INDUSTRIAL
PRODUCTION
The resources that go into the creation of goods and services are called
the factors of production. They include: natural
resources, human capital, capital and
entrepreneurship. People who own or use a factor of production are entitled
to a „return or reward” – rent, wages, interest and profits accordingly. Goods
used for production of other products are called capital goods (machinery, tools, land etc.) We generally describe
the economy as consisting of three sectors: the primary sector:
agriculture, e.g. forestry, fishery, farming and cattle-raising and the extraction
of raw materials from the earth, e.g. mining, quarrying, the secondary sector (manufacturing sector), e.g. cars, computer hardware, construction,
defence, food processing, pharmaceuticals, textiles, the tertiary sector
(service sector), e.g. catering, computer software, financial services,
healthcare, leisure, property, retail, telecommunications, media, tourism.
Industry is the production of materials and
goods. An industry is a particular type of business activity, not necessarily
production. The related adjective is industrial and verb to industrialize. De-industrialization
refers generally to the fall in manufacturing output and the consequent closure
of factories.
An example of light industry is
electronics, and of heavy industry – steel and shipbuilding. Emerging
industry is the one in an early stage of development while growth
industry is an area of business that is growing very quickly.
Manufacturing plant sounds more modern than factory or works. There are three main types of production methods:
Job production - In this type of production specific work is carried out for individual customers. It is usually labour intensive and requires the employment of skilled labour, which is able to interpret technical instructions. Job production do not use much machinery, it is hand-made. Producing goods like this is often called a craft-industry. Unit costs will always tend to be high when small numbers of individually designed items are produced.
Mass production - This method of production is possible where the demand for a product is so great that the goods can be produced in a continuous flow. Unskilled and semi-skilled workers can be employed, though the modern tendency is to use computerized industrial robots: the plant is highly automated then. These robots are part of the CADCAM system of computer-assisted design and manufacturing. In such a way e.g. cars are mass-produced on the assembly or production line. By using this capital-intensive methods unit costs may be substantially reduced.
Batch production -This method falls between job and mass production. It could be described as repeated production runs in contrast to mass production technique. The orders consist of a significant number of similar items i.e. furniture or books. Both labour and machines have to be more versatile than in the case of mass production, but less than in the case of job production.
Output is the number or type of things that a plant,
company, industry or country produces.
Productivity is a measure of how much is produced in relation
to the number of employees. Materials and parts are some of the inputs.
The others are labour, capital and knowledge. The maximum amount that a
particular plant or industry can produce is its capacity. If it is
producing this
amount, it is working at full capacity.
If it is producing more than what is needed, there is overproduction
(overcapacity, excess capacity). If far too many things are produced, there is
a glut of these things. The opposite situation is a shortage.
A product can be something natural,
something made to be sold or a service. Produce refers to
a agricultural products such as crops or fruit. Goods that are just being
made are work-in-progress, while the products that have been made are finished
goods. Quantities of raw materials, components, work-in-progress and
finished or semi-finished goods in a particular place are stocks.
The specifications (specs) of a product are exact instructions
about its design, including its dimensions, how it is to be made, the materials
to be used, etc. The objective of quality control is conformity to
specifications.
Nowadays most companies are doing more and more subcontracting:
using outside suppliers to provide components and services. In other words,
they are outsourcing more, using outside suppliers for goods or services
that were previously supplied in-house. Of course, it is expensive to
keep components and goods in stocks. So, many companies are asking its suppliers
to provide components just-in-time, as and when they are needed. This is
part of lean production (lean manufacturing), making things as quickly
and efficiently as possible, without waste.
Large companies often achieve greater
productivity than small ones because of economies of scale (scale effect) which means reduction in
the average cost of production, and hence in the unit costs, when output is
increased. However, if the average costs of production rise with output, this
is known as diseconomies of scale.
Assemble - v. montować; assemble line – linia montażowa
Automation – n. automatyzacja; to automate - automatyzować
Batch production – n. produkcja seryjna; batch – n. seria, partia,
transza
CADCAM – computer assisted
design/ computer assisted manufacturing – projektowanie
wspomagane komputerowo/ produkcja wspomagana komputerowo
Capacity – n. moc, zdolność produkcyjna; to work at full capacity –
pracować na pełnej mocy
(na pełnych obrotach)
Capital – n. kapitał; capital goods – n. środki produkcji;
capital-intensive – a. kapitałochłonny
Craft industry – n. produkcja rzemieślnicza, rzemiosło
De-industrialization –n.
deindustrializacja
Diseconomies of scale – n.
dysekonomia skali
Economies of scale (scale effect) – n. korzyści skali
Emerging industry – n. przemysł rozwijający się
Entrepreneurship – n. przedsiębiorczość; entrepreneur – przedsiębiorca,
enterprise - przedsiębiorstwo
Extraction – n. wydobycie;
v. to extract - wydobywać
Factors of production
–n. czynniki produkcji
Finished products(goods) –n. wyroby gotowe
Glut – n. nadmiar; v. to glut – nasycać, zarzucać towarami
Growth industry – n. przodujący przemysł
Heavy industry – n. przemysł ciężki
Human resources – n. zasoby ludzkie
In-house – a. przyzakładowy, w miejscu pracy, na miejscu
Input –n. nakład
Job production – n. produkcja ręczna, jednostkowa
Just-in-time (JIT)– n. produkcja
na czas
Labour-intensive – a. pracochłonny
Lean production – n. “szczupła” produkcja
Light industry – n. przemysł lekki
Manufacturing plant – a. zakład produkcyjny
Mass-produce – v. produkować na skale masową; n. mass production –
produkcja masowa
Natural resources – n. zasoby naturalne
Output – n. produkcja, wydobycie, wydajność
Outsourcing – n. outsourcing, zlecanie na zewnątrz
Overproduction – n. nadprodukcja
Primary sector – n. dział wydobywczy
Product – n. produkt, wyrób, produkcja; produce – n. produkcja rolna
Productivity – n. wydajność
Quality control – n. kontrola jakości
Raw materials – n. surowce
Run – n. partia, transza
Secondary sector – n. przemysł przetwórczy
Semi-finished
(semi-fabricated, semi-manufactured) product – n. półfabrykat
Shortage – n. deficit, brak
Specifications – n.
specyfikacja
Stock –n. zapas, inwentarz, towar
na składzie; stockist – osoba mająca na składzie dany artykuł;
v. to stock up – robić zapasy; n. stocktaking - inwentaryzacja
Subcontracting – n. podwykonawstwo; n. subcontractor - podwykonawca
Tertiary sector – n. sektor usługowy
Unit costs – n. koszty jednostkowe
Work-in-progress – n. produkcja w toku
Works – n. fabryka, zakład; n. workshop – warsztat
A COMPANY
Business is the activity of producing, buying and
selling goods and services. A business, company , firm or more formally,
a concern, sells goods or services. Large companies considered together are
referred to as a big business. Businesses vary in size, from the
self-employed person working alone, through the small or medium enterprise
(SME) to the large multinational (MNC) or transnational
(TNC) with activities in several countries. A company may be called an enterprise,
especially to emphasize its risk-taking nature.
The simplest form of a small business is a sole/individual
proprietorship – a business owned by one person called a sole proprietor
(sole owner, sole trader) who is in charge of managing the affairs of his firm,
i.e. owns all the assets, owes all the liabilities, and who is a natural/individual
person with legal capacity. Business licenses (certificates
of trading) are issued to non-incorporated companies, such as sole
proprietorship.
Another form is a partnership – a voluntary association of two or
more partners who jointly form, own and carry on a business. A partnership may
be general or limited one. Limited partnership consists of general
partners, who are fully liable for partnership debts, and limited
partners, who are liable to the extent of their investment provided that
they take no part in the conduct of a firm affairs, thus being sleeping
(silent, dormant) partners. The documents required for a partnership to
be legal are: deed of partnership – a formal agreement to begin a
company, and articles of partnership, which define partners’ rights and
duties toward each other.
Business can also be conducted in the form of a
company – corporation formed to conduct business in the name of corporation. In
that sense companies have a legal personality – are legal entities
created by law and given certain legal rights and duties. Thus company can own
property and incur debts for which company members have no liability to creditors,
as the members are not legal persons. Limited companies, which are incorporated
under the Companies Act and whose members have a limited liability towards
their company are of two kinds: private limited company (Ltd.) and public
limited company (PLC), that can offer its shares and securities to
the public. An American term for a limited company is corporation
(Inc.). The formation of a company is attested by a memorandum of association/
articles of incorporation, which specify name, purpose , registered office,
initial capital and shareholders, accompanied by articles of
association/bylaws, which regulate internal affairs of a company.
Both
companies and partnerships can be dissolved. For partnerships dissolution means
termination of a previously existing partnership upon the occurrence specified
in the deed of partnership, e.g. a partner’s death or withdrawal. For companies
it means the termination of a company’s legal personality, e.g. due to
bankruptcy – the permanent loss of solvency. Dissolution is preceded by liquidation
(winding-up), understood as the process of selling assets and paying debts by a
liquidator or receiver.
Some companies will go into voluntary liquidation when they realize that
they are insolvent. Other companies are forced into compulsory liquidation
by their creditors.
State-owned (government-owned) companies are usually
created to provide services that a private enterprise is unable or unwilling to
offer. Cooperatives (co-ops) are associations of individuals or
companies organized to perform business for their members. A franchise
is a system by which independent firms
are authorized to use a common business system. In exchange for different royalties
the franchisor grants a franchisee a right to utilize its
know-how and the trademark. A quango (quasi autonomous non-government
organization) is used when it is desired to provide government finance for an
activity without making government ministers responsible for them. A company
which does not trade, but has a legal existence and possibly non-trading assets
is called a shell company. Some companies, like certain life insurance
companies or building societies, are mutuals. Profits the mutuals make
are theoretically owned by the members, so there are no shareholders. However,
it may occur that mutuals have become public limited companies with
shareholders (demutualization). Organizations with “social’ aims, such
as helping the sick or the poor, are non-profit organizations/not-for-profit
organizations (charities).
