Sole trader, proprietor, liability, business assets, commencing, statutory requirements, pay-as-you-earn, shareholders, entity, statutory, provision, financial flexibility, expansion, however, in a worse-case scenario, jointly own, withdrawal, debt, guaranteed, personally liable, statutory requirement, insurance, tax computations, required to issue shares, reviewed, natural monopoly, although, issue.
Answer the following questions.
1. What is the classification of business forms in the UK?
2. What are the main characteristics of Sole Trader type of business?
3. What is the difference between Sole Proprietor type of business and Partnership?
4. What is Limited company?
5. Why do Unlimited companies are regarded as useful entities?
6. What companies are nationalized in the Great Britain?
7. What are advantages/disadvantages of Sole trader/Partnership?
8. What are advantages/disadvantages of Limited companies?
3. Explain what is meant by:
public sector, private sector, market economy, sole trader, partnership, limited / unlimited company, nationalized company, private / public limited company, company limited by shares, company limited by guarantee, legal entity, third party, board of directors, auditors report, statement of cash flow, multinational company, low contributions, to have ones pros and cons, financial flexibility, VAT, PAYE.
Retell the text.
Vocabulary and grammar work
1. Fill in the blanks with the proper words:
customers, proportions, mere symbols, another name, brands, time, a third, managers, reputation, illusion, driver, advertising, differences. differences
1. Brands are insubstantial things, ____________, names, associations.
2. Sometimes they signal real _____________ between products.
3. Sometimes they are pure ____________.
4. Either way, brands are akin to a products or company's ____________ and they influence consumers' perceptions.
5. The wearer of a Rolex watch is concerned with more than keeping ________; the BMW __________ with more than getting from place to place.
6. Brands add value by making ___________ loyal and, often, willing to pay more for the things branded.
7. Roses by ______________ might smell as sweet, but they would no longer fetch $30 a dozen.
8. Despite the evidence of the value of __________, creating and sustaining that capital are often neglected by consumer-goods companies.
9. Under pressure to make big short-run gains in sales, many brand __________ are cavalier about the long-term commercial health of their products.
10.Increasingly they are abandoning brand-building activities, such as ____________, in favor of tactics, especially price promotions, which aim to increase market share quickly.
11. In 1980 promotions accounted for about __________of all spending on marketing, with advertising taking up the rest.
12. Now, remarkably, the ___________ have reversed.
Supply the prepositions.
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1. Price promotions can have a dramatic short-term effect _____ a brand's sales, especially _____ some sorts _____ good.
2. ______ fruit drinks, increases _______ more _______ 400% during the first week ______ a promotion are common.
3. ______ a new study ______the London Business School shows _____ such promotions have no lasting effect ______ sales or brand loyalty.
4. Some consumers switch temporarily_____ the promoted brand, _____once the promotion ends, almost all _______ them go back ______ the one they normally prefer.
5. Promotions ______ merely offer a discount or a rebate can cheapen a brand's image.
6. Part ______ the problem is that the organization _____ most consumer-goods companies favors short time horizons.
Complete each sentence with the correct form of the underlined word. In some cases, you will need to use the negative forms.
Advertise
a/ In our new campaign, our main __________medium will be television.
b/ Benetton produced a series of eye-catching _________for their products.
Associate
a/ Engineering firms often work in ___________with other companies on a major contract.
b/ When there is a financial scandal, business people often try to _________ themselves from those involved.
Consume
a/ Food, clothing and household products are all examples of __________ goods.
b/ Wine _________ is high in France, and on the increase in other European countries.
Market
a/To make money, you don't just need a good product - you also need excellent _________.
b/ Some products are very innovative, but they simply aren't __________.
Produce
a/ Although the meeting went on for hours, it was rather __________.
b/ Since we introduced the new pay structure,____________ has improved enormously.
Profit
a/ This line of raincoat is highly___________ we must discontinue it as soon as possible.
b/ If we are serious about improving the __________ of these outlets, we should take a good look at staffing costs.
7 promote
a/ We expect all our _____________activities to cost around £2 million.
b/ _____________is a very important marketing function.
Rival
a/ The ___________between soft drinks companies, Coca-Cola and Pepsi Cola, is very fierce.
b/Otis is known all over the world as a manufacturer of lifts. Its reputation in the
industry is ____________.
Sell
a/ Which is your best- _____________ product?
b/ Our _____________force doubled when we took over our chief competitor.
Value
a/ Our stock is so _____________ that it cannot be left unguarded.
b/ We were most impressed by the consultants we hired - their advice was ______________.
Study the given examples than choose words from the box to complete the sentences that follow. Use your dictionary to help you decide which words are both appropriate and grammatically correct in each case.
Relationships between facts: Despite the evidence of the value of brands, creating and sustaining that capital are often neglected by... companies...
Because brand equity is hard to put a price on, punters must use returns as a guide to future performance.
Some consumers switch temporarily to the promoted brand, butonce the promotion ends, almost all of them go back to the one they normally prefer...
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Since price is often a signal to consumers of a product's quality..., a brand that is always on special offer loses its appeal...
Reason: because; as; so; since; therefore; consequently;
Contrast: although; despite; in spite of; but; however; nevertheless; yet.
1. Brand-stretching can be very risky...., it can also be very lucrative.
2. The value of price promotions is questionable,..........most consumers switch back to their usual brand when the promotion ends.
3. Companies have to keep their shareholders happy..., brand managers
are under pressure to find ways of boosting sales.
4............. a brand may sell well in one country, it may not sell at all in another.
5. Price is a signal of quality,...... consumers will often pay more for
premium brands.
6. In 1991, advertising accounted for around a third of all marketing outlay,
.............., in 1980, the picture was very different.
7............... their disappearance from the market, General Electric's food
blenders continued to rank second with consumers 20 years later!
WRITING
Describe in 200 words which brands you are loyal. Explain your reasons.
SECTION 2:
