L4 Material

Listening Handout L4 Lecturer: Ng Thao Trang
UNIT 7: MANAGEMENT STYLE

CD 2.17
Listen to Laurie Mullins. Which two factors influence the managerial
function today? What are the two examples that Laurie gives of these
factors?
..........ability to mânge in
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Complete the table below.

Noun Adjective
manager
compete
volatility
individual
diversity
challenge
remoteness
Now match the adjectives above to their meanings.

a) not in the place where you are
b) difficult in an interesting or enjoyable way
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c) describing a situation of rivalry

d) containing people from many different races, backgrounds, etc.
e) changing fast and unpredictably
f) relating to responsibility for the control of employee’s work
g) relating to one person
CD 2.18
Listen to the second part. Which six managerial philosophies does
Laurie mention?
philosophy (n): the use of reason in understanding such things as the nature
of the real world and existence, the use and limits of knowledge, and the
principles of moral judgment.
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Are these statements about the expressions in italics that Laurie uses true
or false in relation to their context here?
1. Perceptions: what you receive through the sense of sight, touch, etc.
2. Consideration: showing that you care about other people’s feelings.
3. Majority: more than half the members of a group.
4. Credit: the ability to borrow money.
5. Recognition: when you see someone, and you know who they are.
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6. Key feature: one of the most important things about something.

7. Emphasis: special importance given to a word by saying it louder.
CD 2.19
Listen to the final part and complete the tape script below.
(I = INTERVIEWER, LM = LAURIE MULLINS)
I: As more managers work internationally, how should they adapt their styles to
suit this situation?
LM: An underlying precept is that managers must be fully (1).......................of their
own (2) ............................ towards people, and their preferred natural style of
management.
For example, some managers believe in the need for (3) .................. and control
through an (4) .................. system of central control, formal organization (5)
.................., um, systems of (6) .................., and the belief that it's natural for
people to try to get away with what they can; therefore, management has a job
to stop them doing that and to control and supervise them - the (7)
.....................................................................
Other managers believe in the integration of (8) ....................... and (9)
....................... goals and that people can be (10)......................to the goals of the
organization, in which case they will exercise (11) ......................... and (12)
............................
Find expressions that mean or refer to the following
1. an idea or principle (7 letters)
2. the way you feel about people before a particular event, etc. (14 letters)
3. a situation where things are done in a particular way and a particular order (7
letters)
4. a system of reward and punishment (6 letters – 3 letters – 5 letters)
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5. ideas that people have without questioning them (11 letters)

6. combining things together (11 letters)
7. a situation where people discipline themselves (4 letters – 7 letters)
New vocabulary
knowing that something exists or having knowledge or
experience of a particular thing.
the state of being likely to behave in a particular way or to
suffer from a particular disaster.
TAPESCRIPT
CD 2.17 (I = INTERVIEWER, LM = LAURIE MULLINS)
I: What are the (1) ................. ................. for a successful manager today,
compared to the past?
LM: I see two major factors which influence the (2).........................................today.
The first one is the ability to (3) ................. in an increasingly (4)......................,
................., .................,.......................................................An example of this is the
growth of the so-called BRICK nations, B-R-I-C-K, which is Brazil, Russia, India,
China, and Korea. Arising from this development is, there's greater concern for (5)
................. of the (6) ...................... ................. within the work organization.
Um, people will bring their own (7) ................., their own, uh, (8) .................
......... ..................... We now have a far more (9) ................. ................., uh,
their culture, um, the importance of (10).............................................................., and
(11) ................. ................. ................. ..................
Secondly, the manager today has to manage with an increasing rate of (12)
................. ................. - this is allied to the competitive and (13) .................
business environment. A particular example of this is the so-called information
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communications technology, which is often shown as ICT. So, if we take just one
example of this, if you think of developments in (14) .................................
technology and consider managing a (15)............................................Um, so people
today may no longer be at the same (16) ................., the same (17)....................,
or they may not work together in (18)....................................................................So,
this means that, through ICT, a manager may have to (19) ................. with staff
who may not be at the same desk, may not work together, may not be in the
same building, may not even be in the same location, and may not even be in
the same country.
New vocabulary
likely to change suddenly and unexpectedly, especially by
getting worse.
CD 2.18 (I = INTERVIEWER, LM = LAURIE MULLINS)

I: Which management style do you think gets the best out of people?
LM: 'The (1) ..................... consideration here is that people are not owned by
the organization, um, people bring their own (2) .....................,...........................,
....................., .....................,...........................to work. So, arising from that, I see
six key (3) ..................... managerial philosophies.
One is (4) ....................., ....................., and ...................... Most people (5)
..................... according to the way they're treated. So, if you treat people with
(6) ..................... and ....................., the chances are, the majority of staff will
respond in a similar manner.
(7) ..................... and ..................... - people can be (8)..............................to
success. Let people know you (9) ..................... good work. An example of this,
if you have a junior member of staff who, on your behalf, prepares an excellent
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detailed report for senior manager, when you as the (10) .....................
..................... submit that report, why not add the name of your junior
colleague as (11)..................................?
Three: (12) ..................... and ..................... Take an interest in your staff;
maintain an (13) .................... .................... of communication, the so-called
'management by walking about’. The key feature of this is not to give the (14)
.................... to staff that you don't trust them, that you're (15) ....................
their work, but you're (16) .................... ......... .................... in their work.
Four: a (17)...............................................................Treat people fairly, but according
to (18) ..................... If difficult decisions have to be made, staff are more likely
to accept those decisions if they feel they've been treated fairly, and witl1 a
sense of justice. This requires good (19) .................... ....................
....................
Five: (20) .................... .................... on an (21)....................................................If
colleagues are working in a, a team, and one or two colleagues need to be (22)
...................., criticize those people in (22) ...................., on an individual basis.
And lastly, point six: (23) .................... on..................................................'The ends
do not always fully (24) .................... the means, but wherever possible, place
emphasis on not (25) ......................................, or what people appear to be
doing, but the level of (26) .................... actually achieved.
New vocabulary
a belief or opinion, often held by many people and
based on how things seem.
the action of supporting or opposing a particular
person or thing in an unfair way, because of allowing
personal opinions to influence your judgment.
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calm, serious, and controlled behavior that makes

people respect you.
to express admiration or approval of the achievement
or characteristics of a person or thing.
to accept, admit, or recognize something, or the
truth or existence of something.
belonging to or shared between two or more people.
fairness in the way people are dealt with.
the quality of being good and deserving praise.
to express disapproval of someone or something.
to give or to be a good reason for.
how good or bad someone is at arriving at work, at

meetings, etc. at the agreed time.
LISTENING PRACTICE
Conversation One (Questions 1-4)
• Look at the note below.
• You will hear a woman telephoning about the despatch of some goods.
• Write one or two words or a number in the numbered spaces on the notes or
forms below.
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ANSWERPHONE MESSAGE
To: Katy Russell
From: Mike Ponti from (1) ............................................................................
Date: 12/05/04
Mike ordered some (2) ................................................................. last week,
due to be delivered tomorrow (13/05). They are closed so can you change
delivery date to next week (not Monday). The order code is
(3)
.............................. Can you put a (4) .............................................. in with
Conversation Two (Questions 5-8)

