Навчально-методичний посібник для студентів спеціальності «Переклад» І студентів економічних спеціальностей A. Sukhova business english



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Sukhova Business english 2016

Management 
Management, by definition, is a function of planning, organising, 
coordinating, directing and controlling. Any managerial system, at any 
managerial level, is characterised in terms of these general functions. 
Management is revealed in a variety of specific activities. Marketing 
management refers to a broad concept covering organisation of production and 
sales of products, which is based on consumer requirements research. All 
companies must look beyond their present situation and develop a long-term 
strategy to meet changing conditions in their industry. 
Marketing management, therefore, consists of evaluating market 
opportunities, selecting markets, developing market strategies, planning 
marketing tactics and controlling marketing results. Strategic planning includes 
defining the company’s long-term as well as specific objectives, such as sales 
volume, market share, profitability and innovation, and deciding on financial, 
material and other resources necessary to achieve those objectives. 
In problems of market selecting and product planning one of the key 
concepts is that of the Product Life Cycle. Those products pass through various 
stages between life and death (introduction – growth – maturity – decline), that 
is hard to deny. Equally accepted is understanding that a company should have a 
mix of products with representation in each of these stages. Companies can 
make far more effective marketing decisions if they take time to find out where 
each of their products stands in its life cycle
However, the concept of the product life cycle seems frequently forgotten 
in marketing planning, which leads to wrong decision-making. This may well be 
seen in the following story. A supplier of some light industrial equipment felt 
that the decline in the sales of his major product was due to the fact that it was 
not receiving the sales support it deserved. In order to give extra sales support to 
this problem case a special advertising campaign was run. This required cutting 
into marketing budgets of several promising products those were still in their 
“young” growth phase. 
In the following extract, members of the Board of a company are 
discussing the company strategy. 

Since our main objective is to gain market share, I believe we must first 
of all reduce our prices. 

However, if we reduce prices, we can slowly increase production, which 
will eventually enable us to cut unit costs

That is really a long-term prospect. Unit costs can only come down if we 
invest in new plant and machinery. I personally think we should go for higher 
profitability. If we upgrade the product, we can change higher prices and get 
larger profits. Look, the market is already very competitive. If we increase 


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prices, whatever the quality, the market will immediately respond and sales will 
drop rapidly. But if we reduce costs in manufacturing, that will put us in a 
strong position to adapt to the market.


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