Marketing Research: Key Players

The major actors in a company's (1) are the company itself, suppliers, market intermediaries, (2) and competitors. Let us consider the roles of each of them.

The (3). All the (4) within a company (e.g. production, finance, personnel) have an impact on the (5) department's plans and actions.

The (6). Changes in the supplier environment, such as prices and availability of raw materials, have a considerable impact on a company's marketing (7).

The market (8). Middlemen such as agents, wholesalers and (9), are powerful actors. In some cases they can dictate terms and even bar the manufacturer from certain (10).

Customers. The marketer needs to know what people are involved in the buying decision and what role each person plays. For many (11), it is not difficult to identify the decision-maker. Men normally choose their own shoes and women choose their own make-up. (12), some products and especially new ones may involve more than one person’s (13). Co mpetitors. A company's marketing system is greatly (14) by the ghost of (15). The best way for a company in grasp the full range of its competition is to take the (16) of a buyer.

There are four steps in the market research process: (1) (17) the problem, (2)

(18) the research plan, (3) (19) the plan, and (4) interpreting and (20) the findings.

 

Task 2. Match each of the words or phrases on the left to an appropriate definition.

1. Accounting system	a) Revenue minus expenses
2. Assets	b) The value of what is received for goods sold, services rendered, and other sources
3. Bookkeeping	c) Financial statement, which reports revenues and expenses over a specific period of time, showing the results of operations during that period. It summarizes all resources that came into the film (revenues), and all the resources that let the firm and the resulting net income
4. Cash flow	d) Costs incurred in operating the business, such as rent, utilities, and salaries
5. Certified public accountant (CPA)	e) The methods used to record and summarize accounting data into reports
6. Cost of goods sold (or cost of goods manufactured)	f) The systematic write off of the value of an asset
7. Depreciation	g) Economic resources owned by a firm, such as land, buildings, machinery
8. Expenses	h) Totaling all the debit balances and all of the credit balances in the ledgers to be sure debits equal credits
9. Fundamental accounting equation	i) The recording of business transactions
10. Gross margin (profit)	j) Amounts owed by the organization to others. Current liabilities are not due within one year
11. Journals	k) Report of cash receipts and disbursements related to the firm’s major activities: operations, investments, and financing
12. Ledger	l) Accountants who pass a series of examinations and meet the state’s requirements for education and experience (in the USA)
13. Liabilities	m) Accountant who provides services for a fee to a number of companies; he can conduct independent audits
14. Liquidity	n) A particular type of expense measured by the total cost of merchandise sold (including cost associated with the acquisition, storage, transportation in, and packaging of goods)
15. Net income	o) Recording device in which information from accounting journals is categorized into homogeneous groups and posted so that managers can find all the information in the same place
16. Net sales	p) Net sales minus cost of goods sold
17. Owners’ equity	q) The ease with which an asset can be converted to cash
18. Private accountant	r) Accountant who works for a single company
19. Public accountant	s) The difference between cash receipts and cash disbursements
20. Revenue	t) Sales revenue minus discounts, returns, and other adjustments made for customers
21. Statement of changes in cash flow	u) Recording devices used for the first recording of all transactions
22. Income statement	v) Assets minus liabilities
23. Trial balance	w) Assets = liabilities + owners’ equity; it is the basis for the balance sheet

 

Task 3. Fill in the blanks using the word combinations given below, translate the letter.

Letter 1.

Dear Sirs,

We (1)______ to inform you that terms of payment (2)______.

(3)_______ we discussed the proposed method of payment with our partners. We are pleased to confirm that this matter (4)______. Please, (5)______ that we did not pay the account in time. We (6)______ that our firm will pay the debt on the 5^th of May at the latest.

Faithfully yours,

a. can assure you;

b. following your instructions;

c. are acceptable for us;

d. has been settled;

e. take this opportunity;

f. accept our apologies.

Letter 2.

Dear Sirs,

We authorized (1)______ in your country to sign an addendum to our contract providing for the change in (2)______. The above addendum (3)_______ on the 10^th of June this year.

We (4)_____ us at the earliest convenience when the bank guarantee (5)______ and also let us have your consent to (6)______.

We are looking forward to your reply.

Faithfully yours,

 

a. will be submitted;

b. the original method of payment;

c. covering the storage expenses;

d. our trade representative;

e. was signed;

f. urge to advise.

 

Task 4. Choose the correct variant.

1. Logistics is mostly associated with the … of goods from one place to another.

a) travel

b) transport

c) export

d) import

2. … of real brands or genuine goods in China are facing a smaller challenge than you might expect.

a) merchandisers

b) dealers

c) sellers

d) buyers

 

3. Is the new hotel much … than the old one.

a) the farthest

b) far

c) the farther

d) farther

4. Lately, Austin … about changing his career because he … dissatisfied with the conditions at his company.

a) has been thinking, has been

b) has thought, has been

c) thinks, is

d) was thinking, had been

5. Mr. Brown … to give details of his bank account yesterday.

a) made

b) has made

c) was made

d) is being made

6. He asked her when she … to take her vacation.

a) wants

b) would want

c) wanted

d) want

7. He … master English if he studies hard.

a) will be able to
b) can not

c) shouldn’t

d) may not

8. If we … more money to spend, we would be more interested.

a) have

b) have had

c) had

d) had had

9.The protest wouldn’t have been as affective, if it … on the news.

a) didn’t appear

b) appeared

c) hadn’t appeared

d) wouldn’t appear

10. They are very interested in … our new products.

a) buy

b) to buy

c) bought

d) buying

LESSON 8

Task 1. Complete the text with the words in the box.

1. capital	5. financing	9. success	13. finance	17. money
2. growth	6. manag­ing	10. business	14. funds	18. arrangement
3. expenses	7. enterprises	11. expand	15. needs	19. assets
4. investment	8. uses	12. insurance	16. production	20. competition

 

Financing a Company

Meeting the (1) of small and medium (2) is important for the development of a viable local private sector.

When going into business, (3) is one of the most important factors. Without sufficient funds a company cannot begin operations. The money needed to start and continue operating a business is known as (4). A new (5) needs capital not only for ongoing expenses but also for purchasing necessary (6). These assets - inven­tories, equipment, buildings, and property - represent an (7) of capital in the new business. Capital is also needed for salaries, credit extension to customers, adver­tising,

(8), and many other day-to-day operations. In addition, (9) is essential for (10) and expansion of a company. Because of (11) in the market, capital needs to be invested in developing new product lines and (12) techniques and in acquiring assets for future expansion.

How this new company obtains and (13) money will, in large measure, determine its (14). The process of (15) this acquired capital is known as financial management. In general, (16) is securing and utilizing capital to start up, operate, and (17) a company. In financing business operations and expansion, a business uses both short-term and long-term capital. A company utilizes short-term capital to pay for salaries and office (18) that last a relatively short period of time. On the other hand, a company seek long-term financing to pay for new assets that are expected to last many years. When a company obtains capital from external sources, the financing can be either on a short-term or a long-term (19). Generally, short-term financing must be repaid in less than one year, while long-term financing can be repaid over a longer period of time.

Finance involves the securing of (20) for all phases of business operations. In attracting and using this capital, the decisions made by managers affect the overall financial success of a company.