit of British business are damaged by the tight limits on talentedimmigrants.

b. There are few of these conceptual links between sentences

a) While you read the text answer the questions in the right-hand

column:

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15

20

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FOR a decade now California, the world’s ninth-largest economy, has run budget deficits. Itsconstitution says it must technically balance itsbooks every year, but it has done so with accountingtricks that have only pushed the underlying probleminto the next accounting period. It may do the same

again this year. The deficit amounts to $15.7 billion if the governor, Jerry Brown, is to be believed; about abillion more if other analysts are right. Statelawmakers have until June 15th to find a solutionbefore the new fiscal year starts on July 1st. If theymiss this deadline, as they have often done inprevious years, their pay will be suspended until theycan solve the problem.

The familiarity of the drama may explain whyCalifornians who worry about their state preferred tocontemplate last week’s other event, theirpresidential candidate election on June 5th. TheRepublican presidential nomination was a non-event,since Mitt Romney was already chosen, and voterturnout was very low, at about 25%. But Californiansexperienced two new things about this election. Itwas the first in which state and congressionalcandidates ran in districts created by an independentcommission instead of by politicians. It was also the

first for many years in which all voters—Republican,Democratic or other—received the same ballotpapers, and the top two vote-winners advanced to

the general election, even if they were from thesame party.

What does ‘so’mean here?Balanced its

books What isthe ‘same’here? Balance

its books

Solve whichproblem?Running

budget deficits

Which‘drama’?Solving

budget deficits

It was the firstwhat? Election

It was also thefirst what?Election

What is ‘they’

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30

35

40

45

The links between these two difficult subjects—therecurrent fiscal crises and the mysteries of electoralreform—are complex. But they explain what hasgone wrong with California in the past generation,and whether it has a chance of saving itself.California’s problems are not like, say, those of Greece. It is not nearly as indebted and not at risk of getting excluded from the eurozone. Instead,California is in a slow relative decline because itallocates its public resources badly. And the

ultimate reason is the poor performance of itspolitical institutions.

California’s budget problems begin with a tax systemthat is out of date. For most of the last century, salestaxes, which are relatively stable, were the state’smain source of revenue, while more volatile incometaxes were less important. But that was whenCalifornia’s economy was still based on makingthings. Today it is a service economy, and servicesare exempt from sales tax. So, over the pastgeneration, income taxes, and especially capital-gains taxes, have grown in importance. This makes

California’s revenues unusually jumpy, with peaksduring booms (in dotcoms or housing, say) and bigfalls during busts (again, in dotcoms or housing).

here? Fiscal

crises and

electoral

reform

The reason forwhat?allocating

public

resources

badly

What is ‘that’here? Stable

sales

taxes/volatile

income taxes

What is ‘this’here? Growth

in importanceof taxes

Adapted from: Economist; 6/16/2012, Vol. 403 Issue 8789, p36-38,

2. Look at the following text in terms of ‘Issue’, ‘Discussion’ and

‘point’ :

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FOR a decade now California, the world’s ninth-largesteconomy, has run budget deficits. Its constitution says it musttechnically balance its books every year, but it has done so withaccounting tricks that have only pushed the underlying probleminto the next accounting period. It may do the same again thisyear. The hole to be plugged amounts to $15.7 billion if thegovernor, Jerry Brown, is to be believed; about a billion more if the non-partisan legislative analyst is right. State lawmakershave until June 15th to come up with a solution before the newfiscal year starts on July 1st. If they miss this deadline, as theyhave often done in previous years, their pay will be suspendeduntil they can get their act together.

The familiarity of the drama may explain why Californians who

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if the governor, Jerry Brown, is to be believed; about a billion more if the non-partisan legislative analyst is right.

Point: These words and phrases ‘sum up’ the paragraph:

State lawmakers have until June 15th to come up with a solution before the new fiscal year starts on July 1st. If they miss this deadline, as they have often done in previous years, their pay will besuspended until they can get their act together.

Paragraph 2: ll. 11 – 20

Issue: Note the words and phrases that give the sentence driveand value:

The familiarity of the drama may explain why Californians whoworry about their state preferred to contemplate last week’s other event, their primary election on June 5th. The Republican presidentialnomination was a non-event, since Mitt Romney is already chosen, andvoter turnout was abysmal, at about 25%.

Point: The writer believes at the there were things about theelection which Californians liked!But Californians savoured two things about this primary.

Discussion: These sentences with their parallelisms state thethings that Californians did value about the election:It was the first in which state and congressional candidates ran indistricts drawn by an independent commission instead of incumbent politicians; and it was also the first for many years in which all voters—Republican, Democratic or other—received the same ballot papers, andthe top two vote-getters advanced to the general election, even if they were from the same party.

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Issue: Note the words and phrases that give the sentence driveand value:

The links between these two knotty subjects—the recurrent fiscal crisesand the arcana of electoral reform—are complex.Discussion: Note the negative descriptions of California’seconomic situation.

But they explain what has gone wrong with California in the past generation, and whether it has a chance of saving itself. California’s

problems are not like, say, those of Greece. It is not nearly as indebted and not at risk of getting booted out of its currency area. Instead,California is in a slow relative decline because it allocates its publicresources badly.

Point: Contrast of discussion (economics) and point (politics)

And the ultimate reason is the poor performance of its political institutions.


Issue: Note the words ‘problem’ and ‘out of date’.

California’s budget problems begin with a tax system that is out of date.

Discussion: Note discussion of changes in tax base from sales toincome

For most of the last century, sales taxes, which are relatively stable, werethe state’s main source of revenue, while more volatile income taxeswere less important. But that was when California’s economy was stillbased on making things. Today it is a service economy , andservices are exempt from sales tax . So, over the past generation,

income taxes, and especially capital-gains taxes, have grown inimportance.

Point: Note ‘this’ at the start of the sentence gathering theinformation of the previous part. Then note the words ‘jumpy’,‘booms’ and ‘busts’ which comment on that previousinformation.

This makes California’s revenues unusually jumpy, with peaks duringbooms (in dotcoms or housing, say) and big falls during busts (again, in

dotcoms or housing).

