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
1
, 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
2
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller MK2002. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $3.20. You're not tied to anything after your purchase.