• Look at the note below.
• You will hear a woman telephoning the training department of her organization.
MESSAGE
Date: 2nd August
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Time: 9.30 a.m.
From: Lousie Geller, (5) .....................................................................
Message: She has received some information about a (6)
............................................. and wants to know how much is in the (7)
............................................. She thinks she needs to go on it as she’s going
to be the new manager at our West London (8) ................................................
Can you get back to her?
TAPESCRIPT
Conversation one
It's Mike Ponti from (1) ................ speaking. That's .........................................
This is a message for Katy in Despatch.
Katy, I ordered some (2) .......................... last week, sorry, I mean (3)
.......................... ........................... Mostly coffee and tea (4) ..........................
for the machines but there's some other stuff as well. They were due to be
delivered tomorrow, that's Wednesday. Unfortunately, we're closed that day and
I was (5) .......................... if you could give me another (6) ..........................
..........................? After the (7) .......................... is best for us, but not Monday
If that's possible. It's quite (8) .......................... as we've (9) ................
............... ............... some things already. The order code is, let me see, (10)
.................... - no, that's one of the product codes. It's (11) ...........................
That's right. Also, could you let me know if your new (12)..................................is
out? I'd like a (13) ....................., please, if it is. I expect it has the new (14)
.......................... in it, hasn't it? Could you (15) .......................... it with the
order? Great. Thanks
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Conversation two
Man: (1) ................... ..................., Matthew speaking.
Woman: Hello. It's Louise Geller here. Can I speak to Mark, please? He deals with
(2) ................... and things, doesn't he?
Man: Yes, that's right. Which department do you work for?
Woman: I'm in (3) ...................... sorry, no. We call ourselves the (4)
................... ................... now! Right. And you want to find out about the new
training program we're (5)...............................................? Shall I get Mark to call you
back? He's just out of the office at the moment.
Woman: Yes, please. But what I actually want to (6) ................... with him is the
(7) .................. of going on a (8) .................. course. I just got the (9)
................... today.
Man: Oh, I see.
Woman: Well, I don’t know how much is left in the (10) ...................
...................
for our department. It seems quite (11).......................but it’s just what I’m looking
for.
Man: Right.
Woman: The thing is I’m (12) ................... ................. our West London branch
in three months’ time. This course would be a (13).................................................or
me.
Man: Well, leave it with me and I’ll get Mark to call you when he comes back.
Woman: That would be good. Thanks.
Man: OK, them. Bye.
Woman: Bye.
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UNIT 8: TEAM BUILDING

CD 2.25
Listen to the first part and answer the questions:
What’s a team?
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What’s the leader’s role in the team?
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Listen again and replace the eight mistakes with that Dan Collins
actually says.
The important thing with a team is that it's really just a group of people working
towards a common objective. The leader's role in a team is to make sure that
objective is well understood and is clear and then to encourage people along the
way as they work towards that end. Where necessary, steer them back on track
if they steer off, but a team really is a group of people who are feeling
enthusiastic towards reaching the same objective and they're feeling supported
by their leader throughout.
CD 2.26
Listen to the second part. What kind of communication problems do
people at work often have?
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CD 2.27
Listen to part three and answer the question.
Which four team roles that Dan mention? Take notes on what he says about each
role.
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Use appropriate forms of the expressions from parts two and three to
complete the answers to the questions.
1. What’s difficult for people to find time to do?
- Most conversations are about a set subject, but there should be more
conversations that are s ..............., m.............., and s ..............
2. What’s important in team building, in addition to communication?
- It’s important to spend time discovering what each person’s s..................are
and what they can c ............. to the team.
3. What types of people make up teams?
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- First, there are people who take a leading role, either because they are a
............. or they are n .............
4. What other types are there?
- There are creative people who t ............. o ............. o............. t .............
b ............. and there are others who solve problems creatively by using a
............. and r .............
5. What do ‘gluers’ do?
- They hold the team together but people tend to forget about the role. It is
often o ……………………..
6. What do ‘gluers’ do?
- They concentrated on p ............. and p ............. m .............
CD 2.28
Listen to the final part. What does Dan say about the attitudes to teams and how
they are led in
a) Europe and the US
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b) India and China
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Are these statements about Dan’s opinions true or false?

1. Attitudes to leadership are the same everywhere.
2. Attitudes to leadership in Europe are identical to those in the US.
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3. In the US, people are given detailed instructions about what to do.
4. In India and China, people are given detailed instructions about what to do.
5. One method of leadership is better than the other.
6. With different leadership styles, there are differences in team behaviour.
7. With different leadership styles, the way that team members relate to each
other will not be the same.
TAPESCRIPT
CD 2.25 (I = INTERVIEWER; DC = DAN COLLINS)
I: How can businesses build successful teams?
DC: The key thing with a team is that it's really just a group of (1) ....................
working towards a (2) .................... ..................... The leader's role in a team is
to (3) .................... .................... that goal is (4) .................... ....................
and is (5) .................... and then to (6) .................... people along the way as
they work towards that objective. Where necessary, (7) .................... them back
(8) .................... if they (9) .................... ...................., but a team really is a
group of people who are feeling (10) .................... towards (11) ....................
the same objective and they're feeling encouraged by their leader (12)
....................
New vocabulary/phrases
to make something or someone go in a particular
direction or progress in a particular way
making progress and likely to succeed
to change direction
in every part, or during the whole period of time
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CD 2.26 (I = INTERVIEWER; DC = DAN COLLINS)

I: Can you give us some examples of companies that you have helped?
DC: Yeah, we work in a (1) .................... ............. ...................., including (2)
...................., telecoms, banking, retail. And the issues that they have are very
(3) .....................
(4) .................... is always an area of (5) ...................., more so now because
as people have got (6) .................... communication devices, they have (7)
...................., but they are conversations with a (8) .................... .....................
So, they are (9) .................... to an e-mail with a subject heading or they're
having a (10) .................... in a meeting to a (11) .................... .....................
What is harder is for people to find time to do is to have those more (12)
.................... conversations which (13) .................... new (14) .....................
And so, part of our role is to take people away from their (15) ....................
.................... ......................... and to give them the opportunity to have (16)
...................., .................... conversations about what they want to (17)
.................... as a team and the (18) .................... that each (19) ....................
brings to that team.
New vocabulary
relating to the production of medicines.
happening or done in a natural, often sudden way,

without any planning or without being forced.
CD 2.27 (I = INTERVIEWER; DC =. DAN COLLINS)
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DC So, in addition to communication, we spend a lot of time helping people to (1)

………………. their area of (2) ………………. and their (3) ……………………… to the
team. So, there are a number of ways of (4)...................................the roles and
the
behaviours that people (5) ………………. in a team. But, in simple terms, we have
people who are the leaders, and that's (6) …………………………… - they take a (7)
………………. ………………., either because they are (8) ………………. to that position
or simply because they're (9) ………………. ………………. and they have a (10)
………………. ………………. in the way they do things.
There are (11)......................people who solve problems either by being creative as
we would (12) ………………. insomuch as they have (13) ………………. ……………….
and they, um, they’re able to really (14) ………………. …………. ………. ……………….
……………….. But there are also those who solve problems, um, creatively but
using (15) ………………. and, er, (16) ……………….. So, they are the (17)............We
have the leaders and the creators. We also have the '(18) ……………….' and they
are the people who (19) ………………. ………………. ………………. together. So, they
are people who are (20) ………………. by a relationship and they're keen to (21)
………………. that people are (22)............................................in the team and they're
looking after some of the (23) ………………. ………………. of the team. They're the
sort of person who might (24).....................for a lunch out or arrange the
Christmas
party, will ensure on somebody's birthday they are given a card - an essential
part of a team, which is often (25) ……………….
And finally, there are the (26)......................and they're the people who like to look
at (27) ………………. and (28).........................................., ensure that things are done
on time and to a level of (29) ………………. and ………………. It is that mix of those
four types that makes a team really (30) ………………. So, one of the things we do
is analyse the team that exists and say, 'Well, where are the gaps?' or 'Are you
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(31) ………………. one way or the other?' And, for certain roles, that's OK - it is
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quite good to have a very (32) ………………. team if their role is, say, (33)
………………., where analysis is important.
If two people ………. ………., they end thei
r
relationship or marriage.
easily understood from the information already given
and not needing further explanation.
to choose someone officially for a job or
responsibility.
to think using your imagination and having new
ideas
instead of traditional or expected ones.
used to refer to the part of the work of teachers
and priests that involves giving help and advice
about
personal matters.
to provide a view of, especially from above.
showing an unreasonable like or dislike for a person

based on personal opinions.
CD 2.28 (I = INTERVIEWER; DC =. DAN COLLINS)