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‘breaking up’; ‘reducing’; ‘rewriting’ : note the parallelisms of thesegerunds

That – refers back to the ‘set of measures’ referred to in previous sentence. …two big problems…’ enumerative predictor of elements in rest of

paragraphs First – first predicted problem Second – second predicted problem On the contrary, - introduces contrast between ‘demands for wholesale

reform’ and the efforts of the transitional Egyptian govt.3. Cohesion: This + summary word.

i. Tesco stores in America, branded Fresh and Easy, saw there was a problem with

the low quality of processed fresh food in American supermarkets. This was

addressed by inviting two trusted British firms to supply them.

a) issue b) food c) need d) process e) factor

ii. One way of working out what Henry Ford’s assembly line process was worth to people is to calculate how much they would have had to pay for cars, at the price

prior to Ford’s innovation. This measure is known as ‘social savings’.

a) factor b) measure c) issue d) process e) situation

iii. 12 percent of all high-growth firms were established by a serialentrepreneur. This situation contrasts with only three per cent of non-high-growth firms.

a) factor b) need c) situation d) measure e) issue

4. This + summary word

a. An environmental scan will highlight all important aspects that affect an

organization, whether external or sector/industry-based. This

scan/investigation will also uncover areas to capitalise on, in addition to

areas in which expansion may be unwise. These areas, in turn, once

identified, have to be vetted and screened by an organization.

b) When we measure the effectiveness of the organizational strategy, it is

extremely important to conduct a SWOT analysis to figure out the internalstrengths and weaknesses, and external opportunities and threats of the

entity in business. This analysis may result in taking certain precautionary

measures or even changing the entire strategy.

c) Subscriptions and students' fees were not adequate to provide a properly

staffed establishment. Thus, the choice of these means/ways of financing

the College, in preference to direct government funding, were to hamper the

growth of the University well into the present century.

d) In recent years, the number of students applying to PhD programmes hasincreased steadily, while the number of places available has remained

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http://en.wikipedia.org/wiki/SWOT_analysis

http://en.wikipedia.org/wiki/SWOT_analysis

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constant. This disparity/difference has resulted in intense competition for

admission.

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5. Linking words and expressions

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Corporate Philanthropy mirrors individual philanthropy except for thefact that a corporation, not an individual, is donating funds, time, or

talent. a) Although it is done on a larger scale, corporatephilanthropy is still done without any expectation of direct corporategain (such as, increases in revenue). b) However , it usually involvesindirect gains (such as, enhancing a company’s brand, engagingemployees, recognition). Corporate Philanthropy usually has thefollowing attributes. c) Like standard philanthropy, corporatephilanthropy focuses on the treating the cause of a problem or issueinstead of the symptom. d) Unlike standard philanthropy, corporatephilanthropy must be done through a corporation directly or acorporation’s own non-profit entity. e) Such philanthropy mainly

comes from the company’s contributions and are usually treated as abusiness expense. f)In addition, funding can also consist of individual donations if, g)for example, someone wanted to donate toa corporation’s non-profit. Companies are allowed to deduct up to tenpercent of pre-tax income for direct charitable contributions (thisincludes giving to the company’s foundation). Most companies deductcloser to one percent.1 The h) two main kinds of corporatephilanthropy are: i) firstly , cash donations, which include grants,donations, sponsorships – whenever money exchanges hands.

j)Secondly , in-kind donations, k) for instance donating products,

access to employee volunteer groups, the use of a company’sfacilities, property, or services – whenever non-monetary support isgiven.

Text adapted from: http://dowelldogood.net/?p=531 [accessed 12:ii:12]

3. Punctuation

1 Write the names of the following punctuation marks:

. Full stop ? Question mark ( ) Brackets/parent

hesis, Comma ! Exclamation

mark

[ ] Square brackets

: Colon ‘ Single inverted

comma

- Ditto

; Semi-colon “ Double inverted

comma

… Ellipsis [wordsmissing –sometimes usedwith squarebrackets]

2 Punctuate the following passage so that it makes sense and flows:

23

http://dowelldogood.net/?p=524








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If economists ruled the world, there would be no need for a world tradeorganisation. The economists case for free trade is essentially a unilateral case. Acountry serves its own interests by pursuing free trade regardless of what othercountries may do. Or as Frederic Bastiat put it, it makes no more sense to beprotectionist because other countries have tariffs , than it would to block up ourharbours because other countries have rocky coasts. So, if our theories really heldsway, there would be no need for trade treaties; global free trade would emergespontaneously from the unrestricted pursuit of national interest

N.B. there may be a case for a semi-colon between ‘…case; a country …’3 Look at the extracts below and identify how punctuation is used to

link together information. How else is cohesion achieved?

A management innovation creates long-lasting advantage when it meets one ormore of three conditions: the innovation is based on a novel principle that

challenges management orthodoxy; it is systematic, encouraging a range of processes and methods; and it is part of an ongoing program of invention, whereprogress compounds over time.

From: Hamel, G. (2006) ‘The Why, What and How of Management Innovation’ Harvard Business Review Vol. 84

Issue 2, p72-84.

SUGGESTED ANSWER: The colon introduces the list: the semi-colons join

the parts of the list. The commas link phrases and clauses that develop

noun phrases.

Management was originally invented to solve two problems: the first -- gettingsemiskilled employees to perform repetitive activities competently, diligently, andefficiently; the second -- coordinating those efforts in ways that enabled complexgoods and services to be produced in large quantities. In a nutshell, the problemswere efficiency and scale, and the solution was bureaucracy, with its hierarchicalstructure, cascading goals, precise role definitions, and elaborate rules andprocedures.

from : Hamel, G. (2009) ‘ Moonshots for Management’ Harvard Business Review Vol. 87 Issue 2, p91-98

SUGGESTED ANSWER: First sentence: The colon introduces a list; the

hyphens introduce the items in the list; the commas break up adverbs;

the semi-colons link items in the list. Second sentence: the commas break

the ideas in the sentence into little bunches or areas which help

understanding.

4 Parallel structures

Discuss the use of lists and parallel structures in the extracts below.

a. The North contains some of the richest and poorest areas of the country, with all of

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7/27/2019 Ts Notes[1]


the 10 most-deprived neighbourhoods being located in the North of

England and three of the 10 least-deprived also located in the North.

