《综合商务英语》课程建设项目高级课程阅读补充材料汇编

《综合商务英语》课程建设项目

高级课程阅读补充材料汇编

Text1

BUILDINGRELATIONSHIPS

Bothemployersandemployeeshaveexpectationsaboutwhatisreasonablebehaviorina

workcontext.Thereisacertainleveloftrustbetweenpeople,andevenifthenewspapers

arefullofstoriesofbreakdownsinthistrust,wethinkofthemasexceptionsto

establishednormsinsocialrelationships.

Business-to-businessrelationships

Somesaythatfirstimpressionscount.Othersthinkthatsomeone'scharactercanonlybe

judgedafteralotofcontactinbusinesscontextsandsocially.Thisiswhydecidingona

supplierordistributortakesvaryinglengthsoftimeindifferentcultures.Toemphasize

theimportanceofrelationshipslikethese,companiesmayrefertoeachotheraspartners.

Anewtrendisforcompaniestosetupe-marketplaceontheInternetwheretheywork

togetheronprocurement(purchasing)ofmaterialsandparts.Supplierscanmakebidsin

competitionwitheachother.

Whenfirmsworktogetheronaparticularproject,theymayenterintoastrategicalliance.

Thismaytaketheformofajointventurebetweentwoorthreecompanies,ora

consortiumbetweenseveralorganizations.Analliancemaybethepreludetoamerger

betweencompanies.Journalistsoftenusethelanguageofbetrothalandmarriagein

situationslikethis.

Companiesmayovercomelegalandotherbarriersinordertomerge,but,asinmarriage,

thereisnoguaranteethattherelationshipwillwork.Theculturesofthetwocompaniesmay

besoincompatiblethatthepromisedincreaseinprofitabilityandshareholdervalue

doesnotmaterialize.

Relationshipnetworks

Stakeholdertheoryholdsthatsocietyismadeupofawebofrelationships,andthateach

memberofthisarrangementhasitsstakeofinterestandofresponsibilities.Inacompany,

theinterestedpartiesareitsowners(shareholders),managers,employees,supplier,

distributorsandcustomerswhomayormaynotbeend-usersofitsproductsorservices.A

largecompany'sactivitieshaveaneffecttheplaceswhereitoperates(thinkespeciallyof

companytownsdominatedbyonecompany)andonsocietyasawhole.

Somecompaniespublishanindependentsocialauditthatgoesbeyondthetraditional

annualreportandattemptstogiveabiggerpictureofthecompany'splaceinsociety,the

benefitsitbrings,theeffectsofitsactivitiesonpeopleandtheenvironment.Somesaythat

socialauditsgiveafalsesenseofsocialresponsibility.Optimistsreplythatpressure

fromstakeholderssuchasshareholdersandcustomerscanbringpositivechangesinthe

waycompanieswork,andbenefitstosocietyasawhole.Companiesareincreasingly

sensitivetoaccusationsofcausingpollution,toleratingracismorusingsweatshop

labor.

Text2

Risk

①Allbusinessisbuiltonrisk.Operatinginpoliticallyunstablecountriesisoneofthemost

extremeexamplesofthis.Thedangersmayrangefromkidnappingofmanagersthrough

toconfiscationofassetsbygovernment.Companymanagersmayhavetofacefraudand

corruption.Butthefactthatcompanieswanttoworkthereatallshowsthattheythinkthe

returnscouldbeveryhigh.Asalways,thereisatrade-offbetweenriskandreturn:

investinginverychallengingconditionsisgraphic,ifextreme,illustrationofthistrade-off.

©Companiesdonothavetogotounstablecountriestobeharmedbycriminalactivity.

Industrialespionagehasexistedforaslongastherehavebeenindustriestospyon,but

thiscannowbecarriedoutatadistancebygainingaccesstocompanycomputernetworks.

ITsecurityspecialistsmaytrytoprotecttheircompany'ssystemswithfirewalls

(technicalsafeguardsagainstsuchsnoopingbyhackers)andagainstcomputerviruses.

