Dictionary Of Marketing

DICTIONARY OF MARKETING third edition

DICTIONARY OF MARKETING third edition A. Ivanovic MBA P.H. Collin BLOOMSBURY

A BLOOMSBURY REFERENCE BOOK Originally published by Peter Collin Publishing Third edition published 2003 Second edition published 1996 First edition published 1989 Bloomsbury Publishing Plc 38 Soho Square London W1D 3HB © Copyright A. Ivanovic & P H Collin 1989, 1996 This edition © copyright Bloomsbury Publishing Plc 2003 All rights reserved. No part of this publication may be reproduced in any form or by any means without the permission of the publishers British Library Cataloguing-in-Publication Data A catalogue record for this book is available from the British Library ISBN 0-7475-6621-6 eISBN-13: 978-1-4081-0213-8 Text computer typeset by Bloomsbury Publishing Printed in Italy by Legoprint

PREFACE TO FIRST EDITION This dictionary provides the user with a comprehensive vocabulary of terms used in marketing. It covers such aspects of the subject as market research, advertising, promotional aids and selling techniques. The main words are explained in simple English, and, where appropriate, examples are given to show how the words are used in context. Quotations are also given from various magazines and journals, which give an idea of how the terms are used in real life. The Supplement at the back of the book gives some further information which may be of use to the user. We are particularly grateful to Margaret Jull Costa and Stephen Curtis for valuable comments which they made on the text. PREFACE TO SECOND EDITION Business terminology changes rapidly, and this second edition includes a variety of new terms and expressions which have come into use since the first edition was published. We have also included new examples and quotations from recent magazines. Also included is a pronunciation guide for the main entry words. PREFACE TO THIRD EDITION This third edition of the dictionary takes into account the many new terms that have come into marketing with the growth of e-commerce and the Internet. The supplement at the back of the book has also been comprehensively updated. We are grateful to the following for their valuable comments on the text: Ian Linton, Georgia Hole, Dinah Jackson and Sandra Anderson.

Pronunciation The following symbols have been used to show the pronunciation of the main words in the dictionary. Stress has been indicated by a main stress mark ( ) and a secondary stress mark ( ). Note that these are only guides as the stress of the word changes according to its position in the sentence. Vowels Consonants back b buck ɑ harm d dead ɒ stop ð other a type d jump aυ how f fare aə hire gold aυə hour h head ɔ course j yellow ɔ annoy k cab e head l leave eə fair m mix e make n nil eυ o s save word ʃ shop i keep t take i happy tʃ change ə about θ theft  fit v value ə near w work u annual x loch u pool measure υ book z zone υə tour shut

ABC method 1 accelerator A ABC method / e bi si meθəd/ absolute cost / bsəlu t kɒst/ noun a sales method, where the cus- noun the actual cost of placing an adver- tomer’s attention is attracted, the sales- tisement in a magazine or other adver- person then shows the benefits of the tising medium product to the customer, and finally absolute monopoly / bsəlu t mə- closes the deal. Full form attention, nɒpəli/ noun a situation where only benefit, close one producer or supplier produces or ABCs abbr Audit Bureau of supplies something The company has Circulations an absolute monopoly of imports of above-the-fold /ə b v ðə fəυld/ French wine. The supplier’s absolute noun the part of a webpage which is monopoly of the product meant that cus- seen first without having to scroll, and tomers had to accept his terms. so is preferred for advertising absorb /əb zɔ b/ verb to take in a above-the-line advertising /ə b v small item so as to form part of a larger ðə lan dvətazŋ/ noun advertising one overheads have absorbed all for which a payment is made and for our profits all our profits have gone in which a commission is paid to the ad- paying overhead expenses to absorb vertising agency, e.g. an advertisement a loss by a subsidiary to write a subsid- in a magazine or a stand at a trade fair. iary company’s loss into the group ac- Compare below-the-line advertising counts a business which has been (NOTE: as opposed to direct marketing) absorbed by a competitor a small business which has been made part of a absenteeism / bs(ə)n ti z(ə)m/ larger one noun staying away from work for no good reason the rate of absenteeism absorption /əb zɔ pʃən/ noun mak- or the absenteeism rate always in- ing a smaller business part of a larger creases in fine weather Low produc- one, so that the smaller company in ef- tivity is largely due to the high level of fect no longer exists absenteeism. Absenteeism is high in absorption costing /əb zɔ pʃən the week before Christmas. kɒstŋ/ noun costing a product to in- ‘…but the reforms still hadn’t fundamentally clude both the direct costs of production changed conditions on the shop floor: absenteeism was as high as 20% on some days’ and the indirect overhead costs as well [Business Week] accelerated depreciation /ək- absolute / bsəlu t/ adjective com- seləretd dpri ʃ eʃ(ə)n/ noun a plete or total system of depreciation which reduces absolute advantage / bsəlu t əd- the value of assets at a high rate in the vɑ ntd / noun an advantage enjoyed early years to encourage companies, as a by an area of the world which can pro- result of tax advantages, to invest in new duce a product more cheaply than other equipment areas For climatic reasons, tropical accelerator /ək seləretə/ noun the countries have an absolute advantage in theory that a change in demand for con- that type of production. sumer goods will result in a greater

accept 2 account change in demand for the capital goods the computer. access to the market used in their production 1. the legal right to sell in a particular accept /ək sept/ verb 1. to take some- market 2. the ability to reach a market thing which is being offered to accept by promotion and distribution delivery of a shipment to take goods Access / kses/ a credit card system into the warehouse officially when they formerly operated by some British are delivered 2. to take something which banks, part of the MasterCard network is being offered or to say ‘yes’ or to accessibility /ək ses blti/ noun agree to something to accept an offer the ability of a market to be reached by of employment she accepted the offer promotion and distribution There is of a job in Australia he accepted much demand in the market, but, be- £2000 in lieu of notice 3. to agree for- cause of the great distances involved, mally to receive something or to be re- accessibility is a problem. We must sponsible for something analyse the geographical aspects in as- acceptable /ək septəb(ə)l/ adjective sessing the market’s accessibility. which can be accepted Both parties access time / kses tam/ noun the found the offer acceptable. The terms time taken by a computer to find data of the contract of employment are not stored in it acceptable to the candidate. accommodation bill /ə kɒmə- acceptance /ək septəns/ noun ac- deʃ(ə)n bl/ noun a bill of exchange ceptance of an offer agreeing to an of- where the person signing (the ‘drawee’) fer to give an offer a conditional is helping another company (the acceptance to accept an offer provided ‘drawer’) to raise a loan that specific things happen or that spe- account /ə kaυnt/ noun 1. a record of cific terms apply we have his letter of financial transactions over a period of acceptance we have received a letter time, such as money paid, received, bor- from him accepting the offer rowed or owed Please send me your acceptance against documents account or a detailed or an itemized ac- /ək septəns ə enst dɒkjυmənts/ count. 2. (in a shop) an arrangement noun a transaction where the seller takes which a customer has to buy goods and charge of the shipping documents for a pay for them at a later date, usually the consignment of goods when a buyer ac- end of the month to have an account cepts a bill of exchange Acceptance or a charge account or a credit account against documents protects the seller with Harrods Put it on my account or when sending goods which are not yet charge it to my account. to open an paid for. account (of a customer ) to ask a shop . acceptance sampling /ək septəns to supply goods which you will pay for sɑ mplŋ/ noun testing a small sample at a later date to open an account or of a batch to see if the whole batch is to close an account (of a shop) to start good enough to be accepted or to stop supplying a customer on accepted bill /ək septd bl/ noun a credit to settle an account to pay all bill of exchange which has been signed, the money owed on an account to stop and therefore accepted by the buyer an account to stop supplying a customer until payment has been made for acceptor /ək septə/ noun a person goods supplied 3. on account as part who accepts a bill of exchange by sign- of a total bill to pay money on ac- ing it, thus making a commitment to pay count to pay to settle part of a bill ad- it by a specified date vance on account money paid as a part access / kses/ noun to have ac- payment 4. a customer who does a large cess to something to be able to obtain amount of business with a firm and has or reach something She has access to an account with it Smith Brothers is large amounts of venture capital. í verb one of our largest accounts. Our sales to call up data which is stored in a com- people call on their best accounts twice puter She accessed the address file on a month. 5. to keep the accounts to

accountancy 3 achiever write each sum of money in the account account handler /ə kaυnt book The bookkeeper’s job is to enter h ndlə/, account manager /ə kaυnt all the money received in the accounts. m nd ə/ noun a person who works in 6. STOCK EXCHANGE a period during an advertising agency, and who is re- which shares are traded for credit, and at sponsible for a particular client the end of which the shares bought must ‘…we have moved the account because we be paid for (NOTE: On the London thought it would be better suited in a smaller Stock Exchange, there are twenty-four agency’ [Marketing Week] accounts during the year, each running accounting /ə kaυntŋ/ noun the usually for ten working days.) 7. a no- work of recording money paid, re- tice to take account of inflation or to ceived, borrowed or owed accounting take inflation into account to assume methods or accounting procedures that there will be a specific percentage accounting system accounting of inflation when making calculations 8. machine an arrangement which a company has ‘…applicants will be professionally qualified with an advertising agency, where the and have a degree in Commerce or Accounting’ agency deals with all promotion for the [Australian Financial Review] company The company has moved its accounts department /ə kaυnts $3m account to another agency. The d pɑ tmənt/ noun a department in a small agency lost the account when the company which deals with money paid, company decided it needed a different received, borrowed or owed marketing approach. Three agencies accounts manager /ə kaυnts were asked to make presentations, as m nd ə/ noun the manager of an ac- the company had decided to switch its counts department account. í verb to account for to explain and record a money transaction accounts payable /ə kaυnts to account for a loss or a discrepancy peəb(ə)l/ noun money owed by a The reps have to account for all their company expenses to the sales manager. accredited agent /ə kredtd ed ənt/ noun an agent who is ap- accountancy /ə kaυntənsi/ noun the pointed by a company to act on its work of an accountant They are study- behalf ing accountancy or They are accountancy students. (NOTE: American accurate / kjυrət/ adjective correct English is accounting in this meaning) The sales department made an accurate forecast of sales. The designers accountant /ə kaυntənt/ noun 1. a produced an accurate copy of the plan. person who keeps a company’s accounts The chief accountant of a manufactur- accurate description / kjυrət d- ing group. 2. a person who advises a skrpʃən/ noun an honest and true de- company on its finances I send all my scription of a product or service in an income tax queries to my accountant. 3. advertisement or catalogue As the ad- a person who examines accounts vertisement was clearly not an accurate description of the product, the company account book /ə kaυnt bυk/ noun a had to pay a fine. It is not an accurate book with printed columns which is description of the product to state that it used to record sales and purchases gives out more light than the sun. account director /ə kaυnt da- accurately / kjυrətli/ adverb cor- rektə/ noun a person who works in an rectly The second quarter’s drop in advertising agency and who oversees sales was accurately forecast by the various account managers who are each computer. responsible for specific clients achiever /ə tʃi və/ noun a person who account executive /ə kaυnt  - is successful or who tends to achieve his zekjυtv/ noun an employee who or her objectives It was her reputation looks after customers or who is the link as a high achiever that made us think of between customers and the company headhunting her. VALS

acknowledge 4 ad hoc acknowledge /ək nɒld / verb to tell was carried out to see how fast the ma- a sender that a letter, package or ship- chinists worked. (NOTE: no plural) ment has arrived He has still not ac- ad / d/ noun same as advertisement knowledged my letter of the 24th. We (informal ) We put an ad in the paper. . acknowledge receipt of your letter of She answered an ad in the paper. June 14th. He found his job through an ad in the acknowledgement /ək- paper. nɒld mənt/ noun the act of Ad-A-Card / d ə kɑ d/ noun US a acknowledging She sent an acknowl- type of perforated card bound into a edgement of receipt. The company magazine which a reader can tear off sent a letter of acknowledgement after I and return to the advertiser sent in my job application. adapt /ə d pt/ verb to change some- ACORN / ekɔ n/ noun a classifica- thing a little to fit in with changing cir- tion of residential areas into categories, cumstances This product must be based on the type of people who live in adapted in line with recent technologi- them, the type of houses, etc., much cal developments. The device has used in consumer research ACORN been adapted for use on board aircraft. will help us plan where to concentrate our sales visits. Full form a classifica- adaptation / d p teʃ(ə)n/ noun 1. tion of residential neighbourhoods a small change With a few minor ad- aptations, the machine will cut square acquire /ə kwaə/ verb to buy to ac- holes as well as round ones. 2. quire a company We have acquired a something which has been adapted new office building in the centre of This machine is an adaptation of our town. original model. acquirer /ə kwaərə/ noun a person adaptive control model /ə d ptv or company which buys something kən trəυl mɒd(ə)l/ noun US a model acquisition / kw zʃ(ə)n/ noun 1. for planning advertising expenditure in something bought The chocolate fac- line with changes in consumer re- tory is our latest acquisition. 2. the act sponses to advertising of getting or buying something data ad banner / d b nə/ noun same as acquisition or acquisition of data ob- banner taining and classifying data 3. the action of acquiring new customers, as opposed ad click / d klk/ noun same as to retention, which is keeping the loy- click-through alty of existing customers ad click rate / d klk ret/ noun acronym / krənm/ noun a word same as click-through rate which is made up from the initials of added value / dd v lju / noun an other words The name of the company amount added to the value of a product was especially designed to provide a or service, being the difference between catchy acronym. BASIC is an acro- its cost and the amount received when it nym for Beginner’s All-purpose Sym- is sold. Wages, taxes, etc. are deducted bolic Instruction Code. from the added value to give the profit. across-the-board /ə krɒs ðə bɔ d/ Value Added Tax adjective (of an advertisement) running add-on sales / d ɒn selz/ noun for five consecutive days from Monday the sale of items which complement to Friday items being bought, e.g. washing pow- action shot / kʃən ʃɒt/ noun a der sold with a dishwasher scene with movement either in a film or address label /ə dres leb(ə)l/ noun on TV a label with an address on it activity sampling / k tvti ad hoc / d hɒk/ adjective ‘for this sɑ mplŋ/ noun an observation of tasks particular purpose’ They run ad hoc and their performances, carried out at surveys to test customer reaction when random intervals Activity sampling products are launched. Shipping by

ad hoc research 5 advance airfreight was an ad hoc arrangement of other employees in a business After initially. several years as a college teacher, she ad hoc research / d hɒk r s tʃ/ hopes to become an administrator. 2. a noun research carried out for a particu- person appointed by a court to manage lar client or in a particular market the affairs of someone who dies without leaving a will ad impression / d m preʃ(ə)n/ noun same as ad view adopt /ə dɒpt/ verb to agree to something or to accept something adjacency /ə d es(ə)nsi/ noun a commercial which is run between two adopter /ə dɒptə/ noun a customer TV programmes who adopts a particular product adjust /ə d st/ verb to change some- adoption /ə dɒpʃən/ noun the deci- thing to fit new conditions to adjust sion to buy or use a particular product prices to take account of inflation More promotion was needed to speed up prices are adjusted for inflation adoption of the product. Widespread ‘…inflation-adjusted GNP moved up at a 1.3% adoption of its new shampoo range has annual rate’ [Fortune] made the company the market leader. ‘Saudi Arabia will no longer adjust its adoption curve /ə dɒpʃən k v/ production to match short-term supply with noun a line on a graph showing how demand’ [Economist] many consumers adopt or buy a new ‘…on a seasonally-adjusted basis, output of trucks, electric power, steel and paper product at various time periods after the decreased’ [Business Week] launch date The adoption curve shows that most people who buy the product do adman / dm n/ noun a man who so at a fairly late stage. works in advertising (informal ) . The admen are using balloons as promo- Adshel / dʃel/ noun a trademark for tional material. (NOTE: plural is admen) a poster site for advertisements in a bus shelter administer /əd mnstə/ verb to organise, manage or direct the whole of an adspend / dspend/ noun the organisation or part of one She admin- amount of money spent on advertising isters a large pension fund. ad transfer / d tr nsf / noun administered channel /əd- same as click-through mnstəd tʃ n(ə)l/ noun a distribu- ad valorem duty / d və lɔ rəm tion channel in which there is coopera- dju ti/ noun the duty calculated on the tion between businesses sales value of the goods administered price /əd mnstəd advance /əd vɑ ns/ noun 1. money pras/ noun US a price fixed by a man- paid as a loan or as a part of a payment ufacturer which cannot be varied by a to be made later to receive an advance retailer (NOTE: the British equivalent is from the bank to make an advance of resale price maintenance) £100 to someone to pay someone an administration /əd mn streʃ(ə)n/ advance against a security She asked noun the running of a company in re- if she could have a cash advance. We ceivership by an administrator ap- paid her an advance on account. Can pointed by the courts I have an advance of £100 against next administration costs /əd mn- month’s salary? 2. an increase an advance in trade with Eastern European streʃ(ə)n kɒsts/ noun the costs of countries an advance in prices 3. in management, not including production, advance early, before something hap- marketing or distribution costs pens freight payable in advance administrative /əd mnstrətv/ ad- prices fixed in advance í adjective jective referring to administration ad- early advance booking advance ministrative details administrative payment Advance holiday bookings expenses are up on last year. You must give administrator /əd mnstretə/ seven days’ advance notice of with- noun 1. a person who directs the work drawals from the account. í verb 1. to

advance freight 6 advertising expenditure lend The bank advanced him The company has asked an advertis- £100,000 against the security of his ing agent to prepare a presentation. house. 2. to increase Prices generally to take advertising space in a paper to advanced on the stock market. 3. to book space for an advertisement in a make something happen earlier The newspaper date of the AGM has been advanced to advertising agency / dvətazŋ May 10th. The meeting with the Ger- ed ənsi/ noun an office which plans, man distributors has been advanced designs and manages advertising for from 11.00 to 09.30. other companies advance freight /əd vɑ ns fret/ noun freight which is payable in advertising appeal / dvətazŋ ə- advance pi l/ noun the appeal of an advertisement to the intended audience advance man /əd vɑ ns m n/ noun US a person who publicizes a perfor- advertising appropriation mance and sells tickets for it before the / dvətazŋ əprəυpri eʃ(ə)n/ noun performers arrive money set aside by an organisation for its advertising The marketing director advert / dv t/ noun GB same as and the chief accountant have yet to fix advertisement (informal ) . to put an the advertising appropriation. We advert in the paper to answer an ad- cannot afford as large an advertising vert in the paper classified adverts appropriation as last year. display adverts advertise / dvətaz/ verb to arrange advertising brief / dvətazŋ bri f/ noun basic objectives and instruc- and pay for publicity designed to help tions concerning an advertising cam- sell products or services or to find new paign, given by an advertiser to an employees to advertise a vacancy advertising agency The brief stressed to advertise for a secretary to adver- the importance of the market segment to tise a new product be targeted. The advertising brief was advertisement /əd v tsmənt/ not detailed enough and did not show noun 1. a notice which shows that what sort of product image the adver- something is for sale, that a service is tiser wanted to create. offered, that someone wants something or that a job is vacant 2. a short film on advertising budget / dvətazŋ television or a short announcement on b d t/ noun money planned for the radio which tries to persuade people spending on advertising Our advertis- to use a product or service ing budget has been increased. advertisement manager /əd- advertising campaign v tsmənt m nd ə/ noun the man- / dvətazŋ k m pen/ noun ager in charge of the advertisement sec- co-ordinated publicity or advertising tion of a newspaper drive to sell a product advertisement panel /əd- advertising control / dvətazŋ v tsmənt p n(ə)l/ noun a specially kən trəυl/ noun legislative and other designed large advertising space in a measures to prevent abuses in advertis- newspaper ing If voluntary advertising control advertiser / dvətazə/ noun a per- doesn’t work, then the government will son or company that advertises The step in with legislation. catalogue gives a list of advertisers. advertising department advertising / dvətazŋ/ noun the / dvətazŋ d pɑ tmənt/ noun the business of announcing that something department in a company that deals with is for sale or of trying to persuade cus- the company’s advertising tomers to buy a product or service She advertising expenditure works in advertising or She has a job in / dvətazŋ k spendtʃə/ noun the advertising. Their new advertising amount a company spends on its campaign is being launched next week. advertising

advertising hoarding 7 aerial advertising advertising hoarding / dvətazŋ time over the telephone. How much hɔ dŋ/ noun a billboard or wooden advertising time does this programme surface onto which advertising posters allow for? are stuck Advertising hoardings have advertising weight / dvətazŋ been taken down in the town since the wet/ noun the amount of advertising council banned posters. Giant adver- given to a brand tising hoardings were placed in fields on either side of the road. advertorial / dvə tɔ riəl/ noun text in a magazine which is not written by advertising jingle / dvətazŋ the editorial staff but by an advertiser d ŋ (ə)l/ noun a short and easily re- ‘The objective of advertising for new products membered tune or song to advertise a differs from that of advertising for improved product on television, etc. products’ [International Journal of Advertising] advertising manager / dvətazŋ ‘…in 1987, the advertising expenditure total was £6,264m’ [Precision Marketing] m nd ə/ noun the manager in charge ‘…as media costs have spiralled, more financial of advertising a company’s products directors are getting involved in the advertising advertising medium / dvətazŋ process’ [Marketing Week] mi diəm/ noun a type of advertise- advice /əd vas/ noun a notification ment, e.g. a TV commercial The prod- telling someone what has happened as uct was advertised through the medium per advice according to what is written of the trade press. (NOTE: plural for this on the advice note meaning is media) advice of dispatch /əd vas əv d- advertising message / dvətazŋ sp tʃ/ noun communication from mesd / noun whatever a company is seller to buyer stating that goods have trying to communicate in an advertise- been sent, specifying time and place of ment Bad copywriting made the ad- arrival We have paid for the goods but vertising message unclear. The as yet have received no advice of dis- advertising message was aimed at the patch. The advice of dispatch in- wrong target audience and therefore got formed the buyer that the goods would little response. The poster does not arrive at Southampton on the morning use words to get its advertising message of the 10th. across. ad view / d vju / noun the number advertising rates / dvətazŋ of times an advertisement is down- rets/ noun the amount of money loaded from a webpage and assumed to charged for advertising space in a news- have been seen by a potential customer paper or advertising time on TV advise /əd vaz/ verb to tell someone advertising space / dvətazŋ what has happened We have been ad- spes/ noun a space in a newspaper set vised that the shipment will arrive next aside for advertisements week. advertising specialities advocacy advertising / dvəkəsi / dvətazŋ speʃi ltiz/ plural noun dvətazŋ/ noun advertising by a special items given away as part of an business that expresses a particular advertising campaign, e.g. T-shirts, point of view on some issue Because mugs, umbrellas, etc. of its prestige as a producer, the com- Advertising Standards Author- pany’s advocacy advertising had great ity / dvətazŋ st ndədz ɔ θɒrəti/ influence. The food company’s advo- noun the independent body which over- cacy advertising condemned unhealthy sees the system of self-regulation in the additives in canned produce. Advo- British advertising industry. Abbr ASA cacy advertising has changed the pub- advertising time / dvətazŋ lic’s attitude to smoking. tam/ noun the time on television or ra- aerial advertising / eəriəl dio set aside for advertising Advertis- dvətazŋ/ noun advertising dis- ing time is cheapest in the afternoon. played in the air from balloons or planes They spent a month selling advertising or in smoke designs Aerial advertis-

affiliate 8 agent ing proved to be an effective gimmick. after-date / ɑ ftə det/ noun a refer- Aerial advertising was used to attract ence on a bill of exchange to the length the attention of people on the beach. of time allowed for payment after a spe- affiliate /ə fliet/ noun a local TV sta- cific date The after-date allowed the tion which is part of a national network buyer three months in which to pay. affiliated /ə fletd/ adjective con- after-sales service / ɑ ftə selz nected with or owned by another com- s vs/ noun a service of a machine pany Smiths Ltd is one of our carried out by the seller for some time affiliated companies. after the machine has been bought affiliate directory /ə fliət da- after-sight / ɑ ftə sat/ noun a type rektəri/ noun a directory that lists of bill of exchange which is due to be websites belonging to affiliate paid on a specific day after acceptance programmes (NOTE: Affiliate directories agate / ət/ noun US a measurement provide information both to companies of advertising space in a newspaper, that want to subscribe to a programme equal to one-fourteenth of an inch and to those who want to set up their own affiliate programmes.) age group / ed ru p/ noun a category including all people whose ages affiliate marketing /ə fliət fall between two established points mɑ ktŋ/ noun marketing that uses af- What age groups is this product meant filiate programmes to appeal to? Research shows an in- affiliate partner /ə fliət pɑ tnə/ crease in smoking among the 18–20 age noun a company which puts advertising group. onto its website for other companies, age limit / ed lmt/ noun the top who pay for this service age at which you are allowed to do a job affiliate programme /ə fliət There is an age limit of thirty-five on prəυ r m/ noun a form of advertising the post of buyer. on the web, in which a business per- suades other businesses to put banners agency / ed əns/ noun 1. an office and buttons advertising its products or or job of representing another company services on their websites and pays them in an area They signed an agency a commission on any purchases made agreement or an agency contract. 2. an by their customers office or business which arranges things for other companies affinity card /ə fnti kɑ d/ noun credit card where a percentage of each agency commission / ed əns purchase made is given by the credit kə mʃ(ə)n/ noun the commission card company to a stated charity charged by an advertising agency affluent / fluənt/ adjective very rich agency mark-up / ed ənsi mɑ k We live in an affluent society. the p/ noun an amount added by an adver- mass affluent people with large sums of tising agency to purchases, which forms money in liquid assets parts of the agency’s commission affluent society / fluənt sə saəti/ agency roster / ed ənsi rɒstə/ noun a type of society where most peo- noun a group of different advertising ple are rich agencies all working for a large affordable method /ə fɔ dəb(ə)l company meθəd/ noun a method of budgeting agent / ed ənt/ noun 1. a person who how much can be spent on marketing represents a company or another person and promotion, which is based on what in an area to be the agent for IBM 2. a you can afford, rather than what you person in charge of an agency an ad- want to achieve Affordable method vertising agent The estate agent sent appeals to accountants, but won’t help me a list of properties for sale. Our us achieve a high enough market share trip was organised through out local for the product. travel agent.

agent’s commission 9 aid-to-trade agent’s commission / ed ənts agreed price /ə ri d pras/ noun a kə mʃ(ə)n/ noun money, often a per- price which has been accepted by both centage of sales, paid to an agent the buyer and seller aggregate / r ət/ adjective total, agreement /ə ri mənt/ noun a spo- with everything added together ag- ken or written contract between people gregate output or groups which explains how they will aggregate demand / r ət d- act a written agreement an unwrit- mɑ nd/ noun total demand for goods ten or verbal agreement to draw up or and services from all sectors of the to draft an agreement to break an economy, such as individuals, compa- agreement to sign an agreement to nies and the government Economists witness an agreement to reach an are studying the recent fall in aggregate agreement or to come to an agreement demand. As incomes have risen, so on something an international agree- has aggregate demand. ment on trade a collective wage agreement a marketing agreement aggregate supply / r ət sə- ‘…after three days of tough negotiations the pla/ noun all goods and services on the company has reached agreement with its 1,200 market Is aggregate supply meeting unionized workers’ [Toronto Star] aggregate demand? agreement of sale /ə ri mənt əv aggregator / r etə/ noun a sel/ noun a written contract that sets website which collects news from other out in detail the terms agreed between websites, allowing rapid syndication of the buyer and the seller when a property information is sold AGM abbr annual general meeting agree with /ə ri wð/ verb 1. to say agree /ə ri / verb 1. to approve The that your opinions are the same as some- auditors have agreed the accounts. one else’s I agree with the chairman The figures were agreed between the that the figures are lower than normal. two parties. We have agreed the bud- 2. to be the same as The auditors’ fig- gets for next year. The boss has ures do not agree with those of the ac- agreed your prices. The terms of the counts department. contract are still to be agreed. 2. to say aid /ed/ noun something which helps yes to something that is suggested It í verb to help has been agreed that the lease will run for 25 years. 3. to agree to/on some- AIDA noun a model showing stages in thing to approve something After the effects of advertising on consumers, some discussion he agreed to our plan. i.e. you attract their Attention, keep their The bank will never agree to lend the Interest, arouse a Desire and provoke company £250,000. We all agreed on Action to purchase. Full form atten- the need for action. to agree to do tion, interest, desire, action something to say that you will do some- aided recall / edd r kɔ l/ noun a thing She agreed to be chairman. test to see how well someone remem- Will the finance director agree to re- bers an advertisement by giving the re- sign? to agree on something (of a spondent some help such as a picture group of people) to come to a joint deci- which he or she might associate with it sion about something They have fi- Even aided recall brought no reaction nally agreed on a new marketing from the respondent. Aided recall has strategy. Can we agree on a date for shown that we must make our advertis- the new product launch? ing more striking. (NOTE: also called agreed /ə ri d/ adjective which has prompted recall) been accepted by everyone We pay an aid-to-trade / ed tə tred/ noun a agreed amount each month. The shop service which supports trade, e.g. bank- is leased on agreed terms. The agreed ing and advertising The recession has terms of employment are laid down in affected aids-to-trade and the industries the contract. they support and supply. At that time,

aim 10 ambient media advertising was the fastest expanding air time / eə tam/, airtime noun the aid-to-trade. time set aside for advertising on televi- aim /em/ noun something which you sion or radio How much air time do try to do One of our aims is to in- we need for this commercial? We crease the quality of our products. the should look for air time on the new ra- company has achieved all its aims the dio station. All the air time in the company has done all the things it had world won’t sell this product. hoped to do í verb to try to do some- aisle /al/ noun a space or passageway thing Each sales rep must aim to dou- between the shelves of products on dis- ble their previous year’s sales. We play in a supermarket aim to be No. 1 in the market within two à la carte / l kɑ t/ noun a system years. whereby advertisers use the services of air /eə/ noun a method of travelling or a whole range of businesses rather than sending goods using aircraft to send a relying on one agency over a long letter or a shipment by air period air carrier / eə k riə/ noun a com- all-in rate / ɔ l n ret/, all-in price /- pany which sends cargo or passengers ɔ l n pras/ noun a price which cov- by air ers all items in a purchase such as deliv- air forwarding / eə fɔ wədŋ/ noun ery, tax and insurance, as well as the the process of arranging for goods to be goods themselves shipped by air allowable expenses /ə laυəb(ə)l air freight / eə fret/ noun a method k spensz/ plural noun business ex- of shipping goods in an aircraft to penses which can be claimed against tax send a shipment by air freight air allowance /ə laυəns/ noun money re- freight tariffs are rising moved in the form of a discount an al- airfreight / eəfret/ verb to send lowance for depreciation an goods by air to airfreight a consign- allowance for exchange loss ment to Mexico We airfreighted the ‘…most airlines give business class the same shipment because our agent ran out of baggage allowance as first class’ stock. [Business Traveller] air letter / eə letə/ noun a special ‘…the compensation plan includes base, sheet of thin blue paper which when incentive and car allowance totalling $50,000+’ [Globe and Mail (Toronto)] folded can be sent by air mail without an envelope (NOTE: American English is alpha activity / lfə k tvti/ noun aerogramme) the measurement of a person’s brain ac- airline / eəlan/ noun a company tivity as a way of measuring their reac- which carries passengers or cargo by air tion to an advertisement airmail / eəmel/ noun a way of send- alternate /ɔ l t nət/ adjective differ- ing letters or parcels by air to send a ent from what is actually used package by airmail Airmail charges alternate media /ɔ l t nət mi diə / have risen by 15%. í verb to send let- adjective forms of advertising which are ters or parcels by air We airmailed the not direct mailing, e.g. TV commercials, document to New York. magazine inserts, etc. airmail envelope / eəmel alternative close /ɔ l t nətv envələυp/ noun a very light envelope kləυz/ noun an act of ending a sales ne- for sending airmail letters gotiation by asking the customer to airmail transfer / eəmel tr nsf / choose something such as a method of noun sending money from one bank to payment another by airmail ambient media / mbiənt mi diə/ airtight / eətat/ adjective which does noun advertising media outdoors, e.g. not allow air to get in The goods are posters, advertisements on the sides of packed in airtight containers. buses, etc.

ambush marketing 11 appraisal ambush marketing / mbυʃ annual depreciation / njuəl mɑ ktŋ/ noun the linking of a promo- dpri ʃi eʃ(ə)n/ noun a reduction in the tion campaign to an event such as a book value of an asset at a particular sporting contest which is sponsored by rate per year. straight line another manufacturer without paying a depreciation fee annual income / njuəl nk m/ analyse / nəlaz/, analyze verb to noun money received during a calendar examine someone or something in detail year to analyse a statement of account to annual report / njuəl r pɔ t/ noun analyse the market potential a report of a company’s financial situa- analysis /ə n ləss/ noun a detailed tion at the end of a year, sent to all the examination and report a job analysis shareholders market analysis Her job is to pro- anonymous product /ə nɒnməs duce a regular sales analysis. (NOTE: prɒd kt/ noun a product with no ap- plural is analyses) parent brand name, used in advertise- analyst / nəlst/ noun a person who ments to highlight the product being analyses a market analyst a systems promoted Brand X is the anonymous analyst product which never gets your washing ancillary-to-trade / n sləri tə completely white. No one watching tred/ noun a service which supports the commercial would believe the anon- trade, e.g. banking and advertising ymous product was as bad is it seemed. The recession has affected ancillar- What happens if the respondent ies-to-trade and the industries they sup- chooses the anonymous product instead port and supply. Advertising was the of ours? fastest expanding ancillary-to-trade at anti- / nti/ prefix against that time. anti-dumping / nti d mpŋ/ adjec- animatic / n m tk/ noun a rough tive intended to stop surplus goods be- outline version of a television commer- ing sold in foreign markets at a price cial shown to the advertiser for approval that is lower than their marginal cost The animatic was sent back to the agency with several criticisms. The anti-inflationary measure / nti animatic impressed the advertiser be- n fleʃ(ə)n(ə)ri me ə/ noun a mea- cause it put the message over stylishly. sure taken to reduce inflation If the animatic is approved, the cre- anti-trust / nti tr st/ adjective at- ative team will begin work on the final tacking monopolies and encouraging product. competition anti-trust laws or animation / n meʃ(ə)n/ noun a legislation cartoon film, a film made from drawings any other business / eni ðə annual / njuəl/ adjective for one bzns/ noun an item at the end of an year an annual statement of income agenda, where any matter can be raised. They have six weeks’ annual leave. Abbr AOB The company has an annual growth of AOB abbr any other business 5%. ‘…real wages have risen at an annual rate of appeal /ə pi l/ noun being attractive only 1% in the last two years’ [Sunday Times] apperception / pə sepʃən/ noun ‘…the remuneration package will include an thematic apperception test attractive salary, profit sharing and a company car together with four weeks annual holiday’ application form / pl keʃ(ə)n [Times] fɔ m/ noun a form to be filled in when annual accounts / njuəl ə- applying for a new issue of shares or for kaυnts/ plural noun the accounts pre- a job pared at the end of a financial year appraisal /ə prez(ə)l/ noun a calcu- The annual accounts have been sent to lation of the value of someone or the shareholders. something

appraiser 12 article ‘…we are now reaching a stage in industry and prove the terms of a contract The commerce where appraisals are becoming part proposal was approved by the board. of the management culture. Most managers now take it for granted that they will appraise and be APR abbr annual percentage rate appraised’ [Personnel Management] area / eəriə/ noun 1. a subject a appraiser /ə prezə/ noun US a per- problem area or an area for concern 2. son who estimates how much money a part of a country, a division for com- something is worth mercial purposes Her sales area is the North-West. He finds it difficult to appro / prəυ/ noun same as ap- cover all his area in a week. proval to buy something on appro to buy something which you will only area code / eəriə kəυd/ noun a spe- pay for if it is satisfactory cial telephone number which is given to a particular area The area code for approach /ə prəυtʃ/ noun getting in central London is 0207. touch with someone with a proposal area manager / eəriə m nd ə/ The company made an approach to the noun a manager who is responsible for a supermarket chain. The board turned company’s work in a specific part of the down all approaches on the subject of country mergers. We have had an approach from a Japanese company to buy our arithmetic mean / rθmetk car division. She has had an approach mi n/ noun same as average from a firm of headhunters. í verb to armchair research / ɑ mtʃeə r- get in touch with someone with a pro- s tʃ/ noun looking for information posal He approached the bank with a that has already been compiled and pub- request for a loan. The company was lished in reference books such as direc- approached by an American publisher tories Most of our armchair research with the suggestion of a merger. We can be done in libraries. If we cannot have been approached several times but find all the data through armchair re- have turned down all offers. She was search, we shall have to do a market approached by a headhunter with the survey of our own. (NOTE: also called offer of a job. desk research) appropriation /ə prəυpri eʃ(ə)n/ arrears /ə rəz/ plural noun 1. money noun the act of putting money aside for which is owed, but which has not been a special purpose appropriation of paid at the right time a salary with ar- funds to the reserve rears effective from January 1st arrears of interest to allow the payments appropriation account /ə prəυpri- to fall into arrears salary with arrears eʃ(ə)n ə kaυnt/ noun the part of a effective from January 1st We are profit and loss account which shows pressing the company to pay arrears of how the profit has been dealt with such interest. You must not allow the mort- as how much has been given to the gage payments to fall into arrears. 2. shareholders as dividends, how much is in arrears owing money which should being put into the reserves etc. have been paid earlier The payments approval /ə pru v(ə)l/ noun 1. agree- are six months in arrears. He is six ment to submit a budget for approval weeks in arrears with his rent. 2. on approval a sale where the buyer art director / ɑ t da rektə/ noun a only pays for goods if they are satisfac- coordinator of creative work in advertis- tory to buy a photocopier on approval ing The art director briefed the copy- approve /ə pru v/ verb 1. to ap- writer and illustrator on the main points prove of something to think something of the campaign. After three years as is good The chairman approves of the an agency photographer, he was made new company letter heading. The art director. sales staff do not approve of interfer- article / ɑ tk(ə)l/ noun 1. a product or ence from the accounts division. 2. to thing for sale to launch a new article agree to something officially to ap- on the market a black market in lux-

article numbering system 13 atmospherics ury articles 2. a section of a legal agree- assets over liabilities. Her assets are ment such as a contract, treaty, etc. only £640 as against liabilities of see article 8 of the contract £24,000. article numbering system ‘…many companies are discovering that a well-recognised brand name can be a priceless / ɑ tk(ə)l n mbərŋ sstəm/ noun a asset that lessens the risk of introducing a new universal system of identifying articles product’ [Duns Business Month] for sale, using a series of digits which can be expressed as bar codes asset stripping / set strpŋ/ noun the practice of buying a company artificial obsolescence at a lower price than its asset value, and / ɑ tfʃ(ə)l ɒbsə les(ə)ns/ noun the then selling its assets practice of deliberately making old models seem out of date by bringing out asset value / set v lju / noun the new ones with changes and additional value of a company calculated by add- features which will attract the customer ing together all its assets Artificial obsolescence is making our associate programme /ə səυsiət products seem cheap and disposable. prəυ r m/ noun same as affiliate Artificial obsolescence means that no programme product can be fashionable for very assortment /ə sɔ tmənt/ noun a long. combination of goods sold together artwork / ɑ tw k/ noun an original The box contains an assortment of choc- work to be used for an advertisement, olates with different centres. e.g. drawings, layouts, photographs assumptive close /ə s mptv ASA abbr Advertising Standards kləυz/ noun an act of ending the sales Authority negotiation by assuming that the cus- asking price / ɑ skŋ pras/ noun a tomer has agreed to buy, and then ask- price which the seller is hoping will be ing further details of payments, paid for the item being sold the asking delivery, etc. price is £24,000 asterisk law / stərsk lɔ / noun a assay mark / se mɑ k/ noun a law which prevents telemarketing agen- mark put on gold or silver items to show cies from trying to sell to people who that the metal is of the correct quality have indicated that they do not want to be approached by telephone salesmen assembly /ə sembl/ noun 1. the pro- by putting an asterisk against their cess of putting an item together from names in the phone book various parts There are no assembly instructions to show you how to put the ATM abbr automated telling machine computer together. We can’t put the ‘Swiss banks are issuing new cards which will allow cash withdrawals from ATMs in Belgium, machine together because the instruc- Denmark, Spain, France, the Netherlands, tions for assembly are in Japanese. 2. an Portugal and Germany’ [Banking Technology] official meeting ‘…the major supermarket operator is planning a assembly line /ə sembli lan/ noun new type of bank that would earn 90% of its a production system where a product revenue from fees on automated teller machine transactions. With the bank setting up ATMs at such as a car moves slowly through the 7,000 group outlets nationwide, it would have a factory with new sections added to it as branch network at least 20 times larger than any it goes along She works on an assem- of the major banks’ [Nikkei Weekly] bly line or She is an assembly line atmosphere / tməsfə/ noun 1. the worker. general feeling in a shop or shopping assessment /ə sesmənt/ noun a cal- area 2. the effect that the medium itself culation of value an assessment of through which an advertisement is pre- damages a property assessment as- sented has on the audience sessment of damages a tax assessment atmospherics / tməs ferks/ noun asset / set/ noun something which 1. a way of encouraging customer inter- belongs to a company or person, and est by using the senses such as smell and which has a value He has an excess of sound 2. creating an overall image of a

ATR 14 Audit Bureau of Circulations company through the design of its pre- auction / ɔ kʃən/ noun a method of mises and products selling goods where people make bids, and the item is sold to the person who ATR noun a model showing stages in makes the highest offer The equip- the effects of advertising on the con- ment was sold by auction or at auction. sumer, where the customer becomes Their furniture will be sold in the auc- aware of the product, buys it once to try tion rooms next week. They an- it and then buys it again when he finds it nounced a sale by auction of the is satisfactory. Full form awareness, fire-damaged stock. to put an item trial, repeat up for auction to offer an item for sale atrium / etriəm/ noun a very large at an auction í verb to sell something at open space in a building, usually with a an auction The factory was closed and glass roof, fountains and plants, which the machinery was auctioned off. acts as a central meeting point, linking auctioneer / ɔ kʃə nə/ noun the per- shopping and office areas and son who conducts an auction restaurants auction house / ɔ kʃən haυs/ noun attention /ə tenʃən/ noun careful a company which specialises in holding thought or consideration auction sales, especially of items such as attitude / ttju d/ noun the way in antiques or paintings which a person behaves or thinks a auction mart / ɔ kʃən mɑ t/ noun person’s attitude towards an adver- US auction rooms tisement a person’s reaction to an audience / ɔ diəns/ noun 1. the num- advertisement ber of people who watch a TV attitude measurement / ttju d programme or listen to a radio me əmənt/, attitude testing programme 2. the number of people / ttju d testŋ/ noun the act of as- who are exposed to an advertisement certaining the way in which a person audience accumulation / ɔ diəns views something by assigning scores to əkju mjυ leʃ(ə)n/ noun the building various factors Attitude measurement up of an audience by repeating adver- has given us a good idea of how con- tisements over a period of time sumers view our product. Will attitude testing lead to the redesigning of these audience composition / ɔ diəns heaters? kɒmpə zʃ(ə)n/ noun the way an audience is made up, i.e. the age range, sex, attitude research / ttju d r- lifestyles, etc. s tʃ/, attitude survey / ttju d s ve/ noun 1. the act of carrying out audience research / ɔ diəns r- a survey to discover people’s attitudes s tʃ/ noun research into the attitudes to products, advertisements or the com- of an audience to an advertising panies producing them 2. research that campaign attempts to discover whether people’s audimeter / ɔ dmi tə/ noun an elec- feelings about something, such as the tronic device attached to a TV set, company they work for, are positive or which records details of a viewer’s negative viewing habits attitude scale / ttju d skel/ noun audiovisual / ɔ diəυ v uəl/ noun a device which measures or tests atti- media that can be seen and heard, e.g. a tudes by analysing a subject’s responses TV commercial The exhibition was devoted to the latest in audiovisual attrition /ə trʃ(ə)n/ noun a decrease equipment. in the loyalty of consumers to a product, due to factors such as boredom, desire audit / ɔ dt/ noun the examination of for a change We must adapt our prod- the books and accounts of a company ucts if we are to avoid attrition. Attri- to carry out the annual audit tion showed the company that brand Audit Bureau of Circulations loyalty could not be taken for granted. / ɔ dt bjυərəυ əv s kjυ leʃ(ə)nz/

augmented product 15 awareness noun an organisation which verifies and sales 2. on average in general On publishes the circulation of magazines average, £15 worth of goods are stolen and newspapers. Abbr ABCs every day. í adjective 1. the middle of a augmented product /ɔ mentd set of figures the average figures for prɒd kt/ noun a product with added the last three months the average in- benefits such as warranties or installa- crease in prices the average price tion service etc. The average cost per unit is too high. The average sales per representative aural signature / ɔ rəl s ntʃə/ are rising. 2. not very good The com- noun musical sounds used as a signature pany’s performance has been only aver- to identify a product or service age. He’s only an average worker. automatic / ɔ tə m tk/ adjective ‘…a share with an average rating might yield 5 which works or takes place without any per cent and have a PER of about 10’ person making it happen There is an [Investors Chronicle] automatic increase in salaries on Janu- ‘…the average price per kilogram for this season to the end of April has been 300 cents’ ary 1st. [Australian Financial Review] automatic merchandizing average cost pricing / v(ə)rd / ɔ təm tk m tʃəndazŋ/, auto- kɒst prasŋ/ noun pricing based on matic selling / ɔ təm tk selŋ/, au- the average cost of producing one unit tomatic vending / ɔ təm tk of a product vendŋ/ noun selling through a ma- average due date / v(ə)rd dju chine Automatic selling is popular be- det/ noun the average date when sev- cause of the low labour costs involved. eral different payments fall due automatic telling machine average frequency / v(ə)rd / ɔ təm tk telŋ mə ʃi n/ noun a ma- fri kwənsi/ noun the average number chine which gives out money when a of times a consumer will see a particular special card is inserted and special in- advertisement We will have to buy a structions given lot of advertising time to attain a high automatic vending machine average frequency. What average fre- / ɔ təm tk vendŋ mə ʃi n/ noun a quency do we need to get this advertise- machine which provides drinks, ciga- ment across to the target audience? rettes etc., when a coin is put in average out / v(ə)rd aυt/ verb automation / ɔ tə meʃ(ə)n/ noun to come to a figure as an average It the use of machines to do work with averages out at 10% per annum. Sales very little supervision by people increases have averaged out at 15%. availability /ə velə blət/ noun 1. average quarter-hour figure being easily obtained offer subject to / v(ə)rd kwɔ tər aυə f ə/ adjec- availability the offer is valid only if the tive the average number of people goods are available 2. the time and num- watching a TV programme during a ber of advertising slots which are avail- 15-minute period able to be used awareness /ə weənəs/ noun the state average / v(ə)rd / noun 1. a num- of being conscious of an advertise- ber calculated by adding several figures ment’s message or of a brand’s exis- together and dividing by the number of tence and qualities The survey after figures added the average for the last the campaign showed advertising three months or the last three months’ awareness had remained low. ATR, average sales average or average of maximal awareness

B2B 16 background B B2B / bi tə bi / adjective referring to ing the period from 1945 to 1965, when advertising or marketing that is aimed at the population of the UK and the USA other businesses rather than at consum- increased rapidly ers (NOTE: The word is most commonly back /b k/ noun the opposite side to used of business-to-business dealings the front Write your address on the conducted over the Internet.) back of the envelope. The conditions B2B auction / bi tə bi ɔ kʃən/ of sale are printed on the back of the in- noun a web marketplace where supplier voice. Please endorse the cheque on companies bid against one another to of- the back. í adjective referring to the fer the lowest price for a particular prod- past a back payment í verb to back uct or service, while the buyer company someone to help someone financially waits until the sellers have reduced the The bank is backing us to the tune of price to one that it can afford (NOTE: £10,000. She is looking for someone Businesses have to register to take to back her project. part in B2B auctions by providing their ‘…the businesses we back range from start-up credit-card information and shipping ventures to established companies in need of preferences, and also have to agree to further capital for expansion’ [Times] the site’s code of conduct.) back cover /b k k və/ noun the B2B commerce / bi tə bi kɒm s/ back of a magazine cover, which can be noun business done by companies with used for advertising other companies, rather than with indi- backdate /b k det/ verb to put an vidual consumers earlier date on a document such as a B2B exchange / bi tə bi ks- cheque or an invoice Backdate your tʃend / noun same as exchange invoice to April 1st. The pay increase is backdated to January 1st. B2B web exchange / bi tə bi web ks tʃend / noun same as backdoor selling / b kdɔ selŋ/ exchange noun the practice of bypassing an organisation’s bureaucracy and selling di- B2B website / bi tə bi websat/ rect to the chief decision-maker in it If noun a website that is designed to help we did not resort to backdoor selling the businesses trade with each other on the right department might never hear of us. Internet The chairman was asked out for a B2C / bi tə si / adjective referring to meal by the sales director of the other advertising or marketing that is aimed at company to try a little backdoor selling. consumers rather than at other busi- backer / b kə/ noun 1. a person or nesses (NOTE: The word is most com- company that backs someone He has monly used of business-to-consumer an Australian backer. One of the com- dealings conducted over the Internet.) pany’s backers has withdrawn. 2. the B2C website / bi tə si websat/ backer of a bill the person who backs a noun an online shop that sells products bill 3. a piece of publicity material to consumers via its website placed at the back of a display or stand baby boomer / bebi bu məz/ noun background / b k raυnd/ noun a market composed of people born dur- past work or experience My back-

background music 17 balance of payments ground is in the steel industry. The backup / b k p/ adjective supporting company is looking for someone with a or helping We offer a free backup ser- background of success in the electronics vice to customers. After a series of industry. She has a publishing back- sales tours by representatives, the sales ground. What is his background? or director sends backup letters to all the Do you know anything about his contacts. background? backup ad / b k p d/ noun an ad- background music / b k raυnd vertisement designed to accompany edi- mju zk/ noun music played over the torial material in a publication tannoy in a shop, supermarket, atrium backup copy / b k p kɒpi/ noun a etc., as a means of calming potential copy of a computer disk to be kept in customers case the original disk is damaged backing / b kŋ/ noun financial sup- backward integration / b kwəd port He has the backing of an Austra- nt reʃ(ə)n/ noun a process of ex- lian bank. The company will succeed pansion in which businesses which deal only if it has sufficient backing. Who with different stages in the production is providing the backing for the project? or sale of the same product join to- Where does the backing for the pro- gether, i.e. a business becomes its own ject come from? supplier Buying up rubber plantations ‘…the company has received the backing of a is part of the tyre company’s backward number of oil companies who are willing to pay integration policy. Backward integra- for the results of the survey’ [Lloyd’s List] tion will ensure cheap supplies but forward integration would bring us nearer backload / b kləυd/ verb to make to the market. Compare forward inte- sure that most of the costs of a promo- gration (NOTE: also called vertical tional campaign come in the later stages, integration) so that they can be regulated according to the response received. The campaign bad debt /b d det/ noun a debt can then be cut back if the response rate which will not be paid, usually because is inadequate – this is opposed to the debtor has gone out of business, and frontloading, where most of the costs which has to be written off in the ac- are incurred in the early stages. Com- counts The company has written off pare frontload £30,000 in bad debts. backlog / b klɒ / noun work which baggage cart / b d kɑ t/ noun has piled up waiting to be done, e.g. or- US a metal holder on wheels, on which ders or letters The warehouse is trying baggage can be placed to be moved eas- to cope with a backlog of orders. ily in an airport, train station, etc. We’re finding it hard to cope with the bait /bet/ noun an article which is sold backlog of paperwork. at a loss to attract customers This is an attractive enough product to use as bait. back of book / b k əv bυk/ noun The shop’s best bargains were dis- the last pages of a magazine containing played in the window as bait. advertisements bait ad / bet d/ noun an advertise- back-of-the-house services ment for low-priced goods, used to at- / b k əv ðə haυs s vsz/ plural tract customers into a shop noun services which are in the back part of a shop bait and switch / bet ənd swtʃ/ noun a sales technique where the sales- back orders / b k ɔ dəz/ plural person offers what looks like an attrac- noun orders received and not yet ful- tive bargain and then says at the last filled, usually because the item is out of minute that it is not available and re- stock It took the factory six weeks to places it with something inferior clear all the accumulated back orders. balance of payments / b ləns əv back payment / b k pemənt/ pemənts/ noun a comparison between noun paying money which is owed total receipts and payments arising from

balance sheet 18 bank draft a country’s international trade in goods, ferent item bound along with the main services and financial transactions one These banded packs have been balance sheet / b ləns ʃi t/ noun a specially designed for our sales promo- statement of the financial position of a tion drive. company at a particular time such as the bandwidth / b ndwdθ/ noun a mea- end of the financial year or the end of a surement of the capacity of a fibre-optic quarter showing the company’s assets cable to carry information to and from and liabilities Our accountant has the Internet (NOTE: The higher the prepared the balance sheet for the first bandwidth, the faster information half-year. The company balance sheet passes through the cable.) for the last financial year shows a worse position than for the previous year. bangtail / b ŋtel/ noun US a type of folded mailer, with a pocket for an in- COMMENT: The balance sheet shows the state of a company’s finances at a certain formation card or reply coupon and a date; the profit and loss account shows flap that tucks in the movements which have taken place bankable paper / b ŋkəb(ə)l since the end of the previous accounting pepə/ noun a document which a bank period. A balance sheet must balance, will accept as security for a loan with the basic equation that assets (i.e. what the company owns, including money bank account / b ŋk ə kaυnt/ noun owed to the company) must equal liabili- an account which a customer has with a ties (i.e. what the company owes to its bank, where the customer can deposit creditors) plus capital (i.e. what it owes to and withdraw money to open a bank its shareholders). A balance sheet can be account to close a bank account drawn up either in the horizontal form, How much money do you have in your with (in the UK) liabilities and capital on bank account? If you let the balance the left-hand side of the page (in the USA, in your bank account fall below £100, it is the reverse) or in the vertical form, you have to pay bank charges. with assets at the top of the page, followed by liabilities, and capital at the bot- bank base rate /b ŋk bes ret/ tom. Most are usually drawn up in the noun a basic rate of interest on which vertical format, as opposed to the more the actual rate a bank charges on loans old-fashioned horizontal style. to its customers is calculated balloon /bə lu n/ noun a loan where bank bill / b ŋk bl/ noun 1. GB the last repayment is larger than the same as banker’s bill 2. US a piece of others printed paper money balloon payment /bə lu n bank card / b ŋk kɑ d/ noun a credit pemənt/ noun the last payment, usu- card or debit card issued to a customer ally much larger than the others, that is by a bank for use instead of cash when made when repaying a balloon loan buying goods or services (NOTE: There band /b nd/ noun a strip of paper or are internationally recognised rules plastic or a rubber ring put round arti- that govern the authorisation of the use cles to attach them together of bank cards and the clearing and settlement of transactions in which they banded / b ndd/ adjective attached are used.) with a band banded offer / b ndd ɒfə/ noun a bank charges / b ŋk tʃɑ d z/ plu- type of sales promotion involving the ral noun charges which a bank makes offer of an additional item along with for carrying out work for a customer the main one The banded offer con- (NOTE: American English is service sisted of a full-sized bottle of shampoo charge) along with a small bottle of hair bank credit / b ŋk kredt/ noun conditioner. loans or overdrafts from a bank to a banded pack / b ndd p k/ noun a customer pack which includes two items attached bank draft / b ŋk drɑ ft/ noun an to form a pack, or with an additional dif- order by one bank telling another bank,

banker 19 barrier usually in another country, to pay bar code / bɑ kəυd/ noun a system money to someone of lines printed on a product which, banker / b ŋkə/ noun a person who is when read by a computer, give a refer- in an important position in a bank ence number or price banker’s bill / b ŋkəz bl/, bank bar coding / bɑ kəυdŋ/ noun the bill / b ŋk bl/ noun an order by one process of attaching an identifying label, bank telling another bank, usually in an- written in machine-readable code and other country, to pay money to someone able to be read by a scanner, to a product or container (NOTE: Bar codes are use- bank giro / b ŋk d arəυ/ noun GB ful for stock control and order picking a method used by clearing banks to and can be used to trace a product transfer money rapidly from one ac- through every stage of a transaction count to another from packaging to customer delivery.) banking account / b ŋkŋ ə- bargain / bɑ n/ noun 1. an agree- kaυnt/ noun US an account which a ment on the price of something to customer has with a bank strike a bargain or to make a bargain bank manager / b ŋk m nd ə/ to drive a hard bargain to be a difficult noun the person in charge of a branch of person to negotiate with it is a bad a bank He asked his bank manager for bargain it is not worth the price 2. a loan. something which is cheaper than usual bank transfer / b ŋk tr nsf / That car is a (real) bargain at £500. noun moving money from a bank ac- í verb to discuss a price for something count to another account You will have to bargain with the dealer if you want a discount. They banner / b nə/ noun 1. material spent two hours bargaining about or stretched between two walls or build- over the price. (NOTE: you bargain with ings, carrying an advertising message someone over or about or for There were banners across the street something) advertising the charity run. 2. an online interactive advertisement that appears bargain basement / bɑ n on a webpage, usually at the top or bot- besmənt/ noun a basement floor in a tom, and contains a link to the website shop where goods are sold cheaply of the business whose products or ser- I’m selling this at a bargain basement vices are being advertised (NOTE: Ban- price I’m selling this very cheaply ner ads often use graphics images and bargain hunter / bɑ n h ntə/ sound as well as text.) noun a person who looks for cheap banner advertising / b nə deals dvətazŋ/ noun a website advertis- bargaining / bɑ nŋ/ noun the act ing which runs across the top of a of discussing between two persons or webpage, similar to newspaper groups, to achieve a settlement, usually headlines wage increases for workers banner exchange / b nə ks- bargaining position / bɑ nŋ pə- tʃend / noun an agreement between zʃ(ə)n/ noun the statement of position two or more businesses, in which each by one group during negotiations allows the others’ advertising banners to bargaining power / bɑ nŋ be displayed on its website paυə/ noun the strength of one person banner headline / b nə hedlan/ or group when discussing prices or noun a headline set in very large black wage settlements type, running across a page barrier / b riə/ noun anything which bar chart / bɑ tʃɑ t/ noun a chart makes it difficult for someone to do where values or quantities are shown as something, especially sending goods columns of different heights set on a from one place to another to impose base line, the different lengths express- trade barriers on certain goods to re- ing the quantity of the item or unit strict the import of some goods by

barrier to entry 20 basic industry charging high duty They considered exchange for trucks, food, planes and imposing trade barriers on some food chemicals’ [Wall Street Journal] products. to lift trade barriers from bartering / bɑ tərŋ/ noun the act of imports to remove restrictions on im- exchanging goods for other goods and ports The government has lifted trade not for money barriers on foreign cars. barrier to base /bes/ noun 1. the lowest or first entry into a market something which position Turnover increased by 200%, makes it difficult for a company to enter but started from a low base. 2. a place a new market, e.g. start-up costs where a company has its main office or ‘…a senior European Community official has factory, or a place where a businessper- denounced Japanese trade barriers, saying they son’s office is located The company cost European producers $3 billion a year’ [Times] has its base in London and branches in all the European countries. He has an ‘…to create a single market out of the EC member states, physical, technical and tax office in Madrid which he uses as a base barriers to free movement of trade between while travelling in Southern Europe. í member states had to be removed. Imposing verb to set up a company or a person in VAT on importation of goods from other a place a London-based sales execu- member states was seen as one such tax barrier’ [Accountancy] tive The European manager is based in our London office. Our overseas barrier to entry / b riə tυ entri/ branch is based in the Bahamas. noun a factor that makes it impossible ‘…the base lending rate, or prime rate, is the or unprofitable for a company to try to rate at which banks lend to their top corporate start selling its products in a particular borrowers’ [Wall Street Journal] market (NOTE: Barriers to entry may be ‘…other investments include a large stake in the created, for example, when companies Chicago-based insurance company’ [Lloyd’s List] already in a market have patents that prevent their goods from being copied, base line / bes lan/ noun the part of when the cost of the advertising promotional material that contains basic needed to gain a market share is too information about the organisation such high, or when an existing product com- as its name and address mands very strong brand loyalty.) basement / besmənt/ noun a section barrier to exit / b riə tυ e zt/ of a shop which is underground noun a factor that makes it impossible base year / bes jə/ noun the first or unprofitable for a company to leave a year of an index, against which changes market where it is currently doing busi- occurring in later years are measured. ness (NOTE: Barriers to exit may be cre- database ated, for example, when a company basic / besk/ adjective 1. normal 2. has invested in specialist equipment most important 3. simple, or from which that is only suited to manufacturing everything starts He has a basic one product, when the costs of retrain- knowledge of the market. To work at ing its workforce would be very high, or the cash desk, you need a basic qualifi- when withdrawing one product would cation in maths. have a bad effect on the sales of other products in the range.) basic commodities / besk kə- mɒdtiz/ plural noun ordinary farm barter / bɑ tə/ noun 1. a system in produce, produced in large quantities, which goods are exchanged for other e.g. corn, rice, sugar, etc. goods and not sold for money 2. a system in which advertising space or time basic discount / besk dskaυnt/ is exchanged for goods from the adver- noun a normal discount without extra tiser í verb to exchange goods for other percentages Our basic discount is goods and not for money They agreed 20%, but we offer 5% extra for rapid a deal to barter tractors for barrels of settlement. wine. basic industry / besk ndəstri/ ‘…under the barter agreements, Nigeria will noun the most important industry of a export 175,000 barrels a day of crude oil in country, e.g. coal, steel or agriculture

basic necessities 21 benchmark basic necessities / besk Bayesian decision theory nə sestiz/ plural noun the very least / beziən d s (ə)n θəri/ noun a that people need to live, e.g. food and method for helping decision-making, of- clothing Being unemployed makes it ten applied to new product develop- difficult to afford even the basic ment. The decision-maker is aware of necessities. alternatives, can work out the probable basic price / besk pras/ , basic advantages or disadvantages of the al- rate / besk ret/ noun the price of a ternatives, and makes up his or her mind product or service that does not include according to the value of the best any extras This is a rather high basic alternative. price. Please make clear whether BDI abbr brand development index £1,000 is the basic rate or whether it is behavioural segmentation /b- inclusive of spare parts. hevjərəl se mən teʃ(ə)n/, basic product / besk prɒd kt/ behaviouristic segmentation noun noun the main product made from a raw the segmentation or division of the mar- material ket according to customers’ buying habits and usage of a product basics / besks/ plural noun simple Behavioural segmentation will mean and important facts She has studied there are several distinct target audi- the basics of foreign exchange dealing. ences for our product. to get back to basics to consider the main facts again behind schedule /b hand ʃed u l/ noun late The agency is way basis / bess/ noun 1. a point or num- behind schedule with the promotional ber from which calculations are made material. We forecast the turnover on the basis of a 6% price increase. 2. the general believer /b li və/ noun in the VALS terms of agreement or general principles lifestyle classification, someone with on which something is decided on a conventional values and strong princi- short-term or long-term basis for a ples who buy traditional, well-known short or long period He has been ap- products pointed on a short-term basis. We bells and whistles / belz ənd have three people working on a free- ws(ə)lz/ plural noun every possible lance basis. feature that has been included in an ad- basket of currencies / bɑ skt əv vertising campaign k rənsiz/ noun a group of other cur- below-the-line advertising /b ləυ rencies used to establish the value of a ðə lan dvətazŋ/ noun advertising particular unit of currency which is not paid for and for which no batch /b tʃ/ noun a group of items commission is paid to the advertising which are made at one time This agency, e.g. work by staff who are batch of shoes has the serial number manning an exhibition. Compare above-the-line advertising 25–02. í verb to put items together in groups to batch invoices or cheques below-the-line expenditure /b- ləυ ðə lan k spendtʃə/ noun 1. batch number / b tʃ n mbə/ noun payments which do not arise from a a number attached to a batch When company’s normal activities, e.g. redun- making a complaint always quote the dancy payments 2. extraordinary items batch number on the packet. which are shown in the profit and loss batch production / b tʃ prə- account below net profit after taxation, d kʃən/ noun production in batches as opposed to exceptional items which battle / b t(ə)l/ noun a fight battle are included in the figure for profit be- of the brands competition in the market fore taxation between existing product brands This benchmark / bentʃmɑ k/ noun 1. a battle of the brands will lead to dra- standard used to measure performance matic price-cutting. (NOTE: A benchmark was originally a

benchmarking 22 bias set of computer programs that was bespoke /b spəυk/ adjective made used to measure how well a particular to order or made to fit the requirements computer performed in comparison of the customer with similar models.) 2. a point in an in- bespoke tailoring /b spəυk dex which is important, and can be used telərŋ/ noun the making of clothing to compare with other figures for customers, to fit their individual ‘…the US bank announced a cut in its prime, the measurements or requirements benchmark corporate lending rate, from 10½% to 10%’ [Financial Times] best-before date / best b fɔ det/ ‘…the benchmark 11¾% Treasury due noun the date stamped on the label of a 2003/2007 was quoted at 107 11/32, down 13/32 food product, which is the last date on from Monday’ [Wall Street Journal] which the product is guaranteed to be of benchmarking / bentʃmɑ kŋ/ good quality. sell-by date, use-by noun the testing of an audience’s re- date sponse using a benchmark best-in-class / best n klɑ s/ adjec- benchmark measure / bentʃmɑ k tive more effective and efficient, espe- me ə/ noun the measure of a target au- cially in acquiring and processing dience’s response at the beginning of an materials and in delivering products or advertising campaign which is then services to customers, than any other or- compared to responses at the end of the ganisation in the same market or indus- campaign to test its efficiency trial sector benefit / benft/ noun the way in best practice / best pr kts/ noun which a product or service will improve the most effective and efficient way to the quality of life of the purchaser, as do something or to achieve a particular opposed to ‘features’ which highlight aim (NOTE: In business, best practice is the particular important aspects of the often determined by benchmarking, product or service itself that is by comparing the method one ‘…what benefits does the executive derive organisation uses to carry out a task from his directorship? Compensation has with the methods used by other similar increased sharply in recent years and fringe organisations and determining which benefits for directors have proliferated’ method is most efficient and effective.) [Duns Business Month] best-selling / best selŋ/ adjective ‘…salary is negotiable to £30,000, plus car and a benefits package appropriate to this senior which sells very well These computer post’ [Financial Times] disks are our best-selling line. ‘California is the latest state to enact a program best value / best v lju / noun a forcing welfare recipients to work for their system adopted by the UK government benefits’ [Fortune] to ensure that local authorities provide ‘…salary range is $54,957 – $81,189, with a services to the public in the most effi- competitive benefits package’ cient and cost-effective way possible [Washington Post] (NOTE: Best value, which came into benefit segmentation / benft force with the Local Government Act se mən teʃ(ə)n/ noun the division of 1999, replaced the previous system of a market into segments according to the compulsory competitive tendering types of benefit obtained by the cus- (CCT). It requires local authorities to tomer from a product such as ease of review all their services over a availability, light weight five-year period, to set standards of berth /b θ/ noun the place in a har- performance, and to consult with local bour where a ship can tie up í verb to taxpayers and service users.) tie up at a berth The ship will berth at Better Business Bureau / betə Rotterdam on Wednesday. bzns bjυərəυ/ US an organisation of berth cargo / b θ kɑ əυ/ noun local business executives that promotes cargo carried at especially low rates If better business practices in their town we do not send the goods as berth cargo bias / baəs/ noun favouring one group we will have to charge the buyer more. or person rather than another A postal

bid 23 billboard survey will do away with bias. The big-ticket / b tkt/ adjective cost- trainee interviewers were taught how to ing a lot of money control bias and its effects. big ticket item / b tkt atəm/ bid /bd/ noun 1. an offer to buy some- noun a large expensive item, e.g. a car, thing at a specific price to make a bid washing machine, etc. for something to offer to buy some- bilateral /ba l t(ə)rəl/ adjective be- thing We made a bid for the house. tween two parties or countries The The company made a bid for its rival. minister signed a bilateral trade to make a cash bid to offer to pay cash agreement. for something to put in a bid for ‘…trade between Japan and China will probably something or to enter a bid for some- exceed $30 billion this year to mark a record thing to offer to buy something, usually high. Ministry of Finance trade statistics show that bilateral trade in the first half of the year in writing 2. an offer to sell something totalled $16.60 billion, up 29.7% from a year or do a piece of work at a specific price earlier’ [Nikkei Weekly] She made the lowest bid for the job. í bilateralism /ba l t(ə)rəlz(ə)m/ verb to bid for something (at an auc- noun a system whereby a country bal- tion) to offer to buy something he bid ances its trade with another With luck, £1,000 for the jewels he offered to pay bilateralism will put an end to the trade £1,000 for the jewels war. bidder / bdə/ noun a person who bill /bl/ noun 1. a written list of makes a bid, usually at an auction charges to be paid The sales assistant Several bidders made offers for the wrote out the bill. Does the bill in- house. the property was sold to the clude VAT? The bill is made out to highest bidder to the person who had Smith Ltd. The builder sent in his bill. made the highest bid or who offered the She left the country without paying most money the tender will go to the her bills. 2. a list of charges in a restau- lowest bidder to the person who offers rant Can I have the bill please? The the best terms or the lowest price for bill comes to £20 including service. services Does the bill include service? The bidding / bdŋ/ noun the act of mak- waiter has added 10% to the bill for ser- ing offers to buy, usually at an auction vice. 3. a written paper promising to pay the bidding started at £1,000 the first money bills payable (B/P) bills, espe- and lowest bid was £1,000 the bid- cially bills of exchange, which a com- ding stopped at £250,000 the last bid, pany will have to pay to its creditors i.e. the successful bid, was for £250,000 bills receivable (B/R) bills, especially the auctioneer started the bidding bills of exchange, which are due to be at £100 he suggested that the first bid paid by a company’s debtors 4. US a should be £100 piece of paper money a $5 bill (NOTE: big box store / b bɒks stɔ / noun British English is note or banknote) 5. a large retail superstore that sells a very a draft of a new law which will be dis- wide range of merchandise from grocer- cussed in Parliament 6. a small poster ies to refrigerators or televisions ‘stick no bills’ a notice prohibiting unauthorised sticking of posters í verb to big business /b bzns/ noun present a bill to someone so that it can very large commercial firms be paid The plumbers billed us for the big idea /b a də/ noun the main repairs. new idea behind an advertising cam- billboard / blbɔ d/ noun 1. a poster paign, the aim of which is to attract po- site of double crown size (30 x 20 tential customers inches) 2. US a large outdoor poster site big picture /b pktʃə/ noun a (measuring 12 x 25 feet) The railway broad view of a subject that takes into track was lined with billboards specially account all the factors that are relevant set up for election propaganda. A to it and considers the future conse- shortage of billboards has led to an in- quences of action taken now (informal ) . crease in press advertising. 3. a short

billing 24 blanket insurance announcement which identifies an ad- black /bl k/ adjective in the black vertiser at the beginning, end, or in the in credit The company has moved into breaks of a broadcast the black. My bank account is still in billing / blŋ/ noun US the writing of the black. í verb to forbid trading in invoices or bills specific goods or with specific suppliers Three firms were blacked by the gov- bill of entry / bl əv entri/ noun the ernment. The union has blacked a written details of goods that have to go trucking firm. through customs black economy /bl k  kɒnəmi/ bill of exchange / bl əv ks- noun goods and services which are paid tʃend / noun a document signed by for in cash, and therefore not declared the person authorising it, which tells an- for tax other to pay money unconditionally to a named person on a certain date (usually black list / bl k lst/ noun a list of used in payments in foreign currency) goods, people or companies which have to accept a bill to sign a bill of ex- been blacked change to show that you promise to pay blacklist / bl klst/ verb to put it to discount a bill to buy or sell a goods, people or a company on a black bill of exchange at a lower price than list Their firm was blacklisted by the that written on it in order to cash it later government. to retire a bill to pay a bill of ex- black market /bl k mɑ kt/ noun change when it is due the buying and selling of goods or cur- bill of lading / bl əv ledŋ/ noun a rency in a way which is not allowed by list of goods being shipped, which the law There is a flourishing black mar- transporter gives to the person sending ket in spare parts for cars. to pay the goods to show that the goods have black market prices to pay high prices been loaded to get items which are not easily bill of sale / bl əv sel/ noun a docu- available ment which the seller gives to the buyer black-market economy /bl k to show that the sale has taken place mɑ kt  kɒnəmi/ noun an economy, bill poster / bl pəυstə/ noun a per- or part of an economy, that functions by son who sticks up small posters. fly illegally trading goods that are normally poster subject to official controls bin /bn/ noun 1. a large container 2. a blank cheque /bl ŋk tʃek/ noun a separate section of shelves in a cheque with the amount of money and warehouse the payee left blank, but signed by the drawer Bingo card / bŋ əυ kɑ d/ noun a printed card bound into a magazine, blanket agreement / bl ŋkt with a squared grid of numbers and let- ə ri mənt/ noun an agreement which ters which a reader can mark. The num- covers many different items bers refer to products advertised in the blanket branding / bl ŋkt magazine, and the card is returned post br ndŋ/ noun giving a whole group free to the publisher, who passes the or line of products the same brand name card to the advertiser for further Blanket branding will make the brand response. a household name. bipolar scale / bapəυlə skel/ blanket coverage / bl ŋkt noun a scale used in questionnaires k v(ə)rd / noun advertising to the which contains two extreme points be- general public with no particular target tween which an interviewee can choose audience in mind We will go for blan- an answer ket coverage first and then see what birth rate / b θ ret/ noun the num- kind of people buy the product. ber of children born per 1,000 of the blanket insurance (cover) population / bl ŋkt n ʃυərəns k və/ noun

blanket refusal 25 booking insurance which covers various items sponse is to a situation Trainee sales- such as a house and its contents men learn how to interpret a customer’s blanket refusal / bl ŋkt r- body language. The interviewer of fju z(ə)l/ noun a refusal to accept prospective marketing managers ob- many different items served the body language of the candidates very carefully. The candidate bleed /bli d/ noun an illustration or claimed to be very confident about tak- text which runs right to the edge of the ing the job, but her body language was printed page í verb to allow advertising saying the opposite. space to run to the edge of a printed page bogof / bɒ ɒf/ noun the practice of blind offer / bland ɒfə/ noun a pre- giving free gifts to customers, e.g. one mium offer which is hidden away in an free item for each one bought. Full form advertisement so as to find out how buy one get one free many readers read the advertisement boilerplate / bɔləplet/ noun a basic blindside / blandsad/ verb to attack standard version of a contract that can a competitor unexpectedly and in a way be used again and again which it is difficult to respond to bonded warehouse / bɒndd blind testing /bland testŋ/ noun weəhaυs/ noun a warehouse where the practice of testing a product on con- goods are stored until excise duty has sumers without telling them what brand been paid it is bonus / bəυnəs/ noun an extra pay- blister pack / blstə p k/, bubble ment in addition to a normal payment pack / b b(ə)l p k/ noun a type of packing where the item for sale is cov- bonus offer / bəυnəs ɒfə/ noun a ered with a stiff plastic cover sealed to a special offer, especially one to launch a card backing new product, which includes a bonus or free gift blitz /blts/ noun a marketing campaign which starts at full pressure, as bonus pack / bəυnəs p k/ noun a opposed to a gradual build-up pack with extra contents or extra items blow-in / bləυ n/ noun US a post- for which no extra charge is made We card-size advertising card inserted in a are offering bonus packs in order to at- magazine tract new customers to the product. blue-hair /blu heə/ adjective US re- bonus size / bəυnəs saz/ noun an ferring to elderly women extra large size of pack sold at the usual price as a form of sales promotion Bo- blue-sky thinking /blu ska nus size packs are 20% larger, but are θŋkŋ/ noun extremely idealistic and sold at the normal price. often unconventional ideas blur /bl / noun a period in which a bonus spot / bəυnəs spɒt/ noun a great many important changes take free television or radio spot offered to place in an organisation very quickly an advertiser as part of an advertising package blurb /bl b/ noun a brief description of a book, printed in a publisher’s cata- book /bυk/ noun a set of sheets of pa- logue or on the cover of the book itself per attached together a company’s books the financial records of a body copy / bɒdi kɒpi/ noun the company main part of the text of an advertisement The body copy is OK, though the com- book club / bυk kl b/ noun a group pany’s address needn’t be included. of people who pay a small subscription The body copy on the poster is too long and buy books regularly by mail order for passers-by to read it all. booking / bυkŋ/ noun the act of re- body language / bɒd l ŋ wd / serving a room or a seat etc. Hotel noun gestures, expressions, and move- bookings have fallen since the end of the ments which show what somebody’s re- tourist season.

