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UNIT 9- PRODUCTS
PRODUCT-anything capable of satisfying need or want, something produced naturally or by human effort
BRAND- name used to identify goods or services of a particular manufacturer
BRAND LOYALTY- buying always the same brand
BRAND STRECHING- use a famous brand to launch a new product
FAMILY NAME-when some manufacturers use their own name for all their products (yamaha)
MULTY BRAND STRATEGY- the strategy which allows some major producers(of soap, powders) to compete in
various market segments, and to fill shelf space in shops leaving less room for competitors (p&g)
CONVINIENCE GOODS- buy them everywhere, everyday (cigarets, soap)
SHOPING GOODS- you must go to u particular store to buy it (shoes, clothes)
SPECIALITY GOODS- high involvement process, specialized place to buy (luxury car)
CREDIT FACILITIES-the possibility of paying for the product over an extended period
WARRANTY OR QUARANTEE-a promise made by producer or seller to replace or repair defective goods during a
certain period of time
SHEET SPACE- a surface on the store where goods are displayed
BRAND SWICHERS- consumers who buy various competing products rather than being loyal to a particular brand
PRODUCT LINE- the standard pattern of sales of a product over the period that it is marked
PRODUCT MIX- together, a company’s items, brands and product constitute
NICHE- a small, specialized, but profitable segment of a market
LINE STRECHING- lengthening a product line by moving either up-market or down-market, i.e. making items of higher
or lower quality (Škoda bought Volkswagen)
LINE FILLING- adding further items in that part of a product range which a line already covers (ronhil, ronhil light,
ronhil ekstra light...)
CREDIT- the possibility of paying for a product over an extended period
SHELF- a surface in the store on which goods are displayed
PRODUCT LIFE CYCLE- the standard pattern of sales of a product over the period that it is marketed
PROFITABILITY- the extent to which an activity provides financial gain
OPPORTUNITIES- possibilities of filling unsatisfied needs in sectors in which the co can produce goods or services
MARKET SHARE- the sales of co expressed as a % of total sales in a given market
IMAGE- the set of beliefs that the public at large holds of an organization

UNIT 10- MARKETING
-4 ps- product, place, promotion, price
DISTRIBUTION CHANNEL- all the companies or individuals involved in moving a particular good or service from the
producer to the consumer
TO LAUNCH A PRODUCT- to introduce a new product onto the market
MARKET OPPORTUNITIES- possibilities of filling unsatisfied needs in sectors in which a company can profitably
produce goods or services
MARKET RESEARCH- collecting, analyzing and reporting data relevant to a specific market situation (such as
proposed new product)
MARKET SEGMENTATION- dividing a market into distinct groups of buyers who have different requirements or
buying habits
PACKAGING- wrappers and containers in which products are sold
POINTS OF SALE- places where goods are sold to the public- shops, stores, kiosks, market stalls...
PRODUCT CONCEPT- an idea for a new product, which is tested with target consumers before the actual product is
developed
PRODUCT FEATURES- attributes or characteristics of a product: quality, price, reliability...
SALES REPRESENTATIVE- someone who contacts existing and potential customers, and tries to persuade them to
buy goods or services
MARKETING MIX- product, place, promotion, price
SALES FORCE- people who work in selling departments

UNIT 11- ADVERTISING
WORD OF MOUTH- free advertising, when satisfied customers recommend product to their friends
INSTITUTIONAL OR PRESTIGE ADVERTISING- advertising that mentions a company’s name but not specified
product

ADVERTISING AGENCES- companies that handle advertising for clients
ADVERTISING ACCOUNT- a contract with a company to produce its advertising
BRIEF- agreed budget, the amount of money that company plans to spend in developing its advertising and buying
media time or space
ADVERTISING CAMPAIGN- the advertising of a particular product or service during a particular period of time
TARGET MARKET- defined set of customers whose needs a company plans to satisfy
MEDIA PLANERS- the people who choose where to advertise in order to reach the right customers
OTS- opportunities to see, frequency-the number of times that target customers are likely to see the ad
CPM- cost per thousand- comparative cost of reaching 1000 members of target audience
TRESHOLD EFFECT- the point at which advertising becomes effective
COMPARATIVE – PARITY METHOD- choosing to spend the same amount on advertising as ones competitors
COUNTER-CYCLICAL ADVERTISING- advertising during periods or seasons when sales are normally relatively poor