I: Do attitudes to team-working vary in different countries?
DC: Um, to some degree, and, l think, attitudes to the way in which teams are
developed and led varies. So, in the West, certainly in the United States and,
increasingly, in Europe - but the United States is probably (1) ...............
.............
............... - we're very open to an (2) ............... ............... of leadership where
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somebody is given an (3)........................and then really allowed to get on with

that
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and do it the way they want to do it without too much (4)...............................And

people are allowed to do the work that they do in their way, more so than in,
um, developing countries, such as India and China, where there's more of
a (5) ................................................. approach. And there are very (6)
...............
instructions and people work to those instructions. I don't know that either one is
better than the other, but there is a difference in leadership styles and,
consequently, the way in which a team is, is (7) ............... and......................And
the (8) ........................ that, the team members in terms of their, um, their
relationship with the team can (9) ............... from place to place.
confident and in control of your life / having the
official authority or freedom to do something.
an occasion when someone tries to interfere in a
situation.
a situation in which managers tell employees
everything that they should do, rather than allowing
them to decide some things for themselves.
LISTENING PRACTICE
Matching
Section 1 (Questions 13-17)
 You will hear five short recordings. Each speaker is leaving a message for
someone.
 For each recording, decide what the main reason for the message is.
 Write one letter (A-H) next to the number of the recording.
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 Do not use any letter more than once.
13.................................... A. making an apology
14.................................... B. offering to help
15.................................... C. asking for some information
16.................................... D. amending an order
17.................................... E. giving instructions
F. cancelling an appointment
G. making a complaint
H. explaining a procedure
TAPESCRIPT
Thirteen: Hello. It's Frank Mortimer speaking, from Marshall's. It's about our (1)
………………… tomorrow at eleven. I can't make it. You remember that (2)
………………… ………………… I told you about? Well, it's (3) …………………
………………… so I have to stay here and (4) ……………………………………………
everything. Apparently, the boss doesn't trust the (5) ………………… …………………
to cope even though they've got (6) ………………… ………………… about where to
put everything! Could you give me a ring and see if we can do something next
week instead? Thanks. Bye.
Fourteen: Hi there. It's Judy. Just wanted to explain why I had to leave early
yesterday. It was an (1) …………………… …………………… and I was really enjoying
it. Unfortunately, my secretary (2) …………………………… me and said I'd been (3)
…………………… ………… by the boss. I had already canceled a meeting with him
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yesterday so this time I felt I had to go. All he wanted to do was give me a list of
things to do before the (4) …………………… arrive. Boring! Anyway, hope you
understand.
Fifteen: Hi there. It's Rob Brightwell from Newmark Landscape Builders. I just
wanted to change something on the list I left with you. I thought about what you
said and I think you're right about (1) ………………… ………. the whole area. I do
need more (2) ……………… ……………. I (3) ………………… the area incorrectly. So
what I'm going to need is another (4) ………………………, please. Doesn't matter if
they're a slightly different (5) ……………….. I promise I won't
(6)....................!
Sixteen: Yes, it’s John Ridgewell speaking. I’m calling about a (1).......................I
received from a Miss Sally Sayers. She says she has had to (2)......................one of
my (3) ………………. because I had (4) ‘………………....... ………………..’ to (5)
………………. it. She must know my (6) ………………. was due to be (7) ……………….
…………… and there’s plenty of money in my account to cover it now. This has
caused me a lot of (8) ………………............, I can tell you. The company has
cancelled the car I ordered and obviously thinks I’m not (9) ……………….
………………. Could she call me back as soon as possible? I’m on 01278 456891
and it’s John Ridgewell.
Seventeen: Hi there. You asked me to tell you about our (1) ……………….......
………………. You should have a (2) ………………. of this somewhere but it’s really
very simple. What we do is send the customer a copy of our complaints (3)
………………. with a (4) ………………. ………………. acknowledging their letter and
saying the matter is being looked in to. Next, we get hold of the people who we
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think are (5) ………………. and get as much information from the about the (6)
………………. as possible. We have to (7).............................................................of
everything we do and who we’ve spoken to and so on. That’s important, I think.
Then we don’t (8) ………………. the customer again until we are sure we have all
the facts. That’s basically it, really.
Section 2 (Questions 18-22)

 You will hear another five recordings. Each speaker is talking about a
visitor they are expecting.
 For each recording, decide what sort of visitor is expected.
 Write one letter (A-H) next to the number of recording.
 Do not use any letter more than once.
18.................................... A. Management Consultant
19.................................... B. Company Solicitor
20.................................... C. Security Officer
21.................................... D. Health and Safety Officer
22.................................... E. Research Officer
F. Human Resources Officer
G. Training Manager
H. Foreign Buyer
TAPESCRIPT
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Eighteen: I’m a bit (1) ………………., to be honest. This will be the first time I’ve
talked to her about what I think the (2)........................................., including
myself,
need to develop our skills and so on. I’m not talking about the (3) ……………….
………………. we all have to do, you know, how to handle (4) ……………….
………………. or how to manage your time better. No, I want some good advice on
what sort of courses are available on (5) ‘………………. ……………….’ or ‘……………….
……………….’. After all, we expect our staff to (6) ………………. the firm overseas
and deal with important (7).............................................Quite high level stuff,
really.
Nineteen: He’s coming this morning, I think. Apparently when we were moving
the files from the (1) ………………. into our new room one of the (2) ……………….
caught her finger under one of the (3) ………………. She made an (4) ……………….
………………. and she said she might (5) ………………. the company! It now turns
out that she shouldn’t have been helping to move the stuff. That’s the job of the
(6) ………………. ………………. and we are supposed to sit here and tell them what
to do but not touch anything! So this chap is coming to see me and explain all
this. I expect I’ll find out I’m doing other things I shouldn’t be according to
the (7)
………………........ so it could be quite useful.
Twenty: Did you know that we’re getting a visitor today? Yes, it’s a Francois
Germain from Paris and it looks like he’s interested in the (1) ……………….
………………. that’s coming out in the (2).....................It could be good news for the
company as, if he likes the stuff, we could be seeing a very (3) ……………….
………………. So, anyway, I’ve got someone from the (4) ………………. ……………….
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to come and do the (5) ………………. ………………. and I’m going to give a (6)
…………………. …………………………. Wish me luck!
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Twenty-one: I’m going to need (1) ………………. of everyone’s (2)....................for

her to have a look at and also any other (3) ………………. documents. It’s going to
be quite an important meeting because until (4) ………………. know where they
stand, legally I mean, we can’t even think about reducing the workforce. It’s all
very well those management (5) ………………. telling us to reduce (6) ……………….
………………. Actually, doing it without (7) ………………. ………………. ……………….
requires great care. We are going to have to listen to her advice very carefully!
Twenty-two: He’s coming around ten. I believe, so we must let (1) ……………….
know. He told me on the phone yesterday that there’s been a good (2)
……………….
to the (3)......................we put in the national press last week. Apparently, some of
the (4) ………………. look really (5) ………………. Plenty of management (6)
………………., most of them. Anyway, he’s had a quick look and wants me to
discuss a possible (7)..............................with him. After that he’ll get everything
(8)
………………. for the interviews, look up the (9)...................., and so on. All we have
to do is decide who we want to interview and be there on the day.
26
UNIT 9: RAISING FINANCE

CD 3.1
Listen to Simon Davies in the first part of the interview and answer
these questions.
1. Which three ways of raising finance does he mention?
......................................................................................................................
......................................................................................................................
......................................................................................................................
……………………………………………………………………………………………………………………
……………………………………………………………………………………………………………………
2. What are the advantages of:

a) private markets b) public markets c) borrowing money
......................................................................................................................
......................................................................................................................
......................................................................................................................
……………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………..
Listen again, in which order do these adverbs occur?