booking clerk 26 boutique booking clerk / bυkŋ klɑ k/ noun a market share and high growth rate are person who sells tickets in a booking called stars, businesses with a low office market share and low growth rate are booking office / bυkŋ ɒfs/ noun called dogs, businesses with a high an office where you can book seats at a market share and a low growth rate theatre or tickets for the railway are called cash cows and businesses with a low market share and a high bookmark / bυkmɑ k/ verb to make a growth rate are called question marks.) special mental note of somebody or something so that you remember them Boston matrix / bɒstən metrks/ in future í noun a software tool in a noun a type of product portfolio analy- web browser that enables users to select sis, in which products are identified as and store webpages that they want to stars, question marks, cash cows or dogs look at often and to access them quickly (NOTE: the full name is the Boston and conveniently Consulting Group Share/Growth Matrix) book sales / bυk selz/ plural noun sales as recorded in the sales book bottle hanger / bɒt(ə)l h ŋə/ noun an advertisement in the form of a card book token / bυk təυkən/ noun a which hangs round the neck of a bottle voucher bought in a shop which is given as a present and which must be ex- bottleneck / bɒt(ə)l nek/ noun a situ- changed for books ation that occurs when one section of an operation cannot cope with the amount book value / bυk v lju / noun the of work it has to do, which slows down value of an asset as recorded in the com- the later stages of the operation and pany’s balance sheet business activity in general a bottle- boom /bu m/ noun the time when neck in the supply system There are sales, production or business activity are serious bottlenecks in the production increasing a period of economic boom line. the boom of the 1970s the boom years years when there is an economic bottom / bɒtəm/ noun the lowest part or point the bottom has fallen out of boom í verb to expand or to become the market sales have fallen below prosperous business is booming what previously seemed to be the lowest sales are booming ‘…starting in 1981, a full-blown real estate point rock-bottom price the lowest boom took off in Texas’ [Business] price of all í verb to reach the lowest point boom industry / bu m ndəstri/ noun an industry which is expanding bottom line / bɒtəm lan/ noun the rapidly last line on a balance sheet indicating profit or loss booming / bu mŋ/ adjective which is expanding or becoming prosperous bottom price / bɒtəm pras/ noun a booming industry or company Tech- the lowest price nology is a booming sector of the bounce back / baυns b k/ verb (of economy. emails) to be returned to the sender be- boom share / bu m ʃeə/ noun a cause the address is incorrect or the user share in a company which is expanding is not known at the mail server Boston Box / bɒstən bɒks/ noun a bounce-back coupon / baυns system used to indicate a company’s po- b k ku pɒn/ noun a coupon offer tential by analysing the relationship be- made to existing customers in order to tween its market share and its growth persuade them to continue purchasing rate (NOTE: The Boston Box was de- the brand vised by the Boston Consulting Group boutique /bu ti k/ noun 1. a small in the 1970s to help companies decide specialised shop, especially for which businesses they should invest in up-to-date clothes a jeans boutique and which they should withdraw from. a ski boutique 2. a section of a depart- In this system businesses with a high ment store selling up-to-date clothes

box 27 brand image box /bɒks/ noun a cardboard, wooden or by a design the top-selling brands or plastic container The goods were of toothpaste The company is launch- sent in thin cardboard boxes. The ing a new brand of soap. watches are prepacked in plastic dis- ‘…the multiple brought the price down to £2.49 play boxes. paperclips come in boxes in some stores. We had not agreed to this deal and they sold out very rapidly. When they of two hundred paperclips are packed reordered we would not give it to them. This two hundred to a box kind of activity is bad for the brand and we boxed /bɒkst/ adjective put or sold in cannot afford it’ [The Grocer] a box ‘…you have to look much further down the sales league to find a brand which has not been boxed set / bɒkst set/ noun a set of around for what seems like ages’ [Marketing] items sold together in a box ‘…major companies are supporting their best box store / bɒks stɔ / noun a super- existing brands with increased investment’ [Marketing Week] market like a warehouse, with not much service or promotion, where goods are brand awareness / br nd sold from their original packing cases ə weənəs/ noun consciousness by the The school bought stationery in large public of a brand’s existence and quali- quantities from the box store. With ties How can you talk about brand low overheads, box stores can offer awareness when most people don’t even cut-rate prices. know what the product is supposed to do? Our sales staff must work harder boycott / bɔkɒt/ noun a refusal to to increase brand awareness in this buy or to deal in certain products The area. union organised a boycott against or of imported cars. í verb to refuse to buy brand building / br nd bldŋ/, or deal in a product We are boycotting brand development / br nd d- all imports from that country. the veləpmənt/ noun the expansion of the management has boycotted the meet- total awareness and sales of a brand in a ing has refused to attend the meeting given market BRAD abbr British Rate and Data brand champion / br nd tʃ mpiən/ noun an executive who is brainstorming / bren stɔ mŋ/ passionate about a brand and promotes noun an intensive discussion by a small it vigorously worldwide group of people as a method of producing new ideas or solving problems brand development index / br nd d veləpmənt n deks/ noun brainstorming session / bren- an index that compares the percentage stɔ mŋ seʃ(ə)n/ noun a meeting to of a brand’s total sales in a given market thrash out problems, where everyone to the percentage of the total population puts forward different ideas in the market. Abbr BDI branch /brɑ ntʃ/ noun the local office branded goods / br ndd υdz/ of a bank or large business, or a local plural noun goods sold under brand shop which is part of a large chain names branch manager /brɑ ntʃ brand equity / br nd ekwti/ noun m nd ə/ noun a person in charge of a the extra value brought to a product by branch of a company being a brand, both value as seen by the ‘…a leading manufacturer of business, customer as well as financial value to industrial and commercial products requires a branch manager to head up its mid-western the company Canada operations based in Winnipeg’ brand extension strategy / br nd [Globe and Mail (Toronto)] k stenʃən str təd i/ noun the apply- branch out / brɑ ntʃ aυt/ verb to ing of an existing brand name to a new start a new but usually related type of product business From car retailing, the com- brand image /br nd md / noun pany branched out into car leasing. an opinion of a product which people brand /br nd/ noun a make of prod- associate in their minds with the brand uct, which can be recognised by a name name

branding 28 breakeven point branding / br ndŋ/ noun the act of branding as the only way to promote a giving brand names to products product ‘…marketing and branding are becoming more brandwidth / br ndwdθ/ noun the important in the hotel and restaurant business. There is increasing competition in hotels and amount of customer recognition which a reviews of brand image are commonplace’ brand enjoys [Marketing Week] brand X /br nd eks/ noun the anon- brand leader /br nd li də/ noun the ymous brand used in TV commercials to brand with the largest market share compare with the named brand being advertised brand life cycle / br nd laf sak(ə)l/ noun stages in the life of a breach /bri tʃ/ noun a failure to carry brand in terms of sales and profitability, out the terms of an agreement from its launch to its decline breach of contract / bri tʃ əv brand loyalty /br nd lɔəlti/ noun kɒntr kt/ noun the failure to do some- the feeling of trust and satisfaction that thing which has been agreed in a makes a customer always buy the same contract brand of product bread-and-butter line / bred ən brand management /br nd b tə lanz/ noun a range of items m nd mənt/ noun directing the mak- which are found in all stores of one cate- ing and selling of a brand as an inde- gory, and which provide a solid basis of pendent item continuing sales brand manager /br nd m nd ə/ break /brek/ noun a pause between noun the manager or executive respon- periods of work She keyboarded for sible for the marketing of a particular two hours without a break. í verb brand The brand manager and the (NOTE: breaking- broke- has broken) production manager met to discuss break bulk to split into small quanti- changes to be made to the company’s ties for retail sale after having bought a leading brand of soap. large quantity break even to balance costs and receipts, but not make a profit brand name / br nd nem/ noun a Last year the company only just broke name of a particular make of product even. We broke even in our first two brand positioning /br nd pə- months of trading. zʃ(ə)nŋ/ noun the practice of placing breakeven analysis /brek i v(ə)n a brand in a particular position in the ə n ləss/ noun 1. the analysis of fixed market, so that it is recognisable to the and variable costs and sales that deter- public Intensive television advertising mines at what level of production the is a key part of our brand positioning breakeven point will be reached The strategy. (NOTE: also called product breakeven analysis showed that the positioning) company will only break even if it sells brand recognition / br nd rekə - at least 1,000 bicycles a month. 2. a nʃ(ə)n/ noun the ability of the con- method of showing the point at which a sumer to recognise a brand on sight company’s income from sales will be equal to its production costs so that it brand switching / br nd swtʃŋ/ neither makes a profit nor makes a loss noun the practice of changing from buy- (NOTE: Breakeven analysis is usually ing one brand to another, showing little shown in the form of a chart and can brand loyalty We can’t rely on steady be used to help companies make deci- sales with such a lot of brand switching sions, set prices for their products and going on. Brand switching makes work out the effects of changes in pro- shopping more fun for consumers. duction or sales volume on their costs brand value / br nd v lju / noun and profits.) the value of a brand name breakeven point /brek i v(ə)n brand wagon / br nd w ən/ pɔnt/ noun a point at which sales cover noun the tendency for marketers to see costs, but do not show a profit

breaking bulk 29 bucket shop breaking bulk / brekŋ b lk/ noun broadcasting media /- the practice of buying in bulk and then brɔ dkɑ stŋ mi diə/plural noun me- selling in small quantities to many dia such as radio or TV customers broadsheet / brɔ dʃi t/ noun a large break up / brek p/ verb to split size of newspaper page (as opposed to something large into small sections tabloid). Compare tabloid The company was broken up and sepa- broadside / brɔ dsad/ noun US a rate divisions sold off. large format publicity leaflet break-up value / brek p v lju / brochure / brəυʃə/ noun a publicity noun 1. the value of the material of a booklet We sent off for a brochure fixed asset What would the break-up about holidays in Greece or about value of our old machinery be? Scrap postal services. merchants were asked to estimate the brochureware / brəυʃəweə/ noun a tractors’ break-up value. 2. the value of website that provides information about various parts of a company taken products and services in the same way separately as a printed brochure (NOTE: The word bricks-and-mortar / brks ən is often used negatively to refer to mɔ tə/ adjective conducting business electronic advertising for planned but in the traditional way in buildings such nonexistent products.) as shops and warehouses and not being broken lot / brəυkən lɒt/ noun an involved in e-commerce. Compare incomplete set of goods for sale We’ll clicks-and-mortar give you a discount since it is a broken bridge /brd / verb to print an ad- lot, with two items missing. vertisement across the centre of a broker / brəυkə/ noun 1. a dealer who double-page spread in a magazine acts as a middleman between a buyer brief /bri f/ verb to explain something and a seller 2. (stock)broker a person to someone in detail The sales staff or firm that buys and sells shares or were briefed on the new product. The bonds on behalf of clients managing director briefed the board on brokerage / brəυkərd /, broker’s the progress of the negotiations. commission / brəυkəz kə mʃ(ə)n/ briefing / bri fŋ/ noun telling some- noun payment to a broker for a deal car- one details All sales staff have to at- ried out tend a sales briefing on the new product. brown goods / braυn υdz/ plural British Rate and Data / brtʃ ret noun electrical equipment for home en- ən detə/ a regular publication which tertainment, e.g. television sets, hi-fi lists British newspapers and magazines, equipment. Compare white goods giving all relevant information about browser / braυzə/ noun a piece of their circulation, rates, frequency and software that enables computer users to other advertising services offered You have access to the Internet and World should consult BRAD first to find the Wide Web most suitable newspaper to carry our bubble card / b b(ə)l kɑ d/, bubble advertising. Abbr BRAD (NOTE: the pack / b b(ə)l p k/ noun a type of comparable American publication is packaging, where the item for sale is Standard Rate and Data Service) covered by a stiff plastic sheet sealed to broadband / brɔ db nd/ noun a data a card backing transmission system that allows large bubble wrap / b b(ə)l r p/ noun a amounts of data to be transferred very sheet of clear plastic with bubbles of air quickly in it, used as a protective wrapping broadcast / brɔ dkɑ st/ noun a radio material or TV programme í verb to send out on bucket shop / b kt ʃɒp/ noun 1. radio or TV an firm of brokers or dealers that sells shares that may be worthless 2. a firm

budget 30 bulky that sells cheap airline or other travel budget surplus / b d t s pləs/ tickets noun a situation where there is more ‘…at last something is being done about the revenue than was planned for in the thousands of bucket shops across the nation that budget sell investment scams by phone’ [Forbes Magazine] budget variance / b d t veəriəns/ noun the difference between budget / b d t/ noun 1. a plan of ex- the cost as estimated for a budget and pected spending and income for a period the actual cost of time We have agreed the budgets building materials / bldŋ for next year. 2. the Budget the an- mə təriəlz/ plural noun materials used nual plan of taxes and government in building, e.g. bricks and cement spending proposed by a finance minister. In the UK, this is the Chancellor of building permit / bldŋ p mt/ the Exchequer. The minister put for- noun an official document which allows ward a budget aimed at boosting the someone to build on a piece of land economy. to balance the budget to build-up approach / bld p plan income and expenditure so that ə prəυtʃ/ noun a method of calculating they balance The president is plan- the budget for promotion by determin- ning for a balanced budget. 3. (in ing the tasks that have to be carried out shops) cheap budget prices low and estimating the costs of performing prices í verb to plan probable income them and expenditure We are budgeting for £10,000 of sales next year. built-in / blt n/ adjective forming part of the system or of a machine The ‘…he budgeted for further growth of 150,000 jobs (or 2.5 per cent) in the current financial PC has a built-in modem. The ac- year’ [Sydney Morning Herald] counting system has a series of built-in checks. ‘…the Federal government’s budget targets for employment and growth are within reach built-in obsolescence / blt n according to the latest figures’ ɒbsə les(ə)ns/ noun a method of ensur- [Australian Financial Review] ing continuing sales of a product by budget account / b d t ə kaυnt/ making it in such a way that it will soon noun a bank account where you plan in- become obsolete come and expenditure to allow for peri- bulk /b lk/ noun a large quantity of ods when expenditure is high, by paying goods in bulk in large quantities to a set amount each month buy rice in bulk budgetary / b d t(ə)r/ adjective bulk buying /b lk baŋ/ noun get- referring to a budget ting large quantities of goods at low budgetary control / b d t(ə)ri prices kən trəυl/ noun controlled spending ac- bulk carrier /b lk k riə/ noun a cording to a planned budget ship which carries large quantities of budgetary policy / b d t(ə)ri loose goods such as corn or coal pɒlsi/ noun the policy of planning in- bulk discount /b lk dskaυnt/ come and expenditure noun a discount given to a purchaser budgetary requirements who buys in bulk / b d t(ə)ri r kwaəmənts/ plural bulk rate / b lk ret/ noun a cheap noun the rate of spending or income re- rate offered to advertisers who take quired to meet the budget forecasts large amounts of advertising space budget department / b d t d- bulk shipment /b lk ʃpmənt/ pɑ tmənt/ noun a department in a noun a shipment of large quantities of large store which sells cheaper goods goods budgeting / b d tŋ/ noun the prep- bulky / b lki/ adjective large and awk- aration of budgets to help plan expendi- ward The Post Office does not accept ture and income bulky packages.

bulldog 31 business efficiency exhibition bulldog / bυldɒ / noun the first edi- business address / bzns ə dres/ tion of a daily newspaper noun the details of number, street and bulletin / bυlətn/ noun a short note, town where a company is located newsletter or report, issued regularly business agent / bzns ed ənt/ Bulletins were regularly sent to the noun US the chief local official of a sales force. The bulletin contained trade union sales figures for the month. business call / bzns kɔ l/ noun a bulletin board / bυltn bɔ d/, no- visit to talk to someone about business tice board noun a website that allows business card / bzns kɑ d/ noun a members of an interest group to ex- card showing a businessperson’s name change emails, chat online, and access and the name and address of the com- software pany they work for bumper sticker / b mpə stkə/ business case / bzns kes/ noun a noun an advertising sticker put onto the statement that explains why a particular bumper of a car course of action would be advantageous bundle / b nd(ə)l/ verb to market a or profitable to an organisation (NOTE: A package that contains various products business case depends on the prepa- or services at a special price ration and presentation of a viable business plan and is intended to weed bundling / b ndlŋ/ noun putting out ideas that may seem promising but several items together to form a package have no real long-term value to an or- deal, especially offering software as part ganisation.) of the purchase of computer hardware business centre / bzns sentə/ buppies / b piz/ plural noun young noun the part of a town where the main professional people with relatively high banks, shops and offices are located incomes (NOTE: Short for Black Up- business class / bzns klɑ s/ noun wardly-Mobile Professionals) a type of airline travel which is less ex- burst /b st/ noun a large number of pensive than first class and more com- advertisements for a product placed fortable than economy class over a short period Shall we go for a business community / bzns kə- burst or for a more prolonged mju nti/ noun the business people liv- campaign? ing and working in the area business / bzns/ noun 1. work in business computer / bzns kəm- buying or selling business is expand- pju tə/ noun a powerful small coming We do a lot of business with Ja- puter programmed for special business pan. Business is slow. Repairing uses cars is 90% of our business. We did business correspondence more business in the week before / bzns kɒr spɒndəns/ noun letters Christmas than we usually do in a concerned with a business month. Strikes are very bad for business. What’s your line of business? business correspondent / bzns to be in business to run a commercial kɒr spɒndənt/ noun a journalist who firm on business doing commercial writes articles on business news for work He had to go abroad on busi- newspapers ness. The chairman is in Holland on business cycle / bzns sak(ə)l/ business. 2. a commercial company noun the period during which trade ex- He owns a small car repair business. pands, slows down and then expands She runs a business from her home. again He set up in business as an insurance business efficiency exhibition broker. 3. affairs discussed The main / bzns  fʃ(ə)nsi eks bʃ(ə)n/ noun business of the meeting was finished by an exhibition which shows products 3 p.m. such as computers and word-processors which help businesses to be efficient

business environment 32 buy classes business environment / bzns n- ten used when trying to raise a loan, or varənmənt/ noun the elements or fac- when setting up a new business tors outside a business organisation business portfolio analysis which directly affect it, such as the sup- / bzns pɔ t fəυliəυ ə n ləss/ noun ply of raw materials and product de- a method of categorising a firm’s prod- mand The unreliability of supplies is ucts according to their relative competi- one of the worst features of our business tive position and business growth rate in environment. order to lay the foundations for sound business equipment / bzns strategic planning  kwpmənt/ noun the machines used business publication / bzns in an office p blkeʃ(ə)n/ noun a magazine or business expenses / bzns k- newspaper which is only concerned spensz/ plural noun money spent on with business matters, e.g. trade journals running a business, not on stock or business-to-business / bzns tə assets bzns/ noun full form of B2B business game / bzns em/ noun business-to-business advertis- a game, often run on a computer, in ing / bzns tə bzns dvətazŋ/ which individuals or teams compete to noun advertising aimed at businesses, do business in an imaginary market not at households or private purchasers Students on management courses are often asked to take part in business games business-to-consumer / bzns tə kən sju mə/ noun full form of B2C to improve their decision-making skills. business transaction / bzns business gift / bzns ft/ noun a tr n z kʃən/ noun an act of buying or present received by a customer, either selling attached to a product bought or given to him by the retailer or producer on proof business unit / bzns ju nt/ noun of purchase of a minimum quantity of a unit within an organisation that oper- goods ates as a separate department, division or stand-alone business and is usually business hours / bzns aυəz/ plu- treated as a separate profit centre ral noun the time when a business is open, usually 9.00 a.m. to 5.30 p.m. busy season / bzi si z(ə)n/ noun the period when a company is busy business intelligence / bzns n- teld (ə)ns/ noun information that buy /ba/ verb to get something by pay- may be useful to a business when it is ing money to buy wholesale and sell planning its strategy retail to buy for cash He bought 10,000 shares. The company has been business letter / bzns letə/ noun bought by its leading supplier. (NOTE: a letter which deals with business buying- bought) buy one get one matters free giving free gifts to customers such business mailing list / bzns as one free item for each one bought. melŋ lst/ noun a list of names and Abbr bogof addresses of businesses buy back / ba b k/ verb to buy businessman / bznsm n/, busi- something which you sold earlier She nesswoman / bzns wυmən/ noun a sold the shop last year and is now trying man or woman engaged in business to buy it back. business park / bzns pɑ k/ noun a buy-back agreement / ba b k group of small factories or warehouses, ə ri mənt/ noun an agreement that a especially near a town He has rented producer will buy back goods from a a unit in the local business park. distributor on a specific date if the dis- business plan / bzns pl n/ noun tributor has not been able to sell them a document drawn up to show how a buy classes / ba klɑ sz/ plural business is planned to work, with cash noun categories of buying based on how flow forecasts, sales forecasts, etc., of- much the purchasing decisions of an or-

buyer 33 by-line ganisation have changed from the time peting products, especially when pur- of the previous purchase chasing industrial supplies buyer / baə/ noun 1. a person who buy in / ba n/ verb (of a seller at an buys there were no buyers no one auction) to buy the thing which you are wanted to buy 2. a person who buys trying to sell because no one will pay stock on behalf of a trading organisation the price you want for resale or for use in production 3. in buying / baŋ/ noun the act of getting B2B selling, a person who has made a something for money commitment to buy, but has not final- buying agent / baŋ ed ənt/ noun ised the deal a person who buys for a business or another person, and earns a commission buyer expectation / baə ekspek- Our buying agent is presently looking teʃ(ə)n/ noun same as customer for materials in Portugal. The buying expectation agent knows a whole network of suppli- buyer’s guide / baəz ad/ noun a ers round the country. book or pamphlet which gives advice to buying department / baŋ d- purchasers on the prices, availability pɑ tmənt/ noun the department in a and reliability of products or services company which buys raw materials or buyer’s market / baəz mɑ kt/ goods for use in the company noun a market where products are sold buying habits / baŋ h bts/ cheaply because there are few people plural noun the general way in which who want to buy them (NOTE: the oppo- some people select and buy goods site is a seller’s market) buying power / baŋ paυə/ noun buyer’s risk / baəz rsk/ noun the the ability to buy The buying power of risk taken by a buyer when accepting the pound has fallen over the last five goods or services without a guarantee years. buyer’s surplus / baəz s pləs/ buying service / baŋ s vs/ noun an agency which buys advertising space noun an extra margin generated when or time for its clients an item is bought at a higher discount than usual When the brand manager buy phases / ba fezz/ plural noun realised how great the buyer’s surplus phases in the buying of industrial prod- was, she decided to lower the price of ucts. The main phases are the recognition of a want, the identification of a the product. product, comparison with other compet- buy forward /ba fɔ wəd/ verb to ing products on the market, evaluation buy foreign currency before you need it, of possible courses of action and final in order to be sure of the exchange rate decision-making. buy grid / ba rd/ noun a method by-line / ba lan/ noun the journal- used for objective assessment of com- ist’s name which appears before a newspaper report

C2C commerce 34 cancellation clause C C2C commerce / si tə si kɒm s/ call divert noun a telephone facility in same as consumer-to-consumer which calls are automatically switched commerce from one number to another CA abbr Consumers Association call frequency / kɔ l fri kwənsi/ noun the number of times a salesperson cabinet / k bnət/ noun a display visits a specific customer during a pe- case for goods for sale, especially frozen riod of time food call in / kɔ l n/ verb 1. to visit cable television / keb(ə)l tel- Their sales representative called in v (ə)n/, cable TV / keb(ə)l ti vi / twice last week. 2. to telephone to make noun a television service which a contact We ask the reps to call in ev- viewer receives via a cable from a par- ery Friday to report the weeks’ sales. ticular station and pays for on calling line identification / kɔ lŋ subscription lan adentf keʃ(ə)n/ noun com- caging / ked ŋ/ noun the handling puter telephony integration of cash and cheques in a direct-mail call letters / kɔ l letəz/ plural noun operation US a series of letters used to identify a call /kɔ l/ noun a visit The sales reps radio station make six calls a day. í verb to call on call rate / kɔ l ret/ noun the number someone to visit someone Our sales of calls per day or per week which a people call on their best accounts twice salesperson makes on customers a month. call report / kɔ l r pɔ t/ noun a recall bird / kɔ l b d/ noun a port made by a salesperson after a visit low-priced product advertised to attract to a customer In his call report, the customers to the point-of-sale where sales rep explained why he was experi- they can then be sold more profitable encing sales resistance. The call re- goods We need a call bird to bring ports have to be handed in each week to round more customers. the sales manager. call centre / kɔ l sentə/ noun a de- call to action / kɔ l tυ kʃ(ə)n/ partment or business that operates a noun a prompt which encourages a po- large number of telephones and special- tential Internet purchaser to do some- ises in making calls to sell products or in thing such as click to see a range of receiving calls from customers to colours helplines or information or after-sales camp /k mp/ verb to camp on the services (NOTE: A call centre often acts line to have to wait on hold for a long as the central point of contact between time until someone answers your tele- an organisation and its customers.) phone call call cycle / kɔ l sak(ə)l/ noun the campaign /k m pen/ noun a series time between a salesperson’s visits to of co-ordinated activities to reach an the same customer Because we now objective have more customers to deal with, call cancellation clause / k nsə- cycles are getting longer. leʃ(ə)n klɔ z/ noun a clause in a con-

cancellation date 35 capitalist tract which states the terms on which the ‘…issued and fully paid capital is $100 million, contract may be cancelled comprising 2340 shares of $100 each and 997,660 ordinary shares of $100 each’ cancellation date / k nsə leʃ(ə)n [Hongkong Standard] det/ noun the final date by which an capital account / k pt(ə)l advertisement must be cancelled if the ə kaυnt/ noun an account of dealings advertiser does not wish to proceed such as money invested in or taken out canned presentation / k nd of the company by the owners of a prez(ə)n teʃ(ə)n/ noun a standard company sales presentation which some salespeo- capital allowances / k pt(ə)l ple use all the time When trainee sales ə laυənsz/ plural noun the allowances reps are not sure how to approach cus- based on the value of fixed assets which tomers they fall back on canned presen- may be deducted from a company’s tations. The sales manager feels that profits and so reduce its tax liability the artificiality of canned presentations COMMENT: Under current UK law, depre- makes them ineffective. ciation is not allowable for tax on profits, cannibalisation / k nbəla- whereas capital allowances, based on the zeʃ(ə)n/, cannibalization, cannibal- value of fixed assets owned by the com- ism / k nbəlz(ə)m/ noun a situation pany, are tax-allowable. where a company launches a new prod- capital assets / k pt(ə)l sets/ uct which sells well at the expense of plural noun the property, machines, etc., another established product Though which a company owns and uses but the new product sold well, the resultant which the company does not buy and cannibalisation damaged the company’s sell as part of its regular trade overall profits for the year. Cannibal- capital city / k pt(ə)l sti/ noun ism became a real problem because the the main city in a country, where the new product made the existing line seem government is located obsolete. capital gain / k pt(ə)l en/ noun canvass / k nvəs/ verb to visit peo- an amount of money made by selling a ple to ask them to buy goods, to vote or fixed asset to say what they think He’s canvassing for customers for his hairdresser’s capital gains tax / k pt(ə)l enz shop. We’ve canvassed the staff about t ks/ noun a tax paid on capital gains. raising the prices in the staff restaurant. Abbr CGT capital goods / k pt(ə)l υdz/ plu- canvasser / k nvəsə/ noun a person ral noun machinery, buildings and raw who canvasses materials which are used to make other canvassing / k nvəsŋ/ noun the goods practice of asking people to buy, to vote, capital-intensive industry or to say what they think door-to-door / k pt(ə)l n tensv ndəstri/ noun canvassing canvassing techniques an industry which needs a large amount capital / k pt(ə)l/ noun 1. the of capital investment in plant to make it money, property and assets used in a work business a company with £10,000 capitalise on / k pt(ə)laz ɒn/ verb capital or with a capital of £10,000 to make a profit from We are seeking capital structure of a company the to capitalize on our market position. way in which a company’s capital is made up from various sources 2. money capitalism / k pt(ə)lz(ə)m/ noun owned by individuals or companies, the economic system in which each per- used for investment movements of son has the right to invest money, to capital changes of investments from work in business, and to buy and sell, one country to another flight of capi- with no restriction from the state tal the rapid movement of capital out of capitalist / k pt(ə)lst/ adjective one country because of lack of confi- working according to the principles of dence in that country’s economic future capitalism the capitalist system the

capitalist economy 36 cargo capitalist countries or world í noun a sell unwanted items from the back of person who invests capital in business their cars enterprises car card / kɑ kɑ d/ noun an adver- capitalist economy / k pt(ə)lst tisement display card which is placed in  kɒnəmi/ noun a system where each a vehicle such as a bus, taxi or train person has the right to invest money, to card /kɑ d/ noun 1. a small piece of work in business, and to buy and sell, cardboard or plastic, usually with infor- with no restrictions from the state mation printed on it He showed his capital levy / k pt(ə)l levi/ noun a staff card to get a discount in the store. tax on the value of a person’s property 2. a printed piece of cardboard with in- and possessions formation on it capital loss / k pt(ə)l lɒs/ noun a ‘…ever since October, when the banks’ base rate climbed to 15 per cent, the main credit card loss made by selling assets (NOTE: The issuers have faced the prospect of having to opposite is capital gain.) push interest rates above 30 per cent APR. Though store cards have charged interest at capital transfer tax / k pt(ə)l much higher rates than this for some years, 30 tr nsf t ks/ noun formerly, a tax per cent APR is something the banks fight shy on gifts or bequests of money or of’ [Financial Times Review] property card deck / kɑ d dek/ noun a series captain / k ptn/ noun same as of small cards, advertising different channel captain products or services, which are mailed caption / k pʃən/ noun a short de- as a pack in a plastic envelope to pro- scription at the bottom of an illustration spective customers or photograph Having no caption at cardholder / kɑ d həυldə/ noun an the bottom of the illustration created individual or company that has an ac- more reader interest in the product. It count with a credit card company and took the copywriter days to think of a whose name usually appears on the card suitable caption for the photograph. card-issuing bank / kɑ d sjuŋ captive audience / k ptv b ŋk/ noun same as issuer ɔ diəns/ noun the people who cannot card-not-present merchant ac- avoid being exposed to an advertise- count / kɑ d nɒt prez(ə)nt m tʃənt ment Advertisers like to have their ə kaυnt/ noun an account that enables posters in underground stations where businesses operating on the web to re- there is a large captive audience. ceive payments by credit card without captive market / k ptv mɑ kt/ the buyer or card being physically pres- noun a market where one supplier has a ent when the transaction is made monopoly and the buyer has no choice card rate / kɑ d ret/ noun an adver- over the product which they must tising charge which is based on the purchase charges listed in a rate card, i.e. without capture / k ptʃə/ verb to take or get any discounts. escalator card, control of something to capture 10% showcard of the market to sell hard, and so take a careline / keəlan/ noun a telephone 10% market share to capture 20% of number which links people to services a company’s shares to buy shares in a which can help them such as social ser- company rapidly and so own 20% of it vices departments, hospitals, or a simi- car assembly plant / kɑ r ə sembli lar service offered by shops to their plɑ nt/ noun a factory where cars are customers put together from parts made in other cargo / kɑ əυ/ noun a load of goods factories which are sent in a ship or plane, etc. car boot sale / kɑ bυt sel/ noun a the ship was taking on cargo it was be- type of jumble sale, organised in a large ing loaded with goods to load cargo car park or sports field, where people to put cargo on a ship

cargo liner 37 cash and carry cargo liner / kɑ əυ lanə/ noun a ter it has happened The carry-over ef- cargo ship with a regular schedule If fect of the currency devaluation was a the cargo liner’s schedule doesn’t suit good few years of lucrative exporting. us, we’ll have to charter a ship. The The political unrest in our key export cargo liner makes regular trips between markets had disastrous carry-over ef- Southampton and Lisbon. fects on our international marketing. cargo ship / kɑ əυ ʃp/ noun a ship cart /kɑ t/ noun a flat open goods vehi- which carries cargo, not passengers cle pulled by a horse car mart / kɑ mɑ t/ noun US a sec- cartage / kɑ td / noun carrying ondhand car salesroom goods by road carnet / kɑ ne/ noun an international cartel /kɑ tel/ noun a group of com- document which allows dutiable goods panies which try to fix the price or to to cross several European countries by regulate the supply of a product so that road without paying duty until the goods they can make more profit reach their final destination carter / kɑ tə/ noun a person who carriage / k rd / noun 1. the trans- transports goods by road porting of goods from one place to an- carton / kɑ t(ə)n/ noun a box made of other to pay for carriage 2. the cost of cardboard a carton of milk transport of goods to allow 10% for case /kes/ noun a cardboard or carriage Carriage is 15% of the total wooden box for packing and carrying cost. carriage free a deal where the goods six cases of wine six boxes, customer does not pay for the shipping each containing twelve bottles carriage paid a deal where the seller has paid for the shipping carriage case study / kes st d/ noun a true prepaid a note showing that the trans- or invented business situation used in port costs have been paid in advance business training to practise decision-making The marketing case carrier / k riə/ noun 1. a company study consisted of a long history of the which transports goods We only use company, the present situation and a reputable carriers. 2. a vehicle or ship choice of strategic plans. The case which transports goods study was about territory-planning in a carrier bag / k riə b / noun a city in which there were a number of ac- shopping bag made of strong paper counts of varying importance. carrier’s risk / k riəz rsk/ noun cash /k ʃ/ noun 1. money in coins or the responsibility of a carrier to pay for notes 2. using money in coins or notes damage or loss of goods being shipped to pay cash down to pay in cash imme- carry / k ri/ verb 1. to take from one diately í verb to cash a cheque to ex- place to another a tanker carrying oil change a cheque for cash from the Gulf The truck was carrying cashable / k ʃəb(ə)l/ adjective goods to the supermarket. The train which can be cashed A crossed was carrying a consignment of cars for cheque is not cashable at any bank. export. 2. to keep in stock to carry a cash account / k ʃ ə kaυnt/ noun line of goods We do not carry pens. an account which records the money (NOTE: carries- carrying- carried) which is received and spent carrying / k riŋ/ noun transporting cash advance /k ʃ əd vɑ ns/ noun from one place to another carrying a loan in cash against a future payment charges carrying cost cash against documents / k ʃ carry over / k ri əυvə/ verb to ə enst dɒkjυmənts/ noun a system carry over a balance to take a balance whereby a buyer receives documents for from the end of one page or period to the goods on payment of a bill of the beginning of the next exchange carry-over effect / k ri əυvər cash and carry / k ʃ ən k ri/  fekt/ noun the effect of something af- noun a large store selling goods at low

cashback 38 catalogue prices, where the customer pays cash cash flow forecast / k ʃ fləυ and takes the goods away immediately fɔ kɑ st/ noun a forecast of when cash We get our supplies every morning will be received or paid out from the cash and carry. cash flow statement / k ʃ fləυ ‘…the small independent retailer who stocks up stetmənt/ noun a report which shows using cash and carries could be hit hard by the cash sales and purchases loss of footfall associated with any increase in smuggled goods’ [The Grocer] cashier /k ʃə/ noun 1. a person who takes money from customers in a shop cashback / k ʃb k/ noun a discount or who deals with the money that has system where a purchaser receives a been paid 2. a person who deals with cash discount on the completion of the customers in a bank and takes or gives purchase cash at the counter cash balance / k ʃ b ləns/ noun a cash in hand / k ʃ n h nd/ noun balance in cash, as opposed to amounts money and notes, kept to pay small owed amounts but not deposited in the bank cash book / k ʃ bυk/ noun a book cash items / k ʃ atəmz/ plural which records cash received and paid noun goods sold for cash out cash offer / k ʃ ɒfə/ noun an offer cash budget / k ʃ b d t/ noun a to pay in cash, especially an offer to pay plan of cash income and expenditure cash when buying shares in a takeover cash card / k ʃ kɑ d/ noun a plastic bid card used to obtain money from a cash cash on delivery / k ʃ ɒn d- dispenser lv(ə)ri/ noun payment in cash when cash cow / k ʃ kaυ/ noun a product goods are delivered. Abbr COD or subsidiary company that consistently cash payment / k ʃ pemənt/ generates good profits but does not pro- noun payment in cash vide growth cash purchase / k ʃ p tʃəs/ noun cash deal / k ʃ di l/ noun a sale done a purchase made in cash for cash cash register / k ʃ red stə/ noun cash desk / k ʃ desk/ noun the a machine which shows and adds the place in a store where you pay for the prices of items bought, with a drawer for goods bought keeping the cash received cash discount /k ʃ dskaυnt/ cash sale / k ʃ sel/ noun a transaction paid for in cash noun a discount given for payment in cash cash terms / k ʃ t mz/ plural noun lower terms which apply if the customer cash dispenser / k ʃ d spensə/ pays cash noun a machine which gives out money when a special card is inserted and in- cash till / k ʃ tl/ noun same as cash structions given register cash float / k ʃ fləυt/ noun cash put cash transaction / k ʃ tr n- into the cash box at the beginning of the z kʃən/ noun a transaction paid for in day or week to allow change to be given cash to customers cash up / k ʃ p/ verb to add up the cash in a shop at the end of the day cash flow / k ʃ fləυ/ noun cash which comes into a company from sales cash voucher / k ʃ vaυtʃə/ noun a (cash inflow) or the money which goes piece of paper which can be exchanged out in purchases or overhead expendi- for cash With every £20 of purchases, ture (cash outflow) the company is the customer gets a cash voucher to the suffering from cash flow problems value of £2. cash income is not coming in fast catalogue / k t(ə)lɒ / noun a publi- enough to pay the expenditure going out cation which lists items for sale, usually

catalogue house 39 centralised system showing their prices an office equip- buys is in good order. same as let the ment catalogue They sent us a cata- buyer beware logue of their new range of products. ‘…the idea that buyers at a car boot sale should (NOTE: American English is usually have any rights at all is laughable. Even those who do not understand Latin know that caveat catalog) í verb to put an item into a emptor is the rule’ [Times] catalogue (NOTE: American English is usually catalog) CCTV abbr closed circuit television catalogue house / k t(ə)lɒ haυs/ Ceefax / si f ks/ noun teletext ser- noun a company which mainly or solely vices broadcast by the BBC sells by catalogue ceiling / si lŋ/ noun the highest point catalogue price / k t(ə)lɒ pras/ that something can reach, e.g. the high- noun a price as marked in a catalogue or est rate of interest or the largest amount list of money which a depositor may deposit to fix a ceiling for a budget There is catalogue store / k t(ə)lɒ stɔ /, a ceiling of $100,000 on deposits. catalogue showroom / k t(ə)lɒ Output reached its ceiling in June and ʃəυru m/ noun a shop where custom- has since fallen back. ers can examine a catalogue and choose goods from it census / sensəs/ noun an official count of a country’s population, includ- catchment area / k tʃmənt eəriə/ ing such data as the age, sex, and occu- noun the area around a shop or shopping pation of individuals The market centre, where the customers live research department made a careful catchpenny / k tʃpeni/ noun an ar- study of the census in different areas of ticle which has only superficial appeal, the country to see where demand would but which attracts buyers A closer be highest. distribution census look at the doll showed it to be just a central / sentrəl/ adjective organised shoddily made catchpenny. by one main point category extension / k t (ə)ri ‘…central bankers in Europe and Japan are k stenʃən/ noun the applying of an ex- reassessing their intervention policy’ [Duns Business Month] isting brand name to a new product category centralise / sentrəlaz/, centralize category management verb to organise from a central point / k t (ə)ri m nd mənt/ noun a All purchasing has been centralised in system where managers have responsi- our main office. The group benefits bility for the marketing of a particular from a highly centralised organisational category or line of products structure. The company has become very centralised, and far more staff caterer / ketərə/ noun a person or work at headquarters. company that supplies food and drink, especially for parties centralised distribution / sentrəlazd dstr bju ʃ(ə)n/ noun a cater for / ketə fɔ / verb to deal with system of distribution of goods to retail or provide for The store caters mainly stores in a chain, from a central or local for overseas customers. warehouse, so avoiding direct distribu- catering / ketərŋ/ noun supplying tion from the manufacturer, and making food and drink for a party etc. í adjec- stock control easier tive catering for which provides for centralised organisational a store catering for overseas visitors structure / sentrəlazd ɔ əna- catering trade / ketərŋ tred/ zeʃ(ə)n(ə)l str ktʃə/ noun a method noun the food trade, especially busi- of organising international advertising nesses supplying food that is ready to and promotion where all decisions are eat made in a company’s central office caveat emptor / k vi t emptɔ / centralised system / sentrəlazd phrase meaning that the buyer is respon- sstəm/ noun a system where advertis- sible for checking that what he or she ing and other marketing activities are

central office 40 channel strip run from one central marketing challenger / tʃ lnd ə/ noun a com- department pany which challenges other companies central office / sentrəl ɒfs/ noun which are already established in the the main office which controls all marketplace smaller offices channel / tʃ nl/ noun a means by Central Office of Information which information or goods pass from / sentrəl ɒfs əv nfə meʃ(ə)n/ a one place to another to go through British government organisation which the official channels to deal with gov- provides a publicity service and advice ernment officials, especially when mak- on international trade for British compa- ing a request to open up new nies wishing to export. Abbr COI channels of communication to find new ways of communicating with some- central purchasing / sentrəl one channels of influence the ways in p tʃsŋ/ noun purchasing organised which a company can influence con- by a central office for all branches of a sumers to buy their products, i.e. per- company sonal influence channels such as centre spread / sentə spred/ noun salesmen, or non-personal channels two facing pages in the centre of a such as press advertising Owing to newspaper or magazine used by an ad- lack of capital there were not many vertiser for one advertisement The channels of influence open to the com- whole centre spread for three days cost pany. It was decided that personal the advertiser £150,000. The centre selling was the most effective channel of spread was taken up with a large adver- influence for such a specialised product. tisement for a new model of car. channel captain / tʃ n(ə)l certificate of approval /sə tfkət k ptn/ noun a business which con- əv ə pru v(ə)l/ noun a document show- trols or has the most influence in a dis- ing that an item has been approved tribution channel The production officially company became a channel captain by certificate of origin /sə tfkət əv acquiring a number of important retail ɒrd n/ noun a document showing outlets. Only businesses with enough where imported goods come from or financial resources to acquire other were made companies can become channel captains. certified public accountant / s tfad p blk ə kaυntənt/ noun channel communications / tʃ n(ə)l kəmju n keʃ(ə)ŋz/ plural US an accountant who has passed pro- noun communications to a marketing fessional examinations channel such as the company’s sales CGT abbr capital gains tax force or to selected retailers chain /tʃen/ noun a series of stores or channel management / tʃ n(ə)l other businesses belonging to the same m nd mənt/ noun the managing of a company a chain of hotels or a hotel marketing channel and the business chain the chairman of a large partners which form part of it do-it-yourself chain He runs a chain channel members / tʃ n(ə)l of shoe shops. She bought several garden centres and gradually built up a membəz/ plural noun the various com- chain. panies which form a distribution channel ‘…the giant US group is better known for its chain of cinemas and hotels rather than its channel power / tʃ n(ə)l paυə/ involvement in shipping’ [Lloyd’s List] noun the influence which one company chairman and managing direc- in a trading channel has over the other tor / tʃeəmən ən m nd ŋ da- companies in the channel rektə/ noun a managing director who channel strip / tʃ n(ə)l strp/ noun is also chairman of the board of the front edge of a shelf on which details directors

channel support 41 cheque of the products displayed can be put chart /tʃɑ t/ noun a diagram display- such as price, weight, code numbers ing information as a series of lines, channel support / tʃ n(ə)l sə pɔ t/ blocks, etc. noun support given to a marketing chan- charter / tʃɑ tə/ noun hiring transport nel, that is to the people or companies for a special purpose boat on charter that help to sell the product to Mr Smith a boat which Mr Smith has hired for a voyage í verb to hire for a character / k rktə/ noun a letter, special purpose to charter a plane or number or sign used in typesetting, e.g. a boat or a bus a letter of the alphabet, a number or a punctuation mark chartered / tʃɑ təd/ adjective a chartered ship, bus, plane a ship, bus charge /tʃɑ d / noun 1. money which or plane which has been hired for a spe- must be paid, or price of a service to cial purpose make no charge for delivery to make a small charge for rental There is no charterer / tʃɑ tərə/ noun a person charge for this service or No charge is who hires a ship etc. for a special made for this service. charges for- purpose ward charges which will be paid by the charter flight / tʃɑ tə flat/ noun a customer 2. a debit on an account It flight in an aircraft which has been hired appears as a charge on the accounts. í for that purpose verb 1. to ask someone to pay for ser- chartering / tʃɑ tərŋ/ noun the act vices later to charge the packing to of hiring for a special purpose the customer or to charge the cus- charter party / tʃɑ tə pɑ t/ noun a tomer with the packing the customer contract between the owner and the has to pay for packing 2. to ask for charterer of a ship money to be paid to charge £5 for delivery How much does he charge? charter plane / tʃɑ tə plen/ noun a plane which has been chartered ‘…traveller’s cheques cost 1% of their face value – some banks charge more for small cheap money /tʃi p m ni/ noun amounts’ [Sunday Times] money which can be borrowed at a low chargeable / tʃɑ d əb(ə)l/ adjective rate of interest which can be charged repairs charge- checkbook / tʃekbυk/ noun US able to the occupier spelling of cheque book charge account / tʃɑ d ə kaυnt/ checklist / tʃeklst/ noun a list of noun an arrangement which a customer points which have to be checked before has with a store to buy goods and to pay something can be regarded as finished, for them at a later date, usually when the or as part of a procedure for evaluating invoice is sent at the end of the month something (NOTE: The customer will make regular checkout / tʃekaυt/ noun the place monthly payments into the account where goods are paid for in a shop or su- and is allowed credit of a multiple of permarket We have opened two more those payments.) checkouts to cope with the Saturday charity / tʃ rt/ noun an organisation rush. which offers free help or services to checkout staff / tʃekaυt stɑ f/ those in need Because the organisa- noun the people who work at checkouts tion is a charity it does not have to pay check sample / tʃek sɑ mp(ə)l/ taxes. The charity owes its success to noun a sample to be used to see if a con- clever marketing strategies in its signment is acceptable fund-raising. cheque /tʃek/ noun a note to a bank charity shop / tʃ rti ʃɒp/ noun a asking them to pay money from your ac- shop organised by a charity, usually count to the account of the person paying low rent and manned by volun- whose name is written on the note a teer staff, selling second-hand or spe- cheque for £10 or a £10 cheque (NOTE: cially bought products American English is usually check)

cheque account 42 city centre cheque to the bearer a cheque with no churn rate / tʃ n ret/ noun 1. a name written on it, so that the person measurement of how often new custom- who holds it can cash it to endorse a ers try a product or service and then stop cheque to sign a cheque on the back to using it 2. a measurement of how many show that you accept it to pay a stocks and bonds are traded in a broker- cheque into your account to deposit a age account and how often they are cheque the bank referred the cheque traded to the drawer it returned the cheque to c.i.f. abbr cost, insurance and freight the person who wrote it because there cinema advertising / snmə was not enough money in the account to dvətazŋ/ noun advertising by short pay it to sign a cheque to sign on the films or still messages on cinema front of a cheque to show that you screens authorise the bank to pay the money circular / s kjυlə/ adjective sent to from your account to stop a cheque to many people í noun a leaflet or letter ask a bank not to pay a cheque which sent to many people They sent out a has been signed and sent circular offering a 10% discount. cheque account / tʃek ə kaυnt/ circularise / s kjυləraz/, circular- noun a bank account which allows the ize verb to send a circular to The com- customer to write cheques mittee has agreed to circularise the cheque book / tʃek bυk/ noun a members of the society. They circular- booklet with new blank cheques (NOTE: ised all their customers with a new list American English is usually of prices. checkbook) circular letter / s kjυlə letə/ noun cheque (guarantee) card / tʃek a letter sent to many people rən ti kɑ d/ noun a plastic card circular letter of credit / s kjυlə from a bank which guarantees payment letər əv kredt/ noun a letter of credit of a cheque up to a specific amount, sent to all branches of the bank which even if there is no money in the account issues it cherry-picking / tʃeri pkŋ/ noun circulate / s kjυlet/ verb 1. to 1. going from shop to shop or from sup- circulate freely (of money) to move plier to supplier, looking for special bar- about without restriction by the govern- gains Cherry-picking has become so ment 2. to send information to They widespread that prices may be forced circulated a new list of prices to all their down. 2. choosing only the best or most customers. They circulated informa- valuable items from among a group tion about job vacancies to all colleges in the area. churn /tʃ n/ verb 1. to persuade an investor to change the shares in his or circulation / s kjυ leʃ(ə)n/ noun the number of readers of a newspaper or her portfolio frequently because the bro- magazine. It is audited and is not the ker is paid every time the investor buys same as ‘readership’. a new share 2. to be in a situation where ‘…the level of currency in circulation increased many employees stay for only a short to N4.9 billion in the month of August’ time and then leave and have to be re- [Business Times (Lagos)] placed 3. to buy many different products circulation battle / s kjυ leʃ(ə)n or services one after the other without b t(ə)l/ noun a competition between showing loyalty to any of them (NOTE: two papers to try to sell more copies in Churning often happens when compa- the same market nies have competitive marketing strat- city / st/ noun a large town The egies and continually undercut their largest cities in Europe are linked by rivals’ prices. This encourages custom- hourly flights. ers to switch brands constantly in order to take advantage of cheaper or more city centre / sti sentə/ noun the attractive offers.) centre of a large town, usually where the main shops and offices are situated

