大学レベルの英語

Successful companies are those that first focus on discovering the needs of the customer and then creating products to meet those needs.

A good example of this process in action would be the convenience store market. Initially, convenience stores were set up to provide basic food and household items to single working people who were unable to shop at traditional stores during normal shopping hours.

initially：第一に

There was a need in the market for convenience in terms of time and place, and the convenience stores filled that need. Over the years, however, convenience stores have expanded both their products and services to meet the growing needs of their customers.

over the years：年を追って

Bill payment services were introduced. Ready-to-eat meals were expanded. Recently，with the growing popularity of online commerce, convenience stores are serving as distribution and payment centers for a variety of products. This allows customers to order online and then pay and pick up at their local convenience store. It addresses the customers’ dual need for secure payment and convenience.

ready-to-eat meal：インスタント食品
distribution：流通

Not only with new products and services, but also the way convenience stores are managed serves to meet their customer needs. Sales and inventory are strictly monitored, and products that don’t sell within a short period are quickly replaced with ones that will.

inventory：(店内の)全商品
replace with X：Xと交換する

Thus, convenience stores constantly react to the changing needs of their customers. As a result of these actions in meeting customer needs, convenience stores have experienced tremendous sales growth and profitability over the years.

tremendous：とてつもなく大きい
profitability：収益性

Marketing is the process of discovering unmet needs in the market and creating products to meet those needs.

unmet needs：満たされていないニーズ

Based on this definition you can see that products are created only after a need for them has been established. Unfortunately, many companies tend to do just the opposite, creating products first, then searching for customers to purchase them. This approach tends to lead to inconsistent results.

inconsistent：食い違った、一貫性がない、矛盾した

One of the keys to understanding marketing is to observe the information flow between a company and the market it serves. As you can see in the diagram below, information flows two ways in a simple marketing system.

　
information flow：情報の流れ

First, a company collects information on the market. This process is known as Market Research. This information usually concerns customer buying habits and patterns. Through this process, a company can determine if there are any needs which are not currently being satisfied through existing products. With this information, new products can be developed to meet those unmet needs.

existing products：既存製品

Once products have been developed, the market needs to be made aware of them. This process involves Sales Promotion and Advertising activities that focus on building product awareness and highlighting product benefits.

make aware of X：Xを認知させる
build product awareness：製品の認知度を上げる
product benefits：その製品を購入することによって得られる便益

Is it possible for one employee to bring down an entire bank? Indeed it is. In 1995, England’s Barings Bank, founded in 1762, was ruined by the actions of one trader: Nick Leeson. It is an amazing story of greed, poor management, and risky business.

bring down：(政府など)を倒す
ruin：崩壊させる
greed：貪欲

Leeson started working at Barings’ Singapore office in 1992. A rising star in the company, he was appointed general manager of the office. He also became the head trader, giving him a lot of power — perhaps too much. The young star quickly earned a reputation as an excellent securities trader who delivered big profits.

appoint：指名する
securities：有価証券

Leeson reported profits of nearly £9 million in 1993, which earned him a bonus of £130,000. The numbers were even better in 1994, and Barings considered giving him a bonus of £450,000. Everything looked great on paper. Unfortunately, the profits reported by Leeson did not exist. Unknown to Barings, Leeson’s trading activity was actually losing the bank millions of pounds.

£：ポンド(英国の通貨単位)
look great on paper：経歴は立派に見える、写真で見ると立派である、理論上は素晴らしく見える

What was going on? Shortly after arriving in Singapore, Leeson had started making unauthorized, high-risk trades in the Japanese market. He quickly lost money, but he hid the losses in an account — Error Account 88888 — instead of reporting them. Leeson then made trades between the account and three other Barings accounts. This type of “cross-trade” made those three accounts look profitable.

unauthorized：認可されていない
profitable：利益をもたらす

By the end of 1994, Leeson had lost hundreds of millions of pounds. Things got even worse the following year, as the Japanese stock market continued to lose ground. By February 1995, Barings had finally discovered what was going on, but it was too late. Their total losses from Leeson’s activities were £827 million, more than the bank could cover.

lose ground：状態が悪くなる

Leeson was found guilty of fraud and spent three and a half years in a Singapore prison. Barings, the 233-year-old bank whose customers included the Queen of England, went out of business. The bank was later bought for just one pound by ING, a Dutch bank. It was a sad ending for the once-proud firm. It was also a wake-up call to other banks to improve the way they managed risks and traders.

be found guilty of X：Xの罪で有罪になる
fraud：詐欺
go out of business：倒産する、廃業する
wake-up call：警告、モーニングコール

Accounting firms often audit the records of public companies, making sure the balance sheets are in order. This assures investors that the company’s figures are accurate. But what happens when the accountant itself loses the public’s trust? That is what happened with Arthur Andersen. Once a very successful accounting firm, it was brought to ruin by its involvement with Enron.