(3)Sofar,wehavelookedatsomeofthemoreextremeexamplesofrisk,buteven

business-as-usualisinherentlyrisk.Forexample,byputtingmoneyintoanewventure,

investorsaretakingseriousfinancialrisks.Morebusinessesfail(someputthefigureashigh

asnineoutoften),andasthefirstshakeoutofInternetstart-upsshowed,thiscanhappen

increasinglyquicklyaftertheyarefounded.Venturecapitalistswhoputmoneyintosuch

businessesspreadtheirrisksothatthepaybackfromoneortwosuccessfulventures

willhopefullymorethancompensateforthemoneylostinthefailures.

©Thereisalsotheriskthatevenapparentlywell-establishedcompaniesthatare

seeminglyintouchwiththeircustomerscaneasilystarttogowrong:wecanallthinkof

examplesinsoftdrinks,clothing,carsandretailing,tonameafew.Here,theriskoflosing

sightofthemagicingredientsthatmakeforsuccess.Somecompaniesareabletoreinvent

themselves,insomecasesseveraltimesover.Othersdon'tunderstandwhattheyneedtodo

tosurviveandthriveagain,oriftheydounderstand,areunabletotransformthemselvesin

thenecessaryways.Thethingsaboutthecompanythatwereformerlystrengthscannow

becomesourcesofweaknessandobstaclestochange.Thefinancialmarketsseethis,and

thecompany,sharesfallinvalue.Investorsareincreasinglyquicktodemandchangesintop

managementiftherearenotimmediateimprovements.Insomecases,companiesthatwere

theleadersintheirindustrycanevengobankrupt:inairlines,thinkofPanAm.

⑤Andthenthereistheriskofmanagementcomplacency.Takeatyrecompany.Afew

weeksofshoddyoperationsandenoughfaultytyresareproducedtoputthewholefutureof

thecompanyatriskthroughproductliabilityclaimsfollowingaccidentscausedby

blow-outs.Productrecallsaretheworstpossiblepublicityimaginableforcompanies,and

intheworstcases,theirimageissodamagedthattheyneverrecover.Thisisacasestudyin

reputationalrisk:thetrustthatcustomersputinacompanycanbethrownaway

overnight.Anotherexampleofacompanythatdestroyedthetrustofitsclientsisthe

well-knownInternetserviceproviderthatannouncedfreeaccessatalltimes,andthen

immediatelywithdrawtheoffer.Onecommentatordescribedthisasbrandsuicide.

Text3

Theriskoflossofbrandvalueandreputation

Beforeyouread

Whateffectcanstrikesandindustrialactionhaveonthereputationofacompany?Ifa

companyhasawell-knowbrand,whataretheriskstoitsbrandvalue?

Reading

ReadthisarticlebyRichardGillisfromtheFT.comsiteanddotheexercisesthatfollow.

Onestrikeandyou'redown

①'Companiesforgetthatstaffhavethepowertowreckthebrand.5Thiswarningcomes

fromMartinLangford,acorporatereputationspecialist.Butbrandownersthat

probablydon*tneedremindingofthisincludeBritishAirways,RoyalMailandJaguar,

becauseofthehighprofilewhichstaffindustrialaction,orthreatsofindustrialaction,has

assumedatallthree.

©Managementatlargeorganizationsdonotembarkonwidespreadandrisky

companyrestructuringsunlesstheybelievetheirbusinessesareinstraitenedfinancial

circumstances.Andthepotentiallong-termdamagetocompanybrandingthatcanbe

doneifstaffandmanagersclashpubliclyoverplanswillalmostalwaystakeabackseatto

otherpriorities,suchasgettingthebusinessbackintoprofit.

