How Business Research Helps Businesses in Decision-Making

 

Businesses of all types and sizes undertake different research methods to improve and grow. The long-term success of a start-up, medium sized business and even established business depends on efficient and cost- effective research undertaken¹.

Companies often rely on various business research methods to obtain information from the consumers or other businesses.

Based on the information obtained through the different business research methods, companies, whether new or established, can undertake some essential business decisions, for example:

- Possibility of the business to survive and succeed

- Assessment about competitors

- Adopting a suitable market approach for a product

Businesses may choose to adopt either one or all of the below discussed research methods to achieve their business goals:

1. Case Studies are for those who want a detailed understanding of the consumer response about a particular product or service.

Though case study method of business research is time-consuming, it helps in the collection of in-depth information about customer’s likes, dislikes and preferences.

2. Conducting Surveys² is a very common method adopted by businesses to gather larger amount of information immediately at a very low cost.

The biggest drawback of this method is failure of response from consumers in the specific target market³.

3. Interviews. Companies rely on this method to track⁴ actual consumer experiences with respect to a particular product or service.

The main advantage of this research methodology is the chance to ask follow-up questions, which throws light about the consumer response with respect to a specific product or service. The only drawback is that a careless interviewer can partially influence the response provided by the interviewee. Also this method of business research tends to be time-consuming.

4. Focus Groups can be described as an in-between research methodology among the various business research methods. The idea is to obtain an honest suggestion and feedback from the consumers about a specific product or service.

The focus groups aim to provide a larger sample⁵ as compared to interviews and case studies. The only drawback is that there are chances of the facilitator⁶ in asking irrelevant questions which might divert⁷ the research in a particular direction.

Research is fundamental to all business and it is often as essentially important to the business as the data availability. Many errors are likely to occur in the process of business research.

 

Vocabulary:

1. undertake v – предпринимать

2.conduct surveys – проводить опросы

3. target market – целевой рынок

4. track v – отслеживать, контролировать

5. sample n – выборка

6. facilitator n – посредник, помощник, содействующая сторона

7. divert v – перенаправить

        

Questions:

1. Why do businesses of all types and sizes undertake different research methods?

2. What kind of essential business decisions can companies take with the help of information obtained through the different business research methods?

3. What are Case Studies?

4. Are there any disadvantages in conducting surveys?

5. What is the main advantage of interviews?

6. What can be described as an in-between research methodology among the various business research methods?

Writing

Choose one of the following topics and write a well-organized essay of at least 200 words.

A. Top 10 ways to make better decisions.

B. Never make a decision when you are upset, sad, jealous or in love.

C. Decision making as a vital component of small business success.

 

 

Independent Study

 

Using the Internet resources find information about the decision-making process in different famous companies. Prepare reports or presentations in small groups and be ready to answer your groupmates’ questions.

Unit 4

 

FOUNDATIONS OF PLANNING

 

Lead-in

1. Discuss the following issues in small groups and then report your findings.

A. It goes without saying that managers are involved in the planning process. What qualities should a manager possess to be an effective planner?

B. What are the benefits that companies gain through good planning?

C. Management writers say that there are “the worst enemies” of good planning. What are they?

 

2. Finish the statements about planning in your own words. Take into account your findings in Task 1.

 

A. Planning helps identify and quantify risks, because ….

B. Planning is one of the most critical ingredients needed for the success of any organization, because ….

C. There is no single method of planning to fit every situation, because ….

D. Planning isn’t an isolated act that takes place at a certain point in time and then stops, because ….

E. Planning reduces uncertainty, predicts and controls the future, because ….

 

Key Vocabulary

Study the following list of vocabulary. The words appear in the order you will meet them in the text.