audit：検査する
be in order：整然としている
assure：(人に)保証する
accurate 正確な
accountant：会計士

When Arthur Andersen himself ran the company in the early 20th century, its reputation was built on trust and honesty. And for many years after Mr. Andersen’s death in 1947, the firm continued to be highly respected.

be built on X：Xによって作り上げられる
honesty：誠実さ

Things started to turn sour in the 1990s, with legal trouble related to client’s accounting problems. After the collapse of Sunbeam Corporation in 1998, Andersen paid $110 million to settle lawsuits. Then in 2001, Andersen paid $7 million to settle suits involving another client, Waste Management. But those were nothing compared to the Enron scandal.

turn sour：上手く行かなくなる
settle：決着をつける
(law)suit：訴訟
scandal：スキャンダル、汚職事件

In October 2001, as the U.S. government started to investigate Enron, staff at Arthur Andersen destroyed thousands of Enron-related files. The government charged Arthur Andersen with obstruction of justice (interfering with an investigation). The firm was accused of covering up its involvement with Enron’s activities.

investigate：捜査する
obstruction：妨害
interfere：妨げる
be accused of X：Xで告発される
cover up：(悪事など)を隠す

A key issue in the scandal was Arthur Andersen’s two roles at Enron. Andersen had not only acted as Enron’s accountant; it was also a consultant for the energy giant. Many people saw this as a conflict of interest. How can you work as an independent accountant while advising the client about ways to save or earn money?

conflict of interest(s)：利益相反 (同時に2つの業務に携わり、一方の業務が他方の業務の利益に影響を及ぼすような状況)
overturn：(判決を)覆す

In June 2002, Arthur Andersen was found guilty of obstruction of justice. The firm had to give up its license to perform audits for public companies. It soon lost most of its clients, and most of its 28,000 U.S. employees lost their jobs.

be found guilty of：Xの罪で有罪になる
obstruction of justice：司法妨害
audit：監査

Several years later, in May 2005, the decision against Arthur Andersen was overturned by the U.S. Supreme Court. By then, however, the firm was down to just 200 employees, and its reputation was ruined. Arthur Andersen’s name, once synonymous with corporate trust, was now, to many people, synonymous with corporate greed.

overturn：判決を覆す、ひっくり返す
Supreme Court：最高裁判所
synonymous：同義の

Trust. It is a big part of our lives. We place trust in our doctors, teachers, and employers, and when a bond of trust is broken, the results can be disastrous. When that happened at Enron, once one of the world’s largest companies, thousands of employees and investors saw their lives ruined. This is a true story of corporate greed that ended in bankruptcy and tragedy.

bond：絆
disastrous：破滅を招く、悲惨な
corporate greed：企業欲

Enron was once a leader in the global energy business, with assets in the billions. Enron In the 1990s, however, some of the company’s divisions were losing money. Executives feared the stock price would fall if the truth about the losses became known.

executive：幹部、重役

To make their balance sheets look better, executives moved losses and debts over to a large number of partnerships. This made it look like Enron was earning a lot more money than it actually was, which helped boost Enron’s stock price. The trickery also led to large executive bonuses, which were linked to the company’s stock price. In 2000 and 2001, while the company was in the red, executives took home some $400 million worth of bonuses!

boost：(値段など)を上げる
trickery：ごまかし
lead to X：Xにつながる
link to X：Xに関連付ける
be in the red：赤字である
(ref.) be in the black：黒字である

The story gets worse. As the stock started falling in 2001 from a high point of $90, executives sold more than $1 billion worth of stock. Yet employees were forbidden to sell the Enron stock in their retirement portfolios. Executives even encouraged employees to buy more Enron stock, telling them it was on the verge of rebounding!

forbid：禁じる
portfolio：ポートフォーリオ(銀行・個人などが所有する有価証券明細表)
be on the verge of X：Xの間際である
rebound：跳ね返る

But it was not. On December 2, 2001, Enron filed for bankruptcy. With assets of $62.8 billion, it was (at the time) the largest bankruptcy in U.S. history, and the company’s stock lost almost all its value. Thousands of employees who held Enron stock lost their life savings, as well as their pensions. Investors also suffered from the stock’s collapse.

file for bankruptcy：倒産を申請する
savings：蓄え
pension：年金
collapse：(株・物価などの)暴落、急落

The fall of Enron was a disaster: for the company, its employees and investors. It made the public and government mistrustful of the way corporations report their earnings and the way they pay their executives. In fact, as Enron fell, it also brought down its accounting firm: Arthur Andersen.

be mistrustful of X：Xを疑っている
break down：(会社を)解体する
accounting firm：会計事務所、経理会社

In recent years, the business world has undergone major changes. Giants in the banking, electronics, and other industries that once stood as tall as mountains have fallen. One of the most dramatic scenes has been the fight for the skies. Bankrupt and beaten down, many of America’s oldest airline companies (often called “legacy’s airlines”） are struggling to survive.

