Business English - preparazione esame orale di inglese B2, Dispense di Lingua Inglese

Scarica Business English - preparazione esame orale di inglese B2 e più Dispense in PDF di Lingua Inglese solo su Docsity! Business English B2 – Market Leader Intermediate INTRODUCTION: BUSINESS What is it? An organization or economic system where goods and services are exchanged for one another or for money. Organisation: typical departaments in a business Below are some typical departments in a business. There are key words/phrases for each department. Can you think of any other departments? - FINANCE → the management of large amounts of money, especially by governments or large companies. - HUMAN RESOURCES → personnel recruitment department. - MARKETING → the activity or business of promoting and selling products or services, including market research and advertising. - OPERATIONS → an active process; a discharge of a function. - PRODUCTION → the action of making or manufacturing from components or raw materials, or the process of being so manufactured. - SALES → the exchange of a commodity for money; the action of selling something. ATTENTION! Business: describing roles Here are some expressions which people use to talk about their jobs. Business English B2 – Market Leader Intermediate Business: vocabulary There are a lot of acronyms used in Business. Business English B2 – Market Leader Intermediate Brand Management: vocabulary BRAND LOYALTY: tendency to always buy a particular brand. BRAND IMAGE: the ideas and beliefs people have about a brand. BRAND STRETCHING: using an existing name or another type of product. BRAND AWARENESS: how familiar people are with a brand. BRAND NAME: title given to a product by the company that makes it. PRODUCT LAUNCH: introduction of a product to the market. PRODUCT LIFECYCLE: the length of time people continue to buy a product. PRODUCT RANGE: the set/group of products made by a company. PRODUCT PLACEMENT: when products are used in films or TV programmes. PRODUCT ENDORSEMENT: the use of a well-know person to advertise products. MARKET LEADER: the best-selling product or brand in a market. MARKET RESEARCH: information about what consumers want or need. MARKET SHARE: the percentage of sales a company has. MARKET CHALLENGER: the second best-selling product or brand in a market. MARKET SEGMENT: customers of a similar age, income level or social group. Brand Management: some questions 1) What are the advantages and disadvantages for companies of product endorsement? 2) How can companies create brand loyalty? ✓ A defined, strong brand personality which the customer understands and has an emotional connection to. ✓ Consistent customer engagement. ✓ A cohesive global strategy with consistent marketing and product quality. ✓ An understanding of customers (a brand audit will identify them). ✓ An excellent customer service and response to feedback. Business English B2 – Market Leader Intermediate Brand extension: what is it? Brand extension is a strategy used in marketing. Also called stretching a brand. A company which already has an image in the market will make use of the same brand name to market a different product category. Since the market already knows the existing products that are associated with the brand, the market reach of the new product is further and faster. Or Brand extension is a marketing strategy that involves a company using its well-established brand name or image to introduce a new product or product categories to its customer base. This strategy works best when the new product category is related to its parent category and is something consumers and customers want. Many companies use brand extensions because it allows them to leverage their parent brand’s brand awareness and authority to reach new demographics and open up new sales channels. Can you give any examples of successful or unsuccessful brand stretching? - SUCCESSFUL → Colgate Toothbrushes Colgate created a very successful brand extension with the introduction of toothbrushes as a companion to their established and popular toothpaste. They later introduced mouthwash too, which also did well. These were companion brands and made sense in the consumers’ minds. - UNSUCCESSFUL → Colgate Kitchen Entrees (US) The idea behind Colgate Kitchen Entrees in the early 1980s was probably that the customer would eat their Colgate frozen dinner and then brush their teeth with Colgate toothpaste afterwards. But the idea did not work. When people think of Colgate they think of clean, minty teeth, not frozen Swedish meatballs or beef lasagna so there was no association between the two different products. This brand extension actually contributed to a decline in Colgate toothpaste sales at the time. Or - SUCCESSFUL → Apple Although Apple started as a technology company that makes only computers (Macs), it soon extended its product line to include music players (iPods), mobile devices (iPhones), and tech accessories (Apple Watch and Earpods). Even though all these new products are different, the extension works because Apple didn't drift too far from its parent product category. Instead, it leveraged its brand name to make penetrating the market a success. - UNSUCCESSFUL → Life Savers Soda Life Savers, the candy brand, created a beverage in the 1980’s that did well in taste tests. However, when Life Savers Soda was launched it flopped in stores and became a failed brand extension. “Consumers thought (the brightly-colored beverage) would taste too much like drinking candy”. Product Launches Think of expensive and cheap ideas for product launch. - EXPENSIVE → publicity campaigns especially TV adverts, billboard, advertorials in magazines; big launch parties; pay celebrities to attend the launch or events; sponsorship. - CHEAP → blogs; use ‘influencers’ to review your product or give away free ones; use crowdfunding platforms; use social media; create eye-catching visual content which may be shared (viral marketing), trial offers… Market Segments What market segments can you identify? Business English B2 – Market Leader Intermediate What action can companies take if they start to lose market share? ✓ New advertising, marketing, and promotions. ✓ Update the product. ✓ Rebranding or repositioning needed? ✓ Complete a brand audit to identify changes in customer base, market and competitors. ✓ Perform market research to get feedback from customers and non-customers. Building Luxury Brands: Dior What is the brand image of Dior? Christian Dior, also known as Dior, was founded in 1946 by designer Christian Dior. It’s a French luxury goods company controlled by Bernard Arnault, who also heads LVMH, the world’s largest luxury group. Sidney Toledano has been the CEO since 1997. Dior currently designs and retails leather goods, fashion accessories, footwear, jewellery, watches, fragrance, makeup, and skin care products, while also maintaining (= pur mantenendo) its tradition as a creator of haute-couture (= alta moda) under the Christian Dior Couture division. The Christian Dior label (= etichetta) is mainly for women’s products, although (= sebbene) the company also operates the Dior Homme division for men and the baby Dior label for children's wear. Products are sold throughout its portfolio of retail stores worldwide (= negozi al dettaglio in tutto il mondo), as well as (= nonché) through its online store. Reading: Restless pursuer of luxory’s future Sydney Toledano (Dior's Chief Executive) is one of (he longestserving chief executives In the luxury industry. As the industry goes global it must build the need for exclusivity and the need for expansion. The secret lies in looking for novelty, understanding what people from different countries want. The next wave of luxury buyers is now in the new territories: the Middle East, Russia, Hong Kong and South Korea. Mr. Toledano believes that the brand must not only meet the market, but anticipate it. Resume point of the text: • Must balance exclusivity-expansion, demands of shareholders and values of an historical label; • “When times are bad, get out of the office, when things are good, spend time on the organisation. You have to look for what is happening next, understand people of different countries and their desires; forget the calculator”; • 1980s he understood China would be prime territory for luxury because they were hardworker, but they also wanted to enjoy their life; • Mr Arnault bought out of bankruptcy and build it into LVMH; • “We have to develop our network and perfect the supply chain; anticipate customers’ needs and invest early in markets that may not show real chance of growth”. Business English B2 – Market Leader Intermediate 8) Explain Sydney Toledano’s role at Dior and how he ‘rescued’ the brand. UNIT 3: CHANGE Definition: In business, as in life, few things stay the same. Companies must be willing to move with the times and adjust (= adeguare/regolare/adattare) their operations in response to increased competition, technological advances, stakeholder expectations and other pressures. True business change is more than just a change of direction. It's the result of a structured and planned process to make the company more efficient and profitable. The world is changing every day: the population is changing, customer trends are changing, technology is changing and the economy is changing. Businesses who fail to embrace change can easily wind up as dinosaurs - out of touch and unable to compete under current trading conditions (= Le aziende che non riescono ad abbracciare il cambiamento possono facilmente finire come dinosauri, fuori dal mondo e incapaci di competere nelle attuali condizioni commerciali). Do you like change? What do you think about change? Do you see that as a chance or as something negative? Change is something risky, but from my point of view it is also something positive if well thought through. Change allows you to use a new perspective, new resources, new ideas. Change allows for evolution. Business English B2 – Market Leader Intermediate Which of these business situations do you imagine you would find the most stressful? 