A person who contributed his capital to a
company is called either a partner or a shareholder or an investor or
just a member. A stakeholder is a person or another company, who – for
different reasons – is interested in company’s affairs, e.g. its workers,
executives, contractors and subcontractors, suppliers and corporate and private
customers.
business – n. działalność
gospodarcza, n. a business – firma, przedsiębiorstwo; n. big business – wielki
kapitał, wielkie przedsiębiorstwa; n. line of business – branża; v. to
conduct business – prowadzić interesy
small enterprise – n. małe przedsiębiorstwo
medium enterprise – n. średnie przedsiębiorstwo
multinational (transnational) – n. międzynarodowe, ponadnarodowe
przedsiębiorstwo
sole proprietorship – n. działalność
jednoosobowa, wyłączna własność; n. sole proprietor- wyłączny właściciel,
przedsiębiorca prowadzący jednoosobowa działalność gospodarczą
natural/individual person – n. osoba fizyczna
legal capacity – n. zdolność prawna
Business license – n. zezwolenie na prowadzenie działalności handlowej
Partnership - n. spółka cywilna,
osobowa; general partnership – n. spółka jawna; limited partnership – n.
spółka komandytowa
Partner – n. wspólnik; n. general
partner – komplementariusz; n. limited partner –
komandytariusz; n. sleeping partner – cichy wspólnik
Deed of partnership – n. umowa spółki osobowej
Articles of partnership –
n. statut spółki osobowej
Legal person – n. osoba prawna; n. legal personality – osobowość prawna
Creditor – n. wierzyciel; v. to credit – kredytować
Debtor – n. dłużnik; n. a debt – dług, należność pieniężna, zobowiązanie
pieniężne, wierzytelność
Incorporation – n. zalegalizowanie,
zarejestrowanie, nadanie osobowości prawnej; a. Incorprated (Inc.); v. to
incorporate
(Private) limited company – n. spółka z ograniczoną odpowiedzialnością
(z o.o); n. limited liabilty – ograniczona odpowiedzialność
Public limited company – n. (UK) spółka akcyjna (S.A.)
Corporation – n. (US) –
spółka akcyjna
Memorandum of association – n. umowa spółki kapitałowej
Articles of association –
n. statut spółki kapitałowej
Dissolution – n. rozwiązanie umowy spółki; v. to dissolve
Solvency – n. wypłacalność; a. solvent – wypłacalny; n. insolvency -
niewypłacalność
Liquidation – n. likwidacja; n. liquidator – likwidator; n. voluntary l.
– likwidacja dobrowolna; n. compulsory l.- likwidacja przymusowa; v. to go into
l. – przejść w stan likwidacji
Receiver – n. syndyk masy
upadłości; n. official receivership – zarząd masy upadłości
State-owned – a. państwowy; n. state-ownership – własność państwowa
Cooperative (co-op) – n. spółdzielnia; n. agricultural c. – spółdzielnia
rolnicza; n. building c. – spółdzielnia mieszkaniowa; n. producers’ c. –
spółdzielnia produkcyjna
Franchise – n. franszyza; n.
franchisor – franszyzodawca; n. franchisee - franszyzobiorca
Royalty – n. opłata licencyjna
Quango – n. organizacja pozarządowa
Shell company – n. “spółka – skorupa”, „spółka-wydmuszka”,
„spółka-widmo”
Mutual insurance company – n. towarzystwo ubezpieczeń wzajemnych: n.
mutual savings bank – wspólna kasa oszczędności
Demutualization – n. przekształcenie w spółkę akcyjną; v. to demutualize
Non-profit organization –n.
działalność non-profit, organizacja o charakterze niezarobkowym
Shareholder – n. akcjonariusz
Stakeholder – n. interesariusz, osoba/ strona zainteresowana działalnością
spółki
MERGERS AND TAKEOVERS
A company may act as a parent company to
a more complex holding structure. The most important kind of dependency
is based on capital links between companies. Fully dependent on a company are
its branch offices. On the other hand, subsidiaries and other affiliates
like associated companies, although separate legal entities
depend onto the holding company upon a stake. Dependency is derived from a
controlling interest, which may be either a majority stake or a controlling
stake.
Companies controlled by a parent company are
also called its daughter companies and they are affiliates or sister
companies to each other. A subsidiary may also hold stakes in other
companies, which will be in turn called sub-subsidiaries of the parent
company.
A very specific kind of capital interdependence
is the cross holding (reciprocal shareholding), when two or more
companies hold blocks of each other’s shares.
Interlocking is another kind of dependence. The simplest
form of interlocking happens when the same directors seat in the boards of
different companies, which are independent in terms of capital links.
Dependent companies may perform their activities
within the same industry or they may enter different branches of the economy
and different kinds of activities. Thus, there are companies integrated only vertically,
either backward or forward or horizontally. Also conglomerates
are widespread – parent companies set up or acquire companies performing in
different industries, usually at different stages of production.
Additionally to dependent companies like
subsidiaries, the parent company may invest into a joint venture
company. A very important feature is
that, no matter whether those investors brought in equal shares or they
maintain parity in a different way, their rights to manage the company’s
affairs should be equal. A joint venture should not be confused with an
amalgamation, as the JV investors only bring in shares, and not their whole
equity.
Another way to expand is by means of franchising
or a strategic alliance. A typical strategic alliance usually set
officially between parties of comparable market strength. A very simple
strategic alliance may be a gentleman’s agreement between executives of
different companies. The more complex ties are cartels (or trusts) aimed
at forcing one of the business rivals out of the market.
The main way to expand abroad is foreign
direct investment, which may include either greenfield investment or a
takeover of an existing company.
Joining of companies leads to creation of
different types of markets: monopoly, natural monopoly (capital outlays
are too high for competition to exists) and oligopoly (a few large
sellers controlling the whole market).
Mergers and acquisitions (amalgamation,
integration) may serve different purposes. Usually, it is an integration of
resources or other advantages like access to other markets. Some companies buy
others in order to spread the risk by adding new products to their business,
others to get the benefits of increased size – the synergy. Some wish to reduce their costs by acquiring assets like
transport facilities. Others view mergers as means of reducing or eliminating
competition. Also, a number of mergers were arranged in the hope of subsequent
re-sale of part or all of the acquired company, which is called asset
stripping.
A takeover may go on as an open process (friendly
takeover) or it may be run secretly (hostile takeover, raid).
Somewhere in between, there is a takeover bid, when a potential investor
advertises his attempt to buy shares of a targeted company.
A
company may defend itself against any potential takeover. Static raider defence
techniques help to make the company less susceptible to raids, e.g. golden
parachutes, special provisions in the bylaws. Active defence may involve an
action to lower the raider’s interest in the targeted company (poison pill)
A company may look for an alternative friendly investor, the white knight,
who could take it instead of the raider. Another option is to place a bid to
take over the raider (pac man). The roles would then reverse (inverted
takeover). In the early stage of a takeover the targeted company may try to
re-purchase shares lost to the raider (green mail). Another action
envisages shifting of targeted assets (crown jewels) to another company.
Mergers and takeovers may be financed out of the
company’s own resources or by means of a loan. As an acquisition usually
exceeds the potential of a sole bank, a syndicated loan suits better the
purpose as it involves a number of financial institutions. To leverage the
buyout, an investor usually treats the acquired company as a collateral
(leveraged buyout). A management buyout - MBO is an
acquisition of the equity capital of a firm by its managers. This has the
advantage of concentrating control in the hands of people with experience of
the firm’s problems.
Parent company – n. spółka – matka, spółka
macierzysta
Holding – n. holding; n. holding company – spółka holdingowa
Branch – n. oddział
Subsidiary – n. spółka zależna
Affiliate – n. filia
Associated company – n. spółka stowarzyszona
Majority stake – n. pakiet większościowy
Contolling stake – n. pakiet kontrolny
Daughter company – n. spółka – córka
Sister company – n. spółka- siostra, spółka
siostrzana
Sub-subsidiary – n. spółka parterowa
Cross-holding – n. cross-holding, utrzymywanie
wzajemnych udziałów przez kilka spółek
Interlocking – n. interlocking, powiązania między
kadrą menadzerska
Vertical integration – n. inegracja pionowa
Backward integration – n. integracja wsteczna,
integracja w dół
Forward integration – n. integracja w górę
Horizontal integration – n. integracja pozioma
Conglomerate – n. konglomerat
Joint venture (J.V.) – n.spółka typu joint-venture,
wspólne przedsięwzięcie
Strategic alliance – n. alians strategiczny
Cartel (trust) – n. kartel, duża korporacja o
prawie monopolistycznej pozycji
Foreign direct investment (FDI) – n. zagraniczna
inwestycja bezpośrednia
Greenfield investment – n. inwestycja od podstaw
Natural monopoly – n. monopol naturalny
Oligopoly – n. oligopol
Synergy – n. synergia
Asset stripping – n. asset- stripper - “sępi wykup”;
Friendly takeover – n. przejęcie przyjazne
Hostile takeover (raid) – n. przejęcie wrogie
Targeted company – n. – spółka przejmowana
Golden parachute – zapis ochronny, „złoty
spadochron”; odprawa
Poison pill –
„trująca pigułka”, zmniejszenie atrakcyjności przedsiębiorstwa w celu ochrony
przed wykupem
White
knight –„biały rycerz”, inwestor chętny do przejęcia przedsiębiorstwa w miejsce
inwestora atakującego
Pac man – pac man, przejęcie przedsiębiorstwa
atakującego przez atakowane
Inverted takeover – przejęcie odwrócone
Green mail -
green mail, odkupienie udziałów przejętych przez przedsiębiorstwo
atakujące
Crown jewels – najcenniejsze aktywa
przedsiębiorstwa
Syndicated loan – pożyczka konsorcjalna
Collateral - zabezpieczenie
Leveraged buyout – wykup
wspomagany (pożyczką), lewarowany
Management buyout – wykup
przez zarząd (własny)
FINANCIAL STRUCTURE
The money that a business
spends is its costs:
· direct costs are directly related to providing the product
(e.g. salaries)
· cost of goods sold (COGS) are the variable costs in making
particular goods (e.g. materials)
· indirect costs (overheads) are not directly related to
production (e.g. administration)
· fixed costs do not change when production goes up or down
(e.g. rent, heating)
· variable costs change with the level of production (e.g.
materials)
· running costs (operating costs) are the cost of the
day-to-day organization of a company
· conversion costs are the costs of changing materials into
products
· marginal cost is the costs of making a single extra unit
above the number already planned
· selling costs are involved in distributing, promoting and
selling a product
Some costs, especially indirect ones, are also
called expenses. Costing is the activity of calculating costs. Cost
center could be a location or a group of employees where one can identify
and allocate costs for control purpose.