1. primary adj	основной; главный
2. precede v	предварять; предшествовать
3. develop a plan	разработать план
4. determine v	определить; установить
5. establish control	установить контроль
6. aim at	быть нацеленным, направленным на
7. evaluate opportunities	оценить возможности
8. foresee v	предвидеть; предусматривать
9. critical adj	решающий; ключевой; важнейший
10. sound planning	рациональное, эффективное планирование
11. non-profit / for-profit organisation	некоммерческая / коммерческая организация
12. spin-off n	побочный эффект, результат
13. protective purpose	защитная цель
14. affirmative purpose	позитивная, положительная цель
15. reduce uncertainty	снизить, сократить неопределённость
16. clarify consequences	разъяснить, уточнить последствия
17. increase v	увеличить; повысить
18. vigorous adj	(зд.) сильный; эффективный
19. benefit n	выгода; преимущество
20. confront v	противостоять; сталкивать с
21. enhance v	повысить; укрепить; способствовать
22. affect a decision	повлиять на решение
23. overall adv	в целом
24. advantageous adj	выгодный
25. create a venture	создать предприятие
26. survey n	опрос; исследование
27. failure n	неудача; провал
28. inadequate planning	неадекватное, ненадлежащее планирование
29. established plan	установленный, принятый план
30. formal statement	(зд.) официальное изложение
31. outline v	излагать; определять; описывать
32. eliminate risk	устранить, исключить риск
33. cause havoc	вызвать хаос
34. downside n	недостаток; минус; негативная сторона
35. overemphasize v	переоценить; преувеличить
36. take up a lot of time	занимать много времени
37. strike a balance	найти, установить баланс
38. neglect v	пренебрегать; игнорировать
39. overall economy	экономика в целом
40. competitor n	конкурент; соперник
41. stipulate v	предусматривать
42. occur v	происходить
43. premise n	(зд.) предпосылка; условие
44. feasibility n	(зд.) обоснованность; целесообразность
45. assumption n	предположение; допущение
46. evaluation n	оценка; анализ
47. exclude from consideration	исключить из рассмотрения
48. pursue v	осуществлять; преследовать; добиваться
49. furnish v	(зд.) снабжать
50. implement v	выполнить; осуществить
51. primacy n	приоритет; главенство; первенство

 

Pre- reading Activities

 

1. Complete the chart. Use a list of Key Vocabulary and a dictionary if necessary.

Verb	Noun
develop
determine
establish
evaluate
reduce
clarify
increase
benefit
confront
enhance
decide
create
fail
eliminate
neglect
compete
stipulate
occur
assume
exclude
pursue
implement

 

2. Using the words from Task 1 share your thoughts about the importance and necessity of sound planning for a modern manager.

3. Express your opinion on the following questions.

· If you were asked to define planning, what definition would you give?

· What do you think the main purpose of planning is?

Reading

Read the text and compare your answers to the questions in Task 3 with the information in the text. Be ready to speak about planning, its advantages and downsides. Focus your attention on the steps of the planning process.

 

Planning is the primary management function — the one that precedes and is the basis for the organizing, leading, and controlling functions of managers. Only after managers have developed their plans they can determine how they want to structure their organization, place their people, and establish organizational controls.

Planning is the process of determining how the organization can get where it wants to go, and what it will do to accomplish its objectives. In more formal terms, planning is “the systematic development of action programs aimed at reaching agreed-upon business objectives by the process of analyzing, evaluating, and selecting among the opportunities which are foreseen.”

Planning is a critical management activity regardless of the type of the organization being managed.  Modern managers face the challenge of sound planning in small and relatively simple organizations as well as in large, more complex ones; in non-profit organizations   as well as in for-profit organizations.

Over the years, management writers have presented several different purposes of planning. The fundamental purpose of planning   is to help the organization reach its objectives. All other purposes are spin-offs of this fundamental purpose. These other purposes may be, for example, protective and affirmative. The protective purpose of planning is to minimize a risk by reducing the uncertainties surrounding business conditions and clarifying the consequences of related management actions. The affirmative purpose is to increase the degree of organizational success.

A vigorous planning program produces many benefits. First, it helps managers be future-oriented. They are forced to look beyond their everyday problems to project what situations may confront them in the future.  Second, a sound planning program enhances decision coordination. No decision should be made today without some idea of how it will affect a decision that might have to be made tomorrow. The planning function pushes managers to coordinate their decisions. Third, planning emphasizes organizational objectives. Because organizational objectives are the starting points for planning, managers are continually reminded of exactly what their organization is trying to accomplish.

Overall, planning is advantageous to an organization, particularly in the creation of new ventures.

 According to an often-cited survey, as many as 65 percent of all newly started businesses in the world are not around to celebrate their fifth anniversary. This high failure rate seems primarily a consequence of inadequate planning. Successful businesses have an established plan, a formal statement that outlines the objectives the organization is attempting to achieve. Planning does not eliminate the risk, of course, but it does help managers identify and deal with organizational problems before they cause havoc in a business.

The downside is that if the planning function is not well executed, planning can have several disadvantages for the organization. For example, an overemphasized planning program can take up too much managerial time. Managers must strike an appropriate balance between time spent on planning and time spent on organizing, leading, and controlling. If they don’t, some activities that are extremely important to the success of the organization may be neglected.

Overall, the advantages of planning definitely outweigh the disadvantages. Usually, the disadvantages of planning result from using the planning function incorrectly.

The planning process consists of six steps.

1. State organizational objectives. Because planning focuses on how the management system will reach organizational objectives, a clear statement of those objectives is necessary before planning can begin. Often planners examine important elements of the environment of their organizations, such as the overall economy or competitors, when forming objectives. In essence, objectives stipulate those areas in which organizational planning must occur.