1) You are asked to relocate to another city. 2) You are asked to relocate to another country. 3) You have to work with a new computer system. 4) You have to move from your own office to a large, open-plan office. 5) Your company language becomes English. 6) You have to take a salary cut. 1. Because moving means starting over, with a new routine (which isn't necessarily a bad thing), a new home, new friends, new people. In short, a new context from which to start. I don't think a new country is that stressful as it's just a totally new lifestyle. Much more inspiring. 2. It is a stressful situation because you have to learn to speak a new language perfectly and not everyone is capable of it. Despite (= nonostante) one's abilities (= le proprie capacità), one (= ciascuno) risks losing one's role (= proprio ruolo) in the absence (= in mancanza) of this competence. 3. I think it's a stressful situation because you feel unappreciated in what you do. Also, on a material level, you have less income (= entrate). It means sacrificing something. What would happen if companies did not adapt to changes? - They would lose their competitive edge (= margine) and fail to meet the customers’ needs (which might also require businesses to be always open); - Companies would still be using old technology, thus risking to be left behind or waste (= perdere) their time. - Therefore (= perciò), change is necessary to be a successful long-term business. EMBRACE (= abbracciare) CHANGE: What do you think are the characteristics of employess who like change? When you're working with someone who likes change, you may notice: ✓ They stay calm even when things are changing quickly. ✓ They volunteer for projects or roles that will expand their experience, just for a change of pace. ✓ They’re “early adopters” of new technology and policies. ✓ They suggest new or better way of doing things. AVOID (= evitare) CHANGE: What are the characteristics of an employee who avoids change? ✓ If possible, they will choose to work and spend time with others who think and work the way they do (in other words, those who also avoid change) so that their views and patterns are less likely to be challenged. ✓ They’re the last people to switch over to a new app or software program, even if it makes life easier. ✓ They aren’t interested in frequent job or career changes. ✓ Uncertainty or big changes at work leave them stressed, nervous, or cautious. How do you handle change? (= come gestisci i cambiamenti) This is a common question at job interviews. Here are a couple of suggested answers: - “Change is what makes life interesting. Monotony may be easy but it is not exciting. Positive or negative, I am happy to adapt to any situation.” - “We live with change every day of our lives. I consider myself adaptable to these changes and have grown to appreciate it as a unique part of life.” CHANGE: Vocabulary Business English B2 – Market Leader Intermediate What about leaders? What are the top 5 qualities needed for an effective leader to facilitate change in an organization? 1. PERSUASIVE (a good leader is also charismatic and can therefore make change easier for the employees). 2. THOROUGH (a good leader must ask as many questions as possible and consider the worst and best scenarios). 3. CONFIDENCE (when a leader is confident and believes in change, this can help motivate the employees). 4. COMMUNICATION (a good leader keeps communication open before, during and after the change process). 5. UNWAVERING (sometimes change might affect job positions or functions but employees do not like. A good leader must remain unwavering in the execution of those changes). READING: Mercedes - Mercedes-Benz is a German global automobile brand and a division of Daimler AG. It is known for luxury vehicles, trucks, buses, coaches and ambulances. The headquarters are in Stuttgart, Germany. 1. reorganised 2. restructure 3. relocating 4. downsized 5. retrain 6. relaunch 7. upgrade 8. decentralise 9. redevelop 10. update 11. deregulate 12. reassess Business English B2 – Market Leader Intermediate Within 10 years, the airline reported the highest profits in its industry: $284 million. What British Airways got right with the restructuring: Before Lord King began announcing layoffs (= licenziamenti), he explained his reasons for the restructure to the entire company to prepare them for the changes. Without this transparency, British Airways could have experienced employee discontent and negative media comments. However, Lord King always communicated honestly and frequently to manage the change successfully. Let’s read about a successful change at British Airways and answer the following questions: 1. When BA was created it already had a problem. What was it? The problem was the oversized (= sovradimensionamento). 2. What did the oil crises do? Reduced the airline's customer base. 3. So, what was BA’s reputation at the end of the 1970s? Terrible service. 4. What four things did Lord King do when he joined BA in 1981? ▪ Restructure the entire organization by reducing its workforce from 59,000 to 39,000; ▪ Eliminate unprofitable routes; ▪ Modernize the fleet ▪ Repaired the airline’s image by bringing in a new marketing expert. 5. What did Lord King do to ensure there were no negative feelings in the staff and the media about the changes? He explained his reasons for the restructuring to the entire company, transparency, always communicated honestly and frequently to manage the change. Example of exam questions for Unit 3 1) Give some examples of types of organizational change in a company. 2) What are the characteristics of staff who embrace change and those who avoid change? 3) What happened at Mercedes? Describe the Financial Times article on p.24. 4) What advice does Anne Deering from Kearney say is very important when making organizational changes? (Listening p.25). 5) Why did British Airways need to make organizational changes in the 1970s and how did they do it? UNIT 4: ORGANISATION DEFINITION The term "business organisation" describes how businesses are structured and how their structure helps them to meet their goals. In general, businesses are designed to focus on either generating profit (for-profit) or improving society (not-for-profit). There are different categories of business organisations which describe how the business is established, owned, and operated. The basic categories of business organisation in the UK are: - Sole traders (= ditta individuale); - Partnerships; - Limited companies (= società per azioni). In sole traders and partnerships, the individuals are liable (= responsabile) for any debt or legal actions. In limited companies, the business is registered and the individuals are not liable. VOCABULARY: company structure Which words can describe good qualities of an organisation? Business English B2 – Market Leader Intermediate Which words can describe bad qualities of an organisation? Decentralised: move departments away from a single administrative centre; Caring: displaying kindness and thoughtfulness to staff; Bureaucratic: too many procedures, at the expense of common sense; Democratic: involving staff in decisions, ie by doing votes; Impersonal: an organisation which is featureless (= monotono) and anonymous; Conservative: adverse to change, holding onto traditional values; Dynamic: characterised by constant change, activity or progress; Market-driven: using market knowledge to decide an organisation’s strategy; Hierarchical: arranged in order from most to least important; Professional: competent, skillful and assured approach; Progressive: forward looking, happy to change, experiment and innovate; Centralised: control under a single department. If you think of a large company, what different locations and buildings do they have? Large companies can have a variety of different locations and buildings depending on their size, industry, and operations. Some common types of locations and buildings that large companies may have include: ▪ Headquarters → this is usually the main office where the company's top executives and management team are based. ▪ Branch offices → large companies often have multiple branch offices in different regions or countries to expand their reach and serve their customers better. ▪ Manufacturing facilities → if the company produces physical products, it may have one or more manufacturing facilities where the products are made. ▪ Distribution centers → these are warehouses where the company stores and ships its products to retailers or customers. ▪ Retail stores → if the company sells products directly to consumers, it may have its own retail stores in various locations. ▪ Research and development centers → large companies often invest in research and development to improve their products or develop new ones, so they may have dedicated facilities for this purpose. ▪ Data centers → in today's digital age, large companies typically have one or more data centers to store and manage their electronic data. These are just a few examples of the different locations and buildings that a large company might have. VOCABULARY: buildings • Subsidiary: a company which is at least half-owned by another company; • Factory/Plant: large building where goods are made with machineries; • Call Centre: office where people answer questions and make sales over the phone; • Service Centre: place where faulty products are mended; • Headquartres: main office or building a company; • Distribution Centre: building from which goods are sent to factories, shop or costumers; • Warehouse: building for storing goods in large quantities; • Outlet: place through which products are sold. VOCABULARY: departments ▪ In R&D, people research and develop new products. ▪ In Customer Services, people deal directly with customers to answer enquiries or resolve problems. ▪ Human Resources is responsible for