What are the activities of modern traders

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What is Modern Marketing?

Rapid digital technological change has brought its power to bear on today’s businesses, causing new pains and disrupting businesses of every size across every industry. This trend has been well-documented by the World Economic Forum and Marc Andreessen. The technological evolution’s biggest impact is on the media, telcom, financial services and retail industries. Beyond the well-publicized fall of companies like Blockbuster and JCPenney, there are thousands of mid-level retail brands that fade into obscurity without anyone noticing. As a result, there is a new normal in how organizations build and maintain relationships with their customers — and only those prepared to make the shift will thrive.

The fundamentals of business have not changed:
– Make a thing people want (find product/market fit);
– Give potential customers emotional and rational reasons to buy (marketing);
– Make commerce easy to conduct (customer experience); and
– Build a team to support the above.

What has changed is not what businesses must do, but how they must do it. Technology makes business easier to conduct, but also more difficult to manage. For example, shoppable Instagram posts can increase sales, but this also requires understanding how to build, test and learn yet another new platform behavior and content trends that change at the speed of light. This in itself may not challenge traditional marketing practices, but when you consider the speed and depth with which change is happening, traditional practices start to break down. Every time you implement a new marketing tool, you will already be one step behind whatever is next.

Modern marketing takes traditional marketing’s principles and frameworks and reshapes the process so we can more quickly adapt to change. It’s an approach that must be user-centered, iterative and built for continuous learning.

Modern Marketing

The rise of marketing systems

Yesterday, marketing meant asking “who, what, when, where and why” for any given business need, then creating a series of campaigns that provided answers. While this allowed marketers to scale a focused message across broad-reaching platforms like television, print and radio, it also inevitably oversimplified differences in customer mindsets.

Today, marketers must answer the same questions, but they must do it:
– continuously;
– for an ever-increasing number of platforms; and
– for an ever-more diversely targetable and identity-based audience (not everyone is an 18–24 YO white male, thank goodness).

Modern marketing is about designing systems that allow you and your team to consistently answer these questions in better, more creative ways.

“We noticed that the average length between lipstick purchases is X. It’s likely because of Y customer insight. There is an opportunity to send an automated email that says WHAT .”

“We have a new lipstick coming out and it does X really well. Our Y customer is in need of this solution, so there is an opportunity to reach out to them WHERE .”

“Our team and lipstick brand stands for X and we know our Y customer does too, but WHEN is the opportunity to share our POV?”

The collapse of the marketing funnel

In the old world, there was a clear distinction between brand marketing and performance marketing. The goal of brand marketing was to increase the emotional relationship with a customer and your product even when your product wasn’t there. Think “Coca-Cola means happiness.” Brand marketing is traditionally represented by powerful stories dictated by right-brained creative directors and shared with the world through video, print and merchandising. On the other hand, the goal of performance marketing was to drive measurable conversion and sales by promotions or other incentives. It is commonly understood as bottom of the funnel, number-crunching and optimizing by analysts who had little to no concern for the brand story.

Today, every channel is both a brand and performance channel. Advertising technology is shrinking the distinction between brand, content and commerce. In this new world, commerce can happen anywhere, at any time, and data is shared across platforms. Scroll through your Facebook feed: between posts about babies and cats, you’ll see ads attempting to accomplish a variety of marketing objectives across the funnel.

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All touchpoints are points of sale. There is never a moment when your product isn’t there, so brand means something different today.

This is the new normal

And yet, at most organizations, brand and performance marketing practices are disconnected from each other. There is a false dichotomy between the data-driven, analytical mind and the the culturally creative and inspired brand mind, and a false distinction between these roles. This is true for external teams as well, with creative agencies owning the abstraction of the brand and performance teams focused on short-term wins.

To succeed in modern marketing, you need to bring this thinking together and build systems for the collapsed funnel. Marketing systems are large and complex. No one team, internal or external, can do it all.

Here are the questions you need to answer as you develop a modern marketing practice:

  • How does our brand live as a system? Where’s the best place to start?
  • How do I organize a multidisciplinary team to accomplish this?
  • What core capabilities do I need in-house? What can be handed off to external partners?
  • Which internal capabilities do we need support growing? Which can be cut?

At Part and Sum, we’ve developed an approach that’s tailored for this new normal. Some consultants drop in, then vanish a few weeks later, leaving behind jargon-filled decks and a to-do list for internal teams to decipher. We do things very differently. We work as partners with our clients, sitting side-by-side with them to help get work done (we call it pairing), design better systems and gain deep understanding about their strengths and weaknesses.

