management marketingAnswer Key

1.1 What is Management?

1 understand; 2 use; 3 commercialise; 4 risk; 5 work out; 6 analyse; 7 divide; 8 select; 9 form; 10 communicate; 11 contribute; 12 measure; 13 train; 14 improve; 15 perform.

1.2 Management Skills

Exercise 1: a - d; b - f; c - j; e - g; h - i. There are no definitive answers to the other questions.

Exercise 2: 1 analysis; 2 assertiveness; 3 caution; 4 competence; 5 efficiency; 6 individualism; 7 intuition; 8 logic; 9 persuasion; 10 rationality; 11 ruthlessness; 12 sensitivity.

1.3 Top Management

Exercise 1: 1 set; 2 achieve; 3 allocating; 4 employed; 5 follow; 6 balance; 7 develop; 8 establish; 9 deal with; 10 require.

Exercise 2: 1 to set objectives; 2 to allocate resources; 3 to take responsibility; 4 to set standards; 5 to establish and maintain good relations; 6 to deal with a crisis.

1.4 The Board of Directors

1 combined; 2 supported; 3 defined; 4 appointed; 5 supervised; 6 reviewed; 7 constituted; 8 attacked.

1.5 Company Structure

1 i, j; 2 e, 1; 3 g, k; 4 h, r; 5 a, m; 6 c, n; 7 b, q; 8 f, 0; 9 d, p.

1.6 An Organization Chart

Exercise 1:

Human ProductionResources

Training

1. Capital Requirements 2. Fund Control

3. Credit

Quality Control

1. Tooling1. Scheduling 2. Assembly2. Materials 3. FabricationControl

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ma na g e m e n t marketingAnswer Key

Exercise 2: to be composed of; to be made up of; to contain; to include.

1.7 Meetings

1 attend; 2 agenda; 3 minutes; 4 apologies; 5 approves; 6 arising; 7 items; 8 consensus; 9 proxy; 10 quorum; 11 call; 12 informally.

1.8 Business Objectives and Values

Exercise 1: 1 other possible investments; 2 hostile takeover; 3 sell off; 4 bring out; 5 distributes; 6 remunerates; 7 fired; 8 rewarded; 9 result; 10 firm; 11 the shareholders.

Exercise 2: 1 d; 2 e; 3 c; 4 f; 5 b; 6 a.

1.9 Competitive Strategy and Advantage

Exercise 1: The second summary is the only acceptable one. The first summary contains errors: Porter argues that growth and diversification alone do not guarantee long-term success. He does not say that production costs must be low, but that a company must create value higher than its production costs. He says that firms should diversify into related fields, not unrelated market segments. The third summary also contains errors: Porter does not argue that success comes from having a small market share, or from diversifying into new industries.

Exercise 2: 1 e; 2 h; 3 a; 4 d; 5 f; 6 g; 7 c; 8 b.

Exercise 3: 1 compete; 2 constrain; 3 consume; 4 deter; 5 differentiate; 6 diversify; 7 enter; 8 influence; 9 invest; 10 lead; 11 optimize; 12 produce; 13 succeed; 14 supply; 15 sustain; 16 threaten.

1.10 Innovation

Exercise 1: 1 i, 1; 2 g, n; 3 e, k; 4 h, j; 5 b, q; 6 f, m; 7 d, 0; 8 a, p; 9 c, r,

Exercise 2: 1 business environment; 2 rigid structures; 3 economies of scale; 4 distribution channels; 5 product lines; 6 technological skills; 7 re-allocate resources; 8 international trade.

1.11 Growth and Takeovers

1 Intensive growth; 2 Market penetration; 3 Market development; 4 Product development; 5 Extensive growth; 6 A merger; 7 Horizontal integration; 8 Vertical integration; 9 A raid; 10 A takeover bid; 11 A hostile takeover; 12 A leveraged buyout.

1.12 Sports Metaphors

Exercise 1: 11; 2 a; 3 m; 4 i; 5 j; 6 c; 70; 8 g; 9 h; 10 b; 11 n; 12 e; 13 p; 14 k; 15 f; 16 d.

Exercise 2: 1 marathon; 2 knockout blow; 3 outsider; 4 neck and neck; 5 shown the red card; 6 favourite; 7 own goal; 8 a level playing field; 9 hurdles; 10 move the goalposts; 11 on the ropes; 12 new ball game; 13 front runner; 14 key players; 15 stalemate; 16 odds.

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management marketingAnswer Key 1.13 Health Metaphors

The most likely answers are: 1 given a clean bill of health; 2 recover, ... vitality; 3 suffer; 4 casualty; 5 paralysed; 6 ailing, ... injection; 7 returned to form; 8 healthy; 9 in good shape; 10 disease, ... robust; 11. terminal; 12. surgery.

1.14 Recruitment

1 a; 2 c; 3 a; 4 a; 5 c; 6 a; 7 b; 8 b; 9 b; 10 a; 11 c; 12 b; 13 b.

1.15 Training and Qualifications

Exercise 1: 1 b; 2 f; 3 e; 4 h; 5 c; 6 g; 7 a; 8 d.

