Put the verbs in brackets in the correct form

1. According to statistics there (to exist) structural unemployment in some (to develop) countries where people out of work receive high unemployment bene­fits.

2. The new marketing policy of the company (to appear) to be less effective than the old one.

3. In order to make the loan the bank had to accumulate funds by (to cut) amounts (to lend) to other borrowers and calling in loans.

4. A person or an organization that (to be) an intermediary between producers and consumers is called a wholesaler.

5. Securities (to trade) either on the money markets or on the Stock Exchange.

6. With the beginning of "perestroika" in the country a number of enter­prises (to be) unable to adjust to new economic conditions.

7. Both government and individuals gain from (to develop) trade relations and (to decrease) trade tariffs.

8. Depreciation (to appear) to be important for correct calculation of production costs.

9. In most economies there (to occur) barter swaps alongside money transac­tions.

10. A rentier is a person whose income (to come) in the form of interest on seen rifles or rent from property.

11. Microsoft is recognized as the leader in (to trade) software throughout the world.

12. Profit proves to be a form of value (to add).

13. The government considered the Central Bank to be responsible for the fall in government bonds prices that (to occur) three days before.

14. Whenever a lot of depositors (to want) to withdraw their deposits at one time, a financial panic (to occur).

15. Diverse institutions (to withdraw) lending transactions make up the financial sector.

16. Unless the secret information (to encrypt), there can be a danger of foreign interference.

17. Even if some assets (to withdraw) from business, the company would be clear of debt.

18. Stock-in-trade (to include) goods ready for (to sell) is known to belong to 10 short-term assets.

19. (To compete) successfully wholesalers should provide quicker delivery of goods from their stocks directly to customers.

20. In European countries the income tax declaration must (to provide) by a per­son to the state revenue service in due time.

21. Records (to relate) to possible future losses and risks should be done provided they are expected.

22. Shares are documents (to show) what part of the company's capital belongs to their owner.

23. Companies (to keep) due accounting system are able to allocate scarce resources in a more rational manner.

24. (To be) personally liable for all business debts, a sole proprietor should (to understand) all drawbacks of this form of ownership.

25. A certified expert who (to represent) his independent opinion (to concern) the company's activities is called an auditor.

26. The inflation (to account) for 10 percent of the increase in population's bank bal­ances.

27. The Prime Minister (to emphasize) the importance of speeding up measures (to take) to cope with inflation.

28. The actual price (to pay) turned out to be higher than the (to advertise) one because of taxes.

29. Financial institutions and the government (to handle) short-term (to lend) and (to borrow) transactions make up money market.

30. The most often (to use) financial securities are shares, stocks, bills and bonds.

31. It is important for potential investors to have full information of the companies (to compete) for capital.

32. The interest banks (to charge) for loans is sure to be higher than the one they (to pay) to their depositors.

33. In order (to ensure) steady economic growth it is necessary (to attract) larger investment in industry.

34. Thousands of retailers and wholesalers (to know) to compete with each other for consumers in the computer market throughout the world.

35. The forms of foreign financial aid (to know) to be loans, investments and some others.

36. Unless (to account) data are comparative, managers will not be able to use them for proper managerial decision making.

37. At the annual meeting shareholders can (to vote) to hire a new company director.

38. A company (to work) efficiently pays higher wages to its employees than its competitors.

39. Due to some (not to expect) reasons the initial plan is likely to fail.

40. (To maintain) a relatively high level of living standard LDCs should (to cooperate) with as many countries as possible.

41. (To be engaged) in speculative operations, the company is said to have dissolved.

42. The access to the Internet system will be limited provided the price for this service (to remain) as high as that.

43. The writer's copyright for his work (to limit) by 75 years from the date of publication.

44. (To own) property somewhere abroad, the government is liable to foreign taxation.

45. Nowadays the development of the distant educational systems (to suppose) to be of great importance for people (to live) in small towns.

46. New reliable means of communication are being elaborated for (to link) computers in networks.

47. The board of directors objected to (to get) a bank loan at such a high interest rate.

48. Several speculative companies (to operate) in Britain early in the 18th century until their activity was prohibited by a special Act.

49. Developed countries (to produce) enough goods to meet domestic needs are expanding exports to LDCs.

50. Both wages and salaries (to pay) within a month (to refer) to current liabili­ties.

Chapter 3

Marketing

Unit 3.1. What is Marketing?

Text

The Main Elements of Marketing

Marketing is a four step process that begins with analyzing and defining a qualified universe of potential users or buyers. After this first phase in the marketing process, a marketing professional succeeds in capturing the attention of the intended buyers within the targeted universe. Third, systematic effort must be put into getting the prospects to accept the concepts or propositions. Finally, with all three of the previous steps achieved, the marketer must convert the prospective buyer into the actual buyer by getting them to take the desired action (purchase, rent, call, download, subscribe, refer, sell, follow the law, become a member, etc.).

Marketing methods are used by many of the social sciences, particularly psychology, sociology, and economics. Marketing research supports these activities.

In popular usage, the term “marketing” refers to the promotion of products, especially advertising and branding. However, in professional usage the term has a wider meaning that recognized that marketing is customer centered. Products are often developed to meet the desires of groups of customers or even, in some cases, for specific customers. McCarthy divided marketing into four general sets of activities. His typology has become so universally recognized that his four activity sets, the Four Ps, have passed into the language. The Four Ps are:

– Product – the product management aspect of marketing deals with the specifications of the actual good or service, and how it relates to the end-user’s needs and wants.

– Pricing – this refers to the process of setting a price for a product, including discounts.

– Promotion – this includes advertising, sales promotion, publicity, and personal selling, and refers to the various methods of promoting the product, brand, or company.

– Place or distribution refers to how the product gets to the customer, for example, retailing.

These four elements are often referred to as the marketing mix. A marketer will use these variables to craft a marketing plan. Industrial products, services, and high value consumer products require adjustments to this model. Services marketing must account for the unique nature of services. Industrial or b2b marketing must account for the long term contractual agreements that are typical in supply chain transactions.

For a marketing plan to be successful, the mix of the Four Ps must reflect the wants and desires of the consumers in the target market. Trying to convince a market segment to buy something they don’t want is extremely expensive and seldom successful. Marketers depend on marketing research to determine what consumers want and want they are willing to pay for. Marketers hope that this process will give them a sustainable competitive advantage. Marketing management is the practical application of this process.

Most companies today have a customer orientation (also called customer focus). This implies that the company focuses its activities and products on customer needs. Generally there are two ways of doing this: the customer-driven approach and the product innovation approach.

In the consumer-driven approach consumer wants are the drivers of all strategic marketing decisions. No strategy is pursued until it passes the test of consumer research. Every aspect of a market offering, including the nature of the product itself, is driven by the needs of potential consumers. The starting point is always the consumer. The rationale for this approach is that there is no point spending funds developing products that people will not buy. History attests to many products that were commercial failures in spite of being technological breakthroughs.

In a product innovation approach, the company pursues product innovation, then tries to develop a market for the product. Product innovation drives the process and marketing research is conducted primarily to ensure that a profitable market segments exists for the innovation. The rationale is that customers may not know what options will be available to them in the future so we should not expect them to tell us what they will buy in the future. It is claimed that if Edison depended on marketing research he would have produced larger candles rather than inventing light bulbs. Many firms, such as research and development focused companies, successfully focus on product innovation.