That means we start solving problems right away. This gives us insight into how internal teams work, and provides essential feedback that we can use to iterate, do more and do better. Instead of taking a long time to reach perfection (which, newsflash, doesn’t exist), our goal is to get clients up and running with real-world output that will start making a difference. Instead of being experts on one platform or channel, we are platform and channel agnostic with an expertise in collaboration and agility. We believe strategy is not a phase, but an ongoing way of thinking and working, and everything we do reflects this belief. Most importantly, we do it as a team, guided by the principles of transparency, empathy, curiosity and enthusiasm.

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What are the activities of modern traders?

Traders depending on technical indicators to predict market movements used to be laughed at and dismissed as kooks, but modern traders are paying heed to these funny lines on top of price charts. Examples of common technical indicators include Relative Strength Index, Money Flow Index, Stochastics, MACD and Bollinger Bands.

We asked a few experts what indicators they look to in today’s markets to stay suuccessful. Here’s what they said.

Alan Rohrbach @MacroMeister

The entire psychology of ‘trend’ analysis (vs. short-term trading or long-term valuations) rests on timeless precepts. That leaves classical patterns and moving averages still useful after so many ‘new’ or ‘ground-breaking’ analysis developments.

That is because price trends are characterized by a natural progression that is indeed timeless. Market price activity tends to proceed through phases of directional swings followed by taking a rest. The degree of that directional volatility and length of the rest (‘consolidation’) periods can vary widely. However, within the overall trend psychology, the attempted reversal patterns which inevitably form during rest phases are a key to the health of any trend.

Does a ‘top’ after a bull run succeed in reversing the trend, or is it quickly overrun? The failure of a top to perform is a sign the bulls still dominate the market. The inverse is true in a bear trend. And that pattern ‘negation’ may prove to be a good timing indication as well.

Similarly any drop after a rally is also subject to consideration of whether it violates enough up trend support to trigger yet more selling. In those cases the trend or channel line support (a hybrid form of patterns) is key.

And those reactions can also be assessed with well-researched moving average projections. Many criticize moving averages as lagging indications. Of course they are, reflecting a ‘smoothed’ picture of the price activity. They are nonetheless useful for spotting tests of trailing momentum.

New forms of analysis are often worth a look. Yet for those who have mastered the ‘craft’ of properly interpreting the classics, they will always be important indications. They are, after all, based on intrinsic aspects of price trend evolution.

Lead Analyst and President of Rohr International, Inc. He is an international equity index, interest rate and foreign exchange trend advisor. His forte is ‘macro-technical’ analysis of how fundamental influences blend with technical aspects to drive trend psychology. Clients include international banks, hedge funds, other portfolio managers and individual traders.

Kara Boniecka @lakeshoreATS

We use the Balance of Power (BOP) indicator a lot these days. It measures the strength of bulls versus bears by looking at their respective abilities to push price to an extreme level. It is great not only for timing market entries but also for identifying when trends are looking exhausted. It’s also useful in trying to tell when markets are entering range-bound territory.

Since most of what we do is mechanical trading, and different algos perform well under different market conditions, we have found we can really increase our performance by actively heeding what the market is trying to show. BOP helps tease those messages out.

We also make use of basic principles of calculus with a proprietary derivative-based indicator to further hone our entries and exits. We have found the combination to be extremely powerful, especially in the current market environment.

Kara Boniecka is the founder of LakeshoreATS, a Chicago-based algorithmic trading firm. She started her trading career in the grain pits at the CBOT, before moving on to work at a bulge bracket bank and finally at a propietary trading shop in Chicago. Her background has afforded her a keen focus on risk management and capital appreciation. Since 2020, she has been developing and trading her own automated systems.

Dan Gramza

In the search for the best indicator to use today, I think it’s important to ask yourself before you begin this search what function do you want this indicator to perform. We typically think of an indicator as a buy and sell generator but an indicator can be much more than that.

It can be used to confirm a trade, build a position by adding to an established trade, entrance or exit only of a trade and it could be used as a guide to determine the risk management level to exit a trade with the loss. This evaluation and analysis of the purpose of the indicator may lead to the discovery of a weak buy and sell indicator that may be a powerful risk management tool.

Before an indicator is used it is essential to understand the limitations of the indicator. In other words, when does it perform well and when does it not perform well. Often times an indicator is used across all markets with the expectation that it will perform equally well in all market environments around the clock.

What I have found helpful in my trading and work with institutional and private traders around the world is an understanding when to use the indicator and when not to use the indicator. For example, a daytrader may find in their market that the stochastic indicator provides the best performance between 8:00 AM and 11:00 AM and it is not used as a reference during the rest of the trading session.

Dan Gramza is President of Gramza Capital Management Inc. and DMG Advisors, LLC. He provides daily market updates from around the globe on subjects ranging from the Nasdaq and currencies to crude oil and grains.

