Class Notes, 04/27/2009

WOD: (from GMAT list) - alkaline- having the properties of a chemical substance known as alkali
Ex: The alkaline content of the water made it bitter and impossible to drink.

Quotable: "If there is any one secret of success, it lies in the ability to get the other person’s point of view and see things from that person’s angle as well as from your own. - Henry Ford

Business Expression of Week - "With advertising rates for the Super Bowl running as high as $3 million for a 30-second spot, some marketers are wondering whether during these tough economic times they can afford the big game."

10 Biz Words for May 5, 2009:

empower	infringement
intellectual property	trademark
B2B	e-commerce
glitch	mass market
tender	boycott

Communications
Business Skill #3 - Public Speaking

Public speaking ranks high amongst the worlds most popular fears. You must overcome it and the best way is to practice. It might feel more comfortable working from the safety of your desk but at some point you are going to have to present. Better to have some experience under your belt before being forced to perform unprepared when it really counts.

Understanding your own attitude toward public speaking

Doing the initial planning and knowing your audience

Setting the right benchmarks

Planning the basic structure of your presentation

Making your presentation convincing

Making your presentation surprising

Using the right kind of visuals

Handling questions and answers with ease

Remembering the basic purpose of the presentation – to inform

Developing Your Thesis

Your thesis is your central idea for the talk. Generally this is a one-sentence assertive statement. Communication experts Beebe and Beebe recommend that your thesis meet these criteria:

1. Central ideas use specific language;
2. Central ideas must express only a single idea; and
3. Central ideas should be audience-centered.

Generally, identifying your central idea comes after you have explored and researched your topic. As communication expert Grice and Skinner assert, "A thesis statement is one sentence that summarizes the main points you are trying to communicate or prove." This is your argument, from which your main points will stem. While developing your talk, refer back to your thesis statement often and ask yourself, "Does this prove my thesis to be true?"

Business Vocabulary, Class 04/20/09

productivity - the relationship between the output of goods and the resources needed to produce them
EX: Productivity has continued to grow strongly.

offshoring - transferring work to an outside supplier based in another country
EX: Offshoring is only suitable for tasks that have been clearly defined and can be managed at a distance.


overhead - a cost that does not vary with output (e.g rent, salaries)
EX: The pressure on corporate mangement to reduce overheads is increasing.

pilot project - a trial project to test performance: The pilot project will start operating in June

balance sheet - a statement showing the wealth of a business or organization at a particular date. The balance sheet has two parts showing assets and liabilities
EX: Buildings and machinery are assets that should be listed on the balance sheet.

bottom line - the last line on a financial document which shows the final result (total profit once all costs have been deducted
EX: Falling sales are going to have a negative impact on the bottom line.

merger - the creation of a new company by joining two separate companies
EX: The merger will have to be approved by the authorities.

income statement - a financial statement showing revenue, expenditure and profit from operations during a given period
EX: Enron’s income statement did not accurately reflect its losses.

mismanagement - poor quality management
EX: Lack of cashflow is often due to mismanagement.

Securities Exchange Commission (SEC) - abbreviated SEC - the US agency responsible for stock market regulation
EX: The SEC is currently investigating ten cases of fraud.

Class Supplement, 04/20/09

More Resources: Essential Business Skill - Social Networking

4 Secrets to Small Talk Success

Secrets to Small Talk

Twenty-five Steps to Successful Networking

Business Small Talk

Class Supplement - Building a Strong English Vocabulary

Do you need tips on building a strong English vocabulary?

MSN Encarta offers 10 tips to help you!

Class Supplement - 5 Mistakes in Business English

MSN Encarta has a list and explanation of five mistakes made in Business English.

Are you making these same mistakes?