a) effectively
b) finally
c) thirdly
d) probably
e) secondly
CD 3.2
Listen to the second part and answer this question.
What are the disadvantages of:
a) shares/equity
b) debt
27
c) public markets
d) private markets
......................................................................................................................
......................................................................................................................
......................................................................................................................
......................................................................................................................
......................................................................................................................
......................................................................................................................
......................................................................................................................
......................................................................................................................
Listen to part two. Use the words in the box to make seven expressions
that Simon uses, containing the number of words shown below.
adjective first word of main noun

compound noun
full control features
public private markets
significant shareholder markets
shareholder capital cost
dispersed business management
executive base
debt risk
1. When investment costs for a company are quite high: fairly ...............
............... ...............
2. What shareholders must bear, which means they could lose all their money:
............... ............... ...............
3. When there are a lot of shareholders, rather than just a few: ...............
............... ...............
4. Where you can go to borrow money in the form of bonds, but you don’t
know who owns them: ............... ............... ...............
28
5. Where you can get capital, other than in the public markets: ...............
...............
6. Ways in which shareholders can make decision about a company: ...............
............... ...............
7. The people who run a company: ............... ...............
Now match the expressions above to their meanings.

a) the people who manage a company
b) when a company has a lot of different shareholders
c) a source of finance through bonds
d) a source of finance that is confidential
e) what shareholders in a company carry
f) investment that is quite expensive
g) what shareholders demand, so that they can influence a business that they
invest in
CD 3.3
Listen to the final part. Simon says there are four reasons why finance
has become a short-term business. What are they?
......................................................................................................................
......................................................................................................................
......................................................................................................................
......................................................................................................................
......................................................................................................................
......................................................................................................................
......................................................................................................................
......................................................................................................................
Listen again and find adjectives that describe:

1. investors who now have such a large choice of things to invest in (6 letters)
2. investors who want a quick return (5 letters – 7 letters)
3. the speed with which investment decisions can be made (10 letters)
4. loans that can be bought and sold between banks, investors, etc. (8 letters)
29
5. loans that are not be bought and sold (6 letters)
TAPESCRIPT
CD 3.1 (I = INTERVIEWER; SD = SIMON DAVIES)
I: In which ways can a business raise finance, and what are the advantages of
each way?
SD: There are probably, l guess, three ways in which I would see business
raising finance. Um, first, er, (1) ..............., either current shareholders or new
shareholders. Er, a business can raise finance by effectively (2) ...............
............... to its - more shares to its current owners or shares to new owners.
Um, secondly, l would see a business being able to raise, er, money by (3)
..............., through (4) ................
Um, and thirdly there's a (5).................., um, effectively a combination of the two,
um, something that starts out as borrowing that could (6).................., um, into (7)
............... ............ ............... er, at some stage in the future. Within that, there
are two markets that a - a business could raise finance in, a (8)...................market
or the (9)....................market.
A private market is what it is, it is a private market, private (10)................, private
(11) ..............., has the advantages of (12) ..............., um, and remaining, um,
below the (13) ............... ................
Um, the public markets, um, selling shares to the public markets has the
advantages of having a much (14).......................................There is a greater
source
of (15) ............... available from the public markets, um, and that's the same for,
er, for debt as well, so if you're borrowing money, um, the (16) ...............
..............., the (17)....................................., tend to have a far greater, um, amount
of funds available, so the larger your business is, the more public you're likely to
want to be in the way in which you raise finance. And then finally, um, hybrid
finance, er, as an example, (18) ..................... ...............
New vocabulary/phrases/idioms
the value of a company, divided into many equal parts

owned by the shareholders, or one of the equal parts
into which the value of a company is divided.
something that is a combination of two different
things, so it has qualities relating to both of them.
30
to change from one type of system or organization to

another, or to make something do this.
the fact of private information being kept secret.
if something is ........................, people are not aware

of it.
If an organization or person has...............................,
they have a lot of money.
a bond that can be exchanged for ordinary shares.
CD3.2 (I = INTERVIEWER, SD = SIMON DAVIES)

I: And what are the advantages of the different ways of raising finance?
SD: For shares, um, equity carries fairly significant (1) ............... ..............., um,
people who, er, invest in shares expect a return that (2) ............... the risk that
they’re taking. Um, shareholders obviously carry the full business risk and don’t
have a right to be (3) ............... their money. Um, they can receive (4)
............... over time, but only after the company has (5) ............... its (5)
............... and other (6) ..............., such as (7) ............... ............... ...............
................ Um, for debt, and the disadvantages are that obviously, um, the (8)
............... ............... on debt is required to be paid over time. That reduces the
amount of cash that a company has that would otherwise be available, er, for it
to use for (9) ........................ .....................
Um, there’s also advantages and disadvantages in the public versus private
markets. Um, the public markets, um, while they give you a (10) ..............., um,
amount of (11) ............... ...................., um, they don’t create that type of
private relationship that you would get in the private markets – you could have a
(12) .................. ..................... ............... Um, in the public debt markets, you
could end up with, er, effectively (13) ..................... of whom you don’t know
their (14) ...................., um, whereas in the private markets you very closely
know who your (15) ............... or who your shareholder is. Um, for the private
markets, (16) ....................., the disadvantages are potentially a (17) ...............
............... ............... ...................... if you’re a (18)..........................business.
Um, in addition to that, um, private markets will tend, on the equity side, to want
a significant return, and some significant change to shareholder (19) ...............
31
..............., um, to the extent that you will lose a certain amount of control over
who your (20) .................. ........................ is and how that management
effectively runs the business.
the amount of money that a company must pay out in

dividends to its shareholders, and in interest on bonds
and other loans.
to show, express, or be a sign of something.
~ debts
something difficult or unpleasant that you have to deal

with or worry about.
to spread across or move away over a large area, or
to make something do this.
CD 3.3 (I = INTERVIWER; SD = SIMON DAVIES)

I: Do you think finance is always a short-term business, or can borrowers
and lenders develop more long-term relationships?
SD: Finance has become somewhat short-term business, to a very great extent,
and there are, I think, three or four reasons, um, for that. One, um, is the (1)
…………… …………… …………… ……………, um, gives people such a range of
investment choice from a (2) …………… ……………, that, um, they are almost (3)
…………… in their ability to invest and then sell and (4).................Um, so the whole
attitude has become quite - quite short-termist from an investing perspective.
Um, the second is the speed of in . . . - the (5) …………… and (6) ……………
…………… ……………. Um, information is key in (7).....................................................,
and the better the (8)..................of information, the easier it is to make a decision.
But the speed with which investment decisions can be made now, is, um, incredible
compared to only say 10 years ago or 20 years ago. But it does give people the
(8) …………………….., effectively, to become a short-term investor.
32
Um, I think thirdly, er, what has also happened is that the banks have become (9)
…………… ………………………………………… from a (10) …………… perspective and
more relationship-driven from a (11) …………… and.......................perspective. So,
the relationship between a - a lender and its borrower has changed
fundamentally at this time, um, and effectively, the person who used to be the
lender is now distributing, um, finance to a (12) ………………. of other people who
are - who are becoming lenders but who are more naturally, um, (13) ……………
to be able to buy and sell the investments that they make. Um, so the loans
become a more (14) …………………. ……………, um, and (15) …………… ……………,
um, creating a short-term relationship between the lender and the borrower.
Um, and fourthly, I think from an (16) ……………... ……………......, um, it has
become so (17)................, er, to buy and sell shares, that, um, the - the - the
(18)
…………… …………… …………… is so great, um, that people have very short-termist
nature. They trade off sentiment as much as they do, um, fundamental value.
Um, l think there is still a place for long-term investing and long-term
relationships from both an equity perspective and from a lending perspective.
Um, it is rare at the moment. I think the one big example is probably Warren
Buffet's fund. Um, his (19) …………… …………… is different to that of the majority
of the financial markets, in that he does not earn, um, his money from, um,
effectively taking a
(20) …………… …………… …………… ……………. He earns his money by being
invested alongside his investors and he runs businesses and asks the people who
run his businesses to run them as if they're running them for their - the generations
of their family to come, not on a short-term basis.
New vocabulary
the fact of including many different things, features,

subjects, or qualities.
destroyed, damaged, or no longer able to be used.
the practice of considering only the immediate

advantages of particular actions.
33
suffix providing the power to keep a machine working, or to

make something happen.
a group of people or companies who join together in
order to share the cost of a particular business
operation for which a large amount of money is
needed.
to (make someone) feel something or want to do
something.
not moving or changing.
gentle feelings such as sympathy, love, etc., especially

when considered to be silly or not suitable.
LISTENING PRACTICE (Multiple choices 3 options)

Questions 23 – 30
 You will hear an interview with a married couple who runs a business
together.
 For each question, mark one letter (A, B, or C) to the correct answer.
23. Why are family-run businesses considered to be so important to the

economy?
A. They are more successful
B. There are more of them
C. Their productivity is higher
24. How long on average does a family-run business last?

A. 15 years
B. 22 years
C. 70 years
25. What does Jill say can put a strain on a couple’s relationship?
A. working long hours
B. sharing the same office
C. taking too much time off
34
26. Why does Jill think childcare issues are not a problem for them?
A. They no longer have young children to care for.
B. They understand the difficulties of balancing work and family.
C. They have agreed to share childcare responsibilities.
27. What does Scott do to help him relax?

A. He takes the dog for a walk.
B. He plays golf at the weekends.
C. He listens to music.
28. The only things Scott and Jill disagree about are ...
A. financial matters
B. artistic matters
C. technical matters
29. What does Scott miss about his previous job?

A. his make colleagues
B. eating out at lunchtime
C. help with correspondence
30. Over the next few years Jill wants to ...

A. export to other countries
B. take on more permanent staff
C. concentrate on design work
TAPESCRIPT
Interviewer: It's a (1).............................fact that coping with the demands of a full-
time job and family life can be (2) …………… at the best of times.
However, there are thousands of couples who share the same space 24 hours a
day, 365 days a year. Actually, around (3)...................of businesses in this
country
are run by families which makes them, statistically speaking, the (4) ………………
of the economy.
35
Although productivity does not differ markedly, what is significant is that an

average (5) …………… of nearly (6) ………………… for a family-run business is (7)
…………… as long as the average for other companies and with very low
(8) ……………. …………… of less than (9) ……… over that period.
Now, Jill and Scott Ridley run the successful Lark Designs Ltd and have been
making high-quality garden furniture for over ten years. Jill, what's it like working
365 days a year with your husband (10).....................................................................?
Jill: Well, of course he doesn't! One of the (11) …………… that business advisers
give is that working long hours can put (12) …………… …………… …………… on a
relationship. However, provided we share the work equally there isn't an issue.
After all, we work in the same office most of the time and so we know exactly
what needs to be done. We also (13) …………… each other to (13) ……………
……
…………… now and then and sometimes this means one of us taking a whole day
off!
Scott: In fact, I once took a whole week off to play some golf in Spain and she
never (14)....................!
Interviewer: Really, Jill!
Jill: Not a word! And then the following month I took a week off to shopping in
London.
Interviewer: Then, I’m told that another major area of (15) …………… can be the
children.
Jill: One of the decisions we made when we decided to set up Lark Designs was
to share our (16) …………… ……………. Actually, it didn't work out like that. After
our second child was born, I worked (17) ……………………… for a while. But
basically, now, we both work all the hours (18)..................................................., and
we don't have a problem because we both understand the (19) …………… of the
business.
Scott: Yes, we manage. Sometimes the children have to (20) ……………. ……………
and one of us, usually me, has to work all night to (21) …………… ……………! Not
too often, though.
Interviewer: Do you never relax?
Jill: Of course, of course. Scott can't play golf every weekend, although he'd like
to, and I've thought about getting a dog so we could (22) …………… ……………
…………… …………… in the fresh air sometimes.
36
Scott: Stop right there ...more work! No, what I find works best when I'm feeling
really stressed is to (23) …………… ……………. …………… on, and then I (24)
…………… right down.
Interviewer: So, there must be something you disagree about?
Jill: Not really. I don't look after the (25) …………… ……………. That's Scott's (26)
…………… and we have an (27) …………… to look after the money side of things
or that could be a problem.
Scott: We have strong opinions about the best design for a garden chair or
something.
Interviewer: Sort of (28) …………………… ……………………
Jill: Sometimes we don't see (29) ………………………… on (30) …………… …………….
But I think that helps us to produce better products in the long run.
Scott: Yes, and I have far fewer disagreements with Jill over that sort of thing
than I did with my male colleagues in my last job.
Interviewer: Don't you miss that sort of thing? Going to the (31).....................at
lunchtime, (32) …………… …………… ……………, paid for by the company?
Jill: No, I don't. I don't miss anything, not even having a (33) …………….
Scott: Mmm ... I think on a Monday morning when there's a (34) ……………
…………… …………… to answer, I could do with that sort of help!
Interviewer: So, what happens next?
Jill: Well, we want to (35) …………… …………… …………… and that means more
time on the design side of the 90 business.
Scott: We're already increasing our (36) …………… and have had to (37)
…………….
…………… more staff in the factory and that means we don't have to do many of
the everyday things. Which is great because that's what we're both interested in.
Interviewer: Sounds like perfect relationship!
Jill: It is!
37
UNIT 10: CUSTOMER SERVICE
Pre-listening
You are going to hear an interview with Philip Newman-Hall, Director and
General Manager of Raymond Blanc’s restaurant Le Manoir aux Quat’Saisons in
Oxfordshire, England. In groups, discuss the best and worst customer service
you have had in a restaurant.
CD 3.10
Listen to the first part of the interview. Would you like to go to Le
Manoir? Why or why not?
......................................................................................................................
......................................................................................................................
......................................................................................................................
......................................................................................................................
......................................................................................................................
TAPESCRIPT (I = Interviewer; PNH = Philip Newman-Hall)

I: Can you tell us a little about the Le Manoir?
PNH: Yes, Le Manoir aux Quat'Saisons is Raymond Blanc's (1) …………… ……………
……………………… within a (2) …………… and (3) …………… in the UK. We are a 32-
bedroom (4) ……………. …………… with a (5) …………… …………………….
The heart of the house is the (6) …………… and the (7) ……………, and everything
else that we do in the house is … The (8) …………… of the kitchen spreads into
everywhere else in the house. It is a (9) …………… from the (10)..................and
is
supposed to be a house where you can come and feel (11) …………………….
We like to think that the house tells you what you can do in it rather than what
you can't do in it. It's a two-Michelin-starred restaurant and we have now been
running for 25 years.
New vocabulary
extremely beautiful and attractive
a style of cooking
38
the set of beliefs, ideas, etc. about the social behaviour

and relationships of a person or group.
a private and safe place.
a period of time used to pray and study quietly, or to
think carefully, away from normal activities and duties.
CD 3.11
Listen to the second part.
TAPESCRIPT ((I = Interviewer; PNH = Philip Newman-Hall)
I: At Le Manoir, how do you define (1) ………………………… customer service?
PNH: It's very difficult to answer that, but I would say that we try to (3)
……………
…………… ………………………, we try very hard to see that customers are (4)
…………… something before they even know they want it. So, therefore, we have
to have (5) …………… with the client and we have to (6) …………… and ……………
each client (7) …………………………, so that we sense what they're (8) …………….
…………… and try and (9) …………… …………… …………… all the time.
We also must provide (10)..........................................................of service. If we don't
provide a consistent standard, then one guest's expectations will be met and
another guest’s won't be met.
We try very hard to (11) ……………. …………… …………… within the house that
(12) ‘………………………………………………………………………………………………….’ And
once you have set those standards, we try to (13) …………… those to guests at
all times.
Listen to parts one and two. Choose the best alternative so as to keep
the closest meaning to the expression in italic.
1. We are a 32-bedroom, luxury hotel with a stunning restaurant.

a) good b) delicious c) beautiful
2. The ethos of the kitchen spreads into everywhere else in the house.
a) values b) ethics c) menus
3. It is a retreat from the norm ...
39
a) a place that is well above average

b) a place where you can get away from the ordinary
c) a place where you can withdraw from the world
4. ... we try to exceed customer’s expectations, ...

a) meet b) satisfy c) go beyond
5. ... we have to have empathy with client ...

a) complete understanding of
b) partial feeling for
c) sympathy for
6. We also must provide consistent standards of service.

a) good and reasonable
b) unvaryingly good
c) changing but predictable
7. ... ‘the standards you set are standards you get.’

a) establish b) legislate c) appoint
New vocabulary
to be greater than a number or amount, or to go past an
allowed limit.
always behaving or happening in a similar, especially
positive, way.
CD3.12
Listen to the third part and answer these questions.
1. What do all the staff at Le Manoir do, and why is this useful when dealing
with demanding customers?
..................................................................................................................
..................................................................................................................
..................................................................................................................
2. What does Philip say about expectations?
40
..................................................................................................................
..................................................................................................................
..................................................................................................................

I: How do you train staff to deal with (1)..............................................?
PNH: Get them to (2) …………… with the customer, the guest. Try to put them in
their place, try to see it from their (3) …………… …… ……………. We particularly
allow every (4) …………… …………… of the staff to have a (5) ……………
…………….............. So, they stay in the house (6) ……………........, they eat in the
restaurant and they understand what the experience is like for a (7) ……………
…………… So, therefore, if it was their own money they were paying for it, they
would understand what they should expect for that, and I think that gives them
(8) …… …………… ……… ……………...... what a client is looking for when they (9)
…………… …………… the house.
It's very . . . (10) ……………......... here, so, therefore, people's (11) …………….......
are very high, and we have to try and (12) ……………..... those expectations. And
I think by only getting the staff to understand what those expectations are, we
can then (13) …………… them and, and exceed them.
Listen again and in what order is this information given in part three?
The staff at Quat’Saisons ...
a) are allowed to stay overnight to understand the guest experience.
b) can only go beyond customers’ expectations if they understand what they
are.
c) have a chance to eat in the restaurant.
d) get an idea of what customers expect through these two experiences.
e) go beyond customers’ expectations.
f) must have a complete understanding of guests and their needs.
New vocabulary
to be able to understand how someone else feels.
a way of considering something.
41
of very good quality and usually expensive.
CD3. 13
Listen to the final part. How are customers changing, what are they
doing, and how can this be useful?
......................................................................................................................
......................................................................................................................
......................................................................................................................
......................................................................................................................
......................................................................................................................

I: Do you think that customer service (1) ……………......... are changing, or have
they always been about the same things?
PNH: I think they're becoming much more (2) ……………. I think people are (3)
…………… a lot more for their money nowadays and I think the way the world is
now; people are more (4) …………… and more (5) …………… of what they're
receiving for their money. So, I think we have seen a (6).....................................in
the number of people who would (7) …………… when perhaps they wouldn't have
complained before - which is no bad thing because
it gives us great feedback. But I think people, in general, are much more
demanding nowadays than they used to be. And therefore, we've had to (8)
…………… …………… …………… to actually (9)....................................................So, yes,
I really think it has changed over the last few years.
Complete the table with words from part four and related words.
verb noun
require
expectation
increase
complaint
change
42
LISTENING PRACTICE (True or False)

Section 1
 Listen to an announcement about the acquisition of Orion Technology and
Rowland Consulting.
 Decide these statements are whether True (T) or False (F)
1. Orion has acquired Rowland Consulting for $164m in cash and shares.
2. Rowland’s partners will share a $27m windfall money.
3. The remaining payment is $68m in the form of shares and options for shares.
4. Rowland’s partners will receive $3.1m options vested in two years.
5. Rowland’s employees will receive $1.1m options vested in two years.
New vocabulary
pan- prefix including or relating to all the places or people in a
particular group.
Ex: a pan-European conference
option n an agreement that can be bought and sold, that gives the
owner the right to decide whether to buy or sell shares,
bonds, etc. for a fixed price within an agreed time period
or on a particular date.
vest v if an employee's shares, payments to a pension plan, etc.
vest or are vested, there is an agreed period that an
employee must work for the company before they can use
or sell them.
Section 2
 Listen to a presentation about the mergers and acquisitions progress of a
company.
 Decide these statements are whether True (T) or False (F)
1. The speaker is happy with the progress in Europe and South Africa.
2. The company finished the acquisition of a 20.6% interest in Gylua Power
Station.
3. The company has acquired Enerjebel for £5m.
4. The company is examining changes in the market and mergers.
43
5. The company expects trading in the next year will be in the same pattern.
New vocabulary
forge v to make an effort to develop a successful relationship
with
a person, organization, or country.
acquisition n something that is bought by a company, such as another
company, a building, or a piece of land.
merger n a situation when two or more companies, organizations,
departments, etc. join together.
interim a temporary and intended to be used or accepted until
something permanent exists.
TAPESCRIPT
Section 1:
Orion Technology Partners yesterday (1) ..................... plans to buy Rowland
Consulting, a rival pan-European e-business consultancy, for (2)...........................in
cash and shares.
A windfall of (3) ..................... in cash will be shared by Rowland’s 19 partners,
who founded the Vienna-based business in 1999. The remaining payment comes
in the form of about (4) ..................... shares and options for shares. Rowland’s
partner group is expected to receive (5) ..................... options vested over (6)
..................... years, while its (6) ..................... will get (7) .....................
options vested over (8)...........................years.
Section 2:
Moving on to the area of growth, I am very pleased with the progress we are
making in forging a new (1) ..................... ..................... worldwide, particularly
in (2) ..................... and ..................... .....................
First, in Europe, we completed the acquisition of GenElex’s (3) .....................
interest in the Gyula (4) ..................... ..................... in Hungary. This purchase
increases Astral Power’s ownership as one of Central and Eastern Europe’s
leading (5) ..................... ..................... .....................
Secondly, in Morocco, we acquired EnerJebel at a cost of (6)........................., while
Essaouira, in which we have (7)...........................ownership interest, is studying (8)
44
..................... ..................... arising from mergers and other changes in the

market.
I’d like to turn to the outlook. We expect that (9) ..................... in the next (10)
..................... will be (11) ..................... to the pattern reflected in the (12)
..................... results for the period ending 30 June.
In addition, we continue to (13)..........................a step-up in turnover and earnings
next year, particularly as a result of new successful acquisitions.
As you all know, we remain (14) ..................... to delivering shareholder value
and maintaining the highest standards of (15) .....................
45
UNIT 11: CRISIS MANAGEMENT

The Toyota 2009/2010 Crisis
Link: https://www.motortrend.com/news/toyota-recall-crisis/
CD3.19
Listen to Craig Smith, Professor of Ethics and Social Responsibility at INSEAD
in Paris and complete these extracts using NO MORE THAN THREE WORDS in
each gap.
- ...it's a problem that the company frankly has been very.................................................. 1
and very..........................................................2 to.
- ... it was only in September 2009 that the company really truly acknowledged there
3
was a .................... and said 'we're gonna have a.......................... 4’.
- ...its communication around the causes of the problem has been.......................... 5 and
6
consumers have been left .................... and ...
7
- The classic advice here is ................................ and........................................8. And the
thing to do is to..............................................9 and let people know that you acknowledge
that there is a problem and know that you're...............................................10 about it.
Listen again and match the verbs in brackets 1-7 to the tenses that Craig
Smith actually uses, a-g.
1 ... the Toyota Motor Company (face) a huge crisis ... a) present perfect
2 ... there (be) some two thousand reported incidents b) future with ‘going to’
...
3 ... it was only September 2009 that the company c) present continuous
really truly (acknowledge) there was a problem ...
4 ... we (have) a recall ... d) present simple
(passive)
5 ... the problem (put down) to a couple of causes ... e) imperative
46
6 ... the classic advice here is (tell) it all and (tell) it f) present continuous
quickly ...
7 ...people ... know that you (do) something about it. g) past simple
New vocabulary
n a fault that spoils something or causes it not to work
correctly.
v When a vehicle or its driver.................., the speed of the
vehicle increases.
n
n ~ the pedal (= a part that you push with your foot) in a

vehicle that makes it go faster.
adj large in size, value, or importance.
v to order the return of a product made by a company

because of a fault in the product.
n an order for the return of a product made by a company
because of a fault in the product.
v to be, or make something, unable to move.
CD3.20
Listen to the second part and answer these questions.
1. What is the three-part model?
................................................................................................................................
................................................................................................................................
2. What are the three critical activities or questions for part one?
47
................................................................................................................................
................................................................................................................................
................................................................................................................................
Listen again and decide if these statements about expressions that Craig uses
are true or false.
1. An approach to a problem is a way of analyzing it.
2. Critical activities are not very important.
3. The likelihood of an event is the degree of probability that it will happen.
4. If something is avoidable, it can be prevented.
5. If you take out insurance, you decide not to have it.
6. A contingency plan is something that prepares people to deal with a
particular problem.
7. A dedicated team is usually one whose members change often and start to
learn about the issues while they are dealing with them.
Complete these extracts.

- ... in laying out the approach is, is a three-, three-part model, ah, that says you need
to .................... to, ah, the..........................of crisis beforehand, so there's the
.................... piece, ah, there is then the .................... piece - what's ....................
................. the crisis - and then the..........................piece, what you do after the crisis
has .....................
-.........three particularly critical activities here: firstly, an audit which is essentially asking
the question ".........................................................................?'. Ah, secondly, having
identified what could possibly go wrong, say 'Well,
.................................................................................?
..................................................................................?'
-.........so, taking steps to avoid the avoidable, or in some cases, it may be a possible
problem that you could, you could, ah,.........................................................So, there it
48
could be................................................................................................that you might want

to take, take out if the company will need to close at some point.
- ... in terms of preparing, you need to have some ....................................................
in place and a........................................................that will be ready to, to step in, should
a crisis arise.
New vocabulary
to protect yourself against risk by regularly paying a special
company that will provide a fixed amount of money if you are
killed or injured or if your home or possessions are damaged,
destroyed, or stolen.
a period when a business cannot operate because of a storm,
flood, or other event.
something that might possibly happen in the future, usually
causing problems or making further arrangements necessary.
CD3.21 + CD3.22
(3.21) Listen to the third part. What three things need to be done during a
crisis?
................................................................................................................................
................................................................................................................................
(3.22) Listen to the final part. What questions does he ask with regard to:
a) the recovery
................................................................................................................................
................................................................................................................................
................................................................................................................................
b) the auditing of the management of the crisis
................................................................................................................................
................................................................................................................................
................................................................................................................................
49
c) rebuilding
................................................................................................................................
................................................................................................................................
................................................................................................................................
Complete the questions and answers with words from the two parts and
related words.
1. The first thing that needs to happen is to recognize that there is indeed a crisis,
so crisis......................................is an important first part of what takes place.
2. The second of the three......................................during the crisis is
.............................. Clearly, you want to try and......................................the crisis
as best as possible.
3. This is where......................................is very important.
4. And then thirdly, within the ‘during’ phase, it’s......................................the crisis.
5. It may be some clear......................................in the product design or product
materials.
6. The problem could be something to do with consumers and their
.............................. of the product.
7. Once the crisis has passed, the ‘after’ phase if you will, then you’ve got the
..............................
TAPESCRIPT
CD3.21
Craig Smith.......And, ah, this means thinking about the actual problem itself; ah, but
also the, the indirect challenges that come about through a crisis, and here's, this is
where communication is very important.
And then thirdly within, ah, the during phase, it's, it's.......................the crisis, and
obviously very important here is figuring out what the cause is, and causes can come
from within the organisation. It may be some, ah, clear defect in the product ............
or product ..................., um, or indeed they could come from.....................the
50
organisation, they could be a problem from a......................., some material that came
into the organisation that is ........................, ah......Or indeed it could be a prob- a
problem downstream, ah, with the, with the retailer. The, the problem could be
something to do with consumers and their.....................of the product, ah, or indeed in
some cases, there have been instances of product...........................where products have
been tampered with and there’s a, ah, there's a safety problem.
New vocabulary (CD3.21)

the act of thinking about something carefully.
the act of controlling or limiting something or someone

harmful.
to solve or end a problem or difficulty.
to touch or make changes to something that you should

not, usually without enough knowledge of how it works
or when you are trying to damage it.
CD 3.22 (CS = CRAIG SMITH)

CS: Once the crisis has passed, the, the 'after; ah, phase if you will, you've got then
the, the recovery.
So how do you, reintroduce the product if that’s, if that's the problem, how do you
recover from the storm that has hit all your, your stores damaged your, damaged your
stores, dislocated, ah, or, um, caused, caused employees to, to lose their homes
possibly and they're, ah, they're dislocated.
Um, and then there's the auditing of the management of the crisis. So what can be
learnt, ah, as a result of seeing what worked, what didn't work.
And then thirdly, ah, and finally there's rebuilding, so if this, if this has been a major
crisis that the organization's had to deal with, how does it rebuild its reputation
51
externally, how does it, ah, restore the confidence of its customers, of other
stakeholders, and indeed internally of its, of its employees?
52
UNIT 12: MERGERS AND ACQUISITIONS

CD3.27
Listen to Professor Scott Moeller, Director of the Mergers &
Acquisitions Research Centre at Cass Business School.
What three reasons does Scott give for the lack of success of some mergers and
acquisitions?
1. .............................................................................................................
.............................................................................................................
.............................................................................................................
2. .............................................................................................................
.............................................................................................................
............................................................................................................
3. .............................................................................................................
.............................................................................................................
............................................................................................................
Due diligence is the ..................... by which you look at what a company is

doing to ..................... what it is really made that company tick. It includes
looking at ..................... It looks at ..................... It looks at...........................It
looks at all .....................
It looks at the ..................... ....................., the ..................... ..................... –
that is, the ....................., the new ..................... ....................., and the
..................... that the company has – to see whether in fact all of these are
.....................
n the legal right to be the only person or company to

make or sell a product for a particular number of
years, or a document that gives you this right.
adj strong and unlikely to break or fail.
53
Listen again and replace the eight mistakes in the transcript below
with what Scott actually says.
It is true that somewhere between two-thirds and seven-eighths of all
acquisitions fail, uh, so the success rate in acquisitions is evidently quite low. And
the reason for that is due to a number of different causes. First off, inadequate
planning. Uh, that is to say, that the strategic plan behind the acquisition tends
not to be anchored in too much of what the future strategy would be, but more
of an opportunistic basis as to whether a company is able to be bought or not.
Secondly, the due diligence done on the target company tends to be carried out
much too quickly, and in many cases doesn’t concentrate on the key factors that
are going to drive that particular deal to success in the future. More time should
be spent trying to understand what it is that really makes that target company
successful – if it is already successful – or why perhaps it has failed, uh, and
whether that can be transformed if, in fact, the company is being acquired
because, uh, it is a company that’s now available, because of lack of success.
CD3.28
Listen to the second part of the interview and answer these questions.
1. Why is it sometimes better for the newly acquired company to be:
a) kept separate for a period of time?
b) integrated very quickly?
......................................................................................................................
......................................................................................................................
......................................................................................................................
2. What do you need to determine in addition to the speed of the merger?

......................................................................................................................
......................................................................................................................
......................................................................................................................
54
3. What other questions does Scott say you need to ask?