©Nevertheless,brandsareakeypartoftheintangibleassetsthatareplayingan

increasinglyimportantroleoncompanybalancesheets.Thismeansthatitcanbea

seriousissueforanybusinessifitsbrandsemergeastaintedinthelongtermbystrikes

andotherindustrialconflicts.Ifthisistherisk,howcancorporationsorotherbranded

organizationsreducethisdanger?

©Langfordestimatesthataboutathirdofhisclients5problemswithrespecttothisriskare

causedbythebehavioroftheirstaff;withindustrialactionanddisaffectedworkersbeingthe

mostcommonexamples.

⑤JohnWilliamson,boarddirectorofbrandconsultantsWolffOlins,says:"Poorindustrial

relationsdonotcomeaboutinisolation.Theyreflectonthebusinessasawholeandthe

wayinwhichitisbeingmanaged.Ifthemanagementthinksthebrandissomething

donebythemarketingcommunicationsdepartment,thismakesforverypoorbrand

strategy.'

⑥Thedangerhereforservicecompaniesisthattheimpressionofthebrandgivento

thecustomerisoftendictatedbythebehaviorofstaffatthebottomoftheorganization

hierarchy.And,inthemaelstromofmediaactivitythatgoeswithmajorindustrialaction,the

seniormanagementcandevelopthehabitofbriefingjournalistsbeforetheirownstaff.This

hasadirectimpactonthequalityoftheservice.

⑦'Brandsrepresentthevalueoftheorganization'srelationshipwithitscustomer.It's

theonethingacompetitorcannotcopy/saysBrendaBanksofinsurersAon,Whoworks

withclientsontheissueofbrandrisk.Companiesarenotabletoinsureagainst

declinesinbrandvalue,butoftencompoundtheproblembynotmanagingtherisk

totheirmostvaluableasset.'Reputationriskonlycomeshometoroostwhenthingsgo

wrong/

FromtheFinancialTimes

1.Choosetheheadingthatbestsummarizeseachparagraphofthearticle.

a)Itisimportanttotellthestafffirst.

b)Brandsareunique-andanimportantpartofacompany'sreputation.

c)Effectivebrandstrategymeanseffectiveindustrialrelations.

d)Brandsarealsoreflectedinthecompanyaccounts.

e)Gettingthecompanybackonitsfeetusuallyhastotakepriority.

f)Employeeswhoaredissatisfiedwiththeirmanagementareoftenthebiggestproblem.

g)BrandownerssuchasBritishAirways,RoyalMailandJaguarknowhowtheir

employeeshavethepowertowrecktheirbrand.

2.Trueorfalse(paragraphs1and2)?

a)Brandownersdon'tneedremindingthattheirstaffhavethepowertowrecktheir

brand.

b)BritishAirways,RoyalMailandJaguarhaveallhadalotofbadpublicityinthemedia

concerningstaffindustrialactionorthreatsofindustrialaction.

c)Themanagementoflargeorganizationsonlycarryoutdifficultcompanyrestructui'ingsif

thebusinessislosingalotofmoney.

d)Settlingdisagreementsbetweenstaffandmanagerswillalmostalwayshavepriority

overotherbusinessconcerns.

3-Beforelookingatparagraphs3and4again,matchthetwohalvesoftheexpressionsbelow.

a)intangibleorganizations

b)balancebrands

c)taintedassets

d)brandedaction

e)industrialsheets

Whichoneofthemmeans:

1)thingsthatemployeesofcompaniesorinstitutionsdoasaprotest?

2)partofthevalueofacompanybutwithoutanyphysicalform?

3)companiesorinstitutionsthathaveaparticularidentityandcharacterwiththe

public?

4)statementsofwhatacompanyowns,howmuchmoneyacompanyowesandthe

amountofmoneyithasataparticularpointintime?

5)thingsthatidentifyacompanyorproductwiththepublic,associatedherewithpoor

industrialrelationsandtheresultingunreliability?

