And sale of resources and products

d) competitive 4) a person or company that offers

the same or better goods and

services as another and

therefore competes for the

same customers

e) competitiveness 5) succeed in doing better than

another person or company

6) the person or people competing

Complete the following sentences with an appropriate term from the left column

1. The is very fierce.

2. Producers in a market must constantly look for new and attractive goods and services to win a larger share of the market.

3. in the book trade did their best to undercut each other's prices.

4. There was a lot of ____________for the job.

5. It's difficult _______ with low-priced imports.

6. motivates producers to improve the quality and increase the variety of goods and services.

7. This firm is one of our biggest _________________.

8. It’s important to keep a _______________edge.

9. Stockbrokers_______________with one another for the public business. They try to make their services more attractive than the _________________.

10. ___________________ is the relative standing of one competitor against other competitors.

11. As a rule, the more _______________ the industry and the more homogeneous the product, the greater the

pressure to keep .

Puzzle-3 point

Complete the text using these verbs:

analyse communicate contribute divide form

improve measure commercialise perform risk

select train understand use work out

You want me to explain what management is? Well, I guess I can manage that! Actually, management as we (1)…………………..it today is a fairly recent idea. Most economists in the eighteenth and nineteenth centuries, for example, wrote about factors of production such as land, labour and capital, and about supply and demand, as if these were impersonal and objective economic forces which left no room for human action. An exception was Jean-Baptiste Say, who invented the term "entrepreneur", the person who sees opportunities to (2) ……………….resources in more productive ways.

Entrepreneurs are people who are alert to so-far undiscovered profit opportunities. They perceive opportunities to (3)…………….new technologies and products that will serve the market better than it is currently being served by their competitors. They are happy to (4)………………………………………………..their own or other people's capital. They are frequently unconventional, innovative people. But entrepreneurship isn't the same as management, and most managers aren't entrepreneurs.

So, what's management? Well, it's essentially a matter of organizing people. Managers, especially senior managers, have to set objectives for their organization, and then (5)………………………………………………how to achieve them. This is true of the managers of business enterprises, government departments, educational institutions, and sport teams, although for government services, universities and so on we usually talk about administrators and administration rather than managers and management. Managers (6)………………… the activities of the organization and the relations among them. They (7)……………………………………………….the work into distinct activities and then into individual jobs. They (8)………………people to manage these activities and perform the jobs. And they often need to make the people responsible for performing individual jobs (9)………………. effective teams.

Managers have to be good at communication and motivation. They need to (10) ................................................................. the organization's objectives to the people responsible for attaining them. They have to motivate their staff to work well, to be productive, and to (11)…………………….something to the organization. They make decisions about pay and promotion.

Managers also have to (12) the performance of their staff, and to ensure that the objectives and performance targets set for the whole organization and for individual employees are reached. Furthermore, they have to (13)……………………… and develop their staff, so that their performance continues to (14)………………….

Some managers obviously (15) these tasks better than others. Most achievements and failures in business are the achievements or failures of individual managers.

When you have checked your answers, translate the highlighted expressions into your own language.

‘THEORY-2’ POINT

TYPES OF MANAGERS

We have been using the term manager to mean anyone who is responsible for carrying out the four main activities of management in relationships over time. One way to grasp the complexity of management is to see that managers can practice at different levels in an organization and with different ranges of organizational activities. After looking at the level and scope of various kinds of managers, we will go on to see how different skills and roles are emphasized in different types of management.

Management Levels

First-line managers. The lowest level in an organization at which individuals are responsible for the work of others is called first-line or first-level management. First-line managers direct non-management employees; they do not supervise other managers. Examples of first-line managers are the foreman or production supervisor in a research department, and the clerical supervisor in a large office. First-level managers are often called "supervisors". A school principal is also a first-level manager, as is the manager of a major league baseball team.

Middle managers. The term middle management can include more than one level in an organization. Middle managers direct the activities of lower-level managers and sometimes those of operating employees as well. Middle managers' principal responsibilities are to direct the activities that implement their organizations' policies and to balance the demands of their managers with the capacities of their employers.

Top managers. Composed of a comparatively small group of people, top management is responsible for the overall management of an organization. These people are called executives. They establish operating policies and guide the organization's interactions with its environment. Typical titles of top managers are "chief executive officer", "president", and "vice president."