Selling price of a product minus direct
production costs is gross margin. Selling price minus total costs
(direct and indirect) is a profit margin or mark up. The
difference between the two is that the profit margin is usually given as a
percentage of the selling price, while mark-up is usually given as a percentage
of the total costs.
An asset is something that has value, or
the power to make money. These include:
·
current assets: cash, bank deposits, accounts receivable, inventories,
marketable securities
·
fixed assets: equipment, machinery, buildings and land
·
intangible assets like goodwill and brands
Assets such as machinery and equipment lose
value over time because of wear and tear or obsolence. This process is called depreciation
(tangible assets) or amortization
(intangible assets): the value of the equipment is written down each
year and written off completely at the end. The value of an asset at any
time is its book value, which does not necessarily correspond to its
current market value.
Liabilities are a company’s debts to suppliers, lenders,
tax authorities etc. The long-term liabilities include any securities
that will not come due in the current year, e.g. bonds. Current liabilities
comprise of accounts payable (what a
company is obliged to pay to its creditors), accruals etc.
A company’s balance sheet gives a picture
of its assets and liabilities at the end of a particular period, usually the
12-month period of its financial year.
The profit and loss account (income
statement) is a measure of the operating performance of a business, ending on
the last day of the firm’s fiscal year.
The statement lists sales revenue and deducts cost of goods sold (materials,
the wages of direct labour etc.) to show a gross
profit. The operating expenses are then listed and deducted to show the operating profit, often referred to as
earnings before interest and taxes. After deducting or adding extraordinary items the statement shows
net profit before taxes, and after
deducting taxes one arrives at a net profit after taxes, often
informally called a bottom line. Consolidated
profit and loss account is
the combination of the results of more than one company.
A positive cash flow is vital to the
success of any business. It is a financial statement showing the amount of cash
being receives and expended by a business, which is often analysed into its
various components.
Capital is the money that a company uses to
operate and develop. There are two main ways in which a company can raise
capital: it can use share capital or loan capital. Share
capital is contributed by shareholders, who in return are granted ownership of
a company and receive periodic payments called dividends.
Investors can also lend money, but then they do
not own a small part of the company. The sum of money borrowed is the principal.
The company has to pay interest to the lender, whether it has made a profit in
the relevant year or not. Lending to companies is often in the form of bonds
or debentures, loans with special conditions e.g. collateral or security.
The total amount of debt that a company has is its indebtness.
Many companies have both loan and share capital.
The amount of loan capital in relation to its share capital is its leverage
(gearing). A company with a lot of borrowing in relation to its share capital
is highly leveraged (geared). If a company is sick, ailing or troubled,
it may try a turnaround or a bailout to recover.
direct costs – n.
koszty bezpośrednie
costs of goods sold
– n. koszty towarów sprzedanych, koszt własny produktu
indirect costs – n.
koszty pośrednie
overheads – n.
koszty ogólne
fixed costs – n.
koszty stałe
variable costs – n.
koszty zmienne
running costs – n.
koszty bieżące, koszty operacyjne
conversion costs –
n. koszty przetworzenia, koszty przerobu
marginal costs – n.
koszty krańcowe
selling costs – n.
koszty sprzedaży (zbytu)
expenses – n.
wydatki
costing – n.
kalkulacja kosztów, szacowanie kosztów, wycena kosztów
costs center – n.
ośrodek powstawania kosztów, centrum kosztowe
gross margin -
n. marża brutto
profit margin – n. marża zysku
mark up – n. marża
zysku, narzut
asset – n. aktywo,
składnik majatku
current a. – n
środek (aktywo) obrotowy
fixed a. – n. środek
trwały, składnik rzeczowego majątku trwałego
intangible a. – n.
aktywa (wartości) niematerialne i prawne,
tangible assets – n. aktywa materialne
accounts receivable
– n. rachunek dłużników, należności
accounts payable –
n. rachunek wierzycieli, zobowiązań, długów
indebtness – n.
zadłużenie
goodwill – n.
(nierozliczona) wartość firmy (renoma, dobra marka): badwill – n. negatywny
wizerunek formy
depreciation – n.
amortyzacja, dekapitalizacja: v. to depreciate - amortyzować
amortization – n. amortyzacja
aktywów niematerialnych
write down – v.
obniżyć zapis, odpisać częściowo
write off – v.
odpisać całkowicie, wyksięgować, wystornować
book value – n.
wartość księgowa
liabilities – n.
pasywa, zobowiązania pieniężne, należności, płatności, obciążenia
current liabilities
– n. zobowiązania bieżące
short-term(quick)
liabilities – n. zobowiązania krótkoterminowe, long-term l. – n. zobowiązania
długoterminowe
accruals – n.
zobowiązania okresów przyszłych, rozliczenia międzyokresowe (bierne), kwoty narosłe
balance sheet – n.
zestawienie bilansowe, bilans
financial year – n.
rok obrotowy, finansowy
fiscal year – n. rok
podatkowy, fiskalny
profit&loss
account – n. rachunek zysków i strat, rachunek wyników
gross profit – n. zysk brutto
operating profit – n. zysk operacyjny
extraordinary items
- n. pozycje nadzwyczajne
net profit – n. zysk
netto
bottom line – n.
ostateczny wynik finansowy
consolidated – a.
skonsolidowany, łączny, zbiorczy
cash flow - .n. cash
flow, przepływ(y) finansowy, pieniężny; n. rachunek przepływów finansowych
raise capital – v.
gromadzić, zbierać kapitał/fundusze
share capital – n.
kapitał akcyjny
loan capital – n.
kapitał pożyczkowy
dividend – n.
dywidenda
principal – n. suma
pożyczki, kapitał
bond – n. obligacja,
debenture – n. skrypt
dłużny, papier dłużny
securities – n.
papiery wartościowe
leverage - n. stosunek kapitału pożyczkowego do kapitału własnego firmy, dźwignia finansowa;
v. sfinansować z
pożyczek, kredytów
gearing – n.
przekładnia kapitałowa, wskaźnik zadłużenia kapitału własnego
highly leveraged –
a. firma z przewagą kapitału pożyczkowego
turnaround – n.
przywrócenie zyskowności, finansowe uzdrowienie spółki,
bailout – n. ratunek
finansowy, v. bail out – ratować finansowo
LABOUR RELATIONS
Many people looking for
work read the situations vacant pages advertised in newspapers by
companies, recruitment agencies or employment agencies. Outside
specialists called headhunters may be called on to headhunt people for
important jobs, persuading them to leave the organizations they already work
for. The process of finding people for a particular job is recruitment (hiring).
Someone who has been recruited is a recruit (a hire). To reply to an
advertisement is to apply for a job. One writes an application, or fills in the company’s application form, and sends it, along with a CV (resume),
and a covering letter. One often has
to give the names of two people who are prepared to write references –
the referees. If one’s
qualifications and abilities match the job
description, they might be short-listed
i.e. selected to attend an interview. Some companies also ask the candidates to
do written psychometric tests to assess their intelligence and
personality. If one is taken on, they have to sign an employment contract, which may sometimes include a probationary (trial) period or
in-house training.
There are various types of
workers e.g. self-employed, freelance, full-time, part-time, shift
workers or workers working from home: it is called teleworking
or telecommuting. One may work flexitime
or steady hours (regular hours, nine-to-five) where workers have to clock
in and clock out every day. In some companies, a job-sharing is widely applied. A permanent
work does not finish after a fixed period; a temporary job finishes
after a fixed period. If necessary, one is granted a day off, paid or unpaid sick leave, maternity or
paternity leave.
Jobs, and the people who do
them, can be described as: highly skilled (e.g. car designer), skilled
(e.g. car production manager), semi-skilled (e.g. taxi-driver) and unskilled
(e.g. car cleaner). Companies usually look for people who are: self-starters,
proactive, self-motivated or self-driven, computer-literate or
numerated. The people, who work for a company, all the people on its payroll,
are its employees, personnel, staff, workers or workforce. But these words can
mean just the people carrying out the work of a company, rather than those
leading it and organizing it: the management. In larger organizations there is
a human resources department (HRD) that deals with pay, recruitment etc.
Another name for this department is the personnel department.
In return for rendering
service one is entitled to remuneration
(compensation). Apart from basic salary plus commission, workers are sometimes granted emoluments such as bonuses, share-options
or pension schemes. There may be performance-related bonuses if
the manager reaches particular objectives for the company. They may also
receive various fringe benefits (perks)
in the form of life insurance, private health insurance, company car, childcare
facilities, catering etc. On leaving the company, a worker may be given a high severance pay (golden handshake).
To leave the company, one
could resign or hand in one’s
notice. If
one does something wrong they may be demoted or even dismissed, fired,
sacked or terminated. If one has done nothing wrong, they may be laid off, made
redundant or offered early retirement. The latter happens if a company is downsized or/and delayered. This means that is has reorganized and restructured in order to become flatter
(with fewer layers of management) and leaner (with fewer, more productive
employees). Employees who are made redundant may get advice about finding
another job, retraining etc. This is called outplacement
advice.