banking：銀行業務
undergo：経験する
scene：事件
bankrupt：破産
beat down：打ち負かす

At one time, a handful of these airlines, including United, Delta, and Northwest, were the kings of the skies. Confident and powerful, they brought in healthy profits as air travel spread.

at one time：かつて
a handful of： 一握りの
confident：自信に満ちた
bring in：(金を)稼ぐ

The late 20th century, however, wasn’t so kind to the legacy airlines. Their management, labor, and cost structures were becoming major burdens. At the same time, several smart, younger companies, like Southwest and JetBlue, stepped onto the stage.

major：とてつもない
burden：負担、重荷
step onto the stage：参入する、登場する

(ref.) take center stage：脚光を浴びる

Running an airline is no easy task. Besides buying and maintaining airplanes, renting space at airports, and paying for security, airlines spend a lot of money on fuel is and labor. Oil prices have risen sharply since 1998. Meanwhile, legacy airlines have labor costs and pension plans that total billions of dollars per year. Add in the competition from low-cost airlines, and things start to look really bad. Indeed, between 2001 and 2004, U.S. airlines lost a combined $32.3 billion. When losses
are that large, companies start to fold.

sharply：急に
pension plan：年金制度
combined：連結の
fold：(事業など)を停止する

In 2002, both US Airways and United Airlines went bankrupt. US Airways soon emerged
from its debts, but it filed for bankruptcy again in 2004. The following year, with oil at $70 a barrel, Northwest and Delta both declared bankruptcy.

go bankrupt：破産する
emerge：(苦境から)抜け出す
a barrel：1バレルにつき　※バレル＝容量の単位
declare：公表する
bankruptcy：破産、倒産
file for bankruptcy：倒産を申請する

Trying to regain their financial health, the legacy airlines have made a number of moves. Changes include cutting salaries, simplifying the ticket pricing system, and installing “self-check-in” counters at airports.

legacy airline：老舗の航空会社

Airlines are also cutting back on the amount of food and drink that passengers are given during flights. Will these moves be enough to save the big airlines from completely disappearing? Or will one or more of the smaller airlines step up to become the new kings of the sky? In these troubling times, there are no easy answers.

cut back on X：Xを控える、Xを低下させる
step up：上がる

1985 was not a good year for Coca-Cola. It marked one of the greatest marketing failures in history: the replacement of the original Coke formula with a new one, usually called “New Coke.” The reaction of American consumers was so strong that the mighty company was almost brought to its knees.

mark：記録する
replacement：取り替え
formula：(飲食物の)製法
mighty：強大な
bring X to one’s knees：Xを屈服させる、Xを打ち負かす
(ref.) throw in the towel：負けを認める

The change was no small decision by Coca-Cola. For 99 years, the Coke formula had stayed the same. Yet, beginning in the 1970s, the company started losing market share to its biggest rival, Pepsi. By 1984, sales of Coke and Pepsi were almost even. In response to these disturbing trends, Coca-Cola developed a new, sweeter formula. It held almost 200,000 taste tests, with mostly positive results.

in response to X：Xに応えて
disturbing：気がかりな

On April 23, 1985, the new formula hit the market. Many people liked the taste, but a growing number of consumers were upset that “their” Coca-Cola had been changed. Thousands of people wrote angry letters and telephoned the company, demanding that the original formula be brought back. In songs, TV shows, newspapers, and magazines, people expressed their unhappiness with New Coke. In the meantime, Pepsi took over as the top soft drink in the country.

be upset：落胆した
in the meantime：その間に
take over：成功する

What happened? In blind taste tests, people preferred the new formula. What Coca-Cola did not consider was how strongly people were attached to the original taste and brand. Millions of consumers grew up drinking Coke, and they had fond memories of sharing the drink with friends and family members. In short, the original Coke was an important part of their lives, and people had an emotional attachment to the drink.

be attached to X：Xに愛着を持っている
fond：(思い出などが)楽しい
in short：要するに

On July 10, less than three months after the release of New Coke, Coca-Cola admitted defeat and started selling the original formula once again. Consumers were thrilled that such a large company had bowed to their wishes. They were also excited to have the old Coke back.

defeat：負け
be thrilled：わくわくする
bow to：屈服する

Coca-Cola Classic quickly rose to the top spot in the “cola wars” of the 1980s. And so, even though New Coke was a terrible disaster, it actually strengthened people’s loyalty to the Coca-Cola brand. This was one case where admitting a mistake was clearly the best thing to do.

disaster：大惨事

Not many people can say they have “done it all.” Richard Branson, on the other hand, quite possibly has. He has achieved an amazing level of personal and professional success, and he has done it all with a smile.

on the other hand：他方では、これに対して

Branson, born in England in 1950, seemed to be in a hurry to get his career under way. In the late 1960s, as a teenager, he started Student Magazine. Just a few years later, he founded Virgin Records. That was Branson’s first major success, as the very first record released by the company sold more than 5 million copies! Over the years, the company signed superstar after superstar and went on to become one of the world’s most successful record labels.

in a hurry：急いで
under way：進行中で
go on to X：続けてXする

Virgin Records was only the beginning for the ambitious young Brit. In 1984, he founded Virgin Atlantic Airways. By providing excellent service at low prices, the company quickly grew to become one of Britain’s largest.