Carl Larry @oiloutlooks

Oil is a fickle beast. Our indicators used to be all about America’s thirst for oil and geopolitics disrupting supply, we’re channeling the band Kansas and have gone past the point of no return. Now when we’re trading WTI it’s all about U.S. production and the pace of economic growth. We used to talk about how a $10 increase in the price of crude oil would decrease GDP by 0.5%.

Now we’re nearing a point where the more oil we export, the more we’ll be thinking about how a $10 increase in the price of oil will “increase” the GDP by 0.5%. For oil trading, our indicators are more about what we are going to produce and sell and not what we’re going to import and buy.

Carl Larry is the president of Oil Outlooks and Opinions LLC. He provides daily oil market guesstimates with a dose of pop culture.

John Caiazzo @jlc7111

Matt Weller (@MWellerFX)

For me, picking a single indicator as the “best” is about as impossible as asking a mother to pick her favorite child. That said, one indicator that I’ve found particularly effective in this year’s strongly trending markets is deceptively simple: an instrument’s distance from its 100-day moving average.

Traders can easily modify the widely used Moving Average Convergence-Divergence (MACD) indicator to display this information by changing the settings for the first period to 1 and the second period to 100 (ignore the signal line). These parameters tell your trading software to calculate the difference between the “1-period moving average” (or the current price) and the 100-period moving average. When this difference reaches an extreme level, it is often a signal that the market is overbought and may be due for a pullback.

Take the GBP/USD as an example: the pair’s uptrend has stretched to 400 pips from its 100-day MA on four separate occasions this year, and each time (including just two weeks ago) rates have pulled back by 300-400 pips before finding support, presenting a better buying opportunity for trend-following traders.

Of course, there’s no guarantee that this indicator will continue to be so reliable, but it’s undoubtedly a tool that should be in every technical trader’s toolbox.

Matt Weller is the Senior Technical Analyst for FOREX.com. He contributes regular updates on various currencies throughout the day.

Want to be included in our next slideshow in our “Becoming a better trader” series? Answer this question: When you are out of the office, on the road or traveling, which apps are indispensable for you to keep up on your trading and the markets?

E-mail your response in 250 words or less to [email protected] right now to be included and we may post your answer next week when it goes live. We will also tweet to your twitter handle–if you have one and include it. Thank you!

Lauren is the editorial assistant for Futures Magazine. She graduated from DePaul University in 2020 with a degree in English.

Requirements for a modern specialist in advertising and public.

Requirements for a modern specialist in advertising and public relations

The content of professional activities of a PR specialist

The content of professional activities of PR-specialists is one of the topical problems of theory and practice of public relations. The very multidimensionality of the concept of public relations (PR), which has absorbed a multitude of functions and generated a lot of definitions, the blurriness of the professional field of activity, the lack of unified approaches and clear criteria among both theorists and practitioners, generates many difficulties, young professionals trying to find their way into the profession. Without a clear understanding of the content of this activity, it is difficult to determine the main directions in the professional training of specialists.

The content of the professional activities of specialists in public relations is determined by the functions that they perform. In the specialized literature there has been a long discussion about the definition of the content and functions of PR. At the heart of the discussion is the question of what is the main function of PR activities: informing, persuading or dialogue with the public, aimed at harmonizing interests. Let’s consider the most significant, in our opinion, point of view on the given problem.

Sam Black in his book “Introduction to Public Relations” has identified ten main areas of PR:

1. Public opinion.

2. Public relations.

3. Government relations.

5. Industrial Communications.

6. Financial relations.

7. International relations.

8. Relations with consumers.

9. Research and statistics.

The tasks of PR-specialists (according to Sam Black):

• counseling based on the understanding of human behavior;

• Analysis of possible trends and prediction of their consequences;

• the study of public opinion, expectations and views of society and the development of recommendations for implementing the necessary measures;

• establishing and maintaining mutual communication based on the reliability and completeness of information;

• preventing conflict and misunderstandings;

• Promoting mutual respect and social responsibility;

• Harmonization of personal and public interests;

• Improvement of friendly relations with personnel, suppliers and customers;

• Improvement of industrial relations;

• attracting qualified personnel and reducing staff turnover;

• expansion of the market of goods and services;

• formation of corporate identity.

Thus, we can identify the dominant

types of activities and range of tasks for specialists in advertising and public relations.

Dominant activities and the range of tasks

The duties of an advertising and public relations specialist currently include the following:

• creating and maintaining a favorable image of the company;

• the establishment of information flows;

• Working with the press, providing specially prepared information to the media on behalf of the company, creating news events, sending newsletters with posting on major news portals;

• Development, planning, budgeting and implementation of communication strategies, projects, concepts, programs;

• creation of text content of corporate information materials;

• writing articles, slogans, speeches, booklets, press releases, interviews, materials on services and projects;

• editing site content;

• planning, organizing and holding press conferences, exhibitions, interviews, seminars, presentations, promotions and special events;

• work with advertising and PR agencies for organizing advertising campaigns;

• work with printing houses, advertising agencies: coordination of activities in the development and manufacture of printed products;

• Development of the creative concept of promotional materials (models, rollers, booklets, souvenir products), ensuring their production;

• company representation at conferences, exhibitions;

• publication of a corporate magazine.