2. List alternative ways of reaching objectives. Once organizational objectives have been clearly stated, a manager should list as many available alternatives as possible for reaching those objectives.

3. Develop premises on which to base each alternative. To a large extent, the feasibility of using any one alternative to reach organizational objectives is determined by the premises, or assumptions, on which the alternative is based. For example, two alternatives a manager could generate to reach the organizational objective of increasing profit might be to (a) increase the sale of products presently being produced, or (b) produce and sell a completely new product.

4. Choose the best alternative for reaching objectives. An evaluation of alternatives must include an evaluation of the premises on which the alternatives are based. A manager usually finds that some premises are unreasonable and can therefore be excluded from further consideration. This elimination process helps the manager determine which alternative would best accomplish organizational objectives.

5. Develop plans to pursue the chosen alternative. After an alternative has been chosen, a manager begins to develop strategic (long-range) and tactical (short-range) plans.

6. Put the plans into action. Once plans that furnish the organization with both long-range and short-range directions have been developed, they must be implemented. Obviously, the organization cannot directly benefit from the planning process until this step is performed.

Peter Drucker stated: “Planning is invaluable”. These words show vividly the essence and primacy of the planning function in carrying out managerial work.

 

Comprehension Check

1. Explain in your words exactly what the following statements from Reading mean.

 

A. Planning is the basis for the organizing, leading, and controlling functions of managers.

B. A vigorous planning program produces many benefits.

C. The planning function pushes managers to coordinate their decisions.

D. Overall, the advantages of planning definitely outweigh the disadvantages.

E. Planning is invaluable.

 

2. Correct the following statements.

A. Planning is the secondary management function.

B. Planning is the systematic development of action programs aimed at discussing business objectives.

C. Modern managers face the challenge of sound planning in large and for-profit organisations.

D. Over the years, management writers have presented the fundamental purpose of planning.

E. The protective purpose of planning is to minimize a risk by downsizing.

F. The affirmative purpose of planning is to increase the degree of the CEO’s power.

G. Planning helps managers be future-oriented. They are forced to solve everyday problems.

H. A high failure rate of newly started businesses seems primarily a consequence of bad working conditions.

I. Planning eliminates all risks a company may face.

J. Planning has no disadvantages for the organization.

 

3. Taking into account the information about the steps of the planning process, fill in the following table. Get ready to summarize the information from the table.

Function	Its brief description

Vocabulary Focus

1. Find the odd one out and explain your choice.

A. neglect, enhance, improve, increase

B. explain, clarify, illustrate, confront

C. predict, foresee, precede, anticipate

D. pursue, aim at smth, strive, stipulate

E. decrease, furnish, reduce, eliminate

F. essential, critical, primacy, primary

G. control, determine, define, identify

H. evaluate, assess, estimate, engage

I. rational, sensitive, sound. Effective

J. survey, research, consultant, interview

 

2. Write the correct form of the words to fill in the gaps.

A. Good managers shouldn’t … their personal role in the activity of a company. (emphasize)

B. The failure of the department seemed primarily a consequence of … planning. (adequate)

C. This deal is really … to us. (advantage)

D. … leads to instability and can threaten world peace and security. (certainty)

E. Our primary … is General Motors. (compete)

F. The … purpose of planning is to reduce the uncertainties surrounding business conditions. (protect)

G. Measures are being taken to streamline the restructuring of … enterprises. (profit)

H. Every … brings you one step closer to success. (fail)

I. If her … was correct, she wondered why the matter was not on the agenda. (assume)

J.  Active cooperation with regional organisations would be … when dealing with economic issues. (benefit)

3. Using Key Vocabulary and Reading translate the fragments in brackets into English.

A. Having chosen an alternative, a manager begins developing (долгосрочные планы).

B. A manager is expected to be able to find out that some (предпосылки, условия) are unreasonable and can be excluded from further consideration.

C. Planning (фокусируется на том) how managers will reach organizational objectives.

D. The advantages of planning (перевешивают, превосходят) disadvantages.

E. Managers must (найти, установить баланс) between time spent on planning and time spent on other activities.

F. The failure of some managers is a (следствие, последствие) of rather poor planning.

G. The creation of new (предприятий) is the primary objective of modern governments.

H. A (сильная, эффективная) planning program gives a lot of benefits to top management.

I. Planning is a critical management activity (не смотря на) the type of the organization.

J. Nobody can deny the (главенство) of planning in the managerial world.

 

4. Fill in the necessary prepositions.

A. Each situation in planning must be evaluated separately according... its own unique set of circumstances.

B. An effective anti-poverty strategy should aim … correcting inequality and gender biases.

C. Our company attempts to predict how competitors will respond … price changes, new promotional campaigns, and new products.

