Were hard skills or soft skills mainly required at each of the following stages of a project to design insurance products? The project manager: 1 employed someone with a doctorate in mathematics to work on risk probabilities 2 gave three days off to a team member who said they had family problems at home 3 analyzed her own feelings of frustration that the project was going too slowly 4 dealt politely but firmly with a request by her boss to finish the project a month early 5 did market testing of the product with a number of potential consumers of the product and analyzed the results on computer 6 did careful research on the internet to find the best advertising agency to launch the product.
To which category a-e do each of these aspects of emotional intelligence belong? Complete what they say with expressions from C opposite. B: Yes, she's got great B: His problem is that he lacks B: I know. She has great B: Yes, he has a lot of B: You're right. She has a high level of 6 A: Sam never puts off making decisions. B: That's true. He always acts with great B: I wish I had her If someone is treated unfairly because o[their race or ethnicity, they are a victim of racial discrimination or racism.
In the US, affirmative action is when help is given in edl. These actions are also callled positive discrimination in both countries. This goes beyond equal opportunities, and enables an organization to keep up with social and demographic changes - changes in the make-up of society and the population as a whole: Examples of such changes include increases in the number of women, older workers, ethnic minorities:- people from particular countries and racial groups.
Organizations are looking for a diverse wo;rkforce. BrE: programme; AmE: program In connection with computers, program is always used. Noun Adjective Related noun age racist sex stereotype diverse - discrimination -. Give an example of what organizations can do to encourage diversity and inclusion.
In other words, there is consistency and elimination of variation - no variations - resulting in zero defects - no mistakes at all in the manufacturing process. Everything must be done right first time to avoid the need for reworking - working again on - components in order to correct faults and defects - mistakes.
So conformity to specification means putting these intentions into practice when we make the components. Put another way, this is elimination of variation. But quality can also be seen from the point of view of customers.
The service must satisfy customer needs. The service received by the customer must be exactly what is planned and intended; mistakes in their accounts, for example, make customers extremely annoyed. And if we exceed - go beyond - those expectations, there may even be customer delight - extreme satisfaction see Unit To direct foot traffic, arrows are painted Management TQM. TVS's turnaround has hinged on principles of attention to process, consistency, transparency and employee involvement.
Large banners with slogans with reviving the ailing company. It nearly 2, vehicles are built each day on neat recently opened a factory in Indonesia and aims to assembly lines. Productivity, Hosur. Venu Srinivasan, the mild-mannered quality and sales have improved dramatically. SS-year-old managing director and chairman of Previously, the rate of'reworking' - remedying parts TVS, has indoctrinated the company with the plagued by faults - was 15 per cent.
That figure has Japanese management strategy ofTotal Quality fallen to parts per million. What is the abbreviation? Of course, buying a family holiday is a big investment for a lot of people. We don't just wont to satisfy customer needs. We want 1 them to be extremely happy. We wont to ovoid the situation where things ore not what customers were expecting; we wont 2 standards to be exactly as described. When the hotel does not come up to the description in the brochure, our clients ore extremely angry.
This means 3 avoiding changes or differences in relation to what we promise. T hings may be better than customers thought they would get. For example, the food may be better This may be a way of going beyond 4 what customers were hoping for, but you must keep control of costs. I 1 2 We guarantee five years or , kilometres of trouble-free motoring. No other brand gives better performance in this price category.
What are some of the criteria for quality in your organization school, company, etc. It is a network of national standards institutes in over countries working in partnership with international organizations, governments, indastry, business and consumer representatives. ISO has developed more than 21, International Standards, which it says are 'documented agreements containing technical specifications or other precise criteria and guidelines to ensure that materials, products, processes and services are fit - suitable - for purpose'.
These are generic standards that can be applied to any industry. There are also specific standards for partirnlar industries, for example singular: criterion ISO for computer software. We've all our documentation so that it's clearly visible. Our clients feel reassured - in fact, they love it! Match each one with an aspect of quality in B opposite. Identify one of the ways in which this has changed the way that the company works. Investors in People is a framework developed in the UK.
It is used by more than 14, organizations in 75 countries. The Investors in People Standard is based on four key principles: a Commitment to invest in people to achieve business goals.
In the EFQM model,people are very much part of the wider quality picture. The model refers to company stakeholders - not onlYits employees, shareholders and customers, but the community as a whole.