recruitment, training, interpreting employment law, relationships at work, and workplace safety. Business English B2 – Market Leader Intermediate ▪ The Sales and Marketing Dept oversees how and where products are sold, their price, publicity and branding. They will normally be responsible for online elements too. ▪ The Production Dept oversees the delivery of raw materials and the manufacturing of the end product through production/assembly lines. ▪ Finance Dept responsibilities include raising finance, financial accounting, preparation, reporting, analysis, budgeting, project management and more. ▪ Administration provides administrative and technical support to all the other departments. ▪ The Legal Dept drafts (= abbozzare) contracts, oversees any legal problems, and writes employment policies. ▪ Logistics organises the storage and distribution/transport of goods. ▪ The Public Relations Dept is the face of the company: they are the contact with the media, handle (= gestire) any negative publicity, and help build the brand. ▪ The IT (Information Technology) Dept is responsible for the installation and maintenance of the network. VOCABULARY: match this activities to the correct depertament a) Deal with complaints – Customer Services b) Draw up contracts – Legal c) Carry our research – R&D d) Train staff – Human Resources (HR) e) Run advertising campaigns – Sales & Marketing f) Issues press releases – Public Relations g) Operate assembly lines – Production h) Prepare budgets/accounts – Finance i) Keep records – Administration j) Transport goods – Logistics k) Install and maintain systems equipment – IT LISTENING: listen to three people talking about their work. Which depertament do they work in from the ones before? Business English B2 – Market Leader Intermediate ❖ Disruption to operations during the move ❖ Loss of experienced employees who are not willing to relocate ❖ Higher costs associated with the move, such as relocation expenses for employees ❖ Negative impact on company culture or morale ❖ Difficulty in establishing new business relationships or adapting to a new environment. 2. How do you think staff will react to the proposed relocation? What reasons might some staff have for opposing the relocation? The text does not provide specific information on how staff might react to the relocation proposal, but there are some possible reasons why some staff members might oppose the relocation. For example, some may have families or other ties to Paris and do not wish to move to a smaller city. Additionally, some may have difficulty adjusting to a different work environment or have concerns about the quality of life in a smaller city. Generally, staff reactions depend on individual circumstances. LISTENING: Case study Francoise loves working in Paris and is concerned about the move to Beauchamp due to her husband's commute and the schools there. Jean-Pierre is fine with the move and believes it will benefit the company. Paolo is unhappy and will lose money selling his apartment. Carl thinks that some staff may leave the company due to the relocation. Example of exam questions for Unit 4 1. Describe the different departments in a typical organisation and what they do. 2. What is the difference between a progressive organisation and a conservative organisation? 3. What are the different locations and buildings you can find in large organisations? 4. Why does Google offer its staff perks? What else does it do to engage its employees? 5. Describe Samsung’s innovative restructuring. 6. Why did Blockbuster go bankrupt? 7. What are the advantages and disadvantages of relocating a company? UNIT 5: ADVERTISING VOCABULARY: verbs for advertising • Communicate a message • Endorse (= promuovere) a product • Place an advertisement • Advertise a product / advertise an event • Run a campaign / run an event • Sponsor an event / sponsor a product • Target a consumer CASE STUDY This campaign was considered quintessential (= tipico) for the time. Barilla was created as a bakery shop in Parma in 1877, and it was turned into a pasta factory in 1910. The main purpose of the company was to transform pasta in an important product which would give people an immediate sense of family. Not to mention quality. Business English B2 – Market Leader Intermediate The Italian company has always invested a lot on advertising campaigns and on publicity by collaborating with important artists and creative professionals. In the 1980s, one on the ads was directed by the famous Italian film director, Federico Fellini. TYPES OF ADVERTISING: which is traditional media and new media? - Traditional: • TV, cinema, radio commercials • Celebrity endorsements (George Clooney for Nespresso) • Direct mail advertising (mailshots – through the post) • Product placements • Outdoor (billboards/hoardings, street furniture, transit) • Free samples • Point of sale • Sponsorship • Newspaper & magazine advertising (display advertising, advertorials) • Print advertising (flyers, leaflets, pamphlets, posters, brochures, catalogues) - New: • Direct mail advertising (emails, text/SMS) • Internet (banner ads, pop-ups, blogs, vlogs, social media, viral advertising) SLOGANS Slogan is a short, memorable phrase used in advertising. For example: • "Melts in Your Mouth, Not in Your Hands" - M&M's • L’Oréal – Because I’m worth it • Red Bull - Red Bull gives you wings • Kentucky Fried Chicken – It’s finger lickin’ good • Budweiser – the King of Beers • Nike – Just do it • Adidas - Impossible is nothing • McDonalds – I’m lovin’ it • "Taste the Rainbow" - Skittles SPONSORSHIP: Give examples of sponsorship of any sporting or cultural events - Nike's sponsorship of the NBA: Nike is the official sponsor of the National Basketball Association (NBA). This means that all NBA jerseys, shorts, and other apparel feature the Nike logo. Nike also sponsors some of the biggest stars in the league, such as LeBron James and Kevin Durant. - Coca-Cola's sponsorship of the Olympics: Coca-Cola is a long-time sponsor of the Olympic Games. The company provides beverages and other products to athletes and spectators alike, and its logo is prominently featured at Olympic venues. - Red Bull's sponsorship of extreme sports events: Red Bull is known for its sponsorship of extreme sports events, such as the Red Bull Air Race and the Red Bull X-Fighters. The company also sponsors athletes in these sports, such as snowboarder Travis Rice and skier Lindsey Vonn. - McDonald's sponsorship of the FIFA World Cup: McDonald's has been a sponsor of the FIFA World Cup for many years. The company provides food and beverages at the tournament's venues and sponsors various promotions and giveaways. - Toyota's sponsorship of the Super Bowl: Toyota is a frequent sponsor of the Super Bowl, the championship game of the National Football League (NFL). The company often debuts new commercials during the Super Bowl broadcast, and its logo is featured prominently at the game's venue. - American Express' sponsorship of cultural events: American Express sponsors a range of cultural events, such as the Tribeca Film Festival and the US Open tennis tournament. The company provides perks to its cardholders, such as early access to tickets and exclusive experiences. Business English B2 – Market Leader Intermediate DIFFERENT TYPE OF ADVERTISING 1. CELEBRITY ENDORSEMENTS (= sostegno) → Celebrity endorsement is a marketing strategy that involves the use of famous people, such as actors, musicians, athletes, or other public figures, to promote a product or service. The celebrity is hired to lend their credibility and popularity to the brand, with the goal of increasing awareness, generating positive associations, and ultimately boosting sales. Companies use celebrity endorsement because it can be an effective way to grab consumers' attention, create a strong emotional connection, and build brand loyalty. Celebrity endorsement can also help to enhance the image and reputation of a brand, as well as provide a competitive advantage over other products in the same category. Which celebrity endorsements can you name? ▪ Jennifer Aniston - Aveeno skincare products ▪ Beyoncé - Pepsi, L'Oreal, and Adidas ▪ Michael Jordan - Nike and Hanes ▪ Scarlett Johansson - Dolce & Gabbana, Mango, and Moët & Chandon ▪ David Beckham - H&M, Armani, and Pepsi ▪ Selena Gomez - Coach and Puma ▪ George Clooney - Nespresso, Omega, and Martini ▪ Kim Kardashian - SKIMS, KKW Beauty, and Calvin Klein ▪ Dwayne "The Rock" Johnson - Under Armour, Ford, and Apple Which famous people advertise products in Italy? ▪ George Clooney - Nespresso ▪ Monica Bellucci - Dior, Dolce & Gabbana, and Cartier ▪ Andrea Pirlo - Campari ▪ Chiara Ferragni - Pantene, Pomellato, and Omega ▪ Paolo Rossi - Barilla ▪ Gigi Hadid - Moschino, Versace, and Maybelline ▪ Carlo Cracco - Lavazza ▪ Federica Pellegrini - Barilla What the advantages and disadvantages of celebrity endorsement can be? 2. PRODUCT PLACEMENTS → Product placement is a marketing strategy that involves featuring a product or brand within a TV show, movie, video game, or other form of entertainment media. The product is placed in a way that it is visible or used by the characters, without being an overt advertisement. Product placement can be a form of covert advertising, as the audience may not realize that the product is being marketed to them. The goal of product placement is to increase brand awareness and generate positive associations by associating the brand with the content of the media. Product placement can be an effective way for companies to reach a large and diverse audience, particularly if the media is popular or has a strong following. Product placement can also be a way for brands to reach consumers in a way that is less intrusive than traditional advertising. There are some examples of obvious product placements in TV series or movies: - James Bond movies are known for their prominent product placements, such as the Aston Martin cars, Omega watches, and Belvedere vodka. - The movie "Cast Away" features Tom Hanks drinking Coca-Cola in multiple scenes, including the iconic scene where he opens a bottle with a rock. Business English B2 – Market Leader Intermediate A. Apart from selling products there are other reasons for advertising: ▪ To change the image of the company; ▪ To change people’s view of an issue; ▪ To get people to change their behaviour: drink less alcohol, do up seatbelts, change the way in which they use energy. B. The four stages of a typical advertising campaign: ▪ Identify the brief from the client and agree the brief with the client; ▪ Take the brief and articulate it for the people who have to make recommendations and have ideas about the campaign; ▪ Present ideas to the client for discussions and agreement; ▪ Execution phase (where creative materials is produced and the space and place in the channels of distribution are bought). LISTENING: How advertising work 1) What are viral campaigns? Viral campaigns are pieces of film or content which are picked up by individuals who see it perhaps on YouTube, and passed on to their friends with comments. 