CKD 43 clicks-and-mortar business CKD abbr Completely Knocked Down clean /kli n/ adjective straightforward products or with no complications claim form / klem fɔ m/ noun a clean acceptance /kli n ək- form which has to be filled in when septəns/ noun an unconditional accep- making an insurance claim tance of a bill of lading A clean acceptance ensures a quick and class /klɑ s/ noun a category or group uncomplicated transaction. into which things are classified clean bill of lading / kli n bl əv classification / kl sf keʃ(ə)n/ ledŋ/ noun a bill of lading with no noun arrangement into classes or cate- note to say the shipment is faulty or gories according to specific characteris- damaged tics the classification of employees by ages or skills Jobs in this organisa- clear /klə/ verb 1. to sell cheaply in tion fall into several classifications. order to get rid of stock ‘Demonstra- tion models to clear’ 2. to obtain a slot classified advertisements for broadcasting an advertisement / kl sfad əd v tsmənts/ plural clearance / klərəns/ noun to ef- noun advertisements listed in a newspa- fect customs clearance to clear goods per under special headings such as through customs ‘property for sale’ or ‘jobs wanted’ clearance sale / klərəns sel/ noun classified catalogue / kl sfad a sale of items at low prices to get rid of k t(ə)lɒ / noun a catalogue which stock groups articles into categories The classified catalogue is divided into two clear profit /klə prɒft/ noun profit sections, electrical and non-electrical after all expenses have been paid We products. The department store pub- made $6,000 clear profit on the deal. lishes a classified catalogue with a sec- clerical error / klerk(ə)l erə/ noun tion for each department. There is no a mistake made by someone doing of- entry for garden furniture in the classi- fice work fied catalogue. click /klk/ verb to press a key or but- classified directory / kl sfad ton on a keyboard or mouse da rekt(ə)ri/ noun a list of businesses click rate / klk ret/ noun same as grouped under various headings such as click-through rate computer shops or newsagents clicks and bricks / klks ən brks/ classified display advertising noun a way of doing business that com- / kl sfad ds ple dv tazŋ/ bines e-commerce and traditional shops noun advertising that, although it is clicks-and-mortar / klks ən classified, may also have individual fea- mɔ tə/ adjective conducting business tures such as its own box border or the both through e-commerce and also in company logo the traditional way in buildings such as classify / kl sfa/ verb to put into shops and warehouses (NOTE: Compare classes or categories according to spe- this term with bricks-and-mortar.) cific characteristics (NOTE: classfies- ‘…there may be a silver lining for classifying- classified) ‘clicks-and-mortar’ stores that have both an online and a high street presence. Many of these clause /klɔ z/ noun a section of a con- are accepting returns of goods purchased online tract There are ten clauses in the con- at their traditional stores. This is a service that may make them more popular as consumers tract of employment. There is a clause become more experienced online shoppers’ in this contract concerning the em- [Financial Times] ployer’s right to dismiss an employee. clicks-and-mortar business claused bill of lading / klɔ zd bl / klks ən mɔ tə bzns/ noun a busi- əv ledŋ/ noun a bill of lading stating ness that uses both e-commerce and that goods did not arrive on board in buildings such as shops to market its good condition products

click-through 44 closing sentence click-through / klk θru / noun an to deal in the area 4. to stop something act of clicking on a banner or other being open on-screen advertising that takes the user ‘Toronto stocks closed at an all-time high, through to the advertiser’s website posting their fifth straight day of advances in (NOTE: The number of times users click heavy trading’ [Financial Times] on an advertisement can be counted, closed /kləυzd/ adjective 1. not open and the total number of click-throughs for business, or not doing business is a way of measuring how successful The office is closed on Mondays. the advertisement has been.) These warehouses are usually closed to click-through rate / klk θru ret/ the public. 2. restricted noun a method of charging an advertiser closed circuit television / kləυzd for the display of a banner advertise- s kt tel v (ə)n/ noun a system ment on a website. Each time a visitor where TV is shown only to a small clicks on a displayed advertisement group of people within a limited area which links to the advertiser’s main site, such as a building. Abbr CCTV the advertiser is charged a fee. A closed market /kləυzd mɑ kt/ click-through rate of just a few percent noun a market where a supplier deals is common and most advertisers have to only with one agent or distributor and pay per thousand impressions of their does not supply any others direct They banner ad, sometimes written CTM signed a closed-market agreement with (click-through per thousand). (NOTE: an Egyptian company. The click-through rate is expressed as a percentage of ad views and is used close down / kləυz daυn/ verb to to measure how successful an adver- shut a shop, factory or service for a long tisement has been.) period or for ever The company is closing down its London office. The client / klaənt/ noun a person with accident closed down the station for a whom business is done or who pays for period. a service One of our major clients has ‘…the best thing would be to have a few more defaulted on her payments. plants close down and bring supply more in line client base / klaənt bes/ noun with current demand’ [Fortune] same as client list closing / kləυzŋ/ adjective 1. final or clientele / kli ɒn tel/ noun all the cli- coming at the end 2. at the end of an ac- ents of a business counting period At the end of the client list / klaənt lst/ noun a list of quarter the bookkeeper has to calculate clients of an advertising agency the closing balance. í noun the closing of an account the act of stopping clip /klp/ noun a short extract from a supply to a customer on credit film closing bid / kləυzŋ bd/ noun the clipping / klpŋ/ noun a piece cut out last bid at an auction, the bid which is from a publication which refers to an successful item of particular interest closing date / kləυzŋ det/ noun clipping service / klpŋ s vs/ the last date The closing date for ten- noun the service of cutting out refer- ders to be received is May 1st. ences to a client in newspapers or magazines and sending them to him closing-down sale / kləυzŋ daυn sel/ noun the sale of goods when a close /kləυs/ noun the end of a sales shop is closing for ever negotiation í verb 1. to bring to an end to close a sale to end a sales negotia- closing price / kləυzŋ pras/ noun tion and persuade a buyer to make a pur- the price of a share at the end of a day’s chase 2. to stop doing business for the trading day The office closes at 5.30. We closing sentence / kləυzŋ close early on Saturdays. 3. to close a sentəns/ noun the last sentence in a market to restrict a market to one agent marketing email which pushes the cus- or distributor, and refuse to allow others tomer to take action

closing stock 45 collateral closing stock / kləυzŋ stɒk/ noun between two sets of data on a continuum the details of stock at the end of an ac- from –1 to +1 counting period At the end of the cognitive dissonance / kɒ nətv month the closing stock was 10% higher dsənəns/ noun the feeling of dissatis- than at the end of the previous month. faction experienced by a person who closing technique / kləυzŋ tek- cannot reconcile apparently contradic- ni k/ noun a special technique of per- tory information, as when making buy- suasion used by salespeople to close ing decisions or comparing purchases sales The training manager demon- with the claims made for them in strated some presentation and closing advertising techniques. Most of our sales force cognitive processing / kɒ ntv develop their own selling methods, in- prəυsesŋ/ noun the way in which a cluding closing techniques. person changes external information closing time / kləυzŋ tam/ noun into patterns of thought and how these the time when a shop or office stops are used to form judgments or choices work cognitive responses / kɒ ntv r- closure / kləυ ə/ noun the act of spɒnsz/ plural noun thoughts that closing come to the mind of someone receiving club /kl b/ noun a group of people a message when reading or viewing a who have the same interest, or the place message where these people meet If you want COI abbr Central Office of Information the managing director, you can phone cold /kəυld/ adjective without being him at his club. She has applied to prepared join the sports club. ‘…the board is considering the introduction of a set of common provisions on unsolicited calls to cluster / kl stə/ noun a group of investors. The board is aiming to permit the cold things or people taken together calling of customer agreements for the provision cluster analysis / kl stər of services relating to listed securities. Cold calling would be allowed when the investor is ə n ləss/ noun a method whereby not a private investor’ [Accountancy] samples are classified into groups according to characteristics cold call /kəυld kɔ l/ noun a telephone call or sales visit where the sales- cluster sampling / kl stə person has no appointment and the sɑ mplŋ/ noun sampling on the basis client is not an established customer of well-defined groups Cluster sampling was used in the survey since there cold list / kəυld lst/ noun a list of were several very distinct groups in the names and addresses of people who population under study. have not been approached before by a seller clutter / kl tə/ noun masses of advertising units shown together, so that any cold start /kəυld stɑ t/ noun the act single advertisement or commercial of beginning a new business or opening tends to get lost a new shop with no previous turnover to base it on code /kəυd/ noun a system of signs, cold storage /kəυld stɔ rd / noun numbers, or letters which mean the keeping of food in a cold store to something prevent it or other goods from going bad code of practice / kəυd əv cold store / kəυld stɔ / noun a ware- pr kts/ noun formally established house or room where food can be kept ways in which members of a profession cold agree to work Advertisers have agreed to abide by the code of practice collateral /kə l t(ə)rəl/ adjective, set out by the advertising council. noun referring to security used to provide a guarantee for a loan coefficient of correlation /kəυ- ‘…examiners have come to inspect the fʃ(ə)nt əv kɒrə leʃ(ə)n/ noun a mea- collateral that thrifts may use in borrowing from surement of correlation or relationship the Fed’ [Wall Street Journal]

collateral services 46 commercial aircraft collateral services /kə l t(ə)rəl combination rate / kɒmb neʃ(ə)n s vsz/ plural noun agencies which ret/ noun a special rate or discount for provide specialised services such as advertising in two or more magazines package design, production of advertis- comeback / k mb k/ noun a means ing material, or marketing research of getting compensation for a complaint collect /kə lekt/ verb 1. to make or claim If you throw away the till re- someone pay money which is owed to ceipt you will have no comeback if the collect a debt to go and make someone goods turn out to be faulty. pay a debt 2. to take things away from a place We have to collect the stock comfortable belongers from the warehouse. Can you collect / k mf(ə)təb(ə)l b lɒŋəz/ plural noun my letters from the typing pool? let- a large group of consumers who are ters are collected twice a day the post conservative in outlook and happy with office workers take them from the letter their existence box to the post office for dispatch í ad- commando selling /kə mɑ ndəυ verb, adjective referring to a phone call selŋ/ noun hard intensive selling which the person receiving the call Commando selling campaigns were agrees to pay for started in all the new markets where the collectibles /kə lektb(ə)lz/ plural company’s products were virtually un- noun items which people collect, e.g. known. Commando selling is needed stamps, playing cards, matchboxes to obtain a reasonable market share in a collecting agency /kə lektŋ market dominated by a powerful ed əns/ noun an agency which col- competitor. lects money owed to other companies commerce / kɒm s/ noun the buy- for a commission ing and selling of goods and services colour supplement / k lə commerce service provider s plmənt/ noun a magazine which ac- / kɒm s s vs prə vadə/ noun an companies a newspaper, usually with organisation that provides a service that the weekend issue, printed in colour on helps companies with some aspect of art paper, and containing a lot of adver- e-commerce, e.g., by acting as an tising The spring colour supplements Internet payment gateway were mostly devoted to holiday advertising. The clothing company bought ad- commercial /kə m ʃ(ə)l/ adjective 1. referring to business ‘sample only vertising space on three pages of the colour supplement. – of no commercial value’ not worth anything if sold 2. profitable not a colour swatch / k lə swɒtʃ/ noun a commercial proposition not likely to small sample of colour which the fin- make a profit í noun an advertisement ished product must look like on television colour theory / k lə θəri/ noun ‘…commercial radio has never had it so good – knowledge about colours and their psy- more stations, more listeners, and soaring chological effect on prospective advertising revenue’ [Marketing Week] customers commercial agent /kə m ʃ(ə)l column / kɒləm/ noun a section of ed ənt/ noun a person or business printed words in a newspaper or selling a company’s products or services magazine for a commission The commercial column-centimetre / kɒləm agent earned a 30% commission on sentmi tə/ noun the space in centi- sales he made. As a commercial metres in a newspaper column, used for agent, she represents several calculating charges for advertising companies. combination commercial commercial aircraft /kə m ʃ(ə)l / kɒmb neʃ(ə)n kə m ʃ(ə)l/ noun a eəkrɑ ft/ noun an aircraft used to carry television advertisement which com- cargo or passengers for payment bines still pictures with action shots

commercial artist 47 commitment commercial artist /kə m ʃ(ə)l tee that rival products will not be adver- ɑ tst/ noun an artist who designs ad- tised directly before or after a particular vertisements, posters, etc. for payment advertisement commercial break /kə m ʃ(ə)l commercial radio /kə m ʃ(ə)l brek/ noun the time set aside for com- rediəυ/, commercial TV /kə- mercials on television The advertiser m ʃ(ə)l ti vi / noun a radio or TV wished to specify exactly when in the station which broadcasts advertise- commercial break the advertisements ments, which help to pay for its pro- were to appear. The advertising man- gramming costs ager placed one advertisement in each commercial services /kə m ʃ(ə)l commercial break of the day on the ra- s vsz/ plural noun services which dio channel. support trade, e.g. banking and advertis- commercial college /kə m ʃ(ə)l ing The recession has affected com- kɒld / noun a college which teaches mercial services and the industries they business studies support and supply. commercial counsellor /kə- commercial time /kə m ʃ(ə)l m ʃ(ə)l kaυns(ə)lə/ noun a person tam/ noun the time that a television or who advises on commercial matters in radio station devotes to advertising an embassy The commercial counsel- The TV station is extending its commer- lor gave us sound advice on marketing cial time in order to increase revenue. in the country he represented. commercial traveller /kə m ʃ(ə)l commercial course /kə m ʃ(ə)l tr v(ə)lə/ noun a salesperson who kɔ s/ noun a course where business travels round an area visiting customers skills are studied He took a commer- on behalf of his or her company (NOTE: cial course by correspondence. the modern term for a commercial traveller is sales representative) commercial district /kə m ʃ(ə)l dstrkt/ noun the part of a town where commercial value /kə m ʃ(ə)l offices and shops are located v lju / noun how much something is worth if it is sold commercialisation /kəm ʃəla- zeʃn/, commercialization noun the commission /kə mʃ(ə)n/ noun act of making something into a business money paid to a salesperson or agent, proposition the commercialization of usually a percentage of the sales made museums She gets 10% commission on everything she sells. he charges 10% commis- commercialise /kə m ʃəlaz/, sion he asks for 10% of sales as his commercialize verb to make some- payment thing into a business The holiday town has become unpleasantly commission agent /kə mʃ(ə)n commercialised. ed ənt/ noun an agent who is paid a percentage of sales commercial law /kə m ʃ(ə)l lɔ / noun the laws regarding business commission rebating /kə mʃ(ə)n ri betŋ/ noun an advertising agency’s commercial load /kə m ʃ(ə)l ləυd/ discounting of invoices for media costs noun the amount of goods or number of sent to clients, in effect taking them out passengers which a bus, train, or plane of its own commission or profit margin has to carry to make a profit commission rep /kə mʃ(ə)n rep/ commercially /kə m ʃ(ə)li/ adverb noun a representative who is not paid a in a business way not commercially salary but receives a commission on viable not likely to make a profit sales commercial port /kə m ʃ(ə)l pɔ t/ commitment /kə mtmənt/ noun 1. noun a port which has only goods traffic something which you have agreed to do and no passengers The company has a commitment to commercial protection /kə- provide a cheap service. 2. money m ʃ(ə)l prə tekʃən/ noun the guaran- which you have agreed to spend

commodity 48 communisuasion commodity /kə mɒdt/ noun some- communication objectives /kə- thing sold in very large quantities, espe- mju n keʃ(ə)n əb d ektvz/ plural cially a raw material such as a metal and noun objectives that a company tries to food such as wheat achieve through its advertising, e.g. commodity exchange /kə mɒdti creating awareness, knowledge, images, ks tʃend / noun a place where com- attitudes, preferences, or purchase modities are bought and sold intentions commodity futures /kə mɒdti communications /kə mju n- fju tʃəz/ plural noun trading in com- keʃ(ə)nz/ plural noun 1. being able to modities for delivery at a later date contact people or to pass messages Af- Silver rose 5% on the commodity futures ter the flood all communications with market yesterday. the outside world were broken. 2. sys- commodity trader /kə mɒdti tems or technologies used for sending tredə/ noun a person whose business and receiving messages, e.g. postal and is buying and selling commodities telephone networks 3. messages sent from one individual or organisation to common / kɒmən/ adjective 1. which another happens frequently Unrealistic salary expectations in younger staff was a communications channel /kə- common problem they had to deal with. mju n keʃ(ə)nz tʃ n(ə)l/ noun a 2. belonging to several different people means of passing messages from one in- or to everyone dividual or organisation to another (NOTE: Communications channels common carrier / kɒmən k riə/ include the spoken, written, and noun a firm which carries goods or pas- printed word, and media such as sengers, and which anyone can use radio and television, telephones, Common Market / kɒmən mɑ kt/ video-conferencing and electronic noun an association of nations who join mail.) together in order to remove or reduce the barriers to trade between them communication skills /kə mju n- keʃ(ə)n sklz/ plural noun the ability common ownership / kɒmən to pass information to others easily and əυnəʃp/ noun a situation where a intelligibly business is owned by the people who work in it communications management /kə mju n keʃ(ə)nz m nd mənt/ common pricing / kɒmən prasŋ/ noun the managing of communications, noun the illegal fixing of prices by sev- so that advertising messages are sent ef- eral businesses so that they all charge ficiently to people who need to receive the same price them common stock / kɒmən stɒk/ noun US ordinary shares in a company, communications strategy /kə- giving shareholders a right to vote at mju n keʃ(ə)nz str təd i/ noun meetings and to receive dividends planning the best way of communicating with potential customers communication /kə mju n- keʃ(ə)n/ noun the passing on of views communication task /kə mju n- or information A house journal was keʃ(ə)n tɑ sk/ noun things that can be started to improve communication be- attributed to advertising, e.g. awareness, tween management and staff. Cus- comprehension, conviction, and action, tomers complained about the lack of following the DAGMAR approach to communication about the unexpected setting advertising goals and objectives delay. to enter into communication communisuasion /kə mju n- with someone to start discussing some- swe (ə)n/ noun US communication thing with someone, usually in writing that is intended to persuade The sales We have entered into communication reps are being trained in the subtleties with the relevant government of communisuasion. department.

community 49 competition community /kə mju nti/ noun a comparative analysis /kəm- group of people living or working in the p rətv ə n ləss/ noun an analysis same place of different media and vehicle options community initiative /kə mju nti by an advertiser A tight advertising  nʃətv/ noun a particular scheme set budget made a thorough comparative up by a business organisation with the analysis essential. Comparative anal- aim of making a positive contribution to ysis is difficult when the various media the life of the community by helping lo- offer such different advantages. cal people take practical action to solve comparative pricing /kəm p rətv their problems prasŋ/ noun the indication of a price community involvement /kə- by comparing it with another, e.g. ‘15% mju nti n vɒlvmənt/ noun the con- reduction’ tribution that business organisations comparison /kəm p rs(ə)n/ noun make to the life of their local commu- the act of comparing one thing with an- nity in the form of community initia- other Sales are down in comparison tives (NOTE: Community involvement with last year. developed as a result of the growing emphasis on the social responsibility comparison-shop /kəm p rs(ə)n ʃɒp/ verb to compare prices and fea- of business in the 1960s and 1970s and often involves companies not only tures of items for sale in different shops giving money to finance local projects to find the best deal but also sending trained staff to help compete /kəm pi t/ verb to com- set them up.) pete with someone or with a company Community legislation /kə- to try to do better than another person or mju nti mnstəz/ noun directives another company We have to compete issued by the EU commission with cheap imports from the Far East. They were competing unsuccessfully Community ministers /kə- with local companies on their home ter- mju nti n vɒlvmənt/ plural noun the ritory. the two companies are com- ministers of member states of the EU peting for a market share or for a company report / k mp(ə)ni r- contract each company is trying to win pɔ t/ noun a document that sets out in a larger part of the market, trying to win detail what a company has done and the contract how well it has performed (NOTE: Com- competing /kəm pi tŋ/ adjective panies are legally required to write an- which competes competing firms nual reports and financial reports and firms which compete with each other to submit them to the authorities in the competing products products from dif- country where they are registered, but ferent companies which have the same they may also produce other reports use and are sold in the same markets at on specific subjects, for example, on similar prices the environmental or social impact of a project they are undertaking.) competition / kɒmpə tʃ(ə)n/ noun 1. the action of companies or individu- comparative /kəm p rətv/ adjec- als who are trying to do better than oth- tive which can be compared with some- ers, to win a larger share of the market, thing else to control the use of resources, etc. comparative advertising /kəm- keen competition strong competition p rətv dvətazŋ/ noun advertis- We are facing keen competition from ing which compares a company’s prod- European manufacturers. 2. the com- uct with competing brands to its own petition companies which are trying to advantage Disparaging remarks in compete with your product We have comparative advertising were strongly lowered our prices to beat the competi- discouraged in the industry. The com- tion. The competition have brought pany uses comparative advertising to out a new range of products. highlight the advantages of its products.

competition-oriented pricing 50 competitive separation ‘…profit margins in the industries most exposed competitive edge /kəm pettv to foreign competition are worse than usual’ [Sunday Times] ed /, competitive advantage /kəm- pettv əd vɑ ntd / noun an advan- ‘…competition is steadily increasing and could tage that one company or product has affect profit margins as the company tries to over its rivals in the market Any com- retain its market share’ [Citizen (Ottawa)] petitive edge we have in this market is competition-oriented pricing due to our good after-sales service. /kɒmpə tʃ(ə)n ɔ rientd prasŋ/ Why does this product have the competi- noun putting low prices on goods so as tive edge over its rivals? to compete with other competing competitive forces /kəm pettv products fɔ sz/ plural noun economic and busi- competitions / kɒmpə tʃ(ə)nz/ plu- ness factors that force an organisation to ral noun a sales promotion which en- become more competitive if wants to ables consumers who can show that they survive and succeed have bought a minimum number of pur- competitive intelligence /kəm- chases to compete in a game The compettv n teld əns/ noun informa- pany uses competitions to sell off an tion, especially information concerning excess supply of tinned food. Compe- the plans, activities, and products of its titions involve prizes ranging from competitors, that an organisation gathers washing-machines to holidays abroad. and analyses in order to make itself Competitions and free gifts make up a more competitive (NOTE: Competitive large part of the company’s sales intelligence may sometimes be gained promotions. through industrial espionage.) competitive /kəm pettv/ adjective competitively /kəm pettvli/ ad- which competes fairly a competitive verb competitively priced sold at a price a low price aimed to compete with low price which competes with the price a rival product competitive products of similar products from other products made to compete with existing companies products competitiveness /kəm pettvnəs/ ‘…the company blamed fiercely competitive noun being competitive market conditions in Europe for a £14m ‘…farmers are increasingly worried by the operating loss last year’ [Financial Times] growing lack of competitiveness for their products on world markets’ competitive advantage /kəm- [Australian Financial Review] pettv əd vɑ ntd / noun a factor competitiveness index /kəm- that gives a special advantage to a na- pettvnəs ndeks/ noun a list of tion, company, group, or individual countries ranked in order of their com- when it is competing with others petitive performance competitive analysis /kəm pettv competitive parity /kəm pettv ə n ləss/ noun analysis for marketing p rti/ noun a method of budgeting purposes that can include industry, cus- marketing or promotional expenses ac- tomer, and competitor analysis and aims cording to the amounts being spent by to discover how competitive an organi- competitors sation, project, or product is, especially by evaluating the capabilities of key competitive pricing /kəm pettv competitors prasŋ/ noun putting low prices on goods so as to compete with other competitive check /kəm pettv products tʃek/ noun analysing rival advertising competitive separation /kəm- levels and patterns, often conducted on pettv sepə reʃ(ə)n/ noun a guaran- the basis of data supplied by monitoring tee that rival products will not be adver- organisations tised directly before or after a particular competitive demand /kəm pettv advertisement If our advertising cam- d mɑ nd/ noun demand for products paign is to be really effective, we must that are competing for sales insist on competitive separation.

competitor 51 computer competitor /kəm pettə/ noun a per- der to function successfully (NOTE: son or company which competes Two Software companies, for example, are German firms are our main competitors. complementors to computer compa- ‘…sterling labour costs continue to rise between nies.) 3% and 5% a year faster than in most of our competitor countries’ [Sunday Times] Completely Knocked Down competitor analysis /kəm pettə products /kəm pli tli nɒkt daυn prasz/ plural noun products which ə n ləss/ noun the process of analys- are sold in pieces, which the purchaser ing information about competitors and has to assemble, and are therefore sold their products in order to build up a pic- at reasonably low prices Many ture of where their strengths and weak- low-income buyers buy CKD products. nesses lie CKD products are popular with DIY competitor profiling /kəm pettə enthusiasts. Abbr CKD products prəυfalŋ/ noun same as competitor analysis compliance documentation /kəm plaəns dɒkjυmen teʃ(ə)n/ complaint /kəm plent/ noun a state- noun documents that a company has to ment that you feel something is wrong publish when it issues shares in order to complaints from the workforce about comply with the regulations governing conditions in the factory When mak- share issues ing a complaint, always quote the reference number. She sent her letter of compliance officer /kəm plaəns complaint to the managing director. ɒfsə/ noun an employee of a financial organisation whose job is to make sure complaints department /kəm- that the organisation complies with the plents d pɑ tmənt/ noun a depart- regulations governing its business ment in a company or store to which customers can send or bring complaints complimentary / kɒmpl ment(ə)ri/ about its products or service adjective free complaints management /kəm- complimentary ticket plents m nd mənt/ noun the man- / kɒmplment(ə)ri tkt/ noun a free agement of complaints from customers ticket, given as a present complementary / kɒmpl- compliments slip / kɒmplmənts ment(ə)ri/ adjective which adds to or slp/ noun a piece of paper with the completes something else name of the company printed on it, sent with documents or gifts etc. instead of a complementary demand letter / kɒmplment(ə)ri d mɑ nd/ noun demand for two or more products that are component /kəm pəυnənt/ noun a needed together The demand for cars piece of machinery or a part which will and petrol was an example of comple- be put into a final product The assem- mentary demand. bly line stopped because the supply of a complementary product vital component was delayed. / kɒmplment(ə)ri prɒd kt/ noun a components factory /kəm- product for which demand is dependent pəυnənts f kt(ə)ri/ noun a factory on the demand for another product which makes parts which are used in When demand for our product fell, pro- other factories to make finished ducers of complementary products also products suffered. composite demand / kɒmpəzt d- complementary supply mɑ nd/ noun the total demand for a / kɒmplment(ə)ri sə pla/ noun the product that has many uses Composite supply of two or more products from the demand for the construction equipment same production process came from construction companies and complementor / kɒmplmentə/ DIY enthusiasts. noun a company that makes some- computer /kəm pju tə/ noun an elec- thing that your product needs in or- tronic machine which calculates or

computer bureau 52 concept stores information and processes it computer run /kəm pju tə r n/ automatically noun a period of work done by a computer bureau /kəm pju tə computer bjυərəυ/ noun an office which offers computer services /kəm pju tə to do work on its computers for compa- s vsz/ plural noun work using a nies which do not own their own computer, done by a computer bureau computers computer system /kəm pju tə computer department /kəm- sstəm/ noun a set of programs, com- pju tə d pɑ tmənt/ noun a depart- mands, etc. which run a computer ment in a company which manages the company’s computers computer telephony integration /kəm pju tə tə lefəni nt reʃ(ə)n/ computer error /kəm pju tər erə/ noun a technology that links computers noun a mistake made by a computer and telephones and enables computers computer file /kəm pju tə fal/ to dial telephone numbers and send and noun a section of information on a com- receive messages (NOTE: One product puter, e.g. the payroll, list of addresses, of computer telephony integration is or customer accounts calling line identification, which identi- computer hardware /kəm pju tə fies the telephone number a customer hɑ dweə/ noun machines used in data is calling from, searches the customer processing, including the computers and database to identify the caller, and dis- printers, but not the programs plays his or her account on a computer computerise /kəm pju təraz/, screen.) computerize verb to change from a computer time /kəm pju tə tam/ manual system to one using computers noun the time when a computer is being We have computerised all our re- used, paid for at an hourly rate cords. Stock control is now com- computing /kəm pju tŋ/ noun the pletely computerised. operating of computers computerised /kəm pju tərazd/, computing speed /kəm pju tŋ computerized adjective worked by spi d/ noun the speed at which a com- computers a computerised invoicing puter calculates system a computerised filing system computer language /kəm pju tə concentrated marketing / kɒnsəntretd mɑ kətŋ/, concen- l ŋ wd / noun a system of signs, let- trated segmentation / kɒnsəntretd ters and words used to instruct a computer se mən teʃ(ə)n/ noun niche marketing, the promotion of a product aimed at computer listing /kəm pju tə one particular area of the market lstŋ/ noun a printout of a list of items When it became obvious that the gen- taken from data stored in a computer eral public were interested in our prod- computer magazine /kəm pju tə uct, we switched from concentrated m ə zi n/ noun a magazine with arti- marketing to a much broader approach. cles on computers and programs differentiated marketing strategy, computer manager /kəm pju tə undifferentiated product m nd ə/ noun a person in charge of a concentration / kɒnsən treʃ(ə)n/ computer department noun the degree to which a small num- computer network /kəm pju tə ber of businesses control a large section netw k/ noun a computer system of the market Too much concentration where several PCs are linked so that created resentment among small busi- they all draw on the same database nesses trying to enter the market. computer-readable /kəm pju tə Concentration has meant too little com- ri dəb(ə)l/ adjective which can be read petition and therefore higher prices to and understood by a computer com- the consumer. puter-readable codes concept / kɒnsept/ noun an idea

concept testing 53 confirmation concept testing / kɒnsept testŋ/ conditions of sale /kən dʃ(ə)nz əv noun the evaluation of a new product sel/ plural noun agreed ways in which idea, usually by consulting representa- a sale takes place, e.g. discounts or tives from all the main departments in a credit terms company, and/or by interviewing a sam- conference / kɒnf(ə)rəns/ noun a ple of consumers The new product meeting of people to discuss problems idea did not survive concept testing be- Many useful tips can be picked up at a cause it didn’t answer an existing de- sales conference. The conference of mand. After thorough concept testing HR managers included talks on payment the idea of a disposable pen was re- and recruitment policies. to be in jected as the company’s production ca- conference to be in a meeting pacity was too limited. conference call / kɒnf(ə)rəns kɔ l/ concession /kən seʃ(ə)n/ noun 1. noun a telephone call that connects the right to use someone else’s property three or more lines so that people in dif- for business purposes 2. the right to be ferent places can talk to one another the only seller of a product in a place (NOTE: Conference calls reduce the She runs a jewellery concession in a de- cost of meetings by making it unneces- partment store. 3. allowing something sary for the participants to spend time to be done, which is not normally done and money on getting together in one The union obtained some important place.) concessions from management during negotiations. confidence / kɒnfd(ə)ns/ noun the state of feeling sure or being certain concessionaire /kən seʃə neə/ The sales teams do not have much confi- noun a person or business that has the dence in their manager. The board right to be the only seller of a product in has total confidence in the managing a place director. concession close /kən seʃ(ə)n confidence level / kɒnfd(ə)ns kləυz/ noun the act of offering a con- lev(ə)l/ noun a measurement, shown as cession to a potential buyer in order to a percentage, of how reliable or accurate close a sale The trainee sales reps the results of a survey can be expected were told to resort to concession closes to be only when meeting with strong sales resistance. A full morning’s bargaining confidentiality agreement / kɒnfdenʃi lti ə ri mənt/ noun finally ended with a concession close. an agreement in which an organisation condition /kən dʃ(ə)n/ noun some- that has important information about thing which has to be carried out as part the plans and activities of another of a contract or which has to be agreed organisation promises not to pass that before a contract becomes valid on information on to outsiders (NOTE: condition that provided that They Confidentiality agreements are often were granted the lease on condition that used when someone is planning to they paid the legal costs. buy a company and is given access conditional /kən dʃ(ə)nl/ adjective to confidential information and in provided that specific conditions are partnerships and benchmarking taken into account to give a condi- programmes.) tional acceptance to accept, provided confirm /kən f m/ verb to say that that specific things happen or that spe- something is certain to confirm a ho- cific terms apply the offer is condi- tel reservation or a ticket or an agree- tional on the board’s acceptance the ment or a booking to confirm offer is only valid provided the board someone in a job to say that someone is accepts now permanently in the job conditional offer /kən dʃ(ə)nəl confirmation / kɒnfə meʃ(ə)n/ ɒfə/ noun an offer to buy, provided that noun 1. the act of making certain con- specific terms apply firmation of a booking the act of

confirmed credit 54 consultancy checking that a booking is certain 2. a manufacturers agree to repurchase any unsold document which confirms something goods, and in return dictate prices and sales strategies and even dispatch staff to sell the She received confirmation from the products’ [Nikkei Weekly] bank that the deeds had been deposited. consignment note /kən sanmənt confirmed credit /kən f md nəυt/ noun a note saying that goods kredt/ noun credit that is official and have been sent binding consignor /kən sanə/ noun a person confirming house /kən f mŋ who consigns goods to someone haυs/ noun an organisation that con- consolidate /kən sɒldet/ verb 1. to firms a buyer’s order with a supplier and include the accounts of several subsid- makes transport arrangements A repu- iary companies as well as the holding table confirming house acted for the company in a single set of accounts 2. to buyers of the machinery. We will need group goods together for shipping a confirming house to arrange for a new supply of office furniture to be delivered consolidated profit and loss ac- to our shop by December. count /kən sɒldetd prɒft ən lɒs ə kaυnt/ noun profit and loss accounts conflict of interest / kɒnflkt əv of the holding company and its subsid- ntrəst/ noun a situation where a per- iary companies, grouped together into a son or firm may profit personally from single profit and loss account (NOTE: decisions taken in an official capacity American English is profit and loss conglomerate /kən lɒmərət/ noun statement or income statement) a group of subsidiary companies linked consolidated shipment /kən- together and forming a group, each sɒldetd ʃpmənt/ noun goods from making very different types of products different companies grouped together conjoint analysis /kən d ɔnt into a single shipment ə n ləss/ noun a research method consolidation /kən sɒl deʃ(ə)n/ aimed at discovering the best combina- noun the grouping together of goods for tion of features for a product or service, shipping e.g. price and size consolidator /kən sɒldetə/ noun a connectivity / kɒnek tvti/ noun firm which groups together orders from the ability of an electronic product to different companies into one shipment connect with other similar products, or the extent to which individuals, compa- consortium /kən sɔ tiəm/ noun a nies and countries can connect with one group of companies which work to- another electronically gether A consortium of Canadian companies or a Canadian consortium consign /kən san/ verb to consign has tendered for the job. (NOTE: plural is goods to someone to send goods to consortia) someone for them to use or to sell for ‘…the consortium was one of only four bidders you for the £2 billion contract to run the lines, seen as potentially the most difficult contract because consignation / kɒnsa neʃ(ə)n/ of the need for huge investment’ [Times] noun the act of consigning conspicuous consumption /kən- consignee / kɒnsa ni / noun a per- spkjuəs kən s mpʃən/ noun the son who receives goods from someone consumption of goods for show or to get for their own use or to sell for the sender approval, rather than because they are consignment /kən sanmənt/ noun useful. consumption the sending of goods to someone who consult /kən s lt/ verb to ask an ex- will sell them for you goods on con- pert for advice We consulted our ac- signment goods kept for another com- countant about our tax. pany to be sold on their behalf for a commission consultancy /kən s ltənsi/ noun the ‘…some of the most prominent stores are act of giving specialist advice a con- gradually moving away from the traditional sultancy firm he offers a consultancy consignment system, under which service

consultant 55 Consumer Protection Act, 1987 consultant /kən s ltənt/ noun a spe- washing machines, refrigerators, or cialist who gives advice an engineer- cookers ing consultant a management consumerism /kən sju məzm/ consultant a tax consultant noun the activities concerned with pro- consulting /kən s ltŋ/ adjective tecting the rights and interests of giving specialist advice a consulting consumers engineer consumer list /kən sju mə lst/ consumable goods/ kən- noun a list of individuals who can be sju məb(ə)l υdz/, consumables mailed with details of a product or ser- /kən sju məb(ə)lz/ plural noun goods vice, e.g. from the electoral register which are bought by members of the consumer magazine /kən sju mə public and not by companies m ə zi n/ noun a magazine published consumer /kən sju mə/ noun a perfor consumers, giving details of product son or company which buys and uses tests, special legal problems regarding goods and services Gas consumers services offered, etc. are protesting at the increase in prices. consumer mailing list /kən- The factory is a heavy consumer of sju mə melŋ lst/ noun same as water. consumer list ‘…forecasting consumer response is one problem which will never be finally solved’ consumer market /kən sju mə [Marketing Week] mɑ kt/ noun the customers who buy ‘…consumer tastes in the UK are becoming consumer goods There is a growing much more varied’ [Marketing] consumer market for construction mate- ‘…the marketing director’s brief will be to rials owing to the increased popularity develop the holiday villages as a consumer of DIY. Both consumer markets and brand, aimed at the upper end of the tourist industrial markets have been affected by market’ [Marketing Week] the recession. consumer advertising /kən- consumer panel /kən sju mə sju mə dv tazŋ/ noun advertis- p n(ə)l/ noun a group of consumers ing direct to individual consumers, as who report on products they have used opposed to businesses so that the manufacturers can improve consumer cooperative /kən- them or use what the panel says about sju mə kəυ ɒp(ə)rətv/ noun a retail- them in advertising ing business owned by consumers who Consumer Price Index /kən- share in its profits sju mə pras ndeks/ noun an Amer- consumer council /kən sju mə ican index showing how prices of con- kaυns(ə)l/ noun a group representing sumer goods have risen over a period of the interests of consumers time, used as a way of measuring inflation and the cost of living (NOTE: The consumer credit /kən sju mə British equivalent is the Retail Prices kredt/ noun the credit given by shops, Index or RPI.) banks and other financial institutions to ‘…analysis of the consumer price index for the consumers so that they can buy goods first half of the year shows that the rate of (NOTE: Lenders have to be licensed un- inflation went down by about 12.9 per cent’ der the Consumer Credit Act, 1974.) [Business Times (Lagos)] Consumer Credit Act, 1974 /kən- consumer profile /kən sju mə sju mə kredt kt/ noun an Act of prəυfal/ noun a description of the rel- Parliament which licenses lenders, and evant details of the average customer for requires them to state clearly the full a product or service terms of loans which they make, includ- Consumer Protection Act, 1987 ing the APR /kən sju mə prə tekʃən kt/ noun an consumer durables /kən sju mə Act of Parliament which bans the use of djυərəb(ə)lz/ plural noun items which misleading information given to poten- are bought and used by the public, e.g. tial purchasers to encourage them to buy

consumer research 56 contingent liability consumer research /kən sju mə contain /kən ten/ verb to hold some- r s tʃ/ noun research into why con- thing inside a barrel contains 250 sumers buy goods and what goods they litres Each crate contains two com- may want to buy puters and their peripherals. We have consumer resistance /kən sju mə lost a file containing important r zstəns/ noun a lack of interest by documents. consumers in buying a new product container /kən tenə/ noun 1. a box, The new product met no consumer resis- bottle, can, etc. which can hold goods tance even though the price was high. The gas is shipped in strong metal containers. The container burst during Consumers Association shipping. 2. a very large metal case of a /kən sju məz əsəυsi eiʃ(ə)n/ noun an standard size for loading and transport- independent organisation which protects ing goods on trucks, trains, and ships consumers and represents their interests, to ship goods in containers a con- and reports on the quality of products tainer-load of spare parts a shipment and services in its regular magazine. of spare parts sent in a container Abbr CA containerisation /kən tenəra- consumer society /kən sju mə sə- zeʃ(ə)n/, containerization noun the saəti/ noun a type of society where act of shipping goods in containers consumers are encouraged to buy goods containerise /kən tenəraz/, consumer sovereignty /kən- containerize verb to put or ship goods sju mə sɒvrnti/ noun the power of in containers consumers to influence trends in pro- content / kɒntent/ noun the text, il- duction and marketing lustrations and graphics of a piece of consumer spending /kən sju mə publicity spendŋ/ noun spending by private content management / kɒntent households on goods and services m nd mənt/ noun the management ‘…companies selling in the UK market are of the textual and graphical material worried about reduced consumer spending as a contained on a website (NOTE: Owners consequence of higher interest rates and inflation’ [Business] of large sites with thousands of pages often invest in a content management consumer’s surplus /kən sju məz application system to help with the cre- s pləs/ noun the difference between ation and organisation of the content of what a consumer is willing to pay for these sites.) something and what he or she actually contest / kɒntest/ noun a type of pro- does pay for it When the brand man- motion where prizes are given to people ager realised how big the consumer’s who give the right answers to a series of surplus was she decided to raise the questions price of the product. contested takeover /kən testd consumer survey /kən sju mə tekəυvə/ noun a takeover bid where s ve/ noun a survey of existing and the board of the target company does potential demand for a product not recommend it to the shareholders consumer-to-consumer com- and tries to fight it (NOTE: also called a merce /kən sju mə tə kən sju mə hostile bid) kɒm s/ noun business, especially contingency plan /kən tnd ənsi e-business, done by one individual with pl n/ noun a plan which will be put another and not involving any business into action if something happens which organisation no one expects to happen consumption /kən s mpʃən/ noun contingent liability /kən tnd ənt the act of buying or using goods or ser- laə blti/ noun a liability which may vices a car with low petrol consump- or may not occur, but for which provi- tion The factory has a heavy sion is made in a company’s accounts, consumption of coal. as opposed to ‘provisions’, where

continuity 57 contract manufacturing money is set aside for an anticipated spare parts to enter into a contract to expenditure supply spare parts to sign a contract continuity / kɒnt nju ti/ noun the for £10,000 worth of spare parts to act of maintaining a continuous stable put work out to contract to decide that level of advertising activity Continu- work should be done by another com- ity must be the watchword of this pro- pany on a contract, rather than by em- motional campaign to keep the product ploying members of staff to do it to firmly in the minds of the target audi- award a contract to a company or to ence. Shall we aim for a sudden short place a contract with a company to blast of advertising or should continuity decide that a company shall have the be the essence of our strategy? contract to do work for you to tender for a contract to put forward an esti- continuity programme / kɒnt- mate of cost for work under contract í nju ti prəυ r m/ noun a marketing verb /kən tr kt/ to agree to do some programme which offers a series of work on the basis of a legally binding products which are sent to customers at contract to contract to supply spare regular intervals parts or to contract for the supply of continuous /kən tnjυəs/ adjective spare parts the supply of spare parts with no end or with no breaks a con- was contracted out to Smith Ltd tinuous production line Smith Ltd was given the contract for continuous process production supplying spare parts to contract out /kən tnjυəs prəυses prə d kʃən/ of an agreement to withdraw from an noun automated production of many agreement with the written permission identical products of the other party continuous research /kən tnjυəs contract carrier / kɒntr kt k riə/ r s tʃ/ noun regular ongoing market noun a carrier or transportation com- research Continuous research will tell pany which has special contracts with us if sales are dropping off. businesses a contract carrier which contra / kɒntrə/ verb to contra an ships coffee beans from Brazil to coffee entry to enter a similar amount in the wholesalers in Britain opposite side of an account contract hire / kɒntr kt haə/ noun contra account / kɒntrə ə kaυnt/ a system that allows organisations to noun an account which offsets another hire equipment that they need to use for account, e.g. where a company’s sup- a long period, e.g. cars or office ma- plier is not only a creditor in that com- chines, from other organisations instead pany’s books but also a debtor because of buying it, on condition that they sign it has purchased goods on credit a contract for the hire with owners (NOTE: Contract hire agreements often contraband / kɒntrəb nd/ noun include arrangements for maintenance goods brought into a country illegally, and replacement.) without paying customs duty contracting company /kən- contract noun / kɒntr kt/ 1. a legal tr ktŋ k mp(ə)ni/ noun an inde- agreement between two parties to pendent broadcasting company that sells draw up a contract to draft a contract advertising time With two new con- to sign a contract the contract is tracting companies being set up this binding on both parties both parties year, advertisers will have more choice. signing the contract must do what is agreed under contract bound by the contracting party /kən tr ktŋ terms of a contract The firm is under pɑ ti/ noun a person or company that contract to deliver the goods by Novem- signs a contract ber. to void a contract to make a con- contract manufacturing tract invalid 2. by private contract / kɒntr kt m njυ f ktʃərŋ/ noun by private legal agreement 3. an agree- an agreement which allows an overseas ment for the supply of a service or manufacturer to manufacture or assem- goods a contract for the supply of ble your products in that country for sale

contract note 58 controllable variables there Under a contract manufacturing contribution margin / kɒntr- agreement a local company is making bju ʃ(ə)n mɑ d n/ noun the differ- our cars in France. ence between the revenue generated by contract note / kɒntr kt nəυt/ a product and its total variable costs noun a note showing that shares have contribution of capital /kɒntr- been bought or sold but not yet paid for, bju ʃ(ə)n əv k pt(ə)l/ noun money also including the commission paid to a company as additional capital contractor /kən tr ktə/ noun a per- contribution pricing / kɒntr- son or company that does work accord- bju ʃ(ə)n prasŋ/ noun a pricing ing to a written agreement method based on maximising the contribution of each product to fixed costs contractual /kən tr ktʃuəl/ adjective according to a contract to fulfil contributor /kən trbjυtə/ noun a your contractual obligations to do person who gives money contributor what you have agreed to do in a contract of capital person who contributes capital contractual liability /kən- tr ktʃuəl laə blti/ noun a legal re- control /kən trəυl/ noun 1. the power sponsibility for something as stated in a or ability to direct something The contract company is under the control of three shareholders. to lose control of a contractually /kən tr ktjuəli/ ad- business to find that you have less than verb according to a contract The com- 50% of the shares in a company, and so pany is contractually bound to pay our are not longer able to direct it The expenses. family lost control of its business. 2. re- contractual obligation /kən- stricting or checking something or mak- tr ktʃuəl ɒbl eʃ(ə)n/ noun he has ing sure that something is kept in check signed no agreement to buy under control kept in check Ex- contract work / kɒntr kt w k/ penses are kept under tight control. noun work done according to a written The company is trying to bring its over- agreement heads back under control. out of control not kept in check Costs have got contra deal / kɒntrə di l/ noun a out of control. í verb 1. to control a deal between two businesses to ex- business to direct a business The change goods and services business is controlled by a company contra entry / kɒntrə entri/ noun based in Luxembourg. The company an entry made in the opposite side of an is controlled by the majority share- account to make an earlier entry worth- holder. 2. to make sure that something less, i.e. a debit against a credit is kept in check or is not allowed to de- contribute /kən trbju t/ verb to velop The government is fighting to give money or add to money We control inflation or to control the rise in agreed to contribute 10% of the profits. the cost of living. (NOTE: controlling – They had contributed to the pension controlled) fund for 10 years. control group /kən trəυl ru p/ contribution / kɒntr bju ʃ(ə)n/ noun a small group which is used to noun something that is contributed check a sample group contribution analysis / kɒntr- controllable /kən trəυləb(ə)l/ adjec- bju ʃ(ə)n ə n ləss/ noun analysis of tive which can be controlled how much each of a company’s prod- controllable variables /kən- ucts contributes to fixed costs, based on trəυləb(ə)l veəriəb(ə)lz/ plural noun its profit margin and sales Contribu- factors that can be controlled, e.g. a tion analysis helps to streamline pro- company’s marketing mix Because duction and marketing. Thorough there were so few controllable variables contribution analysis led to six products the outcome of the marketing plan was being dropped from the product range. very uncertain.

controlled 59 co-operation controlled /kən trəυld/ adjective ‘…the nation’s largest convenience store chain has expanded the range of bills it takes ruled or kept in check payments for to include gas and telephone controlled circulation /kən trəυld services’ [Nikkei Weekly] s kjυ leʃ(ə)n/ noun distribution of a publication to a specialist readership convenient /kən vi niənt/ adjective who are members of a particular organi- suitable or handy A bank draft is a sation or profession (often a free con- convenient way of sending money trolled circulation, where the magazine abroad. Is 9.30 a convenient time for is distributed free to key executives, and the meeting? is paid for by the advertisers) The pro- conversion /kən v ʃ(ə)n/ noun the fessional institute publishes a quarterly action of converting a prospective cus- magazine with a controlled circulation. tomer into an actual purchaser The newspaper has a controlled cir- conversion rate /kən v ʃ(ə)n ret/ culation and is suitable for advertise- noun the proportion of contacts, by ments for highly specialised products. mailing, advertising or email marketing, controlled circulation magazine who actually end up purchasing the /kən trəυld s kjυ leʃ(ə)n m ə- product or service zi n/ noun a magazine which is sent free to a limited number of readers, and convertible currency /kən- is paid for by the advertising it contains v təb(ə)l k rənsi/ noun a currency which can easily be exchanged for controlled economy /kən trəυld another  kɒnəmi/ noun an economy where most business activity is directed by or- cooling-off laws / ku lŋ ɒf lɔ z/ ders from the government plural noun US state laws allowing control question /kən trəυl cancellation of an order within a spe- kwestʃən/ noun a question in a ques- cific period after signing an agreement tionnaire designed to check that answers Cooling-off laws are making buyers are consistent A control question was less hesitant about placing large orders. included to check that respondents were cooling-off period / ku lŋ ɒf not lying about their age. If control pi riəd/ noun 1. during an industrial questions show that answers are not dispute, a period when negotiations honest, the interview is ended. have to be carried on and no action can control systems /kən trəυl be taken by either side 2. a period when sstəmz/ plural noun the systems used a person is allowed to think about some- to check that a computer system is thing which they have agreed to buy on working correctly hire purchase and possibly change their mind New York has a three day cool- convenience /kən vi niəns/ noun ing-off period for telephone sales. 3. a at your earliest convenience as soon as period of ten days during which a per- you find it possible son who has signed a life assurance pol- convenience food /kən vi niəns icy may cancel it fu d/ noun food which is prepared by the shop before it is sold, so that it needs co-op / kəυ ɒp/ noun same as only heating to be made ready to eat cooperative convenience goods /kən vi niəns co-operate /kəυ ɒpəret/ verb to υdz/ plural noun ordinary everyday work together The regional govern- products that people have to buy but ments are co-operating in the fight which command little or no brand loy- against piracy. The two firms have alty Price competition is very fierce in co-operated on the computer project. the convenience goods market. co-operation /kəυ ɒpə reʃ(ə)n/ convenience store /kən vi niəns noun the act of working together The stɔ / noun a small store selling food or project was completed ahead of sched- household goods, open until late at ule with the co-operation of the night, or even 24 hours per day workforce.

cooperative 60 copy testing cooperative /kəυ ɒp(ə)rətv/ adjec- copied the company report and took it tive willing to work together The home. (NOTE: copies- copying- workforce has not been cooperative copied) over the management’s productivity copy brief / kɒpi bri f/ noun the in- plan. í noun 1. a business run by a structions from an advertiser to a copy- group of employees who are also the writer explaining the objectives of an owners and who share the profits The advertising campaign The copy brief product is marketed by an agricultural made it clear that the advertisements cooperative. They set up a workers’ were to be aimed at young people. cooperative to run the factory. 2. a busi- The advertisers blamed the agency for ness which organises cooperative mail- not paying enough attention to the copy ing or advertising for different brief. companies copy clearance / kɒpi klərəns/ cooperative advertising /kəυ- noun the passing of an advertiser’s copy ɒp(ə)rətv dvə tazŋ/ noun 1. the as neither misleading nor offensive It sharing by two companies, often a pro- is doubtful the advertisement will get ducer and a distributor, of advertising copy clearance since it directly dispar- costs A cooperative advertising ages the competition. The advertise- agreement means that two companies ment has received copy clearance can enjoy quantity discounts offered by because all its claims can be substanti- the media. 2. mailing advertising mate- ated. You will not get copy clearance rial from different companies in the for this ad because the caption is sure to same mailing pack offend a lot of women readers. cooperative marketing /kəυ- copy date / kɒpi det/ noun the date ɒp(ə)rətv mɑ ktŋ/ noun an ar- by which an advertisement must be de- rangement whereby various producers livered to the media concerned The cooperate in the marketing of their prod- creative teams are working flat out be- ucts or services Cooperative market- cause the copy date is only one week ing proved an economic method of away. Let’s work on the advertise- selling for companies with few financial ments with the earliest copy dates. resources. copy fitting / kɒpi ftŋ/ noun the cooperative movement /kəυ- arrangement of advertising text so it fits ɒp(ə)rətv mu vmənt/ noun a move- the space allowed for it ment that encourages the setting-up of copying machine / kɒpiŋ mə ʃi n/ cooperative businesses that are jointly noun a machine which makes copies of owned by their members who share the documents profits and benefits they gain from trading amongst themselves (NOTE: The copy platform / kɒpi pl tfɔ m/ movement was founded in Rochdale, noun the main theme of an advertise- Lancashire in 1844 by 28 weavers ment’s copy There is no point in dis- and, in Britain, has launched not only a cussing details until we decide on a chain of shops, but also manufacturing copy platform. and wholesale businesses as well as copyright / kɒpirat/ noun 1. an au- insurance and financial services.) thor’s legal right to publish his or her own work and not to have it copied, last- co-opetition /kəυ ɒpə tʃ(ə)n/ noun ing seventy years after the author’s cooperation between competing death 2. a similar right protecting logos, companies brand names, etc. í adjective covered copier / kɒpə/ noun a machine by the laws of copyright It is illegal to which makes copies of documents photocopy a copyright work. (NOTE: also called copying machine, copy testing / kɒpi testŋ/ noun the photocopier) act of testing the effectiveness of an ad- copy / kɒp/ verb to make a second vertisement’s copy Copy testing led to document which is like the first He the copywriter having to rethink the

copywriter 61 corporate hospitality wording of the message. Copy testing corner shop / kɔ nə ʃɒp/ noun a will tell us whether or not the advertise- small privately owned general store ments are offensive to the public in corporate / kɔ p(ə)rət/ adjective re- general. ferring to a whole company copywriter / kɒpiratə/ noun a per- ‘…the prime rate is the rate at which banks lend son who writes advertisements to their top corporate borrowers’ [Wall Street Journal] core /kɔ / noun the central or main part ‘…if corporate forecasts are met, sales will core activity / kɔ r k tvti/ noun exceed $50 million next year’ the central activity of a company, which [Citizen (Ottawa)] is its basic product or service corporate advertising / kɔ p(ə)rət core business / kɔ bzns/ noun dvətazŋ/ noun the advertising of an the most important work that an organi- organisation rather than a product Our sation does, that it is most expert at, that corporate advertising is designed to makes it different from other organisa- present us as a caring organisation. tions, that contributes most to its success No amount of corporate advertising will and, usually, that it was originally set up ever persuade the consumer that the to do (NOTE: The concept of core busi- company stands for quality. ness became prominent in the 1980s corporate brand / kɔ p(ə)rət when attempts at diversification by br nd/ noun the overall image that a large companies proved less success- company presents to the outside world, ful than expected.) or the image of it that exists in the minds core capability /kɔ r kepə blti/ of its customers, its employees and the noun same as core competence public, that encapsulates what it does core competence /kɔ r and what it stands for kɒmpt(ə)ns/ noun a skill or an area corporate communication of expertise possessed by an organisa- / kɔ p(ə)rət kəmju n keʃ(ə)n/ noun tion that makes it particularly good at the activities undertaken by an organisa- doing some things and makes an impor- tion to pass on information both to its tant contribution to its success by giving own employees and to its existing and it competitive advantage over other prospective customers and the general organisations public core product /kɔ prɒd kt/ noun 1. corporate culture / kɔ p(ə)rət the main product which a company k ltʃə/ noun the often unspoken be- makes or sells 2. a basic product, with- liefs and values that determine the way out added benefits such as credit terms, an organisation does things, the atmo- installation service, etc. sphere that exists within it and the way core values /kɔ v lju z/ plural people who work for it behave (NOTE: noun 1. the main commercial and moral The culture of an organisation is often principles that influence the way an or- summed up as ‘the way we do things ganisation is run and the way it conducts around here’.) its business, and that are supposed to be corporate discount / kɔ p(ə)rət shared by everyone in the organisation dskaυnt/ noun a reduction in advertis- from senior management to ordinary ing charges calculated on the basis of employees (NOTE: Core values are of- the total advertising revenue from all the ten reflected in an organisation’s mis- brands of a company sion statement.) 2. a set of concepts and corporate hospitality / kɔ p(ə)rət ideals that guide a person’s life and help hɒsp t lti/ noun entertainment pro- him or her to make important decisions vided by an organisation, originally in- corner / kɔ nə/ verb to corner the tended to help salespeople build market to own most or all of the supply relationships with customers, but now of a commodity and so control the price increasingly used as an incentive for The syndicate tried to corner the mar- staff and in team-building and training ket in silver. exercises for employees

corporate identity 62 cost centre corporate identity / kɔ p(ə)rət a- gains made by companies, calculated dentti/ noun the way in which a cor- before dividends are paid. Abbr CT poration is distinguished from others correlation / kɒrə leʃ(ə)n/ noun the corporate image / kɔ p(ə)rət degree to which there is a relationship md / noun an idea which a company between two sets of data Is there any would like the public to have of it correlation between people’s incomes corporate name / kɔ p(ə)rət nem/ and the amount they spend on clothing? noun the name of a large corporation coefficient of correlation, multiple correlation corporate plan / kɔ p(ə)rət pl n/ noun a plan for the future work of a cosmetic /kɒz metk/ adjective re- whole company ferring to the appearance of people or things We’ve made some cosmetic corporate planning / kɔ p(ə)rət changes to our product line. Pack- pl nŋ/ noun planning the future work aging has both practical as well as cos- of a whole company metic importance. corporate portal / kɔ p(ə)rət cost /kɒst/ noun the amount of money pɔ t(ə)l/ noun a main website that al- which has to be paid for something lows access to all the information and What is the cost of a first class ticket to software applications held by an organi- New York? Computer costs are falling sation and provides links to information each year. We cannot afford the cost from outside it (NOTE: A corporate por- of two cars. to cover costs to produce tal is a development of intranet tech- enough money in sales to pay for the nology and, ideally, should allow users costs of production The sales revenue to access groupware, email, and desk- barely covers the costs of advertising or top applications, and to customise the the advertising costs. to sell at cost to way information is presented and the sell at a price which is the same as the way it is used.) cost of manufacture or the wholesale corporate profits / kɔ p(ə)rət cost í verb 1. to have a price How prɒfts/ plural noun the profits of a much does the machine cost? This corporation cloth costs £10 a metre. 2. to cost a ‘…corporate profits for the first quarter showed product to calculate how much money a 4 per cent drop from last year’ will be needed to make a product, and so [Financial Times] work out its selling price corporate strategy / kɔ p(ə)rət cost, insurance, and freight str təd i/ noun the plans for future / kɒst n ʃυərəns ən fret/ noun the action by a corporation estimate of a price, which includes the corporate vision / kɔ p(ə)rət cost of the goods, the insurance, and the v (ə)n/ noun the overall aim or pur- transport charges. Abbr CIF pose of an organisation that all its busi- cost accountant / kɒst ə kaυntənt/ ness activities are designed to help it noun an accountant who gives managers achieve (NOTE: An organisation’s cor- information about their business costs porate vision is usually summed up in cost accounting / kɒst ə kaυntŋ/ its vision statement.) noun preparing special accounts of corporation / kɔ pə reʃ(ə)n/ noun manufacturing and sales costs 1. a large company 2. US a company cost analysis / kɒst ə n ləss/ which is incorporated in the United noun calculating in advance what a new States product will cost corporation income tax cost-benefit analysis /kɒst / kɔ pəreʃ(ə)n nk m t ks/ noun a benft ə n ləss/ noun comparing the tax on profits made by incorporated costs and benefits of different possible companies ways of using available resources corporation tax / kɔ pə reʃ(ə)n cost centre / kɒst sentə/ noun 1. a t ks/ noun a tax on profits and capital person or group whose costs can be

cost-cutting 63 cost-plus pricing itemised and to which costs can be allo- consumer price index, but includes other cated in accounts 2. a unit, a process, or items such as the interest on mortgages. an individual that provides a service cost of sales / kɒst əv selz/ noun needed by another part of an organisa- all the costs of a product sold, including tion and whose cost is therefore ac- manufacturing costs and the staff costs cepted as an overhead of the business of the production department, before cost-cutting / kɒst k tŋ/ noun re- general overheads are calculated ducing costs We have made three secretaries redundant as part of our cost per acquisition / kɒst pər cost-cutting programme. We have kw zʃ(ə)n/ noun the average cost taken out the second telephone line as a for each acquisition of a new customer cost-cutting exercise. in response to an advertisement. Abbr CPA cost driver / kɒst dravə/ noun a factor that determines how much it costs cost per click-through / kɒst pə to carry out a particular task or project, klk θru / noun a method of pricing on- e.g. the amount of resources needed for line advertising, based on the principle it, or the activities involved in complet- that the seller gets paid whenever a visi- ing it tor clicks on an advertisement cost-effective / kɒst fektv/ adjec- cost per customer / kɒst pə tive which gives good value when com- k stəmə/ noun a measure of pared with the original cost We find cost-effectiveness based on the cost per advertising in the Sunday newspapers sale generated very cost-effective. cost per inquiry / kɒst pər n- cost-effectiveness / kɒst kwaəri/ noun the average cost for  fektvnəs/, cost efficiency / kɒst each inquiry in response to an fʃ(ə)nsi/ noun being cost-effective advertisement Can we calculate the cost-effectiveness cost per order / kɒst pər ɔ də/ of air freight against shipping by sea? noun a measure used to determine the cost factor / kɒst f ktə/ noun the number of orders generated compared to problem of cost the cost of running the advertisement. costing / kɒstŋ/ noun a calculation Abbr CPO of the manufacturing costs, and so the cost per thousand / kɒst pə selling price of a product The costings θaυz(ə)nd/, cost per mille / kɒst pə give us a retail price of $2.95. We ml/ noun the cost of an advertisement, cannot do the costing until we have de- calculated as the cost for every thousand tails of all the production expenditure. people reached or the cost of a thousand costly / kɒstl/ adjective costing a lot impressions for a website This news- of money, or costing too much money paper has the highest cost per thousand Defending the court case was a costly but a very high proportion of its readers process. The mistakes were fall within our target audience. Abbr time-consuming and costly. CPT, CPM cost of entry / kɒst əv entri/ noun cost plus /kɒst pl s/ noun a system the cost of going into a market for the of calculating a price, by taking the cost first time of production of goods or services and cost-of-living increase / kɒst əv adding a percentage to cover the sup- lvŋ nkri s/ noun an increase in sal- plier’s overheads and margin We are ary to allow it to keep up with the in- charging for the work on a cost plus creased cost of living basis. cost-of-living index / kɒst əv cost-plus pricing /kɒst pl s lvŋ ndeks/ noun the way of mea- prasŋ/ noun a pricing method that insuring the cost of living which is shown volves basing the price on the produc- as a percentage increase on the figure tion costs and adding a percentage for for the previous year. It is similar to the margin

cost price 64 course cost price / kɒst pras/ noun a sell- for an order that was to have provided 8% of its workload next year – was too late and too ing price which is the same as the price, expensive’ [Wall Street Journal] either the manufacturing price or the wholesale price, which the seller paid counterpack / kaυntəp k/ noun a for the item box for the display of goods for sale, costs /kɒsts/ plural noun the expenses placed on the counter or on another flat involved in a court case The judge surface in a shop awarded costs to the defendant. Costs counter-programming / kaυntə of the case will be borne by the prəυ r mŋ/ noun the presenting of prosecution. TV programmes that are designed to ap- cottage industry / kɒtd ndəstr/ peal to the audience of competing noun the production of goods or some programmes run during at the same time other type of work, carried out by peo- countersign / kaυntəsan/ verb to ple working in their own homes sign a document which has already been counter / kaυntə/ noun a long flat signed by someone else All our surface in a shop for displaying and sell- cheques have to be countersigned by the ing goods glove counter the section finance director. The sales director of a shop where gloves are sold goods countersigns all my orders. sold over the counter retail sales of counter staff / kaυntə stɑ f/ noun goods in shops Some drugs are sold sales staff who serve behind counters over the counter, but others need to be country of origin / k ntri əv recommended by a doctor. under the ɒrd n/ noun a country where a prod- counter illegally uct is manufactured or where a food counter- /kaυntə/ prefix against product comes from All produce must counteradvertising / kaυntər- be labelled to show the country of dvətazŋ/ noun advertising aimed origin. as a reply to a competitor’s coupon / ku pɒn/ noun 1. a piece of advertisements paper used in place of money 2. a piece counter-argument / kaυntər of paper which replaces an order form ɑ jυmənt/ noun a response that is op- coupon ad / ku pɒn d/ noun an ad- posed to the position advocated in an vertisement with a form attached, which advertising message you cut out and return to the advertiser counterbid / kaυntəbd/ noun a with your name and address for further higher bid in reply to a previous bid information When I bid £20 they put in a counterbid couponed / ku pɒnd/ adjective with of £25. a coupon attached The agency is using counter-jumper / kaυntə d mpə/ couponed direct response advertising. noun a person who sells goods over the couponing / ku pɒnŋ/ noun a sell- counter (informal ) . He was a coun- ing method using coupons delivered to ter-jumper for many years before he be- homes, giving special discounts on came a manager. Five years as a some items counter-jumper gave her plenty of expe- ‘…it employs selective mailings and package rience of customer relations. inserts such as the couponed offers sent out with credit card statements’ [PR Week] countermand / kaυntə mɑ nd/ verb to cancel an order course /kɔ s/ noun a series of lessons counter-offer / kaυntər ɒfə/ noun a or programme of instruction She has higher or lower offer made in reply to finished her secretarial course. Tthe another offer Smith Ltd made an offer company has paid for her to attend a of £1m for the property, and Blacks re- course for trainee sales managers. plied with a counter-offer of £1.4m. Management trainees all took a ‘…the company set about paring costs and six-month course in business studies. improving the design of its product. It came up The training officer was constantly on with a price cut of 14%, but its counter-offer – the lookout for new courses in manage-

courtesy 65 creativity ment studies. The company sent her crash-test / kr ʃ test/ verb to estab- on a management course. lish the safety and reliability of some- courtesy / k təsi/ adjective supplied thing by testing it in different ways free of charge A courtesy sample is creaming / kri mŋ/ noun the act of sent with the sales literature. fixing a high price for a product in order courtesy car / k təsi kɑ / noun the to achieve high short-term profits use of a car offered free to a customer create /kri et/ verb to make something new By acquiring small unprof- cover / k və/ noun 1. coverage, the itable companies he soon created a proportion of a target audience reached large manufacturing group. The gov- by advertising 2. one of the outside ernment scheme aims at creating new pages of a publication. The four cover jobs for young people. pages are front cover, inside front cover, ‘…he insisted that the tax advantages he inside back cover and back cover. We directed towards small businesses will help could never afford to advertise on the create jobs and reduce the unemployment rate’ cover of this magazine. [Toronto Star] coverage / k v(ə)rd / noun the pro- creative adjective /kri etv/ relating portion of a target market that is reached to the conceptual or artistic side of ad- by an advertisement The advertise- vertising There are three copywriters ment itself was effective but it had very and four illustrators in the agency’s cre- poor coverage. We must consider ative department. He has had good both the cost of the advertisement and experience working on both the creative its coverage before committing our- and the administrative sides of advertis- selves any further. ing. í noun someone who works in the ‘…from a PR point of view it is easier to get conceptual or artistic side of a business press coverage when you are selling an industry ‘…agencies are being called on to produce great and not a brand’ [PR Week] creative work and at the same time deliver value for money’ [Marketing Week] cover charge / k və tʃɑ d / noun (in restaurants) a charge for a place at creative director /kri etv da- the table in addition to the charge for rektə/ noun an employee of an adver- food tising agency who is in overall charge of finding the right words and images to covered market / k vəd mɑ kt/ promote the product during an advertis- noun a market which is held in a special ing campaign building creative selling /kri etv selŋ/ covering letter / k vərŋ letə/, noun a sales technique where the main covering note / k vərŋ nəυt/ noun a emphasis is on generating new business letter sent with documents to say why they are being sent creative shop /kri etv ʃɒp/, creative boutique /kri etv bu - cover note / k və nəυt/ noun a let- ti k/noun a highly specialised business ter from an insurance company giving offering creative customer advertising details of an insurance policy and con- services A group of copywriters and firming that the policy exists designers have left the agency to set cover page / k və ped / noun the their own creative shop. The creative front or back cover of a publication shop made short advertising films and designed some press ads for us. cover price / k və pras/ noun the price of a newspaper or magazine which creative strategy /kri etv is printed on the cover and paid by the str təd i/ noun a strategy to deter- final purchaser mine what message an advertisement will communicate CPA abbr cost per acquisition creative thinking /kri etv θŋkŋ/ CPM abbr cost per mille noun same as creativity CPO abbr cost per order creativity / kri e tvti/ noun the CPT abbr cost per thousand ability to generate new ideas, especially

credere 66 creditor by taking a fresh and imaginative ap- creditworthiness of customers to show proach to old problems or existing pro- whether they should be allowed credit cedures (NOTE: Creativity is considered credit bank / kredt b ŋk/ noun a important not just in the development bank which lends money of new products and services, but also credit card / kredt kɑ d/ noun a in organisational decision-making and plastic card which allows you to borrow problem-solving, and many organisa- money and to buy goods without paying tions try to encourage it through their for them immediately (you pay the corporate culture and by using tech- credit card company at a later date) niques such as brainstorming and lateral thinking.) credit card sale / kredt kɑ d sel/ noun the act of selling something for credere / kredəri/ noun del credit, using a credit card credere agent credit column / kredt kɒləm/ credibility / kred blti/ noun the noun the right-hand column in accounts state of being trusted showing money received credibility gap / kred blti p/ credit control / kredt kən trəυl/ noun a discrepancy between claims for noun a check that customers pay on a product made by the manufacturer and time and do not owe more than their acceptance of these claims by the target credit limit audience The credibility gap that we credit entry / kredt entri/ noun an face is partly due to our product’s bad entry on the credit side of an account performance record. source credit facilities / kredt fə sltiz/ credibility plural noun an arrangement with a bank credit / kredt/ noun 1. the period of or supplier to have credit so as to buy time allowed before a customer has to goods pay a debt incurred for goods or services credit freeze / kredt fri z/ noun a to give someone six months’ credit period when lending by banks is re- to sell on good credit terms to open a stricted by the government line of credit or a credit line to make credit available to someone on credit credit history / kredt hst(ə)ri/ without paying immediately to live on noun a record of how a potential bor- credit We buy everything on sixty rower has repaid his or her previous days credit. The company exists on debts credit from its suppliers. 2. an amount credit limit / kredt lmt/ noun the entered in accounts to show a decrease largest amount of money which a cus- in assets or expenses or an increase in li- tomer can borrow abilities, revenue or capital. In accounts, credit memorandum / kredt credits are entered in the right-hand col- memər ndəm/, credit memo /- umn. to enter £100 to someone’s kredt meməυ/ noun US a note show- credit to pay in £100 to the credit of ing that money is owed to a customer Mr Smith Compare debit account in When the buyer paid too much money credit an account where the credits are for the goods he was immediately sent a higher than the debits 3. money set credit memorandum. I hope we re- against a client’s account because an ad- ceive a credit memo from the suppliers vertisement was not run at the correct for the money they owe us. time credit note / kredt nəυt/ noun a credit account / kredt ə kaυnt/ note showing that money is owed to a noun an account which a customer has customer The company sent the with a shop which allows them to buy wrong order and so had to issue a credit goods and pay for them later note. Abbr C/N credit agency / kredt ed ənsi/ creditor / kredtə/ noun a person or noun a company which reports on the company that is owed money, i.e. a company’s creditors are its liabilities

creditors’ meeting 67 cross-selling creditors’ meeting / kredtəz critical mass / krtk(ə)l m s/ mi tŋ/ noun a meeting of all the peo- noun the point at which an organisation ple to whom an insolvent company or a project is generating enough in- owes money, to decide how to obtain come or has gained a large enough mar- the money owed ket share to be able to survive on its own credit rating agency / kredt or to be worth investing more money or retŋ ed ənsi/ noun US a company resources in used by businesses and banks to assess critical path analysis / krtk(ə)l the creditworthiness of people pɑ θ ə n ləss/ noun 1. analysis of the credit-reference agency / kredt way a project is organised in terms of ref(ə)rens ed ənsi/ noun a company the minimum time it will take to com- used by businesses and banks to assess plete, calculating which parts can be de- the creditworthiness of people layed without holding up the rest of the credits / kredts/ plural noun a list of project 2. same as critical-path the names of people who have worked method on a film, TV programme, etc. critical-path method / krtk(ə)l credit sale / kredt sel/ noun a sale pɑ θ meθəd/ noun a technique used in where the purchaser will pay for the project management to identify the ac- goods bought at a later date tivities within a project that are critical to its success, usually by showing on a credit scoring / kredt skɔ rŋ/ diagram or flow chart the order in which noun a calculation made when assessing activities must be carried out so that the the creditworthiness of someone or project can be completed in the shortest something time and at the least cost credit side / kredt sad/ noun the right-hand column of accounts showing CRM abbr customer relations manage- money received ment or customer relationship management credit system / kredt sstəm/ noun the system that governs the way cross /krɒs/ verb 1. to go across that loans are made to people and or- Concorde only takes three hours to ganisations, especially the regulations cross the Atlantic. To get to the bank, that relate to loans and to organisations you turn left and cross the street at the that provide loans post office. 2. to cross a cheque to write two lines across a cheque to show credit union / kredt ju njən/ noun that it has to be paid into a bank a group of people who pay in regular deposits or subscriptions which earn inter- crossed cheque / krɒst tʃek/ noun est and are used to make loans to other a cheque with two lines across it show- members of the group ing that it can only be deposited at a creditworthiness / kredt- bank and not exchanged for cash w ðinəs/ noun the ability of a cus- cross elasticity of demand / krɒs tomer to pay for goods bought on credit l ststi əv d mɑ nd/ noun changes creditworthy / kredtw ði/ adjec- in demand for an item depending on the tive having enough money to be able to selling price of a competing product buy goods on credit We will do some cross-media advertising / krɒs checks on her to see if she is mi diə dvətazŋ/ noun advertising creditworthy. the same product or service in several crisis / krass/ noun a serious situa- different types of media which are of- tion where decisions have to be taken fered by a single-company media rapidly provider crisis management / krass cross-selling /krɒs selŋ/ noun 1. m nd mənt/ noun management of a selling two products which go with each business or a country’s economy during other, by placing them side by side in a a period of crisis store 2. selling a new product which

cross-tracks 68 curriculum vitae goes with another product a customer ‘…crude oil output plunged during the past has already bought month and is likely to remain at its current level for the near future’ [Wall Street Journal] cross-tracks / krɒs tr ks/ noun a current account / k rənt ə kaυnt/ poster site next to a railway track noun 1. an account in an bank from CTM noun click-through rate which the customer can withdraw CTR abbr click through rate money when they want. Current accounts do not always pay interest. to cume /kju m/ noun same as cumula- pay money into a current account tive audience (informal ) . (NOTE: American English is checking cumulative / kju mjυlətv/ adjec- account) 2. an account of the balance tive added to regularly over a period of of payments of a country relating to the time sale or purchase of raw materials, goods cumulative audience /- and invisibles kju mjυlətv ɔ diəns/, cumulative ‘…customers’ current deposit and current reach / kju mjυlətv ri tʃ/ noun the accounts also rose to $655.31 million at the end of December’ [Hongkong Standard] number of people reached by an adver- ‘…a surplus in the current account is of such tisement at least once over a period of vital importance to economists and currency time traders because the more Japanese goods that cumulative interest / kju mjυlətv are exported, the more dollars overseas customers have to pay for these products. That ntrəst/ noun the interest which is pushes up the value of the yen’ [Nikkei Weekly] added to the capital each year current assets / k rənt sets/ plu- cumulative quantity discount ral noun the assets used by a company / kju mjυlətv kwɒntəti dskaυnt/ in its ordinary work, e.g. materials, fin- noun a discount based on a quantity ished goods, cash, monies due, and bought or the value of purchases over a which are held for a short time only period of time We have purchased only from these suppliers over the last current cost accounting / k rənt few months in order to enjoy a cumula- kɒst ə kaυntŋ/ noun a method of active quantity discount. counting which notes the cost of replac- ing assets at current prices, rather than cumulative reach / kju mjυlətv valuing assets at their original cost. ri tʃ/ noun same as cumulative Abbr CCA audience current liabilities / k rənt currency / k rəns/ noun money in laə bltiz/ plural noun the debts which coins and notes which is used in a par- a company has to pay within the next ticular country accounting period. In a company’s an- ‘…today’s wide daily variations in exchange nual accounts, these would be debts rates show the instability of a system based on a single currency, namely the dollar’ [Economist] which must be paid within the year and are usually payments for goods or ser- ‘…the level of currency in circulation increased to N4.9 billion in the month of August’ vices received. [Business Times (Lagos)] current price / k rənt pras/ noun currency backing / k rənsi today’s price b kŋ/ noun gold or government secu- current rate of exchange / k rənt rities which maintain the strength of a ret əv ks tʃend / noun today’s rate currency of exchange currency note / k rənsi nəυt/ noun current yield / k rənt ji ld/ noun a a bank note (NOTE: currency has no dividend calculated as a percentage of plural when it refers to the money of the current price of a share on the stock one country: he was arrested trying market to take currency out of the country) curriculum vitae /kə rkjυləm current / k rənt/ adjective referring vi ta/ noun a summary of a person’s to the present time the current round work experience and qualifications sent of wage negotiations to a prospective employer by someone

curve 69 customer service applying for a job Candidates should she needs from it and expects it to do send a letter of application with a cur- (NOTE: Customer expectation can be riculum vitae to the HR manager. The created by previous experience, adver- curriculum vitae listed all the candi- tising, what other people say about it, date’s previous jobs and her reasons for awareness of competitors’ products, leaving them. Abbr CV (NOTE: the plural and brand image. If customer expecta- is curriculums or curricula vitae. tions are met, then customer satisfac- American English is résumé) tion results.) curve /k v/ noun a line which is not customer flow / k stəmə fləυ/ straight, e.g. a line on a graph The noun the number of customers in a store graph shows an upward curve. and the pattern of their movements custom / k stəm/ noun 1. the use of a round the store shop by regular shoppers to lose customer focus / k stəmə fəυkəs/ someone’s custom to do something noun the aiming of all marketing opera- which makes a regular customer go to tions towards the customer another shop 2. the customs of the customer loyalty / k stəmə trade the general way of working in a lɔəlti/ noun the feeling of customers trade It is the custom of the book trade who always shop at the same shop to allow unlimited returns for credit. ‘…a difficult market to get into, China custom-built / k stəm blt/ adjec- nevertheless offers a high degree of customer loyalty once successfully entered’ [Economist] tive made specially for one customer He drives a custom-built Rolls Royce. customer profile / k stəmə customer / k stəmə/ noun a person prəυfal/ noun a description of an av- or company that buys goods The shop erage customer for a product or service was full of customers. Can you serve The customer profile shows our aver- this customer first please? She’s a age buyer to be male, aged 25–30, and regular customer of ours. (NOTE: The employed in the service industries. customer may not be the consumer or customer profitability / k stəmə end user of the product.) prɒftə blti/ noun the amount of ‘…unless advertising and promotion is done in profit generated by each individual cus- the context of an overall customer orientation, it tomer. Usually a small percentage of cannot seriously be thought of as marketing’ customers generate the most profit. [Quarterly Review of Marketing] customer relations / k stəmə r- customer appeal / k stəmər ə pi l/ leʃ(ə)nz/ plural noun relations be- noun what attracts customers to a tween a company and its customers product customer relations manage- customer capital / k stəmə ment / k stəmə r leʃ(ə)nz k pt(ə)l/ noun an organisation’s rela- m nd mənt/, customer relation- tionships with its customers considered ship management / k stəmə r- as a business asset leʃ(ə)nʃp m nd mənt/ noun the customer care / k stəmə keə/ management of relations between a noun looking after customers, so that company and its customers, keeping they do not become dissatisfied them informed of new products or ser- customer-centric model vices and dealing sympathetically with / k stəmə sentrk mɒd(ə)l/ noun a their complaints or inquiries. Abbr CRM business model that is based on an as- customer retention / k stəmə r- sessment of what the customer needs tenʃən/ noun same as retention customer complaint / k stəmə customer satisfaction / k stəmə kəm plent/ noun same as complaint s ts f kʃən/ noun the act of making customer expectation / k stəmər customers pleased with what they have ekspek teʃ(ə)n/ noun the ideas and bought feelings that a customer has about a customer service / k stəmə product or service, based on what he or s vs/ noun a service given to custom-

customer service department 70 cybermarketing ers once they have made their decision customs declaration / k stəmz to buy, including delivery, after-sales deklə reʃ(ə)n/ noun a statement show- service, installation, training, etc. ing goods being imported on which duty will have to be paid to fill in a cus- customer service department toms declaration form / k stəmə s vs d pɑ tmənt/ noun a department which deals with custom- customs entry point / k stəmz ers and their complaints and orders entri pɔnt/ noun a place at a border between two countries where goods are customisation / k stəma- declared to customs zeʃ(ə)n/, customization noun the customs invoice / k stəmz process of making changes to products nvɔs/ noun a customs form contain- or services that enable them to satisfy ing a list of goods with their values in the particular needs of individual both the exporter’s and importer’s customers countries customise / k stəmaz/, customize customs seal / k stəmz si l/ noun a verb to change something to fit the spe- seal attached by a customs officer to a cial needs of a customer We use cus- box, to show that the contents have not tomized computer terminals. passed through customs customised service / k stəmazd customs tariff / k stəmz t rf/ s vs/ noun a service that is specifi- noun a list of taxes to be paid on im- cally designed to satisfy the particular ported goods needs of an individual customer customs warehouse / k stəmz custom publisher / k stəm weəhaυs/ noun a government-run p blʃə/ noun a company which cre- warehouse where goods are stored until ates a magazine for a company to use as duty is paid The goods will remain in publicity the customs warehouse until the buyer customs / k stəmz/ plural noun the claims them. government department which organises cut-off / k t ɒf/ noun the time after the collection of taxes on imports, or an which a spot cannot be broadcast, usu- office of this department at a port or air- ally late at night port He was stopped by customs. cut-price / k t pras/ adjective Her car was searched by customs. to cheaper than usual go through customs to pass through the cut-price store / k t pras stɔ / area of a port or airport where customs noun a store selling cut-price goods officials examine goods to take something through customs to carry some- cut-throat competition / k t θrəυt thing illegal through a customs area kɒmpə tʃ(ə)n/ noun sharp competition without declaring it the crates had to which cuts prices and offers high go through a customs examination the discounts crates had to be examined by customs cutting / k tŋ/ noun a piece cut out officials of a publication which refers to an item of particular interest customs broker / k stəmz brəυkə/ noun a person or company that cutting-edge / k tŋ ed / adjective takes goods through customs for a ship- using or involving the latest and most ping company advanced techniques and technologies customs clearance / k stəmz CV abbr curriculum vitae Please apply in writing, enclosing a current CV. klərəns/ noun 1. the act of passing goods through customs so that they can cyber mall / sabəmɑ ll/ noun a enter or leave the country 2. a document website that provides information and given by customs to a shipper to show links for a number of online businesses that customs duty has been paid and the cybermarketing / sabə mɑ ktŋ/ goods can be shipped to wait for cus- noun marketing that uses any kind of toms clearance Internet-based promotion, e.g. targeted

cycle 71 cyclical factors emails, bulletin boards, websites, or were used in the case study to show re- sites from which the customer can cent developments in retailing. download files cyclical / sklk(ə)l/ adjective which cycle / sak(ə)l/ noun a set of events happens in cycles which happen in a regularly repeated ‘…general retailers should in theory suffer from sequence rising interest rates. And food retailers in particular have cyclical exposure without price cycle models / sak(ə)l m d(ə)lz/ power’ [Investors Chronicle] plural noun models which are used to cyclical factors / sklk(ə)l f ktəz/ explain cyclical change Cycle models plural noun the way in which a trade cycle affects businesses