Results are the outcome of the factors above. Look at the reports from the management and match them with the four principles in A opposite. There are two statements relating to each principle. We learned how to improve our management techniques. Companies talk :about carrying out a benchmarking exercise.
To do this, they benchmark themselves against other companies. Large companies can measure the performance of different departments in relation to each other in an internal benchmarking exercise.
Competitive benchmarking involves looking outside the company at how other companies in the same industry do things. Functional benchmarking looks at how the same function such as manufacturing or personnel recruitment is done by non-competitors. Companies can, le. For example, a train company can learn how to clean its trains in a better way by looking at how an airline organizes the cleaning of its planes.
One way of seeing how a competitor's product is made is by reverse engineering - taking the product apart to see how it is made. The same principle ,can also be applied to services. Best practice is usually uncountable, but you can also talk about the best practices in a particular area.
For example, with 45, defects p. With this level of quality, the chances of a manufactured product such as a mobile phone being defective are quite high. Motorola was the first company to aim for Six Sigma quality. In manufacturing, Six Sigma quality is when there is less thcin one defect in , components.
This idea can also be applied i1'. I areas outside manufacturing. Six Sigma quality has been taken up by several other companies. And the ultimate goal is zero defects - no defects at all. Globalization and instant access to information, must produce no more than 3. An 'opportunity' is defined as a chance our customers conduct business.
This means we need to be nearly error. We must delight our customers and relentlessly flawless in executing our key processes. First, what it is not. To achieve Six Sigma quality, a process manufacturing capability. Over to.. Think about your company or one you would like to work for. Then think about one of its competitors. Is it useful to know how effective they are in different areas?
Strategy uncountable is the study of the skills, knowledge, etc. Strategic success in a commercial organization is often measured in terms of profitability - the amount of money it makes in relation to the amount invested.
An important part of planning is resource allocation. This is the way that resources such as finance, people and assets - equipment, buildings, know-how, etc. A company's senior executives decide or formulate strategy. Many organizations state their main overall objective or vision in a mission statement. A strategy requires commitment. Everyone in the organization must work towards the implementation of the strategy - putting It into practice - and its success.
Word combinations with 'strategic' Here are some frequent combinations with 'strategic':. Companies and markets When a company: a defends it tries to prevent competitors from being successful there.
Complete the chief executive's answers with appropriate forms of expressions from A opposite. What are you doing about this? A: We have taken steps to ensure that our.. This is an important part of our strategic process. A: This is an issue oL.
We don't have infinite financial resources and we want to concentrate investment on the most profitable models. A: Our main objectives are in the company's Da Penney make strategic Ob moves to stand-alone stores, what 2 Rockwell has direct ties to are traditional shopping malls to do?
De objective of building close ties with local 3 universities and research organizations. McDonald's arrived in China quite early and King decided to open restaurants in cities 1 was the biggest competitor by the time all over China. Five years later, McDonald's Burger King decided to 2 open restaurants 5 was still the biggest company in the there.
Burger King did not have the resources market, with a 20 per cent market share. This was successful, so Burger. Look at its website and find its mission statement.
If it doesn't have one, what would you suggest? Actions that limit competition are said to harm, inhibit or stifle it. The main competitors in a particular industry are its key players see Unit Smaller competitors may be referred to as minor players. Situations where there is only one supplier and no competition are monopolies. Two companies may produce competing products - products that compete with each other.
A competitive product is one that has real and specific benefits in relation to others of the same type. Match the two parts of these extracts containing expressions with 'competing'. Complete the sentences with appropriate forms of words that can follow 'competitive'. But there is no consensus on competitive. Think about your organization or one you would like to work for. Who are its fiercest competitors? Why are they a threat? He defines the five competitive forces at work in any industry. These are the factors that a firm needs to consider in developing its competitive strategy see Unit A successful firm has"to build and maintain - keep - its competitive advantage in relation to these forces.
In formulating strategy, a company should look at its strengths and weaknesses in relation to its comPcetitors. For example, a good sales team is a strength, and poor internal communication is a weakness. The change would probably also pose a threat to existing broadcasters: The particular ways that a company organizes and combines its human resources, know-how, equipment and other ass,ets are what Hamel and Prahalad2 call its core competencies.
These,are internal factors. Match each example with an appropriate form of one of the expressions. I1 of his institution in relation to its attractiveness to foreign students. Complete the table below with the expressions in italics in note form. Everyone wants to study in English.