Characteristics of the functions of an advertising and public relations specialist

The specific functions of a specialist in advertising and PR depend on the profile and scale of the organization’s activities, on how much the modern communication technologies influence the effectiveness of the organization’s activity and how widely they are used in the daily activities of the organization.

In broad terms, the PR specialist and advertising specialists should have the following main tasks representing the whole range of functions of PR activities, including the use of advertising communications as a PR tool:

• to form and maintain an appropriate image of the organization and activities of the staff;

• Identify the opinion of personnel through sociological research and bring this information to the management of the organization;

• Advise management on communication problems, their solutions;

• Improve the corporate culture of the company;

• organize and coordinate special events;

• create corporate publications, attracting specialists in this field;

• use modern advertising technologies to solve communication problems;

• plan advertising activities and evaluate its communication/economic efficiency.

It is clear that these tasks, due to their breadth and diversity, rather describe the work of the PR department than one PR specialist. But in organizations where there is no PR-department as a structural unit, these tasks often have to be solved by one PR-specialist working in marketing, advertising and other related departments.

To effectively interact with other members of the organization, the PR manager/PR-specialist should be positioned in the structure of the organization in such a way that he is accountable to senior management and work with all departments.

In the narrow sense the functions of a specialist in the field of PR and advertising communications can be considered depending on the direction of his work.

1. Work with clients.

• Positioning the organization.

• Analysis of client settings.

• Special events to attract new customers.

• Work with complaints and claims.

2. Working with partners.

• Establishing a long-term relationship.

• Development of special communication programs.

• Broadcast the company’s image through partners.

3. Work with the media.

• Creation of advertising materials for the media, their placement and evaluation of effectiveness.

• Building and maintaining communications with target media (press conferences, presentations).

• Compiling media cards.

• Operational contact with the media in a crisis situation.

4. Work with the company’s management.

• Definition company mission (policy, formal strategic goal).

• Formation of corporate culture, corporate identity, company image.

• Supervising management contacts and preparing speeches at presentations, special events, interviews with the media.

• Organization of special events (press conferences, presentations, holidays, exhibitions, meetings, etc.).

• Forecasting crises and planning Crisis Management.

• Developing a policy of the firm’s relations with competitors and opposition (hostile public groups/individuals).

5. Intra-corporate PR.

• Development of corporate standards.

• Conducting corporate events.

• Participation in specialized exhibitions, competitions, conferences.

• Collection, storage, updating and systematization of information about the company (archive/history of the company).

• The introduction/prevention of rumors.

• Maintaining positive/correcting negative stereotypes.

• Reconciliation of any documentation that is targeted to the mass consumer.

6. Work with investors.

• Drawing up a calendar of financial communications.

• Communication with shareholders.

• Drawing up an annual report.

• Financial relations with the media.

7. Implementation of Internet communications.

• Promotion of the company, its products and services through the company’s website, corporate blog.

• Organization of promotion in social networks.

• Monitoring of the appearance of positive/negative information about the company on the Internet, correction of negative information.

• Develop and conduct online events.

• Placement of promotional materials and evaluation of their communicative/economic effectiveness.

Текст книги “Английский язык для студентов заочной формы обучения”

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2.3.3.1 Задание 1. Прочитайте и запомните следующие слова и словосочетания

marketing research – исследование маркетинга;

marketing manager – управляющий маркетингом;

need – нужда, нуждаться;

to tabulate – составлять таблицу;

to take charge of – руководить;

to handle – обрабатывать (документы);

top manager – главный управляющий;

to assume – предполагать;

to define – определять;

available – имеющийся в наличии;

to set up – создавать;

product – продукт; товар, изделие;

tangible – осязаемый, материальный;

to own – владеть;

to perform – выполнять;

to provide – обеспечивать;

party – участник, сторона;

to develop – разрабатывать;

to meet – удовлетворять (потребности), соответствовать;

to survive – выживать;

life cycle – жизненный цикл;

failure – неудача, крах, банкротство;

brand – марка (изделия);

branding – присвоение товару марочного названия;

trademark – торговая марка, торговый знак;

legal term – юридический термин;

craft guild – ремесленная гильдия;

merchant guild – торговая гильдия;

purchase – покупка, покупать;

sales volume – объем реализованной продукции;

costs – издержки, затраты;

2.3.3.2 Задание 3. Прочитайте тексты А, В, С, переведите их письменно

Тext А. Marketing Research

The marketing concept says that marketing managers should meet the needs of customers. This means marketing managers have to rely on help from marketing research – procedures to develop and analyze new information to help marketing managers make decisions.