D. Planning sets the stage for the other managerial functions, and is absolutely critical … the success of any organization.

E. Labor policies must be advantageous … women and equalize employment opportunities.

F. Sustainable development is important … stability but it faces different obstacles.

G. War violence usually results … deliberate political decisions.

H. Planning consists … two basic phases: the first one is a 5-year strategic growth plan and the other one is an annual plan.

I. The type of planning a manager uses, and the emphasis he or she puts … planning, depends … the manager’s position in the organizational hierarchy.

 J. The work of planners usually results … a written document, which is the end product of a series of studies, forecasts, and managerial decisions.    

5. Give your own explanations to the following word combinations.

· a critical activity

· face the challenge

· non-profit / for-profit organization

· reduce uncertainties

· future-oriented managers

· inadequate planning

· the environment of the company

 

Watching

 

“The Best Planning Approach for Managers”

 

A. Pre-watching

 

1. Express your agreement or disagreement with the following statement: “Failing to plan is planning to fail”. Give arguments supporting your point of view.

2. Before watching the film make sure you know the following words and word combinations. Consult a dictionary if it is necessary. The words are given in the order you will meet them in the video.

1. to drive performance and productivity

2. to strike a balance

3. to adjust v

4. accordingly adv

5. to give input on smth

6. to come up with

7. to delegate v

8. to give up power

9.  participative approach

10.  to rectify v

11. to set aside

12.  to facilitate v

 

3. Translate the sentences into English. Mind the vocabulary from Task II.

                                       

A. Я считаю, что одна из приоритетных задач эффективного управленца – стимулировать деятельность и продуктивность своих подчинённых.

B. Нам следует установить баланс между расходами и прибылью.

C. Большинство людей постепенно приспосабливаются к изменяющимся обстоятельствам.

D. Среди множества подходов к функции планирования наиболее распространенным является подход на основе участия.

E. Данная система обеспечивает возможность заблаговременно обнаружить и исправить ошибки в документах.

B. First Watching

 

Follow the link https://www.youtube.com/watch?v=a__ofSd3NAI or find the video “Best Planning Approach for Managers ” on YouTube and watch it to answer the following questions.

 

A. What, according to Stephen Goldberg, does planning involve?

B. What is the role of employees in the planning process?

C. Why may managers fear delegating management responsibilities to their employees?

D. What is the main reason for the low engagement of employees in their job? What can rectify the problem?

E. What aspects should be taken into consideration when it comes to planning and taking a participative approach?

 

C. Second Watching

Watch the film again and state whether the following statements are true or false. Make the false ones sound true.

           

A. Planning is a useless skill for managers as it doesn’t help to drive performance and productivity in their departments.

B. Planning is an essential people skill.

C. Some managers are really afraid of delegating their management responsibilities to their employees, because they believe their subordinates to be incompetent.

D. Taking a participative approach in the planning process with the employees will rectify their low engagement in their job. 

E. You need to set aside the time while planning only in case you’re doing the planning yourself.

D. Follow-up Activity

 

1. Summarize the video by playing a chain game. The idea is the following: Student 1 starts the summary by giving the first sentence. Student 2 repeats the sentence of Student 1 and adds his own sentence. Student 3 repeats what has already been said and adds his own statement, etc. In the end, the last student is to have the full summary of the video. Start with the sentence: Planning is an essential skill.

2. Basing on the film fill in the table by adding some information from the video. In addition, add your own ideas.

Planning
Aspect	Advice on dealing with the aspect
Time	Set aside the time (for research, discussion, etc.) whether you’re doing the planning yourself or you’re involving employees in the process.
Delegating responsibilities	Training and coaching employees for them to be more competent.
Personal qualities

3. Imagine that you are to make a video on the same topic. Which ideas would you borrow from the video of Stephen Goldberg? Which ones would you disagree with (if any)? What would you add from your own part?

Write a short summary of your future video, giving the most important information mentioned in it.

Talking Points

1. React to the quotations by explaining what they mean and showing their relevance and connection to modern times. Take into account the information from Reading.

A. A goal without a plan is just a wish.

Antoine de Saint-Exupery

B. Good planning without good working is nothing.

Dwight D. Eisenhower

C. A clear vision, backed by definite plans, gives you a tremendous feeling of confidence and personal power.

Brian Tracy

D. A good plan today is better than a perfect plan tomorrow.

George S. Patton

E. Proper planning and preparation prevents poor performance.

Stephen Keague

2. It is known that governmental, economic, and social forces influence an early stage of the planning process. Basing on your own knowledge of the foundations of planning and using the Internet resources, if necessary, explain in what way the forces, mentioned above, influence the planning process. First discuss it in small groups and then report your findings.