They may challenge our position. Strengths I Weaknesses Opportunities Threats ver! I good, Led:urers. Which strategy in C opposite does each correspond to? Analyze your organization, or one you would like to work for, in relation to the industry it is in and to the forces in A opposite.
These are industries with just a few key players see Unit Other industries are fragmented; for example, there are millions of restaurants worldwide, and even the largest chain, McDonald's, only has a market share of less than 1 per cent in terms of ali restaurant meals served worldwide. Some industries have low entry barriers - anyone with a small amount of capital can open a restaurant.
If an industry has low entry barriers and is attractive because of its high potential profitability, there may be new entrants. This was the case for in , ternet service providers a few years ago; a lot of companies offered this service at first. Other industries, like steel, require massive investment in equipment, know-how, etc. Such investments are high entry barriers, and new entrants to the industry are rare.
Or a company may merge - combine as an equal - with another company of similar size. A company may also own or buy its suppliers and customer companies in a situation or process of vertical integration.
The result of this may be an unwieldy conglomerate - a holding company with a large number of subsidiaries which may not be easy to manage profitably as a group. Supporters of conglomerates pointed to portfolio theory - the idea that when demand for goods or services of one of the companies in the group was weak, it would be compensated by stronger demand for those of other companies in the group.
This meant that overall profitability would be regular despite variations in profit from the different companies. Recent strategic thinking, especially in the West, holds that conglomerates are not good. Many conglomerates have disposed of or divested their non-core businesses, selling them off in order to concentrate on their core business.
This is related to the make or buy decision where companies decide whether to produce particular components or perform particular functions in-house or, on the other hand, to buy them in from an outside supplier see Unit However, many conglomerates continue to exist. For example, in South Korea, there are chaebols. They were often started as family -owned businesses, where different members of the same family each owned and managed companies dealing with different parts of the industrial process in a situation of vertical integration see above.
The nouns relating to dispose and divest are disposal and divestment. They can be both countable and uncountable nouns. Compare divestment with investment. Complete what she says with expressions from A and Bopposite. We make a wide range of consumer goods. Over the ye ars we have made a number of These We have become an So we are now reducing the number of brands from to , and getting e ach unit of the company to concentrate on our long-term goal - incre ased And our incre ased power will certainly dissuade new Over to.
What benefits were claimed for it at the time? Have they materialized? Ours is a large company, but we want to avoid becoming bureaucratic, with slow decision-making. In this way, new product development can be encouraged, with some unexpected ideas being produced-we find that this encourages ingenuity-clever and unusual new ways of-thinking. We set up skunk works -a place away from the main company sites and outside the usual structures, to work on innovations.
This is the way we do our new product development. Our marketing people are heavily involved in new product development. They get the reactions of f9cus groups -groups of consumers who say what they thin! Pioneers, followers and disruptors 'One problem is to know whether to introduce a product or service before anyone else or td wait for others to introduce similar products.
Some say that ifyou bring a product to market first, you have first mover advantage -you can influence the way the market develops. These companies or their products are trendsetters or innovators. Others say that it's better. Pioneer is also a verb but is more frequent as a noun. Disruptor is also spelled disrupter.
They drop out or are bought by the larger companies in a process of shakeout and consolidation, leaving the larger companies with the resources to dominate the industry, which is now mature. Consumers benefit from the resulting cuts in prices and improvements in quality. They are not in chronological order.
Complete each fact with an appropriate form of an expression from C opposite. We have to antkipate - judge and estimate - what competitors' behaviour and activities will be. We also have to look at trends in the general social and economic environment, and be ready to respond to changes'in society and changes in the economy as a whole. This is called scenario planning. In our organization, we imagine ways in which the energy industry might change and evolve - how the industry might develop - and what the place of oil will be in relation to alternative fuels in 20, 50 or years from now.
Futurology 'I'm a kind of futurologist or futurist. There is the Delphi method, where a panel of experts make forecasts about a subject independently, and the forecasts are circulated to the other members of the group.
Each member then comments on the others' observations. The process is iterative - repeated several times. The method,can be used to make predictions in a number of different applications - uses. Risk management 'A related area is risk management.
Operating in politically unstable countries is one of the most extreme examples of where we have to manage risk.