Class Vocabulary, 04/13/2009

to gulp - to swallow hurriedly or greedily or in one swallow; (n) a gulp

laid-off - without a job, but could be called back to work again

to commute - to travel back and forth regularly (as between a suburb and a city)

to forgo - to give up the enjoyment or advantage of : do without

at the pump - at the gas station

steepest - highest, fastest, or greatest than is usual or expected

jet fuel - fuel used by jet aircraft

to resume - to begin again, to pick where one left off

to shrink - to decrease, to get smaller

innovative - new and creative, especially in the way that something is done

one-off - happening only once, not as part of a series

millennials - those members of the generation of children who were born between the years 1977 and 1994

anecdotal - consisting of or based on secondhand accounts rather than firsthand knowledge or experience or scientific investigation

to shepherd - to guide

stakeholders - person or group with a direct interest, involvement, or investment in something, e.g. the employees, stockholders, and customers of a business concern

Business Vocabulary, Class 04/13/09

severance pay - money paid by an employer when an employee’s services are terminated -
Ex: Severance pay for top executives has increased significantly in recent years.

stock option - an option given to executive employees allowing them to buy shares in the company at a favorable price -
Ex: Microsoft has announced that it plans to end stock options for employees.

consortium - an association between two or more companies to work together on a specific project (usually a major construction or engineering project) -
Ex: SK Gas has formed a consortium with automakers to produce gas-powered vehicles.

revenue - money received especially from selling goods and services:
Ex: Revenues have increased by six per cent to $183m.

barrier to entry - any factor which prevents new competition from entering a market:
Ex: A strong brand can become a barrier to entry in some markets, while a simple product cannot.

brand loyalty - fidelity to a product or service:
Ex: I always buy Sony products because of brand loyalty.

marketing mix - the four different components of marketing: 1) place - the distribution and delivery of goods to market; 2) price - the amount of money for which something can be sold; 3) product - normally a manufactured item but also refers to everything that surrounds the product: the brand, the packaging, the product’s features and performance characteristics;
4) promotion- activities that help sell a product -
Ex: Coca-Cola used a combination of marketing tools to satisfy customers and company objectives in its recent marketing mix.

point of sale - (POS) - the place where a consumer can buy a product or service:
Ex: New electronic systems can approve credit for customers at the point of sale.

back office - the departments of a financial company where routine administrative tasks are done without direct contact with customers:
Ex: Efficient management of the back office can reduce costs.

downsize - to reduce the number of employees in an organization:
Ex: European companies are continuing to downsize their manufacturing operations.

Class Supplement - 04/13/2009

Class Supplement

Links

Tips for Effective Email | Best Ever Customer Service Email Tips

Effective Memo Writing

21 Business Skills Needed To Succeed

Class Vocabulary - 04/06/2009

In our class discussion, we reviewed these terms from the news article:

to plunge - to dive suddenly or descend precipitously
Big Blue - IBM's nickname
to rebuff - to reject
board - in the article's context, Board of Directors
top spot - in the article's context, Chief Executive Officer (CEO) of Sun
acquisition - what is acquired, bought or otherwise obtained
impasse - a standoff
to falter - to fail
speculation - rumor, gossip
to cite - to refer to
due diligence - being thorough
array - an assortment or collection of things
assurances - guarantees
scrutiny - subjected to close review or inspection

Collapse of IBM deal could weaken Sun even more | Special Coverage | Reuters

Collapse of IBM deal could weaken Sun even more (Reuters)

This is an update to our class discussion on Monday, 04/06/09.

Business Vocabulary, Class 04/06/09

entrepreneur - someone who starts a company, arranges business deals and takes risks
freelance - someone who works for different companies and is not employed by one
hierarchy - system of authority within an organisation
merger - the creation of a new company by joining two separate companies
share - a unit of the capital of a company Shares in listed companies can be bought and sold on the stock market
trade union - an organization that exists to protect the rights of employees in a company
appraise - to assess the value of something
autonomy - the freedom to make your own decisions without having to request authorization
subordinate - a person who works under a more senior member of staff
compensation - payment, including salary and other incentives like stock options

Quotable Business

"There is only one boss, the customer. And he can fire everybody in the company...simply by spending his money somewhere else."
-- Sam Walton (late founder of WalMart stores)

Quotable Business

A bank is a place that will lend you money if you can prove that you don't need it.

-- Bob Hope
credit

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