Info point: Company structure Read the information on corporate structure and complete it with the correct words from the boxes. There are two extra words that you should not use. 23 consumers loans losses money wages profit recruiting suppliers departments Companies and corporations Companies, whether they are small firms or large corporations, are organisations that sell goods or services in order to make a (1) . They try to do this by identifying and then satisfying consumer wants and needs. Standard corporate structure consists of various departments that contribute to the company’s overall mission and goals. In each business certain key tasks or functions have to be performed like buying stock, paying bills, hiring people, advertising goods and services, dealing with customers and many more. In small companies all these tasks might be carried out by a handful of people; in large companies, employees specialise in certain functional areas and work together in (2) , such as: ■■ Production: Involves ordering raw materials from (3) , planning production, producing or assembling the finished product, quality control, packing and storing products before distribution. ■■ Human resources (HR): The human resources of a company are its employees, or workers. HR is responsible for hiring or (4) new personnel, selecting the best person for job vacancies, training and motivating, retaining experienced people and keeping staff turnover low, as well as laying off or firing employees. ■■ Finance: The finance department is responsible for producing invoices for customers, making payments on behalf of the company (like paying for raw materials and machinery, running costs, overheads, salaries and (5) ), finding the best sources of finance for capital expenditure (savings, re-investment of profits, bank (6) , selling of shares) and producing financial reports and forecasts. ■■ Marketing: It is the function of marketing to do market research and find out what (7) want. Once the goods or services are ready to be sold, they have to be promoted and advertised in the press, on radio or TV, online, in trade shows or exhibitions or through sponsorship. In pairs, talk about these questions. 1 Which small or large businesses do you know? 3 What difference could the size of a business 2 Are they all structured the same? make to its corporate structure? Read the two statements and discuss if this is true of businesses you know. Try to find examples. 24 a b 1 S mall businesses are hardly ever divided into departments because there would not be enough people or floor space. Thus, employees usually have to have a wider range of skills and broader knowledge. Examples: 2 L arge businesses are generally private or public companies owned by shareholders. The shareholders elect a board of directors to decide general policies. The board of directors nominates a managing director to supervise the day-to-day operations taking place in different departments. Examples: a bed and breakfast Marriott International 14 Language skills Extras Explore 1 Global media Nur zu Prüfzwecken – Eigentum des Verlags öbv
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