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LICENSING
When a company is small it cannot sometimes enter a foreign market. It can sign a licensing agreement with a foreign firm. A license is a legal agreement in which one firm gives another a right to manufacture and sell its product. A company that obtains this right pays the licenser a royalty. Royalty is a certain percentage of the income from the sale of the product.
Businesses that have patents or trademarks usually can use licensing to protect them against counterfeiters. The licensee gains a successful product and the know-how. The licenser often controls the quality of the goods which the licensee produces, because high quality guarantees the reputation of the licenser. The licensee chooses the selling strategies because he knows more about how to sell the product in the foreign market.
VOCABULARY
licensing – лицензирование
agree – соглашаться
agreement – соглашение
small – маленькая (-ий), небольшая (-ой)
enter – входить, вступать, поступать
legal – юридический, правовой
right – право
manufacture – производить
product – продукт
obtain – приобретать, добывать
license – лицензия
licenser – лицензиар
licensee – лицензиат
royalty – лицензионный платёж
certain – определённый
percentage – доля в процентах
income – доход
trademark – торговая марка, торговый знак
protect – защищать
counterfeit – подделка, подлог
counterfeiter – фирма, незаконно использующая чужую торговую марку
gain – получать, достигать
success – успех
successful – пользующийся успехом
often – часто
control – контролировать
guarantee – гарантировать
reputation – репутация
strategy – стратегия
patent - патент
QUESTIONS
1. What does a company sign if it cannot enter a foreign market? 2. What is a license? 3. What is royalty? 4. What does the licensee gain? 5. What strategies does the licensee choose? 6. Who knows the market better – the licenser on the licensee?
In the past, financial management was not a major concern for a business. A company used to establish relations with a local bank. The hank handled the financing and the company took care of producing and selling.
Today only a few firms operate in this way. Usually businesses have their own financial managers who work with the banks. They negotiate terms of financial transactions; compare rates among competing financial institutions. Financial management begins with the creation of a financial plan. The plan includes timing and amount of funds and the inflow and outflow of money.
The financial manager develops and controls the financial plan. He also forecasts the economic conditions, the company's revenues, expenses and profits. The financial manager's job starts and ends with the company's objectives. He reviews them and determines the funding they require. The financial manager compares the expenses involved to the expected revenues. It helps him to predict cash flow. The available cash consists of beginning cash plus customer payments and funds from financing.
The financial manager plans a strategy to make the ending cash positive. If cash outflow exceeds cash inflow, the company will run out of cash. The solution is to reduce outflows. The financial manager can trim expenses or ask the customers to pay Easter.
The financial manager also chooses financing techniques. One of them is short-term financing. Another is long term financing.
At the end of the fiscal year the financial manager reviews the company's financial status and plans the next year's financial strategy.
SUBSIDIARIES AND BRANCHES
A company can set up a branch in the foreign country to handle the sales of the product abroad. A parent company specifies the tasks and goals of a branch. Those usually consist of marketing and selling the product.
If the managers of the parent company decide to arrange the company's own production facilities (plants, factories, etc) overseas, they set up a subsidiary. A subsidiary works under the laws of the foreign country and to the profit of its parent company. Some subsidiaries are to a great extend independent of their parent companies because the home management believes that the on-site managers are in the best position to make decisions.
VOCABULARY
subsidiary – филиал, дочерняя компания
parent – родитель, родительский
specify – определять, специфицировать
task – задача, задание
goal - цель
marketing - маркетинг
manager – менеджер, управляющий
facility – средство, устройство
facilities – средства производства
etc. (etcetera) – и так далее
overseas – букв. за морем, на заморских территориях, за границей
law – закон, законы
under the law – в соответствии с законом
to a great extend – в значительной мере
independent of – независимый от
management - управление, менеджмент
on-site – букв. на месте
position – положение, позиция
decision – решение
QUESTIONS
1. Why do companies set up branches in a foreign country? 2. What does a parent company do when it sets up a branch overseas? 3. What are the tasks and goals of a branch? 4. In what cases do the managers decide to set up a subsidiary? 5. What laws does a subsidiary work under? 6. Who profits by the work of a subsidiary? 7. When and why do some subsidiaries become independent of their parent companies?
Management plays a vital role in any business or organized activity. Management is composed of a team of managers who are in charge of the organization at all levels. Their duties include making sure company objectives are met and seeing that the business operates efficiently. Regardless of the specific job, most managers perform four basic functions. These management functions are planning, organizing, directing, and controlling.
Planning involves determining overall company objectives and deciding how these goals can best be achieved. Managers evaluate alternative plans before choosing a specific course of action and then check to see that the chosen plan fits into the objectives, established at higher organizational levels. Planning is listed as the first management function because the others depend on it. However, even as managers move on to perform other managerial functions, planning continues as goals and alternatives are further evaluated and revised.
Organizing the second management function is the process of putting the plan into action. This involves allocating resources, especially human resources, so that the overall objectives can be attained. In this phase managers decide on the positions to be created and determine the associated duties and responsibilities. Staffing, choosing the right person for the right job, may also be included as part of the organizing function.
Third is the day-to-day direction and supervision of employees. In directing, managers guide, teach, and motivate workers so that they reach their potential abilities and at the same time achieve the company goals that were established in the planning process. Effective direction, or supervision by managers requires ongoing communication with employees.
In the last management function, controlling, managers evaluate how well company objectives are being met. In order to complete this evaluation, managers must look at the objectives established in the planning phase and at how well the task assigned in the directing phase are being completed. If major problems exist and goals are not being achieved, then changes need to be made in the company's organizational or managerial structure. In making changes, managers might have to go back and replan, reorganize, and redirect.
In order to adequately and efficiently perform these management functions managers need interpersonal, organizational, and technical skills. Although all four functions are managerial duties, the importance of each may vary depending on the situation. Effective managers meet the objectives of the company through a successful combination of planning, organizing, directing, and controlling.
JOINT VENTURES
To go international a large firm can set up a joint venture with a company in another country. In this case two companies pool their resources to design, manufacture and sell the product. Both firms profit by the results of this arrangement. They also share responsibility. One of the firms provides the necessary funds and know-how for producing goods. In return it gets a foothold in the foreign market. The other firm obtains financial aid and technical assistance. And it takes responsibility for handling red tape and organizing sales in the local market.
In the late 1980-s, for example, a Connecticut engineering company set up a joint venture with Russian oil refineries and petrochemical plants. The venture gives the Russians the necessary technology and the Connecticut company has gained a foothold in the world's largest oil industry in return.
VOCABULARY
to go international – выйти на международную арену
joint – совместное
venture – рискованное предприятие
joint venture – совместное (чаще всего краткосрочное) предприятие
pool – объединять, создавать общий фонд, капитал и т.д.
resources – ресурсы
design – разрабатывать
arrange - организовывать
arrangement - организация
share - разделять
responsibility - ответственность
return – возврат, возвращаться
in return – в обмен
foothold - опора
finance – финансы, система финансов
financial - финансовый
technical - технический
aid - помощь
assistance - поддержка
handle – управляться, иметь дело
red tape – (перен.) бюрократия, волокита
organize - организовать
local - местный
late 80-s – конец 80-х годов
Упражнение
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