MY SPECIALITY. MANAGER

Lead-in:

1. make decision – приймати рішення

2. assignment – призначення

3. choice – вибір

4. trust– довiр’я, віра

5. relationship – зв’язок, відношення

6. sales – продаж, збут

7. law – закон, право, юриспруденція

I am a student of the economics and management institute.

Management is the process of making decisions and issuing commands. The management function of decision-making is aimed at defining the work and behavior of the organisation that is necessary to realise a given mission. Based on these decisions, managers exercise the command function to initiate action on various work assignments.

Managers are people who, collectively or individually, are responsible for running a business or organization.

What makes a good manager? First of all, the ability to communicate, to get your ideas across and to listen to other people. Secondly, a good sense of organization so that working practices are efficient and problems can be anticipated and avoided. Thirdly, managers work long hours and therefore a great deal of stamina is required to avoid stress. A good manager must also be confident in his/her own ability to deal with difficult situations and show qualities of leadership so that others will want to follow. Managers have to take the initiative and bring fresh creative ideas to old problems. But sound judgement is necessary when a choice of possible courses of action is difficult or risky.

Once decisions are taken, a manager has to make sure they are implemented and obeyed. For this, he or she must demonstrate integrity: this includes a sense of honesty, trust and loyalty to the organization and the personnel under his or her control. Managers should also be accountable to their own boss and be able to explain the reasons for making any decision.

New technology, new ideas, new values and new problems make up the decision agenda of today’s managers.

Management is usually broken down into specific parts, e.g. works management, personnel management, marketing management, etc.

Personnel management is concerned with people at work and with theirrelationships within an enterprise.

Marketing management includes all aspects of making a product available to the public: product development, pricing, advertising, sales, marketing research, transportation, consumer relations.

A given member of management must undergo a substantial education process in order to become aware of his (her) responsibilities and to become able to perform them adequately. He must receive training on the basis of practically every important area of marketing and business management, finance, production, sales, law plus much, much more.

A good manager is the one who can direct and control people effectively.

Ø Questions for comprehension check-up and discussion:

1. What is management?

2. What are the management functions? What are they aimed at?

3. What makes a good manager?

4. What types of management do you know?

5. What is personnel management concerned with?

6. What aspects does marketing management include?

MARKET

Lead-in:

1. demand for goods –попит на товар

2. domestic market –внутрішній ринок

3. stock market –фондова біржа

4. market share –частка на ринку

5. consumption –споживання

6. meet the demand –задовольняти попит

An area where there is a demand for certain goods is called a market.

A company which sells goods locally caters for the local market. Goods sold in the same country as they are produced are sold on the home (or domestic) market.

A company which sells goods abroad is an exporter. An exporter sells goods on the international (or overseas) market. An importer buys goods abroad and imports them into his own country.

There are a lot of markets: stock market, money market, labour market, etc.

Some markets, shops and stalls physically bring together the buyer and the seller. Other markets, Stock Exchanges for example, operate chiefly through intermediaries (stockbrokers) who transact business on behalf of clients. Both of them determine prices that ensure that quantity people wish to buy equals the quantity people wish to sell. Price and quantity cannot be considered separately.

All trade depends on supply (having goods or services to sell) and demand (consumers, people who whant to buy). If you increase production but demand remains stable, the price will fall. Therefore many large suppliers do not produce to their maximum capacity. They put a ceiling on their output to keep the price high. A group of companies or countries producing the same sort of goods are called a cartel and when they completely control the market in those goods they are said to have a monopoly. In the USA there are antitrust laws against this sort of practice which kills competition.

The percentage of the total of one kind of goods sold by one company or country is called its market share. However, suppliers usually keep stocks of theirs product so that if consumption suddenly increases, they can meet the demand.

Certain goods always keep a percentage difference between their prices so if the price of one rises or falls, the others do the same. This is called maintaning the differentials. When several products are linked in this way, the price of one of them is usually taken as the reference price for all the others. If goods cannot be sold in the market, they will cease to be produced.

The market reflects any change in the economy. It is sensitive to interest rates, inflation, employment and political events in any country.

Ø Questions for comprehension check-up and discussion:

1. What do we call an area where there is a demand for certain goods?

2. What is the home (or domestic) market?

3. Where does an importer (exporter) buy and sell goods?

4. Does all trade depend on supply and demand?

5. What is a monopoly?

6. Does the market reflect any change in the economy?

7. What are the factors the market is sensitive to?