Labor unions (trade unions) are
associations of workers which seek to promote their members’ interests, the
most famous being British TUC (Trade Union Congress) and American AFL-CIO
(American Federation of Labor & Congress of Industrial Organizers). Once a union
achieves recognition, collective
bargaining can begin – the union enters negotiations with management to
prepare a labor contract. It
provides both for “bread-and-butter” issues (wages, working hours) and fringe
benefits. Other parts of the contract may provide for grievance procedures (the steps employees are to follow in case of
unfair treatment) and seniority (importance
assigned to a worker’s length of service when it comes to question of rises,
promotions and layoffs). In case of
workers discontent, the may decide to call for an industrial action in the form of e.g. a strike, stoppage or
walk-out, overtime ban, go-slow, sit-in, work-to-rule,
picketing or boycott. However, if negotiations fail, impartial third parties
are often brought in to help settle the dispute. This may be in form of conciliation (a third party will try to
bring labour and management together to work out their disagreement on their
own), mediation (includes greater
involvement of third party, who will make suggestions for settling the dispute)
and arbitration (a third party will
hand down a decision that is final and binding).
situations vacant – n. ogłoszenia o pracy, n.
situation, post, position - stanowisko
recruitment agency – n. agencja pośrednictwa pracy
(prywatna)
employment agency, job centre – n. biuro
pośrednictwa pracy (państwowe)
headhunter – n. “łowca głów”
recruitment (hire) – n. rekrutacja, v. to recruit –
rekrutować, werbować
apply for – v. ubiegać się o pracę, składać podanie
o pracę
application – n. podanie o pracę
application form - n. formularz podaniowy
CV (resume) – n. CV, życiorys
covering letter – n. list motywacyjny, pismo przewodnie
references – n. opinia, referencje
referee – n. opiniodawca
job description – n. zakres obowiązków
short-list – n. ostateczna lista kandydatów,
ostatni etap selekcji, v. to short-list – wpisać na ostateczna listę
kandydatów, przejść/zakwalifikować się do ostatniego etapu selekcji
psychometric test – n. test psychometryczny, test
psychologiczny, test predyspozycji
employment contract – n. umowa o pracę
probationary (trial) period – n. okres próbny
In-house training – n. szkolenie przyzakładowe,
szkolenie wewnętrzne
self-employed – n. samozatrudniony
freelance(r) – n. “wolny strzelec”, osoba
wykonująca wolny zawód
full-time – a. praca na pełny etat, w pełnym
wymiarze godzin
part-time – a. praca na niepełny etat (pół etatu,
ćwierć etatu), praca w niepełnym wymiarze godzin
shift work – n. praca zmianowa
teleworking (telecommuting) – n. praca w domu,
praca zdalna; v. telecommute, telework
flexitime – n nienormowany, ruchomy czas pracy
steady hours (regular, 9-5) – n. stałe godziny
pracy
clock in (out) – v. „odbić kartę”, zapisać czas
przyjścia/wyjścia na karcie zegarowej
job-sharing – n. job-sharing, dzielenie
pracy
permanent work -
n. stałe zatrudnienie, pewna praca
temporary work – n. praca czasowa, dorywcza, n.
seasonal job – praca sezonowa
sick leave – n. urlop zdrowotny, chorobowe
maternity (paternity) leave – n. urlop
macierzyński, ojcowski
highly skilled – a. wysokowykwalifikowany
skilled – a. wykwalifikowany
semi-skilled
– a. średnio wykwalifikowany, przyuczony
unskilled – n. niewykwalifikowany
computer-literate – a. z umiejętnościa obsługi
komputera, n. computer-literacy
numerated – a. z umiejętnością liczenia
payroll – n. lista płac, a. etatowy (payroll job)
human resources – n. zasoby ludzkie, HR department
– n. dział kadr
remuneration (compensation) – n. wynagrodzenie
commission – n. prowizja
emolument – n. pobory
bonus – n. premia, bonus
share-option – n. możliwość kupna akcji spółki po
niższych cenach
pension scheme – n. prywatne ubezpieczenie
emerytalne
performance-related bonus – n. premia zależna od
wyników
fringe benefits (perks) – n. świadczenia dodatkowe,
przywileje
severance pay (golden handshake) – n. odprawa,
“złoty uścisk dłoni”
hand in a notice – v. wręczyć wypowiedzenie
demote – v. zdegradować, n. demotion - degradacja
downsize – v. zmniejszanie wielkości spółki
delayer – v. spłaszczanie struktury zarządzania
reorganize – v. reorganizować
restructure – v. restrukturyzować
retraining – n. przeszkolenie
outplacement advice – n. pomoc przy znalezieniu
nowej pracy
labour union (trade union) – n. związek zawodowy
collective bargaining – n. negocjacje w sprawie
zbiorowego układu pracy
labour contract – n. zbiorowy układ pracy
grievance procedures – n. tryb postępowania w
sprawie skarg, zażalenia
seniority – n. staż pracy, wysługa lat
rise - n. podwyżka
promotion – n. awans, v. promote - awansować
Industrial action – n. akcja protestacyjna
overtime ban – n. zakaz pracy w nadgodzinach
go-slow – n. spowolnienie tempa pracy
sit-in – n. strajk okupacyjny
work-to-rule – n. strajk włoski
conciliation – n. ugoda
mediation –
n. mediacja
arbitration
– n. arbitraż, rozjemstwo
ORGANIZATIONAL STRUCTURE AND MANAGEMENT
Most organizations have a
simple hierarchical structure
consisting of several levels and a clear line
of command - all the people in the company know what decisions they are
able to make, to whom they report
and who their immediate subordinates
are. The organization may also be divided into functional departments, such as production, finance or
marketing. More recent organizational
systems include matrix management,
in which people are accountable to
more than one superior and which keeps decision-making at lower levels.
On the very top of a
company there is a board of directors
– the collective body responsible for major business decisions. They determine
the direction the company is going to take, ensure that the necessary funds are
available and appoint key staff to
whom they delegate the authority
to run day-to-day business of the company. The BoD is often the mixture of executive and non-executive directors, the managing
director being usually the chairman.
Non-executive directors are not managers of the company; they are outsiders,
often directors of other companies who have particuIar knowledge of the
industry. An executive or, informally, an exec, is usually a manager at
quite a high level (for example, a senior executive). In this way the board has
the benefit of some directors who knows the practical problems faced by the
business, while the others bring their own brand of expertise to the boardroom
discussions. The directors are appointed by the shareholders, normally at the
company’s annual general meeting
(AGM), at which the chairman will be expected to account for their management
during the previous year.
In the US, the top
position may be that of chairman, chairwoman or president. The job is
often combined with the position of chief executive officer (CEO) Some
companies have a chief operating officer (COO) to take care of
the day-to-day running of the company. The finance director may be called chief
financial officer (CFO). Senior managers in charge of particular areas are
often called vice presidents (VPs).
Successful businesspeople,
especially heads of large organizations, are business leaders, or, in
journalistic terms, captains of industry. They may be also referred to
as magnates (e.g. press magnate, oil magnate), moguls (e.g.
shipping mogul, media mogul) or tycoons (e.g. property tycoon, software
tycoon).
Management is the process
of assembling and using resources – human, financial and material, and
information – in a goal-directed manner to accomplish tasks in an organization.
Management has two main components: an organizational skill, including
the ability to delegate, and an entrepreneurial sense. Encouraging
employees to use their own initiative, is empowerment. Of course, with
empowerment and delegation, the problem is keeping control of your operations:
a key issue of modern management.
Entrepreneurial sense
include also leadership skills such as charisma, drive, dynamism
and energy. A leader may also be described as a visionary. Management
styles have changed in the last few
years. Before, leaders were distant, remote and authoritarian (top-down
approach). Today, they are more open, approachable and there is more
management by consensus and consultation. However, a management style
depends also on a particular corporate culture: the way a particular
company works, and the values it believes are important.
Management by wandering
around (MBWA) is the idea that managers can manage in the best by visiting the
places where operations are carried out and by talking to employees. Management
by objectives (MBO) is the activity of controlling and measuring
performance in relation to particular aims. Total quality management
(TQM) is making every employee responsible for checking and measuring quality
at every stage of production. This is achieved e.g. by quality circles
(groups of employees who meet regularly to suggest improvements). Continuous
improvement (kaizen) is making small enhancements all the time, e.g.
by use of mystery shoppers. Benchmarking is making a comparison
to the best organizations in the industry (best practice). Business
process reengineering (BPR) means complete redesign of all processes in
management, administration and service.
hierarchical structure – n. struktura
hierarchiczna, “piramida”
line of command
- n. (liniowa) organizacja zarządzania, zarządzanie pionowe
report to – v. podlegać komuś, odpowiadać przed
kimś
subordinate – n. podwładny
functional structure – n. struktura funkcjonalna,
organizacyjna
matrix management – n. zarządzanie matrycowe
accountable to – a. odpowiedzialny przed (kimś)
board of directors (management board)– n. zarząd; supervisory board – n.
rada nadzorcza
key staff – n. kluczowi pracownicy
executive director – n. dyrektor wykonawczy
non-executive director – n. dyrektor nieetatowy,
dyrektor-konsultant
managing director – n. dyrektor zarządzający,
generalny
chairman – n. przewodniczący (Rady Nadzorczej)
annual general meeting – n. (doroczne) walne
zgromadzenie akcjonariuszy
president (US)– n. prezes
chief executive officer (CEO) (US)– n. główny
(naczelny) prezes (dyrektor wykonawczy), pot. szef egzekutywy
chief financial officer (CFO) – n. główny
(naczelny) dyrektor finansowy
chief operating officer (COO) – n. główny
(naczelny) dyrektor operacyjny
vice president (VP) – n. wiceprezes
business leader– n. lider biznesu, czołowy,
przodujący przedsiębiorca,
captain of industry – n. “rekin biznesu”
magnate, mogul, tycoon – n. potentat, magnat (np.
