Business Benchmark

Pre-intermediate to Intermediate

1. Changing places – What is it and what’s the purpose of it? What other reality TV
shows do you know?
Changing places is reality TV show which has received very good reviews. The main idea is to
take the Chief Executive Officer of a company and put him in the position of one of his own
company's low-end workers. There are few examples. First one is Donald Eisner. He is CEO
od Absalon chain of hotels. He worked as a bellboy, cooker, cleaner while supervisors
monitored his work. Another one was Alex Jennings who runs a chain of steak bars called
Wayside. As a waiter he continually forgets to ask customers how they want their stakes to
be done and mixes up the orders. When the experience was over both of the CEOs decided
to make some changes. Donald decided to change the way of sorting knives, forks and
spoons to make easier for the person who washes the dishes. For him this experience was
really shoking. He also changed the policy of the hotel. The purpose of this TV show is to
show senior managment all the problems and challenges that staff is facing every day.

Another reality show that I know is Big Brother. The purpose of this show is not to show
some problems or to improve something, It's to entertain audience. This show is consisted of
more than 30 contestants who spend almost 6 months in one place, trying to earn money.
That place is full of cameras so the audience can watch them 24 hours. Usually this tipe of
reality shows don't send good message and are not allowed for the kids under the age of 18.

2. Company culture – What is it and what kind would suit you?

Company culture is the values, beliefs and traditions in a company which influence the
behavior of its staff. It is important for jobseekers to know about the culture of an
organisation before accepting a job.

Well, I like to work for a company where employees are friends and can talk about personal
mattrers and where roles between managers and staff are flexible. I also prefer security of a
company with strong traditions. One of the most important things for me is a variety of
different things to do and to work in a team where we understand each other and
understand our needs.

1
 3. What are you studying? What does your studying involve? What do you like/dislike
about your studies? Do you do many different things in your studies? What are
your plans for the future?
I study economics at the Faculty of economics in Univeristy of Banja Luka. Well, that involves
many different subjects such as auditing, marketing, accounting, mathematics etc. I have
two colloquiums in every subject, and after that final exam. There's more than 30 subjects
that I have to pass before I graduate. I like that we have all the schedules on time. For
example, I know when I'm going to have final exams during the whole year. Thanks to that, I
can organise myself and decide how I'm going to study. Proffesors are also friendly and
available for all qouestions. There's no many things that I don't like at the moment.

We don't do many different things in studies. But, maybe one of the examples are seminar
papers, organising some events or procjects. Such as CEO conference.

My plans for the future are first to graduate and become BSc and after maybe to apply for
some schoolarship for master studies abroad.

4. Online banking vs traditional banks

In early days some people predicted that all banking would take place online. Bank which
only exist online are much cheaper to run than the traditional banks, because they have
lower staff and building costs. It's very possible that traditional banks could dessapear in a
few decades. But predictions weren't true. Internet only became on more way in which the
bank can reach its customers.

Some of the drawbacks of online banking are big investments to make sure that the
information technology is compatible with computer sistems in the the branches. But bigger
problem is possibility of fraud. The most common is phishing. This is when fraudsters send
out false emails, such as a fakse job offer, to try to make peope give their account details.
Then they use it to obtain money.

Beside this there are many advantages. It seems that online customers are more likely to buy
extra banking products. Online services seem a very good way for banks to market procucts
to existing customers and to reinforse existing relationships.

When we talk about traditional banks we always thing of waiting in line, too many papers
and procedures when we want to pay our bills or to raise a loan. But one of advantages are
live comunication with bank managers and other staff, so we can explain some problem
better.

5. Describe a process of your choice (e.g. how perfume is made)

I'm going to describe how Chanel pefrume is made.

2
On the chanel farm, the flowers are picked and the petals are put into sacks. Then, they are
transported to the production plant. At he plant, the petals are weighed and then they are
put into 50 kg vats. Next, an extraction solvent is added. The petals are washed three times
on the solution. Then, the flowers are removed from the vats and remaining solvent is
evaporated. This leaves a solid material known as the 'concrete', which can be stored for
several years untile the parfume is required.

