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Introduction to the
course
This ESP course is for students with at least an upper-intermediate level of English (Common European Framework for Languages level B2) who need to understand and express the key concepts of business and economics. It covers the most important areas of management, production, marketing, finance and macroeconomics. This course aims to: (^) present you with the language and concepts of business and economics found in books, journals, newspapers and magazines, and on websites; (^) develop your comprehension of business and economics texts; (^) develop your speaking skills in the fields of business and economics; (^) provide you with opportunities to express business concepts both verbally and in writing, by reformulating them in your own words while summarizing, analyzing, criticizing and discussing ideas.
Outline of the
course
WEEK 1 Introduction to the course Unit 1. Management WEEK 2 Unit 2. Work and motivation Unit 3. Company structure WEEK 3 Unit 4. Managing across culture Unit 5. Recruitment WEEK 4 Unit 6. The different sectors of the economy Unit 7. Production WEEK 5 Unit 8. Logistics Unit 9. Quality WEEK 6 MID-TERM Unit 10. Marketing WEEK 7 Unit 11. Advertising Unit 12. Banking WEEK 8 Unit 13. Accounting and Financial Statements Unit 14. The Business Cycle WEEK 9 Unit 15. Corporate Social Responsibility Unit 16. Efficiency and Employment WEEK 10 Unit 17. International Trade REVIEW
UNIT 1
Management
LEAD-IN
- Which business leaders do you admire for their managerial skills? What are these skills?
- Do managers have a good reputation in your country? Or are they made fun of in jokes, cartoons, and television series? If so, why do you think this is?
- Which of the famous managers below do you find the most interesting and impressive?
KEY TERMS
Planning : A management function that includes anticipating trends and determining the best strategies and tactics to achieve organizational goals and objectives. Organizing : A management function that includes designing the structure of the organization and creating conditions and systems in which everyone and everything work together to achieve the organization’s goals and objectives. Leading : Creating a vision for the organization and guiding, training, coaching, and motivating others to work effectively to achieve the organization’s goals and objectives. Controlling : A management function that involves establishing clear standards to determine whether or not an organization is progressing toward its goals and objectives, rewarding people for doing a good job, and taking corrective action if they are not.
READING 1
THE DIFFERENCE BETWEEN A MANAGER AND A LEADER
- How can a leader lose power? A If the leader fails to motivate and inspire his/her followers
- How are managers awarded their power and authority? A By virtue of their position
- Which of these statements is relevant for the relationship between subordinates and managers? D All of these answers are correct.
- Individuals become leaders based on their ( A ) personal qualities.
- Which of these describes the primary concern of a manager? D Accomplishing organizational goals
MBO – Management by objectives
Management by Objectives (MBO) is a strategic approach to enhance the performance of an organization. It is a process where the goals of the organization are defined and conveyed by the management to the members of the organization with the intention to achieve each objective.
MBO – Management by objectives
Benefits (^) Management by objectives helps employees appreciate their on-the-job roles and responsibilities. (^) The Key Result Areas (KRAs) planned are specific to each employee, depending on their interest, educational qualification, and specialization. (^) The MBO approach usually results in better teamwork and communication. (^) It provides the employees with a clear understanding of what is expected of them. The supervisors set goals for every member of the team, and every employee is provided with a list of unique tasks. (^) Every employee is assigned unique goals. Hence, each employee feels indispensable to the organization and eventually develops a sense of loyalty to the organization. (^) Managers help ensure that subordinates’ goals are related to the objectives of the organization.
CASE STUDY 1
Naomi is a student at a sixth form college. She recently took part in a
work shadowing exercise to find out what it is like to be a manager.
Work shadowing means that a student follows a manager for a day or
more to experience the work that they do.
08:30 Attended meeting with other departmental heads and Chief
Executive to agree targets for the next two years. Departmental heads
told to plan their own strategy to meet these goals. ( PLANNING)
09:15 Two staff members failed to turn up for work. Sabrina asked
other staff to cover these absences (= delegating tasks, ORGANIZING)
by working longer shifts today 10:00 Meeting with Sales Manager from
big sports manufacturer. Sabrina discussed the range of goods she may
purchase next year to meet the store’s targets. ( PLANNING )
CASE STUDY 1
11:00 New member of staff did not cope well with awkward customer. When
customer had gone, Sabrina reminded the shop assistant of the correct
procedure that should be followed. Asked worker always follow company
policy in these matters. ( COMMANDING )
14:30 Computer printouts of individual staff sales figures were studied. One
worker in particular has failed to meet sales targets ( EVALUATE) and it was
agreed with him that further product training was necessary.
( CONTROLLING )
16:00 Email received from Sabrina’s line manager. There was a problem with
another department selling clothing including sports clothes. It was now
possible for customers to find the same goods in the store in two
departments at different prices! Sabrina needed to meet with the other
departmental manager to agree on a common policy. ( COORDINATING )
VOCABULARY
EXERCISE 1. Match up the following words and definitions.
1. consultant D. a person who provides expert advice to a company 2. crisis E. a situation of danger or difficulty 3. innovation B. a new idea or method 4. objective (noun) F. something you plan to do or achieve 5. promotion H. when someone is raised to a higher or more important position 6. public sector G. the section of the economy under government control 7. strategy A. a plan for achieving success 8. subordinate C. a person with a less important position in an organization
VOCABULARY
EXERCISE 2. Use the word combinations below to complete the sentences.
- After an organization has set objectives, it has to make sure that it achieves them.
- Managers have to find the best way to allocate all the human, physical and capital resources available to them.
- Some people perform tasks better on their own while others work better in teams.
- Managers supervise the work of their subordinates and try to develop their abilities.
- Managers measure the performance of their staff to see whether they are reaching their targets.
- Top managers have to be prepared to deal with crises if they occur and then have to make quick decisions.
VOCABULARY
EXERCISE 3. Complete the text using these verbs. So, what’s management? Well, it’s essentially a matter of organizing people. Managers, especially senior managers, have to set objectives for their organization, and then (5) work out how to achieve them. This is true of the managers of business enterprises, government departments, educational institutions, and sports teams, although for government services, universities and so on we usually talk about administrators and administration rather than managers and management. Managers (6) analyze the activities of the organization and the relations among them. They (7) divide the work into distinct activities and then into individual jobs. They (8) select people to manage these activities and perform the jobs. And they often need to make the people responsible for performing individual jobs, (9) form effective teams.
VOCABULARY
EXERCISE 3. Complete the text using these verbs. Managers have to be good at communication and motivation. They need to (10) communicate the organization’s objectives to the people responsible for attaining them. They have to motivate their staff to work well, to be productive, and to (11) contribute something to the organization. They make decisions about pay and promotion. Managers also have to (12) measure the performance of their staff, and to ensure that the objectives and performance targets set for the whole organization and for individual employees are reached. Furthermore, they have to (13) train and develop their staff so that their performance continues to (14) improve. Some managers obviously (15) perform these tasks better than others. Most achievements and failures in business are the achievements or failures of individual managers.