4-Nowusethetwo-wordexpressionsfromExercises3tocompletethesesentences.

a)Companieswillsufferfrominthelongtermiftheyhavealotof

strikesandindustrialaction.

b)Eventhreatsofcanaffectthevalueofacompany'sbrand.

c)Itisimportantfortomanagetheriskstotheirmostvaluableasset.

d)Successful,andunsuccessful,brandmanagementisreflectedina

company's

e)Thevalueofacompan/sbrandisoneofitsmostimportant

5.Findwordsorexpressionsinparagraph5thatmean:

a)badmanagementofthewaystaffandmanagersworktogether

b)arenotsomethingthathappenswithoutrelationtootherpeopleorthings

c)giveaninsightinto

d)resultsin

e)long-termplanning

6.Beforelookingatparagraph6again,choosethecorrectformsoftheverbsfromthebox

tocompletethesentencesbelow.

briefhavedevelop

dictategivego

a)Thedangeristhattheimpressionofthebrandtothecustomeris

oftenbythebehaviorofstaffatthebottomoftheorganizationhierarchy.

b)Thereisamaelstromofmediaactivitythatwithmajorindustrialaction.

c)Seniormanagementcanthehabitofjournalistsbeforetheir

ownstaff.

d)Thisadirectimpactonthequalityoftheservice.

7.Answerthesequestionsaccordingtotheinformationinparagraph7.

a)What,accordingtoBrendaBanks,isatriskforcompanieswithawell-knownbrand?

b)Whydoesshebelieveitisimportantforcompaniestomanagetherisktotheirbrand?

Text4

AninternetwithChinesecharacteristics

(fromEconomist)

OnlinebusinessinChinaisgrowingevenfasterthantheofflinesort.

Localtastesandneeds,aswellasthestate,areendowingitwith

distinctivefeatures

WHENHuangBinggraduatedfromuniversityin2005,hepromisedhimselfhewould

makehisfirstimyuan(about$155,000)withinthreeyears.Ittookhimabitlonger,butno

matter:ifhisbusiness,acollectionofonlinecosmeticsstores,maintainsitscurrent

trajectory,hewillsooncounthisfirstbillion.Inafewyearsheexpectsannualrevenuesto

reach10billionyuan.

MrHuang'scompany,UnitedCosmeticsInternational,isonlyoneofthousandsonTaobao

Mall,ahugeonlineshoppingcentre.HespottedademandfromwomeninChina's

hinterlandforbrandedcosmetics—andadviceonhowtousethem.KAlotofwomeninrural

areasdon'thaveaccesstoqualityproducts,heexplains,guidingvisitorsthroughthefirm's

headquartersintheoutskirtsofHangzhou,twohours'drivesouth-westofShanghai.On

severalfloors,atdeskafterdesk,“beautyconsultantsbusilytypeanswersforcustomers.

LogonandbuyAsgoesUnitedCosmetics,sogoestheChinese

China's:internet.Itisgrowingbyleapsandbounds(see

■■internetusers,mannualonline

Lofwhich:spendingperchart1),asevermorepeoplelogonfromphones,

onlineshoppersshopper,$homesoroffices,orinhugeinternetcafes

(pictured).TheChinaInternetNetwork

InformationCentrereckonsthattheonline

population,alreadytheworld'sbiggest,hasrisen

by6%to485mthisyear.Andalmosttwo-thirds

ofpeoplearenotyetonline.

Justasstriking,asthecountry'sinternetgrows

largeritalsogrowsmoredistinctlyChinese.''The

beautyoftheinternetisthatiteasilyadaptsto

localconditions,wsaysPaulZwillenbergofthe

BostonConsultingGroup(BCG).TheChinese

internetisthebestexampleoftheargumentthat,farfromcreatinguniformity,theglobal

networkisshapedbylocalforces.

Consumers,firms,economyandstate

Thoseforcescanbedividedintofour:thedemandsofChineseconsumers;theattitudesof

Chineseentrepreneurs;China'sofflineeconomicdevelopment;andtheroleofthestate.