6. What do you understand by outsourcing? What are its advantages and

disadvantages?
Outsourcing means handing over a business process like accounting or a production process
to another provider.

Advantages are: better quality, cheaper, it saves time, access to new technology, know-how,
information.

Disadvantages are: missing the deadlines, no control over the quality.

7. What is in-house production and what are its advantages and disadvantages?
In-house production is production within the company. In-house work or activities are done
by employees of an organization or company, rather than by workers outside the
organization or company.

Advantages: control over the quality, deadlines, process.

Disadventages: expensive quipment, staff, costs, difficulties with recruitment.

8. What do you understand by offshoring? What are its advantages and

disadvantages?
Offshoring is practice when a company relocates production or a business to another
country, usually because of lower costs.

Advantages: lower taxes (avoiding double taxation), cheaper, expand (bigger market).

Disadvantages: costs (transport), recruitment problems, language, comunication problems.

9. If you want to start the business what do you have to think about and what do you
need?

3
First of all I must thing about money. Where I'm gonna get the money if I don't have it.
Afther that I have to think about the type of the business that I want to start. For example, If
I want to start a courier business I don't need to much money. But firstly I will need a
vehicle. This will be probably the biggest expense.But I can also use my own car. I will also
need a mobile phone so customers can contact me on the road. Also I must provide
customers with receipts and keep financial records. And money ofcourse to cover expences
like petrol until I start receiving first payments.

I will also need computer, hire new people, some place to be the base of the firm.

10. What sort of thing do you have to think about if you want to sell your products
abroad and what decisions do you have to make?
First of all it can be great way to expand the market. We need to carry out research into
your target market to find about local conditions. We shouldn't assume that a product which
sells good at home will sell well overseas. We may have to change it in some way. In another
language our brand name may not sound good or be easy to say. We also have to decide
how to organise our sales. Sometimes we can sell products over the internet. Way of
transport is also important. Often there will be more than one.

Intellectual property protection is also important issue. Patents are only protected in their
country so we will have to get trademark protection in every country where we want to sell.

11. Name all advertising media and choose one to say its advantages and
disadvantages
Television, Radio, Print Publications, Internet, Direct Mail, Mobile Devices, Sponsorships,
Other Media Outlets

Internet

Advantages: the most popular, many users, many oportunities and posibilities

Disadvantages: the most expensive, hacking, phising, spam

12. Name all advertising methods and choose one to say its advantages and
disadvantages
Outdoor advertising, billboard, flyers, newspaper ads, sposnsorship, TV advertising (TV ads)

4
Newspaper ads

Advantages: used without obligation, in free time, large number phones

Disadvantages: don't cheap, it's usually on the down on the page

13. Explain the following advertising techniques: celebrity endorsement, glamour

appeal, hidden fears and pester power.
Celebrity ednorsement

A form of brand or advertising campaign that involves a well known person using their fame
to help promote a product or service. Manufacturers of perfumes and clothing are some of
the most common business users of classic celebrity endorsement techniques, such as
television ads and launch event appearances, in the marketing of their products.

Pester power

The ability that children have to make their parents buy something, by asking for it many
times until they get it.

14. What problem are national airlines facing?

1.There are many low cost airlines now, air travel is more competitive.

2. Major airlines want to compete with low-cost carriers. Some of them have lowered their
prices.

5
3. Major airlines earn less from passengers than they used to. That means they have to cut
customer services.

4. They appear like low cost airlines and as a result they lose their brand identity.

15. How many public holidays are there in our country? Name them all.
New Year's Eve Good Friday

Christams Eve Orthodox Easter

Orthodox Christams Labour day

Republic day (St. Stephen) 9th May – Vicotry over Fascism Day

Orthodox New Year's Day 21st November – Dayton Peace Agrement

Day

16. What British and American public holidays do you know?

British Holidays American Holidays

St Patrick Day (17th of March) (4th July) Thanksgiving day –Indenepndece day

Bank Holiday All Saints Day (31st October)

Guy Fawkes Day (5th November)

Black Friday

17. What is cultural awareness and how important is it for business people? Give some
examples of differences through countries.
Cultural awarness is the ability to understand the culture of the people you are meeting and
behave appropriately. It's very important because every coutry has their own culture and
habbits. Sometimes when we don't know culture or tradition of our business partner, we can
using bodylanguage or saying something insult them.