UNIT 12- PROMOTIONAL TOOLS
-advertising, sales promotion, public relations, personal selling
PUBLIC RELATIONS- maintaining, improving or protecting the image of a company or product
SALES PROMOTIONS- temporary tactics designed to simulate either earlier or stronger sales of a product (free
samples, coupons...)
PERSONAL SELLING-prospects for customers, spreads info about a co¨s products or services, assist with technical
problems

UNIT 13- ACCOUNTING AND FINANCIAL STATEMENTS
BOOKKEEPING- writing down the details of transactions (debits and credits)
ACCOUNTING- keeping financial records, recording income and expenditure, valuing assets and liabilities, and so on
MANAGERIAL ACCOUNTING- preparing budgets and other financial reports necessary for management
COST ACCOUNTING- working out the unit costs of products, including materials, labor and other expenses
TAX ACCOUNTING- calculating an individuals or a company liability for tax
AUDITING (revizija)- inspection and evaluation of accounts by a second set of accountants
CREATIVE ACCOUNTING- using all available accounting procedures and tricks to disguise the true financial position
of a co
SHAREHOLDERS/STOCKHOLDERS- a company’s owners
INCOME- the revenues received by a co during a given period, minus the cost of sales, operating expenses, and
taxes
LIABILITIES-all the money that the co will have to pay to someone else in the future including taxes, debits and
interest and mortgage payments
TURNOVER- the amount of business done by a company over a year
ASSETS- anything owned by a business that can be used to produce goods or pay liabilities
DEPRECATION/AMORTIZATION- the reduction in value of a fixed asset during the years it is in use
DEBITORS/ACCOUNTS PAYABLE- sums of money owned by customers for goods or services purchased on credit
CREDITORS/ACCOUNT RACIVABLE- sums of money owned to suppliers for purchase made on credit
STOCK/INVENTORY- the value of raw materials, work in progress, and finished product stored ready for sale
OVERHEADS/EARNINGS/INCOME-the various expenses of operating a business that cannot be charged to any one
product, process or department

UNIT 14- BANKING
CASH CARD- a plastic card issued to bank customers for use in cash dispensers
CURRENT/CHECKING ACCOUNT- one that generally pays little or no interest, but allows the holder to withdraw his
cash without any restrictions
CONVERT- to change something into something else
COMMERCIAL/RETAIL BANKS- recive deposits and make loans
COLLATERAL- anything that acts as a security or a guarantee for loan
CONSUMPTION- spending on goods & services
COUPON-the rate of interest paid by fixed interest security

CENTRAL BANKS- domestic interest rates are fixed by central bank
CREDIT CARD- a card which guarantees payment for goods and services purchased by the cardholder, who pays
back the bank or finance company at a later date
CASH DISPENSER/ATM- a computerized machine that allows bank customers to withdraw money, check their
balance...
CLICKS & MORTAR- these are businesses that might combine high street presence with an internet presence. Some,
like amazon.co.uk and lastminute.com, might be wholly dedicated to an online presence only
HOME BANKING- doing banking transactions by telephone or from one`s personal computer
LOAN- a fixed sum of money on which interest is paid, lent for a fixed period, and usually for a specific purpose
MORTGAGE- a loan, usually to buy property, which serves as a security for a loan
MORTGAGE- money borrowed in order to buy a house or flat
OVERDRAFT- an arrangement by which a customer can withdraw more from a bank acount that has been deposited
in it, up tu an agreed limit; interest on the debt is calculated daily
STANDING ORDER/DIRECT DEBIT- an instruction to a bank to pay fixed sums of money to certain people
organizations at stated times
DEPOSIT/TIME/NOTICE ACCOUNT- one that pays interest, but usually cannot be used for paying cheques, and on
which notice is often required to withdraw money
DEPOSIT- to place money in to a bank
FOREIGN CURRENCY- the money used in countries other than one`s own
EUROCURRENCY- lending foreign currency at lower rates than in the currencies home countries
THE INTEREST RATES- how much money a loan pays, expressed as a percentage
(RAISE) FUNDS- available cash, and how easily other assets can be turned into cash
REDEMPTION DATE- the date when a loan becomes repayable
UNDERWRITE SECURITIES- to quarantee to buy all the new shares that a company issues, if they cannot be sold to
the public
TAKEOVER- when a company combines with another one
STOCK BROKING-buying and selling stock and shares for clients
PORTFOLIO MANAGEMENT SERVICES- taking care of all a client`s investments
ABOLISH- the ending or relaxing of legal restrictions
-to end something permanently
CONGLOMERATES- a group of companies, operating in different fields, that have joined together
BLUE CHIP BORROWERS- a company considered to be without risk
SOLVENCY- ability to buy liabilities when they become due
MORTGAGE- a loan, usually to buy property, which serves as a security for a loan
YIELD-how much money a loan pays, expressed as a percentage
STOCKBROKING- buying and selling stock for clients
MATURITY- the date when a loan becomes repayable
UNDERWRITE- to guarantee to buy all the new shares that a company issued, if they cannot be sold to public