3. Imagine, you are a guru in planning techniques, who delivers lectures at major business conferences across the globe on how to be effective in the planning process. You kindly agreed to meet with the students of the School of Economics and Management and to answer their questions on planning. While answering students’ questions, rely on the information from Reading.

Students are to ask reasonable questions on planning (at least one question from each student). Mind the information from Reading.

 

Summary Points

 

Read the text, give its summary and be ready to answer the questions on its contents.

Managers start planning by formulating organizational objectives. Only after they have a clear view of organizational objectives they can appropriately carry out subsequent steps of the planning process. Organizational objectives serve as the foundation on which all subsequent planning efforts are built.

According to its definition, an organizational objective is a target towards which the management system is directed. Properly developed organizational objectives reflect the purpose of the organization — that is, they flow naturally from the organization’s mission.

If an organization is accomplishing its objectives, it is thereby justifying its reason for existence.

Organizations exist for various purposes and thus have various types of objectives. A hospital, for example, may have the primary purpose of providing high-quality medical services to the community. Therefore, its objectives are aimed at furnishing this assistance. The primary purpose of a business organization, in contrast, is usually to make a profit. The objectives of the business organization, therefore, concentrate on ensuring that a profit is made. Some companies, however, assume that if they focus on such organizational objectives as producing a quality product at a competitive price, profits will be inevitable.

In a 1956 article that has become a classic, John F. Mee suggested that organizational objectives for businesses should be summarized in three points:

1. Profit is the motivating force for managers.

2. Service to customers by the provision of desired economic values (goods and services) justifies the existence of the business.

3. Managers have social responsibilities in accordance with the ethical and moral codes of the society in which the business operates.

Deciding on the objectives for an organization, then, is one of the most important actions managers take. Unrealistically high objectives are frustrating for employees, while objectives that are set too low do not push employees to maximize their potential. Managers should establish performance objectives that they know from experience are within reach for employees, but not within easy reach.

Peter F. Drucker believed that the survival of a management system was endangered when managers emphasized only the profit objective because this single-objective emphasis encourages managers to take action that will make money today with little regard for how a profit will be made tomorrow.

Managers should strive to develop and attain a variety of objectives in all areas where activity is critical to the operation and success of the management system.

 

Vocabulary:

1. subsequent adj – последующий

2. reflect v – отражать

3. inevitable adj – неизбежный

 

Questions:

1. What is an organizational objective according to its definition?

2. What kinds of purposes may different organisations have?

3. Why is deciding on the objective for an organization considered to be one of the most important managers’ actions?

4. What opinion did P. Drucker have about profit objectives?

 

Writing

Choose one of the following topics and write a well-organized (there should be introduction, body, conclusion), well-developed essay of at least 200 words. Remember to use proper connectors.

A. The role of planning techniques for a manager.

B. The qualities a modern manager should possess to be an effective planner.

C. Effective planning is the key to success in business.

Independent Study

1. Using the Internet resources find proper information on the SWOT analysis. Prepare a report or presentation on the topic “The necessity of the SWOT analysis for business success.” Present it to your group. Be ready to answer your groupmates’ questions on the topic.

2. Choose one of the following businesses which you’d like to start up and make up a draft plan of its development. Present your plan to the group.

 

· Advertising agency

· Café / Restaurant / Coffee Bar

· Sports complex

· IT company

· Clothing store

· Travel agency.

· Beauty Salon

· Car Dealership

· Entertainment Centre

· Private Day Care Centre

Unit 5

GOAL-SETTING

 

Lead-in

 

1. Read a small dialogue from the story “Alice in Wonderland”. Discuss with your partner in what way it is connected with the topic of the Unit. Share your opinion with the group.

 

“Would you tell me, please, which way I ought to go from here?”

“That depends a good deal on where you want to get to,” said the Cat.

“I don’t much care where,” said Alice.

“Then it doesn’t matter which way you go,” said the Cat.

2. To be successful in your studies and future career, you should be able to set challenging but achievable goals. Check whether you are good at goal-setting by finishing the following statements.

A. My goal(s) is (are) to ….

B. This (these) goal(s) is (are) important to me because ….

C. My goal(s) is (are) realistic, achievable, and yet challenging because ….

D. The time I will take to achieve my goal(s) is ….

E. The action steps I will take to achieve my goal(s) are ….

3. Say, whether you agree or disagree with the formula mentioned below. Give arguments to support your agreement or disagreement.

Goals + Commitment = Dreams Come True

                                 

Key Vocabulary

Study the following list of vocabulary. The words appear in the order you will meet them in the text.