Most large companies have a separate marketing research department to plan and carry out research projects. These departments often use outside specialists – including interviewing and tabulating services – to handle technical assignments. Further, specialized marketing consultants and marketing research organizations may be called in to take charge of a research project.

Small companies usually don’t have separate marketing research departments. They depend on salespeople or top managers.

Good marketing research requires much more than just technical tools. It requires cooperation between researchers and marketing managers.

The scientific method combined with the strategy planning framework can help marketing managers make better decisions.

The scientific method forces an orderly research process. The marketing research process is a five-step application of the scientific method that includes: defining the problem; analyzing the situation; getting problem-specific data; interpreting the data; solving the problem.

Defining the problem is the most important – and often the most difficult – step in the marketing research process. Sometimes it takes up over half the total time spent on a research project. But it’s time well spent if the objectives of the research are clearly defined. The best research job on the wrong problem is wasted effort.

The situation analysis is an informal study of what information is already available in the problem area. It can help define the problem and specify what additional information – if any – is needed.

The next step is to plan a formal research project to gather primary data. There are different methods for collecting primary data. Which approach to use depends on the nature of the problem and how much time and money are available.

When data has been collected it has to be analyzed to decide what it all means. In quantitative research this step usually involves statistics. Statistical packages – easy–to–use computer programs that analyze data – have made this step easier.

In the problem solution step, managers use the research results to make marketing decisions.

When the research process is finished the marketing manager should be able to apply the findings in marketing strategy planning – the choice of a target market.

A marketing information system (MIS) is an organized way of continually gathering and analyzing data to provide marketing managers with information they need to make decisions. In some companies, an MIS is set up by marketing specialists. In other companies, it is set up by a group that provides all departments in the firm with information. Marketing managers often don’t know in advance exactly what questions they will have – or when. But they do know what data they have routinely used or needed in the past. They can also foresee what types of data might be useful. They should communicate these needs to the MIS manager so the information will be there when they want it.

Routinely analyzing incoming data can be valuable to marketing managers. But incoming data shouldn’t be their only source of information for decision-making. Marketing information systems tend to focus on recurring information needs. But marketing managers must try to satisfy ever-changing needs in dynamic markets. So marketing research must be used – to supplement the data already available in the MIS system.

Text C. Product and New-Product Development

Product means the need-satisfying offering of a firm.

You already know that a product may be a physical good or a service or a blend of both. A good is a tangible item. When you buy it, you own it. And it’s usually pretty easy to see exactly what you’ll get. On the other hand, a service is a deed performed by one party for another. When you provide a customer with a service, the customer can’t “keep” it. Services are not physical – they are intangible. You can’t “hold” a service. Most products are a combination of tangible and intangible elements.

Competition is strong and dynamic in most markets. So, it is essential for a firm to keep developing new products – as well as modifying its current products – to meet changing customer needs and competitor’s actions. New-product planning is not an optional matter. It has to be done just to survive in today’s dynamic markets. A new product is one that is new in any way for the company concerned. A product can become “new” in many ways. A fresh idea can be turned into a new product – and start a new life cycle. Even small changes in an existing product can make it “new”. A product can be called “new” for only a limited time. Six months is the limit according to the Federal Trade Commission (FTC) – the federal government agency that policies antimonopoly laws.

New-product development demands effort, time, and talent – and still the risks and costs of failure are high.

2.3.3.3 Задание 4. Ответьте на вопросы по текстам А, В, С

1 Why do marketing managers have to rely on help of marketing research?

2 What does a good marketing research require?

3 Can the scientific method help marketing managers make better decisions?

4 What steps does the market research process include?

5 Defining the problem is the most important and difficult step, isn’t it?

6 Does the quantitative research involve statistics?

7 What is a market information system used for?

8 Are incoming data the only source of information for decision – making?

9 What needs must marketing managers try to satisfy?

10 Is a good a tangible item?

11 New product planning is not an optional matter, is it?

12 What does new product development demand?

2.3.4 Тексты для студентов специальности «Экономика и управление на предприятии», «Менеджмент организации», «Государственное и муниципальное управление», «Управление персоналом»

III семестр для специальностей «Экономика и управление на предприятии», «Менеджмент организации», «Государственное и муниципальное управление»