prasowy), „król” (np. czekolady), bogacz, krezus
organizational skills – n. zdolności organizacyjne
entrepreneurial skill – n. przedsiębiorczość
leadership skill – n. zdolności przywódcze
delegation (of power)– n. delegowanie,
przekazywanie (władzy, kompetencji, odpowiedzialności), rozdzielanie (zadań)
empowerment – n. udzielenie pełnomocnictwa,
upoważnienie, nadanie kompetencji
drive – n. samodyscyplina, energia, zapał,
motywacja; a.self-driven
visionary – n. wizjoner; a. wizjonerski
top-down approach – n. podejście “góra-dół”
(odgórne), autorytarne, nakazowe
consensus – n. zgoda, przyzwolenie, kompromis
corporate culture – n. kultura korporacyjna, firmy
Management By Walking Around (MBWA) – „zarządzanie
w obchodzie (przez obchód)”
Management By Objectives (MBO)– n. zarządzanie
przez cele
Total Quality Management (TQM) – n. (kompleksowe)
zarządzanie przez jakość (jakością)
quality circle – n. koło jakości
continuous improvement – n. ustawiczna poprawa
(doskonalenie)
enhancement – n. usprawnienie, ulepszenie; v. to
enhance
mystery shopper – n. “tajemniczy klient”,
podstawiony klient, badania (typu) mystery shopper
benchmarking – n. benchmarking, użycie punktu
odniesienia
best practice – n. najwyższe, najlepsze standardy,
wytyczne, (rare) kodeks
business process reengineering (BPR) – n.
reinżynieria procesów gospodarczych, zmiana organizacji procesów
MARKETING I
Marketing is the process of planning, designing,
pricing, promoting and distributing ideas, goods and services, in order to
satisfy customer needs, so as to make a profit. In some places, even
organizations such as government departments are starting to talk about their
activities in terms of the marketing concept. Once the concept has been
established, the company has to think about the marketing mix, the
activities that one has to combine successfully in order to sell. The best
known classification of these activities is the 4Ps. The four Ps are: product
(size, quality, features, brand name, servicing), price (price list,
discounts, terms of payment, credit terms), place (distribution channel,
transport, inventory size) and promotion (advertising, publicity, sales
promotion). A fifth P which is sometimes added is packaging, all the
materials used to protect and present a product before it is sold.
To market a product is to make a plan based on
this combination and put it into action. A marketer (marketeer) is
someone who works in this area. Marketers often talk about market
orientation: the fact that everything they do is designed to meet the needs
of the market. They may describe themselves as market-driven
(market-led, market-oriented).
Word combination with ‘product’ are: product
catalogue (product mix, product portfolio) – a company’s product, as a
group; product line (range) – a company’s product of a particular type; product
lifecycle – the stages in the life of a product; product positioning
– how a company would like a product to be seen in relation to its other
products, or to competing products; product placement – when a company
pays for its products to be seen in films and TV programmes.
A brand is a name a company gives to its
products so they can be easily recognized. This may be the name of the company
itself: the make of the product. Brand awareness (brand recognition)
is how much customers recognize a brand. The ideas people have about a brand is
its brand image. Many companies have a brand manager. Branding
is creating brands and keeping them in customer’s mind through advertising,
packaging, etc. A brand should have a clear brand identity so that
customers think of it in a particular way in relation to other brands. A
product with the retailer’s own name on it is a own-brand product (UK) or own-labeled
product (US).
Products that are not branded, those that do not have a brand name, are generic
products (generics).
Goods can be low-priced, mid-priced
or high-priced. To lower the price, a seller sometimes sells at cost
or even at a loss (loss leaders), below the official list price or recommended
retail price. Other companies, which do not use such methods, may accuse
them of undercutting or even enter a price war. Mass market
describes goods that sell in large quantities. A niche market is a small
group of buyers with special needs, which may be profitable to sell to.
Distribution is the process of moving goods from
the point of manufacture to the point of
sale or use. It is expensive and can represent up to 50% of the sale price
of any good. Between the manufacturers and the consumers will be a variety of
carriers and intermediaries (middlemen), such as wholesalers,
franchisees, retailers or agents, making up a complex distribution channel.
A shop or a store is where people buy things. Companies may call it a retail
(sales) outlet. A chain store is a part of a group of shops,
all with the same name. A convenience store (corner shop) is a small
shop in a residential area and open long hours. A deep discounter is a
supermarket with very low prices. A department
store is a very large shop with a wide variety of goods, usually in a town
center. Supermarkets and hypermarkets are large shops, selling mainly food. A shopping
center (shopping precinct) is a purpose-built area or building in a town
center with a number of shops. Outside towns, there are shopping malls,
where it is easy to park.
Direct marketing companies organize mailings
(mailshots) for many different products and services (this is direct mail but
people often call it junk mail). They also do telemarketing, selling by
telephone in call centers.
Promotion is all the activities supporting the
sale of a product, including advertising. It includes e.g. a special offer
such as a discount or reduced price; a free sample; a free gift, competition
with prizes. Supermarkets and airlines give loyalty cards to customers
– the more one spends, the more points they get, and then they can exchange
these points for free goods or flights. Cross promotion is where you buy
one product, and you are recommended to buy another product that may go with
it.
marketing concept – n. koncept marketingowy,
koncepcja marketingowa
marketing mix (4Ps) – miks marketingowy,
instrumenty polityki marketingowej
marketing – n. marketing, v. to market -
sprzedawać; n. marketer – osoba zajmująca się marketingiem, pracownik działu
marketingu; n. marketability - łatwość zbycia czegoś,
wzięcie, pokupność
market orientation – nastawienie na sprzedaż; a.
market-oriented
product catalogue – n. asortyment
product line – n. asortyment, linia, rodzina
produktów
product lifecycle – n. cykl życiowy produktu
product positioning – n. pozycjonowanie produktu
product placement – n. product placement,
umieszczenie produktu
make – n. marka (np. marka samochodu)
brand awareness – n. świadomość marki
brand image – n. wizerunek marki
brand
manager – n. brand manager, opiekun marki
branding –
n. branding, budowanie marki
brand
identity – n. tożsamość marki
own-brand
product – n. własna marka
generic
product – n. product generyczny, pochodny
low-priced – a. nisko wyceniony, „z niskiej półki”
mid-priced – a. średnio wyceniony, „ze średniej
półki”
high-priced – a. wysoko wyceniony, „z najwyższej półki”
to sell at cost – v. sprzedawać po kosztach
to sell at a loss – v. sprzedawać ze stratą, poniżej kosztów
recommended retail price - . rekomendowana (zalecana) cena detaliczna
undercutting – n. sprzedaż po konkurencyjnie niskiej cenie; v. to
undercut
price war – n. wojna cenowa
mass market – n. rynek masowy
market niche– n. nisza rynkowa
point of sale (POS) – n. punkt sprzedaży
intermediary – n. pośrednik
distribution channel – n.
kanał dystrybucji
retail outlet – n. sklep
detaliczny
chain store – n. sklep
sieciowy
convenience store – n. sklepik osiedlowy
deep discounter – n. sklep dyskontowy
department store – n. dom
towarowy
shopping center – n.
centrum handlowe, galeria handlowa
shopping mall – n. centrum
handlowe
direct marketing – n. marketing bezpośredni
mailings – n. zestawy materiałów reklamowych (wysyłany pocztą); n.
mailing list – lista wysyłkowa
telemarketing – n. telemarketing
call center – n centrum obsługi klientów,
centrum kontaktów z klientami
special offer – n. promocja
free sample – n. darmowa (bezpłatna) próbka
free gift – n. prezent
competition with prizes –
n. konkurs z nagrodami
loyalty cards – n. karta stałego klienta
cross promotion – n. współpromocja (danego produktu z inną marką),
sprzedaż łączona, wiązana
demographics – n. profil demograficzny
ideal customer profile – n.profil idealnego klienta
scattergun marketing – n.
marketing rozproszony
target marketing – n.
marketing celowy
augmented product – n. wzbogacony, poszerzony produkt
sell-by date (expiry date) – data przydatności (do spożycia), data
ważności
clone – n. product-klon
consumer durable – n. dobra trwałego użytku
perishables – n. dobra nietrwałe
core product – n. produkt bazowy
fast moving consumer goods (FMCG) – n. dobra szybkozbywalne, dobra
konsumpcyjne o szybkiej rotacji
MARKETING II
A company may e.g. enter (penetrate) a
market – to start selling there for the first time; abandon (get out of, leave)
a market; dominate a market; corner (monopolize) a market; drive
another company out of a market.
‘Market’ is often used in these combinations: market
growth, market segments, market share, market opportunities, target
market and market leader.
The most important companies in a
particular market are often referred to as key players. When competition
between them is strong, one may describe it as intense, stiff, fierce or tough.
If not, it may be described as low-key.
Marketing
includes marketing research, product development (R&D), advertising and
sales.
Rather than risk launching a product or service
solely on the basis of intuition, most companies undertake marketing
research. This may involve questionnaires or surveys. There may be consumer
panels and a focus group, where ordinary people meet to discuss
product ideas informally. Other popular methods are e.g. clinical trials,
desk research, field research, omnibus survey, market
segmentation studies, product testing etc.
In software, developers often produce a final
test version, the beta (trial) version, where users are asked to point
out bugs before the software is finalized. Car designers use CADCAM to help
develop and make products and test different prototypes. Researches in
laboratories may take years to develop new drugs, testing or trialling them in
trials to show not only that they are effective, but also that they are safe. Rollout
is the process of making a product available, perhaps in particular places, to
test reaction. Product launch is the moment when the product is officially
made available for sale. However, if a design defect is found in a product
after it has been launched, the company may have to recall it, asking
those who have bought it to return it, perhaps so that the defect can be
corrected.
Advertising informs consumers about the
existence and benefits of products and services, and attempts to persuade them
to buy them. The best form of advertising is probably word-of-mouth advertising, when people hear about a product from
their friends or colleagues. Yet virtually no providers of goods and services
rely on this alone, but use paid advertising instead, e.g. TV/radio
commercials, hoardings (billboards), classified ads, neon signs, special
displays etc. Indeed, many organizations also use prestige advertising, which is designed to build up their
reputation rather than to sell particular products. We can also distinguish comparative advertising, consisting in directly comparing one company’s
products with another company’s products. It has to fulfill certain legal requirements
in some countries, and it is considered illegal in other states. Also illegal
is subliminal advertising, which
includes hidden message and pictures supposed to give people information
without them being conscious of it. Another tricky kind is misleading advertising
which “by reason of its deceptive
nature, is likely to affect the economic behaviour (...) of the persons to whom
it is addressed”. On the other hand, a very atypical type of advertising is issue advertising, intended to change
people’s opinions or behaviour in respect of certain issues. Product
endorsements are when famous people recommend a product.