The dangers there may include nationalization of assets by the government. We have to think about the impact of this in terms of 01Jr reputation for social responsibility see Unit In addition, there is the much greater long-term cost of the negative effect this has on our image - the way the company is perceived.
A badly handled oil spill is a public relations disaster. We try to have contingency plans or crisis management plans for all the risks we can think of.
Match the underlined words relating to the expressions in A and B opposite that he is referring to. There is always a danger when you have a view that everyone shares that you exclude other possibilities. The questions are from shareholders at a tobacco company's annual general meeting.
The answers are from the company's chief executive. Match the questions with the answers. A special crisis management team will meet to deal with the situation.
What lessons has it learnt? They have to deal with uncertainty, not knowing what is going to happen in the future.
Experts in risk analysis try to calculate the probability, the likelihood or, more informally, the odds of different events happening in the future. Business managers have to think about these kinds of risk for their organization. Managers attempt to reduce or mitigate risk. It can be minimized, but never completely eliminated - removed. Risk analysts and others talk about worst-case scenarios, the worst possible combination of negative future events.
I Attitudes to risk Attitudes to risk - how people feel about it- vary widely. Adrienne is an entrepreneur. Entrepreneurs are knovm for their willingness to take risks - their risk appetite. She is a risk-taker who has started several businesses - two of them failed but one is very profitable. She tries to analyze the risk factors involved in a potential business - the things that will contribute to its success or failure.
Bernardo runs the family business founded by his grandfather. For example, he tries to limit his risk exposure by only trying to enter new markets where he is sure of success. He believes in risk avoidance.
His risk strategy- his plan for dealing with risk - is basically to avoid it as much as possible. Insurance You can reduce uncertainty and take out insurance against negative future events. For example, businesses can insure against risks such as damage to their property, theft of equipment and goods, negligence - actions or inaction by employees that harm other people- to maintain business continuity and against the cost of business interruption see Unit The insurer will ask what level of cover is required - how much the insured business will receive if it makes a claim.
The insured firm agrees to an excess- a particular amount that will be deducted if it makes a claim. In relation to all this information, the insurer issues-an insurance policy, and tells the business how much it will have to pay monthly or yearly in insurance premiums for the particular insurance cover. Insurance companies have risk analysts who calculate the probability of various future events, and how much the company will have to pay out if they happen.
Use appropriate forms of combinations containing 'risk' in B opposite to complete what they say. We stick to what we know and have a low Greta had to call locksmiths to open the doors, and she had to cancel guest reservations for the following week while the locks were changed. If you work, are you a risk-taker, or are you risk-averse? Give examples. If you don't work, think about a job you would like and decide if you would like to be a risk-taker. Business Vocabulary in Use Advanced The word 'product' for us can refer to a product or a service, or a combination of these.
We have to decide what our offers or offerings - products, services and combinations of these - will be. This includes everything from pre-sales information to after-sales service. They are the public face of the company, not only during the sales process but afterwards.
Customers can come back with their phones to get more "training" from our sales assistants on how to use them. Until they do, the service remains intangible - not visible. We provide physical evidence of services by giving in-store dlemonstrations of people using our phones, accessing the internet, etc. To which 'P' of the marketing mix in A opposite is she referring to in each of her statements? Complete the section headings a-c with the three Ps from B opposite.
Then complete the gaps with expressions from B. Use some expressions more than once. This means that choosing to use a service can be perceived as a risky business because you are buying something 1. This uncertainty can be reduced by helping customers to 'see' what they are buying. Facilities such as a clean, tidy reception area can help to reassure them. It is essential that all employees who work with customers are the right kind of people for the job.
They must be highly informed and 3 , be appropriately trained, and have the right 4 in dealing with customers. The level of after-sales 5 and advice provided by a business is one way of adding value to what you offer, and can give you an important edge over your competitors.
The 6 of giving a service, and the behaviour of those who deliver it, are crucial to customer satisfaction. Issues such as waiting times, the information given to customers and 7 staff are all vital to keep customers happy. Customers are not interested in the details of how your business runs. What matters to them is that the business works for them. Over to ;c Describe your purchase in terms of the four Ps in A opposite. For example, pay-as-you-go was a dream solution for parents worrie,d about children running up big phone bills.
It includes the "price" related to not buying another product of the san;ie or another type. For example, someone who buys a sophisticated'mobile may not then have the money fo buy a laptop or tablet that they wanted.