2) What did people argue about when talking about the video featuring Ronaldinho? Whether it was real or fake. VOCABULARY: Types of advertising SOME QUESTIONS ON ADVERTISING 1. What types of advertising are the most influential on you? The most influential types of advertising will vary from person to person and depend on factors such as their needs, interests, and purchasing behaviors. For me: - Word-of-mouth recommendations from friends or family members: People are often more likely to trust and act on recommendations from people they know and trust. - Online advertising: Online advertising, including search ads, display ads, and video ads, can be effective at reaching audiences who are actively searching for products or services. 2. Have you ever bought anything as a result of an advert you saw? Yes, often these are electronic devices such as hobs, vacuum cleaners, hair dryers... 3. What adverts can you remember now? I hardly ever watch ads on television because I never use them, but the last sponsorship I can remember was on Instagram and it was swimwear. 4. What adverts can you remember from when you were a child? I remember the commercials of the toys, the Cicciobello, the Barbies, Polly's house, the album of “AmiciCucciolotti”. 1. Free samples 2. Slogans 3. Endorsement 4. Word of mouth 5. Mailshots Business English B2 – Market Leader Intermediate 5. How important is music in advertising? Music is an important element of advertising because it can create an emotional connection with the audience, help convey the brand message, and enhance the overall impact of the ad. Music can evoke emotions, memories, and associations in the listener, which can be used to reinforce the brand message or create a particular mood or feeling. For example, a soft and soothing melody might be used to create a calm and peaceful atmosphere, while an upbeat and energetic track might be used to convey excitement and enthusiasm. Music can also help to distinguish a brand or product from its competitors by creating a unique and memorable identity. A catchy jingle or theme song can become instantly recognizable and associated with a particular brand or product. Music can also be used to reinforce the message or story of an advertisement. The lyrics and melody can be aligned with the message of the ad to create a more cohesive and impactful experience for the viewer. Overall, music can be a powerful tool in advertising, as it can help to create an emotional connection with the audience, reinforce the brand message, and enhance the overall impact of the ad. Example of exam questions for Unit 5 1. Describe traditional media and new media and give examples of both. 2. Talk about the different types of advertising on social media and websites. 3. Describe some different types of traditional advertising methods (product placement, celebrity endorsement, POS, outdoor advertising). 4. Describe some different types of new media advertising (web banners, direct emails, Google Ads) 5. Why is Facebook such a successful advertising platform? Facebook's ad platform is designed to be user-friendly and accessible, with a range of tools and resources available to help advertisers create and manage their campaigns. This ease of use, combined with the platform's extensive targeting capabilities and diverse ad formats, has made Facebook a popular and effective advertising platform for businesses of all sizes and industries. 6. Describe Tik Tok as an advertising platform. TikTok offers a unique and highly engaging advertising platform for brands looking to connect with younger audiences through short-form video content. With its highly personalized targeting options, diverse advertising formats, and high engagement rates, TikTok is a valuable advertising channel for brands looking to reach younger consumers in an innovative and engaging way. 7. How are advertising campaigns created? Creating a successful advertising campaign involves careful planning, strategic decision-making, and a focus on delivering the right message to the right audience through the most effective advertising channels. 8. What are the four stages Marco Rimini describes? 9. What is a viral campaign? Give an example of a successful one. 10. Talk about an example of a very successful advertising in Italy in the 1980s. One of the most successful advertising campaigns in Italy during the 1980s was the "Ce la fai!" campaign by Barilla, one of Italy's largest food companies. The slogan "Ce la fai!" translates to "You can do it!" and was used to promote Barilla's line of pasta products. The campaign was launched in 1983 and featured a series of television commercials that showcased people overcoming obstacles and achieving their goals with the help of Barilla pasta. The ads were accompanied by a catchy jingle that became instantly recognizable and synonymous with the Barilla brand. The "Ce la fai!" campaign was a huge success, and the jingle and slogan became a cultural phenomenon in Italy. The campaign helped to establish Barilla as one of the leading pasta brands in the country, and it is still remembered today as one of the most iconic and successful advertising campaigns in Italian history. Overall, the success of the "Ce la fai!" campaign can be attributed to its catchy slogan, memorable jingle, and its ability to connect with people on a personal level by promoting a message of perseverance and achievement. Business English B2 – Market Leader Intermediate UNIT 6: MONEY VOCABULARY: Money - Lend: temporarily give something to someone. «My brother lent me £200 last week. I need to pay him back tomorrow.» - Borrow: temporarily take something from someone. «Can I borrow €50? I’ll pay you back next week when I’ve been paid.» - Loan: an amount of money that you borrow. Business English B2 – Market Leader Intermediate SHARES VS STOCKS: an overview The difference between these two terms in the financial market is blurry. Generally, especially in American English, both the words are used interchangeably to refer to financial equities, that is, securities that denote ownership in a public company. Nowadays, the difference is mainly based on the context in which they are used. Of the two, stocks is the more general term. It is often used to describe a slice of ownership of one or more companies. In contrast, shares has a more specific meaning: it often refers to the ownership of a particular company. In this case, shareholders tend to specify WHICH company they invest in or the type of financial instrument (mutual fund, exchange-traded fund, limited partnership...). Thinking about the current economic climate, discuss the following questions 1. Which types of business are marketing profits or losses? All types of businesses aim to make a profit, but some types of businesses are more likely to experience losses due to market fluctuations, competition, or other factors. For example, businesses that operate in highly competitive industries, such as retail or hospitality, may experience lower profit margins and be more susceptible to losses due to changes in consumer behavior or economic downturns. Similarly, businesses that rely heavily on seasonal demand, such as those in the tourism or agriculture industries, may experience periods of low or negative profits during off-seasons. On the other hand, businesses that offer unique products or services and have a loyal customer base may be more resilient to market fluctuations and able to maintain steady profits over time. 2. What sort of business are a good investment? There is no one-size-fits-all answer to this question, as the type of business that may be a good investment can depend on a variety of factors, including market conditions, industry trends, and individual investor preferences. It's important to note that any investment involves risk, and it's crucial to carefully research and evaluate a potential investment opportunity before making a decision. It's also advisable to seek 1. recession 2. stock market 3. forecast 4. investment 5. bankruptcy 6. debt 7. equity stake 8. pre-tax profits 9. annual turnover 10. dividend Business English B2 – Market Leader Intermediate the guidance of a financial advisor or professional to help determine the suitability of an investment opportunity for individual financial goals and risk tolerance. 3. Can you think of any business which have gone bankrupt recently? Some notable businesses that have gone bankrupt in recent years include: Forever 21: The fast-fashion retailer filed for bankruptcy in 2019 and closed over 350 stores worldwide. Hertz: The car rental company filed for bankruptcy in 2020 due to a decline in travel caused by the COVID-19 pandemic. It's important to note that bankruptcy does not necessarily mean the end of a business, as some may restructure and continue to operate under new ownership or with a new business model. LISTENING: PSIGMA, Managing investments 1. investment solutions 2. capital 3. level of return 4. design the strategy Business English B2 – Market Leader Intermediate LANGUAGE REVIEW: Describing Trends 2 Fixed-interest securities: lending to a GOVERNMENT (1) or a (2) COMPANY. 