English

executive	исполнительный
sales	продажи
accountant	главный бухгалтер
to require	требовать
society	общество
book-keeper	бухгалтер
to involve	вовлекать
calculation	счет, расчет
balance sheets	балансовый отчет
income statement	отчет о доходах
invoice	счет-фактура
to be responsible for	быть ответственным за
to design	зд. планировать, строить,
	создавать
in and out	в пределах и за пределами
Stock Exchange	фондовая биржа

Answer the questions:

1.What subjects are taught in your university or institute?

2.What profession will you get? Is it diversified?

3.In what way can you continue your studies after the university?

4.Where can you work as a manager? Where would you like to get a job?

5.What is the difference between an accountant and a book-keeper?

Describe your future profession as a manager and your nearest plans

Marketing

Marketing is the performance of business activities connected with movement of goods and services from producers to consumers. The basic functions of marketing are to determine and satisfy customer's needs, bringing a mutual benefit to the customer and to the firm. Customers benefit by having what they want, when and where they want it. Firms benefit by making a profit.

Marketing operations include product planning, buying storage, pricing, promotion, selling, credit-granting, transportation and marketing research. Marketing research provides producers with information on coming trends, changes in consumer wants, supply and demand and new market developments. Thus marketing research helps the producer to predict what the people will want to buy.

Promotion means economic and political publicity, advertising, personal selling, fairs, exhibitions.

Personal selling means personal contacts between the seller and a prospective buyer. In other words it means collecting contacts.

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Advertising informs people about the new product, gives its characteristics, persuades people to buy it.

Marketing is the Four P: the product, the place, the price, and the promotion. But most of all, marketing is research: finding out who the customers are and what they need.

Vocabulary
to consume	потреблять
a consumer	потребитель
a customer	клиент
to determine	определять
to satisfy	удовлетворять
to include	включать, содержать в себе
mutual	взаимный
benefit	выгода, польза
to benefit	приносить, извлекать пользу
a profit	прибыль
storage	хранение
pricing	калькуляция цен
product-planning	разработка новых товаров
credit-granting	предоставление кредита
marketing research	маркетинговые исследования
promotion	продвижение
to provide smb. with smth.	доставлять кому-л. что-л.
to predict	предсказывать
advertising	рекламирование
to persuade	уговаривать
a trend	направление

Answer the questions:

1.What kind of business activities is called marketing?

2.What is the basic function of marketing?

3.How do customers and firms benefit from marketing activities?

4.What kind of operations do marketing operations include?

5.Explain the terms ‘promotion’, ‘personal selling’, ‘advertising’.

6.Why is marketing called ‘Four P’? What is the main purpose of marketing?

What do you know about marketing?

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Managerial Performance

The successful performance is based on 3 elements: leadership, motivation, communication.

Leadership. Leadership style depends on personal goals and needs, subordinates, the general work environment. There are three basic styles: autocratic, democratic and laisser-faire. But effective managerial performance includes all these styles. A good manager should choose the right approach for each situation.

Motivation. It is the process of creating a work environment which stimulates employees to perform at superior level. For employees it means to satisfy all personal needs: psychological, self-fulfillment. A manager provides employees with necessary guidance. He or she gives them a feeling that their work is very important. A good executive realizes that people are looking not only for money, but for recognition, appreciation and creative freedom. He gives them what they need. To be successful, managers must create the kind of environment that makes people the most productive.

Communication. The manager must be able to communicate well with subordinates and encourage feedback from them. If there is no effective communication, there is little understanding between managers and subordinates. It influences the results of the company's work.

Vocabulary
performance	выполнение, исполнение
leadership	руководство
subordinate	подчиненный
environment	окружение, атмосфера
autocratic	диктаторский, автократичный
democratic	демократичный
laisser-faire	полное невмешательство
at superior level	на высшем уровне
guidance	руководство
executive	руководитель
recognition	признание
appreciation	оценка
freedom	свобода
to create	создавать
to encourage	воодушевлять, поддерживать
feedback	обратная связь
to influence	влиять
to depend on	зависеть от
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Answer the questions:

1.What are the three elements the successful management is based on?

2.What styles does effective managerial performance include? What do you think about it?

3.What does the term ‘motivation’ mean?

4.In what ways can a manager encourage the employees?

5.What is more important for you - money or recognition and creative freedom?

6.Do you recognize the importance of effective communication for the company’s work?

Do you agree to the statements in the text? What are your ideas about successful managerial performance? Can you give any examples of successful managerial performance? Give your reasons in 10-15 sentences.

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PART II

Read the texts with a dictionary, write down the new words and learn them, sum up the text in 10-15 short sentences.

General Definition of Accounting

Today, it is impossible to manage a business operation without accurate and timely accounting information. Managers and employees, lenders,| suppliers, stockholders, and government agencies all rely on the information contained in two financial statements. These two reports - the balance sheet and the income statement - are summaries of a firm's activities during a specific time period. They represent the results of perhaps tens of thousands of transactions that have occurred during the accounting period.