For example, In the UK people stand about 50-70cms away from each other. In Latin America
and Middle East people tend to stand closer each other.

In Asia people prefer minimal eye contact, in Thailand you should not touch people on the
head. In Europe and the USA people tend to feel that 'time is money'.

6
 18. Name some team building activities and say which skills they practice.
1.CHOCOLATE WORKSHOP

Participants are split into groups to make and decorate their own chocolates. The decorating
is bound to bring out your creative talent and to break down the barriers working together.
Protective chloting is provided.

2.BLIND DRIVING

This is great exercise if you want to see on improvement in your team's comunication skills.
Participants work in pairs. One person is blindfolded and drives a car, his partner navigates
him. Winning team is the one who can complete de course in the shortest time.

3. RAFT BUILDING

This is for the company manager who wants to take his staff out of the familiarity of their
office. Each team is given 100 tokens which they use to buy raft-making equipment from the
instructor. Groups have to use their problem solving skills and all practical knowledge about
how things work to produce the best design.

19. What are characteristics of a good team and a good team leader?

Good team:

● Shares openly and authentically with others personal feelings, opinions, thoughts,
and perceptions about problems and conditions
● Involves others in the decision-making process
● Respect the deadlines, others opinion
● Influences others by involving them in the issue(s)
● Understands and is committed to team objectives
Good team leader:

● Comunication
● Organization
● Respectful
● Support
20. What is Kaizen?
Kaizen is a system for making improvements which aims to make sure that any business
remains at the cutting edge in terms of quality, processes and technology. Kaizen involves all
empleyees from top managment to the cleaning and maintance staff. Anyone can make a
suggestion for improvement. Kazien may involve a change in the corporate culture. Everyone
is encouraged to think about the business and come up with suggestions. Kaizen is focused

7
on solving a large number of small problems. Usually the changes are about improving
productivity or reducing costs. Kaizen comes from Japan.

21. What clothes describe formal and informal dress and jewellery?
Formal dress and jewellery Informal dress and jewellery

● Bow-tie ● Shirt
● Wistcoat ● Open-toed sandals
● Skirt ● Short-sleeved shirt
● Pressed trousers ● Open collar
● 2 piece suit ● Vest
● Blouse ● Jeans
● Suit ● Chinos
● Earnings ● T-shirt
● Watch, necklace ● Trainers
● Cufflinks ● Nose-stud
● Brooch ● Long-sleeved shirt
● Leather shoes

22. What is stock exchange and who are its main participants?
Organized and regulated financial market where securities (bonds, notes, shares) are bought
and sold. If you own a business and you want to expand your company but you don't have
money, you can sell parts of you company to other partners. Then they become
shareholders and the eachpayment is called dividend. When company is large enough it
usually wants to sell stocks and shares to the public. If you want to sell stocks you need to
find a broker who will sell or buy stock on the market for you. He will charge commission.
Famous stock exchanges are in NY, London and Tokyo.

23. According to the survey, who makes better investor, men or women? Why?
According to the survey of Brad Barber and Terece Odea from University of California found
that women are better investors than men. Women'r returns on their investments are
higher of about 1 per cent each year. The same study found that men sold their shares and

8
bought different ones more often than woman. Men also do less research than woman,
Their investments are based on tips they have received from friends so they fail sometimes.

24. What are the most common ways of getting the money to start up a new business?
Say something about each.

1.Take a bank loan

This is the most usual way of getting the money. But with loan comes interest rate which
we have to pay and usually we have to secure the loan against an asset (house,land).

2. Find a business angel

It's very good way of starting up a business, but nowdays it's difficult to find an investor
who is ready to give a lot of money to even start a business.

3. Use your own savings

The best way of getting money because we don't own money anyone. We risk only our
money, so if we lose it it's all on us.