 

1. make an impression on smb	произвести впечатление на кого-то
2. implement v	внедрить, осуществить, выполнить
3. handle smth v	справиться с, разобраться с
4. tangible adj	ощутимый, реальный, материальный
5. vague adj	расплывчатый, нечеткий, неопределённый
6. blueprint n	план, концепция, схема
7. aid v	помогать
8. strive v	стремиться
9. measurable adj	измеримый, ощутимый
10. coordinate v	координировать, контролировать
11. forecast v	предсказывать, прогнозировать
12. primary adj	главный, основной
1 3. align v	согласовывать
14. track v	отслеживать
1 5. execution n	исполнение, осуществление, выполнение
16. tie smth to smth v	связывать что-то с чем-то
1 7. collaborative adj	совместный, коллективный
18. framework n	концепция, основа
19. specific adj	конкретный
2 0. goal completion	достижение цели
2 1. milestone n	рубеж, этап
22. attainable/achievable adj	достижимый
23. relevant adj	актуальный, уместный
24. time-bound	в рамках установленных сроков, обусловленный сроками
25. undermine v	препятствовать, нарушать
26. deadline n	конечный срок
27. overtake v	обогнать, настигать
28. fit in with	вписываться в
29. big picture	общая картина
30. access v	получить, иметь доступ
31. redundancy n	сокращение штатов
32. flexibility n	гибкость
33. agility n	оперативность, быстрота, ловкость
34. effort n	попытка, усилие
35. accountability n	подотчетность, ответственность
36. assign v	назначать
37. articulated adj	сформулированный
38. company-wide	общекорпоративный
39. step in	вмешиваться
40. assistance n	помощь
41. handy adj	под рукой, удобный
42. stay on track	сохранить курс
43. reward system	система поощрений, вознаграждений
44. from the bottom up	(зд.) начиная с низового уровня
45. precise adj	точный, конкретный, чёткий
46. fluctuate v	варьироваться, меняться, колебаться
47. impede v	препятствовать, мешать

 

Pre-reading Activities

1. You are given a KWL chart on the topic “Goal-Setting”. Fill in the 1^st and the 2^nd columns.

 

1. What I know about goal-setting	2. What I want to get to know about goal-setting	3. What I have learnt about goal-setting

2. Look through the list of Key Vocabulary. Make up possible collocations with the word “goal”. Consult a dictionary if necessary.

3. Using Key Vocabulary and your collocations from Task 2 express your agreement or disagreement with the following statements. Support your opinions with sound arguments.

 

A. Managers should challenge their employees to set both professional and personal goals.

B. Comparatively few people have tangible goals.

C. The process of setting goals should be a collaborative process between an employee and his/her manager.

D. Managers need to be aware of their employees’ progress on goals to step in with assistance when it appears that goal targets will possibly be missed.

E. If you want to live a happy life, tie it to a goal, not to people or things.

F. Managers who set goals have an easier time focusing on activities relevant to those goals and avoiding distractions that prevent them from reaching those goals.

G. The only goal of any organization is to make a profit.

H. It’s unethical for a manager to use his/her formal position to impose specific goals on employees.

I. Managers know where and how to start planning without setting any goals.

J. All businesses share a primary goal: success.

 

Reading

 

Read the text and be ready to discuss the influence of goal-setting on the effectiveness of the managerial process.

 

Many people begin their careers in management with high hopes of making an impression on their bosses by developing business or by implementing new and better ways of performing their duties. Unfortunately, because of insufficient goal-setting, most of them find that they are too busy handling day-to-day issues to have time for anything else. Furthermore, comparatively few people have tangible goals; most people have the awareness that goal-setting could be improved, but they have only vague ideas about how to make these improvements.

Goals and objectives provide organizations with a blueprint that determines a course of action and aids in preparing for future changes. A goal can be defined as a future state that an organization or individual strives to achieve. For each goal that an organization sets, it also sets objectives. An objective is a short-term target with measurable results. Without clearly defined goals and objectives, organizations will have trouble coordinating activities and forecasting future events.
     All businesses share a primary goal: success. Goal setting, aligning and tracking those goals through actions and results are critical to greater business execution and, as a result, greater success.

Most organizations see a dramatic increase in employee and business performance when they effectively set individual goals and closely tie them to the company's overall strategy.

Undoubtedly, the process of setting goals should be a collaborative process between an employee and his/her manager. Whether setting long- or short-term goals, the most widely-used framework is SMART, which means that goals should be:

· s pecific: well-defined to inform employees exactly what is expected, when, and how much. With specific goals, managers can easily measure progress towards goal completion;

· m easurable: able to provide milestones to track progress and motivate employees towards achievement;

· a ttainable:  achievable with an effort by an average employee. Goals should be neither too high nor too low;

· r elevant: focused on the greatest impact on the overall company strategy;

· t ime-bound: provided with enough time to achieve them, but not too much time to undermine the performance. Goals without deadlines tend to be overtaken by day-to-day crises.