Accounting is the process of systematically collecting, analyzing, and reporting financial information. The basic product that an accounting firm sells is information needed for the clients.

Many people confuse accounting with bookkeeping. Book-keeping is a necessary part of accounting. Bookkeepers are responsible for recording (or keeping) the financial data that the accounting system processes.

The primary users of accounting information are managers. The firm's accounting system provides the information dealing with revenues, costs, accounts receivables, amounts borrowed and owed, profits, return on investment, and the like. This information can be compiled for the entire firm; for each product; for each sales territory, store, or individual salesperson; for each division or department, and generally in any way that will help those who manage the organization. Accounting information helps managers plan and set goals, organize, motivate, and control. Leaders and suppliers need this accounting information to evaluate credit risks. Stockholders and potential investors need the information to evaluate soundness of investments, and government agencies need it to confirm tax liabilities, confirm payroll deductions, and approve new issues of stocks and bonds. The firm's accounting system must be able to provide all this information, in the required form.

Business Ethics

Ethics is the system of moral principles, rules of conduct, and morality of choices that individuals make.

Business ethics is the application of moral standards to business situations. Business ethics has become a matter of public concern.

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All business people face ethical issues daily, and they stem from a variety of sources. Although some types of issues arise infrequently, others occur regularly. Let's take a closer look at several ethical issues.

1.Fairness and Honesty. Fairness and honesty in business are two important ethical concerns. Besides obeying all laws and regulations, business people should refrain from deceiving, misrepresenting, or intimidating others.

2.Organizational Relationships. A business person may be tempted to place his or her personal welfare above the welfare of the organization. Relationships with customers and coworkers often create ethical problems

—since confidential information should be secret and all obligations should be honoured. Unethical behaviour in these areas includes not meeting one's obligations in a mutual agreement, and pressuring others to behave unethically.

3.Conflict of Interest. Conflict of interest results when a business person takes advantage of a situation for his or her own personal interest rather than for the employer's or organization's interest. Such conflict may occur when payments and gifts make their way into business deals. A wise rule to remember is that anything given to a person that might unfairly influence that person's business decision is a bribe, and all bribes are unethical.

4.Communications. Business communications, especially advertising, can present ethical questions. False and misleading advertising is illegal and unethical, and it can infuriate customers. Sponsors of advertisements aimed at children must be especially careful to avoid misleading messages. Advertisers of health-related products must also take precautions against deception.

Levels of Management

Each organization can be represented as a three-story structure or a pyramid. Each story corresponds to one of the three general levels of management: top managers, middle managers, and first-line managers. At the basic level of this pyramid there are operating employees.

TOP MANAGEMENT MIDDLE MANAGEMENT FIRST-LINE MANAGEMENT OPERATING EMPLOYEES

A top manager is an upper-level executive who guides and controls the overall activities of the organization. Top managers constitute a small group. They are generally responsible for the organization's planning and developing its mission. They also determine the firm's strategy and its major policies. It takes years of hard work as well as talent and good luck,

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to reach the ranks of top managers. They are president, vice president, chief executive officer, and member of the Board.

A middle manager is a manager who implements the strategy and major policies handed down from the top level of the organization. Middle managers develop tactical plans, policies, and standard operating procedures, and they coordinate and supervise the activities of first-line managers. Titles at the middle-management level include division manager, department head, plant manager, and operations manager.

A first-line manager is a manager who coordinates and supervises the activities of operating employees. First-line managers spend most of their time working with employees, answering questions, and solving day-to-day problems. Most first-line managers are former operating employees who, owing to their hard work and potential, were promoted into management. Many of today's middle and top managers began their careers on this first management level. Common titles for first-line managers include office manager, supervisor, foreman and project manager.

Operating employees are not managers. They are qualified and nonqualified persons working for the organization. For their labour or services they get salaries or wages. They represent the work force of the organization.

Areas of Management

An organizational structure can also be divided more or less horizontally into areas of management. The most common areas are finance, operations, marketing, human resources, and administration. Depending on its purpose and mission, an organization may include other areas as well-research and development, for example, or risk management.

Finance	Operations	Marketing	Human	Adminis-	Other (for
			resources	tration	example,
					Research and
					Development)

A financial manager is primarily responsible for the organization's financial resources. Accounting and investment are specialized areas within financial management. Because financing affects the operation of the entire firm, many of the presidents of the largest companies are people who got their «basic training" as financial managers.

An operations manager creates and manages the systems that convert resources into goods and services. Traditionally, operations management is equated with the production of goods. However, in recent years many of the techniques and procedures of operations management have been applied to the production of services and to a variety of nonbusiness activities. Like financial management, operations management has

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produced a good percentage of today's company presidents.

A marketing manager is responsible for the exchange of products between the organization and its customers or clients. Specific areas within marketing are marketing research, advertising, promotion, sales, and distribution.

A human resources manager is in charge of the organization's human resources programs. He or she engages in human resources planning, design systems for hiring, training, and appraising the performance of employees, and ensures that the organization follows government regulations concerning employment practices.