DAGMAR 72 date coding D DAGMAR / d mɑ / noun a model database publishing / detəbes showing stages in the effect of advertis- p blʃŋ/ noun the publishing of infor- ing on a consumer, e.g. awareness, com- mation selected from a database, either prehension, conviction and action. Full on-line where the user pays for it on a form defining advertising goals for per-page inspection basis or as a measured advertising results CD-ROM DAR abbr day after recall test data capture / detə k ptʃə/, data entry / detə entri/ noun the act of data / detə/ noun information avail- putting information onto a computer by able on computer, e.g. letters or figures keyboarding or by scanning All important data on employees was fed into the computer. To calculate data cleansing / detə klenzŋ/, the weekly wages, you need data on data cleaning / detə kli nŋ/ noun hours worked and rates of pay. data checking data to make sure it is correct bank or bank of data a store of infor- data mining / detə manŋ/ noun mation in a computer the use of advanced software to search data acquisition / detə kw- online databases and identify statistical zʃ(ə)n/ noun gathering information patterns or relationships in the data that about a subject may be commercially useful database / detəbes/ noun a set of data protection / detə prə tekʃən/ noun making sure that computerised in- data stored in an organised way in a formation about people is not misused computer system We can extract the lists of potential customers from our data sheet / detə ʃi t/ noun a leaflet database. with data or information about a product database cleaning / detəbes data warehouse / detə weəhaυs/ kli nŋ/, database cleansing noun a large collection data that is col- / detəbes klenzŋ/ noun checking lected over a period of time from differ- the details of a database to make sure ent sources and stored on a computer in they are correct a standard format so that is easy to re- trieve. It can be used, e.g., to support database management system managerial decision-making. (NOTE: Or- / detəbes m nd mənt sstəm/ ganisations often use data ware- noun a computer program that is spe- houses for marketing purposes, for cially designed to organise and process example, in order to store and analyse the information contained in a database customer information.) database marketing / detəbes date /det/ noun the number of day, mɑ ktŋ/ noun using a database to month and year I have received your market a product or service by building letter of yesterday’s date. date of re- up a relationship with customers ceipt the date when something is database modelling / detəbes received mɒd(ə)lŋ/ noun using the information date coding / det kəυdŋ/ noun the from a database to create a website or to act of showing the date by which a prod- forecast trends in a market uct should be consumed

date-in-charge 73 deaveraging date-in-charge / det n tʃɑ d / sales director set up a deal with a noun the date from which a poster site is Russian bank. The deal will be signed charged We will have three weeks of tomorrow. They did a deal with an exposure from the date-in-charge. American airline. to call off a deal to day /de/ noun a period of 24 hours stop an agreement When the chairman There are thirty days in June. The first heard about the deal he called it off. í day of the month is a public holiday. verb 1. to deal with something to or- days of grace the days allowed for pay- ganise something Leave it to the filing ment after it becomes due Let’s send clerk – he’ll deal with it. to deal with the cheque at once since we have only an order to work to supply an order 2. five days of grace left. Because the to buy and sell to deal with someone shopowner has so little cash available, to do business with someone to deal we will have to allow him additional in leather or options to buy and sell days of grace. leather or options he deals on the Stock Exchange his work involves buy- day after recall test / de ɑ ftə ing and selling shares on the Stock Ex- ri kɔ l test/ noun an advertising re- change for clients search test to see how much someone can remember of an advertisement, the dealer / di lə/ noun a person who buys day after it appeared or was broadcast. and sells a used-car dealer Abbr DAR dealer aids / di lə edz/ plural noun daypart / depɑ t/ noun a section of a types of advertising material used by day, used for measuring audience rat- shops to stimulate sales ings on TV dealer’s brand / di ləz br nd/ noun DBS abbr direct broadcast by satellite a brand owned by a distributor rather by dead /ded/ adjective not working a producer I bought the dealer’s the line went dead the telephone line brand of soap since the store is well suddenly stopped working known for its high quality goods. dead account /ded ə kaυnt/ noun dealership / di ləʃp/ noun 1. the au- an account which is no longer used thority to sell some products or services dead freight /ded fret/ noun pay- 2. a business run by an authorised dealer ment by a charterer for unfilled space in dealer tie-in / di lə ta n/ noun ad- a ship or plane Too much dead freight vertising which includes the names of is making it impossible for the company local dealers that stock the product be- to continue to charter ships. ing advertised deadline / dedlan/ noun the date by deal in / di l n/ noun sales promotion which something has to be done to to the trade meet a deadline to finish something in deal out / di l aυt/ noun sales promo- time to miss a deadline to finish tion to consumers something later than it was planned We’ve missed our October 1st deadline. dear money / də m ni/ noun money which has to be borrowed at a dead loss /ded lɒs/ noun a total loss high interest rate, and so restricts expen- The car was written off as a dead loss. diture by companies dead season / ded si z(ə)n/ noun death duty / deθ dju ti/, death tax the time of year when there are few / deθ t ks/ noun US a tax paid on the tourists about property left by a dead person (NOTE: deadweight / dedwet/ noun heavy the British equivalent is inheritance goods, e.g. coal, iron or sand tax) deadweight cargo / dedwet deaveraging /di v(ə)rd ŋ/ noun kɑ əυ/ noun a heavy cargo which is the act of treating customers in different charged by weight, not by volume ways according to the amount they buy, deal /di l/ noun a business agreement, by rewarding the best and penalising the affair or contract to sign a deal The worst

debit 74 decision-making unit debit / debt/ noun an amount entered debtor / detə/ noun a person who in accounts which shows an increase in owes money assets or expenses or a decrease in lia- ‘…the United States is now a debtor nation for bilities, revenue or capital. In accounts, the first time since 1914, owing more to debits are entered in the left-hand col- foreigners than it is owed itself’ [Economist] umn. Compare credit í verb to debit debtor side / detə sad/ noun the an account to charge an account with a debit side of an account cost His account was debited with the decentralise /di sentrəlaz/, de- sum of £25. centralize verb to move power or au- debitable / debtəb(ə)l/ adjective thority or action from a central point to which can be debited local areas debit card / debt kɑ d/ noun a plas- decentralised system /di - tic card, similar to a credit card, but sentrəlazd sstəm/noun a system which debits the holder’s account im- where responsibility for marketing, ad- mediately through an EPOS system vertising, and promotion lies with a product manager rather than a central- debit column / debt kɒləm/ noun ised department the left-hand column in accounts showing the money paid or owed to others deception /d sepʃən/ noun telling a lie in order to mislead a customer debit entry / debt entri/ noun an entry on the debit side of an account decide /d sad/ verb to make up your mind to do something to decide on a debit note / debt nəυt/ noun a note course of action to decide to appoint a showing that a customer owes money new managing director We undercharged Mr Smith and had to send him a debit note for the extra decider /d sadə/ noun a person who amount. makes decisions, especially the person who makes the decision to buy debits and credits / debts ən kredts/ plural noun money which a deciding factor /d sadŋ f ktə/ company owes and money it receives, noun the most important factor which figures which are entered in the ac- influences a decision A deciding fac- counts to record increases or decreases tor in marketing our range of sports in assets, expenses, liabilities, revenue goods in the country was the rising stan- or capital dard of living there. decimal system / desm(ə)l debt /det/ noun money owed for goods or services The company stopped sstəm/ noun a system of mathematics trading with debts of over £1 million. based on the number 10 to be in debt to owe money he is in decision /d s (ə)n/ noun a choice debt to the tune of £250,000 he owes made after thinking about what to do £250,000 to get into debt to start to It took the committee some time to come borrow more money than you can pay to a decision or to reach a decision. back the company is out of debt the decision-maker /d s (ə)n mekə/ company does not owe money any more noun a person who takes decisions. to pay back a debt to pay all the marketmaker money owed to pay off a debt to fin- decision-making /d s (ə)n ish paying money owed to service a mekŋ/ noun the act of coming to a debt to pay interest on a debt The decision company is having problems in servicing its debts. debts due money owed decision-making unit /d s (ə)n which is due for repayment mekŋ ju nt/ noun a group of people who decide on the purchase of a prod- debt collection / det kə lekʃ(ə)n/ uct. For the purchase of a new piece of noun collecting money which is owed equipment, they would be the manager, debt collector / det kə lektə/ noun a the financial controller and the operator person who collects debts who will use the equipment. Abbr DMU

decision theory 75 deflation decision theory /d s (ə)n θəri/ defensive spending /d fensv noun the mathematical methods for spendŋ/ noun a budget strategy that weighing the various factors in making promotes areas where sales are currently decisions In practice it is difficult to strong rather than potential areas where apply decision theory to our planning. sales could be made Students study decision theory to help defer /d f / verb to put back to a later them suggest strategies in case-studies. date, or to postpone We will have to decision tree /d s (ə)n tri / noun a defer payment until January. The de- model for decision-making, showing the cision has been deferred until the next possible outcomes of different decisions meeting. (NOTE: deferring – deferred) This computer programme incorpo- deferment /d f mənt/ noun the act rates a decision tree. of leaving until a later date deferment deck /dek/ noun a flat floor in a ship of payment deferment of a decision deck cargo / dek kɑ əυ/ noun the deferred /d f d/ adjective put back cargo carried on the open top deck of a to a later date ship deferred creditor /d f d kredtə/ decline /d klan/ noun 1. a gradual noun a person who is owed money by a fall the decline in the value of the dol- bankrupt but who is paid only after all lar a decline in buying power The other creditors last year has seen a decline in real deferred payment /d f d wages. 2. the final stage in the life cycle pemənt/ noun 1. money paid later of a product when the sales and profit- than the agreed date 2. payment for ability are falling off and the product is goods by instalments over a long period no longer worth investing in í verb to deferred rebate /d f d ri bet/ fall slowly or decrease Shares de- noun a discount given to a customer clined in a weak market. New job ap- who buys up to a specified quantity over plications have declined over the last a specified period year. The economy declined during the last government. deferred stock /d f d stɒk/ noun shares which receive a dividend after all ‘Saudi oil production has declined by three quarters to around 2.5m barrels a day’ other dividends have been paid [Economist] deficit / defst/ noun the amount by ‘…this gives an average monthly decline of 2.15 which spending is higher than income per cent during the period’ the accounts show a deficit the ac- [Business Times (Lagos)] counts show a loss to make good a ‘…share prices disclosed a weak tendency right deficit to put money into an account to from the onset of business and declined further, balance it showing losses over a broad front’ [The Hindu] deficit financing / defst decode /di kəυd/ verb to translate fan nsŋ/ noun planning by a gov- and interpret a coded message ernment to cover the shortfall between deduplication /di dju pl keʃ(ə)n/ tax income and expenditure by borrow- noun removing duplicate entries from a ing money database deflate /di flet/ verb to deflate the deep-rooted demand / di p ru td economy to reduce activity in the econ- d mɑ nd/ noun brand loyalty which omy by cutting the supply of money survives even if the product no longer deflation /di fleʃ(ə)n/ noun a gen- offers value for money There is eral reduction in economic activity as a deep-rooted demand for this product result of a reduced supply of money and which is a household name. credit, leading to lower prices The oil de facto standard /de f ktəυ crisis resulted in worldwide deflation. ‘…the reluctance of people to spend is one of st ndəd/ noun a standard set in a par- the main reasons behind 26 consecutive months ticular market by a highly successful of price deflation, a key economic ill that has led product or service to price wars, depressed the profit margins of

deflationary 76 delphi method state enterprises and hit incomes among the a price which includes transport costs rural population’ [Financial Times] goods delivered on board goods trans- deflationary /di fleʃ(ə)n(ə)ri/ ad- ported free to the ship or plane but not to jective which can cause deflation The the customer’s warehouse government has introduced some deflationary measures in the budget. delivered price /d lvəd pras/ ‘…the strong dollar’s deflationary impact on noun a price which includes packing European economies as national governments and transport push up interest rates’ [Duns Business Month] delivery /d lv(ə)ri/ noun 1. the delay /d le/ noun the time when transporting of goods to a customer someone or something is later than allow 28 days for delivery delivery is planned There was a delay of thirty not allowed for or is not included par- minutes before the AGM started or the cels awaiting delivery free delivery or AGM started after a thirty-minute delay. delivery free a delivery date deliv- We are sorry for the delay in supply- ery within 28 days We have a pallet of ing your order or in replying to your let- parcels awaiting delivery. to take deter. í verb to be late, or to make livery of goods to accept goods when someone late The company has de- they are delivered We took delivery of layed payment of all invoices. She was the stock into our warehouse on the delayed because her taxi was involved 25th. 2. goods being delivered We in an accident. take in three deliveries a day. There delayed response /d led r- were four items missing in the last deliv- spɒns/ noun a slower than expected re- ery. 3. the transfer of a bill of exchange sponse by consumers to a company’s delivery note /d lv(ə)ri nəυt/ noun promotion If there is a delayed re- a list of goods being delivered, given to sponse we will only reap the benefits the customer with the goods next year. A delayed response is not delivery of goods /d lv(ə)ri əv usual in such a new product. υdz/ noun the transport of goods to a del credere agent /del kredər customer’s address ed ənt/ noun an agent who receives a high commission because they guaran- delivery order /d lv(ə)ri ɔ də/ tee payment by customers noun the instructions given by the customer to the person holding her goods, delegation / del eʃ(ə)n/ noun 1. a to tell her where and when to deliver group of delegates A Chinese trade them delegation is visiting the UK. The management met a union delegation. 2. delivery receipt /d lv(ə)ri r si t/ an act of passing authority or responsi- noun a delivery note when it has been bility to someone else signed by the person receiving the goods delete /d li t/ verb to remove a product from a company’s product range delivery service /d lv(ə)ri s vs/ We have decided to delete three old noun the store will deliver goods to all products as the new ones are coming on parts of the town stream. delivery time /d lv(ə)ri tam/ noun deletion /d li ʃ(ə)n/ noun the act of the number of days before something removing an old product from the mar- will be delivered ket The product has lost market share delivery van /d lv(ə)ri v n/ noun a and is a candidate for deletion. van for delivering goods to customers delight factor /d lat f ktə/ noun delphi method / delfa meθəd/ the customer’s pleasure at making a noun a method of forming strategies by purchase soliciting individual estimates on the deliver /d lvə/ verb to transport time-scale of projected developments goods to a customer goods delivered and then inviting further estimates on free or free delivered goods goods the basis of all those already made until transported to the customer’s address at a consensus is reached

demand 77 demonstration model demand /d mɑ nd/ noun 1. asking demand theory /d mɑ nd θəri/ for payment payable on demand noun a branch of economics concerned which must be paid when payment is with consumer buying habits and factors asked for 2. the requirement by a pro- which determine demand spective purchaser for a commodity demarketing /di mɑ ktŋ/ noun the There was an active demand for oil act of attempting to reduce the demand shares on the stock market. there is for a product Demarketing was the not much demand for this item not keynote in the industry when rationing many people want to buy it this book was introduced. is in great demand or there is a great demand for this book many people demographic / demə r fk/ adjec- want to buy it to meet/fill a demand tive referring to demography A full to supply what is needed The factory demographic study of the country must had to increase production to meet the be done before we decide how to export extra demand. The factory had to cut there. production when demand slackened. demographic edition /demə- The office cleaning company cannot r fk  dʃ(ə)n/ noun a special edi- keep up with the demand for its services. tion of a magazine targeted at a specific í verb to ask for something and expect demographic group to get it She demanded a refund. The suppliers are demanding immediate demographics / demə r fks/ plu- payment of their outstanding invoices. ral noun the details of the population of The shop stewards demanded an urgent a country, in particular its age and gen- meeting with the managing director. der, which affect marketing ‘…spot prices are now relatively stable in the demographic segmentation run-up to the winter’s peak demand’ [Economist] /demə r fk se men teʃ(ə)n/ noun ‘…the demand for the company’s products the act of dividing a market up into seg- remained strong throughout the first six months ments according to the age, sex, income of the year with production and sales showing levels, etc. of the potential customers significant increases’ [Business Times (Lagos)] demography /d mɒ rəfi/ noun a ‘…growth in demand is still coming from the private rather than the public sector’ study of populations and population sta- [Lloyd’s List] tistics such as age, sex, income and demand bill /d mɑ nd bl/ noun a education bill of exchange which must be paid demonstrate / demənstret/ verb when payment is asked for to show how something works He demand deposit /d mɑ nd d- was demonstrating a new tractor pɒzt/ noun US money in a deposit ac- when he was killed. The managers count which can be taken out when you saw the new stock-control system being want it by writing a cheque demonstrated. demand forecasting /d mɑ nd demonstration / demən streʃ(ə)n/ fɔ kɑ stŋ/ noun estimating what de- noun an act of showing or explaining mand would exist at various prices, used how something works We went to a as a method of calculating prices demonstration of new laser equipment. demand-led inflation /d mɑ nd demonstration effect / demən- led n fleʃ(ə)n/ noun inflation caused streʃ(ə)n  fekt/ noun the theory stat- by rising demand which cannot be met ing that people buy products to impress demand price /d mɑ nd pras/ or keep up with their neighbours The noun the price at which a quantity of promotion of luxury goods is intended to goods will be bought exploit the demonstration effect. demand schedule /d mɑ nd demonstration model / demən- ʃed u l/ noun a table showing demand streʃ(ə)n mɒd(ə)l/ noun a piece of for a product or service at different equipment used in demonstrations and prices later sold off cheaply

demonstrator 78 depression demonstrator / demənstretə/ noun transport a goods depot an oil stor- 1. a person who demonstrates pieces of age depot a freight depot a bus equipment 2. same as demonstration depot model depreciate /d pri ʃiet/ verb 1. to re- demurrage /d m rd / noun money duce the value of assets in accounts paid to a customer when a shipment is We depreciate our company cars over delayed at a port or by customs three years. 2. to lose value a share department /d pɑ tmənt/ noun 1. a which has depreciated by 10% over the specialised section of a large organisa- year The pound has depreciated by tion Trainee managers work for a 5% against the dollar. while in each department to get an idea ‘…this involved reinvesting funds on items which could be depreciated against income for of the organisation as a whole. 2. a sec- three years’ [Australian Financial Review] tion of a large store selling one type of ‘…buildings are depreciated at two per cent per product You will find beds in the fur- annum on the estimated cost of construction’ niture department. [Hongkong Standard] departmental manager ‘…the euro’s downward drift sparked alarmed reactions from the European Central Bank / di pɑ tment(ə)l m nd ə/ noun the which has seen the new currency depreciate by manager of a department almost 15% since its launch’ [Times] departmental system noun a way COMMENT: Various methods of depreci- of organising an advertising agency into ating assets are used, such as the departments such as creative, media, ad- ‘straight line method’, where the asset is ministration, etc. depreciated at a constant percentage of depend /d pend/ verb 1. to depend its cost each year and the ‘reducing balance method’, where the asset is depreci- on to need someone or something to ex- ated at a constant percentage which is ist The company depends on efficient applied to the cost of the asset after each service from its suppliers. We depend of the previous years’ depreciation has on government grants to pay the salary been deducted. bill. 2. to happen because of something The success of the launch will depend depreciation /d pri ʃi eʃ(ə)n/ noun on the publicity campaign. depending 1. a reduction in value of an asset 2. a on which varies according to something loss of value a share which has shown Depending on the advertising budget, a depreciation of 10% over the year the new product will be launched on ra- the depreciation of the pound against dio or on TV. the dollar dependent /d pendənt/ adjective depreciation rate /d pri ʃi eʃ(ə)n supported financially by someone else ret/ noun the rate at which an asset is employees may be granted leave to care depreciated each year in the company for dependent relatives accounts dependent variable /d pendənt depress /d pres/ verb to reduce veəriəb(ə)l/ noun a variable or factor Reducing the money supply has the ef- which changes as a result of a change in fect of depressing demand for consumer another (the ‘independent variable’) goods. We are trying to understand the effects depressed /d prest/ adjective feel- of several independent variables on one ing miserable and worried She was dependent variable, in this case, sales. depressed when she was not promoted. deposit /d pɒzt/ noun money given depressed area /d prest eəriə/ in advance so that the thing which you noun a part of a country suffering from want to buy will not be sold to someone depression else to pay a deposit on a watch to depressed market /d prest leave £10 as deposit mɑ kt/ noun a market where there are depot / depəυ/ noun a central ware- more goods than customers house or storage area for goods, or a depression /d preʃ(ə)n/ noun a pe- place for keeping vehicles used for riod of economic crisis with high unem-

depth 79 desire to purchase ployment and loss of trade an design audit /d zan ɔ dt/ noun economic depression The country en- the checking and evaluating of design, tered a period of economic depression. especially in advertising materials or on depth /depθ/ noun the variety in a a website product line design consultancy /d zan kən- depth interview / depθ ntəvju / s ltənsi/ noun a firm which gives spe- noun an interview with no preset ques- cialist advice on design tions and following no fixed pattern, but design department /d zan d- which can last a long time and allows pɑ tmənt/ noun the department in a the respondent time to express personal large company which designs the com- views and tastes Depth interviews pany’s products or its advertising elicited some very original points of designer /d zanə/ noun a person view. who designs She is the designer of the deregulation /di re jυ leʃ(ə)n/ new computer. í adjective expensive noun the reduction of government con- and fashionable designer jeans trol over an industry the deregulation designer product /d zanə of the airlines ‘…after the slump in receipts last year that prɒd kt/ noun a fashionable product followed liner shipping deregulation in the US, created by a well-known designer Re- carriers are probably still losing money on their cent wealth in the cities has increased transatlantic services. But with a possible the demand for designer products. contraction in capacity and healthy trade Jeans and sportswear are only some of growth, this year has begun in a much more promising fashion than last’ [Lloyd’s List] our designer products. derived demand /d ravd d- design factor /d zan f ktə/ noun mɑ nd/ noun demand for a product be- the ratio of sampling error of a complex cause it is needed to produce another sample or sample design to that of a product which is in demand completely random sample describe /d skrab/ verb to say what design for manufacturability /d- someone or something is like The zan fə m njυf ktʃərə blti/ noun leaflet describes the services the com- the process of adapting the design of a pany can offer. The managing direc- product so that it fits as well as possible tor described the difficulties the into the manufacturing system of an or- company was having with cash flow. ganisation, thus reducing the problems of bringing the product to market (NOTE: description /d skrpʃən/ noun a de- The manufacturing issues that need to tailed account of what something is like be taken into account in design for false description of contents the act manufacturability include selecting ap- of wrongly stating the contents of a propriate materials, making the prod- packet to trick customers into buying it uct easy to assemble and minimising design /d zan/ noun 1. the planning the number of machine set-ups re- or drawing of a product before it is built quired.) or manufactured 2. the planning of the visual aspect of an advertisement í verb design protection /d zan prə- to plan or to draw something before it is tekʃən/ noun making sure that a design built or manufactured He designed a is not copied by an unauthorised user new car factory. She designs garden design studio /d zan stju diəυ/ furniture. noun an independent firm which designate / dez net/ verb to iden- specialises in creating designs tify something or someone in a particu- desire /d zaə/ noun the wish to do lar way something designated market area desire to purchase /d zaə tə / dez net mɑ kt eəriə/ noun p tʃs/ noun the feeling of a customer geographical areas used in measuring that he or she needs to purchase a prod- the size of an audience. Abbr DMA uct. AIDA

desk 80 differential advantage desk /desk/ noun a writing table in an diagram / daə r m/ noun a drawing office, usually with drawers for statio- which presents information visually a nery a desk diary a desk drawer a diagram showing sales locations a di- desk light agram of the company’s organisational desk research / desk r s tʃ/ noun structure The first diagram shows looking for information which is in how our decision-making processes printed sources such as directories work. desk researcher / desk r s tʃə/ diagrammatic / daə rə m tk/ ad- noun a person who carries out desk jective in diagrammatic form in the research form of a diagram The chart showed the sales pattern in diagrammatic form. devaluation / di v lju eʃ(ə)n/ noun a reduction in value of a currency diagrammatically / daə rə- against other currencies the devalua- m tkli/ adverb using a diagram tion of the rand The chart shows the sales pattern diagrammatically. devalue /di v lju / verb to reduce the value of a currency against other dial / daəl/ verb to call a telephone currencies The pound has been deval- number on a telephone to dial a num- ued by 7%. ber to dial the operator develop /d veləp/ verb 1. to plan and dial-and-smile / daəl ən smal/ produce to develop a new product 2. verb to try to appear pleasant when to plan and build an area to develop cold-calling potential customers an industrial estate diarise / daəraz/, diarize verb to en- developed country /d veləpt ter a date you have to remember in a k ntri/ noun a country which has an diary advanced manufacturing system diary / daəri/ noun a book in which ‘…developed countries would gain $135 billion you can write notes or appointments for a year and developing countries, such as the each day of the week She checked her former centrally planned economies of Eastern engagements in her desk diary. Europe, would gain $85 billion a year. The study also notes that the poorest countries would diary method / daəri meθəd/ noun lose an annual $7 billion’ [Times] a market research method whereby redeveloping country /d veləpŋ spondents keep a regular written ac- k ntri/, developing nation /d- count of advertising noticed or veləpŋ neʃ(ə)n/ noun a country purchases made or products used which is not fully industrialised diary panel / daəri p n(ə)l/ noun a development /d veləpmənt/ noun group of people who are asked to keep the planning of the production of a new notes of their purchases on a daily basis product and constructing the first proto- dice /das/ verb to cut food into small types We spend a great deal on re- cubes search and development. dichotomous question /da- development cycle /d veləpmənt kɒtəməs kwestʃən/ noun a question sak(ə)l/ noun the various stages which in a questionnaire that can only be an- are involved in the development of a swered by ‘yes’ or ‘no’ product from the initial concept to its differential / dfə renʃəl/ adjective manufacture and marketing which shows a difference í noun to deviation / di vi eʃ(ə)n/ noun a erode wage differentials to reduce dif- change of route or strategy Advertis- ferences in salary gradually ing in the tabloids will mean a deviation differential advantage / dfərenʃəl from our normal marketing strategy. əd vɑ ntd / noun an advantage that diadic test /da dk test/ noun a one product has over rival products in product test in which respondents com- the market We are confident that our pare two products toothpaste has a differential advantage.

differential pricing 81 direct broadcast by satellite differential pricing / dfərenʃəl digital money / dd t(ə)l m ni/ prasŋ/ noun giving different products noun a series of numbers that has a in a range different prices so as to distin- value equivalent to a sum of money in a guish them from each other physical currency differential tariffs / dfərenʃəl digital nervous system t rfs/ plural noun different tariffs for / dd t(ə)l n vəs sstəm/ noun a different classes of goods as, e.g., when digital information system containing imports from certain countries are taxed accumulated knowledge that will enable more heavily than similar imports from an organisation to respond speedily and other countries effectively to external events differentiated marketing strat- digital TV / dd t(ə)l ti vi / noun egy /dfə renʃietd mɑ ktŋ TV where the picture has been changed str td / noun a method of marketing into a form which a computer can where the product is modified to suit process each potential market. concentrated digital wallet / dd t(ə)l wɒlt/ marketing, undifferentiated product noun a piece of personalised software differentiation / dfərenʃi eʃ(ə)n/ on the hard drive of a user’s computer noun ensuring that a product has some that contains, in coded form, such items unique features that distinguish it from as credit card information, digital cash, competing products We are adding a digital identity certificate, and stand- some extra features to our watches in ardised shipping information, and can the interest of product differentiation. be used when paying for a transaction The aim of differentiation should be to electronically catch the customer’s eye. Dinkies / dŋkiz/ plural noun couples diffusion /d fju (ə)n/ noun the pro- who are both wage-earners and have no cess by which a product is gradually children (NOTE: short for Double In- adopted by consumers come No Kids) diffusion curve /d fju (ə)n k v/ direct /da rekt/ verb to manage or noun the geographical representation of organise He directs our South-East how many consumers adopt a product at Asian operations. She was directing different times. exponential the development unit until last year. í diffusion adjective straight or without interfer- digital / dd t(ə)l/ adjective con- ence í adverb with no third party in- verted into a form that can be processed volved We pay income tax direct to by computers and accurately reproduced the government. to dial direct to con- digital cash / dd t(ə)l k ʃ/ noun a tact a phone number yourself without form of digital money that can be used asking the operator to do it for you like physical cash to make online pur- You can dial New York direct from Lon- chases and is anonymous because there don if you want. is no way of obtaining information direct-action advertising /da- about the buyer when it is used rekt kʃən dvətazŋ/ noun digital colour proof / dd t(ə)l advertising which aims to get a quick k lə pru f/ noun a colour proof taken response We’ll need some di- from digital files prior to film output at rect-action advertising if we’re not to high or low resolution fall behind our competitors this spring. digital economy / dd t(ə)l Direct-action advertising will only  kɒnəmi/ noun an economy that is help us in the short term. based on electronic commerce, e.g., direct-action marketing /da rekt trade on the Internet kʃən ma ktŋ/ noun same as direct digital goods / dd t(ə)l υdz/ response advertising plural noun goods that are sold and de- direct broadcast by satellite /da- livered electronically, usually over the rekt brɔ dkɑ st ba s təlat/ noun Internet TV and radio signals broadcast over a

direct channel 82 directorship wide area from an earth station via a sat- direct mail /da rekt mel/ noun the ellite, received with a dish aerial. Abbr practice of selling a product by sending DBS publicity material to possible buyers through the post These calculators direct channel /da rekt tʃ n(ə)l/ are only sold by direct mail. The com- noun a marketing channel where a pro- pany runs a successful direct-mail ducer and consumer deal directly with operation. one another ‘…all of those who had used direct marketing direct close /da rekt kləυz/ noun techniques had used direct mail, 79% had used the act of ending a sale by asking the some kind of telephone technique and 63% had tried off-the-page selling’ [Precision marketing] customer if they want to buy direct demand /da rekt d mɑ nd/ direct-mail advertising /da rekt noun demand for a product or service mel dvətazŋ/ noun advertising by for its own sake, and not for what can be sending leaflets to people through the derived from it post direct export /da rekt ekspɔ t/ direct mailing /da rekt melŋ/ noun selling a product direct to the noun the sending of publicity material overseas customer without going by post to possible buyers through a middleman Direct export is direct mail preference scheme the only way to keep down the retail /da rekt mel pref(ə)rəns ski m/ price. Our overseas marketing con- noun a scheme where an addressee can sists mainly of direct export to German have his or her name removed from a department stores. mailing list direct headline /da rekt hedlan/ direct marketing /da rekt noun an eye-catching headline that pres- mɑ ktŋ/ noun same as direct re- ents its message directly to its target sponse advertising audience ‘…after five years of explosive growth, fuelled by the boom in financial services, the direct direction /da rekʃən/ noun 1. the marketing world is becoming a lot more process of organising or managing He competitive’ [Marketing Workshop] took over the direction of a multina- ‘…direct marketing is all about targeting the tional group. 2. directions for use in- audience, individualising the message and structions showing how to use getting a response’ [PR Week] something direct-marketing media /da rekt directional /da rekʃən(ə)l/ adjective mɑ ktŋ mi diə/ plural noun media pointing in a specific direction that are used for direct marketing, e.g. directional medium /da- direct mail, telemarketing, and TV rekʃən(ə)l mi diəm/ noun an adver- director /da rektə/ noun 1. the per- tising medium that tells potential cus- son appointed by the shareholders to tomers where to find products or help run a company 2. the person who is services, e.g. a directory in charge of a project, an official institute or other organisation the director directive interview /da rektv of the government research institute ntəvju / noun an interview using pre- She was appointed director of the trade set questions and following a fixed association. pattern ‘…the research director will manage and direct direct labour /da rekt lebə/ noun a team of business analysts reporting on the the cost of the workers employed which latest developments in retail distribution throughout the UK’ [Times] can be allocated to a product, not including materials or overheads directorate /da rekt(ə)rət/ noun a directly /da rektl/ adverb with no group of directors third party involved We deal directly directorship /da rektəʃp/ noun the with the manufacturer, without using a post of director She was offered a di- wholesaler. rectorship with Smith Ltd.

directors’ report 83 discrepancy ‘…what benefits does the executive derive from change to buy or sell bills of exchange his directorship? In the first place compensation for less than the value written on them has increased sharply in recent years’ [Duns Business Month] in order to cash them later ‘…banks refrained from quoting forward directors’ report /da rektəz r- US/Hongkong dollar exchange rates as pɔ t/ noun the annual report from the premiums of 100 points replaced the previous board of directors to the shareholders day’s discounts of up to 50 points’ [South China Morning Post] directory /da rekt(ə)r/ noun a reference book containing information on discountable / dskaυntəb(ə)l/ companies and their products adjective which can be discounted These bills are not discountable. direct response advertising /da- rekt r spɒns dvətazŋ/ noun ad- discounted cash flow vertising in such a way as to get custom- / dskaυntd k ʃ fləυ/ noun the cal- ers to send in inquiries or orders directly culation of the forecast return on capital by mail investment by discounting future cash flows from the investment, usually at a direct response agency /da rekt rate equivalent to the company’s mini- r spɒns ed ənsi/ noun a company mum required rate of return. Abbr DCF which provides direct marketing services to its clients such as database man- discounted value / dskaυntd agement, direct mail, and response v lju / noun the difference between collecting the face value of a share and its lower market price direct response marketing /da- rekt r spɒns ma ktŋ/ noun same as discounter / dskaυntə/ noun a per- direct response advertising son or company that discounts bills or invoices, or sells goods at a discount direct selling /da rekt selŋ/ noun ‘…invoice discounting is an instant finance selling a product direct to the customer raiser. Cash is advanced by a factor or without going through a shop discounter against the value of invoices sent out by the client company. Debt collection is still in direct services /da rekt s vsz/ the hands of the client company, which also plural noun personal services to the continues to run its own bought ledger’ [Times] public, e.g. catering, dentistry or hair- ‘…a 100,000 square-foot warehouse generates dressing There is little manufacturing ten times the volume of a discount retailer; it can industry in the area, and direct services turn its inventory over 18 times a year, more than triple a big discounter’s turnover’ account for most of the wealth. [Duns Business Month] dirty / d ti/ adjective not clean discount house / dskaυnt haυs/ dirty bill of lading / d ti bl əv noun 1. a financial company which ledŋ/, foul bill of lading / faυl bl specialises in discounting bills 2. a shop əv ledŋ/ noun a bill of lading stating which specialises in selling cheap goods that the goods did not arrive on board in bought at a high discount good condition discount price / dskaυnt pras/ disclosure of information /ds- noun the full price less a discount kləυ ər əv nfə meʃ(ə)n/ noun the discount rate / dskaυnt ret/ noun passing on of information that was in- the percentage taken when a bank buys tended to be kept secret or private to bills someone else ‘…pressure on the Federal Reserve Board to discount noun / dskaυnt/ the per- ease monetary policy and possibly cut its centage by which the seller reduces the discount rate mounted yesterday’ [Financial Times] full price for the buyer to give a discount on bulk purchases to sell goods discount store / dskaυnt stɔ / at a discount or at a discount price to noun a shop which specialises in cheap sell goods below the normal price goods bought at a high discount 10% discount for cash or 10% cash discrepancy /d skrepənsi/ noun a discount you pay 10% less if you pay in lack of agreement between figures in in- cash í verb to discount bills of ex- voices or accounts

discretion 84 dispenser discretion /d skreʃ(ə)n/ noun being dishonour /ds ɒnə/ verb (NOTE: the able to decide correctly what should be American spelling is dishonor) to done I leave it to your discretion I dishonour a bill not to pay a bill leave it for you to decide what to do at dishonoured cheque /ds ɒnəd the discretion of someone according to tʃek/ noun a cheque which the bank what someone decides Membership is will not pay because there is not enough at the discretion of the committee. money in the account to pay it discretionary /d skreʃ(ə)n(ə)ri/ ad- disintegration /ds nt reʃ(ə)n/ jective which can be done if someone noun the decision to stop producing wants the minister’s discretionary some goods or supplies and to buy them powers powers which the minister in instead Disintegration has meant could use if they thought it necessary we now have to buy all of our plastic discretionary income /d- parts. Part of the company’s disinte- skreʃ(ə)n(ə)ri nk m/ noun income gration policy involved selling off the left after fixed payments have been factories. made and whose spending is therefore disintermediation /ds ntəmi di- subject to advertising influence Dis- eʃ(ə)n/ noun the removal of any inter- cretionary incomes generally increase mediaries from a process so that, e.g., in a recession. manufacturers sell direct to consumers discrimination /d skrm neʃ(ə)n/ instead of selling their products through noun treating people in different ways wholesalers and retailers because of class, religion, race, lan- disparage /d sp rd / verb to guage, colour or sex criticise discrimination test /d skrm- neʃ(ə)n test/ noun a product test de- disparaging copy /ds p rəd ŋ signed to show how one product differs kɒpi/ , knocking copy / nɒkŋ kɒpi/ noun advertising copy which is critical from another The discrimination test showed our product to be superior to of another company’s products Their that of our closest competitor. disparaging copy has given them a bad name in the industry. discussion board /d sk ʃ(ə)n bɔ d/, discussion group /d sk ʃ(ə)n dispatch /d sp tʃ/ noun 1. the send- ru p/ noun a group of people who dis- ing of goods to a customer Production cuss something by sending emails to the difficulties held up dispatch for several group and where each member can re- weeks. 2. goods which have been sent spond and see the responses of other The weekly dispatch went off yesterday. í verb to send goods to customers members The goods were dispatched last Friday. discussion list /d sk ʃ(ə)n lst/ noun a list of addresses of members of a dispatch department /d sp tʃ d- discussion board pɑ tmənt/ noun the department which deals with the packing and sending of diseconomies of scale goods to customers /ds kɒnənmiz əv skel/ plural noun a situation where increased production dispatcher /d sp tʃə/ noun a per- leads to a higher production cost per son who sends goods to customers unit or average production cost dispatch note /d sp tʃ nəυt/ noun disequilibrium / dsi kw lbriəm/ a note saying that goods have been sent noun an imbalance in the economy dispatch rider /d sp tʃ radə/ when supply does not equal demand noun a motorcyclist who delivers mes- dishoarding /ds hɔ dŋ/ noun putt- sages or parcels in a town ing goods back onto the market when dispenser /d spensə/ noun a ma- they have been hoarded or stored for chine which automatically provides some time something such as an object, a drink, or an item of food, often when money is

dispersion 85 distribute put in an automatic dispenser a to dispose of his business in the new towel dispenser year. dispersion /d sp ʃ(ə)n/ noun the disrewarding / dsr wɔ dŋ/ noun attempt by a distributor to distribute a the penalising of bad customers to allow product to a market the company to give special terms to the display /d sple/ noun the showing of best customers goods for sale an attractive display of dissonance/attribution model kitchen equipment The shop has sev- / dsənəns tr bju ʃ(ə)n mɒd(ə)l/ eral car models on display. í verb to noun a response model which follows show The company was displaying the opposite sequence from normal: three new car models at the show. consumers first act in a specific way, display advertisement /d sple then develop feelings as a result of their əd v tsmənt/, display ad /d sple behaviour, and then look for informa- d/ noun an advertisement which is tion that supports their attitude and well designed or printed in bold type to behaviour attract attention dissonance reduction / dsənəns display advertising /d sple r d kʃən/ noun a reduction in worries dvətazŋ/ noun advertising that has experienced by the purchaser after a individual features such as photographs, product has been purchased, by increasing their awareness of the positive fea- its own box border or the company logo tures of the product and reducing their in addition to text fears about its negative features. cog- display material /d sple mə- nitive dissonance təriəl/ noun material used to attract attention to goods which are for sale, e.g. distance freight / dstəns fret/ noun freight charges based on the dis- posters and photographs tance over which the goods are display outer /d sple aυtə/ noun a transported container for protecting goods in transit distinctive competence /d- which can also be used as an attractive stŋktv kɒmpt(ə)ns/ noun an ad- display container for the goods in a shop vantage that one company or producer display panel /d sple p n(ə)l/ has over competitors in the market noun a flat area for displaying goods in Our distinctive competence is a highly a shop window professional sales force. The company disposable /d spəυzəb(ə)l/ adjec- could not survive with high costs and no tive which can be used and then thrown distinctive competence. away The machine serves soup in dis- distress merchandise /d stres posable paper cups. m tʃəndas/ noun US goods sold disposable income /d- cheaply to pay a company’s debts spəυzəb(ə)l nk m/, disposable distress sale /d stres sel/ noun a personal income /d spəυzəb(ə)l sale of goods at low prices to pay a com- p s(ə)nəl nk m/ noun the income pany’s debts left after tax and national insurance have distress selling /d stres selŋ/ been deducted noun the sale of goods cheaply in order disposal /d spəυz(ə)l/ noun a sale to pay off debts Difficult circum- disposal of securities or of property stances forced the producers to resort to The company has started a systematic distress selling. disposal of its property portfolio. distribute /d strbju t/ verb 1. to lease for disposal or business for dis- share out dividends Profits were disposal a lease or business for sale tributed among the shareholders. 2. to dispose /d spəυz/ verb to dispose send out goods from a manufacturer’s of to get rid of or to sell cheaply to warehouse to retail shops Smith Ltd dispose of excess stock He is planning distributes for several smaller compa-

distribution 86 diversify nies. All orders are distributed from points or small warehouses from which our warehouse near Oxford. goods are sent all over a country distribution / dstr bju ʃ(ə)n/ noun distribution resource planning the act of sending goods from the manu- /dstr bju ʃ(ə)n r sɔ s pl nŋ/ noun facturer to the wholesaler and then to re- planning, especially using a computer- tailers Stock is held in a distribution ised system, that is intended to ensure centre which deals with all order pro- the most efficient use of the resources cessing. Distribution costs have risen used in distributing goods (NOTE: Effec- sharply over the last 18 months. She tive distribution resource planning inte- has several years’ experience as distri- grates distribution with manufacturing bution manager. and synchronises supply and demand ‘British distribution companies are poised to by identifying requirements for finished capture a major share of the European market’ goods and by producing schedules for [Management News] the movement of goods along the distribution chain so that they reach the distribution census / dstr- customer as soon as possible.) bju ʃ(ə)n sensəs/ noun official statistics regarding the number of distributors distributive /d strbjυtv/ adjective and their businesses Using the distri- referring to distribution bution census, we drew up a list of distributive trades /d strbjυtv wholesalers who were worth tredz/ plural noun all business in- approaching. volved in the distribution of goods distribution centre / dstr- distributor /d strbjυtə/ noun a bju ʃ(ə)n sentə/ noun a place where company which sells goods for another goods are collected and stored tempo- company which makes them a net- rarily but whose main function is to work of distributors a series of distrib- send them on to wholesalers, retailers, utors spread all over a country or consumers distributor’s brand /d strbjυtəz br nd/ noun goods specially packed distribution channel / dstr- for a store with the store’s name printed bju ʃ(ə)n tʃ n(ə)l/ noun the route by on them I bought the distributor’s which a product or service reaches a brand of soap because it was the customer after it leaves the producer or cheapest. supplier (NOTE: A distribution channel usually consists of a chain of interme- distributorship /d strbjυtəʃp/ diaries, for example wholesalers and noun the position of being a distributor retailers, that is designed to move for a company goods from the point of production to distributor support /d strbjυtə the point of consumption in the most sə pɔ t/ noun the action of a supplier of efficient way.) a product or service in providing help to ‘…there is evidence that distribution channels distributors, by offering training, pro- are supply driven’ motional material, etc. [Quarterly Review of Marketing] divergent marketing /da v d ənt distribution management / dstr- mɑ ktŋ/ noun a separate marketing bju ʃ(ə)n m nd mənt/ noun the treatment for each of a company’s prod- management of the efficient transfer of ucts Divergent marketing is giving goods from the place where they are way to a more coordinated and inte- manufactured to the place where they grated marketing effort. are sold or used (NOTE: Distribution diversification /da v sf- management involves such activities keʃ(ə)n/ noun the process of adding as warehousing, materials handling, another quite different type of business packaging, stock control, order pro- to a firm’s existing trade cessing, and transport.) diversify /da v sfa/ verb 1. to add distribution network / dstr- new types of business to existing ones bju ʃ(ə)n netw k/ noun a series of The company is planning to diversify

divert 87 domestic market into new products. 2. to invest in differ- ments against presentation ent types of shares or savings so as to / dɒkjυmənts ə enst prez(ə)n- spread the risk of loss teʃ(ə)n/ noun an arrangement divert /da v t/ verb 1. to send to whereby a buyer receives documents for another place or in another direction 2. the goods on payment of a bill of to buy stock in a special offer and then exchange sell it on to customers living outside the dog /dɒ / noun a product that has a special-offer area low market share and a low growth rate, divestment /da vestmənt/ noun the and so is likely to be dropped from the dropping or sale of a whole product line, company’s product line to allow the company to concentrate on dog-eat-dog / dɒ i t dɒ / noun other products marketing activity where everyone division /d v (ə)n/ noun 1. the main fights for their own product and attacks section of a large company the mar- competitors mercilessly (informal ). keting division the production division the retail division the hotel do-it-yourself / du t jə self/ division of the leisure group 2. a com- adjective done by an ordinary person, pany which is part of a large group not by a skilled worker. Abbr DIY Smith’s is now a division of the Brown do-it-yourself conveyancing group of companies. / du t jəself kən veənsŋ/ noun the divisional /d v (ə)n(ə)l/ adjective drawing up of a legal conveyance by the referring to a division a divisional di- person selling a property, without the rector the divisional headquarters help of a lawyer DM abbr direct marketing do-it-yourself magazine / du t DMA abbr designated market area jəself m ə zi n/ noun a magazine with articles on work which the average DMU abbr decision-making unit person can do to repair or paint his or document / dɒkjυmənt/ noun a pa- her house per, especially an official paper, with written information on it He left a file do-it-yourself store / du t jəself of documents in the taxi. She asked to stɔ / noun a large store specialising in see the documents relating to the case. selling materials for the repair and improvement of houses, for gardening and documentary / dɒkjυ ment(ə)ri/ for light car maintenance adjective in the form of documents documentary evidence documentary domestic /də mestk/ adjective 1. re- proof í noun a film concerning actual ferring to the home market or the market facts or real events of the country where the business is situated Domestic sales have increased documentation / dɒkjυmen- over the last six months. 2. for use in the teʃ(ə)n/ noun all documents referring home Glue which is intended for both to something Please send me the com- domestic and industrial use. plete documentation concerning the sale. domestic appliances /də mestk document of title / dɒkjυmənt əv ə plaənsz/plural noun electrical ma- tat(ə)l/ noun a document allowing the chines which are used in the home, e.g. holder to handle goods as if they own washing machines them domestic consumption /də- documents against acceptance mestk kən s mpʃən/ noun use in the / dɒkjυmənts ə enst ək septəns/ home country Domestic consumption noun an arrangement whereby a buyer of oil has fallen sharply. receives documents for the goods on domestic market /də mestk their acceptance of a bill of exchange mɑ kt/ noun the market in the country documents against cash where a company is based They pro- / dɒkjυmənts ə enst k ʃ/, docu- duce goods for the domestic market.

domestic production 88 draft domestic production /də mestk double column / d b(ə)l kɒləm/ prə d kʃən/ noun the production of noun two columns spanned by an goods for use in the home country advertisement door /dɔ / noun the piece of wood, double crown / d b(ə)l kraυn/ metal, or other material which closes the noun a basic poster size, 30 inches deep entrance to a building or room The fi- by 20 inches wide nance director knocked on the chair- double-decker / d b(ə)l dekə/ man’s door and walked in. the store noun two advertising panels, one on top opened its doors on June 1st the store of the other started doing business on June 1st double-page spread / d b(ə)l door drop / dɔ drɒp/ noun a deliv- ped spred/ noun two facing pages in ery of promotional literature by hand to a magazine or newspaper, used by an all the houses in an area advertiser door-to-door / dɔ tə dɔ / adjective double-pricing / d b(ə)l prasŋ/ going from one house to the next, asking noun the practice of showing two prices the occupiers to buy something or to on a product, to make buyers think there vote for someone door-to-door can- has been a price reduction vassing We have 200 door-to-door double-spotting / d b(ə)l spɒtŋ/ salesmen. Door-to-door selling is noun running an advertising spot twice banned in this part of the village. down /daυn/ adverb, preposition in a door-to-door salesman / dɔ tə lower position or to a lower position dɔ selzmən/ noun a man who goes The inflation rate is gradually coming from one house to the next, asking peo- down. Shares are slightly down on the ple to buy something day. The price of petrol has gone door-to-door service / dɔ tə dɔ down. to pay money down to pay a s vs/ noun a transportation service deposit They paid £50 down and the that takes goods directly to the buyer’s rest in monthly instalments. address downmarket / daυnmɑ kt/ adverb, dormant / dɔ mənt/ adjective no adjective cheaper or appealing to a less longer active or no longer operating wealthy section of the population The dormant account / dɔ mənt company has adopted a downmarket im- ə kaυnt/ noun a past customer who is age. the company has decided to go no longer buying Let’s re-establish downmarket the company has decided contact with some of our dormant ac- to make products which appeal to a counts. All the old reports on dormant wider section of the public accounts have been filed away. downside / daυnsad/ noun the ‘…the agency has been responsible for the sales force have been asked to give dormant account since its last campaign was run downside forecasts they have been three years ago’ [Marketing Week] asked for pessimistic forecasts double / d b(ə)l/ adjective twice as downside factor / daυnsad large or two times the size Their turn- f ktə/ noun the possibility of making over is double ours. to be on double a loss in an investment time to earn twice the usual wages for down tools / daυn tu lz/ verb to working on Sundays or other holidays stop working The entire workforce in double figures with two figures, downed tools in protest. from 10 to 99 Inflation is in double figures. We have had double-figure downturn / daυnt n/ noun the inflation for some years. í verb to be- movement towards lower prices, sales come twice as big, or make something or profits a downturn in the market twice as big We have doubled our price The last quarter saw a downturn profits this year or our profits have dou- in the economy. bled this year. The company’s draft /drɑ ft/ noun an order for money borrowings have doubled. to be paid by a bank We asked for

draw 89 due payment by banker’s draft. to make a a good time for broadcasting draft on a bank to ask a bank to pay commercials money for you driving licence / dravŋ las(ə)ns/ draw /drɔ / verb 1. to take money noun the official document which away to draw money out of an ac- shows someone is legally allowed to count to draw a salary to have a sal- drive a car, a truck or other vehicle ary paid by the company The Applicants for the job should hold a chairman does not draw a salary. 2. to valid driving licence. (NOTE: the Ameri- write a cheque He paid the invoice can English is driver’s license) with a cheque drawn on an Egyptian drop /drɒp/ noun a fall a drop in bank. (NOTE: drawing – drew – has sales Sales show a drop of 10%. drawn) The drop in prices resulted in no signifi- drawback / drɔ b k/ noun 1. some- cant increase in sales. í verb 1. to fall thing which is not convenient or which Sales have dropped by 10% or have is likely to cause problems One of the dropped 10%. The pound dropped main drawbacks of the scheme is that it three points against the dollar. 2. not to will take six years to complete. 2. a re- keep in a product range We have bate on customs duty for imported dropped these items from the catalogue goods when these are then used in pro- because they’ve been losing sales ducing exports steadily for some time. (NOTE: drop- drawee /drɔ i / noun the person or ping – dropped) bank asked to make a payment by a ‘…while unemployment dropped by 1.6 per cent in the rural areas, it rose by 1.9 per cent in urban drawer areas during the period under review’ drawer / drɔ ə/ noun the person who [Business Times (Lagos)] writes a cheque or a bill asking a drawee ‘…corporate profits for the first quarter showed to pay money to a payee the bank re- a 4 per cent drop from last year’s final three months’ [Financial Times] turned the cheque to drawer the bank ‘…since last summer American interest rates would not pay the cheque because the have dropped by between three and four person who wrote it did not have percentage points’ [Sunday Times] enough money in the account to pay it drop ship / drɒp ʃp/ verb to deliver drawing account / drɔ ŋ ə kaυnt/ a large order direct to a customer noun a current account from which the drop shipment / drɒp ʃpmənt/ customer may take money when he or noun the delivery of a large order from she wants the manufacturer direct to a customer’s drilling down / drlŋ daυn/ noun shop or warehouse without going the action of sorting data into hierar- through an agent or wholesaler chies, each of which is more detailed dud /d d/ adjective, noun (of a coin or than the previous one banknote) false or not good (informal ) . drip /drp/, drip campaign / drp The £50 note was a dud. k m pen/, drip method / drp dud cheque / d d tʃek/ noun a meθəd/ noun the placing of advertise- cheque which cannot be cashed because ments for a product at fairly long inter- the person writing it has not enough vals, making a long-drawn-out money in the account to pay it advertising campaign due /dju / adjective 1. owed a sum drive /drav/ noun an energetic way of due from a debtor to fall/become due doing things he has a lot of drive he to be ready for payment bill due on is very energetic in business May 1st a bill which has to be paid on driver / dravə/ noun something or May 1st balance due to us amount someone that provides an impetus for owed to us which should be paid 2. ex- something to happen pected to arrive The plane is due to drive time / drav tam/ noun the arrive at 10.30 or is due at 10.30. 3. in time when people are most likely to be due form written in the correct legal listening to the radio in their cars, hence form a receipt in due form a con-

dues 90 duty-paid goods tract drawn up in due form after due the two businesses collaborated to keep consideration of the problem after prices at very high levels. When they thinking seriously about the problem took over their only competitor in the due to caused by Supplies have been market, the duopoly became a monop- delayed due to a problem at the manu- oly. Compare monopoly facturers. The company pays the duplication / dju pl keʃ(ə)n/ noun wages of staff who are absent due to running an advertisement twice to the illness. same audience ‘…many expect the US economic indicators for April, due out this Thursday, to show faster durable / djυərəb(ə)l/ adjective economic growth’ [Australian Financial durable effects effects which will be Review] felt for a long time These demo- dues /dju z/ plural noun orders taken graphic changes will have durable ef- but not supplied until new stock arrives fects on the economy. to release dues to send off orders durable goods / djυərəb(ə)l υdz/ which had been piling up while a prod- plural noun goods which will be used uct was out of stock We have re- for a long time, e.g. washing machines corded thousands of dues for that item or refrigerators and our supplier cannot supply it. dustbin check / d stbn tʃek/ noun dummy / d mi/ noun an imitation a consumer audit for which a panel of product to test the reaction of potential householders keep the empty containers customers to its design of products bought so that these can be dummy pack / d mi p k/ noun an regularly checked for product type, size empty pack for display in a shop and brand dump /d mp/ verb to dump goods Dutch auction / d tʃ ɔ kʃən/ noun on a market to get rid of large quanti- an auction where the auctioneer offers ties of excess goods cheaply in an over- an item for sale at a high price and then seas market gradually reduces the price until some- ‘…a serious threat lies in the 400,000 tonnes of one makes a bid subsidized beef in European cold stores. If dumped, this meat will have disastrous effects in duty / dju t/ noun a tax which has to Pacific Basin markets’ [Australian Financial be paid Traders are asking the gov- Review] ernment to take the duty off alcohol or to dump bin / d mp bn/ noun display put a duty on cigarettes. goods which container like a large box which is filled are liable to duty goods on which cus- with goods for sale toms or excise tax has to be paid ‘Canadian and European negotiators agreed to a dump display / d mp d sple/ noun deal under which Canada could lower its import goods on special display in a container duties on $150 million worth of European for purchasers to select themselves in a goods’ [Globe and Mail (Toronto)] shop We will use dump displays with ‘…the Department of Customs and Excise price reductions clearly marked. collected a total of N79m under the new There are several dump displays near advance duty payment scheme’ [Business Times (Lagos)] the counters in the supermarket. dumping / d mpŋ/ noun the act of duty-free / dju ti fri / adjective, ad- getting rid of excess goods cheaply in an verb sold with no duty to be paid He overseas market The government has bought a duty-free watch at the airport. passed anti-dumping legislation. He bought the watch duty-free. Dumping of goods on the European duty-free shop / dju ti fri ʃɒp/ market is banned. panic dumping of noun a shop at an airport or on a ship sterling a rush to sell sterling at any where goods can be bought without pay- price because of possible devaluation ing duty duopoly /dju ɒpəli/ noun the exis- duty-paid goods / dju ti ped tence of only two producers or suppliers υdz/ plural noun goods where the duty in a market The duopoly meant that has been paid

dyadic communication 91 dynamic pricing dyadic communication /da dk signing of a company’s product in order kə mju n keʃ(ə)n/ noun direct con- to make previous models and other versation between two people such as a products on the market obsolete salesperson and a customer dynamic pricing /da n mk dynamic obsolescence /da- prasŋ/ noun pricing that changes n mk ɒbsə les(ə)ns/ noun the rede- when the demand for something increases or decreases

e-alliance 92 econometrics E e-alliance / i ə laəns/ noun a part- e-business / i bznəs/ noun 1. busi- nership between organisations that do ness activities, e.g. buying and selling, business over the web servicing customers and communicating e. & o.e. abbr errors and omissions with business partners, that are carried excepted out electronically, especially on the Internet 2. a company that does its busi- ear /ə/ noun a space at the top left or ness using the Internet right corner of the front page of a news- ‘…the enormous potential of e-business is that it paper, set aside for advertising can automate the link between suppliers and customers’ [Investors Chronicle] early / l/ adjective, adverb before the usual time The mail arrived early. ecoconsumer / i kəυkən sju mə/ We retired early and bought a house noun a customer who will buy goods in Cornwall. at an early date very that have been produced in a way that soon does not harm the environment early adopters / li ə dɒptəz/ ecolabel / i kəυleb(ə)l/ noun a label plural noun the category of buyers of a used to mark products that are produced product who use it or buy it later than and can be used and disposed of in a innovators, but earlier than the late way that does not harm the environment majority e-commerce / i kɒm s/ noun the exchange of goods, information, prod- early closing day / li kləυzŋ ucts or services via an electronic me- de/ noun a weekday, usually Wednes- dium such as the Internet (NOTE: day or Thursday, when some shops Although e-commerce was originally close in the afternoon limited to buying and selling, it has now early majority / li mə d ɒrti/ evolved and includes such things as noun a category of buyers of a product customer service, marketing, and ad- who buy it later than the early adopters vertising.) earned rate / nd ret/ noun the ac- ‘…the problem is that if e-commerce takes just a 3 per cent slice of the market that would be tual rate for a printed advertising space enough to reduce margins to ribbons’ after taking discounts into account [Investors Chronicle] earnest / nst/ noun money paid as ‘…the new economy requires new company structures. He believes that other blue-chip an initial payment by a buyer to a seller, organizations are going to find that new set-ups to show commitment to the contract of would be needed to attract and retain the best sale talent for e-commerce’ [Times] earning potential / nŋ pə tenʃəl/ e-commerce mall / i kɒm s mɔ l/ noun 1. the amount of money which noun same as cyber mall someone should be able to earn 2. the e-company / i k mp(ə)ni/ noun a amount of dividend which a share is ca- company that does all its business using pable of earning the Internet easy terms / i zi t mz/ plural noun econometrics / kɒnə metrks/ plu- financial terms which are not difficult to ral noun the study of the statistics of accept The shop is let on very easy economics, using computers to analyse terms. these statistics and make forecasts using

economic 93 economy mathematical models (NOTE: takes a economic order quantity singular verb) / i kənɒmk ɔ də kwɒntti/ noun the quantity of stocks which a company economic / i kə nɒmk/ adjective 1. should hold, calculated on the basis of which provides enough money to make the costs of warehousing, of lower unit a profit The flat is let at an economic costs because of higher quantities pur- rent. It is hardly economic for the chased, the rate at which stocks are used company to run its own warehouse. 2. and the time it takes for suppliers to de- referring to the financial state of a coun- liver new orders. Abbr EOQ try economic planning economic trends Economic planners are expect- economic planning / i kənɒmk ing a comsumer-led boom. The gov- pl nŋ/ noun the process of planning ernment’s economic policy is in ruins the future financial state of the country after the devaluation. The economic for the government situation is getting worse. The coun- economics / i kə nɒmks/ noun the try’s economic system needs more study of the production, distribution, regulation. selling and use of goods and services ‘…each of the major issues on the agenda at this (NOTE: takes a singular verb) í plural week’s meeting is important to the noun the study of financial structures to government’s success in overall economic management’ [Australian Financial Review] show how a product or service is costed and what returns it produces I do not economical / i kə nɒmk(ə)l/ adjec- understand the economics of the coal in- tive which saves money or materials or dustry. (NOTE: takes a plural verb) which is cheap economical car a car ‘…believers in free-market economics often which does not use much petrol an find it hard to sort out their views on the issue’ economical use of resources using re- [Economist] sources as carefully as possible economic stagnation / i kənɒmk economic development st neʃ(ə)n/ noun a lack of expan- / i kənɒmk d veləpmənt/ noun the sion in the economy expansion of the commercial and finan- economic trend / i kənɒmk cial situation The economic develop- trend/ noun the way in which a coun- ment of the region has totally changed try’s economy is moving since oil was discovered there. The government has offered tax incentives to economies of scale / kɒnəmiz əv speed up the economic development of skel/ plural noun a situation in which the region. Economic development a product is made more profitable by has been relatively slow in the north, manufacturing it in larger quantities so compared with the rest of the country. that each unit costs less to make. Com- pare diseconomies of scale economic growth / i kənɒmk raυθ/ noun the rate at which a coun- economist / kɒnəmst/ noun a per- try’s national income grows son who specialises in the study of economics Government economists are economic indicators / i kənɒmk forecasting a growth rate of 3% next ndketəz/ plural noun a set of statis- year. An agricultural economist stud- tics which shows how the economy is ies the economics of the agriculture going to perform in the short or long industry. term, e.g. the unemployment rate or overseas trade economy / kɒnəm/ noun 1. being careful not to waste money or materials economic infrastructure to introduce economies or economy / i kənɒmk nfrəstr ktʃə/ noun the measures into the system to start using road and rail systems of a country methods to save money or materials 2. economic model / i kənɒmk the financial state of a country, or the mɒd(ə)l/ noun a computerised plan of way in which a country makes and uses a country’s economic system, used for its money The country’s economy is forecasting economic trends in ruins.