UNIT 15- STOCK AND SHARES
MUTUAL FUND- financial organizations such as pension funds and insurance companies which own most of the
shares of all leading companies(over 60 % and rising)
PORTFOLIO- an investor`s selection of securities
STOCKBROKER- a person who can advise investors and buy and sell shares for them

BLUE CHIP – a stock in a large company or crporation that is considered to be a secure investment
DEFENSIVE STOCK – a stock – in an industry not much affected by cyclical trends – that offers a good
return but only a limited chance of a rise or decline in price
GROWTH STOCK – a stock – which usually has a high purchasing price an a low current rate of eturn –
that is expected to appreciate in capital value
MARKET-MARKER – a wholesaler in stocks and shares who deals with brokers
INSTITUTIONAL INVESTORS – financial organizations such as pension funds and insurance companies
which own most of the shares of all leading companies
INSIDER SHARE-DEALING – the use of infomation not known to public to make a profit out of buing or
selling shares
LIABILITY- having a responsability or an obligation to do something, e.g. to pay a debt
TO BE BANKRUPT- to be insolvent: unable to pay debts

LIQUIDATE- to sell all the possessions of a bankrupt business
PUT UP THE CAPITAL- to provide money for a company or other project
VENTURE CAPITAL- money invested in a possibly risky new business
FOUNDERS- the people who begin a new company
PREMISES/REGISTERED OFFICE- the place in which a company does business: an office, shop, factory
DIVIDEND- a proportion of the annual profits of a limited company, paid to shareholders

UNIT 16- BONDS
BONDS – securities issued by companies, governments and financial institutions when they need to borrow money;
issuing bonds is called debt financing
PRINCIPAL – the amount of a loan
MATURITY – date at which the money will be returned
PENSION FUNDS – retirement money
CAPITAL GAINS – profit on the sale of assets
PRICE APPRECIATION – rise in interest rates
PRICE DEPRECIATION – fall in interest rates
EQUITY FINANCING – issuing shares
BEARER CERTIFICATE – a security whose owner is not registered with the issuer
LIQUID – easily sold (turned into cash)
PAR – nominal or face value (100%)
COUPON – the rate of interest paid by a fixed interest securiy
YIELD – the rate of income an investor receives taking into account a security's current price
GILT-EDGED SECURITIES – long-term government bonds

UNIT 17- FUTURES AND DERIVATIVES
FUTURES– contracts to buy or sell fixed quantities of commodity, currency, or financial date, at a price fixed at the
time of making the contract
DERIVATIVES – a general name for all financial instruments whose price depends on the movement of another price
OPTIONS – contracts giving the right, but not the obligation, to buy or sell a security, a currency, or a commodity at a
fixed price during a certain period of time
COMMODITIES – raw materials or primary products (metals, cereals, coffee...) that are trade on special markets
HEDGING – making contracts to buy or sell a commodity or financial asset at a pre-arranged price in the future as a
protection or insurance against price changes
SPECULATION – buying securities or other assets in the hope of making a capital gain by selling them at higher price
(or selling them in hope of buying them back at a lower price)
CONTRACT – individual, non-standard, over-the-counter deals between two parties

UNIT 18- MARKET STRUCTURE AND COMPETITION
MARKET LIDER- the firm with the largest market share
MARKET CHALANGER- the company with the second largest market share
MARKET FOLOWER-the company which presents no threat to the leader
UNIQUE SELLING PROPOSITION/DIFERENTAGE ADVANTAGE- feature of a product that makes it unique and
different from the competitors
OLIGOPOLY- situation when prices and other factors are controlled by a few sellers
PERFECT COMPETITION- exist when products are homogeneous, and there are great many firms too small to have
any influence on the market price, and firms can easily enter and exit the industry
MONOPSONY- situation where is only one buyer
NATURAL MONOPOLY- industry in which the efficient existence of more than one producer is impossible (water,
gas...)
MONOPOLISTIC COMPETITION- exist when many producers of slightly differentiated product are able to sell them at
well above their marginal costs
ECONOMIES OF SCALE- are factors which cause the average cost of producing something to fall as output
increases

