To put in one’s 2 cents (вставить свои 5 копеек). In my last meeting at work I put in my 2 cent . I think Corvette is the hottest non exotic car on the road but that’s just my two cents.

Ex.3. Match the word and its definition.

a.Premium pricing 1.the price the company receives after

accounting for discounts, promotions,

and other incentives.

b.Promotional pricing 2. the strategy of consistently pricing at,

or near, the high end of the possible price

range to help attract status-conscious consumers.

c.A loss leader 3. the process of determining what a

company will receive in exchange for its products.

d.Price lining 4. manufacturing cost, market place,

competition, market condition, quality of product.

e.The effective price 5. refers to an instance where pricing is

the key element of the marketing mix.

f. Pricing 6. the use of a limited number of prices for

all your product offerings.

g.Pricing factors 7. a product that has a price set below the

operating margin.

Ex.4. Do the quiz individually. Then compare answers with a partner.

1.If you go for a meal with someone you don’t know well, do you

2. offer to pay the whole bill?

3. suggest dividing the bill into equal parts?

4. offer to pay the whole bill but expect them to pay next time?

5. try to avoid paying anything?

2.What do you think about people who do not pay the correct amount of tax? Is this

1. a serious crime?

2. morally wrong but not a crime?

3. excellent business practice?

3.If you lend a colleague a small amount of money and they forgot to pay it back, do you

1. say nothing?

2. remind them that they owe you maney?

3. arrange to go for a drink with them and say you’ve forgotten your wallet or purse?

Write one more question to add to the quiz above. Ask a partner to answer it.

UNIT 5.

Text 1. Be ready for comprehension check-up.

Corporate social responsibility

Corporate social responsibility (CSR for short, and also called corporate conscience, citizenship, social performance, or sustainable responsible business) is a form of corporate self-regulation integrated into a business model. CSR policy functions as a built-in, self-regulating mechanism whereby business monitors and ensures its active compliance with the spirit of the law, ethical standards, and international norms. The goal of CSR is to embrace responsibility for the company's actions and encourage a positive impact through its activities on the environment, consumers, employees, communities, stakeholders and all other members of the public sphere. CSR is the deliberate inclusion of public interest into corporate decision-making, and the honouring of a triple bottom line: people, planet, profit.

The term "corporate social responsibility" came in to common use in the early 1970s, after many multinational corporations formed. Proponents argue that corporations make more long term profits by operating with a perspective, while critics argue that CSR distracts from the economic role of businesses. Others argue CSR is merely window-dressing, or an attempt to pre-empt the role of governments as a watchdog over powerful multinational corporations.

Development business ethics is one of the forms of applied ethics that examines ethical principles and moral or ethical problems that can arise in a business environment.

Some critics believe that CSR programs are undertaken by companies such as British American Tobacco (BAT), the petroleum giant BP (well-known for its high-profile advertising campaigns on environmental aspects of its operations), and McDonald's to distract the public from ethical questions posed by their core operations. They argue that some corporations start CSR programs for the commercial benefit they enjoy through raising their reputation with the public or with government. They suggest that corporations which exist solely to maximize profits are unable to advance the interests of society as a whole.

Another concern is that sometimes companies claim to promote CSR and be committed to sustainable development but is simultaneously engaging in harmful business practices. For example, since the 1970s, the McDonald's Corporation's association with Ronald McDonald House has been viewed as CSR and relationship marketing. More recently, as CSR has become mainstream, the company has beefed up its CSR programs related to its labor, environmental and other practices. All the same, in McDonald's Restaurants the observers ruled that it was fair comment to say that McDonald's employees worldwide 'do badly in terms of pay and conditions' and true that 'if one eats enough McDonald's food, one's diet may well become high in fat etc., with the very real risk of heart disease.'

Royal Dutch Shell has a much-publicized CSR policy and was a pioneer in triple bottom line reporting, but this did not prevent the 2004 scandal concerning its misreporting of oil reserves, which seriously damaged its reputation and led to charges of hypocrisy. Since then, the Shell Foundation has become involved in many projects across the world, including a partnership with Marks and Spencer (UK) in three flower and fruit growing communities across Africa.