3 Index-linked securities: linked to the (3) RATE OF INFLATION. 4 Equities: a (4) STOCK or a (5) SHARE. 5 Investments not linked to equity returns: (6) COMMERCIAL property; (7) COMMODITIES (eg precious metals); (8) AGRICOLTURE (an interesting area of development over the last 20 years) 6 Alternative investments: (9) HEDGE funds; (10) ABSOLUTE RETURN funds Business English B2 – Market Leader Intermediate READING: Business in brief READING: Homework The article is about Kieran Prior, a financial analyst at Goldman Sachs in London who was born with a rare condition that affects his movement and impairs his speech. Despite these physical limitations, he is thriving on Goldman's trading desk, managing a $50m (£25m) group of European equities and derivatives. Prior has gained experience, confidence, and responsibility on what may be the most demanding and competitive testing ground in finance, winning the admiration of colleagues. Despite the extreme volatility in the markets, Prior is using this period to learn as much as he can. Which idiomatic expression means: 1. Someone who does a lot of complicated business transactions → can be referred to as a "big fish" or a "heavy hitter." 2. A young person who is very skilled or successful at something → can be referred to as a "whiz kid" or a "prodigy." Business English B2 – Market Leader Intermediate Some ASSETS • Cash • Fixed-interest securities (lending to government or company) • Index-liked securities (linked to rate of inflation) • Equities (a stock or a share) • Investment not linked to equity returns (commodities, commercial property, agriculture…) • Alternative Investments (hedge funds, absolute returns funds) Example of exam questions for Unit 6 1. Money vocabulary: What is your attitude to money? Are you a saver or a spender? 2. Do you have a credit card? Is it easy to get an overdraft in Italy? Can you name a company which went bankrupt? What is a mortgage? What does ‘in the black’ mean? How often do you withdraw money from the ATM? 3. Investment: What work does an investment management company do? 4. Investment: Give the examples of asset classes from the Listening on p.54. 5. (Extra not in exam) Trading: describe Kieron Prior’s work at Goldman Sachs (from the Reading on p.55) 1. Bear market 2. Traders 3. Financial analyst 4. Volatility 5. Trading desk 6. Equities 7. Research analysis 8. Business sector 9. Earnings 10. Derivatives NB. Derivatives (derivati) = a financial security with a value that is reliant on (or derived from) an underlying asset such as stocks, bonds, commodities… Business English B2 – Market Leader Intermediate UNIT 8: HUMAN RESOURCES What does a Human Resources Department do? • Training • Recruiting • Performance • Leadership • Potential • Employee • Skill • Research Typical work of an HR Dept: • Recruiting process • Setting up new employees (contracts, initial training, workstation…) • Conducting disciplinary actions • Updating HR policies • Maintaining employee records (may be done by Administration) • Overseeing Continuing Professional Development (CPD = ongoing training) • Health & Safety • Overseeing any staff reorganisation, redundancies, promotions… • Dealing with any conflict between staff and management VOCABULARY: Employing people • enthusiastic: has lots of energy and often gets excited • adaptable: is able to change with new situations • methodical: is concerned with details and getting things right even if it takes time • reliable: is someone you can trust and depend on • ambitious: is determined to succeed in their career • objective: is able to see different points of view • creative: is able to come up with ideas • analytical: likes to assess and evaluate Business English B2 – Market Leader Intermediate Next must be TWO TRIANGLES • Sequence is: black triangle / black circle / black triangle / black circle. Next must be BLACK TRIANGLE • There is always one WHITE CIRCLE • Black shape sequence is clockwise: top right / bottom / top left / top right. Next must be BOTTOM o enthusiastic: has lots of energy and often gets excited o adaptable: is able to change with new situations o methodical: is concerned with details and getting things right even if it takes time o reliable: is someone you can trust and depend on o ambitious: is determined to succeed in their career o objective: is able to see different points of view o creative: is able to come up with ideas o analytical: likes to assess and evaluate o authoritative: is respected and listened to by others o practical: can see how to put ideas into action LISTENING: Carys Owen, a director at Hays, the international recruitment specialist A) In what ways does a Hays consultant work with a candidate? Via a network of global offices; candidates work with a Hays consultant who helps them gain an understanding of the type of role they’re looking for, what type of organisation they would like to work for…. They also work on how to present their CV. Also via the website; candidates can apply for jobs and get advice on applications. B) What are the three key points that Carys makes about preparing for an interview? Look your best – appearance is important so wear appropriate clothes, ie a suit. Research your employer on their website and in the news so you can demonstrate in the interview that you have done your research and made the effort. Look at the duties of the vacancy and match them to your experience. Also try and guess what questions you might be asked so you can prepare answers. C) What two recent changes has Carys noticed in the job market? Two recent changes: recruitment online is global so candidates can apply for jobs in different parts of the world, not just where they are based, and Interim and temporary contracts are more popular so employers recruit for shorter-term jobs/projects. In the future there will be a need for more project management skills. D) In what way does one of the changes give candidates and employees a unique opportunity? Because it allows them to carry out even short-term assignments based on their lifestyle/other commitments. Furthermore, with online recruitment there is the possibility for anyone to be able to apply in the world, not just in the vicinity, having more opportunities and choices. 1. Creative 2. Authoritative 3. Objective 4. Practical 5. Ambitious 6. Enthusiastic 7. Methodical 8. Analytical 9. Adaptable 10. Reliable Business English B2 – Market Leader Intermediate COMMON JOB INTERVIEW QUESTIONS 1. Tell me about yourself. 2. Why do you want this job? 3. Why should we hire you? 4. Why do you want to leave your current job? 5. What are your salary expectations? 6. How do you handle stress and pressure? 7. How do you handle change? [We looked at this in Unit 3!] 8. What is your greatest strength? 9. What is your biggest weakness? What have you done to overcome this? 10. Do you prefer working in a team or working alone? 11. Describe a difficult work situation or project and how you handled it. 12. What are your goals for the future? READING: Article about woman at work in Vietnam - Vietnam (the state) is interested in women’s advancement (approbation of laws). - Their position has improved, they have good education, careers (e.g. General Director), husbands respect their opinions. - Also in remote farms and companies they are more self-confident; 25% of companies are run by women. - Unfortunately they still face many difficulties, including poverty, underemployment, domestic violence, prostitution and gender inequality. - In Japan there are now more regular working hours. - Cars are not only “boys toys” → more women in sales team (even if the is still often a stark choice between work and family), it’s important to its success (family & car time). - Nissan’s “Women In the Driver’s Seat” initiative since 2004: women managers from 2 to 5% (AVG in the sector is 0.6%). - Women prefer buy from women (man: focus on performance). 1. True 2. False: women account for: a. nearly 52% of the workforce in the service sector, b. 50% in the agricultural and fisheries sector c. 37% in industry and construction. 3. True 4. False: More than a third (40.02%) of uni graduates are women but slightly under a third (30.5%) of Masters degrees are women’s. 5. False: they jointly decide issues such as work or their childrens’ education. Her husband always respects her opinions. 6. True Business English B2 – Market Leader Intermediate EMPLOYESS BY ASTROLOGICAL SIGNS ❖ Aries: very lively and independent by nature, born with leadership qualities. ❖ Taurus: look for stability in their job and security of a good future, will be very loyal. ❖ Gemini: brilliant mind, incredible energy and sense of independence. ❖ Cancer: job security is important. They will work to the best of his abilities, provided they have a friendly ❖ and supportive team. ❖ Leo: a limitless desire for attention, they are born leaders with a sense of responsibility. ❖ Virgo: extreme perfectionists, they give the highest possible level of quality. ❖ Libra: great at work as they are balanced by nature and carry a balanced/fair character. ❖ Scorpio: one of the most determined and confident signs. The need for power and authority inspires ❖ them to push their limits. ❖ Sagittarius: an optimist, a frank nature and energetic approach helps them deliver their best. ❖ Capricorn: determined and ambitious, very responsible and organized. ❖ Aquarius: highly innovative and will give new ideas for improvements and efficiency. ❖ Pisces: have an imaginative mind and are highly adaptive. Example of exam questions for Unit 8 1. What are the typical responsibilities of a Human Resources Dept in a company? (Lesson Presentation and Vocabulary, p.75) 2. Which characteristics are desirable when looking for a new employee? (Lesson Presentation and Vocabulary, p.75) 3. What is the usual process of recruitment from the point of view of the (Vocabulary, p.75): ▪ job seeker ▪ employer 4. How does Hays Recruitment work with candidates? What preparation should candidates do before an interview? How has the job market changed in the last few years? (Listening, p.77). 