III. Read and translate the sentences paying attention to the word value used in different meanings as noun or verb.

value n –	1. ценность 2. стоимость, цена 3. оценка 4. величина, значение
value v –	1. ценить 2. оценивать

1. Personal values are connected with particular groups of people or systems, such as culture, religion, and political party associations.

2. The values include objects, conditions or characteristics that members of a society consider important.

3. Total enterprise value (TEV) is an economic measure reflecting the market value of the whole business.

4. Value is not the same thing as price.

5. The law of value is a concept in Karl Marx’s review of political economy.

6. The labor theory of value treats value as a quantity of human labour.

7. According to Marx, economic value exists because human beings know that the products they produce have a socially accepted value, even if no trade occurs.

8. The real estate company valued my apartment at 1800000 rubles.

9. I value his friendship because he helps me every time I face any difficulties.

IV. Look through the table presenting noun suffixes. Do the exercise in the third column putting the suitable suffix to the words, translate them.

Suffix	example	exercise
-er	consumer	market, recruit, provide, design, pension, employ, interview
-ment	management	require, advertise, adjust, agree, govern, employ, pay
-ion -ation	execution segmentation	communicate, distribute, promote, act, decide, product specific, orient, inform, organize, exploit, apply, confirm
-ity -ty	activity society	public, punctual, electric, able, personal, major, responsible vary, due, poor, safe
-ness	business	happy, dark, empty, fair, lonely
-ence -ance	reference entrance	differ, depend, confide, compete perform, significant, rely, insure, inherit

V. Read and translate the text. Marketing

Marketing is an integrated communication-based process. Through marketing individuals and communities discover that existing needs and wants may be satisfied by the products and services of others.

Marketing is also defined as the activity connected with creating, communicating, delivering, and exchanging offerings that have value for customers (clients, partners, and society at large). The term developed from the original meaning which referred to going to market (shopping), or going to a market to buy or sell goods or services.

Marketing is closely connected with management. So, it could be characterized as the management process consisting in identifying, anticipating and satisfying customers’ requirements profitably.

Marketing practice was considered as a creative industry in the past, which included advertising, distribution and selling. Nowadays, however, marketing makes extensive use of social and natural sciences: psychology, sociology, mathematics, economics, anthropology and neuroscience. That is why marketing is now widely recognized as a science.

The overall process of marketing starts with marketing research, and goes through market segmentation, business planning and execution, ending with pre and post-sales promotion activities.

In the early 1960s, Professor Neil Borden at Harvard Business School identified a number of company’s actions that can influence the consumer’s decision to buy goods or services. He stated that all those actions of the company made up “marketing mix”. Professor E. Jerome McCarthy at the Michigan State University stated that the marketing mix contained 4 elements: product, price, place and promotion.

The product aspects of marketing deal with the specifications of actual goods or services, and how these relate to the user’s needs and wants.

Pricing refers to the process of setting a price for a product, including discounts. The price need not be monetary; it can simply be what is exchanged for the product or service, e. g. time, energy, labour, or attention.

Placement (or distribution) states how a product gets to the customer. This third P is sometimes called Place, referring to the channel by which a product or service is sold (e. g. online, retail, catalogue), geographic region or industry, population segment (young people, adults, families, business people).

Promotion involves advertising, sales promotion, including promotional education, publicity, and personal selling.

These four elements are often referred to as marketing mix, which a marketer can use to make up a marketing plan.

The four Ps model is the most useful when selling cheap consumer products. Industrial products, services, expensive consumer products require adjustments to this model. Marketing of services must be based on the unique nature of services.

A number of modern companies see the major function of their business in satisfying the desires of customers. They believe that unless they do so in a competitive world they will not survive. The marketing orientation of a company can be contrasted with production and sales orientations.

A production orientated company works with the view that products will find their own markets if they are produced cheaply and to a good quality. Such companies do not spend much time investigating consumers’ wishes. As a result, they will often come to grief: despite their products are good in a technical sense, they do not match the benefits the consumers require.

A sales orientated company works with the view that success depends on effective advertising, selling and promotion rather than on real difference between the product it sells and those offered by competitors.

The real distinction between marketing and sales orientation is that “selling tries to force the customer to want what the company has; marketing on the other hand tries to force the company to produce what the customer wants”.