This glossary includes the chapters of unit 5 from the book fiancial English with fiancial glossary of during the lessons business english 1, given in the second semester of Phase 1 SME & Entrepreneurship at UCLL (Leuven)
BEGRIPPENLIJST FINANCIAL
ENGLISH
PRICING
Competitor – a rival in business offering the same or similar goods of services
Demand – the willingness and ability to consumers to purchase goods and services
Elastic – describes demand which changes directly in directly in response to price variations
Exchange rates – the price at which one currency can be exchanged for another
Inelastic – describes demand which does not change in response to price variations
Market positioning – situating a product in relation to others already on the market
Market share – a company’s sales expressed as a percentage of the total sales in a market
Marketing mix – the various elements in a marketing program + how a company integrates them
Price war – reciprocal price cuts between competitors in the attempt to gain an larger market share
Profit – the difference between the price received for a product and its cost
Profit targets – an amount of profit that a company wants to make
Revenue money received by a business for goods sold and services provided
Sales targets – a quantity of sales that a company wants to make
Supply – the willingness and ability to offer goods and services for sale
PRICING STRATEGIES
Current-revenue pricing – charging a high price to maximize sales in the short term
Differential pricing – charging different prices to different groups of customers for the same thing
Going-rate pricing – charging the same price as competitors
Loss-leader pricing – selling a few products at a loss in order to attract customers
Market skimming pricing – starting with a really high price, you can always lower it
Mark-up or cost-plus pricing – adding a percentage to unit cost
Odd pricing or odd-even pricing – using prices that are less then a round number – psychological
Penetration pricing – selling a new product at a low price , hoping to get a big market share
Perceived-value pricing – extremely high price, famous brand name and a reputation for quality
WAYS OF SELLING
Agent – a person who acts for or represents or negotiates purchases and sales for another person
Authorized dealer – an independent distributor given the right to sell a company’s products
B2B marketing – concerns products sold by a company by another company
Chain of distribution – all the companies involved in moving a good or service to the customer
Direct marketing – selling directly to consumers without using intermediaries
Distribution channel – all the companies involved in moving a good or service to the customer
Distributor – a company that sells manufacturer’s products to customers
End-user – a person who consumes goods or services, whose needs are satisfied by producers
Franchise(e) – a business authorized by a company to sell or distribute its goods in a certain area
Intermediary – an organization involved in a distribution channel between producers and consumers
Middlemen – intermediaries between producers and consumers in a distribution channel
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, Outlet – a place where goods are sold to the public
Retailer – a merchant such as a shopkeeper who sells to the final customer
Sales force – the collective term for a company’s salesperson or salespeople
Wholesaler – an intermediary between producers and retailers, who stocks goods and delivers them
INTERNATIONAL TRADE
Absolute advantage – the ability to produce a particular good more cheaply than any other country
Balance of payments – difference between what a country pays for imports & receives from exports
Balance of trade – same as balance of payments but for tangible goods (not both goods and services)
Comparative advantage – relative advantage in the production of goods over some other countries
Comparative cost principle – countries should produce goods in which they have a comp. advantage
Domestic – an adjective meaning within a particular country
Dumping – selling goods in foreign markets at cost price or at a loss
Economies of scale – reduces production costs resulting from large-scale production
Export – merchandise sold to another country; to sell goods or services to another country
Imports – merchandise bought from another country; to buy goods or services from another country
Infant industries – one that is in an early stage of development and cannot yet survive competition
Inputs – something that is put into a system or process, and transformed into an output
Invisible trade – trade in services
Labour or labor – productive work, done for money, that provides goods and services
Merchandise trade – US term for trade in tangible goods
Productivity – the amount of output produced per unit of input
Protectionism – restricting imports by way of trade barriers such as tariffs and quotas
Quotas – a maximum quantity of a specific good that can be imported into a country
Strategic industry – important to a country’s economy, develop and protect from competition
Tariffs – a tax or customs duty charged on imports
Trade barriers – a government policy or regulation designed to limit international trade
Trade deficit – the situation when a country imports more than it exports
Trade surplus – the situation when a country exports more than it imports
Visible trade – trade in goods
TRADE FINANCE
Bills of exchange – a written order instructing an importer to pay an exporter a certain sum on a date
Discount – a price below the usual or advertised price
Documentary credit – guarantee given by buyer’s bank to pay a specific amount of money to a seller
Draft – a written order instructing an importer to pay an exporter a certain sum on a certain date
Endorse – to acknowledge ownership of a demand for payment and to guarantee to pay it
Irrevocable – unchangeable or irreversible
Letters of credit – guarantee given by buyer’s bank to pay a specific amount of money to a seller
Maturity date – the date on which a loan or bond will be repaired
Shipping document – a document required to clear customs and take delivery of imported goods
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