REMEMBER: Repetition IS emphasis!!! Parallel noun phrase structures.

b. Three broad trajectories of local labour markets can be identified: those whose

labour market never properly recovered after the onset of the 2008/09recession (trajectory A); those whose labour market did recover but havenow experienced a double-dip (trajectory B) and those that did recover andhave not been affected by the double-dip (trajectory C).

LParallel noun phrase structures: those whose labour market + recover(ed) .

Please NOTE that the ‘after the onset of the 2008/09 recession’ IS present in phrases

two and three but is elided; i.e., …those whose labour market did recover (after the onset of the

2008/09 recession) but have now … … those that did recover (after the onset of the 2008/09 recession)

c. There should be a commitment made to boosting growth in the North of England byinvesting in the Northern Hub. This would reduce travel times betweenLiverpool, Manchester, Leeds, Sheffield and Newcastle and would increase

capacity at Manchester Piccadilly.a,b & c adapted from: Cook, W. (2012) Northern Economic Summary: June 2012 : Institute

for Public Policy Research http://www.ippr.org/articles/56/9239/northern-economic-summary-june-2012 [accessed 15th June, 2012]

Parallel verb phrases: would + reduce/increase (gradable opposites)d.

There are two main ways that societies make collective decisions: through the

buying and selling activities of individuals in the marketplace, and through

having individuals vote in elections.

adapted from: http://www.johnduggan.net/syllabi/411sched-2.pdf [accessed 15th June, 2012]

Parallel adverbial phrases: through + noun phrases containing gerunds‘buying’, ‘selling’ & ‘having’e.

Two types of frictions may restrict commodity transfers across countries. The first

friction arises from limited enforcement, where contracts are enforced by thethreat of default penalties. The second friction arises from the assumption

that transfers of goods across countries are subject to trade costs.

adapted from: http://personal.lse.ac.uk/guibaud/research.htm [accessed 15th June, 2012]

Parallel: The first/second + arises from + Noun Phrase

5. Parallel sentences: SUGGESTED ANSWERS

25

http://www.ippr.org/articles/56/9239/northern-economic-summary-june-2012


http://www.johnduggan.net/syllabi/411sched-2.pdf


http://personal.lse.ac.uk/guibaud/research.htm







7/27/2019 Ts Notes[1]


a. Corporate philanthropy – three uses – improve a company’s competitivecontext/improve education and local quality of life/expand the local market andreduce corruption.

Corporate philanthropy has three uses: firstly, to improve a

company’s competitive context; secondly, to improve education and

the local quality of life, and thirdly, to expand the local market and

reduce corruption.

b) Price setting – three main ways - cost-based pricing (determined by adding aprofit element on top of the cost of making the product) - customer-basedpricing (determined by what a firm believes customers will be prepared to

pay) - competitor-based pricing (competitor prices are the main influence onthe price set)

Price setting works in three main ways: through cost-based pricing

which is determined by adding a profit element on top of the cost of

making the product; through customer-based pricing which is

determined by what a firm believes customers will be prepared to

pay; and by competitor-based pricing, whereby competitor prices are

the main influence on the price set)

c) Foreign direct investment – originally - company from one country making aphysical investment into building a factory in another country - the directinvestment in buildings, machinery and equipment – recently - acquisition of alasting management interest in a company or enterprise outside the investingfirm’s home country - in contrast with making a portfolio investment -considered an indirect investment.

Foreign direct investment (FDI), originally meant a company from

one country making a physical investment into building a factory in

another country with the direct investment in buildings, machinery

and equipment. Recently, however, FDI has come to mean the

acquisition of a lasting management interest in a company or

enterprise outside the investing firm’s home country; in contrast

with making a portfolio investment, which is considered an indirect

investment.

d) Electronic commerce - such technologies - electronic funds transfer - supplychain management - Internet marketing - online transaction processing -electronic data interchange (EDI) - inventory management systems -automated data collection systems.

26

http://en.wikipedia.org/wiki/Electronic_funds_transfer

http://en.wikipedia.org/wiki/Supply_chain_management


http://en.wikipedia.org/wiki/Internet_marketing


http://en.wikipedia.org/wiki/Online_transaction_processing

http://en.wikipedia.org/wiki/Electronic_data_interchange

http://en.wikipedia.org/wiki/Inventory_management








7/27/2019 Ts Notes[1]


Electronic commerce refers to such technologies as: electronic funds

transfer, supply chain management, Internet marketing, online

transaction processing, electronic data interchange (EDI), inventory

management systems and automated data collection systems.

27



















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2.2 Identifying and highlighting key words: SUGGESTED ANSWERS

1. Human resource management (HRM) is the strategic and coherent approach to the management of an organization's most valued assets - the people

working there who individually and collectively contribute to the achievement of the objectives of thebusiness. en .wikipedia .org/wiki/Human_resource_management

2. All methods and functions concerning the mobilization and development of

personnel as human resources, with the objective of efficiency and greater

productivity in a company, government administration, or other organization.enwiktionary.org/wiki/ Human_ Resource_Management

3. Human resource management (HRM) is the understanding and application of

the policy and procedures that directly affect the people working within theproject team and working group. These policies include recruitment, retention,reward, personal development, training and career development.www.apm.org.uk/Definitions.asp

4. Human resource management is the effective use of human resources in

order to enhance organizational performance.wps.prenhall.com/wps/media/ objects/213/218150/glossary. html

5. The management of the workforce of a business to ensure sufficient staff

levels with the right skills, properly rewarded and motivated.www.business2000.ie/resources/ Glossary_H.html

6. Staffing function of the organization. It includes the activities of human resourcesplanning, recruitment, selection, orientation, training, performance appraisal,compensation, and safety. www.crfonline.org/orc/glossary/h.html

7. Human Resource Management ('HRM') is a way of management that links people

related activities to the strategy of a business or organization. HRM is oftenreferred to as 'strategic HRM'. It has several goals:

• To meet the needs of the business and management (rather than just servethe interests of employees)• To link human resource strategies/policies to the business goals and

objectives • To find ways for human resources to 'add value' to a business• To help a business gain the commitment of employees to its values, goals andobjectives.http://tutor2u.net/business/people/hrmjntrod uction. htm

Rewriting definitions:

1. Human Resource Management can be defined as the methods andfunctions which concern the mobilization and development of

29

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personnel as human resources, with the objective of efficiency and

greater productivity in a company, government administration, or

other organization.