Startwithconsumers.China'sinternetusersareyoungerthantheWesternerswhofirst

loggedonabout20yearsago.Theyarehungryforentertainmentandmostlypoor(butfast

becomingricher).Foreigninternetcompanieshavestruggledtoreplicatetheirsuccessin

China(thoughtheyhavedonequitewellasinvestors,acurrentquarrelbetweenAlibaba

Group,oneofChina'sinternetgiants,andAmerica'sYahoo!notwithstanding).Chinese

firms,mostofwhichbeganbycopyingWesternmodels,prosperedwhentheydevisedclever

adaptations.

TakeTencent,China'ssecond-biggestinternetfirmbymarketcapitalisation.Itstartedasa

cloneofICQ,achatservice,butquicklyoutgrewtheoriginalbyofferingChina'syouthful

massesacheapwaytocommunicateandhavefun.Tencent'schatservice,whichboasts

674museraccounts,andmostofitsotherofferingsarefree.Thefirmmakesmostofits

moneybysellingvirtualgoods(adressforanavatar,aweaponinanonlinegame)forplay

moneythatusersbuywithrealcash.

Similarly,Taobao,whichisownedbyAlibaba,waslaunchedtocompetewiththeChinese

serviceofeBay,anauctionsite.Itquicklyovertookitsrivalbynotchargingtransactionfees.

Butitsmainachievementhasbeentoovercomeperhapsthebiggestbarriertoonline

shoppinginChina:lackoftrust.Alibaba'sonlinepaymentsystem,Alipay,theworld's

largestbyvalueoftransactions,hasanescrowfunctionthatwithholdspaymentuntilgoods

havebeenreceived(mostdealsarestillcashondelivery).Taobaotodayboasts370m

registeredusers.ItaccountsforthreeoutoffouronlinesalesinChinaandreportedlyone

outoftwopackagesposted.

Vancl,astart-upthatintendstogopublicsoon,issatisfyingbothconsumers,desirefor

instantgratificationandtheirgrowingbrand-consciousness(ordislikeofpiratedgoods).Its

welldesignedbutcheapclothesandshoescanonlybeorderedonitswebsite.Inthebig

coastalcitiestheyareoftendeliveredthesameday—aservicemostbige-commercesites

nowoffer.

ArecentadditiontothisinnovativegroupisSinaWeibo.RunbySina,anotherleading

internetfirm,itisoftenbilledasthe“TwitterofChina"，butitallowsuserstoattach

comments,picturesandevenvideostotheirmessages.Sinahasalsorecruitedthousandsof

celebritiestousetheservice.

China'sinternetentrepreneursaredifferent,too.Therearelotsofpart-timers.Students

havetakenenmassetosellingonTaobao:manyuniversitydormitoriesdoubleas

storeroomsforgoodsawaitingorders.Full-timeentrepreneursmayhavelessexperience

thantheirWesterncounterparts,butmakeupforthatwithsheereffort.<4Theydonotwant

tomisstheirchancetomakeitbig—whichiswhytheyworklikecrazyandpractically

abandonlife,"explainsKai-FuLee,whousedtorunGoogleChinabutnowheads

InnovationWorks,astart-upincubatorinBeijing.

ThisdrivetowinexplainswhyChineseonlineentrepreneursareoftenmorepragmaticthan

Westernonesanddonotmindadaptingsomethinginventedelsewhere,saysHansTungof

QimingVentures,aventure-capitalfirm.Theytendtobelessenamouredoftechnology.At

GoogleinSiliconValley,mathsproblemsarepinnedtosometoiletdoors,sothatbrains

needneverbeidle.TheheadquartersinBeringofBaidu,whichhas75%ofChina'ssearch

market,feelsmuchlessdominatedbyengineers."We'refocusingmoreonproductsand

satisfyingourusers'needs/5saysRobinLi,Baidu'sboss.Heismakingabigbetonwhathe

calls“boxcomputing”,whichturnsBaidu'ssearchboxintoawindowtoallkindsof

applicationsandservices.