economy car 94 effective date ‘…the European economies are being held back EDMA abbr European Direct Mar- by rigid labor markets and wage structures, huge expenditures on social welfare programs and keting Association restrictions on the free movement of goods’ educational advertising /edjυ- [Duns Business Month] keʃ(ə)nəl dvətazŋ/ noun adver- economy car / kɒnəmi kɑ / noun a tising that informs consumers about a car which does not use much petrol product, particularly important when the economy drive / kɒnəmi drav/ product has only recently been intro- noun vigorous effort to save money or duced Educational advertising has materials made the public aware that our product is just as safe as more traditional de- economy measure / kɒnəmi me ə/ noun an action to save money or vices on the market. materials e-economy / i  kɒnəmi/ noun an economy size / kɒnəmi saz/ noun economy in which the use of the a large size or large packet which is Internet and information technology cheaper than normal plays a major role editing / edtŋ/ noun 1. the process effect / fekt/ noun 1. a result The of checking the results of a survey to effect of the pay increase was to raise confirm that data has been collected cor- productivity levels. 2. terms of a con- rectly 2. the process of modifying or tract which take effect or come into correcting a text or film This sales lit- effect from January 1st terms which erature needs editing to make it less start to operate on January 1st prices long-winded. are increased 10% with effect from January 1st new prices will apply from edition / dʃ(ə)n/ noun an issue of a publication such as a newspaper, trade January 1st to remain in effect to magazine or book We are too late to continue to be applied 3. meaning a advertise in this month’s edition. clause to the effect that a clause which There will be too many competing ad- means that we have made provision vertisements in that edition. to this effect we have put into the contract terms which will make this work í editorial / ed tɔ riəl/ adjective refer- verb to carry out to effect a payment ring to editors or to editing í noun the to make a payment to effect customs main article in a newspaper, written by clearance to clear something through the editor customs to effect a settlement be- editorial advertisement /ed- tween two parties to bring two parties tɔ riəl əd v tsmənt/ noun an adver- together and make them agree to a tisement in the form of text material in a settlement magazine effective / fektv/ adjective 1. ac- editorial board /ed tɔ riəl bɔ d/ tual, as opposed to theoretical 2. a noun a group of editors on a newspaper clause effective as from January 1st a or other publication clause which starts to be applied on Jan- editorial environment /ed tɔ riəl uary 1st 3. which works or produces re- n vaərənmənt/ noun the general edi- sults Advertising in the Sunday papers torial tone and philosophy of a medium is the most effective way of selling. editorial matter /ed tɔ riəl m tə/ She is an effective marketing manager. noun the text of a magazine which is cost-effective written by journalists, and not part of an effective cover / fektv k və/ advertisement noun a situation where consumers in the editorial publicity /ed tɔ riəl p b- target audience will have seen the ad- lsti/ noun free publicity which is vertisement at least four times on given to a product by a newspaper or average magazine in an editorial or article, rather effective date / fektv det/ noun than in an advertisement which must be the date on which a rule or contract paid for

effective demand 95 electronic shopping starts to be applied, or on which a trans- goods that a supplier has for sale, which action takes place can be viewed in an electronic format, effective demand / fektv d- e.g., on a website mɑ nd/ noun the actual demand for a electronic commerce / elktrɒnk product which can be paid for kɒm s/ noun same as e-commerce effectiveness / fektvnəs/ noun the electronic data capture quality of working or producing results / elktrɒnk detə k ptʃə/ noun the I doubt the effectiveness of television use of data-processing equipment to col- advertising. cost-effectiveness lect data, especially the use of electronic effective reach / fektv ri tʃ/ noun point-of-sale equipment to collect, vali- the actual number of people who will date and submit data when credit or see an advertisement once debit cards are used in transactions effective sample size / fektv electronic data interchange sɑ mpəl saz/ noun the size of a sam- / elktrɒnk detə ntətʃend / noun ple after all irrelevant factors have been a standard format used when business removed documents such as invoices and pur- effectual / fektʃuəl/ adjective which chase orders are exchanged over elec- produces a correct result tronic networks such as the Internet ego / i əυ, e əυ/ noun the psycho- electronic data processing logical term for a person’s conscious- / elktrɒnk detə prəυsesŋ/ noun ness of himself or herself We are the process of selecting and examining designing clothes to boost men’s egos. data stored in a computer to produce in- Glamorous advertising appeals to the formation. Abbr EDP customer’s ego. electronic funds transfer at eighty/twenty rule / eti twenti point of sale / elktrɒnk f ndz ru l/ noun the rule that a small percent- tr nsf ət pɔnt əv sel/ noun a sys- age of customers may account for a tem for transferring money directly large percentage of sales. Pareto’s from the purchaser’s account to the Law seller’s, when a sale is made using a elastic / l stk/ adjective which can plastic card. Abbr EFTPOS expand or contract easily because of electronic mail / elktrɒnk mel/ small changes in price noun same as email 1 elastic demand / l stk d mɑ nd/ electronic media / elktrɒnk noun demand which experiences a com- mi diə/ plural noun electronic-based paratively large percentage change in re- media, e.g. television and radio Ad- sponse to a change in price vertising in the electronic media would elasticity / l stsəti/ noun the abil- certainly increase sales, but we can only ity to change easily in response to a afford to advertise in the press. change in circumstances elasticity of electronic payment system supply and demand changes in supply / elktrɒnk pemənt sstəm/ noun a and demand of an item depending on its means of making payments over an market price electronic network such as the Internet elastic supply / l stk sə pla/ electronic point of sale noun supply which experiences a com- / elktrɒnk pɔnt əv sel/ noun a sys- paratively large percentage change in re- tem where sales are charged automati- sponse to a change in price cally to a customer’s credit card and electronic / elk trɒnk/ adjective re- stock is controlled by the shop’s com- ferring to computers and electronics puter. Abbr EPOS electronic cash / elktrɒnk k ʃ/ electronic shopping / elktrɒnk noun same as digital cash ʃɒpŋ/ noun shopping for goods or ser- electronic catalogue / elktrɒnk vices which takes place over an elec- k t(ə)lɒ / noun a catalogue of the tronic network such as the Internet

eliminate 96 enc eliminate / lmnet/ verb to remove embargo on the export of computers. to eliminate defects in the system to be under an embargo to be forbid- Using a computer should eliminate all den 2. a period of time during which possibility of error. We have decided specific information in a press release to eliminate this series of old products must not be published (NOTE: plural is from our range. Most of the candi- embargoes) í verb 1. to stop trade or dates were eliminated after the first not to allow trade The government has batch of tests. embargoed trade with the Eastern coun- elimination / lm neʃ(ə)n/ noun tries. 2. not to allow publication of in- the act of removing something formation for a period of time The news of the merger has been embargoed email / i mel/ noun 1. a system of until next Wednesday. sending messages from one computer ‘…the Commerce Department is planning to terminal to another, using a modem and loosen export controls for products that have telephone lines You can contact me by been embargoed but are readily available phone or email if you want. 2. a mes- elsewhere in the West’ [Duns Business Month] sage sent electronically I had six e-money / i m ni/ noun same as emails from him today. í verb to send a digital money message from one computer to another, emotional appeal / məυʃ(ə)n(ə)l using a modem and telephone lines ə pi l/ noun an attempt by advertising to She emailed her order to the warehouse. persuade through an emotional rather I emailed him about the meeting. than a rational message The charity email campaign / i mel k m pen/ used the emotional appeal of starving noun a series of emails which deliver children to raise funds. Emotional ap- marketing messages to individuals peal was an obvious feature in all the political parties’ campaign films. email mailing list / i mel melŋ lst/ noun a marketing technique that in- empirical data /m prk(ə)l detə/ volves contacting a group of people noun data or information which comes from anywhere in the world and inviting from actual observation or which can be them to discuss a particular topic and proved We have no empirical data share information and experience by concerning our competitors’ sales last email (NOTE: An email mailing list is run year. by a moderator who compiles a list of employers’ liability insurance email addresses for possible mem- /m plɔəz laə blti n ʃυərəns/ bers, mails them with the theme for noun insurance to cover accidents discussion, collects their contributions, which may happen at work, and for and publishes them by email so that which the company may be responsible other members of the group can re- employers’ organization /m- spond to them.) plɔəz ɔ əna zeʃ(ə)n/, employers’ e-marketplace /i mɑ ktples/ association /m plɔəz əsəυsi- noun a network of connections that eʃ(ə)n/ noun a group of employers brings business-to-business buyers and with similar interests sellers together on the Internet and en- employment agency /m plɔmənt ables them to trade more efficiently ed ənsi/ noun an office which finds online jobs for staff embargo /m bɑ əυ/ noun 1. a gov- emporium /m pɔ riəm/ noun a large ernment order which stops a type of shop (NOTE: plural is emporia) trade to lay or put an embargo on emptor / emptə/ noun caveat trade with a country to say that trade emptor with a country must not take place The government has put an embargo on empty nesters / empti nestəz/ plu- the export of computer equipment. to ral noun couples whose children have lift an embargo to allow trade to start grown up and left the home again The government has lifted the enc, encl abbr enclosure

enclose 97 environmental analysis enclose /n kləυz/ verb to put some- enterprise / entəpraz/ noun 1. a thing inside an envelope with a letter system of carrying on a business 2. a to enclose an invoice with a letter I business am enclosing a copy of the contract. enterprise zone / entəpraz zəυn/ Please find the cheque enclosed here- noun an area of the country where busi- with. Please enclose a recent photo- nesses are encouraged to develop by of- graph with your CV. fering special conditions such as easy enclosure /n kləυ ə/ noun a docu- planning permission for buildings or a ment enclosed with a letter or package reduction in the business rate The enclosure turned out to be a free entrant / entrənt/ noun a company sample of perfume. Sales material on which goes into a market for the first other products was sent out as an time enclosure. entrepot port / ɒntrəpəυ pɔ t/ noun encode /n kəυd/ verb to write some- a town with a large international com- thing in a code so that it cannot be read mercial port dealing in re-exports or used by other people entrepot trade / ɒntrəpəυ tred/ end /end/ noun the final point or last noun the exporting of imported goods part at the end of the contract period entrepreneur / ɒntrəprə n / noun a end consumer /end kən sju mə/ person who directs a company and takes noun a person who uses a product The commercial risks survey was designed to assess the attitudes of end consumers to the product. entrepreneurial / ɒntrəprə n riəl/ adjective taking commercial risks an end of season sale / end əv entrepreneurial decision si z(ə)n sel/ noun a sale of goods at a lower price when the season in which entry barrier / entri b riə/ noun they would be used is over such as sum- same as barrier to entry mer clothes sold cheaply in the autumn E number / i n mbə/ noun a classifi- endorse /n dɔ s/ verb to say that a cation of additives to food according to product is good to endorse a bill or a the European Union cheque to sign a bill or cheque on the COMMENT: Additives are classified as fol- back to show that you accept it lows: colouring substances: E100 – E180; preservatives: E200 – E297; antioxidants: endorsee /endɔ si / noun a person E300 – E321; emulsifiers and stabilizers: whose name is written on a bill or E322 – E495; acids and bases: E500 – cheque as having the right to cash it E529; anti-caking additives: E530 – E578; endorsement /n dɔ smənt/ noun 1. flavour enhancers and sweeteners: E620 the act of endorsing 2. signature on a – E637. document which endorses it envelope stuffer / envələυp st fə/ endorsement advertising /n- noun advertising material which is dɔ smənt dvətazŋ/ noun same as mailed in an envelope product endorsement environment /n varənmənt/ noun endorser /n dɔ sə/ noun a person the area in which an organisation works who endorses a bill which is then paid to environmental analysis him or her /nvarən ment(ə)l ə n ləss/ noun end user /end ju zə/ noun a person analysis of factors outside an organisa- who actually uses a product tion such as demography or politics, in order to make strategic planning more enhancement /n hɑ nsmənt/ noun effective Our environmental analysis increase or improvement in quality of must cover all the countries we sell in. service, value for money, etc. Environmental analysis made clear that ent /ent/ noun a test of number se- some markets were too unstable to quences for large quantities of data enter.

environmental management 98 estimate environmental management creased costs, or regular wage increases /nvarən ment(ə)l m nd mənt/ because of the increased cost of living noun a planned approach to minimising an organisation’s impact on the escrow / eskrəυ/ noun in escrow held in safe keeping by a third party environment document held in escrow a document epos / i pɒs/, EPOS, EPoS abbr elec- given to a third party to keep and to pass tronic point of sale on to someone when money has been equilibrium / i kw lbriəm/ noun paid the state of balance in the economy escrow account / eskrəυ ə kaυnt/ where supply equals demand noun US an account where money is equity capital / ekwti k pt(ə)l/ held in escrow until a contract is signed noun the nominal value of the shares or until goods are delivered owned by the ordinary shareholders of a essential / senʃəl/ adjective very company (NOTE: Preference shares important It is essential that an agree- are not equity capital. If the company ment be reached before the end of the were wound up, none of the equity month. The factory is lacking essen- capital would be distributed to prefer- tial spare parts. ence shareholders.) e-retailer / i ri telə/ noun a busi- essential goods / senʃəl υdz/, ness that uses an electronic network essential products / senʃəl such as the Internet to sell its goods or prɒd ktz/ plural noun basic goods or services products necessary for everyday life erode / rəυd/ verb to wear away grad- estate duty / stet dju ti/ noun a ually to erode wage differentials to tax paid on the property left by a dead reduce gradually differences in salary person between different grades estimate noun / estmət/ 1. a calcula- error / erə/ noun a mistake He made tion of probable cost, size or time of an error in calculating the total. The something these figures are only an secretary must have made a typing estimate these are not the final accurate error. figures Can you give me an estimate error rate / erə ret/ noun the number of how much time was spent on the job? of mistakes per thousand entries or per 2. a calculation by a contractor or seller page of a service of how much something is likely to cost, given to a client in ad- escalate / eskəlet/ verb to increase vance of an order You should ask for steadily an estimate before committing your- escalation / eskə leʃ(ə)n/ noun a selves. Before we can give the grant steady increase an escalation of wage we must have an estimate of the total demands The union has threatened an costs involved. Unfortunately the final escalation in strike action. escalation bill was quite different from the esti- of prices a steady increase in prices mate. to put in an estimate to give escalation clause / eskə leʃ(ə)n someone a written calculation of the klɔ z/ noun same as escalator clause probable costs of carrying out a job Three firms put in estimates for the job. escalator / eskəletə/ noun a moving í verb / estmet/ 1. to calculate the staircase probable cost, size or time of something escalator card / eskəletə kɑ d/ to estimate that it will cost £1m or to noun an advertisement on either side of estimate costs at £1m We estimate an escalator in underground stations current sales at only 60% of last year. 2. The media buyer compared the cost of to estimate for a job to state in writ- posters and escalator cards. ing the future costs of carrying out a escalator clause / eskəletə klɔ z/ piece of work so that a client can make noun a clause in a contract allowing for an order Three firms estimated for the regular price increases because of in- refitting of the offices.

estimated 99 excess estimated / estmetd/ adjective work more freely in other countries of calculated approximately estimated the group sales Costs were slightly more than evaluate / v ljuet/ verb to examine the estimated figure. something to see how good it is estimation / est meʃ(ə)n/ noun an evaluation / v ljυ eʃ(ə)n/ noun the approximate calculation examination of a product to see how estimator / estmetə/ noun a person good it is whose job is to calculate estimates for evaluative / v ljuətv/ adjective re- carrying out work ferring to the calculation of value e-tailer / i telə/ noun same as evaluative criteria / v ljuətv e-retailer kra təriə/ plural noun the criteria used e-tailing / i telŋ/ noun 1. the selling to compare different products or of goods and services using an elec- services tronic network such as the Internet 2. even number / i v(ə)n n mbə/ same as e-commerce noun a number which can be divided by ethics / eθks/ noun the moral aspects two, e.g. 24 or 80 of decision-making Whether or not event / vent/ noun a thing which hap- we use such aggressive sales tactics is a pens, e.g. a sports competition, a flower matter of ethics. (NOTE: takes a singular show verb) event marketing / vent mɑ ktŋ/ ethnic / eθnk/ adjective relating to noun promotional activity to advertise people who share the same race, culture an event and traditions event sponsorship / vent ethnic media / eθnk mi diə/ plural spɒnsəʃp/ noun a promotional deal by noun magazines or TV stations which which a company sponsors a particular appeal to ethnic audiences event such as a concert, sporting event, ethnocentric stage / eθnəυ or other activity, on a regular basis sentrk sted / noun US an early stage in a company’s marketing when evoke / vəυk/ verb to call up an image goods are sent overseas with no concessions to local needs or tastes evoked set / vəυkt set/ noun the various brands which are identified by a EU / i ju / abbr European Union EU consumer as possible purchases and ministers met today in Brussels. The which he or she considers during the al- USA is increasing its trade with the EU. ternative evaluation process European Community / jυərə- pi ən kə mju nti/ noun formerly, the ex /eks/ preposition 1. out of or from name of the European Union price ex warehouse a price for a product which is to be collected from the European Direct Marketing As- manufacturer’s or agent’s warehouse sociation / jυərəpi ən da rekt and so does not include delivery price mɑ ktŋ ə səυsieʃ(ə)n/ an organisa- ex works or ex factory a price not in- tion based in Switzerland which moni- cluding transport from the maker’s factors new techniques in direct marketing tory 2. without and represents the interests of its members. Abbr EDMA ex- /eks/ prefix former an ex-director of the company European Union /jυərə pi ən jυnən/ (formerly, the European Eco- excess /k ses, ekses/ noun an nomic Community (EEC), the Common amount which is more than what is al- Market) a group of European countries lowed an excess of expenditure over linked together by the Treaty of Rome revenue ‘…most airlines give business class the same in such a way that trade is more free, baggage allowance as first class, which can save people can move from one country to large sums in excess baggage’ another more freely and people can [Business Traveller]

excess baggage 100 exclusive agreement ‘…control of materials provides manufacturers has imposed exchange controls. They with an opportunity to reduce the amount of say the government is going to lift ex- money tied up in excess materials’ [Duns Business Month] change controls. excess baggage / ekses b d / exchange dealer /ks tʃend noun an extra payment at an airport for di lə/ noun a person who buys and sells taking baggage which is heavier than foreign currency the normal passenger’s allowance exchange dealings /ks tʃend excess capacity / ekses kə p sti/ di lŋz/ plural noun the buying and noun spare capacity which is not being selling of foreign currency used exchange economy /ks tʃend excess demand / ekses d mɑ nd/  kɒnəmi/ noun an economy based on noun more demand at the present price the exchange of goods and services than sellers can satisfy Much more exchange premium /ks tʃend machinery and labour must be acquired pri miəm/ noun an extra cost above the to meet excess demand. normal rate for buying a foreign excess profit / ekses prɒft/ noun currency profit which is higher than what is exchanger /ks tʃend ə/ noun a thought to be normal person who buys and sells foreign excess supply / ekses sə pla/ noun currency more supply at the present price than buyers want to buy exchange rate /ks tʃend ret/ noun a figure that expresses how much exchange /ks tʃend / noun the act a unit of one country’s currency is worth of giving one thing for another ex- in terms of the currency of another change of contracts the point in the country sale of property when the buyer and the ‘…can free trade be reconciled with a strong seller both sign the contract of sale dollar resulting from floating exchange rates’ which then becomes binding í verb 1. [Duns Business Month] to exchange something (for some- ‘…a draft report on changes in the international thing else) to give one thing in place of monetary system casts doubt on any return to something else He exchanged his mo- fixed exchange-rate parities’ [Wall Street Journal] torcycle for a car. If the trousers are too small you can take them back and exchange transaction /ks- exchange them for a larger pair. tʃend tr n z kʃən/ noun a pur- Goods can be exchanged only on pro- chase or sale of foreign currency duction of the sales slip. 2. to change excise duty / eksaz dju ti/ noun a money of one country for money of an- tax on goods such as alcohol and petrol other to exchange euros for pounds which are produced in the country ‘…under the barter agreements, Nigeria will export crude oil in exchange for trucks, food, exclusion clause /k sklu (ə)n planes and chemicals’ [Wall Street Journal] klɔ z/ noun a clause in an insurance exchangeable /ks tʃend əb(ə)l/ policy or warranty which says which adjective which can be exchanged items or events are not covered exchange control /ks tʃend exclusive adjective /k sklu sv/ 1. kən trəυl/ noun the control by a gov- limited to one person or group to have ernment of the way in which its cur- exclusive right to market a product to rency may be exchanged for foreign be the only person who has the right to currencies The government had to im- market a product 2. exclusive of not pose exchange controls to stop the rush including All payments are exclusive to buy dollars. of tax. The invoice is exclusive of exchange controls /ks tʃend VAT. í noun the exclusive rights to a kən trəυlz/ plural noun government re- news story or the story itself strictions on changing the local currency exclusive agreement /k sklu sv into foreign currency The government ə ri mənt/ noun an agreement where a

exclusivity 101 expected price person is made sole agent for a product exhibition stand / eks bʃ(ə)n in a market st nd/ noun a separate section of an exclusivity / eksklu svt/ noun the exhibition where a company exhibits its exclusive right to market a product products or services ex dividend /eks dvdend/ adjec- exhibitor / zbtə/ noun a person or tive referring to a share price not includ- company that shows products at an ing the right to receive the next dividend exhibition The shares went ex dividend exorbitant / zɔ btənt/ adjective yesterday. unreasonably high in price $10,000 a exempt / zempt/ adjective not cov- minute, that’s exorbitant and quite un- ered by a law, or not forced to obey a justified. Their fees may seem exorbi- law Anyone over 65 is exempt from tant, but their costs are very high. charges exempt from tax not re- expand /k sp nd/ verb to get bigger, quired to pay tax As a or make something bigger an expand- non-profit-making organisation we are ing economy The company is expand- exempt from tax. í verb 1. to free some- ing fast. We have had to expand our thing from having tax paid on it sales force. Non-profit-making organisations are expansion /k sp nʃən/ noun an in- exempted from tax. 2. to free someone crease in size The expansion of the from having to pay tax Food is ex- domestic market. The company had empted from sales tax. difficulty in financing its current expan- ‘Companies with sales under $500,000 a year sion programme. will be exempt from the minimum-wage ‘…inflation-adjusted GNP moved up at a 1.3% requirements’ [Nation’s Business] annual rate, its worst performance since the exempt rating / zempt retŋ/ economic expansion began’ [Fortune] noun the legal right of a business not to ‘…the businesses we back range from start-up add VAT to the prices of some products ventures to established businesses in need of further capital for expansion’ [Times] or services ‘…the group is undergoing a period of rapid exempt supplies / zempt expansion and this has created an exciting sə plaz/ plural noun products or ser- opportunity for a qualified accountant’ vices on which the supplier does not [Financial Times] have to charge VAT expect /k spekt/ verb to hope that ex gratia /eks reʃə/ adjective done something is going to happen We are as a favour expecting him to arrive at 10.45. They ex gratia payment /eks reʃə are expecting a cheque from their agent pemənt/ noun a payment made as a next week. The house was sold for gift, with no other obligations more than the expected price. ‘…he observed that he expected exports to grow exhibit / zbt/ noun 1. a thing faster than imports in the coming year’ which is shown The buyers admired [Sydney Morning Herald] the exhibits on our stand. 2. a single ‘American business as a whole has seen profits section of an exhibition the British well above the levels normally expected at this Trade Exhibit at the International Com- stage of the cycle’ [Sunday Times] puter Fair í verb to exhibit at the expectation / ekspek teʃ(ə)n/ noun Motor Show to display new models of 1. what someone believes will happen, cars at the Motor Show especially concerning their future pros- exhibition / eks bʃ(ə)n/ noun an perity 2. what someone believes about occasion for the display of goods so that an item or service to be purchased, buyers can look at them and decide what which is one of the reasons for making to buy The government has sponsored the purchase an exhibition of good design. We have expected price /ek spektd pras/ a stand at the Ideal Home Exhibition. noun the price of a product which con- The agricultural exhibition grounds sumers consider corresponds to its true were crowded with visitors. value

expense 102 exploit expense /k spens/ noun money staff will have dealt with a crisis like spent It is not worth the expense. this before. The expense is too much for my bank experience effect /k spəriəns balance. The likely profits do not jus-  fekt/ noun the role of experience in tify the expense of setting up the project. improving business efficiency The ex- It was well worth the expense to get perience effect is evident in the rise in really high-quality equipment. our profits as our workforce becomes expense account /k spens more skilled. ə kaυnt/ noun an allowance of money experiencer /ek spəriənsə/ noun in which a business pays for an employee the VALS lifestyle classification sys- to spend on travelling and entertaining tem, a young person who likes new and clients in connection with that business unusual things and spends a lot of I can put this lunch on my expense money on hobbies and socialising account experiential advertising /ek- expenses /k spensz/ plural noun spərienʃəl dvətazŋ/ noun adver- money paid to cover the costs incurred tising which conveys to the customer by someone when doing something the real sensation of using the product The salary offered is £10,000 plus ex- experimental method /eksper- penses. all expenses paid with all ment(ə)l meθəd/ noun the use of con- costs paid by the company The com- trolled experiments to discover the in- pany sent him to San Francisco all ex- fluence of various variables in penses paid. to cut down on expenses marketing such as types of promotion to reduce spending and sales training expensive /k spensv/ adjective expert / eksp t/ noun a person who which costs a lot of money First-class knows a lot about something an ex- air travel is becoming more and more pert in the field of electronics or an elec- expensive. tronics expert The company asked a experience /k spəriəns/ noun financial expert for advice or asked for knowledge or skill that comes from hav- expert financial advice. expert’s re- ing had to deal with many different situ- port a report written by an expert ations She has a lot of experience of expertise / ekspə ti z/ noun special- dealing with German companies. I ist knowledge or skill in a particular gained most of my experience abroad. field With years of experience in the Considerable experience is required for industry, we have plenty of expertise to this job. The applicant was pleasant, draw on. Lack of marketing expertise but did not have any relevant experi- led to low sales figures. We hired Mr ence. í verb to live through a situation Smith because of his financial expertise The company experienced a period of or because of his expertise in finance. falling sales. expert system / eksp t sstəm/ experience curve /k spəriəns noun a computer program that is de- k v/ noun a graph showing the rela- signed to imitate the way a human ex- tionship between the cumulative amount pert in a particular field thinks and of products produced and the production makes decisions (NOTE: Expert sys- cost per unit The experience curve tems, which are an application of artifi- shows how increasing efficiency has cial intelligence, are used for a wide brought down our costs. variety of tasks including medical diag- experienced /k spəriənst/ adjec- nostics and financial decision-making tive referring to a person who has lived and can be used by non-experts to through many situations and has learnt solve well-defined problems when hu- from them You are the most experi- man experts are unavailable.) enced negotiator I know. We have ap- exploit /k splɔt/ verb to use some- pointed a very experienced candidate as thing to make a profit The company is sales director. Our more experienced exploiting its contacts in the Ministry of

exponential diffusion 103 express Trade. We hope to exploit the oil re- export department / ekspɔ t d- sources in the China Sea. pɑ tmənt/ noun the section of a com- exponential diffusion /ekspə- pany which deals in sales to foreign nenʃ(ə)l d fju (ə)n/, exponential countries growth /ekspə nenʃ(ə)l rəυθ/ noun export duty / ekspɔ t dju ti/ noun a a typical growth pattern of new products tax paid on goods sent out of a country that involves a slow start, followed by for sale acceleration and finally a slowing down exporter /k spɔ tə/ noun a person, exponential smoothing /ekspə- company or country that sells goods in nenʃ(ə)l smu ðŋ/noun a technique foreign countries a major furniture for working out averages while allowing exporter Canada is an important ex- for recent changes in values by moving porter of oil or an important oil forward the period under consideration exporter. at regular intervals export house / ekspɔ t haυs/ noun export noun / ekspɔ t/ the practice or a company which specialises in the ex- business of sending goods to foreign port of goods manufactured by other countries to be sold 50% of the com- companies pany’s profits come from the export exporting /ek spɔ tŋ/ adjective trade or the export market. í verb /k- which exports oil-exporting coun- spɔ t/ to send goods to foreign countries countries which produce oil and tries for sale 50% of our production is sell it to other countries exported. The company imports raw materials and exports the finished export licence / ekspɔ t las(ə)ns/ products. noun a government permit allowing ‘…in the past, export documentation was a something to be exported The govern- major stumbling block for some companies’ ment has refused an export licence for [Marketing & Sales Management] computer parts. ‘Europe’s gross exports of white goods climbed to 2.4 billion, about a quarter of total export manager / ekspɔ t production’ [Economist] m nd ə/ noun the person in charge of ‘…the New Zealand producers are now aiming an export department in a company to export more fresh meat as opposed to frozen The export manager planned to set up a which has formed the majority of its UK imports sales force in Southern Europe. Sales in the past’ [Marketing] managers from all export markets re- export agent / ekspɔ t ed ənt/ port to our export manager. noun a person who sells overseas on be- exports / ekspɔ ts/ plural noun goods half of a company and earns a commis- sent to a foreign country to be sold sion An export agent is developing Exports to Africa have increased by our business in West Africa. She is 25%. (NOTE: usually used in the plural, working in London as an export agent but the singular form is used before a for a French company. noun) exportation / ekspɔ teʃ(ə)n/ noun exposition / ekspə zʃ(ə)n/ noun US the act of sending goods to foreign same as exhibition countries for sale exposure /k spəυ ə/ noun publicity export bounty / ekspɔ t baυnti/ given to an organisation or product noun a government payment to busi- Our company has achieved more expo- nesses to encourage specific types of sure since we decided to advertise export nationally. Export Credit Guarantee Depart- ‘…it attributed the poor result to the bank’s high ment / ekspɔ t kredt rən ti d- exposure to residential mortgages, which pɑ tmənt/ noun a British government showed a significant slowdown in the past few department which insures sellers of ex- months’ [South China Morning Post] ports sold on credit against the possibil- express /k spres/ adjective rapid or ity of non-payment by the purchasers. very fast an express letter í verb to Abbr ECGD send something very fast We ex-

expressage 104 extra pressed the order to the customer’s extensive problem-solving /k- warehouse. stensv prɒbləm səυlvŋ/ noun de- expressage /k spresd / noun US tailed research and decision-making by a very fast transport service a buyer who needs to examine carefully all options open to him or her express delivery /k spres d- lv(ə)ri/ noun very fast delivery external /k st n(ə)l/ adjective 1. outside a country 2. outside a company extend /k stend/ verb 1. to offer to extend credit to a customer 2. to make external account /k st n(ə)l longer Her contract of employment ə kaυnt/ noun an account in a British was extended for two years. We have bank of someone who is living in an- extended the deadline for making the other country appointment by two weeks. external analysis /k st n(ə)l extended credit /k stendd ə n ləss/ noun the analysis of an kredt/ noun credit allowing the bor- organisation’s customers, market seg- rower a very long time to pay We sell ments, competitors, and marketing to Australia on extended credit. environment extended guarantee /k stendd external audience /k st n(ə)l rən ti / noun a guarantee, offered by ɔ diəns/ noun people, such as the gen- a dealer on consumer durables such as eral public, who do not belong to an dishwashers, which goes beyond the organisation time specified in the manufacturer’s external audit /k st n(ə)l ɔ dt/ guarantee noun an evaluation of the effectiveness extension /k stenʃən/ noun allow- of a company’s public relations carried ing a longer time for something than out by an outside agency was originally agreed to get an exten- external communication /k- sion of credit to get more time to pay st n(ə)l kəmju n keʃ(ə)n/ noun the back extension of a contract the con- exchange of information and messages tinuing of a contract for a further period between an organisation and other or- ‘…the White House refusal to ask for an ganisations, groups, or individuals that extension of the auto import quotas’ are not part of it (NOTE: External com- [Duns Business Month] munication includes the fields of public extension strategy /k stenʃən relations, media relations, advertising, str təd i/ noun a marketing strategy and marketing management.) aimed at extending the life of a product external desk research /k- either by making small changes in it, st n(ə)l desk r s tʃ/ noun research finding new uses for it or finding new based on material outside the com- markets An extension strategy is pany’s own records, e.g. in libraries or needed to ensure demand for another government departments few years. The extension strategy consisted in providing a greater choice of external search /k st n(ə)l s tʃ/ colours and upholstery for the range of noun a method of finding information cars. from external sources such as advertising, or from the web using a search extensive /k stensv/ adjective very engine large or covering a wide area an extensive network of sales outlets external search engine /k- st n(ə)l s tʃ end n/ noun a search extensive marketing /k stensv engine that allows the user to search mɑ ktŋ/ noun the practice of using a millions of Internet pages rapidly wide network of distributors and a great variety of promotional activities to gain external trade /k st n(ə)l tred/ as large a section of the market as possi- noun trade with foreign countries ble Only a company with vast re- (NOTE: the opposite is internal trade) sources could embark on this type of extra / ekstrə/ adjective which is extensive marketing. added or which is more than usual to

extranet 105 e-zine charge 10% extra for postage service ture We are using extrapolation to is extra There is no extra charge for forecast demand for a new product heating. We get £25 extra pay for based on the demand for a similar prod- working on Sunday. uct over the last five years. extranet / ekstrənet/ noun a closed extras / ekstrəz/ plural noun items network of websites and email systems which are not included in a price that is accessible to the people who be- Packing and postage are extras. long to an organisation and to some oth- eyeballing / abɔ lŋ/ noun simply ers who do not, and that allows the looking at statistical data to make a outsiders access to the organisation’s in- quick and informal assessment of the re- ternal applications or information—usu- sults (informal ) . ally subject to some kind of signed agreement (NOTE: Like intranets, eyeballs / abɔ lz/ plural noun a mea- extranets provide all the benefits of sure of the number of visits made to a Internet technology (browsers, web website (slang) servers, HTML, etc.) with the added eye candy / a k ndi/ noun visually benefit of security, since the network attractive material (slang) cannot be used by the general public.) eye-movement test / a extraordinary items /k- mu vmənt test/, eye tracking / a strɔ d(ə)n(ə)ri atəmz/ plural noun tr kŋ/ noun an advertising research large items of income or expenditure test which involves recording the move- which do not arise from normal trading ment of a person’s eyes as they look at and which do not occur every year. an advertisement to see which parts are They are shown separately on the profit of special interest The eye-movement and loss account after taxation, as op- test will tell us what to highlight in fu- posed to exceptional items, which are ture advertisements. calculated before the pre-tax profit. e-zine / i zi n/ noun a publication on a extrapolation /k str pə leʃ(ə)n/ particular topic that is distributed regu- noun a forecasting technique which in- larly in electronic form, mainly via the volves projecting past trends into the fu- web but also by email

face-lift 106 factor analysis F face-lift / feslft/ noun an improve- facing page / fesŋ ped / noun the ment to the design of products and pack- page opposite aging or of an organisation’s image facsimile /f k sml/ noun an exact These products need a face-lift if they copy of a text or illustration are going to retain their appeal. fact /f kt/ noun a piece of information face out / fes aυt/ adverb used to re- The chairman asked to see all the fer to the displaying of books on book- facts on the income tax claim. The shop shelves, showing the front cover sales director can give you the facts and face-to-face selling / fes tə fes figures about the African operation. selŋ/ noun person-to-person or direct selling, involving a meeting between fact book / f kt bυk/ noun data put seller and buyer Six months of together about a product on the market face-to-face selling will give trainees di- that can be used for reference by the rect experience of the market. We producers or by an advertising agency need confident outgoing people to do fact-finding mission / f kt our face-to-face selling. fandŋ mʃ(ə)n/ noun a visit by a per- face value /fes v lju / noun the son or group of people, usually to an- value written on a coin, banknote or other country, to obtain information share certificate about a specific issue The minister ‘…travellers cheques cost 1% of their face value went on a fact-finding tour of the region. – some banks charge more for small amounts’ factor / f ktə/ noun 1. something [Sunday Times] which is important or which is taken facia / feʃə/ noun another spelling of into account when making a decision fascia The drop in sales is an important factor facilities /fə sltiz/ plural noun ser- in the company’s lower profits. Moti- vices, equipment or buildings which vation was an important factor in draw- make it possible to do something ing up the new pay scheme. 2. a person There are no facilities for unloading or who sells for a business or another per- there are no unloading facilities. Our son and earns a commission í verb to storage facilities are the best in the rebuy debts from a company at a discount gion. Transport facilities in the area ‘…factors ‘buy’ invoices from a company, are not satisfactory. There are no fa- which then gets an immediate cash advance representing most of their value. The balance is cilities for disabled visitors. paid when the debt is met. The client company is facility /fə slt/ noun 1. the total charged a fee as well as interest on the cash amount of credit which a lender will al- advanced’ [Times] low a borrower 2. US a single large factorage / f ktərd / noun a com- building We have opened our new mission earned by a factor What per- warehouse facility. centage is the factorage? facing / fesŋ/ adjective opposite factor analysis / f ktə ə n ləss/ facing matter / fesŋ m tə/, fac- noun a process of identifying key facing text matter / fesŋ tekst m tə/ tors that influence the results in an atti- noun an advertisement on a page oppo- tude research programme site to one containing editorial matter

factoring 107 falling market factoring / f ktərŋ/ noun the busi- some items imported from their trading ness of buying debts at a discount partners factoring agent / f ktərŋ fall /fɔ l/ noun a sudden drop or loss of ed ənt/ noun a person who sells for a value a fall in the exchange rate a business or another person and earns a fall in the price of gold a fall on the commission Stock Exchange Profits showed a factoring charges / f ktərŋ 10% fall. í verb 1. to drop suddenly to tʃɑ d z/ plural noun the cost of sell- a lower price Shares fell on the mar- ing debts to a factor for a commission ket today. Gold shares fell 10% or fell factory / f kt(ə)ri/ noun a building 45 cents on the Stock Exchange. The where products are manufactured a price of gold fell for the second day run- car factory a shoe factory The com- ning. The pound fell against the euro. pany is proposing to close three of its 2. to happen or to take place The pub- factories with the loss of 200 jobs. lic holiday falls on a Tuesday. payments which fall due payments which factory gate price / f kt(ə)r et are now due to be made pras/ noun the actual cost of manufac- ‘…market analysts described the falls in turing goods before any mark-up is the second half of last week as a added to give profit (NOTE: The factory technical correction to the market’ gate price includes direct costs such [AustralianFinancial Review] as labour, raw materials, and energy, ‘…for the first time since mortgage rates and indirect costs such as interest on began falling in March a financial institution loans, plant maintenance or rent.) has raised charges on homeowner loans’ [Globe and Mail (Toronto)] factory outlet / f kt(ə)r aυtlet/ ‘…interest rates were still falling as late as June, noun a shop where merchandise is sold and underlying inflation remains below the direct to the public from the factory, government’s target of 2.5 per cent’ usually at wholesale prices [Financial Times] factory unit / f kt(ə)ri ju nt/ noun fall away / fɔ l ə we/ verb to become a single building on an industrial estate less Hotel bookings have fallen away fact sheet / f kt ʃi t/ noun a sheet of since the tourist season ended. paper giving information about a prod- fall back / fɔ l b k/ verb to become uct or service which can be used for lower or cheaper after rising in price publicity purposes Shares fell back in light trading. fad /f d/ noun a short-lived fashion or fall back on / fɔ l b k ɒn/ verb to craze have to use something kept for emer- failure / feljə/ noun not doing some- gencies to fall back on cash reserves thing which you promised to do The management fell back on the failure fee / feljə fi / noun a fee usual old excuses. charged by a distributor to the manufac- fall-back price / fɔ l b k pras/ turer of a product whose sales are less noun the lowest price which a seller will than those agreed in advance accept The buyer tries to guess the fair /feə/ noun same as trade fair seller’s fall-back price. The fall-back The computer fair runs from April 1st to price must not be any lower or there 6th. í adjective honest or correct won’t be any profit in the deal. fair deal /feə di l/ noun an arrange- fall behind / fɔ l b hand/ verb to be ment where both parties are treated late in doing something They fell be- equally The workers feel they did not hind with their mortgage repayments. get a fair deal from the management. falling / fɔ lŋ/ adjective which is be- fair price /feə pras/ noun a good coming smaller or dropping in price price for both buyer and seller ‘…falling profitability means falling share prices’ [Investors Chronicle] fair trade /feə tred/ noun an international business system where countries falling market / fɔ lŋ mɑ kt/ noun agree not to charge import duties on a market where prices are coming down

falling pound 108 fax falling pound / fɔ lŋ paυnd/ noun aging will make for a clear company the pound when it is losing its value image. against other currencies fancy goods / f nsi υdz/ plural fall off / fɔ l ɒf/ verb to become noun small attractive items lower, cheaper or less Sales have fascia / feʃə/, facia noun 1. a board fallen off since the tourist season ended. over a shop on which the name of the fall out / fɔ l aυt/ verb the bottom shop is written 2. a board above an exhi- has fallen out of the market sales have bition stand on which the name of the fallen below what previously seemed to company represented is written be their lowest point fast /fɑ st/ adjective, adverb quick or fall through / fɔ l θru / verb not to quickly The train is the fastest way of happen or not to take place The plan getting to our supplier’s factory. fell through at the last moment. Home computers sell fast in the pre-Christmas period. false /fɔ ls/ adjective not true or not correct to make a false claim for a fast food /fɑ st fυd/ noun food that product can be cooked and sold quickly to customers, often using franchises, e.g. ham- false claim /fɔ ls klem/ noun an un- burgers and pizzas true or exaggerated claim made in the advertising of a product A voluntary fastmarketing / fɑ st mɑ ktŋ/ control body was set up to discourage noun the concept of concentrating all false claims in the advertising business. promotions into a short space of time, so that customers cannot avoid being false weight /fɔ ls wet/ noun affected weight on a shop scales which is wrong ‘…fastmarketing tactics mark a radical and so cheats customers departure from more traditional marketing. falsification / fɔ lsf keʃ(ə)n/ noun Instead of dotting commercials over a 4 or 5 week campaign, fastmarketers try to squeeze the act of making false entries in them into just a few days’ [Times] accounts fast-moving consumer goods falsify / fɔ lsfa/ verb to change / fɑ st mu vŋ kən sju mə υdz/ plu- something to make it wrong They ral noun essential low-price goods were accused of falsifying the accounts. which get repeat orders He couldn’t family / f m(ə)li/ noun 1. a group of work in FMCGs because his only expe- products which are linked by a brand rience was in industrial selling. Abbr name or by their packaging 2. a group of FMCGs people, formed of parents and children fast-selling item / fɑ st selŋ family branding / f m(ə)li atəmz/ noun an item which sells br ndŋ/ noun the practice of selling a quickly variety of different products under the favourable / fev(ə)rəb(ə)l/ adjective same brand name which gives an advantage (NOTE: the family life cycle / f m(ə)li laf American spelling is favorable) on sak(ə)l/ noun the stages through favourable terms on specially good which consumers pass in their lives, as terms The shop is let on very favour- they have families, e.g. ‘young singles’, able terms. ‘young marrieds’, ‘young couples with favourable balance of trade small children’, ‘couples with adoles- / fev(ə)rəb(ə)l b ləns əv tred/ cent children still at home’ and ‘retired noun a situation where a country’s ex- couples’, which correspond to different ports are larger than its imports types of buying behaviour fax /f ks/ noun 1. a system for sending family packaging / f m(ə)li the exact copy of a document via tele- p kd ŋ/ noun the practice of selling phone lines Can you confirm the a whole range of products in similar booking by fax? 2. a document sent by packaging We hope that family pack- this method We received a fax of the

faxback 109 field work order this morning. í verb to send a tivity which allows adjustments to be message by fax The details of the of- made to the way it is done in future fer were faxed to the brokers this morn- We are getting positive feedback about ing. I’ve faxed the documents to our our after-sales service. It would be New York office. useful to have some feedback from peo- faxback / f ksb k/ noun a system of ple who had a test drive but didn’t buy responding by fax, e.g. by downloading the car. Are we getting any feedback pages from a website direct to a fax ma- on customer reaction to our new chine, or where customers dial a fax product? number and get a fax back on their fax ‘…the service is particularly useful when we are machine working in a crisis management area and we need fast feedback from consumers’ [PR Week] fear /fə/ noun the feeling of being afraid field /fi ld/ noun in the field outside fear appeal / fə ə pi l/ noun an ad- the office, among the customers We vertising message that makes the reader have sixteen reps in the field. first in anxious about something, especially the field being the first company to about not doing something bring out a product or to start a service Smith Ltd has a great advantage in feasibility report / fi zə blti r- being first in the field with a reliable pɔ t/ noun a document which says if it electric car. is worth undertaking something field of experience / fi ld əv k- feasibility study / fi zə blti spərəns/ noun the general experience st di/ noun the careful investigation of a project to see whether it is worth un- that a sender and receiver of a message dertaking We will carry out a feasibil- use in considering the message ity study to decide whether it is worth field research / fi ld r s tʃ/, field setting up an agency in North America. work / fi ld w k/ noun looking for in- feasibility test / fi zə blti test/ formation that is not yet published and noun a test to see if something is must be obtained in surveys They had possible to do a lot of fieldwork before they found the right market for the product. feature / fi tʃə/ noun an article in a Field research is carried out to gauge newspaper or magazine that deals with one subject in depth There is a feature potential demand. in the next issue describing the history field sales force /fi ld selz fɔ s/ of our company. noun salespeople working outside the features / fi tʃəz/ plural noun the par- company’s offices, in the field After ticular important aspects of a product or working for a year in the field sales service which are advertised as an at- force, she became field sales manager. traction to the purchaser, as opposed to The field sales force operates in three ‘benefits’ which show how the product main areas. or service will improve the quality of field sales manager /fi ld selz life of the purchaser m nd ə/ noun the manager in charge Federal Trade Commission of a group of salespeople / fed(ə)rəl tred kə mʃ(ə)n/ noun a field trials / fi ld traəlz/, field tests federal agency established to keep busi- / fi ld tests/ plural noun a test of a new ness competition free and fair product or of something such as an ad- feed /fi d/ verb to give information or vertisement on real customers tips to another salesperson regarding field work / fi ld w k/ noun 1. an promising customers or areas for sales examination of the situation among pos- I can feed you some interesting sales sible customers They had to do a lot leads. (NOTE: feeding- fed) of field work to find the right market for feedback / fi db k/ noun informa- the product. 2. same as field research tion, especially about the result of an ac-

filing system 110 fine filing system / falŋ sstəm/ noun ment trust or insurance company whose a way of putting documents in order for work involves lending or investing large easy reference sums of money filler / flə/ noun something which fills financially /f n nʃəli/ adverb re- a space garding money a company which is filter question / fltə kwestʃən/ financially sound a company which is noun a question in a questionnaire de- profitable and has strong assets signed to separate respondents who are financial position /fa n nʃəl pə- worth questioning further from those zʃ(ə)n/ noun the state of a person’s or who are not company’s bank balance in terms of as- finance / fan ns/ noun money used sets and debts She must think of her fi- by a company, provided by the share- nancial position. holders or by loans Where will they get the necessary finance for the pro- financial resources /fa n nʃəl r- ject? í verb to provide money to pay zɔ sz/ plural noun supply of money for something They plan to finance for something a company with strong the operation with short-term loans. financial resources ‘…an official said that the company began to financial risk /fa n nʃəl rsk/ experience a sharp increase in demand for noun the possibility of losing money longer-term mortgages at a time when the flow The company is taking a considerable of money used to finance these loans diminished’ [Globe and Mail] financial risk in manufacturing 25 million units without doing any market re- Finance Act / fan ns kt/ noun search. There is always some GB an annual Act of Parliament which financial risk in selling on credit. gives the government the power to obtain money from taxes as proposed in financial statement /fa n nʃəl the Budget stetmənt/ noun a document which finance department / fan ns d- shows the financial situation of a com- pɑ tmənt/, finance committee pany The accounts department has / fan ns kə mti/ noun the depart- prepared a financial statement for the ment or committee which manages the shareholders. money used in an organisation Financial Times Index /fa n nʃəl finance market / fan ns mɑ kt/ tamz n deks/ noun an index which noun a place where large sums of shows percentage rises or falls in share money can be lent or borrowed prices on the London Stock Exchange finances / fan nsz/ plural noun based on a small group of major money or cash which is available the companies bad state of the company’s finances financier /fa n nsiə/ noun a person financial /fa n nʃəl/ adjective con- who lends large amounts of money to cerning money companies or who buys shares in companies as an investment financial advertising /fa n nʃəl dvətazŋ/ noun advertising by com- financing / fan nsŋ/ noun the act panies in the field of financial of providing money for a project The investment financing of the project was done by two financial audit /fa n nʃəl ɔ dt/ international banks. noun an examination of the books and find time / fand tam/ noun the time accounts of an advertising agency taken by a customer to find what he or financial correspondent /fa- she wants in a store n nʃəl kɒrs pɒndənt/ noun a jour- fine /fan/ adverb very thin or very nalist who writes articles on money mat- small we are cutting our margins ters for a newspaper very fine we are reducing our margins financial institution /fa n nʃəl to the smallest possible amount ŋst tju ʃ(ə)n/ noun a bank, invest-

finished goods 111 fixed position finished goods / fnʃt υdz/ noun first mover /f st mu və/ noun a manufactured goods which are ready to person or company that is the first to be sold launch a product in a market fire-fight / faə fat/ verb to fight bad first mover advantage /f st publicity for a client The agency has mu və əd vɑ ntd / noun the advan- done fire-fighting work for the egg tage a company gets in being the first to producers. enter a market fire sale / faə sel/ noun 1. a sale of first-run syndication / f st r n fire-damaged goods 2. a sale of any- snd keʃ(ə)n/ noun material produced thing at a very low price specifically for the syndication market firm /f m/ noun a company, business fishy-back freight / fʃi b k fret/ or partnership a manufacturing firm noun US the transportation of trucks or an important publishing firm Shee is a freight-train cars on ferries or barges partner in a law firm. í adjective 1. (NOTE: compare piggy-back freight) which cannot be changed to make a fix /fks/ verb 1. to arrange or to agree firm offer for something to place a to fix a budget to fix a meeting for 3 firm order for two aircraft 2. not drop- p.m. The date has still to be fixed. ping in price and possibly going to rise The price of gold was fixed at $300. Sterling was firmer on the foreign ex- The mortgage rate has been fixed at 5%. change markets. Shares remained 2. to mend The technicians are com- firm. í verb to remain at a price and ing to fix the phone system. Can you seem likely to rise The shares firmed fix the photocopier? at £1.50. ‘…coupons are fixed by reference to interest rates at the time a gilt is first issued’ ‘…some profit-taking was noted, but underlying [Investors Chronicle] sentiment remained firm’ [Financial Times] fixed /fkst/ adjective unable to be firm price /f m pras/ noun a price changed or removed which will not change They are quoting a firm price of $1.23 a unit. fixed assets /fkst sets/ plural noun property or machinery which a firm up / f m p/ verb to agree on fi- company owns and uses, but which the nal details We expect to firm up the company does not buy or sell as part of deal at the next trade fair. its regular trade, including the com- first choice /f st tʃɔs/ noun a pro- pany’s investments in shares of other spective customer who chooses the first companies option available, as opposed to a fixed break /fkst brek/ noun the ‘tyrekicker’ who wants to examine ev- placing of a television or radio adver- ery option before coming to a decision tisement in a specific commercial break first-hand / f st h nd/ adjective 1. on a specific day, at the advertiser’s coming directly from the original source insistence 2. new or unused I actually bought the fixed costs /fkst kɒsts/ plural noun TV first-hand, but at a second-hand business costs which do not change with price. the quantity of the product made first-hand information / f st fixed expenses /fkst k spensz/ h nd nfə meʃ(ə)n/ noun information plural noun expenses which do not vary from an original source We had a with different levels of production, e.g. first-hand account of what happened at rent, secretaries’ salaries, insurance the sales meeting from one of the fixed-fee arrangement /fkst fi salesreps who was there. ə rend mənt/ noun a way of agreeing first-line management / f st lan the fees for an agency before the agency m nd mənt/ noun the managers who starts work on a project have immediate contact with the fixed position /fkst pə zʃ(ə)n/ workforce noun the placing of an advertisement in a specific location in a publication, or

fixed-price agreement 112 fly poster running a commercial at a fixed time of flood /fl d/ noun a large quantity day, at the advertiser’s insistence We received a flood of orders. Floods fixed-price agreement /fkst of tourists filled the hotels. í verb to fill pras ə ri mənt/ noun an agreement with a large quantity of something where a company provides a service or a The market was flooded with cheap imi- product at a price which stays the same tations. The sales department is for the whole period of the agreement flooded with orders or with complaints. floor /flɔ / noun 1. the part of the room fixed rate /fkst ret/ noun a rate, which you walk on 2. all rooms on one e.g. an exchange rate, which does not level in a building The shoe depart- change ment is on the first floor. Her office is ‘…you must offer shippers and importers fixed rates over a reasonable period of time’ on the 26th floor. (NOTE: In Britain the [Lloyd’s List] floor at street level is the ground floor, but in the USA it is the first floor. Each fixed scale of charges / fkst floor in the USA is one number higher skel əv tʃɑ d z/ noun a rate of than the same floor in Britain.) charging which does not change floor manager / flɔ m nd ə/ fixed spot /fkst spɒt/ noun the noun US a person in charge of the sales placing of a TV or radio commercial in staff in a department store a specific position, at the advertiser’s floor space / flɔ spes/ noun an area insistence of floor in an office or warehouse We fixing / fksŋ/ noun arranging the have 3,500 square metres of floor space fixing of charges the fixing of a mort- to let. gage rate floor stand / flɔ st nd/ noun a dis- flagship / fl ʃp/ noun the key play stand which stands on the floor, as product in a range, on which the reputa- opposed to one which stands on a table tion of the producer most depends or counter flagship store / fl ʃp stɔ /, flag- floorwalker / flɔ wɔ kə/ noun an em- ship hotel / fl ʃp həυ tel/ noun the ployee of a department store who ad- main store or hotel in a chain vises customers, and supervises the shop flash pack / fl ʃ p k/ noun a pack assistants in a department or package which shows a price reduc- flop /flɒp/ noun a failure or something tion very clearly in order to attract cus- which has not been successful The tomers Flash packs are displayed at new model was a flop. í verb to fail or eye-level on the supermarket shelves to not be a success The launch of the attract the attention of passing new shampoo flopped badly. (NOTE: customers. flopping – flopped) flat rate /fl t ret/ noun a charge flowchart / fləυtʃɑ t/, flow diagram which always stays the same a / fləυ daə r m/ noun a chart which flat-rate increase of 10% We pay a shows the arrangement of work pro- flat rate for electricity each quarter. cesses in a series fluff it and fly it (in- He is paid a flat rate of £2 per thousand. formal ) give a product an attractive . appearance and then sell it flier / flaə/ noun a promotional leaflet fluidity /flu dti/ noun ease of move- flight /flat/ verb to arrange a schedul- ment or change ing pattern for something fluidity of labour /flu dti əv flighting by number / flatŋ ba lebə/ noun the extent to which em- n mbə/ noun scheduling things in a se- ployees move from one place to another ries of groups, with the same number in to work or from one occupation to each group another floating population / fləυtŋ fly poster / fla pəυstə/ noun a pɒpjυ leʃ(ə)n/ noun people who move poster which is pasted to a site without from place to place permission and without being paid for

fly-posting 113 foreign currency account fly-posting / fla pəυstŋ/ noun the forced consumption /fɔ st practice of sticking posters up illegally, kən s mpʃən/ noun the attempt to im- without permission of the site owner pose a rate or type of consumption on and without making any payment consumers FMCGs abbr fast-moving consumer force down / fɔ s daυn/ verb to goods make something such as prices become focus group / fəυkəs ru p/ noun lower to force prices down to make a group of people who are brought prices come down Competition has together to discuss informally a forced prices down. market-research question forced sale /fɔ st sel/ noun a sale fold-out / fəυld aυt/ noun a folded which takes place because a court orders page in a publication, which opens out it or because it is the only way to avoid a to show a much larger advertisement financial crisis follow / fɒləυ/ verb to come behind or force majeure / fɔ s m / noun to come afterwards The samples will something which happens which is out follow by surface mail. We will pay of the control of the parties who have £10,000 down, with the balance to fol- signed a contract, e.g. a strike, war or low in six months’ time. storm follower / fɒləυə/ noun a company force up / fɔ s p/ verb to make which follows others into a market something become higher to force following reading matter prices up to make prices go up The / fɒləυŋ ri dŋ m tə/ noun a good war forced up the price of oil. position for an advertisement, which forecast / fɔ kɑ st/ noun a descrip- follows an interesting article in a news- tion or calculation of what will probably paper or magazine happen in the future The chairman did follow up / fɒləυ p/ verb to examine not believe the sales director’s forecast something further I’ll follow up your of higher turnover. í verb to calculate idea of targeting our address list with a or to say what will probably happen in special mailing. to follow up an ini- the future We are forecasting sales of tiative to take action once someone else £2m. Economists have forecast a fall has decided to do something in the exchange rate. (NOTE: forecasting – forecast) font /fɒnt/ noun a set of characters all of the same size and face forecasting / fɔ kɑ stŋ/ noun calculating what will probably happen in the foot /fυt/ verb to foot the bill to pay future Manpower planning will de- the costs pend on forecasting the future levels of footfall / fυtfɔ l/ noun the number of production. customers who come into and walk foreign / fɒrn/ adjective not belong- round a shop ing to your own country Foreign cars ‘…the small independent retailer who stocks up using cash and carries could be hit hard by the have flooded our market. We are in- loss of footfall associated with any increase in creasing our trade with foreign smuggled goods’ [The Grocer] countries. force /fɔ s/ noun 1. strength to be in ‘…a sharp setback in foreign trade accounted for most of the winter slowdown’ [Fortune] force to be operating or working The rules have been in force since 1986. to ‘…the dollar recovered a little lost ground on the foreign exchanges yesterday’ come into force to start to operate or [Financial Times] work The new regulations will come into force on January 1st. 2. a group of foreign currency / fɒrn k rənsi/ people í verb to make someone do noun money of another country something Competition has forced the foreign currency account / fɒrn company to lower its prices. After the k rənsi ə kaυnt/ noun a bank account takeover several of the managers were in the currency of another country, e.g. a forced to take early retirement. dollar account in a British bank

foreign currency reserves 114 forward integration foreign currency reserves / fɒrn form /fɔ m/ noun 1. form of words k rənsi r z vz/ plural noun a coun- words correctly laid out for a legal doc- try’s reserves held in currencies of other ument receipt in due form a correctly countries written receipt 2. official printed paper ‘…the treasury says it needs the cash to rebuild with blank spaces which have to be its foreign reserves which have fallen from $19 filled in with information You have to billion when the government took office to $7 fill in form A20. Each passenger was billion in August’ [Economist] given a customs declaration form. The foreigner / fɒrnə/ noun a person reps carry pads of order forms. from another country forma / fɔ mə/ noun pro forma ‘…a sharp setback in foreign trade accounted for most of the winter slowdown’ [Fortune] format / fɔ m t/ noun 1. the general page design or size of a publication 2. foreign exchange market1 / fɒrn the general style of an email or elec- ks tʃend mɑ kt/ noun dealings in tronic marketing piece foreign currencies She trades on the foreign exchange market. Foreign ex- form utility / fɔ m ju tlti/ noun a use for a product created by the intro- change markets were very active after duction of the product the dollar devalued. forty-eight sheet / fɔ ti et ʃi t/ foreign exchange market2 noun noun a large poster-sized sheet of paper market where people buy and sell foreign currencies forum / fɔ rəm/ noun an online area where Internet users can read, post, and foreign exchange reserves /- respond to messages fɒrn ks tʃend r z vz/ plural noun foreign money held by a govern- forward / fɔ wəd/ adjective in ad- ment to support its own currency and vance or to be paid at a later date í ad- pay its debts verb to date a cheque forward to put a later date than the present one on a foreign exchange transfer / fɒrn cheque í verb to forward something ks tʃend tr nsf / noun the send- to someone to send something to some- ing of money from one country to one to forward a consignment to Ni- another geria ‘please forward’ or ‘to be foreign goods / fɒrn υdz/ plural forwarded’ words written on an enve- noun goods manufactured in other lope, asking the person receiving it to countries send it on to the person whose name is foreign investments / fɒrn n- written on it vestmənts/ plural noun money in- forward contract / fɔ wəd vested in other countries kɒntr kt/ noun a one-off agreement to buy foreign currency or shares or forfeit / fɔ ft/ noun the taking away commodities for delivery at a later date of something as a punishment the at a specific price goods were declared forfeit the court said that the goods had to be taken away forwarding / fɔ wədŋ/ noun the act from the person who was holding them of arranging shipping and customs í verb to have something taken away as documents a punishment to forfeit a deposit to forwarding address / fɔ wədŋ lose a deposit which was left for an item ə dres/ noun the address to which a per- because you have decided not to buy son’s mail can be sent on that item forwarding agent / fɔ wədŋ forfeit clause / fɔ ft klɔ z/ noun a ed ənt/ noun a person or company clause in a contract which says that which arranges shipping and customs goods or a deposit will be taken away if documents the contract is not obeyed forward integration / fɔ wəd ntə- forfeiture / fɔ ftʃə/ noun the act of reʃ(ə)n/ noun a process of expansion forfeiting a property in which a company becomes its own