2. Human Resource Management is defined as the Staffing function of

the organization, which includes the activities of human resources

planning, recruitment, selection, orientation, training, performance

appraisal, compensation, and safety.

Writing Task : page 16 SUGGESTED MODEL ANSWER

5

Human resource management (HRM) is the strategic and coherent mobilizationand development of the people working there as an organization's most valuedasset. This may have the objective of efficiency and greater productivity. Inaddition, HRM should understand and apply the policy and procedures that directly affect the people working within the project team and working group.Such policies may include: meeting the needs of the business andmanagement; linking human resource strategies and policies to the businessgoals and objectives; finding ways for human resources to 'add value' to abusiness, and helping a business gain the commitment of employees to itsvalues, goals and objectives.

B. ACADEMIC READING : Background and origins of people management

2. While reading questions; as you read the passage below answer these

questions:

a. How were managers chosen in the past; name two ways?

i. Jobs allocated to traditional castes – e.g., Brahmins in India

ii. Chosen from amongst the ‘power elite’ – particularly true in UK.

iii. Restricted to those with inherited or specialist knowledge, e.g.,

the medicine man.

b. Why are/were workers supervised?

i. To get the job done properly.

c. George Cadbury is an example of what?

i. A paternalistic, business hero

d. What is ‘Fordism’, and how did it evolve?

i. Techniques of mass-production which were first outlined by Taylor in

Shop management.

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2.Matching summary headings with section in the text:

Summary headings Sections

1. The development of HRMsystems

4

2. A hierarchical system of management

3

3. Applying a scientific method of managing the workforce

6

4. How ancient man organizedtasks

1

5. Books about human resourcemanagement

6. The control of huge workforces in

the past

2

7. Managing large workforces in theIndustrial Age

3. Definition of division of labour: SUGGESTED ANSWER

The division of labour may be defined as the dividing of work and tasks so

that they are given to people who are considered the most suitable for the

job or task

4. Factors that have determined allocation of roles and responsibilities:

1. Skill2. experience3. cultural tradition4. Social group5. inherited6. age,7. Best people for job8. Specialist knowledge

9. strength,10. health

2. Use information from Section 2 to complete the list of examples from theancient world (where huge groups of people had to be organized). Situationsthat needed organization in the ancient world:

1. Building the pyramids2. Fortresses3. irrigation systems4. plantations5. mines

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3 Use information from Section 3 to complete the table. Use no more than fivewords for each heading:Individual System of management

Niccolo Machiavelli Fear rather than love

Adam Smith Division of labour

George Cadbury Family controlled, paternalism

4. Use information from Sections 4, 5 and 6 to complete the following flow charts.

a. Flow chart illustrating the McCallum system of management:

Manageable divisions Superintendents were responsible for each division and reported to

headquarters

Headquarters coordinated the whole operation

b. Flow chart showing the development of scientific management:

Division of labour

Splitting of tasks

Coordination of tasks into different roles

Management is allowed to ‘concentrate on exceptions’

5. Summary of passage: SUGGESTED ANSWER

5

10

15

20

The division of labour may be defined as the dividing of work and tasksso that they are given to people who are considered the most suitablefor the job or task. There are a range of factors which affect theallocation of roles. These factors include: the level of skill, experience or specialist knowledge a person has or is required for the job; whether that job, or role is ‘traditionally inherited’ by a particular family or social

grouping; and whether a job requires a particular level of health or agefor its performance. In the ancient world, large numbers of workers wererequired, in particular, for certain building projects such as, the

pyramids, fortresses, irrigation systems, plantations or mines. Thedivision of labour has evolved with the evolution of society. For NiccoloMachiavelli, leaders needed to rule by fear rather than love. Adam Smithfelt that economic development was best achieved through Division of labour. And, in practical terms, George Cadbury was one of a number of company principals who developed family controlled, paternalisticsystems of management. Other systems of management weredeveloped by David McCullum who organised the Eric Railroad intomanageable divisions with superintendents who were responsible for each division and reported to headquarters. Headquarters thencoordinated the whole operation. With the coming of high volumeindustries, the division of labour required the splitting of tasks, with the

32

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C. ACADEMIC LISTENING

1. http://www.economist.com/multimedia/businesseconomicsStephen King: When the Money Runs Out: the End of WesternAffluence 10’35”Interlocutor : Philip Coggan of the Economist

0.00–1.55

1.55

–3.10

3.10–3.50

3.50–5.10

5.10–7.40

a. Why did King choose this at the title? The ‘turn of phrase’ i.e. it just sounded a good title!!

Expectations: Sustainable economic growth – are beginning to fade Promises: we made which haven’t been met Growth: Growth was slowing before 2008 – 1st four decades of

King’s life, incomes tripled, 5th decade incomes increased by4%. US was definitely slowing

b. Why are economies not growing?

1. Problem of financial crisis - which might be temporary

2. Post second world war tremendous gains3. Technological change

4. Opening up of world trade, more efficient use of resources

5. Women in the workplace

6. Opening up in consumer credit; exploitation of economies of scale

All these are ‘one-offs’c. Changes in growth patterns:Boosts from China. 50s/60s growth in OECD countries. 80/90s East-West trade integration. 21st century the ‘Southern Silk Road’ –South-South trade.d. Commodities and resources - prices and redistribution: Movefrom the west setting prices to west being told the prices.i. redistributions : increase in commodity prices because of demand from

China/India; downward pressure on wages in the West because capital is

moving from the West to China and India: top 1% have done ‘extraordinarily well’, over last 50 years,

particularly last 20 years Labour has had wages squeezed.

ii. access to credit

Before crisis Labouring classes had access to credit to buyhouses. But without credit + economic stagnation = political and

social discontent.

e. Dystopia: a dystopia is an imagined place or state in which everything isunpleasant or bad, typically a totalitarian or environmentally degraded state. Debt levels are very high, and people are having real difficulty

paying debts back Devaluation: US can devalue against the Chinese currency and

this reduces debt In the eurozone, southern European currencies can’t devalue

against northern European currencies, because they all usethe euro.

34

http://www.economist.com/multimedia/businesseconomics

http://www.economist.com/multimedia/businesseconomics

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10

15

20

25

30

3

5

40

4

joblessness later in life, because they lose out on the chanceto acquire skills and self-confidence in their formative years.

