Pre-text discussions
1. What are the roles and responsibilities of a Board of directors?
2. What is the highest ranking position in a corporation?
3. What are business functions of PR, IT and R&D departments?
Reading
Text III. The Board of Directors and departments in companies
The Board of Directors of a corporation is the group of individuals who are charged with running the corporation. The board of directors may be called a board of trustees (for a non-profit corporation), board of governors, or executive board.
Selecting the board of directors is the job of the President/CEO of the organization, as the corporation is being formed. Board members should be selected for their ability to help move the corporation forward and provide oversight and guidance, not for friendship or political purposes.
The duties of the board of directors and officers of the corporation are set by the corporate bylaws but are also set by law, specifically by the laws of the state where the business is incorporated.
The primary duty of the board members is to set the mission and vision of the company, and policy for corporate officers and employees to follow. Board members do not participate in day-to-day operations of the company.
The highest-ranking executives are:
1. The Chief Executive Officer (CEO) runs the company.
2. The level below CEO is Chief Operating Officer (COO). The COO is responsible for the daily operation of the company, and routinely reports to the highest-ranking executive, usually the chief executive officer (CEO).
3. The Chief Financial Officer (CFO) is in charge of all the financial side of the business.
The board should have a board chairperson, a vice chair, a secretary, and a treasurer.The duties of each officer should be set out in the bylaws. Board officers should not be executives of the business itself, again because of conflict of interest principles.
The list of departments below is typical for many businesses – each one corresponds to a business function. Companies also have other departments related to their own particular business activity.
● Production might also include Purchasing and Quality Assurance (QA).
● Operations department refers to all the internal processes of a company and might include logistics.
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● Sales might also include Business Development.
● Customer Services might include Technical Support.
● Marketing might include Market Research.
● Communications department refers to all promotional activities including a strong focus on Public Relations (PR).
● Finance has many subdivisions, such as Financial Control, Treasury, Accounts and Payroll (managing salary payments).
● Human Resources (HR).
● Information Technology (IT).
● Research and Development (R&D).
● Legal or Law department
Vocabulary test_______________________________________________________
1. It is necessary to … between various types of business organizations.
A) divide B) decide C) differentiate D) deteriorate
2. A senior manager has the greatest … of authority with regard to day-to-day activities.
A) amountB) account C) sum D) summary
3. In private limited companies people can buy shares in them only with the … of current owners.
A) representation B) disagreement C) disregard D) approval
4. The department has … which are responsible for the activity in financial areas.
A) substances B) subdivisions C) subsidiaries D) substitutions
5. The duties of the Board of directors are set by corporate ….
A) law B) bylaws C) lawyer D) lever
6. One person business means a single person ….
A) runningB) jogging C) power D) powder
7. A business legal and ownership structure …the responsibilities of employees in the company.
A) defines B) denies C) demands D) determines
8. RIL is a conglomerate holding company with … in Mumbai, India.
A) governance B) government C) headquarters D) headline
9. The company succeeds in business and has a … export market in Japan.
A) thrivingB) trivial C) tremendous D) treating
10. The destination enjoys the … of businesses operating successfully in the area.
A) divisions B) divinities C) diversityD) diversion
11. In some industries, it is important to invest in R&D to … new products/technology.
A) detect B) discoverC) distinguish D) dismiss
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12. . The company is hoping to… its market still further.
A) expel B) exaggerate C) examine D) extend
13. The successful branding of the new product increased our … sharply.
A) share B) loan C) profit D) promotion
Translating___________________________________________________________
Choose the best option of the word in the following sentences:
1. Отдел информационных технологий поддерживает (maintains / supports) компьютерные сети всей компании.
2. Обязанности менеджеров по закупкам (shopping / purchases) – это выбрать подходящее (convenient / suitable) для производства сырьё.
3. Если бизнес успешен, то количество клиентов растёт, товарооборот (rotation / turnover) увеличивается.
4. Основатель (founder / developer) компании Мистер Смит Старший
(elder / senior) собирается уходить на пенсию.
5. Генеральный директор - главный менеджер в совете директоров, он управляет (runs / governs) компанией.
6. Собственники какого вида бизнес компаний ответственны (responsible for / liable for) за все долги?
7. Одна из самых важных юридических процедур (provisions / requirements) корпорации – это ежегодная (annual / every year) встреча акционеров.
8. Совет директоров действует от лица (face / behalf) всех акционеров компании.
9. Корпорации часто платят дважды – налоги и дивиденды акционерам, это называется двойным (double / twice) налогообложением.
10. Первоочередная (first / primary) обязанность председателя правления – это организовать обсуждение наиболее важных вопросов (questions / issues) во время встречи директоров.
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Additional reading_____________________________________________________
Text IV. Franchising
Franchising is a means of marketing and distributing goods. The franchiser, usually a large business, supplies the franchisee, usually and individual with products or services for sale to the public. The franchisee pays for the right to sell the product or service in a certain area, and also makes annual payments – known as royalties to the franchising company.
This type of business has always been popular in the USA. It developed particularly in the 1950s and 1960s when there was a boom in fast-food restaurants such as McDonald’s and Kentucky Fried Chicken. Now about one-third of all retail sales in the USA are through franchising outlets, and there are about half a million enterprises operating in this manner.
The system is spreading quickly throughout the world, because franchising has advantages for both sides.
The franchiser is able to expand his business without reducing his capital or borrowing money. He gets additional capital from an outside source – the franchisee.
The franchisee gains from the arrangement as well. Franchisees are usually interested in business, but do not have much experience or capital. For their investment, franchisees buy the right to use the trade name of the franchiser, and they get advice about running the business. Also the franchising company will provide them with training, materials and equipment. Finally, the franchiser will promote the brand name of the business in many areas with national advertising.
The franchising system gives people the chance to set up business without taking great risks. If they choose their franchise wisely, they will have the opportunity to make a small fortunate.
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