forward market 115 franchise chain distributor or takes over a company in marketing mix, which are Product, the same line of business as itself For- Price, Promotion and Place ward integration will give the company fraction / fr kʃən/ noun a part of a greater control over its selling. For- whole ward integration has brought the company closer to its consumers and has fragile / fr d al/ adjective which can made it aware of their buying habits. be easily broken There is an extra Compare backward integration premium for insuring fragile goods in shipment. forward market / fɔ wəd mɑ kt/ fragment /fr ment/ verb to split noun a market for purchasing foreign into sections currency, oil or commodities for deliv- ‘…the consumer market is fragmenting, which ery at a later date. These are one-off means that brand advertising to the whole deals, as opposed to futures contracts market is no longer enough’ [Financial Times] which are continuous. fragmentation / fr mən teʃ(ə)n/ forward price / fɔ wəd pras/ noun noun the use of a variety of media for a a price of goods which are to be deliv- publicity campaign ered in the future fragmented market /fr mentd forward (exchange) rate / fɔ wəd mɑ kt/ noun a market which is split ks tʃend ret/ noun a rate for pur- into many small segments, which are chase of foreign currency at a fixed more difficult to sell into price for delivery at a later date What frame /frem/ noun same as sampling are the forward rates for the pound? frame forward sales / fɔ wəd selz/ plural franchise / fr ntʃaz/ noun a licence noun the sales of shares, commodities to trade using a brand name and paying or foreign exchange for delivery at a a royalty for it He’s bought a printing later date franchise or a pizza franchise. í verb to foul bill of lading / faυl bl əv sell licences for people to trade using a ledŋ/ noun a bill of lading which says brand name and paying a royalty His that the goods were in bad condition sandwich bar was so successful that he when received by the shipper decided to franchise it. ‘…many new types of franchised businesses four-colour process / fɔ k lə will join the ranks of the giant chains of prəυses/ noun a printing process fast-food restaurants, hotels and motels and where the three primary colours and rental car agencies’ [Franchising Opportunities] black are used to create a wide range of ‘…a quarter of a million Britons are seeking to shades become their own bosses by purchasing franchises’ [Marketing Week] four Cs /fɔ siz/ plural noun a simple ‘…feelings are already running high over the way of referring to the four important question of how to allocate the next TV points regarding customers: value to the franchises’ [Marketing] Customer, Cost, Convenience for the franchise agreement / fr ntʃaz customer and Communication between ə ri mənt/, franchise contract seller and buyer / fr ntʃaz kɒntr kt/ noun a legal four O’s /fɔ əυz/ plural noun a sim- contract to trade using a brand name and ple way of summarizing the essentials paying a royalty for it of a marketing operation, which are Ob- franchise-building promotion jects, Objectives, Organisation and / fr ntʃaz bldŋ prə- Operations məυʃ(ə)n/noun a sales promotion four-plus cover /fɔ pl s k və/ aimed at building up long-term repeat noun a situation where consumers in the sales and customer loyalty target audience will have seen an adver- franchise chain / fr ntʃaz tʃen/ tisement at least four times on average noun a series of retail stores or fast-food four P’s /fɔ piz/ plural noun a simple outlets which are operated as franchises way of summarising the essentials of the from the main operator

franchisee 116 freephone franchisee / fr ntʃa zi / noun a free advertisement for the charity on the person who runs a franchise back page. franchiser / fr ntʃazə/ noun a per- freebie / fri bi/ noun a product or ser- son who licenses a franchise vice supplied free of charge, especially a franchising / fr ntʃazŋ/ noun the gift to an agent or journalist (informal ) . act of selling a licence to trade as a fran- free collective bargaining / fri chise He runs his sandwich chain as a kə lektv bɑ nŋ/ noun negotiations franchising operation. between management and trade unions about wage increases and working franchisor / fr ntʃazə/ noun an- conditions other spelling of franchiser free competition / fri kɒmpə- franco / fr ŋkəυ/ adverb free tʃ(ə)n/ noun being free to compete fraudulent misrepresentation without government interference / frɔ djυlənt ms reprzen teʃ(ə)n/ free currency /fri k rənsi/ noun a noun the act of making a false statement currency which is allowed by the gov- with the intention of tricking a customer ernment to be bought and sold without free /fri / adjective, adverb 1. not cost- restriction ing any money I have been given a free delivery area /fri d lv(ə)ri free ticket to the exhibition. The price eəriə/ noun an area within which a includes free delivery. All goods in the seller will deliver purchases free The store are delivered free. A catalogue total price will be low as the goods are will be sent free on request. free being delivered in a free delivery area. alongside ship referring to a price that includes all costs up to delivery of free enterprise / fri entəpraz/ noun a system of business free from goods next to the ship on the quay government interference free docks referring to a price that includes all costs up to delivery of goods free gift /fri ft/ noun a present to the docks free of charge with no given by a shop to a customer who buys payment to be made free on quay re- a specific amount of goods There is a ferring to a price that includes all costs free gift worth £25 to any customer buy- up to delivery of goods next to the ship ing a washing machine. on the quay free overboard or free free market /fri mɑ kt/ noun a overside referring to a price that in- market in which there is no government cludes all costs up to arrival of the ship control of supply and demand, and the at a port 2. with no restrictions free of rights of individuals and organisations tax with no tax having to be paid in- to physical and intellectual property are terest is paid free of tax free of duty upheld with no duty to be paid to import wine free market economy /fri mɑ kt free of duty 3. not busy or not occupied  kɒnəmi/ noun a system where the Are there any free tables in the res- government does not interfere in busi- taurant? I shall be free in a few min- ness activity in any way utes. The chairman always keeps Friday afternoon free for a game of free on board / fri ɒn bɔ d/ 1. in- bridge. í verb to make something avail- cluding in the price all the seller’s costs able or easy The government’s deci- until the goods are on the ship for trans- sion has freed millions of pounds for portation. Abbr f.o.b. 2. including in the investment. price all the seller’s costs until the goods ‘American business as a whole is increasingly are delivered to a place free from heavy dependence on manufacturing’ free paper /fri pepə/ noun a news- [Sunday Times] paper which is given away free, and free advertisement /fri əd- which relies for its income on its v tsmənt/ noun an advertisement advertising shown without any charge to the adver- freephone / fri fəυn/, freefone noun tiser The newspaper agreed to place a a system where you can telephone to re-

free port 117 frequency discount ply to an advertisement, to place an or- to take on freight to load goods onto der or to ask for information and the a ship, train or truck í verb to freight seller pays for the call goods to send goods We freight goods free port / fri pɔ t/ noun a port to all parts of the USA. where there are no customs duties to be freightage / fretd / noun the cost paid of transporting goods freepost / fri pəυst/ noun a system freight collect /fret kə lekt/ noun where someone can write to an adver- US an arrangement whereby the cus- tiser to place an order or to ask for infor- tomer pays for transporting the goods mation to be sent, without paying for a freight costs / fret kɒsts/ plural stamp. The company paying for the noun money paid to transport goods postage on receipt of the envelope. freight depot / fret depəυ/ noun a free sample /fri sɑ mpəl/ noun a central point where goods are collected sample given free to advertise a product before being shipped free-standing insert / fri st ndŋ freight elevator / fret eləvetə/ ns t/ noun advertising material on noun a strong lift for carrying goods up one or more pages which is inserted into and down inside a building a newspaper. Abbr FSI freighter / fretə/ noun 1. an aircraft free trade /fri tred/ noun a system or ship which carries goods 2. a person where goods can go from one country to or company that organiess the transport another without any restrictions of goods ‘…can free trade be reconciled with a strong freight forward /fret fɔ wəd/ noun dollar resulting from floating exchange rates?’ [Duns Business Month] a deal where the customer pays for transporting the goods free trader /fri tredə/ noun a person who is in favour of free trade freight forwarder / fret fɔ wədə/ ‘…free traders hold that the strong dollar is the noun a person or company that arranges primary cause of the nation’s trade problems’ shipping and customs documents for [Duns Business Month] several shipments from different compa- free trade zone /fri tred zəυn/ nies, putting them together to form one noun an area where there are no cus- large shipment toms duties ‘…the airline will allow freight forwarder customers to track and trace consignments on free trial /fri traəl/ noun an oppor- the airline’s website’ [Lloyd’s List] tunity to test a machine or product with freight plane / fret plen/ noun an no payment involved aircraft which carries goods, not freeware / fri weə/ noun free soft- passengers ware programs frequency / fri kwəns/ noun 1. the freeze /fri z/ verb to keep something number of times something happens 2. such as money or costs at their present the number of times an advertisement level and not allow them to rise to appears in a specific period The plan freeze wages and prices to freeze is to have larger advertisements but less credits to freeze company dividends frequency. 3. the number of times a per- We have frozen expenditure at last son sees an advertisement during a cam- year’s level. (NOTE: freezing – froze – paign We feel that a frequency of two has frozen) showings per night is enough for the freeze out / fri z aυt/ verb to first week of the campaign. freeze out the competition to trade suc- frequency analysis / fri kwənsi ə- cessfully and cheaply and so prevent n ləss/ noun analysis of frequency competitors from operating distribution statistics freight /fret/ noun 1. the cost of frequency discount / fri kwənsi transporting goods by air, sea or land dskaυnt/ noun reduced rates offered At an auction, the buyer pays the for frequent use of a advertising freight. 2. goods which are transported medium

frequency distribution 118 full cover frequency distribution front end / fr nt end/ noun the part / fri kwənsi dstr bju ʃ(ə)n/ noun of an organisation that meets and deals statistics, usually in the form of a graph, with customers face-to-face showing how often a sample group re- front-line management / fr nt sponded in a certain way to a lan m nd mənt/ noun managers questionnaire who have immediate contact with the frequent / fri kwənt/ adjective which workers comes, goes or takes place often frontload / fr ntləod/ verb to plan a There is a frequent ferry service to publicity campaign where most costs France. We send frequent faxes to are incurred in the early stages. Com- New York. How frequent are the pare backload planes to Birmingham? front man / fr nt m n/ noun a per- frequently / fri kwəntli/ adverb of- son who seems honest but is hiding an ten The photocopier is frequently out illegal trade of use. We email our New York office frequently – at least four times a day. front of book / fr nt əv bυk/ noun the first few pages of a magazine fringe account / frnd ə kaυnt/ noun accounts or customers that are not FSI abbr free-standing insert very profitable for the supplier The fudge /f d / noun a mistake made in salespeople are not giving priority to an advertisement these fringe accounts. It is hoped that fulfil /fυl fl/ verb to complete some- some of these fringe accounts will soon thing in a satisfactory way The clause start buying in larger quantities. regarding payments has not been ful- fringe benefit /frnd benft/ noun filled. (NOTE: the American spelling is an extra item given by a company to fulfill) to fulfil an order to supply the employees in addition to their salaries, items which have been ordered We e.g. a company car, private health are so understaffed that we cannot fulfil insurance any more orders before Christmas. fringe benefits /frnd benftz/ fulfilment /fυl flmənt/ noun carry- plural noun extra items given by a coming something out in a satisfactory way pany to workers in addition to a salary, (NOTE: the American spelling is e.g. company cars or private health in- fulfillment) surance The fringe benefits make up fulfilment house /fυl flmənt haυs/ for the poor pay. Use of the company noun a company which supplies orders recreation facilities is one of the fringe on behalf of a mail-order company benefits of the job. full /fυl/ adjective 1. complete, includ- fringe time / frnd tam/ noun TV ing everything we are working at full time around primetime where there is capacity we are doing as much work as usually more availability possible 2. in full completely Give front /fr nt/ noun a part of something your full name and address or your which faces away from the back The name and address in full. He accepted front of the office building is on the all our conditions in full. Full refund High Street. Our ad appeared on the or refund paid in full. front page of the newspaper. There is full cost pricing / fυl kɒst prasŋ/ a photograph of the managing director noun a pricing method based on assess- on the front page of the company report. ing the full production cost of each frontage / fr ntd / noun the width product unit and adding a profit margin of a shop which faces onto the street full costs /fυl kɒsts/ plural noun all front cover /fr nt k və/ noun the the costs of manufacturing a product, in- front outside page of a publication, as cluding both fixed and variable costs opposed to the back cover full cover /fυl k və/ noun insurance cover against all risks

full employment 119 futurology full employment /fυl m plɔmənt/ week She’s in full-time work or She noun a situation where all the people works full-time or She’s in full-time em- who can work have jobs ployment. He is one of our full-time full-function wholesaler / fυl staff. f ŋkʃ(ə)n həυlselə/ noun a distribu- full-timer /fυl tamə/ noun a person tor performing all the normal functions who works full-time of a wholesaler such as storage and transport There is room for only one function / f ŋkʃən/ noun a duty or full-function wholesaler dealing with job í verb to work The advertising this product in the Southampton area. campaign is functioning smoothly. The new management structure does not full-line forcing / fυl lan fɔ sŋ/ seem to be functioning very well. noun a situation where a supplier pres- sures a customer to buy from that sup- functional / f ŋkʃən(ə)l/ adjective plier only If the supplier succeeds in which can function properly full-line forcing, he will probably raise functional consequences /@ n (ə)l prices. kɒnskwensz/ plural noun the tangi- full nester /fυl nestə/ noun an older ble effects of a product or service which customer who has their own home and a customer experiences directly who is interested in a good quality of functional discount / f ŋkʃən(ə)l life, eats in restaurants, buys new gad- dskaυnt/ noun a discount offered on gets, and is not influenced by advertis- goods sold to distributors ing. empty nesters functional product differentia- full page / fυl ped / noun a size of tion / f ŋkʃən(ə)l prɒd kt advertisement taking up one complete dfərenʃi eʃ(ə)n/ noun the process of page ensuring that a product has some func- full price / fυl pras/ noun a price tional features that distinguish it from with no discount She bought a competing ones full-price ticket. functional title / f ŋkʃən(ə)l full rate /fυl ret/ noun the full tat(ə)l/ noun a job title, the descrip- charge, with no reductions tion of a person’s job which is used as full repairing lease /fυl r peərŋ part of his or her address, e.g.‘marketing li s/ noun a lease where the tenant has to manager’ or ‘head buyer’ pay for all repairs to the property fund /f nd/ noun money set aside for a full-scale / fυl skel/ adjective com- special purpose plete or very thorough The MD or- ‘…small innovative companies have been hampered for lack of funds’ [Sunday Times] dered a full-scale review of credit terms. ‘…the administration launched a full-scale ‘…the company was set up with funds totalling investigation into maintenance procedures’ NorKr 145m’ [Lloyd’s List] [Fortune] funded debt / f ndd det/ noun the full-service advertising agency part of the British National Debt which / fυl s vs dvətazŋ ed ənsi/, pays interest, but with no date for repay- full-service agency /fυl s vs ment of the principal ed ənsi/ noun an advertising agency offering a full range of services such as future / fju tʃə/ adjective referring to sales promotion, design of house style, time to come or to something which has advice on public relations and market not yet happened í noun the time which research and creating stands for exhibi- has not yet happened Try to be more tions We have so little marketing ex- careful in future. In future all reports pertise, we’ll need a full-service must be sent to Australia by air. advertising agency. future delivery / fju tʃə d lv(ə)ri/ full-time / fυl tam/ adjective, adverb noun a delivery at a later date working all the normal working time, futurology / fju tʃə rɒləd i/ noun i.e. about eight hours a day, five days a the prediction and study of future trends

gable end 120 general store G gable end / eb(ə)l end/ noun the to look for or to find a gap in the mar- end of a building which is used as a ket This laptop has filled a real gap in poster site the market. gain / en/ noun 1. an increase or be- ‘…these savings are still not great enough to overcome the price gap between American coming larger gain in experience the products and those of other nations’ act of getting more experience gain in [Duns Business Month] profitability the act of becoming more profitable 2. an increase in profit, price gap analysis / p ə n ləss/ noun or value Oil shares showed gains on analysis of a market to try to find a par- the Stock Exchange. Property shares ticular area that is not at present being put on gains of 10%-15%. í verb 1. to satisfied Gap analysis showed that get or to obtain He gained some useful there was a whole area of the market we experience working in a bank. to gain were not exploiting. The computer control of a business to buy more than performed a gap analysis and came up 50% of the shares so that you can direct with suggestions for a medium-priced the business 2. to rise in value The machine suitable for the small business dollar gained six points on the foreign market. exchange markets. gatefold / etfəυld/ noun a galleria / lə ri ə/ noun a large double-page spread in which both pages shopping complex with many different are folded over, and which open out like stores under one roof, usually built a gate to give a spread of almost four round a large open space, with foun- pages tains, plants, etc. general cargo / d en(ə)rəl kɑ əυ/ galley / li/, galley proof / li/ noun a cargo made up of various types noun the first proof of typesetting, be- of goods The ship left the port with a fore the text is made up into pages general cargo bound for various destinations. galloping inflation / ləpŋ n- fleʃ(ə)n/ noun very rapid inflation General Delivery / d en(ə)rəl d- which is almost impossible to reduce lv(ə)ri/ noun US a system where letters can be addressed to someone at a game / em/ noun a form of promo- post office, where they can be collected tional material where people have a They received the mail-order items chance of winning a prize via General Delivery. (NOTE: British game theory / em θər/ noun the English is poste restante) principles, developed from business general preplanning input games, which relate to making the best / d en(ə)rəl pri pl nŋ npυt/ noun choice from a number of possible strate- market research which can be used to gies in various hypothetical situations prepare the initial stages of an advertis- where conflicting interests are involved ing campaign gap / p/ noun an empty space gap general store / d en(ə)rəl stɔ / in the market an opportunity to make a noun a small country shop which sells a product or provide a service which is large range of goods needed but which no one has sold before

general trading 121 gift coupon general trading / d en(ə)rəl a market are concentrated dispersed in a tredŋ/ noun dealing in all types of country or area The number of goods salespersonnel needed will depend on general wholesaler / d en(ə)rəl the geographical concentration of the həυlselə/ noun a wholesaler selling a market. variety of goods geographical information sys- generation / d enə reʃ(ə)n/ noun a tem /d i ə r fk(ə)l nfə meʃ(ə)n stage in the development of a product. sstəm/ noun a type of database which Each new generation is a new version of is sorted on geographical data, such as a the product with certain technical im- census, or one which provides maps provements on the preceding version. on-screen. Abbr GIS Generation X / d enəreʃ(ə)n eks/ geographical segmentation noun the generation of people who were /d i ə r fk(ə)l se mən teʃ(ə)n/ born between 1963 and 1981 and began noun the division of a market according their working lives from the 1980s on- to areas or regions wards (NOTE: The people who belong geographical weighting /d i ə- to Generation X are said to have chal- r fk(ə)l wetŋ/ noun a statistical lenged traditional corporate expecta- process which gives more importance to tions by not being solely motivated by some geographic areas than others in the money. Instead they want to establish process of reaching a final figure or a balance between their professional result and personal lives, being in favour of gestation period /d e steʃ(ə)n flexible working practices and valuing pəriəd/ noun the period of time opportunities for learning and between the initial inquiry about a self-advancement.) product and the placing of an order generic /d ə nerk/ adjective which The long gestation period is due to is shared by a group, and does not refer inefficient decision-making procedures to one individual í noun 1. a product in the buying company. sold without a brand name Generics GHI abbr guaranteed homes are cheap since they have no name to impressions advertise. 2. a brand name which is now given to a product rather than to a par- ghosting / əυstŋ/ noun the practice ticular brand, e.g. hoover, kleenex or of showing a little of the product itself thermos by removing a small part of the generic product /d ə nerk packaging prɒd kt/ noun same as generic GHR abbr guaranteed homes ratings Next to the brightly packaged branded giant retailer / d aənt ri telə/ goods the generic products on display noun a very large retailing group, e.g. a were easily overlooked. department store or chain store gentleman’s agreement GIF / f/ noun a common file format / d ent(ə)lmənz ə ri mənt/ noun a for web graphics and banners. Full form verbal agreement between two parties graphic interchange format who trust each other GIF89 / f eti nan/ noun a com- geocentric stage / d i əυ sentrk monly used version of GIF sted / noun US an advanced stage in a company’s international marketing gift coupon / ft ku pɒn/, gift token / ft təυkən/, gift voucher when there is great co-ordination of / ft vaυtʃə/ noun a card that can be overseas marketing activities used to buy specified goods up to the geographical / d i ə r fk(ə)l/ ad- value printed on it, often issued by chain jective referring to an area stores. The person receiving the voucher geographical concentration is able to redeem it in any store in the /d i ə r fk(ə)l kɒnsən treʃ(ə)n/ chain. We gave her a gift token for her noun the degree to which consumers in birthday.

gift-wrap 122 goods gift-wrap / ft r p/ verb to wrap a global product / ləυb(ə)l present in attractive paper Do you prɒd kt/ noun a product with a fa- want this book gift-wrapped? (NOTE: mous brand name which is recognised gift-wrapping- gift-wrapped) and sold all over the world gimmick / mk/ noun a clever idea global retailer / ləυb(ə)l ri telə/ or trick a publicity gimmick noun a company which sells its products all over the world give away / v ə we/ verb to give something as a free present We are glue / lu / noun something such as in- giving away a pocket calculator with formation that unifies organisations, each £10 of purchases. supply chains and other commercial groups giveaway / vəwe/ adjective to sell at giveaway prices to sell at very glut / l t/ noun a glut of produce cheap prices í noun something which is too much produce, which is then diffi- given as a free gift when another item is cult to sell a coffee glut or a glut of bought coffee a glut of money a situation where there is too much money avail- giveaway paper / vəwe pepə/ able to borrowers í verb to fill the mar- noun a newspaper which is given away ket with something which is then free, and which relies for its income on difficult to sell The market is glutted its advertising with cheap cameras. (NOTE: glutting – global / ləυb(ə)l/ adjective referring glutted) to the whole world We offer a 24-hour goal / əυl/ noun something which you global delivery service. try to achieve Our goal is to break global advertising / ləυb(ə)l even within twelve months. The com- dvətazŋ/ noun using the same ad- pany achieved all its goals. vertising message to advertise the same going rate / əυŋ ret/ noun the product internationally usual or current rate of payment We global brand / ləυb(ə)l br nd/ pay the going rate for typists. The go- noun a famous brand name which is re- ing rate for offices is £10 per square cognised and sold all over the world metre. globalisation / ləυbəla zeʃ(ə)n/, gondola / ɒndələ/ noun a globalization noun the process of mak- free-standing display in a supermarket ing something international or world- which shoppers can walk round wide, especially the process of gone aways / ɒn ə wez/ plural expanding business interests, operations noun people who have moved away and strategies to countries all over the from the address they have in a mailing world (NOTE: Globalisation is due to list technological developments that make good industrial relations / υd global communications possible, politi- n d striəl r leʃ(ə)nz/ plural noun cal developments such as the fall of a situation where management and communism and developments in employees understand each others’ transportation that make travelling problems and work together for the faster and more frequent. It can benefit good of the company companies by opening up new mar- goods / υdz/ plural noun 1. goods kets, giving access to new raw materi- and chattels moveable personal posses- als and investment opportunities and sions goods in progress the value of enabling them to take advantage of goods being manufactured which are lower operating costs in other coun- not complete at the end of an accounting tries.) period Our current assets are made global marketing / ləυb(ə)l up of stock, goods in progress, and cash. mɑ ktŋ/ noun using a common mar- goods sold loose goods sold by keting plan to sell the same product or weight, not prepacked in bags 2. items services everywhere in the world which can be moved and are for sale

goods depot 123 green marketing ‘…profit margins are lower in the industries written on a label attached to the prod- most exposed to foreign competition – uct Many consumers do not properly machinery, transportation equipment and electrical goods’ [Sunday Times] understand the grade levels. ‘…the minister wants people buying goods grand / r nd/ adjective important ranging from washing machines to houses to grand plan or grand strategy a major demand facts on energy costs’ [Times] plan They explained their grand plan goods depot / υdz depəυ/ noun a for redeveloping the factory site. í central warehouse where goods can be noun one thousand pounds or dollars stored until they are moved (informal ) . They offered him fifty goods train / υdz tren/ noun a grand for the information. train for carrying freight grand total / r nd təυt(ə)l/ noun goodwill / υd wl/ noun good feeling the final total made by adding several towards someone to show goodwill, subtotals the management increased the terms of grapevine / repvan/ noun an in- the offer formal and unofficial communications GOTS abbr gross opportunity to see network within an organisation that government contractor passes on information by word of mouth / v(ə)nmənt kən tr ktə/ noun a (NOTE: A grapevine may distort infor- company which supplies the govern- mation or spread gossip and rumour, ment with goods by contract but it can also back up the official communications network, provide feed- government-controlled back and strengthen social / vnmənt kən trəυld/ adjective un- relationships within the organisation.) der the direct control of the government Advertisements cannot be placed in graph / rɑ f/ noun a diagram which the government-controlled newspapers. shows the relationship between two sets government economic indica- of quantities or values, each of which is tors / v(ə)nmənt i kə nɒmk represented on an axis A graph was ndketəz/ plural noun statistics used to show salary increases in rela- which show how the country’s economy tion to increases in output. According is going to perform in the short or long to the graph, as average salaries have term risen so has absenteeism. We need to set out the results of the questionnaire in government organisation a graph. / v(ə)nmənt ɔ əna zeʃ(ə)n/ noun an official body, run by the graphics / r fks/ plural noun de- government signs and illustrations in printed work, especially designs which are created by grade / red/ noun a level or rank to computers In this series of advertise- reach the top grade in the civil service í ments the graphics do not do justice to verb 1. to sort something into different the copy. levels of quality to grade coal 2. to make something rise in steps according graph paper / rɑ f pepə/ noun a to quantity graded advertising rates special type of paper with many little rates which become cheaper as you take squares, used for drawing graphs more advertising space gratis / r ts/ adverb free or not graded hotel / redd həυ tel/ costing anything We got into the exhi- noun a good-quality hotel bition gratis. graded tax / redd t ks/ noun US green issues / ri n sju z/ plural 1. a tax which rises according to income noun same as environmental 2. a tax on property which is higher if management the property has not been kept in a good green marketing / ri n mɑ ktŋ/ state by the owner noun marketing products and services grade level / red lev(ə)l/ noun the on the basis of their environmental classification of a product’s quality acceptability

grey market 124 group grey market / re mɑ kt/ noun 1. dollar down on foreign exchange markets’ [Fortune] the unofficial legal buying and selling of scarce, highly priced goods If the gov- gross opportunity to see noun the ernment puts a ceiling on prices for number of opportunities that an average these products the grey market will be- member of the target audience will have come a black market. 2. a market to see the advertisements in an advertis- formed of people over 60 years of age. ing campaign. Abbr GOTS silver market gross profit / rəυs prɒft/ noun grid / rd/ noun a graph with lines profit calculated as sales income less the crossing at right angles and items writ- cost of the goods sold, i.e. without de- ten in the boxes, used for comparison ducting any other expenses gross / rəυs/ adverb with no deduc- gross rating point / rəυs retŋ tions My salary is paid gross. í verb pɔnt/ noun US a way of calculating the to make a gross profit The group effectiveness of outdoor advertising, grossed £25m in 1999. where each point represents one per cent gross audience / rəυs ɔ diəns/ of the population in a specific market. noun the total number of people who Abbr GRP have seen an advertisement, multiplied gross reach / rəυs ri tʃ/ noun the by the number of times it has been run total number of opportunities for people to see a company’s advertisements in a gross circulation / rəυs s kjυ- campaign, i.e. the total number of publi- leʃ(ə)n/ noun the total sales of a cations sold multiplied by the number of publication before adjusting for error or advertisements appearing in each one discounting unsold copies gross receipts / rəυs r si ts/ plural gross cover / rəυs k və/ noun the noun the total amount of money re- number of times a television or radio ceived before expenses are deducted spot has been seen based on television ratings gross sales / rəυs selz/ plural noun money received from sales before gross domestic product / rəυs deductions for goods returned, special də mestk prɒd kt/ noun the annual discounts, etc. Gross sales are im- value of goods sold and services paid pressive since many buyers seem to be for inside a country. Abbr GDP ordering more than they will eventually gross earnings / rəυs nŋz/ need. plural noun total earnings before tax and gross weight / rəυs wet/ noun the other deductions weight of both the container and its gross impressions / rəυs m- contents preʃ(ə)nz/ plural noun the total ground transportation / raυnd number of people who have seen an tr nspɔ teʃ(ə)n/ noun the means of advertisement, multiplied by the number transport available to take passengers of times it has been run. guaranteed from an airport to the town, e.g. buses, homes impressions taxis, or trains gross margin / rəυs mɑ d n/ group / ru p/ noun 1. several things noun the percentage difference between or people together A group of manag- the received price and the unit manufac- ers has sent a memo to the chairman turing cost or purchase price of goods complaining about noise in the office. for resale The respondents were interviewed in gross national product / rəυs groups of three or four, and then singly. n ʃ(ə)n(ə)l prɒd kt/ noun the annual 2. several companies linked together in value of goods and services in a country the same organisation the group including income from other countries. chairman or the chairman of the group Abbr GNP group turnover or turnover for the ‘…news that gross national product increased group the Granada Group í verb only 1.3% in the first quarter of the year sent the to group together to put several items

group discussion 125 guarantee together Sales from six different agen- ‘…population growth in the south-west is again cies are grouped together under the reflected by the level of rental values’ [Lloyd’s List] heading ‘European sales’. growth area / rəυθ eəriə/ noun an group discussion / ru p d- area where sales are increasing rapidly sk ʃ(ə)n/ noun a survey method in which a focus group is brought together growth index / rəυθ ndeks/ noun to discuss informally a market-research an index showing how something has question The group discussion was grown taken over by one or two strong person- growth industry / rəυθ ndəstri/ alities. A sample of young people took noun an industry that is expanding or part in a group discussion on the new has the potential to expand faster than shampoo. other industries group interview / ru p ntəvju / growth market / rəυθ mɑ kt/ noun an interview with a group of re- noun a market where sales are increas- spondents such as a family in order to ing rapidly We plan to build a factory discover the views of the group as a in the Far East, which is a growth mar- whole There were group interviews ket for our products. with all the classes in the school in or- growth rate / rəυθ ret/ noun the der to gauge reactions to the new edu- speed at which something grows cational programme. growth share matrix / rəυθ ʃeə group results / ru p r z lts/ plural metrks/ noun a model for a market- noun the results of a group of compa- ing strategy with various categories of nies taken together product based on present performance group system / ru p sstəm/ noun and growth rate The growth share ma- a system of organising an advertising trix helped to decide what products agency in groups, each group having needed extra marketing efforts. specialists in creative, media, marketing services, and other areas, and each growth vector matrix / rəυθ vektə metrks/ noun a model for a group dealing with particular accounts marketing strategy with various choices groupware / ru pweə/ noun soft- and combinations of strategy based on ware that enables a group of people who product and market development are based in different locations to work together and share information (NOTE: GRP abbr gross rating point Groupware usually provides commu- guarantee / rən ti / noun 1. a le- nal diaries, address books, work plan- gal document in which the producer ners, bulletin boards and newsletters agrees to compensate the buyer if the in electronic format on a closed net- product is faulty or becomes faulty be- work.) fore a specific date after purchase a grow / rəυ/ verb to cause something certificate of guarantee or a guarantee such as a business to develop or expand certificate The guarantee lasts for two ‘…the thrift had grown from $4.7 million in years. It is sold with a twelve-month assets to $1.5 billion’ [Barrons] guarantee. the car is still under guarantee the car is still covered by the growth / rəυθ/ noun 1. an increase in maker’s guarantee 2. a promise that size 2. the second stage in a product life someone will pay another person’s cycle, following the launch, when de- debts to go guarantee for someone to mand for the product increases rapidly act as security for someone’s debts 3. the company is aiming for growth the something given as a security to leave company is aiming to expand rapidly share certificates as a guarantee í verb ‘…a general price freeze succeeded in slowing the growth in consumer prices’ 1. to give a promise that something will [Financial Times] happen to guarantee a debt to prom- ‘…growth in demand is still coming from the ise that you will pay a debt made by private rather than the public sector’ someone else to guarantee an associ- [Lloyd’s List] ate company to promise that an associ-

guaranteed circulation 126 gutter ate company will pay its debts to make up for market prices that fall be- guarantee a bill of exchange to prom- low this level Guaranteed prices help ise that the bill will be paid 2. the bring some security to a notoriously un- product is guaranteed for twelve stable industry. months the manufacturer says that the guaranteed wage / rənti d product will work well for twelve wed / noun a wage which a company months, and will mend it free of charge promises will not fall below a specific if it breaks down figure guaranteed circulation guarantor / rən tɔ / noun a person / rənti d s kjυ leʃ(ə)n/ noun the who promises to pay someone’s debts audited circulation of a magazine which She stood guarantor for her brother. is used as a basis for calculating advertising rates guard book / ɑ d bυk/ noun a hard- cover album which allows pages to be guaranteed homes impressions inserted into it, e.g. for showing samples / rənti d həυmz m preʃ(ə)nz/, or advertising material guaranteed homes ratings / rənti d həυmz retŋz/ plural guerrilla marketing / ə rlə noun an advertising package offered by mɑ ktŋ/ noun a form of unconven- television companies which guarantees tional flexible marketing, adapted to the the advertisers that their advertising will products or services sold, or to the type reach a specified number of people, but of customer targeted leaves it to the TV company to choose guesstimate / estmət/ noun a the number and timing of the spots. rough calculation (informal ) . Abbr GHI, GHR gutter / tə/ noun the area where guaranteed prices / rənti d the two pages meet in a book or prasz/ plural noun minimum prices magazine. It can be left blank as a guaranteed to an industry by the govern- centre margin, or can be printed across ment, with the payment of a subsidy to to form a double-page spread.

habit 127 hard H habit / h bt/ noun the practice of do- conference table. to shake hands on ing something regularly Most con- a deal to shake hands to show that a sumers continue to buy the same brands deal has been agreed 2. in hand kept from force of habit. in reserve we have £10,000 in hand habit buying / h bt baŋ/ noun balance in hand or cash in hand cash the practice of buying a particular prod- held to pay small debts and running uct again and again out of habit, without costs work in hand work which is in making any conscious decision to buy progress but not finished haggle / h (ə)l/ verb to discuss handbill / h ndbl/ noun a sheet of prices and terms and try to reduce them printed paper handed out to members of to haggle about or over the details of the public as an advertisement a contract After two days’ haggling handbook / h ndbυk/ noun a book the contract was signed. which gives instructions on how to use half-price sale / hɑ f pras sel/ something The handbook does not say noun a sale of items at half the usual how you open the photocopier. price handed-overs / h ndd əυvəz/ plural noun sales leads which have been hallmark / hɔ lmɑ k/ noun a mark put on gold or silver items to show that the passed on to the client to pursue metal is of the correct quality í verb to handle / h nd(ə)l/ verb 1. to deal put a hallmark on a piece of gold or sil- with something or to organise some- ver a hallmarked spoon thing The accounts department handles all the cash. We can handle hallmark of excellence / hɔ lmɑ k orders for up to 15,000 units. They əv eksələns/ noun the reputation that a handle all our overseas orders. 2. to sell brand name has for high quality or to trade in a type of product We do hall test / hɔ l test/ noun a mar- not handle foreign cars. They will not ket-research test where respondents are handle goods produced by other firms. asked to go into a public building or handling / h ndlŋ/ noun the process central place to answer questions or to of receiving, storing and sending off test new products The hall test was goods conducted in the town’s main school. ‘…shipping companies continue to bear the halo effect / heləυ  fekt/ noun a se- extra financial burden of cargo handling ries of positive impressions of a product operations at the ports’ [Business Times (Lagos)] which consumers retain and which can be revealed by a respondent when ques- handling charge / h ndlŋ tʃɑ d / tioned in a survey noun money to be paid for packing, invoicing and dealing with goods which hand /h nd/ noun 1. the part of the are being shipped body at the end of each arm to shake hands to hold someone’s hand when handout / h ndaυt/ noun a free gift, meeting to show you are pleased to meet especially of money The company ex- them, or to show that an agreement has ists on handouts from the government. been reached The two negotiating hard /hɑ d/ adjective to drive a teams shook hands and sat down at the hard bargain to be a difficult negotia-

hard cash 128 heavy half tor to strike a hard bargain to agree idea for a plastic car body round all the a deal where the terms are favourable to major car constructors. you hawker / hɔ kə/ noun a person who hard cash /hɑ d k ʃ/ noun money sells goods from door to door or in the in notes and coins, as opposed to street cheques or credit cards head buyer /hed baə/ noun the ‘…few of the paper millionaires sold out and most important buyer in a store She is transformed themselves into hard cash millionaires’ [Investors Chronicle] the shoe buyer for a London department store. He is the paper buyer for a hard currency /hɑ d k rənsi/ noun large magazine chain. the currency of a country which has a strong economy, and which can be headhunt / hedh nt/ verb to look for changed into other currencies easily managers and offer them jobs in other to pay for imports in hard currency to companies she was headhunted she sell raw materials to earn hard currency was approached by a headhunter and offered a new job hardening / hɑ dnŋ/ noun a hardening of prices prices which are becom- headhunter / hedh ntə/ noun a per- ing settled at a higher level son or company whose job is to find suitable top managers to fill jobs in hardness / hɑ dnəs/ noun hard- companies ness of the market the state of the market as being strong and not being likely headline / hedlan/ noun the heading to fall of an article or advertisement, which is set in much larger type than the rest hard sell /hɑ d sel/ noun to give a product the hard sell to make great ef- head-on position / hed ɒn pə- forts to persuade people to buy a prod- zʃ(ə)n/ noun a poster site directly fac- uct he tried to give me the hard sell ing traffic Let’s try to obtain a he put a lot of effort into trying to make head-on position in the central part of me buy town. hard selling /hɑ d selŋ/ noun the heads of agreement / hedz əv act of selling by using great efforts A ə ri mənt/ noun the most important lot of hard selling went into that deal. parts of a commercial agreement hardware / hɑ dweə/ noun 1. ma- heat sealing / hi t si lŋ/ noun a chines used in data processing, includ- method of closing plastic food ing the computers and printers, but not containers the programs 2. solid goods for use in COMMENT: Air is removed from a plastic the house, e.g. frying pans or hammers bag with the food inside. The bag is then a hardware shop pressed by a hot plate which melts the plastic and seals the contents in the harvesting / hɑ vstŋ/ noun the vacuum. practice of cutting marketing investment on a particular product prior to with- heavy / hev/ adjective large or in drawing it from the market large quantities a programme of heavy investment overseas He suf- haulage / hɔ ld / noun the cost of fered heavy losses on the Stock Ex- transporting goods by road Haulage is change. The government imposed a increasing by 5% per annum. heavy tax on luxury goods. heavy haulage contractor / hɔ ld kən- costs or heavy expenditure spending tr ktə/ noun a company which trans- large sums of money ports goods by contract ‘…heavy selling sent many blue chips tumbling in Tokyo yesterday’ [Financial Times] hawk /hɔ k/ verb to sell goods from door to door or in the street to hawk heavy half / hevi hɑ f/ noun a situa- something round to take a product, an tion where a small number of customers idea or a project to various companies to make up more than half of the total de- see if one will accept it He hawked his mand for a product

heavy industry 129 high-involvement product heavy industry / hevi ndəstri/ 2. large, not low High overhead costs noun an industry which deals in heavy increase the unit price. High prices raw materials such as coal or makes put customers off. They are budgeting large products such as ships or engines for a high level of expenditure. High heavy user / hevi ju zə/ noun a interest rates are crippling small busi- consumer who buys more of a product nesses. high sales a large amount of than average Heavy users will be par- revenue produced by sales high taxa- ticularly affected by the price rise. tion taxation which imposes large taxes on incomes or profits highest tax heavy viewer / hevi vju ə/ noun a bracket the group which pays the most person who watches a lot of television, tax high volume (of sales) a large and is part of the target audience for number of items sold 3. the highest commercials Heavy viewers gave us bidder the person who offers the most the most interesting comments on our money at an auction The tender will advertising. be awarded to the highest bidder. The helicopter view / helkɒptə vju / property was sold to the highest bidder. noun a general or broad view of a prob- í adverb prices are running high lem as a whole, which does not go into prices are above their usual level í details (slang) noun a point where prices or sales are helpline / helplan/ noun a telephone very large the highs and lows on the number which links people to services Stock Exchange Prices have dropped that can give them specialist advice, or a by 10% since the high of January 2nd. similar service offered by shops to their Prices have dropped by 10% since the customers January 2nd high. sales volume has heterogeneous / hetərəυ d i niəs/ reached an all-time high the sales vol- adjective varied ume has reached the highest point it has heterogeneous shopping goods ever been at / hetərəυd i niəs ʃɒpŋ υdz/ plural ‘American interest rates remain exceptionally high in relation to likely inflation rates’ noun goods which vary in quality and [Sunday Times] style from brand to brand and which ‘…faster economic growth would tend to push consumers spend time in choosing. US interest rates, and therefore the dollar, Compare homogeneous shopping higher’ [Australian Financial Review] goods ‘…in a leveraged buyout the acquirer raises heuristics /hjυə rstks/ noun simple money by selling high-yielding debentures to decision rules used by ordinary custom- private investors’ [Fortune] ers when choosing what to buy, e.g. high-end / ha end/ adjective more buying whatever is cheapest expensive, more advanced or more pow- hierarchy / haərɑ ki/ noun a series erful than the other items in a range of of items ranged in order of importance things, e.g., computers hierarchy of needs the theory that high finance /ha fan ns/ noun the needs of individuals are arranged in an lending, investing and borrowing of order based on their importance, such as very large sums of money organised by safety, social needs, esteem, etc. financiers hierarchy of effects / haərɑ ki əv high-grade / ha red/ adjective of  fekts/ noun a model showing the very good quality high-grade petrol stages in the effect of advertising on a high-grade trade delegation a delega- consumer such as awareness, knowl- tion made up of very important people edge, liking, preference, conviction and ‘…the accepted wisdom built upon for well over purchase 100 years that government and high-grade high /ha/ adjective 1. tall The corporate bonds were almost riskless’ [Forbes Magazine] shelves are 30 cm high. The door is not high enough to let us get the ma- high-involvement product / ha chines into the building. They are n vɒlvmənt prɒd kt/ noun a planning a 30-storey-high office block. high-priced or high-tech product that is

high pressure 130 hoarding carefully considered by a consumer be- historic /h stɒrk/, historical /h- fore being bought stɒrk(ə)l/ adjective which goes back high pressure /ha preʃə/ noun a over a period of time ‘…the Federal Reserve Board has eased interest strong insistence that somebody should rates in the past year, but they are still at do something working under high historically high levels’ [Sunday Times] pressure working with a manager tell- ‘…the historic p/e for the FTSE all-share index ing you what to do and to do it quickly is 28.3 and the dividend yield is barely 2 per or with customers asking for supplies cent. Both indicators suggest that the stock urgently markets are very highly priced’ [Times] high-pressure salesman / ha historical figures /h stɒrk(ə)l preʃə selzmən/, high-pressure f əz/ plural noun figures which were saleswoman noun a salesman or sales- current in the past woman who forces a customer to buy historical trend /h stɒrk(ə)l something he or she does not really trend/ noun a trend detected in the past want on the basis of historical data Histori- high-pressure sales technique cal trends may help us to predict how / ha preʃə selz tek ni k/ noun the economy will develop in the future. forcing a customer to buy something he It is difficult to detect any clear his- or she does not really want torical trends in consumer reaction to our past product launches. high-quality / ha kwɒlt/ adjective of very good quality high-quality historic(al) cost /h stɒrk(ə)l goods a high-quality product kɒst/ noun the actual cost of purchasing something which was bought some high season /ha si z(ə)n/ noun the time ago period when there are most travellers and tourists hit /ht/ noun 1. a response to a request sent from an Internet browser (NOTE: high street / ha stri t/ noun 1. the When a browser conducts a search, main shopping street in a British town the number of hits it gets is the number the high street shops a high street of websites, files or images it finds that bookshop 2. a main street considered as fit the criteria set for the search.) 2. a an important retail area successful match or search of a database High Street banks / ha stri t hit rate / ht ret/ noun the rate at b ŋks/ plural noun main British banks which a target is reached such as the which accept deposits from individual number of mail shots needed before a customers customer makes an order for a product hire purchase /haə p tʃs/ noun a advertised on them, or the number of system of buying something by paying a customers who reply to a mail shot com- sum regularly each month to buy a re- pared to the total number of customers frigerator on hire purchase Abbr HP mailed (NOTE: American English is install- hive off / hav ɒf/ verb to split off ment plan or installment sale) to part of a large company to form a sign a hire-purchase agreement to smaller subsidiary The new managing sign a contract to pay for something by director hived off the retail sections of instalments the company. hire-purchase company /haə hoard /hɔ d/ verb 1. to buy and store p tʃs k mp(ə)ni/ noun a company goods in case of need 2. to keep cash in- which provides money for hire purchase stead of investing it histogram / hstə r m/ noun a chart hoarder / hɔ də/ noun a person who or diagram with bars set on a base-line, buys and stores goods in case of need the length of each bar expressing the hoarding / hɔ dŋ/ noun 1. hoard- quantity of an item or unit ing of supplies the buying of large quantities of money or goods to keep in

home audit 131 horse trading case of need 2. a large wooden board for homewards / həυmwədz/ adverb to- posters wards the home country cargo ‘…as a result of hoarding, rice has become homewards scarce with prices shooting up’ [Business Times (Lagos)] homogeneous / həυməυ d i niəs/ adjective uniform or unvaried home audit /həυm ɔ dt/ noun a survey method whereby a panel of homogeneous shopping goods householders keeps records of purchases / həυməυd i niəs ʃɒpŋ υdz/ plural so that these can be regularly checked noun goods which vary little in style for quantity and brand The home audit and quality from brand to brand and showed that although wholesalers were which consumers spend little time buying the product in large quantities, choosing. Compare heterogeneous consumers were not. The home audit shopping goods suggested that there is little brand loy- horizontal / hɒr zɒnt(ə)l/ adjective alty for this type of product. at the same level or with the same status home country /həυm k ntri/ noun Her new job is a horizontal move into a country where a company is based a different branch of the business. homegrown / həυm rəυn/ adjective horizontal communication which has been developed in a local / hɒrzɒnt(ə)l kə mju n keʃ(ə)n/ area or in a country where the company noun communication between employ- is based a homegrown computer in- ees at the same level dustry India’s homegrown car industry horizontal cooperative advertising / hɒrzɒnt(ə)l kəυ ɒp(ə)rətv home industry /həυm ndəstri/ dvətazŋ/ noun cooperative adver- noun productive work carried out by tising where the advertising is spon- people at home In third world coun- sored by a group of retailers tries there are still many home industries. Home industries are horizontal industrial market disappearing as mass production takes / (noun), hɒrzɒnt(ə)l n d striəl over. mɑ kt/ noun a market in which a product is used by many industries home market /həυm mɑ kt/ noun the market in the country where the sell- horizontal integration /hɒr- ing company is based Sales in the zɒnt(ə)l ntə reʃ(ə)n/ noun the pro- home market rose by 22%. cess of joining similar companies or taking over a company in the same line of homepage / həυmped / noun the business as yourself first page that is displayed when you visit a site on the Internet horizontal marketing system home-produced product / həυm / hɒrzɒnt(ə)l mɑ ktŋ sstəm/ prə dju st prɒd kts/ noun a product noun cooperation between or merger of manufactured in the country where the two or more companies whose assets are company is based complementary and who therefore all gain from coming together home shopping /həυm ʃɒpŋ/ noun buying items direct from the cus- horizontal publication tomer’s house, using a computer linked / hɒrzɒnt(ə)l p bl keʃ(ə)n/ noun a to the telephone which is linked to the publication which is aimed at people in store’s ordering department similar levels of occupation in different industries home trade / həυm tred/ noun trade in the country where a company is based horizontal rotation / hɒrzɒnt(ə)l homeward / həυmwəd/ adjective go- rəυ teʃ(ə)n/ noun distributing broad- ing towards the home country The cast spots on different days of the week ship is carrying homeward freight. at the same time of day The liner left Buenos Aires on her home- horse trading / hɔ s tredŋ/ noun ward journey. hard bargaining which ends with some-

hostess party selling 132 human resources one giving something in return for a household appliances concession from the other side / haυshəυld ə plaənsz/ plural noun hostess party selling / həυstes appliances which are used in carrying pɑ ti selŋ/ noun a method of selling out day-to-day work in the house, e.g. certain items such as household goods dishwashers and refrigerators directly by the manufacturer’s agent at a household goods / haυshəυld party to which potential customers are υdz/ plural noun items which are used invited in the home host service / həυst s vs/, host- household name / haυshəυld ing service provider / həυstŋ nem/ noun a brand name which is re- s vs/ noun a company that provides cognised by a large number of connections to the Internet and storage consumers space on its computers, which can store households using television the files for a user’s website / haυshəυldz ju zŋ tel v (ə)n)/ hot button / hɒt b t(ə)n/ noun the noun the percentage of homes watching immediate interest a customer has in a television during a specific time period product or service offered for sale and within a specific area. Abbr HUT hotline / hɒtlan/ noun a special tele- house journal / (noun), haυs phone ordering service set up for a spe- d n(ə)l/, house magazine / haυs cial period a Christmas hotline m ə zi n/ noun a magazine produced hot money /hɒt m ni/ noun money for the employees or shareholders in a which is moved from country to country company to give them news about the to get the best returns company house /haυs/ noun 1. the building in house property / haυs prɒpəti/ which someone lives 2. a company noun private houses or flats, not shops, the largest London finance house He offices or factories works for a broking house or a publish- house style / haυs stal/ noun a ing house. company’s own design which is used in house advertisment / haυs all its products, including packaging and əd v tsmənt/, house ad / haυs d/ stationery noun an advertisement in a publication house-to-house / haυs tə haυs/ which is placed by the publication itself, adjective going from one house to e.g. one offering a readers’ advice ser- the next, asking people to buy vice or selling back numbers of the something or to vote for someone publication house-to-house canvassing He house agency / haυz ed ənsi/ trained as a house-to-house salesman. noun an advertising agency owned and House-to-house selling is banned in this used by a large company, and which area. other companies may also use housing market / haυzŋ mɑ kt/, house agent / haυz ed ənt/ noun property market / prɒpəti mɑ kt/ an estate agent who deals in buying or noun the sale of houses selling houses or flats HTML noun the standard computer house brand / haυs br nd/ noun a code used to build and develop brand owned by a retailer rather than by webpages the producer human resources / hju mən r- household / haυshəυld/ noun a unit sɔ sz/ plural noun the employees formed of all the people living together which an organisation has available in a single house or flat, whether it is a Our human resources must be looked single person living alone, a married after and developed if we are to raise couple or a large family productivity successfully. ‘…the extent of single women households has ‘…effective use and management of human implications for marketing’ resources hold the key to future business [Precision Marketing] development and success’ [Management Today]

hunch marketing 133 hypothesis hunch marketing / h ntʃ hypermarket / hapəmɑ kt/ noun a mɑ ktŋ/ noun the process of making very large supermarket, usually outside marketing decisions following a hunch, a large town, with car-parking facilities rather than relying on market research hypertext / hapətekst/ noun a sys- HUT abbr households using television tem of organising information in which certain words in a document link to hype /hap/ noun excessive claims other documents and display the text made in advertising all the hype sur- when the word is selected rounding the launch of the new soap Many consumers were actually put off hypertext link / hapətekst lŋk/ by all the media hype surrounding the noun same as hyperlink launch of the new magazine. í verb to hypertext markup language make excessive claims in advertising / hapətekst mɑ k p l ŋ wd / noun full form of HTML hyperlink / hapəlŋk/ noun 1. an image or a piece of text that a user clicks hypoing / hapəυŋ/ noun using spe- on in order to move directly from one cial promotions to increase the audience webpage to another (NOTE: Hyperlinks of a TV station during the sweep periods can be added to webpages by using and so affect the ratings simple HTML commands; they can hypothesis /ha pɒθəss/ noun an also be used in email messages, for assumption or theory which must be example, to include the address of a tested to be confirmed or proved correct company’s website.) 2. a series of com- Let us assume, as a working hypothe- mands attached to a button or word on sis, that we can win a 5% market share one webpage that link it to another page, within two years of the launch. Sur- so that if a user clicks on the button or veys proved that our original hypothesis word, the hyperlink will move the user about likely consumer behaviour was by to another position or display another and large correct. (NOTE: plural is page hypotheses)

I-am-me 134 imperfect competition I iceberg principle / asb imitation / m teʃ(ə)n/ noun some- prnsp(ə)l/ noun the principle that thing which is a copy of an original strong needs and desires lie deep in the beware of imitations be careful not to human personality and that advertising buy low-quality goods which are made must work at this level if it is to be to look like other more expensive items effective immediate / mi diət/ adjective hap- ident / adent/ noun a short TV image pening at once We wrote an immedi- which identifies a channel ate letter of complaint. Your order image / md / noun the general idea will receive immediate attention. that the public has of a product, brand or immediate environment / mi diət company They are spending a lot of n varənmənt/ noun elements or fac- advertising money to improve the com- tors outside a business organisation pany’s image. The company has which directly affect its work, such as adopted a down-market image. to the supply of raw materials and demand promote the corporate image to publi- for its products The unreliability of cise a company so that its reputation is our suppliers is one of the worst fea- improved tures of our immediate environment. ‘…charities are also ready to buy air time to promote their corporate image’ impact /m p kt/ noun a shock or [Marketing Week] strong effect the impact of new tech- image advertising / md nology on the cotton trade The new dvətazŋ/ noun advertising with the design has made little impact on the aim of making a brand or company buying public. ‘…the strong dollar’s deflationary impact on name easily remembered European economies as governments push up image-maker / md mekə/ noun interest rates to support their sinking currencies’ someone who is employed to create a [Duns Business Month] favourable public image for an organi- impactaplan /m p ktəpl n/ noun sation, product or public figure an extensive poster advertising image manipulation / md campaign mənpjυ leʃ(ə)n/ noun alteration of impact scheduling / mp kt digital images using special computer ʃedju lŋ/ noun the practice of running software advertisements for the same product image setter / md setə/ noun a close together so as to make a strong im- typesetting device that can process a pression on the target audience Im- PostScript page and produce a pact scheduling can achieve rapid high-resolution output brand awareness. image transfer / md tr nsf / imperfect /m p fkt/ adjective hav- noun the technique of transferring im- ing defects They are holding a sale of ages from one medium to another, e.g. imperfect items. Check the batch for from a photograph to a computer disk imperfect products. imitate / mtet/ verb to do what imperfect competition /m p fkt someone else does They imitate all kɒmpə tʃ(ə)n/ noun the degree of our sales gimmicks. competition in a market which is some-

imperfection 135 incentive where between a monopoly at one ex- import licence / mpɔ t las(ə)ns/, treme and perfect competition at the import permit / mpɔ t p mt/ noun other official documents which allow goods imperfection / mpə fekʃən/ noun a to be exported or imported defect in something to check a batch import quota / mpɔ t kwəυtə/ for imperfections noun a fixed quantity of a particular type of goods which the government al- implied close /m plad kləυz/ lows to be imported The government noun an act of ending a sale by assum- has imposed a quota on the importation ing that the customer will make the of cars. The quota on imported cars purchase has been lifted. import /m pɔ t/ verb to bring goods imports / mpɔ ts/ plural noun goods from abroad into a country for sale brought into a country from abroad for The company imports television sets sale Imports from Poland have risen from Japan. This car was imported to $1m a year. from France. ‘European manufacturers rely heavily on import surcharge / mpɔ t imported raw materials which are mostly priced s tʃɑ d / noun the extra duty charged in dollars’ [Duns Business Month] on imported goods, to try to stop them importation / mpɔ teʃ(ə)n/ noun from being imported and to encourage the act of importing The importation local manufacture of arms is forbidden. The importation impression /m preʃ(ə)n/ noun 1. of livestock is subject to very strict one person’s single exposure to an ad- controls. vertisement One impression can be import ban / mpɔ t b n/ noun an enough to induce a consumer to buy. order forbidding imports The govern- Too many impressions can put consum- ment has imposed an import ban on ers off. 2. the number of times an ad arms. banner is displayed impression cover /m preʃ(ə)n import duty / mpɔ t dju ti/ noun a k və/ noun the amount of advertising tax on goods imported into a country necessary to ensure the required number importer /m pɔ tə/ noun a person or of impressions company that imports goods a cigar impulse / mp ls/ noun a sudden de- importer The company is a big im- cision to do something on impulse to porter of foreign cars. do something because you have just import-export / mpɔ t ekspɔ t/ thought of it, not because it was planned noun, adjective referring to a business impulse buyer / mp ls baə/ noun which deals with both bringing foreign a person who buys something on im- goods into a country and sending locally pulse, not because he or she intended to made goods abroad Rotterdam is an buy it important centre for the import-export trade. He works in import-export. impulse buying / mp ls baŋ/ noun the practice of buying items which importing /m pɔ tŋ/ adjective you have just seen, not because you had which imports oil-importing countries planned to buy them an importing company í noun the act of bringing foreign goods into a country impulse purchase / mp ls for sale The importing of arms into p tʃs/ noun something bought as the country is illegal. The level of im- soon as it is seen porting is bound to affect domestic incentive /n sentv/ noun something industries. which encourages a customer to buy or import levy / mpɔ t levi/ noun a tax staff to work better ‘…some further profit-taking was seen on imports, especially in the EU a tax on yesterday as investors continued to lack fresh imports of farm produce from outside incentives to renew buying activity’ the EU [Financial Times]

incentive-based system 136 independent trader ‘…a well-designed plan can help companies income statement / nk m retain talented employees and offer enticing performance incentives – all at an affordable stetmənt/ noun US a statement of cost’ [Fortune] company expenditure and sales which shows whether the company has made a incentive-based system /n- profit or loss (NOTE: the British equiva- sentv best sstəm/ noun a payment lent is profit and loss account) system by which an advertising agency’s commission depends on how incorrectly labelled parcel well it performs / nkərektli leb(ə)ld pɑ s(ə)l/ noun a parcel with the wrong information on incentive marketing /n sentv the label mɑ ktŋ/ noun any additional incentives to buy apart from advertising, e.g. indemnity /n demnti/ noun a guar- free gifts We will have to use incen- antee of payment after a loss She had tive marketing to break down sales to pay an indemnity of £100. resistance. indent noun / ndent/ 1. an order incentive programme /n sentv placed by an importer for goods from prəυ r m/ noun a programme to en- overseas They put in an indent for a courage something by offering new stock of soap. 2. a line of typing incentives which starts several spaces from the left-hand margin í verb /n dent/ 1. incentive scheme /n sentv ski m/ to indent for something to put in an or- noun a plan to encourage better work by der for something The department has paying higher commission or bonuses indented for a new computer. 2. to start Incentive schemes are boosting a line of typing several spaces from the production. left-hand margin Indent the first line inch rate / nʃ ret/ noun an advertis- three spaces. ing rate for periodicals, calculated on a normal column width, one inch in depth independent / nd pendənt/ adjective not under the control or authority of inclusive charge /n klu sv anyone else tʃɑ d / noun a charge which includes all items independent company / ndpendənt k mp(ə)ni/ noun a income / nk m/ noun money which company which is not controlled by an- a person receives as salary or dividends other company lower income bracket or upper income bracket groups of people who independents / nd pendənts/ plu- earn low or high salaries considered for ral noun shops or companies which are tax purposes he comes into the owned by private individuals or families higher income bracket he is in a group ‘…many independents took advantage of the bank holiday period when the big multiples of people earning high incomes and were closed’ [The Grocer] therefore paying more tax ‘…there is no risk-free way of taking regular independent television income from your money much higher than the / ndpendənt telv (ə)n/ noun Brit- rate of inflation’ [Guardian] ish commercial television income distribution / nk m Independent Television Com- dstr bju ʃ(ə)n/ noun the way in mission / ndpendənt telv (ə)n which the national income is distributed kə mʃ(ə)n/ the British statutory body among the various classes and occupa- which operates transmitting stations and tions in a country oversees commercial television and ra- income effect / nk m  fekt/ noun dio. Abbr ITC the effect that a change in a person’s in- independent trader / ndpendənt come has on his or her spending tredə/, independent shop incomes policy / nk mz pɒlsi/ / ndpendənt ʃɒp/ noun a shop which noun the government’s ideas on how in- is owned by an individual proprietor, comes should be controlled not by a chain

independent variable 137 individual independent variable indicia /n dsiə/ noun US a stamp / ndpendənt veəriəb(ə)l/ noun a printed on an envelope to show that factor whose value, when it changes, in- postage has been paid by the sender fluences one or more other variables indifference curve /n df(ə)rəns called ‘dependent variables’ In this k v/ noun a line on a graph that joins model personal income is the independ- various points, each point representing a ent variable and expenditure the de- combination of two commodities, each pendent variable. combination giving the customer equal index / ndeks/ noun a regular statisti- satisfaction cal report which shows rises and falls in prices, values or levels indigenous /n dd nəs/ adjective ‘…the index of industrial production sank 0.2 belonging to a particular country or area per cent for the latest month after rising 0.3 per Cocoa is not indigenous to the area, cent in March’ [Financial Times] but has been grown there for some ‘…an analysis of the consumer price index for years. the first half of the year shows that the rate of inflation went down by 12.9 per cent’ indirect / nda rekt/ adjective not [Business Times (Lagos)] direct indexation / ndek seʃ(ə)n/ noun indirect channel / ndarekt the linking of something to an index t n(ə)l/ noun a marketing channel indexation of wage increases where intermediaries such as wholesal- / ndekseʃ(ə)n əv wed nkri sz/ ers and retailers are used to sell a prod- noun the linking of wage increases to uct, as opposed to using a direct sales the percentage rise in the cost of living force indexing / ndeksŋ/ noun a method indirect exporting / ndarekt of showing changes in a value over time ek sp ɔtŋ/ noun selling products to a by starting with a simple base point such customer overseas through a middle- as 100, which then serves as a reference man in your own country There is point for future years Indexing is used no need for indirect exporting as we can to show the rise in the cost of living over sell directly to the major department a ten-year period. stores in Spain. Indirect exporting index-linked / ndeks lŋkt/ adjec- saved the company from having to tive which rises automatically by the worry about export documentation and percentage increase in the cost of living transportation. index-linked government bonds In- indirect headline / ndarekt flation did not affect her as she has an hedlan/ noun a headline which does index-linked pension. not directly try to sell a product or ser- ‘…two-year index-linked savings certificates vice but rather tries to attract the cus- now pay 3 per cent a year tax free, in addition to index-linking’ [Financial Times] tomer’s attention or plays on his or her emotions indicate / ndket/ verb to show The latest figures indicate a fall in the indirect labour costs / ndarekt inflation rate. Our sales for last year lebə kɒsts/ plural noun the cost of indicate a move from the home market paying employees not directly involved to exports. in making a product such as cleaners or indicator / ndketə/ noun some- canteen staff. Such costs cannot be allo- thing which indicates cated to a cost centre. ‘…it reduces this month’s growth in the key M3 individual / nd vd uəl/ noun one indicator from about 19% to 12%’ single person a savings plan tailored [Sunday Times] to the requirements of the private indi- ‘…we may expect the US leading economic vidual í adjective single or belonging indicators for April to show faster economic growth’ [Australian Financial Review] to one person a pension plan designed ‘…other indicators, such as high real interest to meet each person’s individual re- rates, suggest that monetary conditions are quirements We sell individual por- extremely tight’ [Economist] tions of ice cream.

