Topic 12

Word

Definition

Example

market

to make goods available to buyers in a planned way that encourages people to buy more of them, for example by advertising

Companies often use celebrities to help market their products.

market economy

an economic system in which companies are not controlled by the government but decide what they want to produce or sell, based on what they believe they can make a profit from

In a market economy, there must be demand.

market conditions

The characteristics and the situation of a particular market at a particular point of time

Investors need every information they can acquire to perform well in these market conditions.

marketplace

the part of business activity that is concerned with buying and selling goods in competition with other companies

Some retailers worry that new regulations will hurt their ability to compete in the marketplace.

market sector

part of the market

With over 1,700 employees, it is one of the leading international companies in this market sector.

segment

a part of the economy of a country or of a company's work

The shipbuilding segment has reported higher earnings.

market segmentation

the process of dividing a market of potential customers into groups, or segments, based on different characteristics

Labour market segmentation and gender wage gaps remain a persistent source of economic disadvantage for women.

market share

the portion of a market controlled by a particular company or product

He owns a leading Internet service provider with a 15 per cent market share.

market entry

a planned distribution and delivery method of goods or services to a new target market

Market access does not automatically or even easily confer market entry.

service industry

companies that sell services (= HELP) instead of products

It's not easy to stay the leader in service industry for three years in a row.

tertiary industry

an industry providing services, rather than one producing raw materials or goods, or these industries consideredas a whole

Tertiary industry already accounts for half of Shanghai's output, and its mayor wants to further develop financial services and tourism.

supplier

a person or organization that provides something needed such as a product or service

All suppliers increased prices

supplier partnership

a commitment over an extended time to work together to the mutual benefit of both parties, sharing relevant information and the risks and rewards of the relationship

It is the best practical implementation of supplier partnership in manufacturing industry.

supplier base

is defined as the portion of a supply network that is actively managed by a buying company

We needed to dramatically reduce our supplier base.

outsource

if a company, organization etc outsources its work, it employs another company to do it

Our company has grown so quickly that we had to outsource some of our production.

service business

a commercial enterprise that provides work performed in an expert manner by an individual or team for the benefit of its customers

A securities company is also a service business.

virtual company

an organization that uses computer and telecommunications technologies to extend its capabilities by working routinely with employees or contractors located throughout the country or the world

I got a new client with a cutting-edge virtual company.

service

a business that sells help, advice, consultancy, etc., not manufacturing

A lot of companies offer financial services now.

services

work done or help provided

The company provides services but it doesn't produce anything.

customer service

when an organisation helps customers by answering questions, listening to complaints, giving product advice, etc.

The company says that it offers good customer service.

service provider

a company which provides services

All service providers must obtain licences

criterion

a standard by which you judge, decide about, or deal with something

More specific and less subjective criteria should be used in selecting people for promotion within the company.

consumer choice

efers to the decisions that consumers make with regard to products and services

Issues surrounding the concept of consumer choice are of great importance.

leisure revolution

recent increase in tourism and other leisure-time activities

By 1970 the canal was ready to play its part in the new leisure revolution.

work-life balance

the division of one's time and focus between working and family or leisure activities

Don't check email on weekends for better work-life balance.

social chapter

is an agreement between countries in the European Union concerning workers' rights and working conditions

The 11 governments signed the social chapter.

body

the whole physical structure that forms a person or animal

Skin covers the outside of a person's body.

public sector

is the part of a country's economy which is controlled or supported financially by the government.

To keep economic reform on track, 60,000 public sector jobs must be cut.

trade association

s a body representing organizations within the same trade. It aims to protect their collective interests, especially in negotiations with governments and trade unions.

Th company is one of the two main trade associations for antiques dealers.

core sector

main or key industries of the economy

The automotive industry remains one of the core sectors of the national economy.

service quality

the level or standard of service provided by an organisation or company

Improvements in efficiency and in service quality may well require substantial changes.

financial service

are the economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies

There is already evidence of recession in the retail, hotel, telecommunications and financial service sectors.

financial services provider

is a business offering financial advice and/or intermediary services (such as brokerages, insurance companies etc), and is made up of

This company is a very experienced financial services provider.

financial consultant

someone who works with companies or individuals to plan for their financialfutures by offering information and guidance on topics that include taxes, investments and insurance decisions

A financial consultant was engaged by the Secretariat to advise on the viability of outside commercial borrowing.

cashpoint

a machine that you can use to get money from your bank account, using a special plastic card

Can you get some money from the cashpoint?

telephone banking

when customers have an arrangement with a bank to be able to find out by telephone how much money they have in their account, ask for payments to be made etc

She often uses telephone banking.

electronic trading

is the buying or selling of stocks and shares by means of the Internet.

Electronic trading is cheaper than traditional trading.

online banking

a service provided by banks that allows people to pay money from one account to another, pay bills etc over the Internet

With online banking, consumers can pay credit card, utility and other bills and check their bank accounts using their PC.

personal banking

a type of banking service and product line offered by banks to retail customers, that is consumers rather than businesses, intermediaries and institutions

Services are confined to arange of personal banking products, such as mortgaes.

call centre

an office where people answer customers' questions, make sales etc by using the telephone rather than by meeting people

We could give more training to staff in the call centre.