ThewilltowinandtheabundanceofventurecapitalmakeChina'sinterneta"ferociously

gladiatorialenvironment”,saysRichardRobinson,anAmericanwhohasfoundedseveral

start-upsinBeijing.Rivalsspringupliterallyovernight.Thereare80socialnetworks,200

online-videoservicesand2,000online-couponsites.Questionablebusinesspractices,such

askickbacksforonlineadvertisements,addtothecompetitivefrenzy.

Thefoundersofcompaniesthatcomeoutaheadinthisbattleoftenprefertoenjoytheirnew

wealthratherthanbecomeserialentrepreneurs,assuccessfulSiliconValleyfolkarewontto

do.Otherssetouttobuildsprawlingonlineempires,whichisonereasonwhyChina's

biggestinternetcompanies,morethantheirWesterncounterparts,fighteachotherdirectly

andonseveralfronts.Alibaba,BaiduandTencentarebecominginternetconglomerates

offeringsimilarsetsofservices.

Fillingthevoid

China'srelativelyunderdevelopedeconomyalsoplaysarole.IntheWestonlinecompanies

oftendisruptedexistingindustries.InChinatheyaremorelikelytofillavoid.uTheinternet

willbeamuchmorerobustforceinChinabecauseofflinebusinessesaremuchless

efficient,warguesDuncanClarkofBDA,atelecomsconsultancyinBeijing.

VirtuallyovertakingExceptinbigcitiesnearthecoast,conventional

E-commercemarket,$bnretailingisfragmentedandunderdeveloped.Yet

muchofthecountryhasbeencoveredbyfast

internetpipes.Abasicbroadbandconnection

costslessthan100yuanamonth.Theresultwill

bea“hugeleapfrogeffect"，saysDavidMichael

ofBCG.Theconsultingfirmrecentlypredicted

thattheannualvalueofChina'se-commerce

marketwouldquadrupleby2015,to$305billion.

Itmaythenbetheworld'slargest(seechart2).

Thesizeofthemarketmakesitpossibletotry

newbusinessmodels.AlthoughTaobaoandits

sistersiteTaobaoMall,whereonlyprofessional

sellersareallowed,somewhatresembleeBay

andAmazon,theirexecutiveshaveagranderambition.Theywanttobuildan''operating

systemfore-commerce"，asRichardWong,aTaobaoexecutive,putsit.Taobaosellsno

goods,butsuppliestheservicesthatmakeiteasierforotherstotrade:payment,instant

messagingandevenlogistics.InJanuaryAlibabasaiditwouldinvestupto30billionyuan

innewwarehouses.

Themediaindustry,withitslumberingstategiantsandfragmentedprivatesector,has

createdanotheropening:foronline-videosites,suchasYouku.Itlooks(andsounds)much

likeYouTube,butVictorKoo,itsboss,likensittoHuluandNetflix,Americansitesthat

delivertelevisionprogrammesandfilmsovertheweb.SincemostChinesearejust

discoveringdigitalvideo,saysMrKoo,usersgenerateonlyaboutaquarterofYouku's

content.Therestismadeprofessionally,forinstancebytelevisionstationsorYoukuitself.

YoukualsoillustratesthefourthfeatureofChina'sinternet:theroleofthestate.Until2007

regulationwasratherlax,allowingstart-upstodominatetheindustry,notesBillBishop,a

longtimeChina-watcher.Yetastheinternefseconomicandsocialimportancehasgrown,

sohaspoliticalintervention.InJune2010thegovernmentpublishedawhitepaper

outliningitsregulatoryplans.InMayitsaidithadcreatedacentralagencytooverseethe

internet.