Brit：Britishの略式、英国人

Following his many interests, Branson has opened a string of companies (more than 200 so far!) selling everything from books to wine to vacation packages. One of his most ambitious companies, Virgin Galactic, has plans to take people on trips into space!

a string of：一連の
(ref.) a series of：一連の
(ref.) a bunch of：(房・束)
(ref.) a flock of：(動物の群れ)
(ref.) a heap of：(かたまり)
so far：これまで
ambitious：野心的な

Speaking of the sky, Branson’s personal interests are also related to flying. He has invested a significant amount of time and money (while risking his personal safety) chasing some of aviation’s greatest goals. In 1987, he became the first person to cross the Atlantic Ocean in a hot-air balloon. In 1991, he crossed the Pacific Ocean in a balloon, traveling at speeds faster than any balloon in history. These are just two of a long list of aviation accomplishments. Not bad for one of the world’s most affluent people!

speaking of X：Xと言えば
significant：(数・量が)かなりの
risk：危険にさらす
aviation：航空(学)
the Atlantic Ocean：大西洋
hot-air balloon：熱気球
the Pacific Ocean：太平洋
accomplishment：業績
affluent：裕福な

Just when you think you have seen it all from Richard Branson, there is something more to discover. His charity work with the Virgin Healthcare Foundation and the International Rescue Corps is impressive. He has written several books and has even been knighted by Queen Elizabeth II. With a list of achievements like that, it is not surprising that, in nearly every photo of this bold billionaire, he has an enormous smile on his face.

the Virgin Healthcare Foundation：ヴァージン医療財団
the International Rescue Corps：国際援助隊
be knighted：ナイト爵を授けられる
enormous：すごい

Running factories, manufacturing products, and shipping goods all require natural resources such as iron, copper, and oil. As the world economy has grown, such goods have been in high demand, driving up prices. Leading the way in supplying natural resources is BHP Billiton, the world’s largest mining company.

manufacture：製造する
natural resource：天然資源
copper；銅
be in high demand：需要が大きい

BHP Billiton was formed in 2001 as a merger of two large companies: BHP (an Australian firm) and Billiton (a British firm). Both had long histories. BHP was founded in 1885. Starting with a single mine in Australia, it later branched out into steel production, ship building, gold mining, and other areas.

merger：合併、合同
ranch out：事業を広げる、活動範囲を広げる
mining：採掘、鉱山業

The other half of the merger, Billiton, also brought a proud past to the team. From its start in 1860, the company was an international player, as its first mine was in Indonesia. The company became very strong in mining metals such as lead, copper, and silver.

player：大物、大企業
lead：鉛

Along with its deep experience, BHP Billiton’s size is a key advantage. In the natural-resources industry, mines and companies often change hands. Large companies can buy new assets and fight off hungry competitors. In fact, from 1983 to 1986, a competitor tried (and failed) to buy BHP four different times. It no longer seems likely that BHP Billiton, with a stock value of more than $175 billion, will be devoured by another company.

deep：(経験が)豊かな
change hands：持ち主が変わる
(ref.) change trains：電車を乗り換える
(ref.) change buses：バスを乗り換える
(ref.) change seats：席を替わる
(ref.) give X a hand：Xに手を貸す
asset：資産
fight off：撃退する
devour：貧り食う、飲み込む

Another key concern is bad weather, which can shut down mines. With assets worldwide, BHP Billiton can reduce the impact of poor weather. Consider the nine months period ending in March 2006, one of the best ever for the company. Despite serious weather problems, nickel production was still at a record high . While one nickel mine was affected by heavy rains, another mine increased production.

be at a record high：過去最高である
(ref.) record 記録的な、空前の

The recent rise in resource prices has meant amazing profits for BHP Billiton. (It earned profits of $13.7 billion in 2007.) However, just as prices can rise, so can they fall. Also, the company must deal with environmental groups demanding cleaner and safer mines. With operations in 25 countries , BHP Billiton is in a strong position to face these challenges while holding onto the top spot in its industry.

as X, so Y：Xと同様にYも
challenge：課題、難問
hold onto X：Xを離さない、Xにしがみつく
the top spot：第１位