2.3.4.1 Задание 1. Прочитайте и запомните следующие слова и словосочетания:

the like – подобное;

existence – существование, жизнь;

responsibility – ответственность, обязанность;

aim, goal, target, objective – цель;

to define – определить, давать определение;

to forecast – предсказывать;

to accept – принимать, признавать;

to involve in – вовлекать;

to make decision – принимать решение;

to diversify – разнообразить;

to run smoothly – работать плавно;

to respond to – реагировать на;

to chase up supplies – гоняться за поставками;

urgent order – срочный заказ;

to spell out – разжевывать (зд. расписать, подчеркнуть);

to set objectives – ставить цель;

analytical ability – аналитические способности;

as a team – как одна команда;

superior – старший, начальник;

in relation to – относительно к;

to measure – оценивать;

to get on well with – иметь хорошие отношения с;

integrity – цельность; честность.

to have much in common – иметь много общего;

to depend on the level (position) – зависеть от должности;

to spend a great deal of time – тратить много времени;

to meet (to perform) objectives – достигать цели;

interpersonal skills – межличностые навыки;

least understood – наименее попятный;

personnel department – отдел кадров;

to recruit (to hire) – принимать на работу;

training courses – подготовительные курсы;

to possess – обладать, владеть;

to chair a meeting – быть председателем собрания (заседания, совещания);

to post a list of vacancies – вывешивать список вакансий;

notice board – доска объявлений;

to be referred for a position – быть назначенным на должность;

a set of qualifications – перечень качеств;

standard application form – стандартный бланк;

one-to-one interview – интервью “один на один”;

panel interview – интервью с несколькими претендентами;

“deep” end interview – интервью, во время которого претендент обязан показать наглядно владение специальностью;

to cope with – справляться с чем-либо;

to be aware of– осознать;

organization culture – взаимоотношения в организации;

data processing – обработка данных.

2.3.4.2 Задание 2. Прочитайте тексты А, В переведите их письменно

Text A. The manager’s role

Our society is made up of all kinds of organisations, such as companies, government departments, unions, hospitals, schools, libraries, and the like. They are essential to our existence, helping to create our standard of living and our quality of life. In all these organisations, there are people carrying out the work of a manager although they do not have that title. The vice-chancellor of a university, the president of a students’ union or a chief librarian are all managers. They have a responsibility to use the resources of their organisation effectively and economically to achieve its objectives.

Are there certain activities common to all managers? Can we define the task of a manager? A French industrialist, Henri Fayol, wrote in, 1916 a classic definition of the manager’s role. He said that to manage is to forecast and plan, to organise, to command, to coordinate and to control. This definition is still accepted by many people today, though some writers on management have modified Fayol’s description. Instead of talking about command, they say a manager must motivate or direct and lead other workers.

Henri Fayol’s definition of a manager’s functions is useful. However, in most companies, the activities of a manager depend on the level at which he/she is working. Top managers, such as the chairman and directors, will be more involved in long range planning, policy making, and the relations of the company with the outside world. They will be making decisions on the future of the company, the sort of product lines it should develop, how it should face up to the competition, whether it should diversify etc. These strategic decisions are part of the planning function mentioned by Fayol.

On the other hand, middle management and supervisors are generally making the day-to-day decisions which help an organisation to run efficiently and smoothly. They must respond to the pressures of the job, which may mean dealing with an unhappy customer, chasing up supplies, meeting an urgent order or sorting out a technical problem. Managers at this level spend a great deal of time communicating, coordinating and making decisions affecting the daily operation of their organisation.

An interesting modern view on managers is supplied by an American writer, Mr Peter Drucker. He has spelled out what managers do. In his opinion, managers perform five basic operations. Firstly, managers set objectives. They decide what these should be and how the organisation can achieve them. For this task, they need analytical ability. Secondly, managers organise. They must decide how the resources-of the company are to be used, how the work is to be classified and divided. Furthermore, they must select people for the jobs to be done. For this, they not only need analytical ability but also understanding of human beings. Their third task is to motivate and communicate effectively. They must be able to get people to work as a team, and to be as productive as possible. To do this, they will be communicating effectively with all levels of the organisation – their superiors, colleagues, and subordinates. To succeed in this task, managers need social skills. The fourth activity is measurement. Having set targets and standards, managers have to measure the performance of the organisation, and of its staff, in relation to those targets. Measuring requires analytical ability. Finally, Peter Drucker says that managers develop people, including themselves. They help to make people more productive, and to grow as human beings. They make them bigger and richer persons.

In Peter Drucker’s view, successful managers are not necessarily people who are liked or who get on well with others. They are people who command the respect of workers, and who set high standards. Good managers need not be geniuses but must bring character to the job. They are people of integrity, who will look for that quality in others.

2.3.4.3 Ответьте на вопросы

1. What is our society made up of?

2. What is the definition of manager’s role?

3. What decisions will the managers be making?

4. What do we call the “strategic decisions”?

5. What decisions are middle management and supervisors generally making?

6. How many basic operations do managers perform?

7. What ability does manager need to fulfill the first basic operation?

8. What must manager do secondly and thirdly?

9. What are manager’s fourth and fifth tasks?

10. What kind of people, in Pater Drucker’s view, should successful managers be?

2.3.4.4 Text B. Business Structure

Each company has its business structure. Many companies have much in common in their structures. The number of departments in corporation depends on the size of the company and on the nature of the goods and services it provides. All departments are headed by managers.