Although large companies could easily set up
their own advertising departments, and buy media
space themselves, they tend to use the services of large advertising agencies. These are likely to have more
resources, and more knowledge on all aspects of advertising campaigns. The most
advertising people generally prefer to work for agencies as this gives them the
chance to work on a variety of advertising accounts.
The client company (a principal)
generally gives the advertising agency a statement of the objectives of the
advertising campaign, known as a briefing and an overall advertising strategy
concerning the message to be communicated to the target customers. The agency
creates advertisements and develops a media
plan, specifying which media will be used and in what proportion.
Sales describe what a business sells and the
money it receives for it. Money received from sales is a turnover
(revenue). The number of things sold is called a sales volume. Increase
in sales is a sales growth. Sales aimed for in a particular period are a
sales target, while statistics showing the amount actually sold are sales
figures. Sales predicted in a particular future period are a sales
forecast. An invoice is a document asking for payment and showing
the amount to pay. The activity of producing and sending invoices is invoicing
(billing).
If a product makes a profit one can say it is
profitable or profit-making and if it brings an enormous return it is
called money-spinner or cash-cow. However, it can also make a
loss or only reach a break-even point.
Selling to the public on the Internet is
business–to-consumer (B2C) e-commerce. Some experts think that the
real future of e-commerce is going to be business-to-business (B2B),
with firms ordering from suppliers over the Internet. This is known as e-procurement.
Businesses can also use the Internet to communicate with government
departments, apply for government contracts and pay taxes:
business-to-government (B2G).
to enter a market – v. wejść na
rynek
to corner a market – v. zmonopolizować rynek,
uzyskać kontrolę nad rynkiem
to drive (squeeze) sb out of a market – v. wyeliminować z rynku
market growth – n. wzrost rynku
market segment – n. segment rynku, subrynek
market share – n. udział w rynku
market opportunities – n. możliwości rynkowe
target market – n. rynek docelowy
market leader – n. lider na rynku
key players – n. kluczowi gracze, liderzy
marketing research – n. badania marketingowe
consumer panel – n. panel konsumencki
focus group – n. badania fokusowe, zogniskowany
wywiad grupowy
clinical trial – n. badania kliniczne
desk research – n. analiza źródeł wtórnych, badania
gabinetowe
field research – n. analiza źródeł pierwotnych,
badania w terenie (terenowe)
omnibus survey – n. wielotematyczne badanie
ankietowe, badanie omnibusowe
product testing – n. testowanie produktu
beta version – n. wersja beta
rollout – n. wdrożenie, wprowadzenie
launch – n. wprowadzenie na rynek; v. to launch
to recall – v. wycofać z rynku; n. safety recall –
wycofanie z rynku z powodu bezpieczeństwa
word-of-mouth advertising – n. reklama szeptana
prestige advertising – n. reklama prestiżowa
comparative advertising – n. reklama porównawcza
subliminal advertising – n. reklama podprogowa
misleading advertising – n. reklama wprowadzająca w
błąd, nieuczciwa reklama
issue advertising – n. reklama społeczna
product endorsement – n. reklama przez znaną osobę
media space – n. przestrzeń medialna
(komunikacyjna)
account – n. klient (agencji reklamowej)
principal – n. zleceniodawca
briefing – n. briefing, przegląd faktów
media plan – n. media plan
turnover – n. obrót,
obroty; fluktuacja (kadry)
revenue – n.
przychód
sales volume – n.
wielkość, wysokość, wolumen sprzedaży
s. growth – n.
wzrost sprzedaży
s. target – docelowa
wielkość sprzedaży
s. figures – n.
statystyka zbytu, wielkość sprzedaży (wyrażona liczbowo)
s. forecast –n.
prognoza sprzedaży
invoice – n.
faktura; pro forma invoice – n. faktura pro forma
invoicing – n.
fakturowanie
money spinner – n.
„żyła złota”, wysokodochodowy, świetnie sprzedający się towar
cash cow – n. „kura,
znosząca złote jajka”
break even – v.
osiągnąć próg rentowności, wyjść na zero
make a profit/loss – v. osiągnąć zysk,
ponieść straty
E-commerce – n.
e-commerce, handel elektroniczny
B2C – n. relacja
między firmą a klientem
B2B – n. relacja
między firmą a firmą
B2G – n. relacja
między firmą a rządem
E-procurement – n.
e-procurement, elektroniczne zaopatrzenie
creative director –
n. dyrektor kreatywny, dyrektor programowy
copy-writer – n. copy-writer, sloganista
art director – n. dyrektor artystyczny
media planner – n. media planner
media buyer – n.
media buyer, osoba kupująca przestrzeń medialną
head of media
research – n. dyrektor działu badań medialnych
art buyer – n. art buyer
traffic manager – n. traffic manager
print production manager – n. print production
manager
MARKET ECONOMY
The central problem of
economics is to determine the most efficient ways to allocate the factors of production and solve
the problem of scarcity created by society’s unlimited wants and limited
resources. In doing so, every society must provide answers to the following
three questions:
1.
What goods
are to be produced, and in what quantities?
2.
How are
those goods and services produced?
3.
Who will receive and consume those goods and
services?
The way in which a society
answers these fundamental questions is known as its economic system. Economic systems may be classified as traditional, command, or market systems. As the names suggest, resources are allocated in a traditional
economy in accordance with tradition and in a command economy by government
planners. Resources in a market economy are allocated in accordance with the
laws of supply and demand.
Demand is a
consumer’s willingness and ability to buy a product or service at a particular
time and place. The law of demand
says that all else being equal, more items will be sold at a lower price than
at a higher price. The degree to which price changes affect demand will depend
upon the elasticity of demand (necessity) for a particular
item.
Supply refers
to the number of items that sellers will offer for sale at different prices at
a particular time and place. The law of
supply states that sellers will offer more of a product at a higher price
and less at a lower price..
The interaction of supply
and demand will result in the establishment of a market (equilibrium) price. The market price is the one at
which goods or services will actually be exchanged for money. In a real economic world, the forces of supply
and demand are in continuous fluctuations, striving to perfect equilibrium.
However, one must also
remember there is a number of non-market factors that influence demand and
supply, e.g. change in styles, tastes, habits, change in income, change in the
price of a substitute product,
change in the price or availability of complementary
goods etc.
In
addition to buyers and sellers, there are several other essential elements in a
market economy, the most important being:
1.
private property (gives the owners the
incentive to use their property to produce profitable items)
2.
profit motive (gives the incentive to
produce at the lowest possible cost)
3.
competition (conserves scarce
resources, increases output and
raises living standards by reducing
costs)
The disadvantages of a
pure market economy are that externalities
are disregarded, the market may be distorted by monopolies, and the resulting income distribution may be socially
unacceptable. There are, however, no “pure” market economies in the world today
- most are based on varying mixtures of free-enterprise and government planning (so-called mixed economies).
Another problematic issue
is to what extent should a government interfere in the economic system? There
are two extremes in the spectrum. On the one hand a government can intervene
minimally, allowing the forces of demand and supply and the price mechanism to
determine what goods and services are to be produced. This is called a laissez faire policy. At the other end
is the centrally planned economy in which the government makes
all the major economic decisions.
However, most governments
operate somewhere between these two extremes. In capitalist countries
governments tend to let the business world get on their own, while
concentrating on issues like education, healthcare, housing, working
conditions, social security, defense, the police, the justice system, public
transport, traffic regulations, health and safety regulations, the sale of
alcohol, drugs, guns etc, the press and the media, the arts and entertainment,
the freedom of expression etc.
At the same time, the
government remains engaged in major macroeconomic issues, like controlling
inflation, reducing unemployment and encouraging economic growth.
The latter is measured by
two basic economic factors: GDP and GNP. Gross
domestic product is the value of all goods and services
produced in a particular country. Gross
national product includes also
payments from abroad, e.g. from investments.
Inflation is defined as a
persistent tendency for prices and money wages to increase. Because of changes
in the type and quality of goods available, measures of inflation are probably
not reliable to closer than a margin of 1 or 2 per cent a year, but if prices
rise faster than this there is no doubt that inflation exists. Once started,
inflation tends to persist through an inflationary
spiral, in which various prices and wage rates rise because others have
risen. We distinguish:
-
creeping inflation ( to 5%)
-
moderate inflation (5-10%)
-
galloping inflation(10-100%)
-
hyperinflation (more than 100%)
Unemployment
has been divided into various categories, corresponding to different causes;
these do not operate independently, but interact. Structural unemployment occurs through a mismatch between the
skills and location of unemployed workers and unfilled vacancies. Frictional unemployment occurs if
matchable unemployed workers and vacancies both exists, but the process of
matching them is slow or inadequate. Classical
unemployment occurs if real wages are too high relative to productivity for
it to be profitable to employ all the labour force. Demand-deficiency unemployment is due to lack of effective demand
for goods and services which people could have been employed to produce. Disguised unemployment (hidden) is
unused labour which does not appear as open unemployment, e.g. for political or
legal reasons.
allocate – v. przydzielać, alokować; n. allocation – alokacja; to re-allocate - przydzielić, przeznaczyć ponownie, przenieść w inne miejsce
economic system – n. system gospodarczy
traditional economy – n. gospodarka tradycyjna (naturalna)
command economy – n. gospodarka nakazowa (kierowana), planowa
market economy – n. gospodarka rynkowa
demand – n. popyt; the law of demand – prawo popytu; elasticity of demand – elastyczność popytu
supply – n. podaż; the law
of supply – prawo podaży
market price (equlibrium) – n. cena rynkowa
substitute product – n. produkt substytucyjny, towar zastępczy
complementary goods – n. dobra komplementarne, uzupełniające
private property – n. własność prywatna
profit motive – n. motyw zysku
competition – n. konkurencja
living standards – n. standard życia, poziom życia, stopa życiowa
externalities – n. efekty zewnętrzne
income distribution – n. dystrybucja dochodów
mixed economy – n. gospodarka mieszana
laissez faire – n. gospodarka ultraliberalna, leseferyzm
centrally planned economy – n. gospodarka centralnie planowana
economic growth – n. wzrost gospodarczy; growth rate – n. tempo wzrostu
gross domestic product (GDP) – n. produkt krajowy brutto (PKB)
gross national product (GNP) – n. produkt narodowy brutto (PNB)
inflationary spiral – n.