4. Sell your assets (car, house)

It's good way but usually we can't get enough money from assets only.

5. Going into partnership

It's good because we share risks, but then the dividend is less.

6. Venture capital companies

25. What does CV consist of?

● Personal details ● Achievements
● Date of birth ● Skills
● Education and training ● Interests
● Work history ● Referees

26. How would your CV look like?

1.Personal details

Nataša Lazić
Put Srpskih Branilaca 298

9
Banja Luka
BIH
Tel: 065/435-456
Email: n.lazic96@gmail.com

2. Date of birth
May 8th 1996

3. Education and training

2017-present Member of AIESEC Organisation; Member of Business Development Team

2015-present The faculty of economics, UBA
2011-2015 Secondary school of economics

4. Work history

5. Achievements

6. Skills
Fluent English and Spanish
MS Office (Word, PP, Excel, Access)
Driving licence

7. Interests
Travelling, meeting new people, music,movies
8. Referees

27. What advice would you give to someone writing a CV?

Use direct, simple language, highlight the important things. Make it short, no more than two sides of
paper. Standard CV is usually divided in 7 sections. You need to put contact, describe your skills, try
to make sure there's evidece for what you say. Try to outline your educational history and
qualifications. There's no need to give details about primary school. Put all holiday jobs you have
done or some voluntary work. Referees should be from your last employer, if possible. Make sure to
ask their permission first. Put computer and language skills.

28. What is the order that things happen when you apply for a job?

● You send in an application

● You are shortlisted
● You attend an interview
● You are turned town/You are offered a job
● You are appointed/ You apply for another job

29. What advice would you give to someone attending the interview?
You have to be well prepared. It's important to know all the facts about the company, its main
activities, products and services. Those infomrmations you can get from their official web site. Read
over your CV again before the intreview so that yoou know which points you need to highlight. You

10
also have to refresh your memory about basic facts of your current place of work. You have to arrive
on interview on time. That means you have to know exact location.

30. How important is body language in an interviewing situation?

Body language is very important. Mostly interviewers make a decision about are they going to a
consider hiring a candidate or not in the first 3 minutes of interview.

When you first meet a interviewer, make eye contact and smile. Nodding slowly when people are
talking shows that you understand and encourage them to countinue.

Touching your mouth or bitting your lip are signs that you are not telling the whole truth. If you sit
with arms folded or your legs crossed you will appear defensive. You have to stop fiddling your hair
because that shows that you are nervous and annoying person.

31. What are interviewees asked at the interview? What strange questions are they asked? Do
these questions work?
Interviewers sometimes use strange methods. More often they ask questions which are intended to
give an idea of their skills or personality.

Some of questions are: 'How many houses do you think are in this town?'

'If you have only six months to life, how would you spend them?'

'If you were an animal, what animal would you be?'

Odd questions like these may give the impression that the interviewer is not serious. This kind of
questions are not useful. Sometimes this type of questions can alienate good candidates.

32. If someone gave you the money to start up a business what kind of business would it be?
What problems would you expect at the beginning?
Maybe, I would open some coffee shop. I live in a city where all coffee shops are always full, so I
think that is a good investment. But the first problem that I would expect to come is money, because
if you want to be well known in the city, you have to promote your business well. By promotion I
mean be on every social network. Besides that, quality is very important so I need good coffee
machine. Word of mouth is very important in this kind of business, so there's many things you must
do. Promotion, good coffee, music, atmosphere, location. Location is very important, it's maybe the
most important thing.

33. Formal vs informal emails.

There's some different phrases that we use in formal and informal emails.

Formal emails:

● Looking forward to your reply

11
 ● Dear Mr Moris
● But perhaps you could suggest a suitable time for the week after
● I would like to arrange the meeting
● My diary is very full for next week
● I would be gratful if you...
● I would like to apologise
● Yours simcerely
● Please accept our most sincere apologies for..
Informal emails:

● Let me know
● Hi Angie
● But i would the manage week after
● I'm pretty booked up next week
● I'm sorry about
● Cheers
● Can you..
● Bye for now
● Use a nickname (Sue)

12