5. What is the situation for working women in Vietnam, according to the article in Market Leader Intermediate? (Reading, p.76) Business English B2 – Market Leader Intermediate to U.S. exports, protect U.S. interests competing abroad, and enhance the rule of law in the FTA partner country or countries. Currently, the United States has 14 FTAs with 20 countries. FTAs can help your company to enter and compete more easily in the global marketplace through zero or reduced tariffs and other provisions. While the specifics of each FTA vary, they generally provide for the reduction of trade barriers and the creation of a more predictable and transparent trading and investment environment. This makes it easier and cheaper for U.S. companies to export their products and services to trading partner markets. One of the most prominent FTAs is the North American Free Trade Agreement (NAFTA) between Canada, Mexico, and the United States. The pact was signed in 1992 and came into force in 1994. It is an example of a trilateral FTA. To date, it has eliminated many barriers and tariffs between the three countries. LISTENING What five things which stop people trading freely are? 1. Tariffs – these are taxes on imported goods (they raise the price of goods and make them more expensive). 2. Subsidies to domestic producers – money given to them by the government. 3. Quotas – limits on the number of goods that can be imported. 4. Expensive import licences – special permission to import goods. 5. Complicated regulations for documents – make trade slower and less attractive. EX.3 a) unfair b) strategic c) imports EX.4 a) Liberalising trade and removing trade barriers. b) Because the most successful economies tend to have open markets and most of their industries have been deregulated (= the reduction or elimination of government power in a particular industry) Business English B2 – Market Leader Intermediate DUMPING Dumping is a ‘protected market’ action. When a country or a company exports a product at a price that is lower in the foreign importing market than the price in the exporter’s own domestic market. Dumping is, in general, a situation of international price discrimination, where the price of a product when sold in the importing country is less than the price of that product in the market of the exporting country. Dumping is a protected market action because dumping typically involves large volumes of a product, it often endangers (= mette in pericolo) the financial viability (= redditività) of the domestic producers in the importing nation. As a result, the importing governments introduce strict quotas (limited numbers) to reduce the quantity of cheap imported products to protect their domestic producers. VOCABULARY Tariffs = a type of tax on imports; Quotas = a limit on the number that can be imported; Subsidies money given by the government to a domestic producer; Licences = an official document from the government which allows something into the country; Free port = an area with little or no tax; Deregulation = the reduction of government power in an industry. READING: Trade between CHINA and the US • China and the US are the world’s largest economies and they have been in economic conflict for years. • In 2018, as part of his “America First” economic policy, Trump introduced more tariffs and other trade barriers with China (as well as other countries) in order to try and combat the US’s trade deficit. Business English B2 – Market Leader Intermediate • However, with China there was also the objective of preventing ‘unfair trade practices’ such as the theft of intellectual property and the purchase by the Chinese state of American technology companies. • China retaliated with its own tariffs on US imports. • Representatives of the US and China met in March 2021 to discuss their trade relationship as new US president, Biden, is more open to the US having a global role in trade. The Biden administration has said that it wants to trade with China but has asked questions about China’s human rights record, and its position on Taiwan. • However, he also wants China to be more responsible for human rights violations and territory disputes which has not pleased China. China responded with its own comments on civil rights in the US. • China and the US will meet soon to discuss their relationship. The trade dispute is ongoing. Now read the two articles and chose the best title for them Article 1: STOP BLAMING CHINA FOR US TRADE DEFICIT • The US should focus on improving its competitiveness instead protectionism; • US trade deficit with China is very high (protectionism vs Chinese goods); • An open US and an open China will lead to benefits for both. Article 2: US-CHINA TRADE HAS COST 2.3 MILLION AMERICAN JOBS • Trade deficit cost 2.3 million American jobs over six years; • US should recognise how much the Yuan has already risen against the dollar; ▪ US accuses China of manipulating its currency to give Chinese companies unfair advantages. • American consumers have recently bought Chinese-made goos at low prices. 1. True 2. False: «The US should focus on improving its overall economic competitiveness instead of seeking protectionism to combat its economic slowdown…» 3. False: «… it should not argue for a stronger currency to reduce its trade deficit with China, since the value of the yuan is not the fundamental cause of the deficit…» 4. True 5. True 6. True 7. False: «China has also said the fact that Americans save much less of their incomes than the Chinese do has increased the trade deficit». 8. True Business English B2 – Market Leader Intermediate become Carbon Neutral by 2033, for the 100th anniversary of its foundation. In accorting to the ILLY website, sustainability includes: • Development of agricultural techniques with low environmental impact; • Sustainable coffee supply chain; • Reducing water consumption; • Sustainable shipping; • Eco and energy-saving coffee machines; • Compostable pods; • Coffee capsule recycling; • Recyclable outer packaging. Another example are: - IKEA → a furniture company that is committed to environmental and social sustainability, using recycled and sustainable materials, for example. - DANONE → a food and beverage company that is committed to environmental and social sustainability, promoting sustainable agricultural production and reducing the environmental impact of its production. ETHICS FROM A CONSUMER’S POINT OF VIEW Are you an ethical consumer? What can you do to be one? There are simple steps to being a more ethical consumer: ✓ Switch to fair trade products. ✓ Buy refills instead of single-use plastic. ✓ Give up clingfilm (= pellicola trasparente). ✓ Shop seasonally and locally. ✓ Buy handmade products. ✓ Buy seconhand (used) goods. ✓ Repair and upcycle clothes. ✓ Stop buying bottled water. ✓ Use an Ethical Guide or Ethical Consumer. ETHICAL CONSUMER MAGAZINE’S CRITERIA Ethical Consumer magazine gives companies ethical ratings in different categories. The five main categories are: ANIMALS - ENVIRONMENT - PEOPLE - POLITICS – SUSTAINABILITY ETHICAL CONSUMER MEGAZINES’S: LEAST ETHICAL COMPANIES Nestlè are known for producing a variety of sweets, drink and cereals but also for being the target of the world’s longest running (= di lunga durata) boycott (= boicottaggio). There are several ethical issues with Nestlè, including climate change, environmental reporting, habitats & resources, palm oil, pollution and toxics, human right, workers’ right, supply chain Business English B2 – Market Leader Intermediate management, irresponsible marketing, animal right, animal testing, factory farming, anti – social finance, controversial technologies and political activities. Nestlè is one of the most boycotted brands in the UK as a result of its activities. Nestlé's unethical practices in various areas. The company has faced a long-standing boycott due to its irresponsible marketing of infant formula in the developing world. Nestlé also uses non- sustainable palm oil and has been criticized for not doing enough to reduce single-use plastic. In Canada, there are calls for a boycott due to unethical water supply practices, where the company is accused of taking water from protected indigenous land without permission. Additionally, Nestlé has been found to be a member of several international lobby groups, including the World Economic Forum and the World Business Council for Sustainable Development, which are considered unethical by Ethical Consumer Magazine. These groups are accused of lobbying for free trade at the expense of the environment, animal welfare, human rights, and health protection. Which do you think are the most serious unethical activities? For me, the most serious unethical activities are: ▪ Fraudulent behaviors: a company can deceive customers, investors or other stakeholders by using false or manipulated information, such as falsifying financial or advertising data. ▪ Employee exploitation: a company can have unfair labor practices, such as low wages, excessive working hours or dangerous working conditions. ▪ Negative environmental impact: a company can have a negative environmental impact through the production of toxic waste, air and water pollution, deforestation, use of non- renewable energy and so on. ▪ Anticompetitive behaviors: a company can have behaviors that violate competition laws, such as agreements with other companies to fix prices, limit competition or purchase of companies to prevent new competitors from entering the market. ▪ Unethical behaviors in the supply chain: a company can have unethical procurement practices, such as child labor or forced labor, purchasing raw materials from suppliers