spirala inflacyjna
creeping inflation – n.
inflacja pełzająca
moderate inflation – n. inflacja krocząca, umiarkowana
galloping inflation – n.
inflacja galopująca
hyperinflation – n.
hiperinflacja
structural unemployment –
n. bezrobocie strukturalne
frictional unemployment –
n. bezrobocie frykcyjne
classical unemployment – n.
bezrobocie klasyczne
demand-deficiency unemployment – n. bezrobocie wywołane spadkiem popytu
disguised (hidden)
unemployment – n. bezrobocie ukryte
business cycle – n. cykl koniunkturalny boom – n. boom gospodarczy
stagflation – n. stagflacja depression – n. depresja
gospodarcza
peak – n. rozkwit gospodarczy recession (contraction,
downturn) – n. recesja
trough – n. kryzys gospodarczy upturn
(expansion, recovery) – n. ożywienie gospodarcze
stagnation – n. stagnacja,
zastój
TAXATION
Modern tax systems include various taxes
collected either on a direct or an indirect basis. Direct taxes are
income taxes. The personal income tax (PIT) is paid by individuals who
have legal incomes. Companies pay the corporate income tax (CIT).
Indirect taxes burden prices. The indirect taxes are the value-added
tax, the excise duty and customs duties. VAT is a
levy imposed on business at all levels of the manufacture and production of a
good or service and based on the increase in price, or value, provided by each
level. Because the consumer ultimately pays a higher price for the taxed
commodity, a VAT is essentially a hidden sales tax. Originally introduced in France (1954),
it is now a major part of the tax structure of most European nations. The
excise duty is a tax, which is imposed only on the chosen goods like
alcohol, cigarettes, fuel etc. Merchandise on which the excise has been paid is
sometimes – like in case of bottles – marked with a fiscal band. The
excise duty should not be confused with the luxury tax. Customs
duties may be imposed on import, on export and even on transit. However, as
exports and transit may add to the country’s balance of trade, governments
usually collect only import duties (often to protect their domestic producers).
Wealth taxes constitute an additional tax burden. The capital
gains tax (CGT) is put on profits from selling of different assets. The capital
levy is imposed on wealth. It includes for instance the property tax
put on land, houses, premises and other real estate. Quite often, the capital
levy is the domain of municipalities. Last but not least is the capital
transfer tax (CTT), when heirs must pay the inheritance tax on amounts and
properties they have inherited. Sometimes different donations are taxed,
too.
The income taxes may be equal for all tax payers
(flat tax scale) or the tax rates may be differentiated according to the
value of the pre-tax income. A progressive tax takes a larger percentage
of a higher income and a smaller percentage of a lower income. A regressive
tax is one that takes a higher percentage of a low income and a lower
percentage of a high income. The personal income tax may be either paid
personally by taxpayers or their employers may withhold it (withholding tax)
That
governments levy taxes, does not mean, however, that tax payers are indeed very
keen to be taxed and bear the tax burden. Taxes collected by tax
authorities (Inland Revenue (UK), Internal Revenue Service (US) decrease as the
tax avoidance, the tax evasion and other ways to circumvent taxation develop.
Tax
avoidance is a legal practice, as an economic policy of a government may
include certain tailored tax relieves. The tax assessment is lowered by
various tax allowances, tax deductions as well as tax
exemptions. Tax exemptions tackle certain professions or certain
industries. Greenfield
within a special economic zone are usually tax exempt. Also some cities or
economic regions offer tax holidays
to corporations that exempt them
from paying taxes for a specified period of time. As many taxpayers get their
incomes abroad, the double taxation treaties are also widespread.
Certain goods may be tax-free, too.
On
the other hand, tax evasion is an illegal practice. Tax evaders operate
within the grey economy. A widespread practice is moonlighting,
which is having two jobs. One of them is a regular taxed one, while the other
one is paid on a cash-in-hand basis. An example of tax dodging (tax
evasion on a large scale) may be fly-by-nights, which operate legally
and disappear when taxes are due. Tax evaders are also smugglers who
evade customs duties, the VAT and the excise duty.
Tax efficiency (which is an example of the tax dodging) is an
advantage of those private individuals or companies, who are geographically
mobile. To be tax efficient they compare tax rates in different countries and
choose a country where to pay taxes. In case of well-offs these are usually tax
havens such as the Principality of Monaco, the Cayman
Islands or the Bahamas.
Criminal organizations, meanwhile, tend to pass money through a series of
companies in very complicated transactions in order to disguise its origin from
tax inspectors; this is known as money
laundering.
A
document one sends to Inland
Revenue is a tax return (tax declaration). In this paper a
taxpayer is obliged to declare all of their income and all reliefs one is entitled to. Sometimes
a taxpayer receives a tax refund but
sometimes it turns out that there are substantial tax arrears on his account.
direct taxes – n. podatki bezpośrednie
personal income tax (PIT) – n. podatek dochodowy od
osób fizycznych
corporate income tax (CIT) – n. podatek dochodowy
od osób prawnych
indirect taxes – n.podatki pośrednie
value added tax (VAT) – n. podatek od wartości
dodanej (ang.), podatek od towarów i usług (PTU)
excise duty – n. podatek akcyzowy
fiscal band – n. banderola
luxury tax – n. podatek od luksusu
customs duty – n. opłata celna
wealth tax – n. podatek majątkowy
capital gains tax (CGT) – n. podatek od zysków
kapitałowych
capital levy – n. podatek majątkowy; v. to levy
(taxes) – ściągać, pobierać (podatki)
property tax – n. podatek od nieruchomości
capital transfer tax – n. podatek od spadków
(transferu kapitału)
donation – n. darowizna
flat tax scale – n. jednolita skala podatkowa,
podatek liniowy
progressive tax – n. podatek progresywny
regressive tax – n. podatek regresywny
withholding tax – n.
podatek dochodowy pobierany/potrącany "u źródła dochodu", zaliczka na
poczet należnego podatku
tax burden – n. obciążenie podatkowe
tax avoidance – n. unikanie podatków
(legalne)
tax assessment – n. wymiar podatku
tax allowance – n. kwota wolna od
opodatkowania, ulga podatkowa
tax deduction – n. odpis podatkowy; v.
to deduct – potrącić, odliczyć, odpisać (od podatku)
tax exemption – n. zwolnienie
podatkowe; a. tax-exempt
tax holidays – n. wakacje podatkowe
double taxation – n. podwójne
opodatkowanie; n. double taxation treaty – umowa o unikaniu podwójnego
opodatkowania
tax evasion – n. uchylanie się od
płacenia podatków (nielegalne)
grey economy – n. szara strefa
moonlightning – n. posiadanie dwóch
źródeł dochodu, jednego z którego płaci się podatki, drugiego w szarej strefie
tax dodging – n. oszustwa podatkowe (na
wielką skalę); n. tax dodger
fly-by-nights – n. firma kończąca
działalność w momencie nastania obowiązku podatkowego
smuggler – n. przemytnik
tax efficiency – n. efektywność
podatkowa
tax haven – n. raj podatkowy
money laundering - . pranie brudnych
pieniędzy
tax return (form, declaration) – n.
deklaracja podatkowa
tax refund – n. zwrot podatku
tax arrears – n. zaległości podatkowe
INTERNATIONAL TRADE
Foreign/overseas trade characterises open economies and consists mainly in export (exportation) and import (importation)
of goods. Such trade may take different forms: invisible exports, such as financial services or insurance and visible exports, e.g. industrial
products or food. Re-import means
exporting goods back into the country from which they have previously been
imported. Re-export is the export of imported goods to other countries without
appreciable added value.
Counter-trade is applied in international trade when a given
country is short of foreign currency. It is applied between countries which are
usually linked contractually, and it is based on an exchange of goods or
services. Although there is no universally accepted single code of practice
some basic forms of counter-trade may be distinguished:
·
Barter -
direct exchange of goods/services without any exchange of cash
·
Buy-back
(compensation trade) – the exporter sells equipment, know-how or a turnkey
plant and accepts finished products as a repayment
·
Counter-purchase – the exporter sells his goods/services to a given foreign importer on
cash terms and uses the cash to buy goods from that importer
·
Offset – investment
in exchange for the reduction in the price of goods
An overall statement of a country’s economic
transactions with the rest of the world over some period, often a year is a balance
of payments. The major, but far from the only, component of the balance of
payments is a balance of trade. The favourable balance of trade
means the excess of visible exports over visible imports, whereas an adverse
balance of trade – just the opposite.
A free trade is a policy of unrestricted
foreign trade, adopted unilaterally, or on a multilateral basis by joining a
free-trade area. It applies to most goods, though there may be exceptions, e.g.
agricultural goods or military equipment. There are a number of reasons why
particular countries limit the free flow of goods and services, e.g. political
reasons or, which happens much more often, protecting a country’s industry
against the competition of cheaper goods from abroad. Some trade barriers
are deliberately designed to discourage trade: tariffs, that is special
taxes on imports, and import quotas, which are limits on the quantity of
goods. Embargo is a law issued by a government which prohibits exports
or imports. Export subsidies enable domestic exporters to sell abroad on
preferential terms. Barriers to trade are also imposed by national differences
in matters such as health and safety standards, labelling requirements and
weights and measures regulations. While these are not necessarily intended to
act as barriers to trade, the need to modify products to conform to local
requirements, and the documentation required to certify that this has been
done, tend to impose costs and delays on international trade in excess of those
experienced in domestic trade. Effective trade barriers are also imposed by public
procurement policies, which often give preferential treatment to domestic
over foreign suppliers.
A useful facility in developing international
trade is Generalized System of Preferences (GSP) and Most Favoured
Nation treatment (MFN), developed by the USA as early as 1778.