BARRIERS TO ENTRY- economic or technical factors that make it difficult or impossible to firms to enter a market or
compete with existing suppliers
DOMINANT- FIRM OLIGOPOLY- market leader can indicate its preferred price to smaller competitors
CARTEL- group of producers or sellers who fix prices and quantities in order to avoid competition and increase profit
MARKET SHARE- a cos sales expressed as a percentage of a total market
MARKET SEGMENTATION- the division of a market into submarkets according to the needs
RECESSIONS- a period during which an economy is working below its potential

UNIT 19- TAKEOVERS, MERGERS AND BUYOUTS
TO INNOVATE- designing new products and bringing them to the market
DIVERSIFICATION- to expand into new fields
TO MERGE- to unite, combine, amalgamate, integrate or join together
RAID- buying another company’s shares on the stock exchange, hoping to persuade other shareholders to sell to take
control of a company
A TAKEOVER BID- a public offer to a cos shareholders to buy their shares at a particular price during a particular
period, so as to acquire a company
HORIZONTAL INTEGRATION- to merge with or take over other firms producing the same type of goods or services
VERTICAL INTEGRATION- joining with firms in other stages of the production or sale of a product
BACKWARD INTEGRATION- a merger with or the acquisition of ones suppliers
FOWARD INTEGRATION- a merger with or the acquisition of ones marketing outlets
SYNERGY- combined production that is greater than the sum of the separate parts

UNIT 23- CENTRAL BANKING, MONEY AND TAXATION
INCOME TAX – the tax people pay on their wages and saleries
DIRECT TAX – a tax on wages and saleries or on company profits
PROGRESSIVE TAX – a tax levied at a higher rate on higher incomes
INDIRECT TAX – a tax paid on property , sales transactions, imports...
VALUE-ADDED TAX – a tax collected at each stages of production, excluding the already-taxed costs from previous
stages
CAPITAL GAINS TAX – profits made by selling assets are generally liable to a ...
CAPITAL TRABSFER TAX – gifts and inheritances over a certain value are often liable to a ...
WEALTH TAX – the annual tax imposed on people's fortunes
TAX EVASION – making false declarations to the tax authorities
TAX AVOIDANCE – reducing the amount of tax you pay to a legal minimum
LOOPHOLE – legal ways of avoiding tax
TAX SHELTER – life insurance polisies, pension plans and other investments by which individuals can postpone the
payment of tax
SHALTER – a way to delay the payment of tax to a later time
TAX-DEDUCTIBLE – donations to charities that can be subtracted from income on which tax is calculated ; an
adjective describing expenditures that can be taken away from taxable income on profits
TAX HAVEN – a country offering very low tax rates to foreign businesses
MONEY LAUNDERING – criminal organizations tend to pass money through a series of companies in very
complicated transactions in order to disguise its origin from tax inspectors
DISINCENTIVE – sth which discourage an action
REGRESSIVE – an adjective describing a tax that is proportionally higher for people with less money
CONSUMPTION – spending money to buy things, rather than saving it
SELF-EMPLOYED – working for yourselfe, being your own boss
NATIONAL INSURANCE – a tax on incomes that pays for sickness benefit, unemployment benefit and old-age
pensions
PERKS – non-financial benefits or advantages of a job

UNIT 25 – THE BUSINESS CYCLE

BOOM – an economy expands to the point where it is working at full capacity (production, employment, prices, profits,
interest rate all tend to rise)
RECESSION – the demand for goods and services declines and the economy begins to work at below its potential.
(Investment, output, employment, profits, interest rates generally fall)
DEPRESSION OR SLUMP – long-lasting recession
PEAK– the highest point on the business cycle, which is followed by a downturn or downswing or period of
contraction
TROUGH – the lowest point on the business cycle, which is followed by recovery o ran upturn or upswing or a period
of expansion
THEORIES FOR THE BUSINESS CYCLE:
 Internal (endogenous) – consider it to be self-generating, regular and indefinitely repeating. People infecting
one another with optimistic or pesimistic expectations
 External (exogenous) – look for causes outside of economic activity: scientific advances, natural disasters,
political shocks, demographic changes...
EXPECTATION – beliefs about what will happend in the future
MORTAGE – money borrowed in order to buy a house or flat
RENT – money paid for the use of ahouse or a flat owned by somebody else
OUTPUT– the amount of sth produced by a company, a country ...
INVESTING – spending on new machines , factories ...
EMPLOYER – owner or managers of manufacturing companies
TO CONSUME – spending on goods and services
TO LAY OFF– to dismiss empoyees
AUSTERITY – an absence of luxory and comfort (people do not have much money to spend because there are bad
economics conditions)

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