Present: Alessandro Baroncelli(Managing Director, Microtron Italy)

　　Richard Brewer( Sales rlanager)

　　John Hamilton(Finapce Manager)

　　Leslie Reeves(Marketing Manager)

　　Subject: Expansion plans and capital requirements

　　Summary of discussion

　　Mr Brewer opened the meeting with a review of the situation in Europe. He explained that sales of quartz watches are expected to double over the next five years and that Mr Baroncelli has put forward alternatives to keep pace with this growth.

　　Mr Hamilton argued against further capital investment.He added that if it was unavoidable , it should be delayed for a few years. He asked the meeting to give serious consideration to an alternative investment project -the long term development of the plan in Milan.

　　Mr Brewer argued that any delay in expansion would be harmful for two reasons:(1) because the situation in Europe is changing rapidly, and (2) because waiting would be much more costly in the long term

　　Ms Reeves asked whether selling more shares of the company in the Stock market would be a satisfactory third alternative mr baroncelli explained that this would not be feasible at present, although it might be in 2 to 3 years.

　　Action points

　　1) Mr Baroncelli was instructed to prepare a detailed estimate of working capital requirements

　　2) All present were asked to prepare a list of relevant decision criteria for the next meeting to be held in Venice, 5 June 1993.

　　1. Who opened the meeting?-

　　A Managing Director B Sales Manager C MarketingManager

　　2. Who suggested developing the plant in Milan?-

　　A FinanceManager BMarketing Manager C Managing Director

　　3. Who was instructed to prepare a detailed estimate of working capital

　　requirements?-

　　A Sales Manager B Finance Manager C Managing Director

　　4. Where would be the next meeting be held?-

　　A Rome B Milan C Venice

　　5. What did Managing Director suggest?-

　　A selling more shares in the stock market B preparing a list of relevant decision criteria

　　C Delay In expansion

　　【答案】1-5 BACCA