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Summary Business vocabulary in use
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Elaboration of Units 16 to 29 and 32 to 38 of the book Business vocabulary in use. With Dutch translation of the difficult words.
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Samenvatting Business Vocabulary in Use Advanced unit 45 t/m 59 ISBN:9781316628232
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samenvatting business vocabulary in use advanced van Bill Mascull
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Engels woordenlijst h1 tm h26
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Engels grammatica toets 1Unit 16 Strategic thinking
A strategy (countable) = a plan or series of plans for achieving success.
Strategy (uncountable) = the study of the skills, knowledge, etc. required to make such
plans.
Strategic success in a commercial organization is often measured in terms of profitability
(winstgevendheid) – the amount of money it makes in relation to the amount invested.
An important part of planning resource allocation (toewijzing van middelen) = the way
that resources (hulpbron) such as finance, people and assets (middelen) – equipment,
buildings, know-how, etc. – are used to achieve a particular objective.
A company’s senior executives (leidinggevende) decide or formulate strategy.
Main overall objective or vision in mission statement.
A strategy requires commitment (inzet). Everyone must work towards the implementation
(uitvoering) of the strategy.
Strategic … :
Move = an action with a particular purpose (doel) 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 purpose.
Goal = an objective the company wants to reach.
Vision = when someone has to clear ideas about actions to take for future success.
When a company:
a- Defends a market it tries to prevent competitors form being successful there.
b- Attacks a market it starts selling there for the first time.
c- Establishes a foothold/toehold in a market it occupies (in beslag nemen) a small
part of the market in preparation (voorbereiding) for gaining (winnen) a larger part.
d- Invades a market it starts to be very successful there.
e- Dominates a market it is the biggest competitor there.
f- Withdraws from a market it stops selling there.
Unit 17 Competition
Very strong competition in an industry can also be described as:
Cut-throat moordenaar
Ferocious woest
Intense
Fierce fel, heftig
Stiff stijf
Actions that increase (toenemen) competition are said to encourage (aanmoedigen),
intensify (versterken) or sharpen (verscherpen) it.
Action that limit (beperken) competition are said to harm (schade), inhibit
(remmen/verhinderen) or stifle (verstikken) it.
The main competitors in a particular industry are its key players. Smaller competitors may
be referred to as minor players.
Situations where there is only one supplier and no competition are monopolies.
, Competing and competitive adjective related to ‘competition’.
- Two companies may produce competing products = products that compete
(concurreren) with each other (concurrentie, bijvoorbeeld Apple en Samsung)
- Competitive product = one that has real and specific benefits in relation to others of
the same type (producten met bijvoorbeeld een betere batterij)
Competing … :
Bids = price offers for a company in a takeover
Offerings = products from different companies
Suppliers = companies offering similar products of services
Technologies = technical ways of doing something
Competitive … :
Position = where a company is in relation to its competitors in terms of size, growth, etc.
Pressure = the force (kracht) that one competitor can bring to bear in relation (ten opzichte
van) to another
Price = one that is similar to or lower than those for similar products
Threat (bedreiging) = something that one competitor may do to weaken another’s position
Advantage / edge = superior products, performance, etc. 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.
Unit 18 Companies and their industries
An important strategic thinker is Micheal Porter. He defines the five competitive forces at
work in any industry.
These are the factors that a firm needs to consider
(overwegen) in developing its competitive strategy. A
successful firm has to build and maintain – keep – its
competitive advantage in relation to these forces.
SWOT stands for strength, weaknesses, opportunities, threats.
Core competencies internal factors.
Porter says that competitive advantage can be based on:
Cost leadership = offering products or services at the lowest cost; this is one
strategy to adopt in volume industries with competitors producing large numbers of
similar products
Differentiation = offering products of services that give added-value in terms of
quality or service compared to competitors
Focus = combining elements of the above two strategies to concentrate on a niche –
a specific part of the market with particular needs
Danger stuck in the middle = when a company does not follow any of these particular
strategies
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