In most companies the activity of a manager depends on the level at which he/she is working. Top managers are involved in long range planning, policy making, and the relations of the company with the outside world. Middle management and supervisors make day-to-day decisions. Managers at this level spend a great deal of time communicating, coordinating and making decisions affecting the daily operation of their organization.

Effective managers meet their company’s objectives through a successful combination of planning, organizing, directing, and controlling. In order to perform these management functions, managers need not only organizational and technical but also interpersonal skills. Managers perform various functions, but one of the most important and least understood aspects of their job is proper utilization of people.

A corporation with many employees may need a personnel department. Personnel department recruits new employees and organizes training courses. A qualified personnel manager should possess good communication skills. He/she should be able to chair a meeting, to conduct an interview with job applicants. There are many ways in which an organization can recruit personnel. Posting a list of vacancies on the company notice board is fairly common. A subordinate may be referred for a position by his/her superior. Advertising is a commonly used technique for recruiting people from outside. The personnel manager has two sets of qualifications to consider if he wants to choose from among the applicants. He/she must consider both professional qualifications and personal characteristics. A candidate’s education, experience and skills are included in his/her professional qualifications. These can be listed on a resume (American English) or CV (Curriculum Vitae – British English). Many companies expect all personal information to be entered on a standard application form. Personal characteristics must be evaluated through interviews. There are different kinds of interviews: traditional one-to-one interviews, panel interviews where one or more candidates are interviewed by a panel of interviewers and even ‘deep-end’ interviews where applicants have to demonstrate how they can cope in actual business situations. The atmosphere of an interview may vary from the informal to the formal ones.

A good manager should be aware of the type of organization culture his/her corporation adheres to. There are now five broad fields of business that offer exciting careers: management, marketing, accounting, finance, and data processing. Within each of these fields there are specific jobs in which one can specialize. For example, within the field of management you can specialize as a general manager, a production manager or a personnel manager.

2.3.4.5 Ответьте на вопросы

1 What does the number of departments in corporation depend on?

2 Who is the head of all departments?

3 What are the top managers and middle managers and middle management involved in?

4 What skills do all managers need?

5 What department may a corporation need? 6 What does personal department do?

7 What kinds of interview do you know?

8 What should a good manager be aware of?

9 How many broad manager be aware of? What are they?

III семестр для специальности «Управление персоналом»

2.3.4.6 Задание 1. Прочитайте и запомните следующие слова и словосочетания:

Text A. What is Personal Management?

personnel [.pasa’nel] management – руководство кадрами;

recruiting [n’kruitin] – вербовка, набор, наем;

hiring [‘haiann] – наем (сотрудников);

to encourage – поощрять;

to encounter – встретиться, столкнуться (с чем-л.);

salary scale – шкала заработной платы, тарифная сетка, расценки;

to put in(to) practice – осуществлять;

fringe benefits – дополнительные Льготы (пенсия, оплаченные отпуска и т.п.);

development – улучшение, усовершенствование;

to develop – развивать;

employee development – усовершенствование служащих;

direct compensation of employees – прямые выплаты служащим;

employee benefits – пособия работающим по найму;

employee (personnel) policy – кадровая политика;

operating procedure – способ эксплуатации;

organization plan – схема организационной структуры;

personnel department – отдел кадров;

to implement – выполнять, осуществлять;

policy – стратегия, политика, линия поведения, установка, курс;

policy definition – выработка стратегии;

placement – определение на должность;

labor relations – трудовые отношения;

to afford – позволить себе;

assessing – оценка, определение;

screening – (тщательная) проверка, рассмотрение, отбор;

employee trust – ответственность сотрудников;

guideline – директива, указание;

explicit [iks’phsrt] – ясный, подробный; подробно разработанный;

well-proven – хорошо отработанный;

expediency [iks’pi:d39nsi] – целесообразность; выгодность;

job analysis – анализ производственных операций путем разбиения их на элементы; изучение трудовых операций;

job title – название должности;

job description – должностная инструкция;

mental requirements – психические ограничения;

physical requirements – физические ограничения;

manual dexterity – ловкость, быстрота, сноровка, проворство рук;

hazard [‘haezed] – риск;

job specification – квалификационные требования к исполнителю работы.

2.3.4.7 Задание 2. Прочитайте тексты А, В переведите их письменно

Text A. What is Personal Management?