Yet more young people are idle than ever. OECD figuressuggest that 26m 15- to 24-year-olds in developed countries

are not in employment, education or training; the number of young people without a job has risen by 30% since 2007. TheInternational Labour Organisation reports that 75m youngpeople globally are looking for a job. World Bank surveyssuggest that 262m young people in emerging markets areeconomically inactive. Depending on how you measure them,the number of young people without a job is nearly as largeas the population of America (311m).

Two factors play a big part. First, the long slowdown in theWest has reduced demand for labour, and it is easier to put

off hiring young people than it is to fire older workers.Second, in emerging economies population growth is fastestin countries with dysfunctional labour markets, such as Indiaand Egypt.

The result is an “arc of unemployment”, from southernEurope through north Africa and the Middle East to SouthAsia, where the rich world’s recession meets the poor world’s

youthquake. The anger of the young jobless has already burstonto the streets in the Middle East. Violent crime, generally in

decline in the rich world, is rising in Spain, Italy and Portugal—countries with startlingly high youth unemployment.

Will growth give them a job?

The most obvious way to tackle this problem is to reignitegrowth. That is easier said than done in a world plagued bydebt, and is anyway only a partial answer. The countrieswhere the problem is worst (such as Spain and Egypt)suffered from high youth unemployment even when theireconomies were growing. Throughout the recession

companies have continued to complain that they cannot findyoung people with the right skills. This underlines theimportance of two other solutions: reforming labour marketsand improving education. These are familiar prescriptions,but ones that need to be delivered with both a new vigourand a new twist.

Youth unemployment is often at its worst in countries withrigid labour markets. Cartelised industries, high taxes onhiring, strict rules about firing, high minimum wages: allthese help condemn young people to the street corner.

South Africa has some of the highest unemployment south of the Sahara, in part because it has powerful trade unions and

‘play a big part’

in what?Youth

joblessness

‘The result’ of

what?

dysfunctional

labour markets

Which problem?

Youth

unemployment

What is ‘that’

here?

Reigniting

growth An

‘answer’ to

what? Youth

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85

90

95

to McDonald’s and Premier Inn, are revamping their trainingprogrammes, but the fear that employees will be poacheddiscourages firms from investing in the young. There areways of getting around the problem: groups of employers

can co-operate with colleges to design training courses, forexample. Technology is also reducing the cost of training:programmes designed around computer games can giveyoungsters some virtual experience, and online courses canhelp apprentices combine on-the-job training with academicinstruction.

The problem of youth unemployment has been getting worsefor several years. But there are at last some reasons for hope.Governments are trying to address the mismatch betweeneducation and the labour market. Companies are beginning

to take more responsibility for investing in the young. Andtechnology is helping democratise education and training. The world has a real chance of introducing an education-and-training revolution worthy of the scale of the problem.

Economist print edition April 2013

‘This’ what?

Expansion of

content

Which

‘problem’?

investing in

the young

38

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b. Now watch and listen to the video. As you do so, fill in thetable.

0.00-

1.10

1.10–1.30

1.30-2.70

2.70

a. Definitions: Unemployed: people who are out of work and actively

looking for a job.

NEETS: not in education, employment or training.

b. Statistics: billion young people; 75million unemployed

290 million young people not actively in the labour force –

almost as large as America’s population

Joblessness at the start of a career can lower wages for the

next twenty years.

OECD: 26 million NEETS among its 34 members.

c. Southern Europe Spain 20.6million; Greece 16million

Rigid labour laws mean that ‘new hires’ i.e., young people are

fired before older workers.

2012: 1.2% of Europe’s GDP was lost because of

‘economically inactive young population’.

d. Asia: 262 million young people economically inactive.

Young women ¼ of all the world’s unemployed youth

South Asia, Middle East and Africa have highest proportion of

unemployed youth

Because: working conditions poor, little investment in

training; high minimum wages;

Bloated public sector; high taxation on wages and labour.

e. Solutions? rekindle growth but austerity and little public sector spending

close gap between world of education and world of work

Unemployment 2 x national rate among graduates in Tunisia.

Germany; vocational training has long been the norm. Other

governments must do the same.

c. Now write a 100 word summary of the problem of Global YouthUnemployment using information from the text and the video.

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WEEK THREE ANSWERS

A.

Women may still find difficulty in getting places on the boards of companies.Company boards tend to be appointed from amongst men who may have metat school or university, such as Eton or Oxford. Such institutional connections,research suggests, are likely to be reinforced by membership of men’s privatemembers’ clubs, such as the Reform Club or Whites. Social connections throughthese clubs, as well as networks of contacts established through existingboardroom positions, tend to play an important role in shaping who gains aseat on a company board.

In 2011, Lord Davies’ Review of Women on Boards, reported that: ‘The informalnetworks’ tendency to influence many board appointments, the seeming lackof transparency around selection criteria and the way in which executive searchfirms may operate, could be considered to make up a significant barrier towomen reaching boards.

a) Large-scale, long-term job creation is essential for Africa’s future. However,while

diagnosing the continent’s wide range of economic ills may be easy, whatcan be really

challenging is implementing solutions.

a) In pioneering work for the International Growth Centre (IGC), Professor JohnSutton of the London School of Economic suggests the need to find and fixa small number of ‘big, fixable problems’.

b) The best way to do this, he believes, may be the construction of ‘enterprise maps’ of national economies – complete descriptions of theirindustrial structure and the existing capabilities of major firms.

c) These can provide the low-level background knowledge for governments,local companies and overseas companies looking of some opportunities forforeign direct investment.

d) Having worked on enterprise maps for a number of sub-Saharan Africancountries, Professor Sutton points to a number of big, fixable problems. These tend to include difficulties with transferring land rights; illegalexporting of to get round protection of infant industries; and a seeming

absence of mid-level finance for mid-sized companies.

40

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5

10

15

20

25

30

Researchers found nine out of ten of us continue working whenwe have left the office - typically for a total of three hours and31 minutes each week.

That’s a total of 15 hours a month or 183 hours a year - theequivalent of 23 extra working days a year.

But while one in two do it simply to stay organised, one in fivedo it because they want to impress the boss.