individual demand 138 industry individual demand / ndvd uəl cessed or raw materials and goods such d mɑ nd/ noun demand from one sin- as machinery and equipment that are gle consumer used to produce other goods industrial /n d striəl/ adjective re- industrial injury /n d striəl ferring to manufacturing work to take nd əri/ noun an injury to an employee industrial action to go on strike or that occurs in the workplace go-slow industrialisation /n d strəla- ‘ACAS has a legal obligation to try and solve zeʃ(ə)n/, industrialization noun the industrial grievances before they reach industrial tribunals’ [Personnel Today] process of change by which an economy becomes based on industrial production ‘Britain’s industrial relations climate is changing’ [Personnel Today] rather than on agriculture ‘…indications of renewed weakness in the US industrialise /n d striəlaz/, in- economy were contained in figures on industrial dustrialize verb to set up industries in a production for April’ [Financial Times] country which had none before industrial advertising /n d striəl ‘…central bank and finance ministry officials of the industrialized countries will continue work dvətazŋ/ noun advertising to busi- on the report’ [Wall Street Journal] nesses, not to private individuals industrialised society /n d striə- industrial capacity /n d striəl kə- lazd sə saəti/ noun a country which p sti/ noun the amount of work has many industries which can be done in a factory or several factories industrialist /n d striəlst/ noun an owner or director of a factory industrial centre /n d striəl sentə/ noun a large town with many industrial market /n d striəl mɑ kt/ noun customers who buy industries goods to be used in production industrial consumer /n d striəl industrial marketing /n d striəl kən sju mə/ noun a business which mɑ ktŋ/ noun the marketing of buys industrial goods industrial products After doing a industrial design /n d striəl d- course in industrial marketing, I got a zan/ noun the design of products made job selling machinery to aircraft by machines such as cars and manufacturers. refrigerators industrial market research /n- industrial development /n- d striəl mɑ kt r s tʃ/ noun market d striəl d veləpmənt/ noun the plan- research into selling to businesses as op- ning and building of new industries in posed to private individuals special areas industrial services marketing industrial espionage /n d striəl /n d striəl s vsz mɑ ktŋ/ noun espiənɑ / noun trying to find out the the marketing to business customers of secrets of a competitor’s work or prod- such services as debt collection, office ucts, usually by illegal means cleaning, etc. industrial expansion /n d striəl industrial user /n d striəl ju zə/ k sp nʃən/ noun the growth of indus- noun a customer who buys industrial tries in a country or a region products to use in production industrial goods /n d striəl industry / ndəstri/ noun 1. all facto- υdz/, industrial products /n- ries, companies or processes involved in d striəl prɒd kts/ plural noun 1. the manufacturing of products All sec- goods or products bought by producers tors of industry have shown rises in out- to be used in production processes put. 2. a group of companies making the Our industrial products are advertised same type of product or offering the in the specialised press. He is an engi- same type of service the aircraft in- neer by profession and sells industrial dustry the food-processing industry goods to factories. 2. goods produced the petroleum industry the advertising for use by industry, which include pro- industry

inelastic demand 139 information ‘…with the present overcapacity in the airline inflationary trends in the economy the industry, discounting of tickets is widespread’ [Business Traveller] economy is in an inflationary spiral the economy is in a situation where inelastic demand /n l stk d- price rises encourage higher wage de- mɑ nd/ noun demand which experi- mands which in turn make prices rise ences a comparatively small percentage ‘…inflationary expectations fell somewhat this change in response to a percentage month, but remained a long way above the change in price Where a product is a actual inflation rate, according to figures household necessity, you almost always released yesterday. The annual rate of inflation find an inelastic demand. measured by the consumer price index has been below 2 per cent for over 18 months’ inelastic supply /n l stk sə pla/ [Australian Financial Review] noun supply which experiences a comparatively small percentage change in inflight advertising / nflat response to a percentage change in price dvətazŋ/ noun advertising on TV screens inside a plane inertia selling / n ʃə selŋ/ noun a method of selling items by sending them inflight audience / nflat ɔ diəns/ when they have not been ordered and noun travellers, especially business ex- assuming that if the items are not re- ecutives, seen as a market for turned, the person who has received advertisers them is willing to buy them influencer / nfluənsə/ noun an ex- inferior /n fəriə/ adjective not as pert in the decision-making unit who ad- good as others products of inferior vises on technical aspects of the product quality or service under consideration inferior product /n fəriə infomercial / nfəυ m ʃ(ə)l/ noun a prɒd kt/ noun a product which con- TV commercial that is longer than the sumers buy less of as their incomes rise normal 30 seconds, and contains infor- Margarine was clearly an inferior mation about the product or service be- product before it came to be considered ing sold healthier than butter. As the recession hit, sales of inferior products soared. inform /n fɔ m/ verb to tell someone officially I regret to inform you that inflation /n fleʃ(ə)n/ noun a greater your tender was not acceptable. We increase in the supply of money or are pleased to inform you that you have credit than in the production of goods been selected for interview. We have and services, resulting in higher prices and a fall in the purchasing power of been informed by the Department that money we have 3% inflation or in- new regulations are coming into force. flation is running at 3% prices are 3% informant /n fɔ mənt/ noun a per- higher than at the same time last year son who answers questions in a survey to take measures to reduce inflation So far only two informants have said High interest rates tend to increase that they never buy the product. inflation. information / nfə meʃ(ə)n/ noun ‘…the decision by the government to tighten monetary policy will push the annual inflation details which explain something to rate above the year’s previous high’ disclose a piece of information to an- [Financial Times] swer a request for information Please ‘…when you invest to get a return, you want a send me information on or about holi- ‘real’ return – above the inflation rate’ days in the USA. Have you any infor- [Investors Chronicle] mation on or about deposit accounts? ‘…the retail prices index rose 0.4 per cent in the month, taking the annual headline inflation rate I enclose this leaflet for your informa- to 1.7 per cent. The underlying inflation rate, tion. For further information, please which excludes mortgage interest payments, write to Department 27. disclosure of increased to an annual rate of 3.1 per cent’ confidential information the act of tell- [Times] ing someone information which should inflationary /n fleʃ(ə)n(ə)ri/ adjec- be secret tive which tends to increase inflation

informational appeal 140 ink-jet printing informational appeal /nfə- spɒnsəd kəυ ɒp(ə)rətv dvətazŋ/ meʃ(ə)n(ə)l ə pi l/ noun same as ra- noun advertising sponsored by the pro- tional appeal ducers of raw materials which aims to information and communica- encourage the production of products tions technologies /nfə meʃ(ə)n that use these raw materials ən kə mju n keʃ(ə)nz tek nɒləd iz/ inherent drama /n hərənt plural noun computer and telecommuni- drɑ mə/ noun advertising that empha- cations technologies considered together sizes the benefits of purchasing a prod- and as a whole (NOTE: It is the coming uct or service and the vital interest together of information and communi- which the user has in the product such cations technology that has possible as the speed of a car, the nutrition value made such things as the Internet, of cereals, etc. videoconferencing, groupware, inherent vice /n hərənt vas/ intranets, and third-generation mobile noun the tendency of some goods to phones.) spoil during transportation Inherent information management /nfə- vice discouraged us from importing meʃ(ə)n m nd mənt/ noun the tropical fruit. task of controlling information and the in-home selling / n həυm selŋ/, flow of information within an organisa- in-home retailing / n həυm ri telŋ/ tion, that involves acquiring, recording, noun selling to a customer in his or her organising, storing, distributing, and re- home, either by direct contact or by tele- trieving it (NOTE: Good information phone In-home selling is the national management has been described as strategy for our products. In-home getting the right information to the right selling is useful when housewives are person in the right format at the right the target market. time.) in-house /n haυs/ adverb, adjective information officer /nfə meʃ(ə)n done by somebody employed by a com- ɒfsə/ noun 1. a person whose job pany on their premises, not by an out- is to give information about a com- side contractor the in-house staff pany, an organisation or a government We do all our data processing in-house. department to the public 2. a person in-house agency / n haυs whose job is to give information to other ed ənsi/ noun an advertising agency departments in the same organisation which is owned and operated by an information processing model company and is responsible for the com- /nfə meʃ(ə)n prəυsesŋ mɒd(ə)l/ pany’s advertising programme noun a way of evaluating the effect of in-house newsletter / n haυs advertising by seeing the receiver of the nju zletə/ noun same as newsletter message as someone who processes in- initial / nʃ(ə)l/ adjective first or start- formation and deals with problems ing The initial response to the TV ad- information retrieval /nfə- vertising has been very good. meʃ(ə)n r tri v(ə)l/ noun the finding ‘…the founding group has subscribed NKr of stored data in a computer 14.5m of the initial NKr 30m share capital’ [Financial Times] infotainment / (noun), nfəυ- ‘…career prospects are excellent for someone tenmənt/ noun entertainment that is with potential, and initial salary is negotiable informative, especially television around $45,000 per annum’ programmes that deal with serious is- [Australian Financial Review] sues or current affairs in an entertaining initial capital / nʃ(ə)l k pt(ə)l/ way noun capital which is used to start a ingredient /n ri diənt/ noun mate- business rial or a substance which goes to make initial sales / nʃ(ə)l selz/ plural something noun the first sales of a new product ingredient sponsored coopera- ink-jet printing / ŋk d et prntŋ/, tive advertising /n ri diənt ink-jet imaging / ŋk d et md ŋ/

inland port 141 installment plan noun a printing process where text is re- azine when it is mailed í verb /n s t/ produced by projecting dots of electron- to put something in to insert a clause ically charged ink onto the paper into a contract to insert a publicity inland port / nlənd pɔ t/ noun a piece into a magazine mailing port on a river or canal insertion /n s ʃ(ə)n/ noun the act of innovate / nəυvet/ verb to bring in putting an advertisement into a maga- new ideas or new methods zine or newspaper innovation / nə veʃ(ə)n/ noun the insertion rate /n s ʃ(ə)n ret/ development of new products or new noun the rate charged for a single inser- ways of selling tion of an advertisement ‘…if innovation equates with daring, then ‘who inset / nset/ noun same as insert dares wins’ will be a marketing commandment’ inside back cover / nsad b k [Marketing Workshop] k və/ the page on the inside of the back innovation-adoption model /nə- cover used for advertising We have veʃ(ə)n ə dɒpʃ(ə)n mɒd(ə)l/ noun a advertised on the inside back cover of model that shows the stages in the adop- every issue this year. The survey is tion process for a new product by a con- trying to establish how much notice sumer, which are: awareness, interest, readers take of the inside back cover. evaluation, trial, and adoption inside front cover / nsad fr nt innovative / nəvetv/ adjective re- k və/ noun the page on the inside of ferring to a person or thing which is new the front cover of a magazine, used for and makes changes advertisements ‘…small innovative companies in IT have been hampered for lack of funds’ [Sunday Times] instability / nstə blt/ noun the state of being unstable or moving up and innovator / nəvetə/ noun 1. a down a period of instability in the person or company that brings in new money markets a period when curren- ideas and methods 2. a person who buys cies fluctuate rapidly a new product first 3. in the VALS lifestyle classification, a successful person, install /n stɔ l/ verb 1. to put a ma- often a leader in their profession, who chine into an office or into a factory buys a lot of new and expensive We are planning to install the new ma- products chinery over the weekend. They must install a new data processing system be- in-pack / n p k/ noun something cause the old one cannot cope with the placed inside the packaging with the mass of work involved. 2. to set up a product In-pack promotion may in- new computer system so that it fits the clude information on other products in user’s requirements 3. to configure a the same line. new computer program to the existing input tax / npυt t ks/ noun VAT system requirements which is paid by a company on goods or installation / nstə leʃ(ə)n/ noun 1. services bought machines, equipment and buildings inquiry /ŋ kwaər/ noun a request Harbour installations were picketed by for information about a product striking dockers. The fire seriously inquiry test /ŋ kwaər test/ noun a damaged the oil installations. 2. putting measuring of the effectiveness of adver- new machines into an office or a factory tising based on responses following the to supervise the installation of new advertisement such as requests for infor- equipment 3. setting up a new computer mation, phone calls, or the number of system coupons redeemed installment /n stɔ lmənt/ noun US insert noun / ns t/ a form or leaflet spelling of instalment which is put inside something, usually a installment plan /n stɔ lmənt magazine or newspaper an insert in a pl n/, installment sales /n- magazine mailing or a magazine in- stɔ lmənt selz/, installment buying sert an advertising sheet put into a mag- /n stɔ lmənt baŋ/ noun US a sys-

instalment 142 integrated marketing tem of buying something by paying a in-store media / n stɔ mi diə/ sum regularly each month to buy a noun promotional material used inside a car on the installment plan (NOTE: the store, e.g. POS material, display ban- British equivalent is hire purchase) ners, and advertisements on trolleys instalment /n stɔ lmənt/ noun a in-store promotion / n stɔ prə- part of a payment which is paid regu- məυʃ(ə)n/ noun a promotion of a prod- larly until the total amount is paid The uct inside a shop, e.g. by demonstrations first instalment is payable on signature or special gift counters of the agreement. (NOTE: the American instrument / nstrυmənt/ noun a spelling is installment) the final in- legal document stalment is now due the last of a series instrumental conditioning of payments should be paid now to / nstrυment(ə)l kən dʃ(ə)nŋ/ noun pay £25 down and monthly instal- same as operant conditioning ments of £20 to pay a first payment of £25 and the rest in payments of £20 insurance rates /n ʃυərəns rets/ each month to miss an instalment not plural noun the amount of premium to pay an instalment at the right time which has to be paid per £1000 of insurance instalment credit /n stɔ lmənt kredt/ noun an arrangement by which intangible assets /n t nd b(ə)l a purchaser pays for goods bought in in- sets/ plural noun assets which have a stalments over a period of time value, but which cannot be seen, e.g. goodwill, or a patent or a trademark institution / nst tju ʃ(ə)n/ noun an organisation or society set up for a par- integrate / nt ret/ verb to link ticular purpose things together to form one whole group integrated information re- institutional / nst tju ʃ(ə)n(ə)l/ sponse model / nt retd nfə- adjective referring to a financial meʃ(ə)n r spɒns mɒd(ə)l/ noun a institution model showing the response process to ‘…during the 1970s commercial property was regarded by big institutional investors as an an advertising message which suggests alternative to equities’ [Investors Chronicle] that advertising leads to a low accep- institutional advertising tance rate of information, but that after / nsttju ʃ(ə)n(ə)l dvətazŋ/ noun trials of the product the acceptance rate advertising an organisation rather than a increases and this in turn leads to brand product loyalty integrated marketing / nt retd institutional investor mɑ ktŋ/ noun co-ordination of all of / nsttju ʃ(ə)n(ə)l n vestə/ noun a a company’s marketing activities in es- financial institution which invests tablishing marketing strategies such as money in securities packaging, media promotion, POS main-store / n stɔ / adjective inside a terial or after-sales service The sepa- store ration of departments makes integrated ‘…dissatisfied with traditional media marketing difficult to achieve. advertising, manufacturers in the USA are shifting their money into in-store promotion. integrated marketing communi- The reason why marketers in the US put more cations concept / nt retd effort into in-store marketing is the greater kəmju n keʃ(ə)nz kɒnsept/ noun penetration of EPOS’ [Marketing Week] US the concept or principle that a com- in-store bakery / n stɔ bekəri/ pany should link all its promotions, ei- noun a bakery in a large supermarket, ther of its own image or of the products where bread is baked fresh for the and services it sells, in a consistent way customers on several different levels in-store demonstration / n stɔ integrated marketing communi- demən streʃ(ə)n/ noun a demonstra- cations objectives / nt retd tion of a product such as a piece of mɑ ktŋ kəmju n keʃ(ə)nz əb- kitchen equipment inside a store d ektvz/ plural noun listing the ob-

integrated processes 143 internal jectives of an integrated marketing interactive voice response communications programme such as / ntər ktv vɔs r spɒns/ noun a communication tasks, anticipated sales, telephone or Internet system which is and increased market share activated by the voice of the caller and responds to the caller’s queries. Abbr integrated processes / nt retd IVR prəυsesz/ plural noun the processes by which knowledge of products, and intercompany comparison beliefs about their excellence combine / ntək mpəni kəm p rs(ə)n/, to help the purchaser evaluate alterna- interfirm comparison / ntəf m tive products kəm p rs(ə)n/ noun a comparison of different companies to see how much integration / nt reʃ(ə)n/ noun they spend on promotion, what their re- bringing several businesses together un- turn on investment is, etc. der a central control interconnect / ntəkə nekt/ noun intellectual property /nt lektjυəl two or more cable systems joined to- prɒpəti/ noun ideas, designs and in- gether for advertising purposes so as to ventions, including copyrights, patents give a wider geographical spread and trademarks, that were created by and legally belong to an individual or an interest / ntrəst/ noun 1. special at- organisation (NOTE: Intellectual prop- tention The buyers showed a lot of in- erty is protected by law in most coun- terest in our new product range. 2. tries, and the World Intellectual payment made by a borrower for the use Property Organisation is responsible of money, calculated as a percentage of for harmonising the law in different the capital borrowed í verb to attract countries and promoting the protection someone’s attention She tried to inter- of intellectual property rights.) est several companies in her new invention. The company is trying to interest intensive distribution /n tensv a wide range of customers in its dstr bju ʃ(ə)n/ noun the use by a products. producer of as wide a network of dis- ‘…since last summer American interest rates tributors as possible to sell products have dropped by between three and four Without intensive distribution we cannot percentage points’ [Sunday Times] hope to achieve these ambitious sales ‘…a lot of money is said to be tied up in sterling targets. Intensive distribution makes because of the interest-rate differential between us rely on too many retailers and US and British rates’ [Australian Financial wholesalers. Review] intention to buy /n tenʃ(ə)n tə interest charges / ntrəst ba/ noun a statement by a respondent tʃɑ d z/ plural noun money paid as that he or she intends to buy a product or interest on a loan service, which may or may not be true intermedia comparison interactive / ntər ktv/ adjective / ntəmi diə kəm p rs(ə)n/ noun a allowing the customer and seller to in- comparison of different media to decide fluence the presentation of information how suitable they are for advertising or the development of strategies We will carry out intermedia compari- interactive marketing / ntər ktv sons before deciding on our promo- mɑ ktŋ/ noun marketing strategies tional strategy. Compare intramedia which are developed as a result of deci- comparison sions taken by both salespeople and intermediate goods /ntə mi diət customers υdz/ plural noun goods bought for use interactive media / ntər ktv in the production of other goods mi diə/ plural noun media that allow internal /n t n(ə)l/ adjective 1. in- the customer to interact with the source side a company we decided to make of the message, receiving information an internal appointment we decided to and replying to questions, etc. appoint an existing member of staff to

internal analysis 144 Internet the post, and not bring someone in from internal trade /n t n(ə)l tred/ outside the company 2. inside a country noun trade between various parts of a country (NOTE: the opposite is external internal analysis /n t n(ə)l trade) ə n ləss/ noun detailed examination and reports on the product or service of- international / ntə n ʃ(ə)nəl/ ad- fered and the company itself jective working between countries internal communication /n- international marketing t n(ə)l kə mju n keʃ(ə)n/ noun / ntən ʃ(ə)nəl mɑ ktŋ/ noun the communication between employees or marketing of a company’s products departments of the same organisation abroad Our international marketing (NOTE: Internal communication can so far consists of exporting to three take various forms such as team brief- countries. The next stage in the com- ings, interviewing, employee or works pany’s international marketing was the councils, meetings, memos, an setting up of factories overseas. intranet, newsletters, suggestion international media schemes, the grapevine, and reports.) / ntən ʃ(ə)nəl mi diə/ plural noun internal desk research /n t n(ə)l advertising media that cover several desk r s tʃ/ noun research based on countries and can be used to reach audi- information in a company’s own records ences in them such as customer accounts and sales International Monetary Fund reports / ntən ʃ(ə)nəl m nt(ə)ri f nd/ a internal flight /n t n(ə)l flat/ type of bank which is part of the United noun a flight to a town inside the same Nations and helps member states in fi- country nancial difficulties, gives financial advice to members and encourages world internalisation /n t nəla- trade. Abbr IMF zeʃ(ə)n/, internalization noun a pro- international monetary system cess by which individuals identify infor- / ntən ʃ(ə)nəl m nt(ə)ri sstəm/ mation which is relevant to them noun methods of controlling and ex- personally and so acquire values and changing currencies between countries norms which allow them to make decisions international postal reply coupon / ntən ʃ(ə)nəl pəυst(ə)l r pla internally /n t n(ə)l/ adverb inside ku pɒn/ noun a coupon which can be a company The job was advertised used in another country to pay the post- internally. age of replying to a letter Shee en- internal marketing /n t n(ə)l closed an international reply coupon mɑ ktŋ/ noun marketing conducted with her letter. inside a large organisation, where inde- international trade / ntən ʃ(ə)nəl pendent departments sell goods or ser- tred/ noun trade between different vices to each other countries Internal Revenue Service /n- Internet / ntənet/ noun the global, t n(ə)l revənju s vs/ noun US a public network of computers and tele- government department which deals phone links that houses websites, allows with tax. Abbr IRS email to be sent and is accessed with the internal search /n t n(ə)l s tʃ/ aid of a modem (NOTE: The Internet noun the process by which a consumer uses the Internet Protocol (IP) as a acquires information from past experi- communication standard.) ence or something he or she has ‘…they predict a tenfold increase in sales via remembered internet or TV between 1999 and 2004’ [Investors Chronicle] internal telephone /n t n(ə)l ‘…in two significant decisions, the Securities telfəυn/ noun a telephone which is and Exchange Board of India today allowed linked to other telephones in an office trading of shares through the Internet and set a

Internet commerce 145 inventory deadline for companies to conform to norms for intramedia comparison good corporate governance’ [The Hindu] / ntrəmi diə kəm p rs(ə)n/ noun Internet commerce / ntənet a comparison of different advertising kɒm s/ noun the part of e-commerce options within the same medium After that consists of commercial business extensive intramedia comparison we transactions conducted over the Internet now know all the possibilities of TV ad- Internet marketing / ntənet vertising. Compare intermedia mɑ ktŋ/ noun the marketing of prod- comparison ucts or services over the Internet intranet / ntrənet/ noun a network of Internet merchant / ntənet computers and telephone links that uses m tʃənt/ noun a businessman or busi- Internet technology but is accessible nesswoman who sells a product or ser- only to the employees of a particular or- vice over the Internet ganisation (NOTE: An intranet that is ex- Internet payment system tended beyond the employees of an / ntənet pemənt sstəm/ noun any organisation to include, for example, mechanism that enables funds to be suppliers, customers or distributors, it transferred from a customer to seller or is called an extranet.) from one business to another via the intransient /n tr nziənt/ adjective Internet referring to an advertisement which the Internet security / ntənet s- target audience can keep and look at kjυərti/ noun the means used to pro- again, e.g. in a newspaper or magazine, tect websites and other electronic files as opposed to a transient advertisement against attacks by hackers and viruses on TV or radio interpolation /n t pə leʃ(ə)n/ intrinsic value /n trnsk v lju / noun a method of estimating a value be- noun the material value of something tween two established values These objects have sentimental value, interstate commerce / ntəstet but no intrinsic value at all. The in- kɒm s/ noun US commerce between trinsic value of jewellery makes it a different states which is therefore sub- good investment. ject to federal government control introduce / ntrə dju s/ verb to make interstitial / ntə stʃ(ə)l/ noun a someone get to know somebody or page of advertising which is inserted something to introduce a client to into a website bring in a new client and make them interview / ntəvju / noun talking to known to someone to introduce a a person who is applying for a job to new product on the market to produce find out whether they are suitable for it a new product and launch it on the We called six people for interview. market During my appraisal interview my boss introductory offer / ntrəd kt(ə)ri and I agreed some targets for the next ɒfə/ noun a special price offered on a few months. I have an interview next new product to attract customers week or I am going for an interview next week. í verb to talk to a person apply- inventory / nvənt(ə)ri/ noun 1. (es- ing for a job to see if they are suitable pecially US) all the stock or goods in a We interviewed ten candidates, but warehouse or shop to carry a high in- found no one suitable. ventory to aim to reduce inventory 2. a list of the contents of a building such interviewee / ntəvju i / noun the as a house for sale or an office for rent person who is being interviewed The to draw up an inventory of fixtures and interviewer did everything to put the in- fittings to agree the inventory to terviewee at ease. The interviewees agree that the inventory is correct 3. ad- were all nervous as they waited to be vertising time or space which is not used called into the interview room. and is available í verb to make a list of interviewer / ntəvju ə/ noun the stock or contents person who is conducting an interview

inventory control 146 issue ‘…a warehouse needs to tie up less capital in voice í verb to send an invoice to inventory and with its huge volume spreads out someone to invoice a customer we costs over bigger sales’ [Duns Business Month] invoiced you on November 10th we inventory control / nvənt(ə)ri sent you the invoice on November 10th kən trəυl/ noun a system of checking invoice clerk / nvɔs klɑ k/ noun an that there is not too much stock in a office worker who deals with invoices warehouse, but just enough to meet requirements invoice price / nvɔs pras/ noun the price as given on an invoice, includ- investment /n vestmənt/ noun the ing any discount and VAT placing of money so that it will produce interest and increase in value They invoicing / nvɔsŋ/ noun the send- called for more government investment ing of invoices All our invoicing is in new industries. She was advised to done by computer. invoicing in tripli- make investments in oil companies. cate the preparation of three copies of ‘…investment trusts, like unit trusts, consist of invoices portfolios of shares and therefore provide a invoicing department / nvɔsŋ spread of investments’ [Investors Chronicle] d pɑ tmənt/ noun the department in a ‘…investment companies took the view that company which deals with preparing prices had reached rock bottom and could only go up’ [Lloyd’s List] and sending invoices investment advertising /n- inward / nwəd/ adjective towards the home country vestmənt dvətazŋ/ noun large expenditure on advertising to achieve inward bill / nwəd bl/ noun a bill of long-term objectives lading for goods arriving in a country investment spending /n- inward mission / nwəd mʃ(ə)n/ vestmənt spendŋ/ noun spending noun a visit to your home country by a more than normal on advertising with group of foreign businesspeople the expectation of increased sales and IP address /a pi ə dres/ noun a profits unique 32-bit number that defines the investor relations research /n- precise location of a computer con- vestə r leʃ(ə)nz r s tʃ/ noun re- nected to a network or the Internet search that allows a company to see how irrevocable / revəkəb(ə)l/ adjective financial institutions such as merchant which cannot be changed banks view the company irrevocable acceptance /- invisible assets /n vzb(ə)l revəkəb(ə)l ək septəns/ noun accep- sets/ plural noun assets which have a tance which cannot be withdrawn value but which cannot be seen, e.g. island display / alənd ds ple/ goodwill or patents noun same as island site invisibles /n vzb(ə)lz/ plural noun island position / alənd pə zʃ(ə)n/ invisible imports and exports noun advertising space separated from invitation to tender / nvteʃ(ə)n other advertising space in a newspaper tə tendə/ noun a formal request, sent or magazine An island position is ex- to a small number of suppliers, asking pensive but will attract great attention. them to submit a detailed proposal for island site / alənd sat/, island dis- completing a particular piece of work play / alənd ds ple/ noun an exhibi- invoice / nvɔs/ noun a note asking tion stand separated from others for payment for goods or services sup- There are only two island sites at the ex- plied your invoice dated November hibition and we have one of them. An 10th to make out an invoice for £250 island site means that visitors can ap- to settle or to pay an invoice They proach the stand from several sent in their invoice six weeks late. the directions. total is payable within thirty days of issue / ʃu / noun the number of a invoice the total sum has to be paid newspaper or magazine We have an within thirty days of the date on the in- ad in the January issue of the magazine.

issue life 147 IVR í verb to put out or to give out to is- following items from your catalogue. 2. sue a letter of credit to issue shares in a piece of information items on a bal- a new company to issue a writ against ance sheet item of expenditure goods someone The government issued a re- or services which have been paid for port on London’s traffic. and appear in the accounts 3. a point on issue life / ʃu laf/ noun the time a list we will now take item four on between one issue of a publication and the agenda we will now discuss the another The reason the magazine’s fourth point on the agenda advertising rates are so expensive is be- itemise / atəmaz/, itemize verb to cause it has an issue life of three make a detailed list of things Item- months. izing the sales figures will take about issuer / ʃuə/ noun a financial institu- two days. tion that issues credit and debit cards itemised account / atəmazd ə- and maintains the systems for billing kaυnt/ noun a detailed record of and payment money paid or owed ITC abbr Independent Television itemised invoice / atəmazd Commission nvɔs/ noun an invoice which lists item / atəm/ noun 1. something for each item separately sale we are holding orders for itinerary /a tnərəri/ noun a list of out-of-stock items we are holding or- places to be visited on one journey a ders for goods which are not in stock salesrep’s itinerary Please find enclosed an order for the IVR abbr interactive voice response

jargon 148 journey planning JK jargon / d ɑ ən/ noun a special sort job specification / d ɒb spesf- of language used by a trade or profes- keʃ(ə)n/ noun a very detailed descrip- sion or particular group of people tion of what is involved in a job job /d ɒb/ noun 1. a piece of work 2. joined-up / d ɔnd p/ adjective in- an order being worked on We are volving two or more individuals or or- working on six jobs at the moment. ganisations who share information and The shipyard has a big job starting in co-ordinate their activities in order to August. achieve their aims more effectively jobber / d ɒbə/ noun US a wholesaler joint account /d ɔnt ə kaυnt/ noun ‘…warehouse clubs buy directly from a bank or building society account manufacturers, eliminating jobbers and shared by two people Many married wholesale middlemen’ [Duns Business Month] couples have joint accounts so that they jobbing / d ɒbŋ/ noun the practice of can pay for household expenses. doing small pieces of work Joint Photographics Experts jobbing printer / d ɒbŋ prntə/ Group noun full form of JPEG noun a person who does small printing journal / d n(ə)l/ noun 1. a book jobs with the account of sales and purchases jobbing production / d ɒbŋ prə- made each day 2. a magazine d kʃən/ noun the production of several journalist / d n(ə)lst/ noun a per- different articles, each to individual son who writes for a newspaper requirements journey / d ni/ noun a long trip, es- job classification / d ɒb kl sf- pecially a trip made by a salesperson keʃ(ə)n/ noun describing jobs listed in She planned her journey so that she various groups could visit all her accounts in two days. job description / d ɒb d skrpʃən/ journey mapping / d ni m pŋ/ noun a description of what a job con- noun a method of calculating how many sists of and what skills are needed for it people pass a poster site Journey The letter enclosed an application mapping allows us to pinpoint the ten form and a job description. key sites we will be renting for the next job lot /d ɒb lɒt/ noun a group of three months. miscellaneous items sold together journey order / d ni ɔ də/ noun They sold the household furniture as a an order given by a shopkeeper to a job lot. salesperson when they call job opening / d ɒb əυp(ə)nŋ/ journey planning / d ni pl nŋ/ noun jobs which are empty and need noun the act of planning what calls a filling We have job openings for office salesperson will make and how they will staff. be reached most efficiently, giving pri- job satisfaction / d ɒb s ts- ority to the more profitable accounts f kʃən/ noun an employee’s feeling The sales manager will stress how good that he or she is happy at work and journey planning will save precious pleased with the work he or she does time. Inefficient journey planning

JPEG 149 keyed advertisement means miles of unnecessary travelling We are facing some keen competition for the sales force every day. from European manufacturers. keen JPEG / d e pe / noun a file format demand wide demand There is a keen used to compress and store photo- demand for home computers. 2. keen graphic images for transfer over the prices prices which are kept low so as to Internet be competitive Our prices are the keenest on the market. judgement / d d mənt/, judgment noun an assessment or evaluation of the kerbside conference / k bsad quality of someone or something kɒnf(ə)rəns/ noun a discussion of selling techniques between a trainee sales- judgement forecasting person and the person training them /d d mənt fɔ kɑ stŋ/ noun fore- after making a sales call In the casting based on judgement rather than kerbside conference, the sales trainer on any scientific techniques We need described a number of different ap- more precise information so that we can proaches that might have been made to extrapolate rather than use judgement a particular customer. forecasting. Market research departments find judgement forecasting too key /ki / adjective important a key subjective and unreliable. factor key industries key personnel judgement sampling / d d mənt a key member of our management sɑ mplŋ/ noun the choosing of a sam- team She has a key post in the organi- ple for a survey based on judgement of sation. We don’t want to lose any key what criteria would be especially signif- staff in the reorganisation. ‘…he gave up the finance job in September to icant rather than applying any scientific devote more time to his global responsibilities techniques Judgement sampling can as chairman and to work more closely with key produce an insufficiently representative clients’ [Times] sample. key account / ki ə kaυnt/ noun an jumbo / d mbəυ/ adjective very important account or client, e.g. of an large jumbo-sized pack or jumbo pack advertising agency junk mail / d ŋk mel/ noun unso- key account management / ki licited advertising material sent through ə kaυnt m nd mənt/ noun the man- the post and usually thrown away imme- agement of the small number of key ac- diately by the people who receive it counts which represent the bulk of a jury of executive opinion / d υəri company’s business. Abbr KAM əv  zekjυtv ə pnjən/ noun a panel keyboard / ki bɔ rd/ noun the part of of executives used to contribute to a computer or other device with keys forecasting which are pressed to make letters or fig- just-in-time / d stn tam/ noun ures í verb to press the keys on a key- abbr JIT board to type something She is just-in-time production / d st n keyboarding our address list. tam prə d kʃən/ noun making goods keyboarder / ki bɔ də/ noun a per- to order just before they are needed, so son who types information into a as to avoid having too many goods in computer stock. Abbr JIT keyboarding / ki bɔ dŋ/ noun the just-in-time purchasing / d st n act of typing on a keyboard Key- tam p tʃsŋ/ noun a purchasing boarding costs have risen sharply. system where goods are purchased im- key code / ki kəυd/ noun a letter and mediately before they are needed, so as number code printed on mailshots so to avoid carrying high levels of stock. that the respondents can be identified Abbr JIT keyed advertisement / ki d əd- KAM abbr key account management v tsmənt/ noun an advertisement keen /ki n/ adjective 1. eager or active which asks people to write to a specially keen competition strong competition coded address which will indicate where

key number 150 knowledge management they saw it, thus helping the advertisers She had a newspaper kiosk near the sta- to evaluate the effectiveness of advertis- tion for 20 years. ing in that particular newspaper or KISS /ks/ noun the need to make sure magazine your advertising is clear and concise so key number / ki n mbə/ noun the as to improve its chances of getting a re- number used in a keyed advertisement sponse. Full form keep it simple, stupid keypad / ki p d/ noun a set of keys on a computer Kitemark / kat mɑ k/ trademark GB a mark on goods to show that they meet key prospects /ki prɒspekts/ plu- official standards ral noun potential customers In this sales campaign we will be concentrat- knock /nɒk/ verb to knock the competition to hit competing firms hard by ing on key prospects. This is bad jour- vigorous selling ney planning since it does not allow sufficient time to visit all the key knock down / nɒk daυn/ verb to prospects. knock something down to a bidder to sell something to somebody at an auc- keyword / ki w d/ noun a word used tion The furniture was knocked down by a search engine to help it locate a to him for £100. particular type of website (NOTE: Com- panies need to think very carefully knockdown / nɒkdaυn/ noun about the keywords they place in their knockdown (KD) goods goods sold in webpages in order to attract relevant parts, which must be assembled by the search-engine traffic.) buyer knocking copy / nɒkŋ kɒpi/ noun keyword search / ki w d s tʃ/ advertising material which criticises noun a search for documents containing competing products one or more words that are specified by a search-engine user knock off / nɒk ɒf/ verb to reduce a price by a particular amount She kickback / kkb k/ noun an illegal knocked £10 off the price for cash. commission paid to someone, especially a government official, who helps in a know-how / nəυ haυ/ noun knowl- business deal edge or skill in a particular field to acquire computer know-how Kimball tag / kmb(ə)l t / noun a knowledge capital / nɒld paper tag attached to an item for sale, k pt(ə)l/ noun knowledge, especially which is removed when the item has specialist knowledge, that a company been sold and kept by the store so that it and its employees possess and that can can be used for stock control be put to profitable use king-size / kŋ saz/ adjective 1. re- knowledge management / nɒld ferring to an extra large container of a m nd mənt/ noun 1. the task of product, usually comparatively econom- co-ordinating the specialist knowledge ical to buy 2. referring to a very large possessed by employees so that it can be size of poster exploited to create benefits and compet- kiosk / ki ɒsk/ noun a small wooden itive advantage for the organisation 2. shelter, for selling goods out of doors same as information management

label 151 late L label / leb(ə)l/ noun a piece of paper landed costs / l ndd kɒsts/ plural or card attached to something to show noun the costs of goods which have its price or an address or instructions for been delivered to a port, unloaded and use í verb to attach a label to something passed through customs labelling / leb(ə)lŋ/ noun the act of landing card / l ndŋ kɑ d/ noun a putting a label on something (NOTE: la- card given to passengers who have belling- labelled. The American spell- passed through customs and can land ing is labeling- labeled.) from a ship or an aircraft labelling department / leb(ə)lŋ landing charges / l ndŋ d pɑ tmənt/ noun a section of a fac- tʃɑ d z/ plural noun payment for tory where labels are attached to the putting goods on land and paying cus- product toms duties laboratory test /lə bɒrət(ə)ri test/ landing order / l ndŋ ɔ də/ noun a noun a test carried out under controlled permit which allows goods to be un- conditions, e.g. of the reactions of con- loaded into a bonded warehouse without sumers to advertising paying customs duty labour-intensive industry / lebər landing page / l ndŋ ped / noun n tensv ndəstri/ noun an industry the page on a website where the user ar- which needs large numbers of workers, rives, in particular the page you arrive where labour costs are high in relation on when directed by a hyperlink to turnover landscape / l ndskep/ noun an il- labour market / lebə mɑ kt/ noun lustration page or book whose width is the number of wokers who are available greater than its height. Compare for work 25,000 school-leavers have portrait just come on to the labour market. laser printer / lezə prntə/ noun lading / ledŋ/ noun the putting of computer printer which uses a laser goods on a ship source to print high-quality dot matrix characters on paper laggards / l ədz/ plural noun a cat- laser printing / lezə prntŋ/ noun egory of buyers of a product who are the printing using a laser printer last to buy it or use it late /let/ adjective 1. after the time laissez-faire economy / lese feər stated or agreed We apologise for the  kɒnəm/ noun an economy where the late arrival of the plane from Amster- government does not interfere because it dam. there is a penalty for late deliv- believes it is right to let the economy ery if delivery is later than the agreed run itself date, the supplier has to pay a fine 2. at land /l nd/ verb to put goods or pas- the end of a period of time latest date sengers onto land after a voyage by sea for signature of the contract the last or by air The ship landed some goods acceptable date for signing the contract at Mombasa. The plane stopped for í adverb after the time stated or agreed thirty minutes at the local airport to The shipment was landed late. The land passengers and mail. plane was two hours late.

late majority 152 layout late majority / let mə d ɒrti/ noun put back three months. The manage- a category of buyers of a product who ment has decided on a September buy it later than the early majority but launch date. The company is geared before the laggards up for the launch of its first latent / let(ə)nt/ adjective present but microcomputer. not yet developed latent market a po- launching / lɔ ntʃŋ/ noun the act of tential market which has not so far been putting a new product on the market touched launching costs / lɔ ntʃŋ kɒsts/ latent demand / let(ə)nt d mɑ nd/ plural noun the costs of publicity for a noun a situation where there is demand new product for a product but potential customers are launching date / lɔ ntʃŋ det/ unable to pay for it We will have to noun the date when a new product is of- wait for the economy to improve in ficially shown to the public for the first countries where there is latent demand. time Situation analysis has shown that launching party / lɔ ntʃŋ pɑ ti/ there is only latent demand. noun a party held to advertise the lateral / l t(ə)rəl/ adjective at the launching of a new product same level or with the same status law /lɔ / noun a general rule Her transfer to Marketing was something of a lateral move. law of diminishing returns / lɔ r əv d mnʃŋ r t nz/ noun a general lateral diversification / l t(ə)rəl rule that as more factors of production da v sf keʃ(ə)n/ noun the act of such as land, labour and capital are diversifying into quite a different type added to the existing factors, so the of business amount they produce is proportionately lateral integration / l t(ə)rəl ntə- smaller reʃ(ə)n/ noun the act of joining simi- law of inertia of large numbers lar companies or taking over a company / lɔ r əv  n ʃər əv lɑ d n mbəz/ in the same line of business as yourself noun a general rule that larger samples Lateral integration will allow a pool- are more likely to be representative of ing of resources. Lateral integration the population than small ones in the form of a merger will improve the law of statistical regularity / lɔ r efficiency of both businesses involved. əv stə tstk(ə)l re jυ l rti/ noun a lateral thinking / l t(ə)rəl θŋkŋ/ general rule that a group of people or noun an imaginative approach to prob- objects taken from a larger group of lem-solving which involves changing people or objects will tend to resemble established patterns of thinking to help the larger group make a breakthrough Lateral thinking law of supply and demand / lɔ r resulted in finding a completely new use əv sə pla ən d mɑ nd/ noun a general for an existing product. Brainstorm- rule that the amount of a product which ing sessions encourage lateral thinking is available is related to the needs of po- and originality. tential customers latest / letst/ adjective most recent layout / leaυt/ noun 1. the arrange- He always drives the latest model of car. ment of the inside space of a building or Here are the latest sales figures. its contents They have altered the lay- launch /lɔ ntʃ/ verb to put a new out of the offices. 2. the arrangement of product on the market, usually spending words and pictures on a printed page, in money on advertising it They an advertisement, on an email advertis- launched their new car model at the mo- ing message, etc., including the head- tor show. The company is spending line, illustrations, text, and trademarks thousands of pounds on launching a I like the illustration and the copy but new brand of soap. í noun the act of not the layout. The layout needs to be putting a new product on the market changed so that other features are The launch of the new model has been highlighted.

lead 153 legalise lead /li d/ verb to be the main person in something to mail leaflets advertising a group She will lead the trade mis- a new hairdressing salon They are sion to Nigeria. The tour of American handing out leaflets describing the fi- factories will be led by the minister. nancial services they offer. We made (NOTE: leading – led) í noun 1. infor- a leaflet mailing to 20,000 addresses. mation which may lead to a sale It has been difficult starting selling in this ter- leakage / li kd / noun an amount of ritory with no leads to follow up. I goods lost in storage, e.g. by going bad was given some useful leads by the sales or by being stolen or by leaking from rep who used to cover this territory. 2. a the container prospective purchaser who is the main learning curve / l nŋ k v/ noun a decision-maker when buying a product gradual process of learning, as shown on or service an imaginary scale leader / li də/ noun 1. a person who learning organisation / l nŋ manages or directs others the leader ɔ əna zeʃ(ə)n/ noun an organisation of the construction workers’ union or whose employees are willing and eager the construction workers’ leader She to share information with each other, to is the leader of the trade mission to Ni- learn from each other, and to work as a geria. The minister was the leader of team to achieve their goals the party of industrialists on a tour of lease /li s/ noun a written contract for American factories. The leader of the letting or renting a building, a piece of trade delegation was invited to meet the land or a piece of equipment for a period President. 2. a product which sells best against payment of a fee to rent office ‘…market leaders may benefit from scale space on a twenty-year lease the lease economies or other cost advantages; they may enjoy a reputation for quality simply by being at expires next year or the lease runs out the top, or they may actually produce a superior next year the lease comes to an end product that gives them both a large market next year share and high profits’ [Accountancy] leave leaflet / li v li flət/ noun a leader pricing / li də prasŋ/ noun promotional leaflet left by a salesperson the practice of cutting prices on some with a prospective customer goods in the hope that they attract customers to the shop where more profit- ledger / led ə/ noun a book in which able sales can be made accounts are written lead generation / li d d enə- legal / li (ə)l/ adjective 1. according reʃ(ə)n/ noun the process of finding to the law or allowed by the law The prospective purchasers company’s action was completely legal. 2. referring to the law to take legal leading question / li dŋ action to sue someone or to take some- kweʃtʃən/ noun a question in a ques- one to court to take legal advice to tionnaire which, by its phrasing, sug- ask a lawyer to advise about a legal gests a certain answer Interviewers problem were trained to avoid bias and leading questions. The leading question pres- legal adviser / li (ə)l əd vazə/ surized the respondent into answering noun a person who advises clients about untruthfully. the law lead partner / li d pɑ tnə/ noun the legal currency / li (ə)l k rənsi/ organisation that takes the leading role noun money which is legally used in a in an alliance country lead sourcing / li d sɔ sŋ/ noun legalisation / li əla zeʃ(ə)n/, le- searching through online databases to galization noun the act of making find the addresses of potential something legal the campaign for the customers legalisation of cannabis leaflet / li flət/ noun a sheet of paper legalise / li əlaz/, legalize verb to giving information, used to advertise make something legal

legality 154 level playing field legality /l lɔt/ noun the fact of be- people or organisations and acts as a ing allowed by law There is doubt simple form of contract about the legality of the company’s ac- letter of complaint / letər əv kəm- tion in dismissing him. plent/ noun a letter in which someone legally / li əli/ adverb according to complains the law the contract is legally bind- letter of credit / letər əv kredt/ ing according to the law, the contract noun a document issued by a bank on has to be obeyed the directors are le- behalf of a customer authorising pay- gally responsible the law says that the ment to a supplier when the conditions directors are responsible specified in the document are met (this legend / led ənd/ noun a short note is a common method of guaranteeing printed underneath an illustration to ex- payment by overseas customers). Abbr plain it L/C legislation / led  sleʃ(ə)n/ noun letter of indemnity / letər əv n- laws demnti/ noun a letter promising pay- legs /le z/ plural noun the ability of an ment as compensation for a loss advertising campaign, a film, a book, or letter of inquiry / letər əv n- other usually short-lived product to in- kwaəri/ noun a letter from a prospec- terest people for a much longer time tive buyer to a supplier inquiring about than normal (informal ) . products and their prices The letter of leisure market / le ə mɑ kt/ noun inquiry requested us to send our cata- people who have plenty of leisure time logues and price lists. We received a and are willing to buy products or ser- letter of inquiry concerning possible vices to occupy their time trade discounts. lemon / lemən/ noun 1. a product, es- lettershop / letəʃɒp/ noun a company that puts together the various ele- pecially a car, that is defective in some ments of a direct mailing shot, and sorts way 2. an investment that is performing the envelopes by addresses poorly letters of administration / letəz lending limit / lendŋ lmt/ noun a əv ədmn streʃ(ə)n/ plural noun a restriction on the amount of money a letter given by a court to allow someone bank can lend to deal with the estate of a person who letter / letə/ noun a piece of writing has died sent from one person or company to an- letters patent / letəz pet(ə)nt/ plu- other to ask for or to give information ral noun the official term for a patent letterhead / letəhed/ noun the name level / lev(ə)l/ noun the position of and address of a company printed at the something compared to others low top of a piece of notepaper levels of productivity or low productivity letter of acknowledgement / letər levels to raise the level of employee əv ək nɒld mənt/ noun a letter which benefits to lower the level of says that something has been received borrowings letter of advice / letər əv əd vas/ ‘…figures from the Fed on industrial production for April show a decline to levels last seen in noun a letter to a customer giving de- June 1984’ [Sunday Times] tails of goods ordered and shipped but ‘…applications for mortgages are running at a not yet delivered The letter of advice high level’ [Times] stated that the goods would be at ‘…employers having got their staff back up to a Southampton on the morning of the 6th. reasonable level are waiting until the scope for The letter of advice reminded the cus- overtime working is exhausted before hiring’ tomer of the agreed payment terms. [Sydney Morning Herald] letter of agreement / letər əv ə- level playing field / lev(ə)l pleŋ ri mənt/ noun a document that sets fi ld/ noun a situation in which the same out what has been agreed between two rules apply for all competitors and none

levy 155 light industry of them has any special advantage over licensing / las(ə)nsŋ/ adjective re- the others ferring to licences a licensing agree- levy / levi/ noun money which is de- ment licensing laws manded and collected by the govern- licensing agreement / las(ə)nsŋ ment levies on luxury items taxes on ə ri mənt/ noun an agreement luxury items where a person or company is granted a liabilities / laə bltiz/ plural noun licence to manufacture something or to the debts of a business, including divi- use something, but not an outright sale dends owed to shareholders The bal- licensing hours / las(ə)nsŋ aυəz/ ance sheet shows the company’s assets plural noun the hours of the day when and liabilities. he was not able to alcohol can be sold meet his liabilities he could not pay his licensing laws / las(ə)nsŋ lɔ z/ debts to discharge your liabilities in plural noun the laws which control full to pay everything which you owe when and where alcohol can be sold liability / laə blti/ noun a legal re- licensor / lasensə/ noun a person sponsibility for damage or loss, etc. who licenses someone The brand name has become a liability to the company. to accept liability for lien /li n/ noun the legal right to hold something to agree that you are respon- someone’s goods and keep them until a sible for something to refuse liability debt has been paid for something to refuse to agree that life /laf/ noun the period of time for you are responsible for something which something or someone exists liable / laəb(ə)l/ adjective liable life cycle / laf sak(ə)l/ noun a con- for legally responsible for The cus- cept used for charting the different tomer is liable for breakages. The stages in the life of people, animals or chairman was personally liable for the products company’s debts. life expectancy /laf k spektənsi/ licence / las(ə)ns/ noun 1. an official noun the number of years a person is document which allows someone to do likely to live something (NOTE: the American spell- lifestyle / laf stal/ noun a way of ing is license) 2. goods manufac- living of a particular section of society tured under licence goods made with These upmarket products appeal to the permission of the owner of the copy- people with an extravagant lifestyle. right or patent The magazine ran a series of articles on licence agreement / las(ə)ns ə- the lifestyles of some successful ri mənt/ noun a legal document businessmen. which comes with a software product lifestyle segmentation / laf stal and defines how you can use the soft- se men teʃ(ə)n/ noun the dividing of ware and how many people are allowed a market into segments according to the to use it way in which customers live. VALS license / las(ə)ns/ noun US spelling lifetime / laftam/ noun the time of licence í verb to give someone offi- when you are alive cial permission to do something for a fee, as when a company allows another lifetime customer value / laftam company to manufacture its products k stəmə v lju /, lifetime value abroad licensed to sell beers, wines / laftam v lju / noun the value of a and spirits to license a company to customer to a firm during the cus- manufacture spare parts She is li- tomer’s lifetime, which can be charted censed to run an employment agency. using technology and market research licensee / las(ə)n si / noun a person light /lat/ adjective not heavy who has a licence, especially a licence light industry / lat ndəstri/ noun to sell alcohol or to manufacture an industry making small products such something as clothes, books, or calculators

light pen 156 line management light pen / lat pen/ noun a type of limited market / lmtd mɑ kt/ electronic pen which directs a beam of noun a market which can take only a light which, when passed over a bar specific quantity of goods code, can read it and send information limiting / lmtŋ/ adjective which back to a computer limits a limiting clause in a contract light viewer /lat vju ə/ noun a per- The short holiday season is a limiting son who watches little television If factor on the hotel trade. too many of the target audience are line /lan/ noun 1. a long mark printed light viewers, the impact of the commer- or written on paper paper with thin cials will be wasted. blue lines I prefer notepaper without limit / lmt/ noun the point at which any lines. She drew a thick line before something ends or the point where you the column of figures. 2. same as prod- can go no further to set limits to im- uct line 3. a row of letters or figures on ports or to impose import limits to al- a page to open a line of credit or a low only a specific amount of imports í credit line to make credit available to verb to stop something from going be- someone yond a specific point the banks have ‘…cash paid for overstocked lines, factory limited their credit the banks have al- seconds, slow sellers, etc.’ [Australian Financial Review] lowed their customers only a specific amount of credit each agent is lim- lineage / land / noun a method of ited to twenty-five units each agent is measuring a classified advertisement by allowed only twenty-five units to sell counting the lines, used for charging ‘…the biggest surprise of 1999 was the rebound purposes in the price of oil. In the early months of the year commentators were talking about a fall to linear / lniə/ adjective calculated by $5 a barrel but for the first time in two decades, length the oil exporting countries got their act together, linear measurement / lniə limited production and succeeded in pushing prices up’ [Financial Times] me əmənt/, linear footage / lniə fυtd / noun a measurement of how limitation / lm teʃ(ə)n/ noun the long something is such as the length of act of allowing only a specific quantity shelving available for a display of something The contract imposes limitations on the number of cars which line block / lan blɒk/ noun a printing block for line drawings can be imported. limitation of liability the fact of making someone liable line chart / lan tʃɑ t/ noun a chart or for only a part of the damage or loss graph using lines to indicate values limited / lmtd/ adjective restricted line divestment / lan da- vestmənt/ noun the dropping or sell- limited company / lmtd ing of an entire product line so as to k mp(ə)ni/, limited liability com- concentrate on other products pany / lmtd laə blti k mp(ə)ni/ noun a company where each share- line drawing / lan drɔ ŋ/, line il- holder is responsible for repaying the lustration / lan lə streʃ(ə)n/ noun a company’s debts only to the face value drawing or illustration consisting only of the shares they own (NOTE: short- of lines and no tones. Shades are shown ened to Ltd) by lines drawn close together. limited function wholesaler line extension / lan k stenʃən/ / lmtd f ŋkʃən həυlselə/ noun a noun the adding of another product to a distributor performing only some of the product line functions of a wholesaler As a limited line filling / lan flŋ/ noun the fill- function wholesaler the dealer did not ing of gaps in a product line provide a delivery service to retailers. line management / lan limited liability / lmtd laə blti/ m nd mənt/, line organization noun a situation where someone’s lia- / lan ɔ əna zeʃ(ə)n/ noun the or- bility for debt is limited by law ganisation of a business where each

line rate 157 load manager is responsible for doing what list host / lst həυst/ noun a company his superior tells him to do that provides connections to the Internet line rate / lan ret/ noun the rate and storage space on its computers charged for advertising space, based on which can store the files for a user’s the line space used in a newspaper or website (NOTE: also called a ‘host service or hosting service provider’) magazine list maintenance / lst line simplification / lan smplf- mentənəns/ noun the process of keʃ(ə)n/ noun the removal of some keeping a mailing list up to date products from a product line to make the whole line more easily manageable list manager / lst m nd ə/ noun a person who promotes a mailing list to link /lŋk/ noun graphics or an image potential users which moves the user to another page or online location when the user clicks on list price / lst pras/ noun the price it. hyperlink for something as given in a catalogue liquid assets / lkwd sets/ plural list rental / lst rent(ə)l/ noun the ac- noun cash, or investments which can be tion of renting a mailing list quickly converted into cash list renting / lst rentŋ/ noun an ar- liquor licence / lkə las(ə)ns/ noun rangement in which a company that a government document allowing some- owns a direct mail list lets another com- one to sell alcohol pany use it for a fee list /lst/ noun 1. several items written literature / lt(ə)rətʃə/ noun written one after the other They have an at- information about something Please tractive list of products or product list. send me literature about your new prod- I can’t find that item on our stock list. uct range. Please add this item to the list. She lithography /l θɒ rəfi/ noun a print- crossed the item off her list. 2. a cata- ing process by which a design is applied logue í verb to write a series of items to a smooth flat surface with greasy ink one after the other to list products by or a crayon. The surface is wetted and category to list representatives by ink will adhere to the greasy parts, but area to list products in a catalogue not to the wet parts. The catalogue lists ten models of fax livery / lvəri/ noun a company’s own machine. special design and colours, used e.g. on list broker / lst brəυkə/ noun a per- uniforms, office decoration and vehicles son who arranges to sell mailing lists to living / lvŋ/ noun he does not earn users, but who does not own the lists a living wage he does not earn enough list building / lst bldŋ/ noun find- to pay for essentials such as food, heat ing names and addresses and entering and rent them into a database for direct market- load /ləυd/ noun goods which are ing purposes transported the load of a lorry/of a list cleaning / lst kli nŋ/ noun container the goods carried by a lorry checking the details of a mailing list to or in a container maximum load the make sure they are correct largest weight of goods which a lorry or listen / ls(ə)n/ verb to pay attention to plane can carry í verb 1. to load a someone who is talking or to something lorry or a ship to put goods into a lorry which you can hear or a ship for transporting to load cargo onto a ship a truck loaded with listening area / ls(ə)nŋ eəriə/ boxes a ship loaded with iron a noun the area covered by a radio sta- fully loaded ship a ship which is full of tion’s signal cargo 2. (of a ship) to take on cargo listening share / ls(ə)nŋ ʃeə/ noun The ship is loading a cargo of wood. 3. the share of the total audience enjoyed to put a program into a computer by a radio station Load the word-processing program be-

load-carrying capacity 158 long-range fore you start keyboarding. 4. to add exis sold only in a restricted area, and tra charges to a price mainly carries news about that area load-carrying capacity / ləυd local press / ləυk(ə)l pres/ noun k riŋ kə p sti/ noun the amount of newspapers which are sold in a small goods which a lorry is capable of area of the country The product was carrying only advertised in the local press as it loaded price / ləυdd pras/ noun a was only being distributed in that area price which includes an unusually large of the country. extra payment for some service That local radio station / ləυk(ə)l company is notorious for loading its rediəυ steʃ(ə)n/ noun a radio station prices. which broadcasts over a small area of loading / ləυdŋ/ noun assigning the country work to workers or machines The pro- location /ləυ keʃ(ə)n/ noun 1. a duction manager has to ensure that place where something is 2. a place, es- careful loading makes the best use of pecially a site where still photographs or human resources. films are made We still have to decide loading dock / ləυdŋ dɒk/ noun the on locations for the advertisements. part of a harbour where ships can load logical models / lɒd k(ə)l or unload mɒd(ə)lz/ plural noun models of buyer load time / ləυd tam/ noun in com- decision-making which assume that pur- puting, the time it takes for a page of chasing is the result of a set of rational data to open completely in a window decisions made by the purchaser Log- lobby / lɒbi/ noun a pressure group ical models do not allow for the unpre- that tries to persuade a government or dictable side of buying behaviour. law-makers to support a particular cause logistics /lə d stks/ noun the task or interest or science of managing the movement, local / ləυk(ə)l/ adjective located in or storage, and processing of materials and providing a service for a restricted area information in a supply chain (NOTE: Lo- ‘…each cheque can be made out for the local gistics includes the acquisition of raw equivalent of £100 rounded up to a convenient materials and components, manufac- figure’ [Sunday Times] turing or processing, and the distribu- ‘…the business agent for Local 414 of the Store tion of finished products to the end Union said his committee will recommend that user.) the membership ratify the agreement’ [Toronto Star] logistics management /lə- ‘EC regulations insist that customers can buy d stks m nd mənt/ noun the cars anywhere in the EC at the local pre-tax management of the distribution of prod- price’ [Financial Times] ucts to the market local advertising / ləυk(ə)l logo / ləυ əυ/ noun a symbol, design dvətazŋ/ noun advertising in the or group of letters used by a company as area where a company is based a mark on its products and in advertising localised / ləυkəlazd/, localized London gold fixing / l ndən adjective which occurs in one area only əυld fksŋ/ noun system where the localised advertising strategy world price for gold is set each day in / ləυkəlazd dvətazŋ str təd i/ London noun planning an advertising cam- long lease /lɒŋ li s/ noun a lease paign for a particular country or area of which runs for fifty years or more to a market rather than a global campaign take an office building on a long lease local media / ləυk(ə)l mi diə/ plural long-range / lɒŋ rend / adjective noun newspapers and radio and TV sta- for a long period of time in the future tions in a small area of the country long-range economic forecast a fore- local newspaper / ləυk(ə)l cast which covers a period of several nju zpepə/ noun a newspaper which years

long-standing 159 low-pressure long-standing / lɒŋ st ndŋ/ advice, high prices, etc. loss of an order jective which has been arranged for a not getting an order which was expected long time a long-standing agreement the company suffered a loss of mar- long-standing customer or customer ket penetration the company found it of long standing a person who has been had a smaller share of the market 2. the a customer for many years state of having less money than before long-term / lɒŋ t m/ adjective on or not making a profit the company a long-term basis for a long period of suffered a loss the company did not time long-term debts debts which make a profit to report a loss not to will be repaid many years later show a profit in the accounts at the end long-term forecast a forecast for a pe- of the year The company reported a riod of over three years long-term loss of £1m on the first year’s trading. loan a loan to be repaid many years later the car was written off as a dead long-term objectives aims which will loss/a total loss the car was so badly take years to achieve damaged that the insurers said it had no ‘…land held under long-term leases is not value at a loss making a loss, not amortized’ [Hongkong Standard] making any profit The company is ‘…the company began to experience a demand trading at a loss. We sold the shop at for longer-term mortgages when the flow of a loss. to cut your losses to stop do- money used to finance these loans diminished’ ing something which is losing money 3. [Globe and Mail (Toronto)] the state of being worth less or having a look and feel / lυk ən fi l/ noun the lower value Shares showed losses of appeal of the design, layout and ease of up to 5% on the Stock Exchange. 4. the use of a website to potential customers state of weighing less loss in weight and the way the site fits the image the goods which weigh less than when they company is trying to put across were packed loss in transport the amount of weight which is lost while loose /lu s/ adjective not attached goods are being transported loose insert /lu s ns t/ noun a ‘…against losses of FFr 7.7m two years ago, the sheet of advertising material slipped company made a net profit of FFr 300,000 last between the pages of a publication year’ [Financial Times] lorry-load / lɒri ləυd/ noun the low-grade / ləυ red/ adjective 1. amount of goods carried on a lorry or in not very important a low-grade offi- a container They delivered six cial from the Ministry of Commerce 2. lorry-loads of coal. not of very good quality The car runs lose /lu z/ verb not to have something best on low-grade petrol. any more to lose an order not to get low-hanging fruit / ləυ h ŋŋ an order which you were hoping to get fru t/ noun an easy short-term sales or During the strike, the company lost market opportunity which provides a six orders to American competitors. to quick profit without too much effort (in- lose customers to have fewer customers formal ) . Their service is so slow that they have been losing customers. the company low-involvement hierarchy / ləυ is losing sales or is losing market n vɒlvmənt harɑ ki/ noun a hierar- share the company has fewer sales or a chy of response to advertising where the smaller share of the market than before customer is relatively indifferent to the product or service and only responds to lose out / lu z aυt/ verb to suffer as a repeated marketing result of something The company has lost out in the rush to make cheap com- low-involvement product / ləυ n- puters. We lost out to a Japanese vɒlvmənt prɒd kt/ noun a company who put in a lower tender for low-priced product for everyday use the job. that is bought by consumers without loss /lɒs/ noun 1. not having some- giving much thought to brands thing any more loss of customers not low-pressure / ləυ preʃə/ adjective keeping customers because of bad ser- low-pressure sales sales where the

low-quality 160 luxury product salesperson does not force someone to lull /l l/ noun a quiet period After buy, but only encourages them to do so last week’s hectic trading this week’s low-quality / ləυ kwɒlti/ adjective lull was welcome. not of good quality They tried to sell lump sum /l mp s m/ noun money us some low-quality steel. paid in one single amount, not in several low season /ləυ si z(ə)n/ noun a pe- small sums When he retired he was riod when there are few travellers Air given a lump-sum bonus. She sold her fares are cheaper in the low season. house and invested the money as a lump loyal / lɔəl/ adjective always buying sum. the same brand or using the same shop luxury / l kʃəri/ noun, adjective re- The aim of the advertising is to keep ferring to an expensive thing which is the customers loyal. (NOTE: you are not necessary but which is good to have loyal to someone or something) Luxury items are taxed very heavily. loyalty card / lɔəlti kɑ d/ noun a luxury goods / l kʃəri υdz/ plural special plastic card which gives custom- noun expensive items which are not ba- ers discounts over a period of time to sic necessities encourage them to remain as customers luxury product / l kʃəri prɒd kt/ loyalty scheme / lɔəlti ski m/ noun noun a product which people buy more a scheme to keep the business of exist- of as their incomes rise The company ing customers, e.g. by special discounts has gone upmarket and is now selling for loyalty card holders luxury products.