Personnel management is concerned with the effective use of the skills of people. They may be salespeople in a store, clerks in an office, operators in a factory, or technicians in a research laboratory. In a business, personnel management starts with the recruiting and hiring of qualified people and continues with directing and encouraging their growth as they encounter problems that arise in working toward established goals.

In addition to recruiting and hiring, some of the responsibilities of a personnel manager are:

1 To classify jobs and prepare wage and salary scales.

2 To counsel employees.

3 To deal with disciplinary problems.

4 To develop safety standards and to put them into practice.

5 To manage fringe benefit programs, such as group insurance, health, and retirement plans.

6 To provide for periodic reviews of the performance of each individual employee, and for recognition of his or her strengths and needs for further development.

7 To assist individuals in their efforts to develop and qualify for more advanced jobs.

8 To plan and supervise training programs.

9 To be informed of developments in personnel management. Personnel managers often deal with the following difficult situations concerning the employees:

– The firm’s employees – especially-the most qualified ones – can get better jobs with other employers.

– When a firm has not enough supervisory and specialized personnel with adequate experience and job capabilities, it has to train and develop its own people. This can be time consuming and expensive.

– The cost of hiring and training employees at all levels is increasing, for instance, several thousand dollars for a person. A mistake in hiring or in slow and inefficient methods of training can be costly.

– Most employees want better direct compensation, employee benefits, and working conditions that the firm cannot afford, but other employers can. So, all employee policies and operating procedures should be developed with great care.

The personnel department has the responsibility to define and implement policies, procedures and programs for recruitment, selection, training, placement, safety, employee benefits, compensation, labor relations, organization planning, and employee development.

Effective human resource management develops the abilities of job candidates and employees to meet the needs of the firm. Human resource (HR) management is a balancing act. At one extreme, you hire only qualified people who are well suited to the firm’s needs. At the other extreme, you train and develop employees to meet the firm’s needs. Most expanding businesses fall between the two extremes i.e., they hire the best people they can find and afford, and they also recognize the need to train and develop both current and new employees as the firm grows.

Functions of Personnel Management

One function of personnel management is to hire and train the right people. The effective personnel system is:

– Assessing personnel needs.

– Selecting and hiring personnel.

– Orienting new employees to the business.

– Deciding compensation issues.

The second function of human resource management is the training and development of employees.

A third function is raising employee trust and productivity. These three functions stress the importance of a good human resource management climate and provide specific guidelines for creating such a climate.

Text B. Developing a Personnel System

Assessing Personnel Needs

The firm’s personnel policies should base on explicit, well-proven principles. Firms that follow these principles have higher performance and growth rates than those that do not follow them. The most important of these principles are:

– All positions should be filled with people who are both willing and able to do the job.

– A written job description and definition are necessary.

– Employees chosen on the basis of the best person available are more effective than those chosen on the basis of friendship or expediency.

– Employee training results in higher performance.

The process of selecting a competent person for each position is best accomplished through a systematic definition of the requirements for each job, including the skills, knowledge and other qualifications that employees must possess to perform each task. To guarantee that personnel needs are adequately specified personnel manager has to:

1) conduct a job analysis,

2) develop a written job description, and

3) prepare a job specification.

Job analysis is a systematic investigation that collects all information related to each task performed by an employee. From this analysis, you identify the skills, knowledge and abilities required of that employee, and determine the duties, responsibilities and requirements of each job. Job analysis should provide information such as

– Job description – major and implied duties and responsibilities.

– Characteristics of the job including location.

– Types of material used.

– Types of equipment used.

– Mental and physical requirements.

– Manual dexterity required.

– Working conditions (inside, outside, hot, cold, dry, wet, noisy, dirty, etc.).

The job analysis is used to generate a job description, which defines the duties of each task, and other responsibilities of the position. The description covers the various task requirements, such as mental or physical activities; working conditions and job hazards. The approximate percentage of time the employee should spend on each activity is also specified. Job descriptions focus on the what, why, where and how of the job.

The best way to develop job descriptions is to ask employees themselves to describe their jobs. A good employee may know more about the job than anyone else.

Job Specif ication

The job specification describes the person expected to fill a job. It details the knowledge, education, qualities, skills and abilities needed to perform the job satisfactorily. The job specification provides a standard to measure how well the worker matches a job. The job specification should be used as the basis for recruiting.

2.3.4.8 Задание 3. Ответьте на вопросы по текстам А, B

1 What are the responsibilities of a personnel manager? Name them.

2 What difficult situations concerning the employees may be encountered by personnel managers?

3 What are the responsibilities of personnel department?

4 What are the three functions of personnel management?

5 What are the most important principles of a firm’s personnel policies?

6 What is a job analysis?

7 What information is contained in a job analysis?

8 What is a job description?

9 What information is contained in a job description?

10 What is a job specification?

11 What information is contained in a job specification?

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