More than one in three reply to work emails in bed to keep on

top of things.

Yesterday Andy Jacques, general manager of mobile securitysoftware company Good Technology, which commissioned theresearch, said: “There was a time when it was difficult tocontinue working outside of the office without carrying a laptopto access the corporate email system.

“But with today’s ‘always on’ society, Brits are pretty muchworking, or at least thinking about work, from the moment theywake up until the moment they fall asleep at the end of the day.

“Mobile phones, especially smartphones and tablets, have madeit much easier to be able to work on the move, and it’s helpingpeople choose when and where to get things done.

“At the school gate, on the train or in the queue at the coffeeshop, this new wave of connected technology is enabling peopleto be more productive than ever before, and stay on top of things with greater ease and less time.”

The study of 1,000 UK workers, also found 66% of people check

their work emails before 7am.

One in

two who

employee

s? do

‘what’

put in

overtime

?

One in

three

who?

employee

s

What is

‘it’ here?

Working

on themove

Adapted from: http://www.mirror.co.uk/money/jobs/british-workers-spend-an-extra-three-1111390 [accessed

2:vi:12]

d. Divide the text into three sections: ll 1 – 13; ll 15- 30; ll 31 – 33.

Which sections and contents would you use for an academic essay,

and why? Section one ll 1 – 13; and Section three ll 31 – 33 These

contain statistical and empirical information. Which section and

contents could you leave out of the essay, and why? Section two ll 15

– 30 Conversations like this would not normally be used in academic

44

http://www.mirror.co.uk/money/jobs/british-workers-spend-an-extra-three-1111390



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ACADEMIC READING

b. Introduction: Jigsaw exercise

Correct Order

c.

5

Understanding international differences in perceptions of managementcontrol is important to the management of risk within multinationalcompanies (MNCs). The effectiveness of the control of risks is a matter of opinion – at least until control has been shown to have failed. Differentperceptions of what constitutes risk, and of how risks can be managed,lead to differences of opinion about the effectiveness of control. Thesecan hinder the international transfer of corporate control systems.Different perceptions lead to misunderstandings, which can lead to thefailure of management control.

a.

5

Differences in perceptions of management control are also potentially

important to the regulation of management control and riskmanagement. A variety of national and international regulations affectMNCs in their control of worldwide operational risks, and there aregrowing demands for further management controls and for best practice,often of an Anglo-Saxon provenance, across the world.

e.

5

10

The findings reported in this article are part of the conclusions of a widerstudy that compared perceptions of management control betweenChinese and British managers. This was a comparison between very

different cultures and economies. A three-way comparison was thensought in order to avoid the pitfalls of bi-polar comparison, such asattributing differences to oriental and western culture, or to developingand developed economies. The Czech Republic was chosen as both aEuropean location that could be compared with mainland China and atransitional economy that could be compared with the UK. The fieldworkwas done between August 1997 and January 1998 in the UK, Prague andBeijing in two western-based MNCs with operations in all three locations.

The MNCs have asked to remain anonymous.d

.

5

The findings reported here are based on views of 55 managers, all but

two of whom worked for the two MNCs. Much of the data was gatheredfrom 30 managers, who were asked what gave them control assurance.Discussions focused initially on credit control, which was selected as anarea of management control that practising managers could explain. Adiagram of their views on gaining credit control assurance was drawnand confirmed with each interviewee.

b.

5

One interviewee commented that the research approach of mappingcontrol perceptions in a diagram reflected a typical western process viewof management control, but that Chinese people tend not to think interms of processes. This stimulated a re-examination of field notes and

pursuit of a new angle of inquiry into perceptions of control. This article isbased on findings from this re-examination. In carrying out the research,

46

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a. A specific culture can be defined as a culture in which its members areexpected to engage with another in a specific task or area of life.

b. A diffuse culture can be defined as a culture in which its members mayhave a wide range of interests and relationships which may be relevantfor any task or role.

N. B Please note how cautious these definitions can/should be when

defining a very large concept such as ‘culture’.

48

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National cultures meaning: legal and educational institutions;

legal regimes; markets for information.

iv. What are the implications of the findings of the paper?

Broadening of ‘our’ understanding of what controls are effective

in different cultures and countries.

Transfer of control techniques between locations

Regulation of management e.g. adaptation of corporate controls

to local situations.

Embracing of national variety.

50

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4.204.50

6.00

6.40

6.20

7.4

0

9.00

f. The first message: Sit at the tablei. What is Sandberg’s her anecdote (story) about her university days,and why does

she tell it? That men have confidence in their abilities and will

always back

themselves to do well (Is that always true???)

ii. How do women ‘systematically underestimate their own abilities’? In tests, women usually think they have performed worse than

they actually do, and men think that they have performedbetter than they do.

Women do not negotiate for themselves in the workforce. 57%men entering their first job negotiate their own salary, but only7% of women.

iii. If you ask men and women why they do a good job, what different

answers do you get? Man attribute their success to themselves;women attribute it to others, e.g., help, luck, hard work.

Listen to the extract again, and fill in the blanks:

Women do not negotiate for themselves in the workforce. A study in the lasttwo years of people entering the workforce out of college showed that (1) 57

percent of boys entering, or men, I guess, are negotiating their first salary, and only seven percent of women. And most importantly, men attribute theirsuccess to themselves, (2) and women attribute it to other external

factors. If you ask men why they did a good job, they'll say, "I'm awesome. Obviously. Why are you even asking?" If you ask women why they did a good job, what they'll say is someone helped them, (3) they got lucky, they

worked really hard.

iv. Harvard Business school study: Heidi Roizen. What happened andwhat does it mean? An academic took the success of Heidi Roizen andturned it into a case study. He changed the name to a male name totest responses. The result was that the ‘male’, Howard Roizen wasseen as more likeable and competent, whereas the actual woman,Heidi Roizen was seen as pushy, political and self-centred. Malesuccesses are good, but women who are successful are seen assuspicious.

v. What does Sandberg tell the audience about the talk she gave atFacebook, and what does this story show?Sandberg is suggesting that, in their own actions, even people like

her can be blind to how they, too, discriminate against women.

g. Message number two: Make your partner a real partner.

i. What is the data on housework? Where men and women work full-time the woman does twice

the housework, and three times the amount of childcare. Women will leave work, when it is needed, i.e., if the children

are ill.