Exercise 2: 1 apprentice; 2 graduate; 3 trainee; 4 traineeship; 5 job rotation programme; 6 high flier.

1.16 Theories of Motivation

Exercise 1: 1 pursue; 2 require; 3 maximize; 4 achieve; 5 set; 6 earn; 7 reward; 8 exist; 9 expect; 10 avoid; 11 actualize; 12 perform.

Exercise 2: 1 False; 2 True; 3 True; 4 False; 5 False; 6 True; 7 False; 8 True.

1.1 7 Remuneration

Exercise 1: 1 deducted; 2 cost-of-living allowance; 3 increments; 4 evaluate; 5 executive directors; 6 salary; 7 commission; 8 incentive; 9 salespeople; 10 earning potential; 11 cash; 12 fringe benefit.

Exercise 2: 2,3,4,8,9, 10 and 12 refer to high salaries; 1,5,6,7, 11 refer to low ones.

1.18 Working Conditions

Exercise 1: 1 holiday; 2 vacation; 3 leave; 4 flexitime; 5 maternity; 6 colleagues; 7 contracts; 8 security; 9 duties; 10 workforce; 11 manual; 12 sick pay; 13 morale; 14 absenteeism; 15 satisfaction.

Exercise 2: 1 d; 2 c; 3 e; 4 a; 5 b; 6 f.

1.19 Industrial Relations

Exercise 1: 1 trade; 2 staff; 3 role; 4 pay; 5 group negotiations; 6 complaints; 7 unfairly treated, 8 dismissed; 9 stop working; 10 ignored; 11 enemy; 12 unprofitable.

Exercise 2: 1 to go on strike; 2 to join a union; 3 to picket a factory; 4 to reinstate a worker; 5 to take industrial action.

1.20 Redundancy

1 employ; 2 dismiss; 3 merged; 4 recession; 5 temporary; 6 demand; 7 competition; 8 globalization; 9 delayering; 10 decision-making; 11 core; 120utsource; 13 reports; 14 created; 15 sub,contractors.

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Answer Keymanagement marketing

1.21 Cultural Stereotypes and Management

Exercise 1: arrogant - modest; generous - mean; hard-working - lazy; hospitable - unfriendly; individualistic - public-spirited; lively - reserved; progressive - conservative; quiet - noisy; serious­

relaxed; tolerant - narrow-minded; trustworthy - devious; well-organized - chaotic.

Exercise 2: 1,3, and 8 are often said of southern Europeans and Latin Americans; 2,5 and 6 are often

said of northern Europeans, North Americans, Australians and New Zealanders; 4 is often said of Germans, Dutch, Swiss, and Scandinavians, and also of Japanese and Singaporeans; 7 is often said of

the Japanese and other Asian and Arab countries; 9 is often said by northern Europeans and Americans of Latin, North African and Middle Eastern countries; 10 is often said of Asian and

southern European cultures; 11 is often said of the Japanese and the Swiss; 12 is often said of American companies, many of which publish financial statements and pay dividends every three months.

1.22 Business Ethics

There are no 'right' answers.

1.23 Collocations - Business

1 big; 2 do; 3 class, get down to; 4 give; 5 go into; 6 partners; 7 trip; 8 plan; 9 leaders; 10 set up

in, school; 11 hours; 12 card; 13 core; 14 cycle, go out of; 15 ethics.

1.24 Review - Human Resources Management

1 shortlist; 2 dispute; 3 performance; 4 motivate; 5 subordinates; 6 appraisal; 7 incentive; 8 traineeship; 9 negotiate; 10 labour; 11 recruit; 12 applicants; 13 white collar; 14 personnel;

15 remuneration; 16 vacancy; 17 absenteeism; 18 goals; 19 colleagues; 20 trade unions; 21 promored; 22 delegate; 23 headhunters; 24 flexitime.

1.25 Review - Management Verbs 1

Across: 1 supervise; 3 measure; 7 attain; 10 pay; 11 forecast; 12 up; 14 sack; 15 train; 17 fire; 18 delegate; 21 comply; 22 allocate; 24 plan; 25 demote; 26 recruit; 27 control; 29 motivate; 30 promote.

Down: 1 set; 2 innovate; 3 manage; 4 (and 12 across) set up; 5 report to; 6 layoff; 8 negotiate;

9 quantify; 13 hire; 16 appoint; 18 decide; 19 employ; 20 evaluate; 23 locate; 28 owe.

1.26 Review - Management Verbs 2

Exercise 1: The most likely partnerships are: 1 allocate jobs, people, resources, responsibilities, staff, tasks; 2 analyse competitors, markets, proposals, results, sales; 3 communicate decisions, objectives,

results; 4 delegate responsibilities, tasks; 5 develop markets, objectives, people, staff, subordinates;

6 forecast results, sales; 7 make a profit, decisions, proposals; 8 measure performance; 9 motivate people, staff, subordinates; 10 negotiate contracts; 11 perform jobs, tasks; 12 set objectives, targets; 13 supervise people, staff, subordinates; 14 train people, staff, subordinates.

Exercise 2: 1 interview; 2 transfer; 3 set; 4 instruct.

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