The
economic integration is also facilitated by organizations promoting free trade
and free trade agreements. The General Agreement on Tariffs and Trade (GATT)
was founded in 1947. Subsequent “rounds” held on an annual basis dealt with
devising new ways to remove trade barriers, recognize unfair trade practices
such as dumping and settling disputes. Nowadays the successor and
extension of GATT is the World Trade Organization (WTO). Other prominent
organizations are: free trade areas such as EFTA (European Free Trade
Association), CEFTA (Central European Free Trade Association), NAFTA
(North American Free Trade Agreement) or LAFTA (Latin American Free
Trade Association), OECD
(Organization for Economic Cooperation and Development) and OPEC
(Organization of Petroleum Exporting Countries). Powerful political
organizations include the World Bank and the International Monetary Fund
(IMF).
The
most important documents in international trade include invoices, transport
documents, warehouse documents, insurance policy and additional certificates. A
commercial invoice is made out by the seller and serves as evidence of
the contract of sale. Transport documents are used as a proof of the contract
of carriage and as a receipt for the goods. They include: a negotiable bill
of lading (B/L), a sea waybill (sea transport), air waybill
(AWB) (air transport), CMR International Consignment Note (road
transport), CIM International Consignment Note (rail transport) and forwarders
certificates. The most common warehouse
documents are a negotiable warrant and non-negotiable warehouse
receipt. The insurance coverage may take two basic forms: an insurance
policy or insurance certificate. Additional documentation may consist of
e.g. a consular invoice, customs invoice, certificate of origin, certificate
of quality, certificate of weight, health certificate, phytocertificate, veterinary
certificate or certificate of analysis.
open economy – n. gospodarka otwarta, n. autarky –
autarkia, gospodarka zamknięta
export (exportation) – n. eksport, wywóz
import (importation) – n. import, wwóz
visible export – n. eksport widoczny (towarowy)
invisible exports – n. eksport niewidoczny (pozatowarowy)
re-imports – n. reimport
re-exports – n. reeksport
counter-trade – n. handel wiązany
barter – n. barter, handel wymienny
buy-back – n. buy back, samospłata, umowa odkupu
counter-purchase – n. transakcja zakupów
wzajemnych, transakcje wzajemne, kontrzakup
offset – n. offset, kompensata
balance of payments – n. bilans płatniczy
balance of trade – n. bilans handlowy; a. favourable (positive) -
dodatni, a. adverse (negative) - ujemny
free trade – n. wolny handel
trade barriers – n. bariery (przeszkody) w handlu
zagranicznym
tariffs – n. cła
quotas – n. kwoty, kontyngent
embargo – n. embargo
export subsidy – n. dopłaty do eksportu
public procurement – n. zamówienia publiczne
GSP –
Ujednolicony System Preferencji
MFN – Klauzula Najwyższego Uprzywilejowania (KNU)
GATT – Układ Ogólny w sprawie Handlu I Ceł
Dumping – n. dumping
WTO – Światowa Organizacja Handlu
EFTA – Europejskie Stowarzyszenie Wolnego Handlu
CEFTA – Środkowoeuropejskie Stowarzyszenie Wolnego
Handlu
NAFTA – Północnoamerykański Układ o Wolnym Handlu
LAFTA – Latynoamerykańskie Stowarzyszenie Wolnego
Handlu
OECD – Organizacja Współpracy Gospodarczej I
Rozwoju
OPEC – Organizacja Krajów Eksporterów Ropy Naftowej
World Bank – Bank Światowy
IMF – Międzynarodowy Fundusz Walutowy
commercial invoice – n. faktura handlowa
negotiable – a. zbywalny; a. non-negotiable - niezbywalny
bill of lading – n. konosament
sea waybill – n. morski list przewozowy
air waybill – n. lotniczy list przewozowy
consignment
note – n. list przewozowy
CMR International Consignment Note – n.
Międzynarodowy samochodowy list przewozowy
CIM International Consignment Note – a.
Międzynarodowy kolejowy list przewozowy
forwarder – n. spedytor; n. forwarding - spedycja
warrant – n. warrant
warehouse receipt – n. kwit składowy
insurance certificate – n. certyfikat ubezpieczeniowy
consular invoice – n. faktura konsularna
customs invoice – n. faktura celna
certificate of origin – świadectwo pochodzenia
certificate of quality – n. świadectwo jakości
certificate of weight – n. certyfikat wagowy
health certificate – n. świadectwo zdrowia
phytocertificate – n. świadectwo fitosanitarne
veterinary certificate – n. świadectwo weterynaryjne
certificate of analysis – n. świadectwo analizy
INSURANCE
It is usual to use the word “insurance” to cover events that may or
may not happen (such as fire), whereas “assurance” refers to an event
that must occur at some time (such as death). However, currently the words are
often interchangeable and the terms insurance and life insurance (formerly
referred to as “assurance”) are used.
Insurance is a legal contract in which an insurer
(sometimes referred to as an underwriter)
promises to pay a specified amount – compensation (indemnity, damages) –
to another party, the insured, if a particular event (known as the peril),
happens and the insured suffers a financial loss as a result. The
insured’s part of the contract is to promise to pay an amount of money, known
as the premium, either once or at regular intervals. The insurers define
the probability of the occurrence of a particular type of risk and, on the
basis of their experience and the laws of probability, they calculate premiums
that are large enough to cover likely payments. In this way the amount of the
premium is related to the likelihood of the occurrence of an event and to the
features of a given kind of risk.
Classification
of the insurance business is not very easy due to the rapid and versatile
development of this industry. Many insurance policies escape formal
classifications and combine several classes of insurance. The most common types
of insurance are:
·
Motor insurance (to insure against liability you have to others and to insure against
damage that others do to you or your car)
·
Property insurance (to protect you against damage to your home and property from natural
disasters)
·
Liability insurance, third party insurance (promises to pay any compensation and court
costs the policyholder becomes legally liable to pay because of claims for
injury to other people or damage to their property as a result of the
policyholder’ negligence)
·
Accident insurance (pays a compensation to the policyholder in the event of the bodily
injury in any type of accident)
·
Private health insurance (covers all the normal costs associated with private medical treatment)
·
Life assurance (pays a specified amount of money on the death of the life assured or
at the end of an agreed period whichever is the earlier)
·
Marine insurance (the insurance of ships or their cargo against specified causes of loss
or damage that might be encountered at sea)
·
Reinsurance means insurance of usually a part of one
insurer’s liability for a risk by a second insurer (the reinsurer), who accepts
to insure the risk in exchange for a percentage of the original premium. In
such relationship the first insurer becomes the reinsured.
An insurer is a person, company, syndicate or
other organization that underwrites an insurance risk. The insurance company
may be 1) a joint stock company owned by shareholders 2) a mutual company,
owned by policyholders, offering insurance forms to their members 3) a captive
insurance company– designed by organizations large enough to set up
their own insurance funds)
Insurance is sold in three basic ways:
·
by direct sales force, i.e. the personnel employed by an insurance
company
·
by tied agents who may represent one insurance company
·
by insurance brokers who are independent intermediaries
The following flow of events may give a broad
idea how insurance is taken:
1.
One decides they need an insurance cover and contacts an
insurance agent or broker for advice.
2.
The proposer completes a detailed proposal form that they
obtain from the insurance company.
3.
The insurer analyses the proposal form and, if he is prepared to accept
the risk, calculates the premium, based on the nature of the kind of insurance
being arranged and the risk involved.
4.
The proposer accepts the amount of the premium. An insurance contract is
completed and an insurance policy is issued by the insurer. The policy
sets out the details of the contract, the particulars of the insurer and the insured,
the scope of the insurance coverage with conditions and exclusions. Most
policies expire after one year and renewal notices are sent to the
clients before the expiry date.
5.
If an accident happens which is covered by the policy, a policyholder
can file a claim. He is asked to fill in a claim form, or accident
report, to provide the data required by the insurer. The claim is assessed
by the loss adjuster and if it is found to be in order one may expect
the indemnity.
insurance (assurance) – n. ubezpieczenie,
asekuracja
insurer (underwriter) – n. ubezpieczyciel,
asekurator
compensation (damages) – n. odszkodowanie,
świadczenie
indemnity (indemnification) – n. 1. odszkodowanie,
świadczenie 2. ubezpieczenie; v. to
indemnify – wypłacić odszkodowanie
insured – n. ubezpieczony
peril – n. ryzyko, zagrożenie
loss – n. szkoda, strata
premium – n. składka ubezpieczeniowa
motor insurance – n. ubezpieczenie komunikacyjne
property insurance – n. ubezpieczenia majątkowe
liability insurance, third party insurance – n.
ubezpieczenie odpowiedzialności cywilnej (OC)
negligence – n. niedbalstwo
accident insurance – n. ubezpieczenie od następstw
nieszczęśliwych wypadków (NNW)
bodily injury – n. uszkodzenie ciała
private health insurance - n. prywatne
ubezpieczenie zdrowotne (medyczne)
life assurance – n. ubezpieczenia na życie
marine insurance – n. ubezpieczenia morskie
reinsurance – n. reasekuracja
insurance company – n. towarzystwo ubezpieczeń (TU)
mutual insurance company – n. towarzystwo
ubezpieczeń wzajemnych (TUW)
captive – n. captive, zależne towarzystwo
ubezpieczeniowe
tied agents – n. agent ubezpieczeniowy
insurance brokers – n. broker ubezpieczeniowy
insurance cover – n. ochrona ubezpieczeniowa; v. to
cover – objąć ochroną ubezpieczeniową
proposer – n. wnioskodawca
proposal form – n. wniosek o zawarcie ubezpieczenia
insurance policy – n. polisa ubezpieczeniowa; n.
policyholder – właściciel (posiadacz) polisy ubezpieczeniowej
exclusions – n. wyłączenia
renewal – n. odnowienie polisy ubezpieczeniowej
claim – n. roszczenie
claim form – n. formularz roszczeniowy
accident report -n. raport
powypadkowy
loss adjuster – n. likwidator szkody
days of grace – n. karencja