that destroy the environment or violate human rights, and so on. VOCABULARY: match a word from box A to one in box B to make a word partnership - Bribery and corruption = abuso d’ufficio e corruzione = abus of legal power; - Price fixing = cartello = agreed control of prices; - Environmental pollution = inquinamento ambientale = contamination of nature; - Sex discrimination = discriminazione sessuale = prejudice, bias based on gender; - Insider trading = illegal stock market activity; - Tax fraud = evasione fiscale = crime of deception to evade taxes; - Counterfeit goods = contraffatto = fake; - Money laundering = riciclaggio del denaro sporco = illegal finances; - Animal testing = sperimentazione animale = vivisection; - Industrial espionage = spionaggio industrial = attempting to gather trade secrets. Business English B2 – Market Leader Intermediate EHICS: SOME NEW VOCABULARY The first aspect we need to consider is bribery (= when you persuade someone illegally, for example using money; corruzione). Corporations or individuals may bribe government officials in order to receive specific authorizations or to be granted contracts, just to give you an example. Different words are used to describe a bribe: - Kickback (an informal word for bribe; mazzetta, bustarella); - Sweetener (US English, informal, same meaning as kickback, it literally means dolcificante; - Backhander (UK English, as above, it is a term used in some sports, like tennis, and it means rovescio); - Baksheesh (it is a word that comes from Modern Persian, and it means both bribe and tip, mancia); - Greasing of palms (it means to give someone money in exchange for a favour; it corresponds to the Italian ungere gli ingranaggi); - Illicit payment would be a more general and neutral expression; - Commission is the term that would be used by those who pay bribes (implying that that is an absolutely normal practice). Another example of a behaviour which would be against workplace ethics is the phenomenon of cooking the books (= falsificare la contabilità), i.e. when you manipulate the accounting books, so that you give a false view of the profits of your company. Another unethical behaviour is the creation of a cartel (= cartello), a group of market players who collude with each other in order to improve their profits, dominate the market and prevent competition by fixing prices. One way in which companies try to avoid or to act against unethical behaviours is whistleblowing (the same word is usual used in Italian, it literally means suonare il fischietto), encouraging people to report illicit activities. The people who do this are called whistleblowers. Insider trading, which is another type of unethical behaviour, occurs when people working for a company (insiders) trade securities, on the basis of non-public information that they have acquired only because they work inside the company. Companies create information barriers within their organizations to prevent exchanges of information that could lead to conflicts of interest or insider trading. These barriers are known in English as Chinese Walls (= literally Muraglie Cinesi, but generally called barriere in Italian). 1. Bribery and corruption 2. Insider trading 3. Counterfeit goods 4. Sex discrimination 5. Environmental pollution 6. Industrial espionage 7. Animal testing 8. Money laundering 9. Price fixing 10. Tax fraud Business English B2 – Market Leader Intermediate UNIT 11: LEADERSHIP CARACTERISTICS OF A GOOD LEADER “A leader is one who knows the way, goes the way, and shows the way.” Maxwell A good leader is someone who possesses a combination of qualities and skills that enable them to guide and inspire others effectively. While different situations and contexts may call for different leadership styles, some common characteristics of a good leader include: ▪ Vision: a good leader has a clear vision and can communicate it to others, providing direction and purpose. ▪ Integrity: leaders with integrity earn the trust and respect of their team members by being honest, ethical, and consistent in their actions. ▪ Empathy: effective leaders understand and empathize with the needs and concerns of their team members. They are attentive listeners and consider different perspectives before making decisions. ▪ Communication: good leaders are skilled communicators. They can convey their ideas clearly, actively listen to others, and foster open and transparent communication within the team. ▪ Decisiveness: leaders must be able to make timely and informed decisions, taking into account available information and the input of their team members. ▪ Adaptability: in today's dynamic world, good leaders are flexible and adaptable. They can navigate change, adjust their strategies when necessary, and embrace new ideas. ▪ Accountability: leaders take responsibility for their actions and the outcomes of their decisions. They hold themselves and their team members accountable for their performance and ensure that mistakes are seen as learning opportunities. ▪ Inspiring and motivating: a good leader has the ability to inspire and motivate their team members. They lead by example, recognize achievements, and provide constructive feedback to encourage growth and development. ▪ Collaboration: effective leaders foster a collaborative environment, promoting teamwork and leveraging the strengths of individual team members to achieve shared goals. ▪ Lifelong learner: great leaders understand the value of continuous learning and personal growth. They seek new knowledge, embrace feedback, and actively work on developing their leadership skills. The top qualities of a great leader are: Stave Jobs is a famous leader, some key characteristics that describe Steve Jobs as a leader: ▪ Visionary: Steve Jobs was renowned for his ability to envision the future and anticipate market trends. He had a clear vision of what he wanted to achieve and was able to communicate that vision effectively to his team and stakeholders. ▪ Innovation and Creativity: Jobs was a strong advocate for innovation and pushed the boundaries of what was considered possible. He had a relentless pursuit of excellence and encouraged his team to think differently and come up with groundbreaking ideas. ▪ Attention to Detail: Known for his meticulous attention to detail, Jobs had a keen eye for design and user experience. He believed in creating products that were not only functional but also aesthetically pleasing, and he pushed his team to achieve the highest standards. Business English B2 – Market Leader Intermediate ▪ Customer Focus: Jobs emphasized the importance of understanding and meeting the needs of customers. He believed in creating products that would delight and empower users, which drove the success of Apple's consumer-centric approach. VOCABULARY EXERCISE A 1. Assertive/diffident 2. Casual/formal 3. Idealistic/realistic 4. Cautious/decisive 5. Critical/encouraging EXERCISE B 1. Dynamic/laid-back 2. Radical/conservative 3. Ruthless/principled 4. Distant/approachable 1. Cautious 2. Critical 3. Formal 4. Idealistic 5. Ruthless 6. Approachable 7. Conservative 8. Principled 1. To take on responsibility for s/t 2. To be up to the job 3. To put forward a proposal suggestion 4. To deal with a problem 5. To hand in your resignation 6. To come in for criticism 1. To manage = to deal with 2. To give = to hand in 3. To receive = to come in for 4. To accept = to take on 5. To be good enough = to be up to s/t 6. To propose = to put forward Business English B2 – Market Leader Intermediate LISTENING: QUALITIES OF LEADERSHIP You are going to listen to Elizabeth Jackson who was the former Managing Director of DirectorBank, an executive recruitment company. From their website www.directorbank.com/candidates/: “We recruit executive and non-executive directors as well as other critical leadership positions in finance, operations, sales, marketing, business development, HR and technology. We also source experts for senior project management and transformation roles.” - A sense of direction; - Courage; - Communication; - Respect; - Emotional intelligence. 1. Charisma, intelligence, ability to influence people; 2. not usually, because natural born leaders possess charisma and the ability to influence others which are very difficult skills to learn. READING: TOP BUSINESS LEADER – MAKEUP What do you know about l’Orèal? L'Oréal is a multinational beauty and cosmetics company headquartered in Clichy, France. It is one of the largest and most well-known beauty companies in the world. Sir Lindsay Owen Jones, former CEO and Chairman of L’Oréal. He is now L’Oréal’s ‘Honorary President’. This article focuses more on successful strategic management. Sir Lindsay Owen Jones: • After finishing business school in Paris in 1969, Owen-Jones began as a sales representative selling Dop shampoo for L’Oréal in Normandy, France, where he showed he had a talent for sales. • He moved up to the position of junior product manager in Belgium in the early 1970s. • He then held other management positions in Italy, the United States, and France, such as Marketing Director or CEO of L’Oréal subsidiaries. • In 1988, after less than 20 years with L'Oréal, he became chairman and CEO. By 2004, L'Oréal had become a major player in the beauty industry with an extensive portfolio of product lines and brands. The company operated in 150 countries and catered to both women and men. Some of the successful brands under L'Oréal's umbrella included Ralph Lauren fragrances, Maybelline, Lancôme, Vichy, Garnier, and Redken hair-salon products. These brands were well- known and popular among consumers, contributing to L'Oréal's global presence and success in the market. Under Owen-Jones' leadership, L'Oréal experienced significant growth due to three key factors: fostering internal competition among its own products, taking strategic risks such as acquiring Maybelline, and diversifying sales and distribution strategies. These factors contributed to the success and growth