Critics concerned with corporate hypocrisy and insincerity generally suggest that better governmental and international regulation and enforcement, rather than voluntary measures, are necessary to ensure that companies behave in a socially responsible manner. Others, such as Patricia Werhane, argue that CSR should be considered more as a corporate moral responsibility, and limit the reach of CSR by focusing more on direct impacts of the organization as viewed through a systems perspective to identify stakeholders.

Answer the following questions:

1. What does CSR mean?

2. What is the generally accepted definition of sustainable development and what does it entail in practice?

3. What is the difference between CSR and charity?

4. What are the views of CSR critics?

5. What kind of conflicts can arise with respect to companies that proclaim their commitment to CSR?

6. What do advocates of CSR say and what are their arguments in favor of this concept?

7. Does it pay to be a good corporate citizen?

8. What do you think is the proper role of business in society?

Ex.1. Complete these views on CSR with a suitable expression:

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the bottom line If I had to the time has come for Let’s be two sides of the same coin pay lip service to face it

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1. … define CSR, I would say: the pursuit of profit is not enough; that compnies need principles and that stakeholders want to see those principles in action.

2. …honest, a decade ago few companies with social environmental program were unwilling to speak out for fear of being called hypocrites.

3. Let’s …, ethics and responsibility are… .

4. I don’t think companies can just … CSR and ignore what’s happening around them without contributing to society.

5. I think … companies to adopt and embrace CSR because … is they know it’s more likely to create wealth and shareholder value.

Ex.2. Look at these extracts from various CSR reports. Match the correct expressions (a-h) with the multiword verbs in italics.

a) gradually stopped using

b) done as expected or promised

c) do the same thing

d) avoid doing anything about

e) can be included in or classified as

f) ensure we do what we've promised

g) formally established

h) explain in a clear way

1. We think it is vital that we set out what we expect of our suppliers.

2. The company's policy is not to shy away from difficult issues.

3. We hope this initiative will motivate others in the industry to follow suit.

4. The company is taking action in this area and has already phased out a number of suspect chemicals.

5. This will enable our stakeholders to hold us to account.

6. Our strategy falls into three categories.

7. Their work is carried out in accordance with safety standards.

8. The Social Responsibility team was set up in 2013.

Ex.3. Study the following English idioms.

On the ball - To know what's happening. To be aware.

Stay ahead of the game – to be leaders in the field/business environment.

Plain sailing – An easy or simple situation.

Approaching the finishing line – Nearing the end.

A two horse race – A close contest between two groups or companies.

On the ropes - In a very bad situation/ Close to defeat.

Score an own goal – To make a mistake which has the opposite effect from what was hoped.

to level playing field – A situation which is the same for everyone.

In a league of their own – Much better than the rest.

Hit it out of the park – To have great success.

Drop the ball – make a mistake/to disappoint everyone.

Now choose the idiom which best completes each sentence:

1. The government have ___ by introducing new laws, making it fairer for all businesses.

a.staying ahead of the game b. levelled the playing field

c. dropped the ball

2.No problem. With all your experience, you will find this project to be ___.

a.a level playing field b.plain sailing c. on the ropes

3.No one makes better cars than Ferrari. I think they are ___.

a.in a league of their own b.a two horse race c. a level playing field

4. Great presentation, Mike. You really ___.

a.hit it out of the park b.approached the finishing line c. dropped the ball

5.We are ___ as the project must be finished by next week.

a.approaching the finish line b.in a league of our own c.plain sailing

6. Sam ___ when he lost the report.

a.dropped the ball b.hit it out of the park c.on the ropes

7. The company is having a terrible year. They are not bankrupt, but they’re definitely ___.

a.in a league of their own b.ahead of the game c.on the ropes

8.The bank ___ by introducing unpopular charges. They lost a lot of customers.

a.scored an own goal b.were on the ropes c.were on the ball

9. Sony ___ by always thinking of new exciting products.

a.stay ahead of the game b.score an own goal c.are plain sailing

10.It is a ___ between Microsoft and Mac in the computer world.

a.approach the finishing line b.hit the ball out of the park c. two horse race

11. That new guy seems ___, he learns fast.

a.on the ropes b.on the ball c.scored an own goal

Ex.3. Insert the appropriate words.

