Lecture 2


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Lecture 2

  1. 1. Welcome04-03-2013
  2. 2. DefinitionsA public-limited company (plc)= a company in which you can invest and which is responsible in its own right for everything it does so that its finances are separate to your personal financesA multinational= a multinational company or business has offices, shops or factories in several countriesA subsidiary= a company that is owned by a larger companyAn asset= something such as money or property that a person or company ownsA merger= the process of combining two companies or organizations to form a bigger one
  3. 3. Definitions (ctd)An acquisition= a company that is bought by another companyA dotcom= a company that uses the Internet to sell its products and servicesAn entrepreneur= someone who uses money to start businesses and make business dealsA share= a unit of ownership that represents a proportion of a company‟s capital and entitles its holder to a claim on profits and an obligation for debtsA bond= a debt security under which the issuer owes the holder a debt, repaid in interests (coupons) and/or the principal (maturity) on maturity date
  4. 4. Types of authorityFunction(al) authority= right which is delegated to an individual or a department to control specified processes, practices, policies, or other matters relating to activities undertaken by persons in other departments e.g. members of an accounting department might have authority to request documents they need to prepare financial reportLine authority= ability to issue orders to subordinate employees within an organisation e.g. a production supervisor has the right to direct an employee to operate a particular machineStaff authority= right to advise or counsel those with line authority e.g. a human resource department’s employees help other departments by selecting and developing a qualified workforce
  5. 5. Overview UNITED KINGDOM UNITED STATES OF AMERICA Sole proprietorship Sole proprietorship Public limited company (plc) Corporation (Inc.) Private limited company (Ltd.) Close corporation (CS) Unlimited company Joint-stock company (JSC)
  6. 6. Text1. Idyllic2. “This small country accords beer the same respect reserved elsewhere in Europe for wine, and it produces endless varieties: pale and dark, bitter and sweet, light and strong. In this beer lovers paradise, Chimays classic Grande Reserve is held in the highest esteem. For connoisseurs, nothing compares with Chimays golden-amber body, rich head, and strong, perfumed taste.”3. “Giant multinational brewers, such as Interbrew in Belgium and Danone in France, have copied the Trappist style and licensed the names of Belgian abbeys Abbaye de Leffe and Grimbergen, neither of which produce beer. Other secular brewers pick names echoing ecclesiastical ruins, shrines, churches, and local saints. Many put pictures of monks on their labels. One brand, Corsendonck, marketed its product as "Monks Ale.”4. “To protect their good name, the monks have filed suits against several offending secular breweries, and this year they formed the Authentic Trappist Assn. to ensure integrity.”5. “While beer consumption is declining internationally, specialty beers, including those inspired by the Trappists, are taking a small but healthy swig of the market. In the U.S., for instance, beer consumption, which peaked at 193 million barrels in 1990, fell last year to about 187 million barrels. But specialty beer imports boosted their market share from less than 7% in 1990 to more than 11% last year. Interbrews Abbaye de Leffe alone notched up a 230% increase in sales in the past decade.”
  7. 7. Text (ctd)6. “But the abbey producers have made more concessions than the Trappists to the marketing mans perception of consumers.” In contrast with the unpasteurized, all- natural ingredients of Chimay, Leffe is pasteurized and brewed with extra sugar for a smoother taste. “Our beers are challenging,” says Dom Thomas. “Leffe goes down easier for a larger public.”7. “We believe in working the land,” says Dom Thomas, “and when we work, we aim to do it well.” Along with that agrarian ethic, monks in the Middle Ages had the time and inclination to test recipes in search of high-quality products. So in southern Europe, monks grew grapes and made the best wine. In the north, they harvested grain and brewed beer.”8. “After the French Revolution closed most monasteries in France, many Trappist monks moved to Belgium and the Netherlands. One group established Chimay and opened a brewery in 1862.”9. “These days, few monks actually man the brew kettles and fermentation vats. Because they must rise at 4 a.m. and attend church services half a dozen times a day, they just dont have the time or the manpower. Dom Thomas says only 19 monks still live in the immense Chimay monastery, and their average age is over 70.”
  8. 8. Text (ctd)10. “The Westvleteren monastery in West Flanders brews only when it needs funds. Rocheforts Abbaye Notre-Dame de Saint-Remy recently refused to expand its production. We just sell enough to support ourselves,” says Father Jacques Emmanuel. “We dont want to become corrupted by money.” Theres also a quality argument. “If we produced too much, we would not be able to produce the best,” he says. But other Trappists have set up modern, profit-minded companies. Chimay, with sales of almost $20 million last year (and profits of $500,000), is one of the two largest Trappist breweries. In the isolated rural region around Chimay, it is the largest single employer. Chimay beers are sold in supermarkets and specialty shops around the globe and are among the most popular Belgian beer exports to the U.S. “We dont want to grow too fast, but we need to pay back our investments,” says marketing manager Philippe De Jaeger. That means 2% to 3% growth per year. Profits go to support the monastery and its two funds-starved foundations in Africa, which care for the poor. “This brewery lets us achieve good works,” he says.”10. “The legal offensive is paying off. The Colorado brewer discontinued the offensive Trappist claim without even going to court, and a Belgian court ruled that Corsendonck must remove the Monks Ale label by 2000.”11. “Perhaps the biggest danger to authentic Trappist beer comes from the monks themselves. Beer writer Jackson fears they might ‘dumb down’ their beers to meet perceived public tastes. His nightmare: “Trappist Light.”
  9. 9. Text (ctd)13. “Perhaps the biggest danger to authentic Trappist beer comes from the monks themselves. Beer writer Jackson fears they might „dumb down‟ their beers to meet perceived public tastes. His nightmare: “Trappist Light.”
  10. 10. Let’s apply! A job interview at Ikea …