of L'Oréal in the beauty industry. By 2003, L'Oréal's revenues reached $14 billion, marking 18 years of consecutive double-digit sales and earnings growth. The company had 50,500 employees globally. Under Owen-Jones' leadership, L'Oréal expanded internationally and embraced diversity in beauty standards, establishing a Business English B2 – Market Leader Intermediate UNIT 12: COMPETITION QUIZ ABOUT MYSELF: How competitive are you Score: 18 You are fairly competitive. You are competitive in area that are important to you. You don’t always have to be the best. You are pleased when other people are successful, such as members of your family or your colleagues. You don’t believe that “winning is everything”. VOCABULARY • Competition • Competitor • Rival • Market share • Market leader • Regulation • Joint Venture • Head-to-head • Anti-competitive practices • Dominate • Merger • Consumer protection • Monopoly Some verbs: • Stir up: to deliberately create problems • Replace by: to take something else’s place • Los out to: to not get something because someone else gets it instead • Focus on: to give all your attention to a particular thing • Take on: to compete or fight against someone WHAT DOES COMPETITION IN BUSINESS LOOK LIKE? “Business competition is the contest between organizations that provide similar products or services or that target the same audience of consumers. Businesses compete to convert and retain customers, increase revenue and gain more market share”. This is the definition that we find on the website indeed.com. A high amount of business competition is a good sign of a profitable marketplace, as it encourages the company’s availability to improve, to enhance the relationship with customers and also to update the products and services they offer. Competition in business refers to the rivalry and contest among companies operating in the same industry or market, as they strive to gain a larger share of customers, sales, and profits. The nature and intensity of competition can vary depending on factors such as the industry, market conditions, and the level of saturation. TYPES OF COMPETITION There are different types of competition: - Direct → when two or more companies compete for the same type of product and sell it to the same audience. - Indirect → when two or more companies approach the same type of customers but offer different services or products. For example: a fast-food restaurant and a buffet restaurant offer different types of services but they solve the same customer problem, that is hunger. Business English B2 – Market Leader Intermediate - Replacement → when an organization offers a product or service in a new, innovative way by completely replacing the previously existing products or services. For example, mobile phones have replaced landline phones still satisfying the needs of customers. BENEFITS OF COMPETITION There are 6 benefits of competition, according to indeed.com: • Addressing the needs of customers • Analyzing strengths and weaknesses • Increasing demand • Encouraging innovation • Revealing competitive advantages • Promoting business development In my opinion, competition in business can bring several benefits, both for businesses themselves and for consumers. Here are some key advantages of competition: - Innovation and Creativity: Competition encourages businesses to innovate and develop new products, services, and technologies. In order to gain a competitive edge, companies invest in research and development, resulting in advancements and breakthroughs that benefit both businesses and consumers. - Improved Quality: Competition compels businesses to improve the quality of their products and services. When multiple companies compete for customers, they strive to differentiate themselves by offering superior quality, which ultimately raises the overall quality standard in the market. - Lower Prices: Competition often leads to lower prices for consumers. When companies compete, they may lower their prices to attract customers and gain market share. This benefits consumers by providing them with more affordable options and greater purchasing power. - Increased Customer Choice: Competition expands the range of products, services, and options available to consumers. Businesses strive to meet diverse customer needs and preferences, leading to a wider variety of choices in the market. This allows consumers to select products and services that best align with their individual requirements. TIPS ON PROMOTING COMPETITION Promoting healthy competition may help a company to grow and develop, increase the market and promote the success of services and products. What can companies do? ▪ Understand their competition (conducting market research allows companies to know better their competitors’ strategies and success, thus promoting development and improvement); ▪ Make positive connections (partnerships are a great way to expand the customer audience and strengthen the perception of the brand); ▪ Demonstrate their uniqueness (companies should focus on why their products and services are unique and differ from other ones). READING: HEAD-TO-HEAD COMPETITION Head-to-head competition refers to a direct and intense rivalry between two or more competitors in a specific market or industry. It involves companies that are in direct competition with each other, offering similar products or services to the same target market. In head-to-head competition, the competitors directly compete for customers, market share, and profitability. They are vying for the same customer base and aim to outperform each other in terms of product quality, pricing, customer service, branding, marketing, and other competitive factors. Some examples of famous companies which go “head-to-head” are: - Coca-Cola vs. PepsiCo: Coca-Cola and PepsiCo are two beverage giants that have been engaged in a long-standing rivalry in the soft drink industry. Both companies compete for market Business English B2 – Market Leader Intermediate share and consumer loyalty with their respective cola brands, Coca-Cola and Pepsi, as well as a wide range of other beverage products. - Apple vs. Samsung: Apple and Samsung have had a fierce competition in the consumer electronics market, particularly in the smartphone industry. These two tech giants have gone head-to-head with their flagship smartphones, such as the iPhone and Samsung Galaxy series, battling for market dominance and technological superiority. - McDonald's vs. Burger King: McDonald's and Burger King are major fast-food chains that have competed for decades in the quick-service restaurant industry. They offer similar types of food and target similar customer segments, constantly striving to outperform each other in terms of menu offerings, pricing, marketing campaigns, and customer experience. - Nike vs. Adidas: Nike and Adidas are two prominent sportswear and athletic footwear companies that have a long history of head-to-head competition. They compete for market share, endorsements with athletes, and consumer preference in the global athletic apparel industry, constantly launching innovative products and engaging in marketing battles. - Uber vs. Lyft: Uber and Lyft are well-known ride-hailing companies that have gone head-to-head in the transportation industry. Both companies provide similar services, allowing customers to request rides through mobile apps. They compete for drivers, riders, market presence, and expansion into new cities, employing various strategies and promotions to gain a competitive edge. These examples illustrate how companies operating in the same industry often engage in direct and intense competition, striving to differentiate themselves and gain a competitive advantage in the market. Head-to-head competition drives innovation, consumer choice, and market dynamics, ultimately benefiting customers with better products, services, and value. READING: STARBUCKS & MC DONALD’S Starbucks' CEO Jim Donald, who oversaw a 50% decline in the company's share price in the past year, will be replaced by founder and Chairman Howard Schultz. Starbucks has faced challenges, losing ground to rivals like Dunkin' Donuts and McDonald's, who have replicated its success. Schultz plans to slow down US expansion, close underperforming stores, and focus on international growth. Meanwhile, McDonald's aims to compete directly with Starbucks in the coffee market by opening coffee bars in its North American stores, recruiting "baristas," and simplifying its menu. The move is part of McDonald's global strategy to offer quality products at lower prices compared to Starbucks. MC DONALD’S SUCCESS In 2017 McDonald’s rolled out a new McCafe design, which brought high sales. There are four things brought by McCafe: 1. IT PROVIDES A REPUTATION BOOST: McDonald's coffee drinks, although accused of copying Starbucks, provided a reputation boost due to their good quality and attractive branding. This attracted new customers to McDonald's; 2. INFREQUENT CUSTOMERS CAN BE TURNED INTO REGULARS: McCafe menu is the key to making McDonal’s a habit. The expanded coffee menu aimed to turn infrequent customers into regulars, making McDonald's a habitual choice for coffee; 3. CUSTOMERS BUY BREAKFAST AS WELL: customers who visit McDonald's for coffee often purchase items from the breakfast menu, and vice versa, increasing sales; 4. BRINGS LOTS OF MONEY: McCafé beverages are significantly cheaper than Starbucks, but they still generate good profits due to high margins and large quantities sold, bringing in substantial revenue for McDonald's. Which company is focusing more on the international market? Starbucks is the company that is focusing more on the international market. The text mentions that Howard Schultz, the founder and Chairman of Starbucks, plans to slow down the company's growth in the US and instead focus on international expansion. Starbucks is mentioned to be using money originally earmarked for US store openings for its global expansion plans.