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local business environment. Adopting a context-focused approachgoes against the grain of current philanthropic practice, and itrequires a far more disciplined approach than is prevalent today. Butit can make a company's philanthropic activities far more effective.

Issue:

Point:

Discussion:

Why is this structure used? Do you agree that that is the structure?

Paragraph 1: As you read the passage, answer the question in the

right-hand column.

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10

15

It is true that economic and social objectives have longbeen seen as distinct and often competing. But this is afalse dichotomy; it represents an increasingly obsolete

perspective in a world of open, knowledge-basedcompetition. Companies do not function in isolation fromthe society around them. In fact, their ability to competedepends heavily on the circumstances of the locationswhere they operate. Improving education, for example, isgenerally seen as a social issue, but the educational levelof the local workforce substantially affects a company'spotential competitiveness. The more a socialimprovement relates to a company's business, the moreit leads to economic benefits as well. In establishing its

Networking Academy, for example, Cisco focused not onthe educational system overall, but on the trainingneeded to produce network administrators-the particularkind of education that made the most difference toCisco's competitive context.

What isthis here?

Distinctand

competin

g

What is it

here?Social

improvement

ISSUE: States the issue at the heart of the paragraph – economic v. social

objectives is a false dichotomy.

POINT: Makes the point that social improvements lead to economic

benefits.

Paragraph 2: As you read the passage answer the question in the right-

hand column.

a. Two pairs of sentences begin in similar ways. Which are they? Why havethe writers used these parallel structures?

5

In the long run, then, social and economic goals are notinherently conflicting but integrally connected.Competitiveness today depends on the

productivity with which companies can use labour,capital, and natural resources to produce high-quality

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10

15

goods and services. Productivity depends on having

workers who are educated, safe, healthy, decentlyhoused, and motivated by a sense of opportunity.Preserving the environment benefits not only society butcompanies too, because reducing pollution and waste canlead to a more productive use of resources and helpproduce goods that consumers value. Boosting social andeconomic conditions in developing countries can createmore productive locations for a company's operations aswell as new markets for its products. Indeed, we arelearning that the most effective method of addressingmany of the world's pressing problems is often tomobilize the corporate sector in ways that benefit bothsociety and companies.

Whatdoesindeed

meanhere?Emphasi

ses

value of

boosting

s

Parallel structures reinforce idea of ‘intergrally connected’ in l.2.

Paragraphs 3 & 4: As you read the passage answer the question in the

right-hand column.

a. What is the issue in this paragraph? What is the point in the paragraph? b. What is the function of ‘For one thing …’ and ‘For another…’, and

‘Finally…’ in the paragraph?

c. What is the job of the final sentence of the paragraph?

5

10

15

That does not mean that every corporate

expenditure will bring a social benefit or that every

social benefit will improve competitiveness. Most

corporate expenditures produce benefits only for

the business, and charitable contributions

unrelated to the business generate only social

benefits. It is only where corporate expendituresproduce simultaneous social and economic gains that

corporate philanthropy and shareholder interestsconverge, as illustrated in the exhibit "A Convergence of Interests." The highlighted area shows where corporatephilanthropy has an important influence on a company'scompetitive context. It is here that philanthropy is

truly strategic.

Competitive context has always been important to

strategy. The availability of skilled and motivated

employees; the efficiency of the local

infrastructure, including roads andtelecommunications; the size and sophistication of

Whatdoes that

meanhere?Relates

to last

sentenc

e in

previousparagra

ph

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the local market; the extent of governmental

regulations-such contextual variables have always

influenced companies' ability to compete. Butcompetitive context has become even more critical as thebasis of competition has moved from cheap inputs tosuperior productivity. For one thing, modern knowledge-and technology-based competition hinges more and moreon worker capabilities. For another, companies todaydepend more on local partnerships: They rely onoutsourcing and collaboration with local suppliers andinstitutions rather than on vertical integration; they workmore closely with customers; and they draw more onlocal universities and research institutes to conductresearch and development. Finally , navigatingincreasingly complex local regulations and reducingapproval times for new projects and products arebecoming increasingly important to competition. As aresult of these trends, companies' success has becomemore tightly intertwined with local institutions and othercontextual conditions. And the globalization of

production and marketing means that context is

often important for a company not just in its home

market but in multiple countries.

What arethese

trends?

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C . ACADEMIC LISTENING: C. LISTENING: WEEK 4

1. Financial Times: Analysis Review: Global output pivots to Asia: (4m

59sec)

In 2013, emerging economies will produce the majority of the world’s goods andservices, the first time since the UK’s industrial revolution. Comment and analysiseditor Frederick Studemann, economics editor Chris Giles and leader writer MartinSandbu discuss.

http://video.ft.com/v/2449213900001/Global-output-pivots-to-Asia

0.00-1.4

0

1.40-2.30

2.30-3.00

3.00-

a. Changing Economic Centre of Gravity.

= Theoretical Centre of output 1 CE – Northern Pakistan

1950 – North America 2010 – North Russia 2025 – Central Asia

2013 – Pivotal year for shift from West to East in production. First time thatdeveloping economies will : China 33.6% of Global Output India 9.4% of Global Output US 13.9% of Global Output

b. Share of Global Growth (%) China/India 40% of growth – 40% of world’s population

c. Reasons for the shift: China/India 40% of growth – 40% of world’s population Industrial revolution took time to spread Communism and Cold war hindered growth This is the ‘normal state of affairs’ Conflicts in Africa

d. More reasons for the shift: The world may no longer need the Advanced economies. OECD forecast - ¼ growth advanced ¾ growth emerging

e. Growth in the Advanced and Emerging countries: Trade between emerging countries.

f. Self-sustaining relations between Emerging countries: Close to self-sustaining relations. Rapid trade integration between emerging countries.

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4.00

4.00-end

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d. Why, does Michie suggest, was it necessary for governments to ‘bail out’ thebanks? Because if they didn’t the whole financial system is likely to collapse.

e. Linda Yueh: What are the bail-out packages based on? Recapitalition, liquidityand guaranteeing that banks can lend. In the US, initially the government was

going to buy up the banks bad debts.

What are the banks still not putting on their balance sheets? The bad debts.