Regulationmostlyinvolveslicensingandself-censorship.Youkuneedsseverallicences.The

rulesoncensorshiparevague,andfirmserronthesideofcaution.""Youhavetoknowwhat

issensitive/5saysanexecutiveatabiginternetfirm.Youkuhasdevelopedasophisticated

monitoringsystem:dozensofeditorswatchnewmaterialandclassifyit,buildingavideo

databasethatcanbeusedtofindgoodcontent,butalsotoblockundesirableclips.

Eventhoughcomplyingwithsuchrulescanbecostly,hardlyanyonecomplains,evenin

private.Regulationalsomakeslifeharderforwould-becompetitors,foreignorChinese.

“Peopletakethegovernmentasagiven,5,saysMrLeeofInnovationWorks.Headdsthathe

hadtothinkmoreaboutcensorshipatGoogle.

Somebiginternetfirmsevenseekthegovernment'sinputbeforelaunchingaservice,in

effectinvolvingitinproductdevelopment.WhendesigningWeibo,Sinaapparentlyworked

closelywithregulators.Theserviceiscapableofquicklystoppingcertainusersfromlogging

onandblockingpostscontainingcertainterms.WhenprotestsbrokeoutinInnerMongolia

inMay,thenameoftheprovincecouldnolongerbesearchedfor.Atthesametimethestate

seesbenefitsinmicrobloggingandsocialnetworks.Theyallowcitizenstoventtheir

grievancesandgivepromptwarningif,say,corruptioninaprovincialcityisgettingoutof

hand.“BeijinghasapoliticalinterestinkeepingChina'sinternetcommerciallyhealthy,nMr

Bishopwroteinhisblog,DigiCha,inFebruary.

WillChina'sinternetcontinuetohavedistinctivelyChinesecharacteristics?Some

differencesfromtheWest'swillfadeastheindustryandChina'seconomymatureandthe

country'sinternetpopulationgrowsolderandricher.Otherfeatureswillprobablypersist,

forexamplethedominanceofthreedigitalconglomerates,Alibaba,BaiduandTencent.

Theinfluenceofthestateislikelytoreinforcethese“threemountains”.Theyarewellversed

indealingwithstateagenciesandtheycanspreadthecostsofregulationoverabroad

revenuebase.Ifanything,thethreewillprobablybecomeevenmoredominant.Ratherthan

buyingpromisingstart-ups,theytendtobuildtheirownversionofapopularnewservice.

Westernfirmsbuildtoo,butalsobuy.IfChinesestart-upsarelikelytobecrushed,finance

willbehardtocomeby.Sina,boostedbythesuccessofitsmicrobloggingservice,is

consideredatestcaseforwhethersmallerfirmscancatchupwiththebigthreeatall.

Abroad,China'sinternetfirmsarelargelyuntested.Tencentisthemostdaring:itownsa

stakeinMail.Ru,aRussianportal,forinstance.Baiduisplanningtoofferitsservicesina

dozenotherlanguages."Wearegoingtoexpandintomanyothermarkets/5MrLisaid

recently.

Expandingabroadwillnotbeeasy.BeingChinese,aculturaladvantageathome,maybea

disadvantageelsewhere.Still,China'sinternetwillhaveglobalinfluence.Insomewaysit

alreadyhas.Tencenthasmademoneyfromvirtualgoodsandcurrencies;SiliconValleyis

following.TwitterhasbeenlookingatwhatSinaWeibodoes.SomeEuropeane-commerce

sitesaresaidtobeinterestedinVancFsmodel.ExpectmoreofChina'sonline

characteristicstobeadoptedintheWest.

Groupdiscussion:

1.WhatcanwelearnfromHuangBing'sstory?Whatfactorsdoyouthinkcontributetohis

success?

2.Trytoanalyzetherelationshipamongconsumers,firms,economy,andthestate.Besides,

thinkhowtheycanworktogethertoexpediteonlinebusiness.

3.MakeacomparisonbetweenthecharactersofInternetinChinaandAmerica.

Text5

Raisingfinance

Youhaveabrilliantbutunusualbusinessidea.Youcouldputallyourlifesavingsintoit,

andaskfriendsand