......................................................................................................................
......................................................................................................................
......................................................................................................................
......................................................................................................................
......................................................................................................................
Complete the table with words from part two, and related words.
verb noun (thing) noun
(person/organization)
assurance -
determination -
acquisition
employment employ
integration -
operation
appointment appointee
CD3.29
Listen to the final part and take notes on why the merger between
Bank of New York and Mellon Bank was eventually successful.
......................................................................................................................
......................................................................................................................
......................................................................................................................
......................................................................................................................
......................................................................................................................
55
......................................................................................................................
......................................................................................................................
......................................................................................................................
......................................................................................................................
......................................................................................................................
......................................................................................................................
Listen again and put these steps in a merger into the correct order.
a) Managers and employees in both companies know which business will be
kept, how the new organization is going to work, who is going to run it,
etc.
b) Put together a team of senior people from both sides, to decide who
should run the merged company.
c) Agree that if the problems cannot be solved, the merger should not go
ahead.
d) Identify potential problems very early.
TAPESCRIPT
CD3.27
I: Why is it that a number of mergers and acquisitions don't work as well as
expected?
SM: It is true that somewhere between two-thirds and three-quarters of all
acquisitions fail, uh, so the success rate in acquisitions is obviously quite low.
And the reason for that is due to a number of different factors.
First off; (1) ……………… ………………. Uh, that is to say, the (2) ……………….
……………….. behind the acquisition tends not to be (3) ………………. in too much
56
of what the future strategy would be, but more of an opportunistic basis as to
whether a company is able to be acquired or not.
Secondly, the (4) ………………. ……………….. done on the target company tends
to be done much too quickly, and in many cases doesn’t focus on the key factors
that are going to drive that (5) ………………. ……………….. to success in the
future. More time should be spent trying to (6) ………………. what it is that really
makes that target company (7) ………………. - if it is already successful - or why
perhaps it has (8) ………………., uh, and whether that can be turned around if, in
fact, the company is being acquired because, uh, it is a company that's now
available, because of lack of success.
And then lastly, um, there's really a lack of (9) ………………. for the (10)
…………………………. ……………….. ………………... Many, many times a deal is done,
and then once the company is acquired, the focus or (11) ………………. tends to
(12) ………………... They go on to the next deal, they go on to some other
strategic (13) ………………. and forget that the really hard work comes, and the
work that takes years and years, comes after the deal is closed, when in fact the
integration really takes place. The people have to start working together from
two different companies now as one. The (14) ………………. ………………. have to
be put together. (15) ……………………… ………………. need to be (16) ……………….
suppliers need to be (17) ………………. and basically, two companies need to be
made one.
New vocabulary
not good enough or too low in quality.
to be based firmly on something.
57
the detailed examination of a company and its

financial records, done before becoming involved in
a business arrangement with it, such as buying it or
selling its shares to investors.
the part of a business company that is concerned
with running the company and that does not deal
directly with customers or the public.
CD3.28
I: Once the merger has taken place, what can be done to ensure the successful
integration of the businesses?
SM: In order to (1) ………………. the successful integration of the businesses, one
first must (2) ………………. whether, uh, you want to integrate the companies
completely, and at what (3) ……………….. That is, there are many deals where
you actually want to make sure the newly acquired company is kept (4)
………………. for a period of time, perhaps to understand that company better, uh,
perhaps because you want that company to (5) ………………. as a (6) ……………….
………………..
Uh, other times, you'll want to integrate the newly acquired company very, very
(7) ………………. in order to make sure that you don't (8)..........................................,
that you don't (9).........................................., uh, perhaps because there' something
that has a very (10) ………………............ ………………., uh, driving tile purpose of
the acquisition in the first place.
Once you've determined whether you want to do it quickly or slowly, you also
need to determine whether you want to (11) ………………. your own (12)
……………….
and way of operations on that company1 or in fact to keep that company's own
culture separate, perhaps for a period of e, or again, for a longer period of time.
58
So determining the speed of the acquisition, and determining how, uh, fully you
want to integrate it are the two (13)......................things driving then what you
are
going to do afterwards. Uh, are you going to (14).....................somebody from the
company itself to run that (15) ………………. or do you want to bring in new (16)
………………., perhaps from the acquirer's own management, or perhaps from the
outside?
New vocabulary
to make something certain to happen.
to promise or tell something to someone confidently

or firmly, or to cause someone to feel certain by
removing doubt.
a company that is owned by a larger company.
to force someone to accept something, especially a

belief or way of living.
to choose someone officially for a job or
responsibility.
CD3.29
I: Can you give us an example of an acquisition that has worked really well?
SM: One example of an acquisition that has worked really well is actually the
merger between Bank of New York and Mellon Bank, which took place back in
2007.
59
Those two banks had actually; interestingly enough eight years earlier, uh, had
(1)...........................................................at coming together where Bank of New York
had made a (2) ………………. ………………. to, uh, (3)....................., uh, Mellon Bank.
Uh, however, in the second try, what they did is they understood some of
the (4) ………………. from previously, so (5)....................is very important. But most
importantly what they did is they met very early before the deal became public,
and they determined what it was that were (6)................…. - things that could
(7)
………………., that could stop the deal in the future from being successful, and
they did determine what those items were very, very early on.
Each side put their cards on the table, they (8) ………………. what those potential
problems were very early, and said if we can't get those, past those problems
now; if we can't agree on what those problems are, if we can't agree about how
we're going to deal with them once we have merged, then we shouldn't go
through with this merger. We want to make sure it's (9) We want to make
sure it's
going to be (10) ………………...
What they then did is having worked through those showstoppers - those items
that might not be successful - they then put together a team from both sides of
very, very senior people, uh, ultimately (11) ………………. the deal, including the
(12) ………………. of who was going to be running the firm with about an (13)
………………. number of people from both sides.
Everybody, therefore, knew who their (14).........................was going to be, they knew
which businesses were going to be (15) ………………., they had some idea as to
how the business was going to (16) ………………. ………………., and most
importantly, they knew that very deeply (17) ………………. in the deal strategy, as
well as the integration process, was the CEO and Chairman of the company, who
took a very, very (18) ………………. ………………. in identifying what the company
60
was going to be doing (19) ………………....................
61
New vocabulary
relating to situations in which one company
wants to buy another company whose owners
do not
want to sell it.
to grow, develop, or progress more quickly than
something else.
something that prevents an activity or process
from continuing.
to prevent a plan or process from succeeding / if
a train .......... or is derailed, it comes off the
railway tracks.
62

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Listening Handout L4 Lecturer: Ng Thao Trang

UNIT 7: MANAGEMENT STYLE

Complete the table below.

Now match the adjectives above to their meanings.

c) describing a situation of rivalry

6. Key feature: one of the most important things about something.

5. ideas that people have without questioning them (11 letters)

CD 2.18 (I = INTERVIEWER, LM = LAURIE MULLINS)

calm, serious, and controlled behavior that makes

fairness in the way people are dealt with.

the quality of being good and deserving praise.

to express disapproval of someone or something.

to give or to be a good reason for.

how good or bad someone is at arriving at work, at

To: Katy Russell

From: Mike Ponti from (1) ............................................................................

Mike ordered some (2) ................................................................. last week,

delivery date to next week (not Monday). The order code is

.............................. Can you put a (4) .............................................. in with

Conversation Two (Questions 5-8)

Date: 2nd August

Time: 9.30 a.m.

From: Lousie Geller, (5) .....................................................................

Message: She has received some information about a (6)

............................................. and wants to know how much is in the (7)

............................................. She thinks she needs to go on it as she’s going

to be the new manager at our West London (8) ................................................

Can you get back to her?

UNIT 8: TEAM BUILDING

Are these statements about Dan’s opinions true or false?

in every part, or during the whole period of time

CD 2.26 (I = INTERVIEWER; DC = DAN COLLINS)

happening or done in a natural, often sudden way,

CD 2.27 (I = INTERVIEWER; DC =. DAN COLLINS)

DC So, in addition to communication, we spend a lot of time helping people to (1)

showing an unreasonable like or dislike for a person

CD 2.28 (I = INTERVIEWER; DC =. DAN COLLINS)

somebody is given an (3)........................and then really allowed to get on with

and do it the way they want to do it without too much (4)...............................And

 Do not use any letter more than once.

13.................................... A. making an apology

14.................................... B. offering to help

15.................................... C. asking for some information

16.................................... D. amending an order

17.................................... E. giving instructions

Section 2 (Questions 18-22)

18.................................... A. Management Consultant

19.................................... B. Company Solicitor

20.................................... C. Security Officer

21.................................... D. Health and Safety Officer

22.................................... E. Research Officer

F. Human Resources Officer

Twenty-one: I’m going to need (1) ………………. of everyone’s (2)....................for

UNIT 9: RAISING FINANCE

2. What are the advantages of:

Listen again, in which order do these adverbs occur?

adjective first word of main noun

Now match the expressions above to their meanings.

Listen again and find adjectives that describe:

5. loans that are not be bought and sold (6 letters)

the value of a company, divided into many equal parts

to change from one type of system or organization to

if something is ........................, people are not aware