Management by objective tells a manager what he ought to do. The proper organization of his job enables him to do it, but it is the spirit of the organization that determines whether he will do it or not. It is the spirit that motivates, that calls upon a man's reserves of dedication and effort, that decides whether he will give his best or do just enough to get by.
It is the purpose of an organization to "make common men do uncommon things".
The are five areas in which practices are required to ensure the right spirit throughout management organization.
1. There must be high performance requirements; no condoning of poor or mediocre performance; and rewards must be based on performance.
2. Each management job must be a rewarding job in itself rather than just a step in the promotion ladder.
3. There must be a rational and just promotion system.
4. There should be some way for a manager to appeal to a higher court.
5. In its appointments management must demonstrate that it realizes that integrity is the absolute requirement of a manager, the one quality that he has to bring with him and cannot be expected to acquire later on.
A man should never be appointed to a managerial position if his vision focuses on people's weakness rather than on their strength. A man should never be appointed if he is more interested in the question: "Who is right?" than in the question: "What is right?" Management should never appoint a man who considers intelligence more important than integrity.
The men with whom a man works, and his subordinates know in a few weeks whether he has integrity or not. They may forgive a man a great deal: incompetence or bad manners, but they won't forgive a lack of integrity.
Ex. I. Express the main idea of the text (in Russian).
Ex. II. Find the English equivalents to the following:
; ; .
Ex.III. Translate the following:
a) rather than just a step...
b) integrity is the absolute requirement of a manager...
c) if his vision focuses on people's weakness...
Part II
Ex.1. Translate the following international words and word combinations:
organized markets, auctioneer, product is similar, to form a market, to limit control, primary characteristics, to determine the price, to interact in the marketplace, the economy's resources, to discuss, a monopoly, cable company, oligopoly, to mix the ingredients, to operate the machines, to produce, policy.
Ex.2. Translate the following paying attention to the suffixes:
to organize, organizer, organization
to arrange, arrangement, arranger
to consider, consideration, considerable
to assume, assumed, assumption
COMPETITIVE MARKETS.
Markets take many forms. Sometimes markets are highly organized, such as the markets for many agricultural commodities. In these markets, buyers and sellers meet at a specific time and place, where an auctioneer helps set prices and arrange sales.
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More often, markets are less organized. For example, consider the market for ice cream in a particular town. Buyers of ice cream do not meet together at any one time. The sellers of ice cream are in different locations and offer somewhat different products. There is no auctioneer calling out the price of ice cream. Each seller posts a price for an ice-cream cone, and each buyer decides how much ice-cream to buy at each store.
Even though it is not organized, the group of ice-cream buyers and ice-cream sellers forms a market. Each buyer knows that there are several sellers from which to choose, and each seller is aware that his product is similar to that offered by other sellers. The price of the ice-cream and the quantity of the ice cream sold are not determined by any buyers and sellers as they interact in the marketplace.
The market for ice cream, like most markets in the economy, is highly competitive. A competitive market is a market in which there are many buyers and many sellers so that each has a negligible impact on the market price. Each seller of ice cream has limited control over the price because other sellers are offering similar products. A seller has little reason to charge less than the going price, and if he or she charges more, buyers will make their purchases elsewhere. Similarly, no single buyer of ice cream can influence the price of ice cream because each purchases only a small amount.
We assume markets are perfectly competitive. Perfectly competitive markets are defined by two primary characteristics: (1) the goods being offered for sale are the same, and (2) the buyers and sellers are numerous that no single buyer or seller can influence the market price. Because buyers and sellers in perfectly competitive markets must accept the price the market determines, they are said to be price takers.
Ex. I. Find the equivalents:
| highly organized | |
| agricultural commodities | |
| auctioneers set prices | |
| seller posts a price | |
| to interact in the market | |
| no single buyer or seller influence the price |
Ex. II. Answer the following question:
What type of a market is described in this text?
Compare this type of a market with the other one.
Ex.III. Translate the following:
can influence the market price, market for ice-cream, market determines, competition problems, the group of ice-cream buyers and sellers forms a market, the quantity of the ice cream, markets in the economy are highly competitive.
Additional text B
