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a) The car company will r…….. its new model at the motor show.
b) A well-developed market is called a m…… market.
c) The aims of a company are called its o……...
d) When you think something is true, but do not have all the facts, you make an a.
e) If you have to check that a deal is good, you need to v…….. the details.
f) Another word for development is e……...
g) If you have a product or service just for you, it is t…….. to your specifications.
h) If something is lacking, you can say it is i……...
3. Why do companies outsource? What kind of problems might there be with outsourcing?
4. Is outsourcing always a good idea? What sort of jobs do you think can be outsourced successfully?
UNIT 11
NEW BUSINESS
A recent TV ad for an airline shows an executive receiving an e-mailed presentation from a potential supplier and then quickly forgetting about it when another potential partner walks into the room and gives his presentation in person. The ad is trying to persuade businesspeople of the merits of face-to-face contact in new business. Flying to meetings is still the preferred way of doing things: companies worldwide spend $3 bln on video-conferencing equipment a year, but US companies alone spend $410 bln a year on business travel.
Clients and suppliers refer to each other as partners to underline that they are in a relationship with mutual benefits. Some cultures give great importance to getting to know potential partners before working with them. There is some truth in the idea that Americans walk into a room expecting to reach a deal immediately; Asians, to build a relationship that may later lead to a deal.
In the past, companies often worked with large numbers of suppliers, perhaps playing them off against each other to demand lower and lower prices. The tendency now is to work more closely with fewer suppliers. This is a necessary part of just-in-time (JIT) delivery and total quality management (TQM). It is easier to make improvements in these areas when dealing with fewer organisations. This means that it is difficult for new suppliers to break into the privileged circle and get new business.
Another form of new business is start-ups. At one end of the scale, there are one-person operations, often started by people who have gained expertise as salaried employees in organisations and then struck out (or been forced to strike out) on their own. At the other end, there are serial entrepreneurs, who are gifted at transforming ideas into businesses, and who found a number of start-ups, moving on when each business becomes viable. Their talent lies in combining ideas with people and finance, and they may be less interested in the more mundane activity of running established operations.
Breaking into new markets is another form of new business. It may be necessary to have local partners who are already familiar with the market and are willing to invest in a joint venture.
UNIT LINKS
For a glossary of Economic terms, try the Investor Words website: http://www.investorwords.com/
Find out more about Pasquale Pistorio and the ST Microelectronics company: http://www.st.com/internet/com/about_st/st_company_information.jsp
The Unit 11 Case Study involves a Jeans manufacturer looking at new business opportunities. The Entrepreneur website gives hundreds of business ideas that you can start today. You can also read stories of entrepreneurs that have made their idea a success as well: http://www.entrepreneur.com/businessideas/index.html
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