1. A company in a state of ... is unable to pay its debts.

2. .... are specialised accountants who are appointed to find someone to rescue the company.

3. If a company cannot be ..., the receivers sell what they can to pay off the debts.

4. A company in such situation goes into ..., and the receivers are in this case ... of the company.

5. Products that are not branded, not sold under a brand name are ... products.

6. Many economists reckon that Russia's recession, which began last summer, has now reached its ... .

7. In a recent British recession, PM talked about seeing signs of ... before anybody else could see them.

8. He talked about green shoots and this expression is now used derisively in the context of unjustified optimism during ....

9. The managers of a business that is to be sold off may want to buy it themselves in a management buy-out (MBO), usually in combination with organization providing finance in the form of ... .

10. When a company goes..., the image of corporate ... is used: the state of the company is likened to a car or plane after a serious accident.

(recessions, bust, green shoots, venture capital, trough, liquidators, generic, recovery, receivers, rescued, liquidation, wreckage)

UNIT 6.

Text. The Secret Sauce of Business Innovation

Leadership is changing as the old command and control mode.

Probably the biggest factor challenging conventional management is the massive Gen Y or Millennial generation of young people entering the workforce.  They outnumber their helicopter Baby Boomer parents.  Younger workers bring with them a new ethic of openness, participation, interactivity and cannot imagine a life without Google and Facebook always within reach.

They are willing to work hard but also insist on work|life balance. They yearn to be coached with constant feedback rather than an annual performance review.  They don't respond well to traditional forms of supervision or even hierarchies, preferring to work in collaborative teams.  Note: For how coaching is different from consulting and how management needs to change to effectively lead Gen Yers, read this interview:

The rise of unstructured work, collaboration, a new generation of knowledge workers, and new suites of collaborative tools are changing the business process.  The challenge is to orchestrate intelligence.  Companies must customize relationships with customers, suppliers and others, detecting and responding to market and environmental shifts.

Think of a shared canvas where every splash of paint contributed by one artist provides a richer tapestry for the next artist to modify or build on.  Whether people are creating, sharing, or socializing, the Web is now about participating.  This is leading to a profound change in the architecture of the corporation and how we orchestrate capability to innovate.  The mantra "focus on what you do best and partner to do the rest" is serving most leaders of the global economy well.  Rather than offloading a process, companies now collaborate.

Products are now mass customized, service intensive and infused with the knowledge and the individual tastes of customers.  Because companies must constantly innovate, product life cycles collapse.

It is easier to identify trends and to not only respond to them but to achieve and shape them.  Reflect on early signs of change in three core categories:  1) technology, 2) societal shifts and economic change, and 3) customer experience.  The goal is to create an informal dashboard to map trends that could translate into competitive threats.

Ex.1. Match the words with similar meaning.

1. ask a. commence

2. begin b. obtain

3. buy c. enquire

4.get d. inform

5. give e. purchae

6. tell f. provide

7. bring in g. eradicate

8.look into h. implement

9. get rid of i. investigate

Ex.2. Insert the appropriate word.

1. The ... of a factory or plant can refer to either the type or quantity of things it produces.

2. A plant's or firm's ... is the maximum number of goods of each type that it can produce.

3.A product or business generating a lot of profit is ... .

4.... is a profitable product or business with high market share in a low-growth market. But it is also used to mean any profitable product or business generating a steady flow of sales revenues.

5. ... is a product sold unprofitably in order to attract customers who will then, it is hoped, be persuaded to buy profitable ones.

6. When market prices are rising people talk about ..., when prices are falling they talk about ... .