Managers should take into account that goal alignment is critical for business success. It ensures that each person within an organization can see the direction for the business and know how their job fits in with the “big picture”. To achieve goal alignment in the organization, a manager must, first of all, clearly communicate his/her strategic business objectives across the entire organization. With everyone working together towards achieving the same objectives, the company can execute strategy faster, with more flexibility and adaptability. Essentially, goal alignment strengthens leadership and creates organizational agility by allowing managers to:

· focus employees’ efforts on company's most important goals;

· understand more clearly all responsibilities associated with specific goals;

· strengthen accountability by assigning measurable, articulated and visible company-wide goals.

Once a manager established company-wide and individual goals, the next step is tracking progress on those goals. Managers need to be aware of progress on goals to step in with assistance or resources when it appears that goal targets will possibly be missed. Having this information handy is also helpful when management is not aware of all the steps involved in reaching a goal. Tracking goals helps a manager stay on track in several ways:

· organize, manage and reassess goals frequently;

· create action plans with milestones for larger goals;

· track time to make sure that daily efforts are focused on meaningful tasks.

It’s necessary to mention that it is important for employees as well to track their progress on goals, because they need to have the information available during  all the review process. It has been proved by various surveys that employees who clearly understand their individual goals and how they relate to the larger goals of the company, naturally become more engaged in their work.

By and large, goal setting can aid individual performance in four ways:

1. Goals allow organization members to be focused and committed to achieving the end result.

2. Goals serve as an energizer: they stimulate people to make an extra effort to achieve them.

3. Goals encourage organization members to use their initiative to make effective decisions with long-term impacts. This often results in more efficient and successful working practices that are driven from the bottom up rather than by management.

4. Goals motivate employees to organize their time efficiently to maximize productivity.

Modern successful companies realize that their achievements are linked to their ability to manage, track and communicate goals through informing their workforce and linking reward systems with individual and organization performance to keep employees engaged in their work.

It is obvious that the quality of goal-setting can vary significantly. There are some general guidelines that managers can use to increase the quality of their objectives.

• Let the people responsible for attaining the objectives have a voice in setting them. Often the people responsible for attaining the objectives know their job situation better than managers do, and can help make the objectives more realistic.

• State objectives as specifically as possible. Precise statements minimize confusion and ensure that employees have explicit directions for what they should do. Research shows that when objectives are not specific, the productivity of individuals attempting to reach those objectives tends to fluctuate significantly over time.

• Relate objectives to specific actions whenever necessary. In this way, employees do not have to conclude what they should do to accomplish their goals.

• Identify expected results. Employees should know exactly how managers will determine whether an objective has been reached.

• Set goals high enough that employees will have to strive to meet them, but not so high that employees give up trying to meet them. Managers want employees to work hard but not to become disappointed.

• Specify when goals are expected to be achieved. Employees must have a time frame for accomplishing their objectives. They then can speed themselves accordingly.

• State objectives clearly and simply. The written or spoken word should not impede communicating a goal to organization members.

 

Comprehension Check

1. Imagine that after skimming the text your groupmate wasn’t able to understand some pieces of information. He/she asked you to clarify them. Basing on the text, explain the following.

A. The difference between a goal and an objective.

B. The meaning of SMART goals.

C. The importance of goal alignment for a manager.

D. The importance of tracking goals for a manager.

E. The role of goal-setting for individual performance.

 

2. Find the passage in the text that describes general guidelines which managers can use to increase the quality of their objectives. Finish the sentences, basing on the information from the passage.

A. People responsible for attaining the objectives should have a voice in setting them, because ….

B. It’s very important to state specific objectives, because ….

C. Managers should identify expected results, because ….

D. Goals which a manager sets for his employees should be relevant, because ….

E. Goals should be clear, because ….

 

3. Go back to Task 1 in Pre-reading Activities and fill in the remaining 3^rd column. Get ready to summarize the information you have learnt about goal-setting. Mind using proper phraseology while summarizing.

Vocabulary Focus

1. Using Key Vocabulary and Reading fill in the prepositions, if necessary. Practice your translation skills. Discuss any controversial moments with your groupmates and teacher.

 

A. As tax revenues continue to reduce, Baltic governments were forced to implement steep budget cuts in an effort to stay … track for joining the Euro zone.

B. It’s important to tie the progress of the company … the progress of its employees.

C. Do you really think we’ll fit … … the current situation and succeed?

D. Interviewees sometimes strive so much to make a good impression … their interviewers!

E. We should decide … the course … our future actions.

F. Hungary stressed the difficulties and problems associated … small water supplies.

G. The society wants policy makers to be aware … the consequences of their decisions.

H. They hoped that Member States would reach … an agreement on the issues under discussion.

I. Permanent relocation should never result … homelessness.

J. Non-proliferation efforts are expected not to impede … peaceful use of nuclear energy. 

 

2. Using Key Vocabulary and/or a dictionary find at least 1 synonym (the more – the better) to each of the following words and expressions.