We have to decide, for instance, how many new shops to open and where they should be. We also have to think about the people who prefer to buy online. Customers also communicate with us, for example through telephone helplines.
This is a good way for us to find out more about what our customers want. We can then change or improve our offering, and get ideas for new offerings. Products, sadly, often fall below expectations. When expectations are exceeded - you get more than you expected - there may even be customer. There is a difference in your degree of involvement when you buy different products. For example, there is low involvement when yog buy something ordinaryJike petrol, and high involvement when you purchase something emotionally important such as a family holiday.
Customer dissa. Satisfied customers create new busin;ess by telling up to 12 other people. Some say that encouragf:ng customer loyalty or allegiance is important for profitability. They say that customer retention - keeping existing customers - is key. Getting repeat business is five times cheaper than finding new customers. Customer defection must be reduced as much as possible of course, but a company can learn from lost customer analysis: analysing its mistakes by asking those who do leave why they defected.
Services like mobile phone and broadcasting companies have to reduce churn- the percentage of customers who change suppliers or who stop using the service altogether each year. Look at A opposite and find which 'C' he is referring to in each of the sentences.
It answered all my gueries. The ordinary TV signal in my area is very bad. Think about coffee shops, clothes shops, supermarkets, airlines, or the make of car that you drive, or would like to drive. How is your loyalty rewarded?
Market intelligence and market research Market intelligence is knowing about the latest trends in a market - the people or organizations who buy or might buy something. These trends include ,changes in buyers' needs, new products that competitors are developing, and so on. Some intelligence can be gathered by salespeople reporting what they see going on when they visit customers, etc.
Or it might be gathered by companies sending mystery shoppers - researchersWho pretend to be real consumers - who go into shops to see how the company's products are displayed, how salespeople.
A specialized company that carries this out is a market research firm. Research can be carried out using seconqary data - information that already exists and is publicly available - and primary data - information coll. Research stages Research takes place in these stages: a Define the problem and the research objectives - identify the exact purpose of the research. Research such as this may use samples of people who are representative of targer groups; the opinions, characteristics, etc.
Marketing plans The findings may be used by the company as ir:iput to their marketing plan for a particular product or service. The plan includes the marketing mijx see Unit 23 required to achieve desired results. This type of plan is tactical or operational - relating to the selection, timing and spending on each element of the mix. A grand plan affecting a company's whole future direction is its strategic marketing plan.
The best notice both small details and the big picture. They focus on their own experience, but also what is happening at the next counter. In order to organize the function of the sales force, sales managers should explicitly include this responsibility in the salesperson's job description. They asked which one they preferred and got them to answer a questionnaire. The research firm recommended that the coffee to be marketed should be the least strong of the three that had been tested, along with many other conclusions that would affect the marketing plan.
They rented rooms in buildings on busy streets in Paris and other European capitals where they could get people to taste the possible new types of coffee. It contacted Nielsen, a market research firm.
Following market research: 1 Northwest Airlines merged with Delta Airlines to guarantee their future. Describe one type of market research that your organization, or one you would like to work for, carries out, and some of its findings. Segmentation allows marketers to identify and differentiate between the n. Marketers may offer different products to different segments,or they may offer the same product,marketing it in different ways.
For example, HD high-definition television screens are marketed differently for households and professional users such as cafes and bars. They are positioned in different ways for each segment.
Segmentation,identifying particular target groups, can be Segment is also done in various ways. Identifying people who drink Coke at home rather than in cafes is an example of behavioural segmentation based on situation of use. In demographic segmentation, customers are divided up on the basis of age, occupation and social class - middle class,working dass,etc.
A company may intend its products to appeal to a particular demographic - t9 be attractive to one of these groups. Here,values, opinions, activities and interests are important.
Psychographics is the activity of attempting to categorize people in this way. New technologies, new concerns In retailing,radio-frequency identitidtion RFID can be used to track - follow - porchases made by individual customers even more closely tharn loyalty cards see Unit Each product is identified by a tag. Electronic readers can scap tags in one go tQ see what is in a shqpping trolley,a kitchen cupboard,etc.
This information can be"used to build profiles - deta. How many people just look around and leave witheut buying anything? How many conversions - visitors who go on to buy something - are there? How many virtual shopping carts are abandonec how many start a purchase without completing it?
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