Part one: Transcript:

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Linda: I think 2008 has been a tremendous year in terms of economic developments. One of the things that perhaps we ought tothink about is how we got here, in terms of the financial crisis. So weknow at some point last year, around last summer, the sub-prime

mortgage crisis in the United States really (1)began to take hold. Themost obvious manifestation was of course the failure of NorthernRock, which generated the first bank run on a British bank run inabout a century.

Since then of course, things have only gone from bad to worse. InMarch of this year we know that the failure of Bear Stearns, which wasforcibly sold to JPMorgan Chase, essentially marked the start of theprospect of (2)systemic banking sector failure, and this culminatedwith the collapse of Lehman Brothers on September 15th. Thatroughly brings us to where we are today in terms of the financialcrisis.

And I should probably also say that it is not just the financial crisis inthe banking sector, we also know this has generated what has beencalled (3)'The credit crunch' where there is just not lending comingout of the banking sector, which has real implications for mortgages,for business lending, for keeping individuals and companies going.And that, I am afraid, is the challenge that we face now along with the(4)real economic downturn.

Jonathan: Yes I would agree with that. I think the finger of blame forthe current crisis though has to be also put at the systematicderegulation, during the 1980's and 1990's, removing therequirements on banks to hold (5)proper levels of reserves and so on.For example, Northern Rock was a successful building society, as withthe other building societies in Britain, which were very sensibleinstitutions where people put their money in to save and then drewout money to buy their houses.

The demutualisation of the building societies, I think, was totallyunjustified by any (6)economic or moral argument having profited thecurrent members of the building societies who managed to cash inthe value which had been built up over years and decades, and of course profited the individual banks and consultants who were giving

advice. I think if it hadn't been for that deregulation anddemutualisation, there wouldn't have been the build-up of such an

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with the collapse of Lehman Brothers on September 15th. Thatroughly brings us to where we are today in terms of the financialcrisis.

And I should probably also say that it is not just the financial crisis in

the banking sector, we also know this has generated what has beencalled 'The credit crunch' where there is just not lending coming outof the banking sector, which has real implications for mortgages, forbusiness lending, for keeping individuals and companies going. Andthat, I am afraid, is the challenge that we face now along with the realeconomy downturn.

Jonathan: Yes I would agree with that. I think the finger of blame forthe current crisis though has to be also put at the systematicderegulation, during the 1980's and 1990's, removing therequirements on banks to hold proper levels of reserves and so on.

For example, Northern Rock was a successful building society, as withthe other building societies in Britain, which were very sensibleinstitutions where people put their money in to save and then drewout money to buy their houses.

The demutualisation of the building societies, I think, was totallyunjustified by any economic or moral argument having profited thecurrent members of the building societies who managed to cash inthe value which had been built up over years and decades, and of course profited the individual banks and consultants who were givingadvice. I think if it hadn't been for that deregulation anddemutualisation, there wouldn't have been the build-up of such anunsustainable, credit fuelled boom which led to this big bust.Linda: I think it's certainly the end of Wall Street as we know it, andthe British equivalent, I'm not quite sure what that is, maybe the City,will not look the same again. I have always found that is a veryunusual circle we've drawn between the 1930's and now, becauseone of the big parallels with this crisis is that this looks like the greatdepression, banking sector failure followed by economy downturn,global recession.

One of the interesting things that came out of the great depressionwas the Glass-Steagall act. In the United States what this did was itsafe-guarded retail deposits away from investment banking functionsas essentially separated the two. It was in many ways the birth of WallStreet, in the sense of having investment banks which are fuelled notby deposits, but by overnight lending, short-term lending on overnightmarkets, the wholesale money market.

Of course, with deregulation in the 80's and 90's Wall Streetflourished, and again the equivalent in the City, really flourished onthe back of this. And one of the things which is really coming aboutnow is that these investment banks no longer exist. The mostprominent ones: Goldman Sachs and Morgan Stanley, they have now

become normal bank holding companies, and this is because of thecrisis, and it is also because in 1999 the Glass-Steagall act was

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2

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at the companies that do go bankrupt in recessions there are some,maybe it is unfair to pick on Woolworths, there are some that youthink, "Well maybe they weren't very successful and dynamiccompanies," but there are thousands of others that you can see arevery successful. Or potentially dynamic companies who had creditwithdrawn and collapsed for no good reason, probably would havegone on to be very successful companies.

So it is a very costly process, there are plenty of perfectly good firmswho are bankrupted because overdraft facilities are withdrawn, orcredit which normally would be provided isn't. It is strange that thegovernment spent so much of our taxpayers money buying shares inthe banks to the extent they are in effect nationalised, they aremajority owned. They complain on television that the banks aren'tbehaving properly, and yet they are the owners and they are nottelling the banks what to do, they are not running the banks in the

countries interest.It is not as if the public sector doesn't have experience of runningfinancial institutions and banks as well as other organisations:obviously Universities, local authorities, hospital – the NHS is Europe'slargest big employer, all very well managed and run in the publicsector – but also the Bank of England was nationalised in the 1940'sand has been run in the public sector since.

There are plenty of good examples of public sector banks in Britainand elsewhere providing credit for industry, and I think that is whatthe government should be doing with the banks that they now doown, making sure that they do keep people on the board to askdifficult questions, which as we know is part of the problem of how wegot here in the first place, that the financial services authority, theregulator wasn't asking those difficult questions. There are plenty of people that the government could put in on to the boards at thebanks to ask those questions and to ensure that credit is provided tocompanies for productive use in the UK economy, as opposed tounsustainable speculation which happened over the last few years.

Linda: I worry that if they don't, we could see unemployment risedramatically as the economy goes deeper into recession. The

government's projections for its budget and for its spending in theeconomy is that the UK economy will turn around in the second half of 2009. If their stimulus package turns out to be less than it is, if theglobal picture is worse than it is, if our major export destinations arealso in a worse slump than we thought that they would be, we maywell see the economic recovery take longer than the next six monthsand you could see unemployment beginning to rival the levels thatwe saw in the early 1990's recession for instance,

So at the moment unemployment is under two million, it still looksvaguely cyclical, but if this downturn continues and bankruptcies

increase in the public sector, and people get laid off, we could seeunemployment rise to say three million, then we are really looking at

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Transcript of Ts Notes[1]