 

a. to intervene
b. formulated
c. cooperative
d. definite
e. real
f. within time borders
g. quickness
h. conception
i. to predict
j. to execute

 

3. Using Key Vocabulary find derivatives to the following words.

 

a. redundant
b. complete
c. attain
d. execute
e. measure
f. flexible
g. account
h. collaborate
i. specify
j. agile

4. Imagine that you were asked to create a slogan for the International Business Conference “From Effective Goal-Setting to Successful Business”. Basing on the vocabulary from Tasks 2-3, together with your partner try to create such a slogan. Be ready to present it to your group.

Watching

Setting Employee Goals

A. Pre-watching

Before watching the video make sure you know the following words and word combinations. Consult a dictionary if it is necessary. The words are given in the order you will meet them in the video.

 

1. in conjunction with

2. quarterly/annual review

3. far-reaching benefit

4. accomplishment n

5. win-win adj

 6. employee input

7. equitably adv

8. in compliance with

 

B. First Watching

 

Follow the link https://www.youtube.com/watch?v=M2OPEUjBYdw or find the video “Setting Employee Goals ” on YouTube and watch it to answer the following questions.

A. What are the benefits of goal-setting for employees?

B. What does the goal-setting process allow employers to do?

C. What should managers know about setting goals?

D. What criteria should goals meet?

E. What advice is given at the end of the video?

 

C. Second Watching

Basing on the video, fill in the following table.

 

Criteria that goals should meet

Criterion	Its description
1.
2.
3.
4.
5.
6.
7.

D. Follow-up Activity

1. Taking into account the information which you included in the table from Second Watching, discuss possible advantages of each criterion with your partner. Which criterion do you find the most (least) important? Report your findings to the group.

2. Taking into account the information from the video and using other Internet sources, prepare a short presentation or speech on the topic “Far-Reaching Benefits of Goal-Setting”. Make your presentation or speech well-structured. Be ready to answer your groupmates’ questions.

Talking Points

 1. Fill in the given words in the quotations to make them sound logical.

desire

miss

live for

commands

halfway

 

A. You should set goals beyond your reach, so you always have something to …. Ted Turner

B. The greater danger for most of us is not that our aim is too high and … it, but that it is too low and we reach it. Michelangelo

C. A goal properly set is … reached. Zig Ziglar

D. If you are bored with life – you don’t get up every morning with a burning … to do things – you don’t have enough goals. Lou Holtz

E. If you want to be happy, set a goal that … your thoughts, liberates your energy and inspires your hopes. Andrew Carnegie

React to the quotations by explaining what they mean and showing their relevance and connection to modern times. Take into account the information from Reading.

2. Read the beginning of the dialogue between the CEO and a Department Manager.

CEO: I would like to say that I’m fairly happy with your work. In fact, you are meeting my expectations.

Department Manager: Thanks. It’s a pleasure to hear this. I enjoy reaching my targets.

CEO: I see. But according to the review I received yesterday, your latest achievements leave much to be desired.

Department Manager: Well, I always try to do my best, but to be honest, sometimes I disagree with the way of goal-setting in our company.

CEO: Oh, I’m ready to speak about it. What exactly do you mean?

Department Manager: I mean …         

Finish the conversation. Take into account the vocabulary from the Unit. Present your dialogue to the group.

Summary Points

 

Read the text, give its summary and be ready to answer the questions on its contents.

Some managers find organizational objectives such an important part of management that they use a management approach based exclusively on them. This approach, called management by objectives (MBO), was popularized through the writings of Peter Drucker.

The MBO strategy has three basic parts:

1.All individuals within an organization are assigned¹ a specialized set of objectives that they try to reach during an operating period. These objectives are mutually set and agreed upon by individuals and their managers.

2.Performance reviews are conducted periodically to determine how close individuals are to attaining their objectives.

3.Rewards are given to individuals on the basis of how close they come to reaching their goals.

The MBO process consists of five steps:

1. Review organizational objectives: the manager gains a clear understanding of the organization’s overall objectives.

2. Set employee objectives: the manager and employee meet to agree on employee objectives to be reached by the end of the operating period.

3. Monitor progress: at intervals during the operating period, the manager and

employee check whether the objectives are being reached.

4. Evaluate performance: at the end of the operating period, the employee’s

performance is judged by the extent to which he/she reached the objectives.

5. Give rewards: rewards given to the employee are based on the extent to which the objectives were reached.

Certain key factors are essential to the success of an MBO program.