All words with meaning to be learned before the first test (phase 1 & 2) of the first semester for business English 5.
Made for: Sub exam phase 1 2: Business Vocabulary (BV) 16-29, 32-38, Market Leader (ML) units 6, 8, 10.
Strategic -:
- Move: an action with a particular purpose in relation to objectives
- Partnership: when two companies work together towards a specific goal
- Decision: when a company decides something important for its long-term future
- Acquisition: when one company buys another for strategic purposes
- Goal: an objective the company wants to reach
- Vision: when someone has clear ideas about actions to take for future success
… A market:
- Defend: try to prevent competitors from being successful there
- Attack: start selling there for the first time
- Establish a foothold: occupy a small part of the market in preparation for gaining a
larger part
- Invade: start to be very successful there
- Dominate: to be the biggest competitor there
- Withdraw from: stop selling there
Competitive -:
- Position: where a company is in relation to its competitors in terms of size, growth,
etc.
- Pressure: the force that one competitor can bring to bear in relation to another
- Prices: equal or lower than those of a business's competitors for similar products
- Threat: something that one competitor may do to weaken another's position
- Advantage: superior products, performance that a competitor can offer in relation to
others and which give it a lead over its rivals
- Strategy: a plan or plans for success in relation to competitors, and the study of this
in business schools
Competing -:
- Bids: price offers for a company in a takeover
- Offerings: products from different companies
- Suppliers: companies offering similar products or services
- Technologies: technical ways of doing something
Porter:
- Cost Leadership: a strategy that aims to provide a product or service at as low a
price as possible to a broad audience
- Differentiation: offering products or services that give added value in terms of quality
or service compared to competitors
Four P's of Marketing: Product, Price, Place, Promotion
- Place (marketing mix): the means by which the product will be distributed at a time
and location convenient to the consumer.
- Product (Marketing Mix): product, service or combination
- Pricing (Marketing Mix): base prices and discounts
- Promotion (Marketing Mix): activities that communicate the merits of the product and
persuade target customers to buy it, includes pre-sales information to after-sales
service, advertising and communication
, More P’s:
- People in marketing mix: the people in contact with customers; behavior and attitude
of staff determine the level of customer satisfaction in business transactions.
- Process in marketing mix: the whole series of events from initial interest in
company's services, purchase, service, invoicing, etc.
- Physical evidence in marketing mix: allowing customers to see for themselves the
quality of the service being provided. This will reduce the element of risk in buying a
service as opposed to a tangible product. For example, a clean and well-presented
reception area in a hotel would raise appropriate expectations in the mind of the
customer.
Four C's: customer solution, customer cost, convenience, communication
- Customer solution: what the firm needs to provide to meet the customer's needs
and wants
- Customer costs: anything a customer gives up in an exchange for benefits
- convenience: distributing products in a way most convenient for each type of
customer
- Communication: with customer - customer is informed about products through
advertising, etc. and customers communicate with seller through helplines, etc.
Customer -:
- Satisfaction: customers' evaluation of a good or service in terms of whether it has
met their needs and expectations
- Delight: exceeding customer expectations to a surprising degree, depending on
degree of involvement when buying product; a powerful way to gain customer loyalty
- Retention: keeping existing customers
- Defection: customers leaving to buy different products
- Base: all of the customers the company sells products and/or services to
Customer groups:
- Actualizers: successful, active people with cultivated, expensive tastes
- Strugglers (VALS): poorer, elderly people who are loyal to familiar brands
- Experiencers (VALS): young, enthusiastic people who spend a lot on clothes, music,
etc. without planning for a long time what they are going to buy
- Believers: conservative people who prefer familiar products and established brands
- Makers: practical family-oriented people who buy practical, functional products such
as tools
- Strivers (VALS): people without much money, but who buy stylish products to imitate
those with more money
Data -:
- Analysis: the process of compiling, analyzing, and interpreting the results of primary
and secondary data collection.
- Management: the way data is collected, organized, used, etc.
- Mining: finding useful information in large amounts of data, using advanced
techniques
- Protection: preventing access to data by unauthorized people and organizations
- Warehousing: keeping data safely
- Secondary data: information that already exists somewhere, having been collected
for another purpose, and is publicly available
- Primary data: information collected for a specific purpose
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