2. 外语
  3. • Read the article below about the top brands. • Choose the best sentence from the opposite page to fill each of the gaps. • For

• Read the article below about the top brands. • Choose the best sentence from the opposite page to fill each of the gaps. • For

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问题 • Read the article below about the top brands.
• Choose the best sentence from the opposite page to fill each of the gaps.
• For each gap 8-12, mark one letter (A-G) on your Answer Sheet.
• Do not use any letter more than once.
                                   THE 100 TOP BRANDS
       It was a tough year to build a brand -- or defend one against the corrosive effects of a bear market, financial scandals, and shifting consumer priorities. For proof, look no further than the fact that roughly half of the 100 global brands that Interbrand Corp. and Business Week ranked this year fell in value compared with a year ago. In this environment, just holding your own is an accomplishment.
      To qualify for our ranking, brands had to have a value greater than $1 billion.  They were selected according to two criteria:  (8)   They also had to have publicly available market and financial data on which to base the valuation. That excluded some big brands, such as Visa International, the BBC, and Mars.
      How do you place a value on a brand?  (9)   Business Week selected lnterbrand’s method because it values brands the same way analysts value other assets: on the basis of how much they’re likely to earn in the future. Those projected profits are then discounted to a present value based on how risky the projected earnings are -- that is, the likelihood that they will in fact materialize.
      To start the process, Interbrand first figures out that percentage of overall revenues are accounted for by the power of the brand.  (10)   Interbrand then deducts a charge for the cost of owning the tangible assets, on the theory that whatever income is generated beyond that cost is due to intangible factors. This is the economic value added by things like patents, customer lists, and, of course, the brand.
        (11)   For example, are people buying Shell gasoline because of the brand name or because the gas station is conveniently located? Interbrand uses market research and interviews with industry executives to sift through those variables. The final phase is to analyze the strength of the brand to figure out how risks those future brand earnings are.  To calculate the brand’s strength, Interbrand looks at seven factors, including the brand’s market leadership, its stability and its ability to cross geographical and cultural borders.  (12)   Business Week and Interbrand believe this figure comes closest to representing the true economic value of that complex array of forces that make up a brand.
A  The risk analysis produces a discount rate that is applied to the brand earnings to come up with a net present value of the brand.
B  Some attempts rely on little more than opinion polls or ad spending.
C  Next, with the help of analysts from J. P. Morgan Chase Co., Interbrand projects net earnings for that segment of the business.
D  In this environment, just holding your own is an accomplishment.
E  They should be famous and have a good reputation around the world.
F  The next step is to winnow the earnings generated by the brand from the earnings generated by other intangibles.
G  They had to be global in nature, deriving 20% or more of sales from outside their home country.
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