An administrative manager (also called a general manager) is not associated with any specific functional area but provides overall administrative leadership. A hospital administrator is a good example of an administrative manager. He or she does not specialize in operations, finance, marketing, or human resources management but instead coordinates the activities of specialized managers in all these areas.

Management Skills

Effectiveness of a manager's activity depends on certain important skills. These skills can be divided into seven different categories: conceptual, decision making, analytic, administrative, communicational, interpersonal and technical.

1.A conceptual skill is the ability of a manager to see the "general picture" of an organization. Managers must understand how their duties and the duties of other managers fit together to plan their activity in a proper way and get the required results. This skill is very important for top managers because it helps them plan "super goals" and develop proper strategies for the whole organization.

2.A decision making skill is the ability of a manager to choose the best course of actions of two or more alternatives. A manager must decide the following:

1) What objectives and goals must be reached?

2) What strategy must be implemented?

3) What resources must be used and how they must be distributed? 4) What kind of control is needed?

In short, managers are responsible for the most important decisions which are required to carry out any organizational activity.

3.An analytic skill is the ability to determine the most important problem of many other problems and identify the causes of each problem before implementing a proper action plan. This ability is especially important for top managers because they have to solve complex problems.

4.An administrative skill is the ability of a manager to keep to the

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organizational rules specified for the production process, within a limited budget, and coordinate the flow of information and paper work in his group and in other groups.

5.A communicational skill is the ability of a manager to share his ideas and opinions with other people both orally and in writing. This skill is a decisive factor of a manager's success. Some investigations show that top managers and middle managers spend approximately 80% (percent) of their work time in communicating with each other.

Thus a communication skill enables managers to hold meetings, write clear letters and explanatory notes, make reports, etc.

6.An Interpersonal skill (psychological skill) is the ability to deal effectively with other people both inside and outside the organization. It is the ability to understand the needs and motives of other people. This skill is very important for a good psychological atmosphere for successful activity in the common work in future. If the interpersonal relations are good, a manager will be successful in getting a support in the development and implementation of organizational plans.

7.A technical skill is a specific competence to accomplish a task. The lower is a manager's level in the organization, the closer is his/her connection with the production process. Thus first-line managers have the closest connection with the production process. They need high technical skills to provide technical guidance for the subordinates. Top managers don't need these skills as much as first-line managers but the knowledge of the technical sphere is useful for all the managers.

Main Resources

Managers are concerned with the following main resources:

Material Human Financial Informational Organizational resources resources resources resources goals

Material resources are physical materials and the equipment used by an organization to make a product. For example, cars are made on assembly lines. These assembly lines and the buildings that house them are material resources.

2.The most important resources of any organization are its human resources — people. Some firms believe that their employees are their

"most important assets”. To keep employees content, a variety of incentives are used, including higher-than-average pay, flexible working hours, recreational facilities, lengthy paid vacations, cafeterias offering inexpensive meals, etc.

3.Financial resources are the funds the organization uses to meet its obligations to various creditors. A grocery store obtains money from customers and uses a portion of that money to pay the wholesalers from

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which it buys food. A large bank borrows and lends money. A college obtains money in the form of tuition, income from its endowments, and federal grants. It uses the money to pay utility bills, insurance premiums, and professors' salaries. Each of these transactions involves financial resources.

4. Finally, many organizations increasingly find they cannot ignore information. External environment—including the economy, consumer markets, technology, politics, and cultural forces -are all changing so rapidly that an organization that does not adapt will probably not survive. And, to adapt to change, the organization must know what is changing and how it is changing. Companies are finding it increasingly important to gather information about their competitors in today's business environment. It is important to realize that these are only general categories of resources. Within each category there are hundreds or thousands of more specific resources, from which management must choose those that can best accomplish its goals. Managers must coordinate this complex group of specific resources to produce goods and services.

Financial Careers

Fund-raiser. There are thousands of different charities these days e.g. “for children”, “cancer research”, "tires disabled”, “the third world”, “AIDS research”. They all do important work and they all need to raise funds (collect money).

That's why they employ fund-raisers. What does the job involve? Well, it's very varied, but basically fund-raisers organize “special” events like concerts and fun runs, ask governments for money, try to get support from local companies and organizations.

Most major charities have fund-raising departments which employ teams of workers. Some of these people do office work - others organize publicity, visit companies or arrange special events. Sounds interesting?

Tycoon. A wealthy and powerful person in business or industry. If you are the independent, creative type, why not start your own business? Lots of people do these days. Some aren't successful, of course, but plenty are - and if you do succeed, the rewards of being your own boss can be enormous. To become a business tycoon you need to have an original idea; be practical, reliable and well-organized; understand the business world; keep control of your finances. After that it's all a question of hard work and luck, but then that's the key to success in any job.

Financial journalist. Financial journalists work in three main areas - newspapers, radio and television. Their job is to understand what's happening in the financial world and explain it as quickly and accurately as possible. Economic journalists don't just report today's news, though. They

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