Ma and Pa shop 161 mail M Ma and Pa shop / mɑ ən pɑ ʃɒp/ special colour supplement published noun a small family-run business with a newspaper magazine insert an macro- /m krəυ/ prefix very large, advertising sheet put into a magazine covering a wide area when it is mailed or sold to insert a macroeconomics / m krəυi kə- leaflet in a specialist magazine to put nɒmks/ noun a study of the eco- an advertising leaflet into a magazine nomics of a whole area, a whole in- before it is mailed or sold dustry, a whole group of the magazine mailing /m ə zi n population or a whole country, in order melŋ/ noun the sending of copies of a to help in economic planning. Compare magazine by post to subscribers microeconomics (NOTE: macroeconomics takes a singular verb) mac- magazine network /m ə zi n roeconomic conditions factors that netw k/ noun a group of magazines influence the state of the overall econ- owned by one publisher and offering ad- omy, e.g. changes in gross national vertisers the possibility of buying space product, interest rates, inflation, reces- in several publications as a packaged sion, and employment levels deal macroenvironment / m krəυ n- mail /mel/ noun 1. a system of send- varənmənt/ noun 1. the general ing letters and parcels from one place to environmental factors that affect an another The cheque was lost in the organisation, such as legislation or mail. The invoice was put in the mail the country’s economy We must yesterday. Mail to some of the islands develop a flexible planning system to in the Pacific can take six weeks. by allow for major changes in the mail using the postal services, not send- macroenvironment. 2. factors outside ing something by hand or by messenger the area of marketing which cannot be influenced by the marketing effort, in- to send a package by surface mail to cluding demographics, the natural envi- send a package by land or sea, not by air ronment, etc. by sea mail sent by post abroad, using a ship by air mail sent by post abroad, macromarketing / m krəυ using a plane we sent the order by mɑ ktŋ/ noun the study of trading activity within a whole economic system first-class mail we sent the order by the such as a country, with its political, eco- most expensive mail service, designed nomic and social implications to be faster 2. letters sent or received Has the mail arrived yet? The first made-to-measure / med tə me ə/ adjective made to fit the requirements of thing I do is open the mail. The re- the customer made-to-measure ceipt was in this morning’s mail. 3. kitchen cabinets a made-to-measure same as email í verb 1. to send some- suit thing by post to mail a letter We mailed our order last Wednesday. magazine /m ə zi n/ noun 1. a paper, usually with pictures and printed on They mailed their catalogue to three glossy paper, which comes out regu- thousand customers in Europe. 2. same larly, every month or every week 2. a as email

mail drop 162 make-to-order mail drop / mel drɒp/ noun the mail- mail out / mel aυt/ verb to send pro- ing of promotional material to a large motional material by mail number of addresses mailout / mel aυt/ noun a piece of mailer / melə/ noun packaging made promotional material sent by direct of folded cardboard, used to mail items mail, usually accompanied by a letter which need protection a diskette which may be personalised mailer mailsort / melsɔ t/ noun computer mailing / melŋ/ noun the sending of software used by mailing companies to something by post the mailing of pub- sort mailings before they are sent to the licity material to buy a mailing list to post office, usually by using special la- pay a society or other organisation bels with barcodes money to buy the list of members so that Main Street / men stri t/ noun US you can use it to mail publicity material the most important street in a town, mailing house / melŋ haυs/ noun where the shops and banks are a company which specialises in carrying majority /mə d ɒrti/ noun more than out mailings for other companies half of a group mailing list / melŋ lst/ noun a list major selling idea / med ə selŋ of names and addresses of people who a diə/ adjective the central theme in an might be interested in a product, list of advertising campaign names and addresses of members of a society to build up a mailing list make /mek/ noun a brand or type of Your name is on our mailing list. product manufactured Japanese makes of cars a standard make of mailing tube / melŋ tju b/ noun a equipment What make is the new com- stiff cardboard or plastic tube, used for puter system or What’s the make of the mailing large pieces of paper such as new computer system? í verb 1. to pro- posters duce or to manufacture The workmen mail interview / mel ntəvju /, spent ten weeks making the table. The mail survey / mel s ve/ noun US factory makes three hundred cars a day. the sending of a questionnaire to respon- 2. to make a profit to have more dents by post for a survey Not enough money after a deal consumers responded to the mail inter- makegood / mek υd/ noun an ad- view. To encourage people to cooper- vertisement placed again in a magazine ate in the mail survey we’ll include a or newspaper free of charge, because a free sample with the questionnaire. mistake was made in it when it was pre- mail merge / mel m d / noun a viously published word-processing program that allows a make out /mek aυt/ verb to write standard form letter to be printed out to to make out an invoice The bill is a series of different names and made out to Smith & Co. to make out addresses a cheque to someone to write some- mail order / mel ɔ də/ noun a sys- one’s name on a cheque tem of buying and selling from a cata- maker / mekə/ noun in the VALS logue, placing orders and sending goods lifestyle classification, a practical, inde- by mail We bought our kitchen units pendent person who is interested in by mail order. products that are good value but not mail-order catalogue / mel ɔ də necessarily fashionable k t(ə)lɒ / noun a catalogue from make-to-order / mek tυ ɔ də/ which a customer can order items to be noun the making of goods or compo- sent by mail nents to fulfil an existing order (NOTE: mail-order selling / mel ɔ də Make-to-order products are made to selŋ/ noun selling by taking orders the customer’s specification, and are and supplying a product by post often processed in small batches.)

manage 163 managerial manage / m nd / verb 1. to direct ployees, usually senior managers and di- or to be in charge of to manage a de- rectors. Abbr MBO partment to manage a branch office 2. management by exception to manage property to look after / m nd mənt ba k sepʃən/ noun a rented property for the owner management system whereby deviations ‘…the research director will manage and direct from plans are located and corrected a team of graduate business analysts reporting on consumer behaviour throughout the UK’ management by objectives [Times] / m nd mənt ba əb d ektvz/ noun manageable / m nd əb(ə)l/ adjec- a way of managing a business by plan- tive which can be dealt with easily ning work for the managers to do and The problems which the company faces testing if it is completed correctly and are too large to be manageable by one on time person. management consultant / m nd mənt kən s ltənt/ noun a managed economy / m nd d person who gives advice on how to  kɒnəmi/ noun an economy that is manage a business controlled by a government management course management / m nd mənt/ noun / m nd mənt kɔ s/ noun a training 1. directing or running a business She course for managers studied management at university. Good management or efficient manage- management development ment is essential in a large organisa- / m nd mənt d veləpmənt/ noun tion. Bad management or inefficient the selection and training of potential management can ruin a business. a managers management graduate or a graduate in management team / m nd mənt management 2. a group of managers or ti m/ noun a group of all the managers directors The management has de- working in the same company cided to give everyone a pay increase. management technique ‘…the management says that the rate of / m nd mənt tek ni ks/ noun a way loss-making has come down and it expects of managing a business further improvement in the next few years’ [Financial Times] manager / m nd ə/ noun 1. the head of a department in a company management accountant She’s a department manager in an engi- / m nd mənt ə kaυntənt/ noun an neering company. Go and see the hu- accountant who prepares financial infor- man resources manager if you have a mation for managers so that they can problem. The production manager take decisions has been with the company for only two management accounting weeks. Our sales manager started as / m nd mənt ə kaυntŋ/ noun the a rep in London. 2. the person in charge preparation and use of financial infor- of a branch or shop Mr Smith is the mation to support management manager of our local Lloyds Bank. decisions The manager of our Lagos branch is in management accounts London for a series of meetings. ‘…the No. 1 managerial productivity problem in / m nd mənt ə kaυnts/ plural noun America is managers who are out of touch with financial information prepared for a their people and out of touch with their manager so that decisions can be made, customers’ [Fortune] including monthly or quarterly financial managerial / m nə d əriəl/ adjec- statements, often in great detail, with tive referring to managers All the analysis of actual performance against managerial staff are sent for training the budget every year. to be appointed to a management buyout managerial position to be appointed a / m nd mənt baaυt/ noun the take- manager decisions taken at manage- over of a company by a group of em- rial level decisions taken by managers

managership 164 margin managership / m nd əʃp/ noun manufactured goods / m nju- the job of being a manager After six f ktʃəd υdz/ plural noun items years, she was offered the managership which are made by machine of a branch in Scotland. manufacturer / m njυ f ktʃərə/ managing director / m nəd ŋ noun a person or company that produces da rektə/ noun the director who is in machine-made products a big Indian charge of a whole company. Abbr MD cotton manufacturer Foreign manufacturers have set up factories here. mandatory / m ndət(ə)ri/ adjective required by law or stipulated in a manufacturer’s agent /m njυ- contract f ktʃərəz ed ənt/ noun a person ‘…the wage talks are focusing on employment who sells on behalf of a manufacturer issues such as sharing of work among and earns a commission employees and extension of employment manufacturer’s brand /m njυ- beyond the mandatory retirement age of 60 years’ [Nikkei Weekly] f ktʃərəz br nd/ noun a brand which belongs to the manufacturer and mandatory blurb / m ndət(ə)ri has the same name bl b/, mandatory copy manufacturer’s recommended / m ndət(ə)ri kɒpi/ noun certain price /m njυ f ktʃərəz words which are required by law to be rekəmendd pras/ noun a price at included in an advertisement, e.g. a which the manufacturer suggests the health warning on cigarette product should be sold on the retail mar- advertisements ket, which is often reduced by the re- manifest / m nfest/ noun a list of tailer ‘All china – 20% off the goods in a shipment manufacturer’s recommended price’ Abbr MRP mannequin / m nkn/ noun a model of a person, used to display manufacturing / m njυ f ktʃərŋ/ clothes in a shop window or inside a noun the production of machine-made store products for sale We must try to reduce the manufacturing overheads. manpower / m npaυə/ noun the Manufacturing processes are continu- number of employees in an organisa- ally being updated. tion, industry or country manufacturing capacity / m njυ- manpower forecasting f ktʃərŋ kə p sti/ noun the amount / m npaυə fɔ kɑ stŋ/ noun calculat- of a product which a factory is capable ing how many employees will be of making needed in the future, and how many will manufacturing industries actually be available / m njυ f ktʃərŋ ndəstriz/ plural manpower planning / m npaυə noun industries which take raw materi- pl nŋ/ noun the process of planning als and make them into finished to obtain the right number of employees products in each job map /m p/ noun a chart which shows manpower requirements a geographical area / m npaυə r kwaəmənts/, man- mapping / m pŋ/ noun the drawing power needs / m npaυə ni dz/ plural up of a map of an area noun the number of employees needed margin / mɑ d n/ noun 1. the differ- manufacture /m njυ f ktʃə/ verb ence between the money received when to make a product for sale, using ma- selling a product and the money paid for chines manufactured goods The it we are cutting our margins very company manufactures spare parts for fine we are reducing our margins to the cars. í noun the making of a product smallest possible in order to be competi- for sale, using machines products of tive our margins have been foreign manufacture products made in squeezed profits have been reduced be- foreign countries cause our margins have to be smaller to

marginal 165 market stay competitive 2. extra space or time marine insurance /mə ri n n- allowed ʃυərəns/ noun the insurance of ships ‘…profit margins in the industries most exposed and their cargoes to foreign competition – machinery, transportation equipment and electrical goods – marine underwriter /mə ri n are significantly worse than usual’ ndəratə/ noun a person or company [Australian Financial Review] that insures ships and their cargoes marginal / mɑ d n(ə)l/ adjective 1. maritime / (adjective), m rtam/ hardly worth the money paid 2. not very adjective referring to the sea profitable a marginal return on in- maritime lawyer / m rtam lɔ jə/ vestment 3. hardly worth the money noun a lawyer who specialises in legal paid matters concerning ships and cargoes ‘…pensioner groups claim that pensioners have the highest marginal rates of tax. Income earned maritime trade / m rtam tred/ by pensioners above $30 a week is taxed at 62.5 noun the transporting of commercial per cent, more than the highest marginal rate’ goods by sea [Australian Financial Review] mark /mɑ k/ noun 1. a sign put on an marginal cost / mɑ d n(ə)l kɒst/ item to show something 2. money for- noun the cost of making a single extra merly used in Germany The price was unit above the number already planned twenty-five marks. The mark rose marginal cost pricing against the dollar. (NOTE: usually writ- / mɑ d n(ə)l kɒst prasŋ/ noun a ten DM after a figure: 25DM. Also pricing method that involves fixing a called Deutschmark, D-Mark) í verb price per unit that covers marginal costs to put a sign on something to mark a and makes an acceptable contribution to product ‘for export only’ an article fixed costs marked at £1.50 She used a black pen marginal land / mɑ d n(ə)l l nd/ to mark the price on the book. noun land which is almost not worth mark down / mɑ k daυn/ verb to farming make the price of something lower marginal pricing / mɑ d n(ə)l mark-down / mɑ kdaυn/ noun 1. a prasŋ/ noun the practice of basing the reduction of the price of something to selling price of a product on its variable less than its usual price 2. the percent- costs of production plus a margin, but age amount by which a price has been excluding fixed costs lowered There has been a 30% marginal productivity mark-down on all goods in the sale. / mɑ d n(ə)l prɒd k tvti/ noun ex- marked price /mɑ kt pras/ noun tra productivity achieved by the use of the price which is marked on or attached one more factor of production to an article for sale marginal purchase / mɑ d n(ə)l market / mɑ kt/ noun 1. a place, of- p tʃs/ noun something which a buyer ten in the open air where farm produce feels is only just worth buying and household goods are sold The fish marginal revenue / mɑ d n(ə)l market is held every Thursday. The revenju / noun the income from sell- open-air market is held in the central ing a single extra unit above the number square. Here are this week’s market already sold prices for sheep. 2. an area where a marginal utility / mɑ d n(ə)l ju - product might be sold or the group of tlti/ noun satisfaction gained from us- people who might buy a product 3. the ing one more unit of a product possible sales of a specific product or demand for a specific product The margin of error / mɑ d n əv erə/ market for home computers has fallen noun the number of mistakes which can sharply. We have 20% of the British be accepted in a document or in a car market. There’s no market for calculation electric typewriters. 4. to pay black marine /mə ri n/ adjective referring to market prices to pay high prices to get the sea items which are not easily available í

marketable 166 market forces verb to sell a product This product is market-driven / mɑ kt drv(ə)n/ being marketed in all European adjective which is driven by market countries. forces ‘…market analysts described the falls in the market dues / mɑ kt dju z/ plural second half of last week as a technical correction to a market which had been pushed noun the rent to be paid for a stall in a by demand to over the 900 index level’ market [Australian Financial Review] market economist / mɑ kt marketable / mɑ ktəb(ə)l/ adjective  kɒnəmst/ noun a person who which can be sold easily specialises in the study of financial market analysis / mɑ kt structures and the return on investments ə n ləss/ noun the detailed examina- in the stock market tion and report of a market market economy / mɑ kt market area / mɑ kt eəriə/ noun a  kɒnəmi/ noun an economy in which geographical area which represents a there is a free market in goods and particular market, e.g. a TV viewing services area or a representative’s territory marketeer / mɑ k tə/ noun same as market build-up method / mɑ kt marketer bld p meθəd/ noun a method of as- marketer / mɑ ktə/ noun a person or sessing the sales potential of a product company that carries out marketing ac- by adding up the number of potential tivities The company has been in buyers in each market segment manufacturing for ten years, and is now market challenger strategy becoming a marketer of its own prod- / mɑ kt tʃ lnd ə str təd i/ noun ucts as well. Most direct marketers a strategy adopted by a company which support the Post Office, which is almost is challenging the market leaders the sole channel for their services. through pricing, promotion or product marketface / mɑ ktfes/ noun the design It’s a new aggressive company point of contact between suppliers and adopting a market challenger strategy. their customers market coverage / mɑ kt market-facing enterprise / mɑ kt k v(ə)rd / noun a market share or fesŋ entəpraz/ noun an organisa- measurement of what proportion of the tion that is sensitive to the needs of its sales of an article is accounted for by a markets and customers and arranges its particular brand The marketing direc- activities with them in mind tor’s brief was to increase market cov- market factor analysis / mɑ kt erage by at least ten per cent. f ktə ə n ləss/ noun a forecasting market day / mɑ kt de/ noun the method which concentrates on key mar- day when a market is regularly held ket factors that are believed to affect Tuesday is market day, so the streets are demand closed to traffic. market follower strategy / mɑ kt market demand / mɑ kt d mɑ nd/ fɒləυə str təd i/ noun a strategy of a noun the total demand for a product in company which does not directly chal- the market Market demand for this lenge the market leaders, but attempts to product is falling, as fashions have benefit from their innovations and gain changed. a profitable corner of the market market development / mɑ kt d- Adopting a market follower strategy veləpmənt/ noun a strategy involving greatly reduces expenditure on research the search for and exploitation of new and development. markets for a product Market devel- market forces / mɑ kt fɔ sz/ opment for our tractors is part of the plural noun the influences on the sales company’s growth strategy. of a product which bring about a change in prices

market forecast 167 marketing objectives market forecast / mɑ kt fɔ kɑ st/ marketing consultancy / mɑ ktŋ noun a forecast of prices on the stock kən s ltənsi/ noun a firm which gives market specialist advice on marketing market fragmentation / mɑ kt marketing department / mɑ ktŋ fr mən teʃ(ə)n/ noun the splitting d pɑ tmənt/ noun the section of a of a market into many small segments, company dealing with marketing and which are more difficult to sell into sales market gap / mɑ kt p/ noun an marketing director / mɑ ktŋ da- opportunity to sell a product or service rektə/ noun a director who is responsi- which is needed but which no one has ble for an organisation’s marketing sold before. gap activities market hall / mɑ kt hɔ l/ noun the building in which a market is held marketing information system / mɑ ktŋ nfə meʃ(ə)n sstəm/ regularly noun computer software which analyses marketing / mɑ ktŋ/ noun the pro- marketing information and produces cess of identifying needs and satisfying material on which marketers can make these needs with suitable goods or ser- decisions vices, through product design, distribution and promotion, either as a business marketing intelligence / mɑ ktŋ or as a non-profit-making organisation n teld əns/ noun information about a ‘…reporting to the marketing director, the market that can help a marketing effort successful applicant will be responsible for the marketing management development of a training programme for the new sales force’ [Times] / mɑ ktŋ m nd mənt/ noun the organising of a company’s marketing marketing agreement / mɑ ktŋ ə ri mənt/ noun a contract by which marketing manager / mɑ ktŋ one company will market another com- m nd ə/ noun a person in charge of a pany’s products marketing department The marketing marketing audit / mɑ ktŋ ɔ dt/ manager has decided to start a new ad- noun an examination of the effective- vertising campaign. ness of a company’s marketing plans marketing mix / mɑ ktŋ mks/ marketing board / mɑ ktŋ bɔ d/ noun the combination of all the ele- noun an organisation set up by the gov- ments that make up marketing such as ernment or by a group of producers to price, distribution and advertising help producers to market a certain type Personal selling is a vital part of the of product company’s marketing mix. Compare the four P’s marketing budget / mɑ ktŋ b d t/ noun money set aside by an or- marketing model / mɑ ktŋ ganisation for its marketing activities mɒd(ə)l/ noun an overview of the en- marketing channels / mɑ ktŋ tire marketing process which can be tʃ n(ə)lz/ plural noun the means of shown graphically, often using a com- communicating a message involved in puter, and used to solve problems the process of marketing marketing myopia / mɑ ktŋ ma- marketing communications əυpiə/ noun a problem which occurs / mɑ ktŋ kəmju n keʃ(ə)nz/ plural when a business is ‘short-sighted’ and noun all methods of communicating only views the world from its own per- used in marketing, e.g. television, radio spective, and fails to see the point of and sales literature view of the customer marketing concept / mɑ ktŋ marketing objectives / mɑ ktŋ kɒnsept/ noun a business idea or phi- əb d ektvz/ plural noun aims set losophy based on the importance of for an organisation’s marketing profit, consumer satisfaction and the programme, including sales, market welfare of the general public share, and profitability

marketing plan 168 market potential marketing plan / mɑ ktŋ pl n/ marketmaker / mɑ ktmekə/ noun noun a plan, usually annual, for a com- a person who buys or sells shares on the pany’s marketing activities, specifying stock market and offers to do so in a cer- expenditure and expected revenue and tain list of securities (a marketmaker op- profits Has this year’s marketing plan erates a book, listing the securities he or been drawn up yet? The marketing she is willing to buy or sell, and makes plan is flexible enough to allow for an his or her money by charging a commis- increase in advertising costs. sion on each transaction) marketing planning / mɑ ktŋ market map / mɑ kt m p/ noun a pl nŋ/ noun making a plan for a com- graph showing the structure of a market pany’s marketing activities, specifying in terms of the number and type of con- expenditure and expected revenue and sumers and the activity of competitors profits One look at the market map shows we marketing policy / mɑ ktŋ are aiming at the wrong target market. pɒlsi/ noun the basic attitudes under- market niche / mɑ kt ni ʃ/ noun a lying a company’s marketing activities particular segment or specialised area of marketing research / mɑ ktŋ r- a market In producing this unusual s tʃ/ noun all research carried out in product, the company has found itself a the interests of successful marketing, in- market niche. cluding market research, media research market opening / mɑ kt and product research əυp(ə)nŋ/ noun the possibility of marketing services / mɑ ktŋ starting to do business in a new market s vsz/ plural noun marketing func- market opportunity / mɑ kt ɒpə- tions other than selling, e.g. market re- tju nti/ noun the possibility of going search and advertising Our sales drive into a market for the first time is supported by well-developed and ef- market penetration / mɑ kt fective marketing services. pen treʃ(ə)n/ noun the percentage of marketing strategy / mɑ ktŋ a total market which the sales of a com- str təd i/ noun a strategy or plan for pany cover marketing activities What marketing market penetration pricing strategy should be adopted to reach / mɑ kt pen treʃ(ə)n prasŋ/ noun these long-term objectives? The mar- pricing a product low enough to achieve keting strategy was one of expansion market penetration through diversification and market development. marketplace / mɑ ktples/ noun 1. the open space in the middle of a town market intelligence / mɑ kt n- where a market is held You can park teld əns/ noun information about a in the marketplace when there is no market that can help a marketing effort market. 2. the situation and environment market leader / mɑ kt li də/ noun in which goods are sold Our salespeo- the company with the largest market ple find life difficult in the marketplace. share We are the market leader in What’s the reaction to the new car in home computers. the marketplace? What’s the market- ‘…market leaders may benefit from scale place reaction to the new car? economies or other cost advantages; they may ‘…most discounted fares are sold by bucket enjoy a reputation for quality simply by being at shops but in today’s competitive marketplace the top, or they may actually produce a superior any agent can supply them’ [Business Traveller] product that gives them both a large market share and high profits’ [Accountancy] market position / mɑ kt pə- market leader strategy / mɑ kt zʃ(ə)n/ noun the place a company li də str təd i/ noun a strategy of a holds in a market company which is a market leader and market potential / mɑ kt pə- wants to maintain a dominant market tenʃəl/ noun the sales of a product that share or to keep its reputation as an should be achieved with the right kind innovator of marketing effort The product is

market power 169 mass promising but has not yet achieved its full market is organised, including the con- market potential. centration of suppliers or consumers, the market power / mɑ kt paυə/ noun ease of entry or barriers to entry, and the the power of a business within a market, competitiveness of players in the market usually based on the firm’s market market survey / mɑ kt s ve/ position noun a survey or general report on mar- market price / mɑ kt pras/ noun ket conditions The market survey sug- the price at which a product can be sold gests that there is no longer much market profile / mɑ kt prəυfal/ demand for this type of product. noun the basic characteristics of a par- market targeting / mɑ kt ticular market tɑ tŋ/ noun planning how to sell a market rate / mɑ kt ret/ noun the product or service into a particular normal price in the market We pay the market market rate for secretaries or We pay market test / mɑ kt test/ noun an secretaries the market rate examination to see if a sample of a prod- ‘…after the prime rate cut yesterday, there was a uct will sell in a market further fall in short-term market rates’ [Financial Times] market trends / mɑ kt trendz/ plural noun gradual changes taking market research / mɑ kt r s tʃ/ noun the process of examining the pos- place in a market sible sales of a product and the possible market value / mɑ kt v lju / noun customers for it before it is put on the value of an asset, a share, a product or a market company if sold today market sector / mɑ kt sektə/ noun mark up / mɑ k p/ verb to increase a particular section of a market, espe- the price of something cially an area into which a firm sells mark-up / mɑ k p/ noun 1. an in- market segment / mɑ kt crease in price We put into effect a se mənt/ noun a group of consumers 10% mark-up of all prices in June. in a market who are definable by their Since I was last in the store they have particular needs put at least a 10% mark-up on the whole market segmentation / mɑ kt range of items. 2. the difference be- se men teʃ(ə)n/ noun the division of tween the cost of a product or service the market or consumers into categories and its selling price (NOTE: Mark-up is according to their buying habits Our often calculated as a percentage of the strategy is based on satisfying the de- production and overhead costs, and mands of many different types of buyer represents the profit made on the prod- and therefore requires thorough market uct or service.) we work to a 3.5 segmentation. times mark-up or to a 350% mark-up we take the unit cost and multiply by 3.5 market share / mɑ kt ʃeə/ noun to give the selling price the percentage of a total market which the sales of a company’s product cover mark-up percentage / mɑ k p pə- We hope our new product range will sentd / noun the mark-up expressed increase our market share. as a percentage either of the cost price market specialist / mɑ kt or of the selling price What’s the speʃəlst/ noun a person who concen- mark-up percentage on these items? trates on a few markets, and has an ex- marque /mɑ k/ noun a famous brand pertise in the media industry in these name for a car, e.g. Jaguar, MG, or markets Ferrari market stall / mɑ kt stɔ l/ noun a mart /mɑ t/ noun a place where things light wooden stand where a trader sells are sold goods in a market mass /m s/ noun 1. a large group of market structure / mɑ kt people 2. a large number We have a str ktʃə/ noun the way in which a mass of letters or masses of letters to

mass customisation 170 maximisation write. They received a mass of orders box and a set of links to important areas or masses of orders after the TV of the website commercials. matched sample / m tʃd mass customisation /m s sɑ mpəl/ noun the use of two samples k stəma zeʃ(ə)n/ noun a process that of people with the same characteristics allows a standard, mass-produced item, to compare reactions to different prod- e.g., a bicycle, to be altered to fit the ucts in tests specific requirements of individual material /mə təriəl/ noun a sub- customers stance which can be used to make a fin- mass market /m s mɑ kt/ noun ished product materials control a the whole market, consisting of a very system to check that a company has large number of customers enough materials in stock to do its work mass marketing /m s mɑ ktŋ/ materials handling the moving of noun marketing which aims at reaching materials from one part of a factory to large numbers of people another in an efficient way ‘…in the good old days of mass marketing, the matrix / metrks/ noun an arrange- things marketers did to attract new customers ment of data in horizontal and vertical tended to be the same as the things they did to keep existing customers – competitive prices, columns (NOTE: plural is matrices) high quality and good service’ matrix management / metrks [Marketing Week] m nd mənt/ noun management that mass media /m s mi diə/ noun the operates both through the hierarchical means of communication by which chain of command within the organisa- large numbers of people are reached, tion, and through relationships at the e.g. radio, television or newspapers same level with other managers working mass-produce / m s prə dju s/ in other locations or on different prod- verb to manufacture identical products ucts or projects in large quantities to mass-produce mature /mə tʃυə/ adjective mature cars economy a fully developed economy í master / mɑ stə/ adjective main or verb to become due bills which ma- original master budget a budget pre- ture in three weeks’ time bills which pared by amalgamating budgets from will be due for payment in three weeks various profit and cost centres such as mature market /mə tʃυə mɑ kt/ sales, production, marketing or adminis- noun a well-established market, with lit- tration in order to provide a main budget tle potential for increased sales for the whole company the master copy of a file the main copy of a com- maturity /mə tʃυərti/ noun the third puter file, kept for security purposes stage in a product life cycle when a product is well established in the market master franchise / mɑ stə though no longer enjoying increasing fr ntʃaz/ noun a franchise given to a sales, after which sooner or later it will single entrepreneur who then sells sub- start to decline sidiary franchises to others maximal awareness / m ksməl Master of Business Administra- ə weənəs/ noun the point at which a tion (MBA) noun full form of MBA consumer is convinced enough by a master sample / mɑ stə sɑ mpəl/ product’s advertising to buy the product noun a collection of basic sampling The marketing director considered units (such as parliamentary constituen- the advertisement’s message too weak cies) compiled by research organisations to achieve maximal awareness. to help a company’s market research maximisation / m ksma- masthead / mɑ sthed/ noun the area zeʃ(ə)n/, maximization noun the pro- at the top of a webpage, which usually cess of making something as large as contains the logo of the organisation possible profit maximisation or that owns the page, and often a search maximiatison of profit

maximise 171 media event maximise / m ksmaz/, maximize Such a level of investment is beyond the verb to make as large as possible Our means of a small private company. aim is to maximie sprofits. The coop- means test / mi nz test/ noun an in- eration of the workforce will be needed quiry into how much money someone if we are to maximise production. He earns to see if they are eligible for state is paid on results, and so has to work benefits flat out to maximise his earnings. mechanical /m k nk(ə)l/ adjective maximum / m ksməm/ noun the worked by a machine a mechanical largest possible number, price or quan- pump tity It is the maximum the insurance mechanical data /m k nk(ə)l company will pay. up to a maximum detə/ noun information regarding the of £10 no more than £10 to increase printing of newspapers or magazines, exports to the maximum to increase e.g. format or column width exports as much as possible í adjective largest possible 40% is the maximum media / mi diə/ noun the means of income tax rate or the maximum rate of communicating a message about a prod- tax. The maximum load for the truck uct or service to the public (NOTE: me- is one ton. Maximum production lev- dia is followed by a singular or plural els were reached last week. to in- verb) ‘…both advertisers and agencies agree that the crease production to the maximum media owners do their bit to keep advertisers level to increase it as much as possible well informed’ [Marketing Workshop] maximum price / m ksməm ‘…media costs represent a major expense for pras/ noun the highest legal price for a advertisers’ [Marketing] product The government insists on media broker / mi diə brəυkə/ such a low maximum price that we’ll noun a business which offers organisa- never break even. Demand for the tions a media-buying service and possi- product is so low that no company is bly additional services such as media charging the maximum price. planning MBA / em bi e/ noun a degree media buyer / mi diə baə/ noun a awarded to graduates who have com- person in an advertising agency who pleted a further course in business stud- places advertisements in the media on ies. Full form Master of Business behalf of clients Administration media buying / mi diə baŋ/ noun m-commerce / em kɒm s/ noun the placing of advertisements in the me- marketing functions other than selling, dia on behalf of an organisation Effi- e.g. market research and advertising cient media buying is impossible without a good knowledge of compara- mean /mi n/ adjective average The tive media costs. mean annual increase in sales is 3.20%. í noun the average or number calcu- media class / mi diə klɑ s/ noun a lated by adding several quantities to- basic type of medium, e.g. TV, radio or gether and dividing by the number of the press quantities added Unit sales are over media coverage / mi diə the mean for the first quarter or above k v(ə)rd / noun reports about some- the first-quarter mean. thing in the media We got good media coverage for the launch of the new means /mi nz/ noun a way of doing model. something Air freight is the fastest means of getting stock to South Amer- media data form / mi diə detə ica. Do we have any means of copying fɔ m/ noun a document giving basic all these documents quickly? Bank data or information about a publication transfer is the easiest means of payment. such as circulation, readership and geo- (NOTE: plural is same) í plural noun graphical distribution money or resources The company has media event / mi diə  vent/ noun a the means to launch the new product. happening which is staged by or organ-

media independent 172 merchandise ised so as to attract the attention of the media selection / mi diə s lekʃən/ mass media noun the process of choosing the right type of media for a promotional cam- media independent / mi diə nd- paign The agency will give us guid- pendənt/, media shop / mi diə ʃɒp/ ance on media selection. noun a business which offers organisations a media-buying service, but with- media service / mi diə s vs/ out the creative services usually offered noun an organisation which provides by advertising agencies the full range of media functions to its clients median / mi diən/ noun the middle number in a list of numbers media shop / mi diə ʃɒp/ noun same as media independent media objectives / mi diə əb- d ektvz/ plural noun aims which an media strategy / mi diə str təd i/ advertiser has in advertising through the noun action plans for achieving media media objectives media option / mi diə ɒpʃən/ noun media vehicle / mi diə vi k(ə)l/ a single unit of advertising space or time noun the specific programme or publication used to carry an advertising media organizations / mi diə message ɔ əna zeʃ(ə)nz/ plural noun organisations whose aim is to provide infor- medium / mi diəm/ noun one particu- mation or entertainment to their lar means of communicating informa- subscribers, viewers, or readers while at tion to the public (NOTE: plural is the same offering marketers a way of media) reaching audiences with print and medium-term / mi diəm t m/ ad- broadcast messages jective referring to a point between short media owner / mi diə əυnə/ noun a term and long term medium-term person or company that owns a maga- forecast a forecast for two or three zine or newspaper or radio or TV station years media plan / mi diə pl n/ noun a megastore / me əstɔ / noun a very plan showing what type of media will be large store used and how much advertising will be mercantile / m kəntal/ adjective done and when commercial mercantile country a media planner / mi diə pl nə/ country which earns income from trade noun a person who deals with media mercantile law laws relating to planning business media planning / mi diə pl nŋ/ mercantile agent / m kəntal noun a strategy concerned with what ed ənt/ noun a person who sells on type of media should be used and how behalf of a business or another person much advertising should be done and and earns a commission when The marketing manager and mercantile marine / m kəntal media buyer are having a media plan- mə ri n/ noun all the commercial ships ning session. Proper media planning of a country avoids overexpenditure on promotion. mercantile paper / m kəntal media research / mi diə r s tʃ/ pepə/ noun a negotiable document noun the study or evaluation of a target used in commerce audience in order to improve an organi- merchandise noun / m tʃəndaz/ sation’s promotional activities goods which are for sale or which have media schedule / mi diə ʃed u l/ been sold The merchandise is shipped noun all the details of advertising to be through two ports. í verb to sell goods used in a promotional campaign, e.g. the by a wide variety of means, such as dis- timing and positioning of play, advertising or sending samples advertisements to merchandise a product

merchandise 173 microenvironment ‘…fill huge warehouses with large quantities merger / m d ə/ noun the joining to- but limited assortments of top-brand, first-quality merchandise and sell the goods at gether of two or more companies As a rock-bottom prices’ [Duns Business Month] result of the merger, the company is now the largest in the field. merchandise2 / m tʃəndaz/, merchandize verb to sell goods by a message / mesd / noun 1. a piece of wide variety of means, such as display, news which is sent to someone He advertising or sending samples to says he never received the message. merchandise a product I’ll leave a message with her secretary. 2. an idea that is communicated by pro- merchandising / m tʃəndazŋ/, motion The agency was given clear merchandizing noun the process of or- instructions as to what message the ad- ganising the display and promotion of vertisement should convey. Few peo- goods in retail outlets the ple interviewed in the survey knew what merchandising of a product the the advertisement’s message was sup- merchandising department posed to be. The message on the merchandiser / m tʃəndazə/ poster was conveyed in only three noun a person or company that words. organises the display and promotion of message effect / mesd  fekt/ goods noun the effect of an advertisement’s merchant / m tʃənt/ noun a busi- message on the target audience The nessperson who buys and sells, espe- message effect was lost because so cially one who buys imported goods in many people didn’t understand the joke bulk for retail sale a coal merchant used in the advertisement. After the a wine merchant campaign we’ll try to assess what the merchantable / m tʃəntəb(ə)l/ ad- message effect has been. jective of good enough quality for sale metamarketing / metəmɑ ktŋ/ and use noun US marketing applied to all kinds merchant account / m tʃənt of organisations, such as hospitals, ə kaυnt/ noun an account opened by an churches and religions, as well as to e-merchant at a financial institution to profit-making concerns receive the proceeds of credit-card me-too product /mi tu prɒd kt/ transactions noun a product which is a very similar merchant bank / m tʃənt b ŋk/ to an existing market leader noun a bank which arranges loans to metro area / metrəυ eəriə/ noun the companies, deals in international fi- central part of a large city nance, buys and sells shares, launches new companies on the Stock Exchange, micro- /makrəυ/ prefix very small but does not provide normal banking microeconomics / makrəυ i kə- services to the general public nɒmks/ noun the study of the eco- merchanting / m tʃəntŋ/ noun the nomics of people or single companies. action of buying and selling Compare macroeconomics micro- merchantman / m tʃəntmən/ noun economic trends trends in a country’s a commercial ship economy, e.g. consumer income and patterns of spending, wages, savings, or merchant marine / m tʃənt mə- debt ri n/ noun all the commercial ships of a country microenvironment / makrəυ n- varənmənt/ noun the elements or fac- merge /m d / verb to join together tors outside a business organisation The two companies have merged. The which directly affect it, such as supply firm merged with its main competitor. of raw materials, demand for its prod- merge-purge / m d p d / noun ucts and rival companies Unreliability combining two mailing lists and check- of suppliers is one the greatest problems ing to remove duplicate addresses in our microenvironment.

micromarketing 174 model micromarketing / makrəυ missionary salesperson mɑ ktŋ/ prefix the study of the mar- / mʃ(ə)n(ə)ri selzp s(ə)n/ noun a keting strategy of an individual business salesperson who approaches a new mar- middleman / md(ə)l m n/ noun a ket with a product businessperson who buys from the man- missionary selling / mʃ(ə)n(ə)ri ufacturer and sells to retailers or to the selŋ/ noun the act of approaching new public We sell direct from the factory customers with a product We have to the customer and cut out the middle- never sold there before, so be prepared man. (NOTE: plural is middlemen) for missionary selling. Some sales military hardware / mlt(ə)ri reps are not aggressive enough for mis- hɑ dweə/ noun military equipment, sionary selling. e.g. guns, rockets and tanks mission statement / mʃ(ə)n milk /mlk/ verb to make as much stetmənt/ noun a short statement of profit for as long as possible from a par- the reasons for the existence of an ticular product or service We intend to organisation milk the product hard for the next two mix /mks/ noun an arrangement of years, before it becomes obsolete. different things together mindset / mandset/ noun a way of mixed /mkst/ adjective made up of thinking or general attitude to things different sorts or of different types of mindshare / mandʃeə/ noun the things together density of the interconnects found by a mixed economy /mkst  kɒnəmi/ search engine, that is the number of noun a system which contains both na- pages that have links to a website tionalised industries and private minicontainer / mnikən tenə/ enterprise noun a small container mixed media / mkst mi diə/ plural minimarket / mni mɑ kt/ noun a noun various types of media used to- very small self-service store gether in a promotional campaign minimum frequency / mnməm mnemonic /n mɒnks/ noun a word, fri kwənsi/ noun the minimum num- sentence or little poem which helps you ber of exposures for an advertisement to remember something be effective mobile / məυbal/ adjective which mining concession / manŋ kən- can move about seʃ(ə)n/ noun the right to dig a mine on mock-up / mɒk p/ noun the model a piece of land of a new product for testing or to show miscellaneous / msə leniəs/ ad- to possible buyers The sales team jective various, mixed, or not all of the were shown a mock-up of the new car. same sort miscellaneous items on the mode /məυd/ noun a way of doing agenda a box of miscellaneous pieces something mode of payment the way of equipment Miscellaneous expendi- in which payment is made, e.g. cash or ture is not itemized in the accounts. cheque misrepresentation /ms reprzen- teʃ(ə)n/ noun the act of making a model / mɒd(ə)l/ noun 1. a small copy of something made to show what it will wrong statement in order to persuade look like when finished They showed someone to enter into a contract such as us a model of the new office building. 2. one for buying a product or service a style or type of product this is the mission / mʃ(ə)n/ noun a group of latest model The model on display is people going on a journey for a special last year’s. I drive a 2001 model purpose Range Rover. 3. a person whose job is missionary sales / mʃ(ə)n(ə)ri to wear new clothes to show them to selz/ plural noun a sales pitch where a possible buyers 4. description in the salesperson emphasises support services form of mathematical data í adjective rather than taking orders which is a perfect example to be copied

modem 175 monies a model agreement í verb to wear money to have a wage or salary to new clothes to show them to possible earn good money to have a large wage buyers She has decided on a career in or salary to lose money to make a modelling. (NOTE: modelling – mod- loss, not to make a profit the com- elled. The American spelling is model- pany has been losing money for ing – modeled) months the company has been working modem / məυdem/ noun the device at a loss for months to get your which links a computer to a telephone money back to make enough profit to line, allowing data to be sent from one cover your original investment to computer to another make money to make a profit to put money into the bank to deposit money modification / mɒdf keʃ(ə)n/ into a bank account to put money noun a change The board wanted to into a business to invest money in a make or to carry out modifications to business She put all her redundancy the plan. The new model has had sev- money into a shop. to put money eral important modifications. The cli- down to pay cash, especially as a de- ent pressed for modifications to the posit We put £25 down and paid the contract. rest in instalments. money up front modified rebuy / mɒdfad ri ba/ payment in advance They are asking noun a buying decision where either the for £10,000 up front before they will product or the supplier has changed consider the deal. He had to put from the time of the previous purchase money up front before he could clinch modify / mɒdfa/ verb to change or the deal. to make something fit a different use money-back guarantee / m ni The car will have to be modified to pass b k rən ti /, money-back offer the government tests. The refrigerator / m ni b k ɒfə / noun a guarantee was considerably modified before it that money will be paid back to custom- went into production. ers who are not satisfied with their modular / mɒdjυlə/ adjective made purchases of various sections money-making / m ni mekŋ/ ad- mom-and-pop operation / mɒm jective which makes money a ən pɒp ɒpə reʃ(ə)n/ noun US a small money-making plan business owned and run by a couple money-off coupon / m ni ɒf monadic test /mɒ n dk test/ noun ku pɒn/ noun a coupon in a newspaper a product test involving only one or on a package which can be cut off product and used to claim a discount on the next purchase monetary / m nt(ə)ri/ adjective referring to money or currency money order / m ni ɔ də/ noun a ‘…a draft report on changes in the international document which can be bought for monetary system’ [Wall Street Journal] sending money through the post monetary policy / m nt(ə)ri money rates / m ni rets/ rates of pɒlsi/ noun the government’s policy interest for borrowers or lenders relating to finance, e.g. bank interest money-spinner / m ni spnə/ noun rates, taxes, government expenditure an item which sells very well or which and borrowing is very profitable The home-delivery ‘…the decision by the government to tighten monetary policy will push the annual inflation service has proved to be a real rate above the year’s previous high’ money-spinner. [Financial Times] money supply / m ni sə pla/ noun monetary standard / m nt(ə)ri the amount of money which exists in a st ndəd/ noun the fixing of a fixed ex- country change rate for a currency monies / m niz/ plural noun sums of money / m ni/ noun coins and notes money monies owing to the company used for buying and selling to earn to collect monies due

monopolisation 176 multi-dimensional scaling monopolisation /mə nɒpəla- most favoured nation /məυst zeʃ(ə)n/, monopolization noun the fevəd neʃ(ə)n/ noun a country process of making a monopoly which has the best trade terms monopolise /mə nɒpəlaz/, monop- motivate / məυtvet/ verb to encour- olize verb to create a monopoly or to age someone to do something, espe- get control of all the supply of a product cially to work or to sell highly monopolist /mə nɒpəlst/ noun a motivated sales staff sales staff who business which is the sole seller in a are very eager to sell market ‘…creative people aren’t necessarily motivated by money or titles, they may not want a larger monopolistic competition office or more work, they don’t often want more /mənɒpə lstk kɒmpə tʃ(ə)n/ noun a responsibility. They want to see their ideas implemented’ [Nation’s Business] situation where there are only a few producers who therefore control the market motivation / məυt veʃ(ə)n/ noun between them With only three suppli- 1. an encouragement to staff 2. eager- ers of cotton in the country it was a ness to work well or sell large quantities clear case of monopolistic competition. of a product the sales staff lack moti- monopoly /mə nɒpəli/ noun a situa- vation the sales staff are not eager tion where one person or company is the enough to sell only supplier of a particular product or motivation research /məυt- service to be in a monopoly situation veʃən r s tʃ/, motivational re- The company has the monopoly of im- search /məυt veʃən(ə)l r s tʃ/ ports of French wine. noun research designed to find out the monopoly profit /mə nɒpəli consumer’s motives for purchasing a prɒft/ noun profit earned by a busi- product or service ness through having a monopoly motive / məυtv/ noun something that forces someone to take a particular monopsonist /mə nɒpsənst/ noun action a sole buyer of a particular product or service move /mu v/ verb to be sold, or to sell Over Christmas the stock hardly monopsony /mə nɒpsəni/ noun a moved at all but noe it is finally starting situation where there is only one buyer to sell. The sales staff will have to for a particular product or service Mo- work hard if they want to move all that nopsony gives the buyer leverage in de- stock by the end of the month. manding a low price. moving averages / mu vŋ monthly / m nθli/ noun a magazine v(ə)rd z/ plural noun a method for which is published each month The working out averages while allowing for holidays were advertised in all the seasonal variations, in which the period monthlies. (NOTE: plural is monthlies) under consideration is moved forward at monthly sales report / m nθli regular intervals selz r pɔ t/ noun a report made every multi- /m lti/ prefix referring to many month showing the number of items things sold or the amount of money a company has received for selling stock In the multi-channel / m lt tʃ n(ə)l/ ad- sales reports all the European countries jective using both online and offline are bracketed together. Detailed sales methods of communication to do reports help the sales manager work out business an effective sales strategy. multi-channel system / m lt morphological analysis /mɔ fə- tʃ n(ə)l sstəm/ noun a distribution lɒd ik(ə)l ə n ləss/ noun a method system used by a producer which makes of identifying the most profitable mar- use of more than one distribution ket segments by exploring various di- channel mensions such as countries and market multi-dimensional scaling / m lt types da menʃ(ə)nəl skelŋ/ noun a

multilateral 177 mystery shopping method of carrying out market research, The questionnaire had eight multiple in which the respondents are given a choice questions, two dichotomous scale (usually 1 to 5) on which they base questions and one open question. their replies multiple correlation / m ltp(ə)l multilateral / m lti l t(ə)rəl/ adjec- kɒrə leʃ(ə)n/ noun a method for mea- tive between several parties a multi- suring the effect of several independent lateral agreement multilateral trade variables on one dependent variable trade between several countries multiple discriminant analysis multilevel marketing /m lti / m ltp(ə)l d skrmnənt ə n ləss/ lev(ə)l mɑ ktŋ/ noun same as net- noun a method for assessing products work marketing by separating out their various attrib- multimagazine deal / m ltim ə- utes, and estimating the relative values zi n di l/ plural noun a deal where dif- of these attributes to different market ferent publishers offer advertisers the segments. The whole process produces opportunity to buy space in their maga- an assessment of the general potential of zines at the same time a product. multiple pricing / m ltp(ə)l multimedia / m lti mi diə/ adjective prasŋ/ noun the practice of fixing the referring to several media used in a pro- same price for several different products ject We are going for an all-out multimedia advertising campaign. multiple regression analysis / m ltp(ə)l r reʃ(ə)n ə n ləss/ multimedia document / m lti- noun a method for discovering the rela- mi diə dɒkjυmənt/ noun an elec- tionship between several independent tronic document that contains interac- variables and one dependent variable tive material from a range of different media such as text, video, sound, graph- multiple store / m ltp(ə)l stɔ / ics, and animation noun one store in a chain of stores multinational / m lti n ʃ(ə)nəl/ multiplexing / m ltpleksŋ/ noun noun a company which has branches or an arrangement where several TV chan- subsidiary companies in several coun- nels are transmitted by one cable net- tries The company has been bought by work, or where several messages are one of the big multinationals. combined in the same transmission medium multi-pack offer / m lti p k ɒfə/ noun a special promotional offer in multi-stage sample /m lt sted which an extra pack is offered free, or at sɑ mpəl/ noun a sample selected by a reduced price, for each pack bought at ensuring equal proportions of various full price categories existing in the population and then using random sampling to select re- multiple / m ltp(ə)l/ adjective many spondents within these categories í noun a company with stores in sev- multitasking / m ltitɑ skŋ/ noun eral different towns performing several different tasks at the ‘…many independents took advantage of the bank holiday period when the big multiples same time were closed’ [The Grocer] mystery / mst(ə)ri/ noun something ‘…the multiple brought the price down to £2.49 which cannot be explained in some stores. We had not agreed to this deal mystery shopper / mst(ə)ri ʃɒpə/ and they sold out very rapidly. When they reordered we would not give it to them. This noun a person employed by a kind of activity is bad for the brand and we market-research company to visit shops cannot afford it’ [The Grocer] anonymously to test the quality of multiple choice question service / m ltp(ə)l tʃɔs kwetʃən/ noun a mystery shopping / mst(ə)ri type of question used in a survey which ʃɒpŋ/ noun shopping done by anony- allows the respondent to choose a single mous employees of a market-research answer from several possible ones company to test staff reactions, etc.

naira 178 natural N naira / narə/ noun currency used in throughout a whole country, not just in a Nigeria (NOTE: no plural; naira is usu- local area ally written N before figures: N2,000 National Debt / n ʃ(ə)nəl det/ say ‘two thousand naira’) noun money borrowed by a government name /nem/ noun the word used for national income / n ʃ(ə)nəl referring to a person, animal or thing I nk m/ noun the value of income from cannot remember the name of the man- the sales of goods and services in a aging director of Smith’s Ltd. His first country name is John, but I am not sure of his other names. under the name of us- nationalisation / n ʃ(ə)nəla- ing a particular name trading under zeʃ(ə)n/, nationalization noun the the name of ‘Best Foods’ using the taking over of private industry by the name ‘Best Foods’ as a commercial state name, and not the name of the company national launch / n ʃ(ə)nəl lɔ ntʃ/ named /nemd/ adjective the per- noun a launch of a product over the son named in the policy the person whole country at the same time, as op- whose name is given on an insurance posed to launching it in some areas only policy as the person insured national newspaper / n ʃ(ə)nəl nju zpepə/ noun a newspaper which narrowcasting / n rəυkɑ stŋ/ is sold throughout a whole country and noun the act of reaching only a small carries national and international news special audience through an electronic medium such as cable television national press / n ʃ(ə)nəl pres/ noun newspapers which sell in all parts nation / neʃ(ə)n/ noun a country and of the country The new car has been the people living in it advertised in the national press. national / n ʃ(ə)nəl/ adjective refer- national retailer / n ʃ(ə)nəl ring to the whole of a particular country ri telə/ noun a retailing company national advertising advertising in which has branches throughout a every part of a country, not just in the country capital We took national advertising to promote our new 24-hour delivery nationwide / neʃənwad/ adjective service. national campaign a sales or all over a country We offer a nation- publicity campaign in every part of a wide delivery service. The new car is country being launched with a nationwide sales campaign. national account / n ʃ(ə)nəl ə kaυnt/ noun a customer with natural / n tʃ(ə)rəl/ adjective 1. branches or offices all over the country found in the earth The offices are heated by natural gas. 2. not made by national advertiser / n ʃ(ə)nəl people They use only natural fibres dvətazə/ noun a company that ad- for their best cloths. 3. normal It was vertises in every part of a country, not only natural that the shopkeeper should just in the capital city feel annoyed when the hypermarket was national brand / n ʃ(ə)nəl br nd/ built close to his shop. It was natural noun a brand which is recognised for the workers to feel aggrieved when

natural break 179 negotiation the management decided to change pro- changed for cash ‘not negotiable’ duction methods without consultation. words written on a cheque to show that natural break / n tʃ(ə)rəl brek/ it can be paid only to a specific person noun a convenient or reasonable point negotiable cheque a cheque made pay- in a TV programme for a commercial able to bearer, i.e. to anyone who holds break it natural resources / n tʃ(ə)rəl r- negotiable instrument /n- zɔ sz/ plural noun raw materials əυʃiəb(ə)l nstrυmənt/ noun a doc- which are found in the earth, e.g. coal, ument which can be exchanged for cash, gas or iron e.g. a bill of exchange or a cheque navigation / n v eʃ(ə)n/ noun the negotiable paper /n əυʃiəb(ə)l action of guiding and steering, in partic- pepə/ noun a document which can be ular the graphics which lead users to dif- transferred from one owner to another ferent websites for cash necessity /nə sesti/ noun something negotiate /n əυʃiet/ verb to ne- which is vitally important, without gotiate with someone to discuss a prob- which nothing can be done or no one lem formally with someone, so as to can survive Being unemployed makes reach an agreement The management it difficult to afford even the basic ne- refused to negotiate with the union. to cessities. (NOTE: plural is necessities) negotiate terms and conditions or to necessity product /nə sesti negotiate a contract to discuss and prɒd kt/ noun an ordinary everyday agree the terms of a contract he nego- product which consumers tend not to tiated a £250,000 loan with the bank buy much more of as their incomes rise he came to an agreement with the bank Consumers find shopping for neces- for a loan of £250,000 sity products boring. Fancy packag- ‘…many of the large travel agency chains are ing will not increase sales of necessity able to negotiate even greater discounts’ products. [Duns Business Month] negative / ne ətv/ adjective mean- negotiated commission /n- ing ‘No’ the answer was in the nega- əυʃietd kə mʃ(ə)n/ noun commis- tive the answer was ‘no’ sion agreed with an advertising agency negative cash flow / ne ətv k ʃ before work starts, and which may be fləυ/ noun a situation where more different from standard commissions money is going out of a company than is negotiation /n əυʃi eʃ(ə)n/ noun coming in the discussion of terms and conditions negative demand / ne ətv d- in order to reach an agreement con- mɑ nd/ noun firm decisions by contract under negotiation a contract sumers not to buy a particular product which is being discussed a matter for Negative demand was due to offensive negotiation something which must be advertising. discussed before a decision is reached negative variance / ne ətv to enter into negotiations or to start veəriəns/ noun a difference between a negotiations to start discussing a prob- financial plan and its outcome that lem to resume negotiations to start means a less favourable profit than ex- discussing a problem again, after talks pected The unexpected increase in have stopped for a time to break off raw material prices meant a negative negotiations to stop discussing a prob- variance of $5000. A sudden fall in lem to conduct negotiations to nego- revenue resulted in a negative variance tiate negotiations broke down after for the year as a whole. six hours discussions stopped because negotiable /n əυʃiəb(ə)l/ adjective no agreement was possible which can be transferred from one per- ‘…after three days of tough negotiations, the son to another or exchanged for cash company reached agreement with its 1,200 unionized workers’ [Toronto Star] not negotiable which cannot be ex-

negotiator 180 neural network negotiator /n əυʃietə/ noun 1. a net sales /net selz/ plural noun person who discusses a problem with sales less damaged or returned items, the aim of achieving agreement between discounts to retailers, etc. different people or groups of people 2. a net weight /net wet/ noun the person who works in an estate agency weight of goods after deducting the nester / nestə/ noun a person who has packing material and container left the family home and is buying his or network / netw k/ noun a system her own home which links different points together í net /net/ adjective referring to a price, verb to link together in a network to weight, pay, etc., after all deductions network a television programme to have been made í verb to make a true send out the same television programme profit to net a profit of £10,000 (NOTE: through several TV stations netting – netted) network analysis / netw k ‘…out of its earnings a company will pay a ə n ləss/ noun an analysis of a project dividend. When shareholders receive this it will be net, that is it will have had tax deducted at 30 that charts the individual activities in- per cent’ [Investors Chronicle] volved, each with the time needed for its net cash flow /net k ʃ fləυ/ noun completion, so that the timing of the the difference between the money com- whole can be planned and controlled ing in and the money going out networked system / netw kt net circulation / net s kjυ- sstəm/ noun a computer system where leʃ(ə)n/ noun the total sales figure of a several PCs are linked together so that publication after adjusting for error and they all draw on the same database or discounting unsold copies use the same server net cover /net k və/ noun the pro- networking / netw kŋ/ noun keep- portion of a target audience exposed to ing in contact with former colleagues, an advertisement at least once school friends, etc., so that all the members of the group can help each other in net loss /net lɒs/ noun an actual loss, their careers after deducting overheads network marketing / netw k net margin /net mɑ d n/ noun the mɑ ktŋ/ noun a marketing campaign percentage difference between received carried out through a complete maga- price and all costs, including overheads zine network net names /net nemz/ plural noun network programming / netw k the names left in a mailing list after a prəυ r mŋ/ noun the practice of merge-purge has removed the duplicate scheduling TV programmes over the entries whole network net national product /net network society / netw k sə- n ʃ(ə)nəl prɒd kt/ noun the gross saəti/ noun a society that regularly national product less investment on cap- uses global networks for the purposes of ital goods and depreciation work, communication, and government net price /net pras/ noun the price net worth /net w θ/ adjective the of goods or services which cannot be re- value of all the property of a person or duced by a discount company after taking away what the net profit /net prɒft/ noun the person or company owes The amount by which income from sales is upmarket product is targeted at individ- larger than all expenditure uals of high net worth. net reach /net ri tʃ/ noun the total net yield /net ji ld/ noun profit from number of people who have seen an ad- investments after deduction of tax vertisement at least once neural network / njυərəl netw k/ net receipts /net r si ts/ plural noun noun a computer system designed to im- receipts after deducting commission, itate the nerve patterns of the human tax, discounts, etc. brain

never-never 181 nominal ledger never-never / nevə nevə/ noun buy- event which is sent to newspapers and ing on credit (informal ) . She bought TV and radio stations so that they can her car on the never-never. use it The company sent out a news new /nju / adjective recent or not old release about the new product launch. new buy /nju ba/ noun a type of or- news stand / nju z st nd/ noun a ganisational buying in which a com- small wooden shop on a pavement, for pletely new product is bought selling newspapers new entrant /nju entrənt/ noun a new technology /nju tek nɒləd i/ company which is going into a market noun electronic devices which have re- for the first time cently been invented new issues department /nju next matter /nekst m tə/, ʃu z d pɑ tmənt/ noun the section of next-to-reading matter / nekst tə a bank which deals with issues of new ri dŋ m tə/ noun advertising mate- shares rial placed next to editorial matter in a publication new product committee /nju prɒd kt kə mti/ noun a group of peo- niche /ni ʃ/ noun a special place in a ple from different departments in a com- market, occupied by one company (a pany who work together on a new ‘niche company’) They seem to have product development project The new discovered a niche in the market. product committee met regularly to niche market /ni ʃ mɑ kt/ noun monitor the progress in the product’s small speciality market, where there is development. little competition new product development /nju niche marketing /ni ʃ mɑ ktŋ/ prɒd kt d veləpmənt/ noun the pro- noun the promotion of a product aimed cess of developing completely new at one particular area of the market. products or improving existing ones concentrated marketing The company fell behind because it Nielsen Index / ni lsən ndeks/ an failed to invest enough in new product American publication belonging to A.C. development. Abbr NPD Nielsen, with a number of different re- news /nju z/ noun information about tail and wholesale audit services refer- things which have happened She al- ring to various types of outlet and ways reads the business news or finan- different areas of the country cial news first in the paper. Financial night rate / nat ret/ noun cheap rate markets were shocked by the news of the for telephone calls at night devaluation. nixies / nksiz/ plural noun US (infor- news agency / nju z ed ənsi/ mal ) 1. records that do not match a file . noun an office which distributes news to correctly 2. mail returned as unable to newspapers and television stations be delivered new season /nju si z(ə)n/ noun the no-change discount /nəυ tʃend start of the TV ‘year’, usually taken to dskaυnt/ noun a reduction in the price be the autumn and winter programming of an advertisement which uses the season same artwork as a previous one newsletter / nju zletə/ noun com- noise /nɔz/ noun a random signal pany newsletter a printed sheet or present in addition to any wanted signal, small newspaper giving news about a caused by static, temperature, power company supply, magnetic or electric fields and newspaper / nju zpepə/ noun a also from stars and the sun regular publication, usually daily or noise level / nɔz lev(ə)l/ noun the weekly, which gives items of general amount of unwanted information found news, sold to the general public when searching the Internet news release / nju z r li s/ noun a nominal ledger / nɒmn(ə)l led ə/ sheet giving information about a new noun a book which records a company’s

non- 182 non-verbal communication transactions in the various accounts channels that carry a message without (normally, all accounts except those re- involving any contact between the ad- lating to debtors, creditors and cash, vertiser and an individual customer which are kept in separate ledgers) non-price competition /nɒn pras non- /nɒn/ prefix not kɒmpə tʃ(ə)n/ noun an attempt to non-acceptance / nɒn ək septəns/ compete in a market through other noun a situation in which the person means than price such as quality of who is to pay a bill of exchange does not product and promotion accept it non-profit-making organisation non-business organisation /nɒn / nɒn prɒft mekŋ ɔ əna zeʃən/, bzns ɔ əna zeʃ(ə)n/ noun US an non-profit organisation /nɒn prɒft organisation (such as a club) which is ɔ əna zeʃ(ə)n/ noun an organisa- not allowed by law to make a profit tion (such as a club) which is not al- Though only a non-business organisa- lowed by law to make a profit tion, the charity used highly sophisti- Non-profit-making organisations are cated marketing techniques. He exempted from tax. (NOTE: Non-profit became a fundraiser for a non-business organisations include charities, pro- organisation. fessional associations, trade unions, and religious, arts, community, re- non-delivery /nɒn d lv(ə)r/ noun search, and campaigning bodies. The the failure to deliver goods that have American English is non-profit been ordered corporation.) non-directive interview /nɒn da- non-refundable /nɒn r f ndəb(ə)l/ rektv ntəvju /, non-directed inter- adjective which will not be refunded view /nɒn da rektd ntəvju / noun You will be asked to make a an interview in which the questions are non-refundable deposit. not set in advance and no fixed pattern is followed Non-directed interviews non-returnable /nɒn r t nəb(ə)l/ adjective which cannot be returned give candidates a good chance to show their creative potential. non-returnable packing /nɒn r- t nəb(ə)l p kŋ/ noun packing non-durables /nɒn djυərəb(ə)lz/, which is to be thrown away when it has non-durable goods /nɒn djυərəb(ə)l been used and not returned to the sender υdz/ plural noun goods which are used up soon after they have been bought, non-statistical error /nɒn stə- e.g. food or newspapers tstk(ə)l erə/ noun a distortion of the results of a survey owing to bias and non-franchise-building promo- mistakes made in conducting the survey tion /nɒn fr ntʃaz bldŋ prə- məυʃ(ə)nz/ noun sales promotion non-store retailing / nɒn stɔ aimed at increasing sales in the short ri telŋ/ noun the selling of goods and term, without increasing customer loy- services electronically without setting alty or repeat sales up a physical shop non-negotiable instrument /nɒn non-traditional media / nɒn trə- n əυʃəb(ə)l nstrυmənt/ noun a dʃ(ə)n(ə)l mi diə/ noun support document which cannot be exchanged media for cash, e.g. a crossed cheque non-verbal communication /nɒn non-payment /nɒn pemənt/ noun v b(ə)l kə mju n keʃ(ə)n/ noun non-payment of a debt the act of not any form of communication that is not paying a debt that is due expressed in words (NOTE: Non-verbal communication, which includes, for ex- non-personal /nɒn p s(ə)n(ə)l/ ample, body language, silence, failure adjective which does not apply to an in- or slowness to respond to a message dividual person and lateness in arriving for a meeting, non-personal channels /nɒn is estimated to make up 65–90% of all p s(ə)n(ə)l tʃ n(ə)lz/ plural noun communication.)

no returns policy 183 numeric data no returns policy /nəυ r t nz £200 on the 30th of each month until pɒlsi/ noun a trading policy where the further notice. 2. the time allowed be- supplier will not take back unsold mer- fore something takes place at short chandise in exchange for credit, and in notice with very little warning The return allows the retailer an extra bank manager will not see anyone at discount short notice. you must give seven normal / nɔ m(ə)l/ adjective usual or days’ notice of withdrawal you must which happens regularly Normal de- ask to take money out of the account liveries are made on Tuesdays and Fri- seven days before you want it days. Now that supply difficulties noticeboard / nəυtsbɔ d/ noun a have been resolved we hope to resume board fixed to a wall where notices can normal service as soon as possible. be put up Did you see the new list of under normal conditions if things prices on the noticeboard? work in the usual way Under normal noting / nəυtŋ/ noun the act of notic- conditions a package takes two days to ing, though not necessarily reading and get to Copenhagen. understanding, an advertisement in a normal distribution / nɔ m(ə)l publication dstr bju ʃ(ə)n/ noun a term used in noting score / nəυtŋ skɔ / noun the sampling theory, referring to the results percentage of total readers who note an of a sample and meaning a symmetrical advertisement The amount of adver- distribution of values around a mean or tising we will need to do depends on the average, so that you can be confident anticipated noting score. that the sample is properly representa- novelty / nɒv(ə)lti/ noun an original tive of the people being surveyed in a amusing article which is often bought as study a gift A novelty shop provided paper normal price / nɔ m(ə)l pras/ noun hats for parties. the price that can be expected for a NPD abbr new product development product under normal market conditions null /n l/ adjective 1. with no meaning normal product / nɔ m(ə)l 2. which cannot legally be enforced prɒd kt/ noun a product which people the contract was declared null and buy more of as their incomes rise and void the contract was said to be not less of as their incomes fall valid to render a decision null to normal profit / nɔ m(ə)l prɒft/ make a decision useless or to cancel it noun a minimum profit that can moti- nullification / n lf keʃ(ə)n/ noun vate a business to carry on a type of pro- an act of making something invalid duction or selling nullify / n lfa/ verb to make some- note /nəυt/ noun a short letter or short thing invalid or to cancel something piece of information to send someone (NOTE: nullifying- nullified) a note I left a note on her desk. í verb numeric /nju merk/, numerical to notice an advertisement in a publica- /nju merk(ə)l/ adjective referring to tion but not necessarily read or under- numbers in numerical order in the stand it order of figures, e.g. 1 before 2, 33 be- notice / nəυts/ noun 1. an official fore 34 File these invoices in numeri- warning that a contract is going to end cal order. or that terms are going to be changed numeric data /nju merk detə/ until further notice until different in- noun data in the form of figures structions are given You must pay

O&M 184 off O O & M abbr organisation and methods date because of progress in design or objective /əb d ektv/ noun some- technology, and therefore becoming less thing which you hope to achieve The useful or valuable company has achieved its objectives. obsolescent / ɒbsə les(ə)nt/ adjec- We set the sales forces specific objective becoming out of date tives. í adjective considered from a general point of view rather than from obsolete / ɒbsəli t/ adjective no lon- that of the person involved You must ger used Computer technology be objective in assessing the perfor- changes so fast that hardware soon be- mance of the staff. They have been comes obsolete. asked to carry out an objective survey of odd /ɒd/ adjective one of a group we the market. have a few odd boxes left we have a objective and task method /əb- few boxes left out of the total shipment d ektv meθəd/ noun a method of to do odd jobs to do various pieces of calculating an advertising appropriation work by setting objectives, deciding what odd-even pricing /ɒd i v(ə)n tasks are needed to achieve them and prasŋ/ noun the practice of using odd then calculating the actual costs numbers such as 0.95 or 0.99 or even involved numbers such as 1.00 or 2.50 when pric- obligation / ɒbl eʃ(ə)n/ noun 1. a ing, because this seems to be most effec- duty to do something There is no obli- tive psychologically in persuading gation to buy. two weeks’ free trial customers to buy Students can study without obligation the customer can try the psychological bases of odd-even the item at home for two weeks without pricing. having to buy it at the end of the test odd lot /ɒd lɒt/ noun a group of mis- to be under an obligation to do some- cellaneous items for sale at an auction thing to feel it is your duty to do some- oddments / ɒdmənts/ plural noun thing he is under no contractual 1. items left over 2. pieces of large items obligation to buy he has signed no con- sold separately tract which forces him to buy 2. a debt to meet your obligations to pay your odd number /ɒd n mbəz/ noun debts numbers which cannot be divided by observation method /ɒbzə veʃən two, e.g. 17 or 33 Buildings with odd meθəd/, observational research numbers are on the south side of the /ɒbzə veʃən(ə)l r s tʃ/ noun a mar- street ket research method that obtains infor- odd size /ɒd saz/ noun a size which mation through personal observation, is not usual rather than interviews The observa- off /ɒf/ adverb 1. not working or not in tion method does not tell you anything operation The agreement is off. about the consumers’ attitudes to the They called the strike off. 2. lower than product. a previous price The shares closed 2% obsolescence / ɒbsə les(ə)ns/ noun off. We give 5% off for quick settle- the process of a product going out of ment. í preposition subtracted from

off-card rate 185 off-the-peg research to take £25 off the price We give 10% official receiver /ə fʃ(ə)l r si və/ off our normal prices. noun a government official who is ap- ‘…its stock closed Monday at $21.875 a share in pointed to run a company which is in fi- NYSE composite trading, off 56% from its high nancial difficulties, to pay off its debts last July’ [Wall Street Journal] as far as possible, and to close it down off-card rate /ɒf kɑ d ret/ noun a The court appointed a receiver for the specially arranged price, lower than that company. The company is in the on the rate card, for advertising space or hands of the receiver. time The newspaper offered us an off-licence / ɒf las(ə)ns/ noun 1. a off-card rate for space which was still shop which sells alcohol for drinking at empty the day before publication. home 2. a licence to sell alcohol for offensive spending /ə fensv drinking away from the place where you spendŋ/ noun spending on advertising buy it which aims to attract users of a rival offload /ɒf ləυd/ verb to pass some- brand or to attack the competition thing which you do not want to someone offer / ɒfə/ noun 1. a statement that else to offload excess stock to try to you are willing to pay a specific amount sell excess stock to offload costs onto of money to buy something to make a subsidiary company to try to get a an offer for a company We made an subsidiary company to pay some offer of £10 a share. We made a writ- charges so as to reduce tax ten offer for the house. £1,000 is the off-peak /ɒf pi k/ adjective not dur- best offer I can make. We accepted an ing the most busy time offer of £1,000 for the car. the house off-peak period /ɒf pi k pəriəd/ is under offer someone has made an of- noun the time when business is less fer to buy the house and the offer has busy been accepted provisionally we are open to offers we are ready to discuss off-price label /ɒf pras leb(ə)l/ noun a label on a product which shows a the price which we are asking or near reduced price offer or or best offer US or an offer of a price which is slightly less than the off-season noun / ɒf si z(ə)n/ the price asked The car is for sale at less busy season for travel, usually dur- £2,000 or near offer. 2. a statement that ing the winter Air fares are cheaper in you are willing to sell something offer the off-season. for sale a situation where a company offset / ɒfset/ noun a method of print- advertises new shares for sale to the ing from a plate to a rubber surface and public as a way of launching the com- then to paper pany on the Stock Exchange. The other offset lithography / ɒfset l- ways of launching a company are a ‘ten- θɒ rəfi/ noun a printing process used der’ or a ‘placing’. 3. She received for printing books, where the ink sticks six offers of jobs/six job offers six to image areas on the plate and is trans- companies told her she could have a job ferred to an offset cylinder from which with them í verb 1. to say that you are it is printed on to the paper willing to pay a specific amount of money for something to offer some- off-the-page buying / ɒf ðə ped one £100,000 for their house She of- baŋ/ noun the buying of items which fered £10 a share. 2. to say that you are have been advertised in magazines or willing to sell something We offered newspapers the house for sale. They are offering off-the-peg /ɒf ðə pe / adjective, special prices on winter holidays in the adverb ready made in standard sizes, USA. and not fitted specially She buys all Office of Fair Trading / ɒfs əv feə her clothes off-the-peg. tredŋ/ noun a government depart- off-the-peg research /ɒf ðə pe r- ment which protects consumers against s tʃ/ noun the practice of taking re- unfair or illegal business. Abbr OFT search which has already been carried

oil-exporting country 186 open out in another context, and using it as one-time order / w n tam ɔ də/ the basis for taking particular decisions noun an order for an advertising spot for oil-exporting country / ɔl k- a particular time which is not scheduled spɔ tŋ k ntri/ noun country which to be repeated produces oil and sells it to others one-time rate /w n tam ret/ noun a special rate for an advertisement that oligopoly /ɒl ɒpəli/ noun a situa- is only placed once tion where only a few sellers control the market An oligopoly means that one-to-one / w n tə w n/ adjective prices can be kept high. where one person has to deal with one other person only oligopsony /ɒl ɒpsəni/ noun a situation where only a few buyers control one-to-one marketing / w n tə the market w n mɑ ktŋ/ noun marketing through a website which aims to estab- omnibus advertisement lish a personal relationship with a cus- / ɒmnbəs əd v tsmənt/ noun an ad- tomer, selling to each customer as an vertisement which covers several differ- individual and trying to differentiate be- ent products tween customers omnibus agreement / ɒmnbəs on-hold advertising /ɒn həυld ə ri mənt/ noun an agreement which dvətazŋ/ noun advertising to tele- covers many different items phone callers while they are waiting to omnibus research / ɒmnbəs r- be connected to the person they want to s tʃ/, omnibus survey / ɒmnbəs speak to, usually involving voice mes- s ve/ noun a survey to which several sages about the firm and its products companies subscribe, each adding spe- online /ɒn lan/ adverb linked directly cific questions of its own to a mainframe computer The sales oncosts / ɒnkɒsts/ plural noun office is online to the warehouse. We money spent in producing a product get our data online from the stock con- which does not rise with the quantity of trol department. the product made (NOTE: also called ‘…there may be a silver lining for ‘clicks-and-mortar’ stores that have both an fixed costs) online and a high street presence. Many of these one-sided /w n sadd/ adjective are accepting returns of goods purchased online at their traditional stores. This is a service that which favours one side and not the other may make them more popular as consumers in a negotiation a one-sided become more experienced online shoppers’ agreement [Financial Times] one-sided message /w n sadd online shopping / ɒnlan ʃɒpŋ/ mesd / noun a message which only noun same as electronic shopping gives the benefits of a product or service online shopping mall / ɒnlan one-step approach / w n step ʃɒpŋ mɔ l/ noun same as cyber mall ə prəυtʃ/ noun a form of direct market- on-pack promotion /ɒn p k prə- ing where advertisements are used to məυʃ(ə)n/ noun advertising material obtain orders directly on the outside of packaged goods We one-stop / w n stɒp ʃɒpŋ/ adjec- use on-pack promotion to stimulate buy- tive offering a wide range of services to ing at the point-of-sale. Our on-pack a customer, not necessarily services promotion is designed to complement which are related to the product or ser- the TV advertising campaign. vices which the company normally sells op-ed /ɒp ed/ noun in a newspaper, a one-stop shopping centre / w n page that has signed articles expressing stɒp ʃɒpŋ sentə/ noun a shopping personal opinions, usually found oppo- centre with a comprehensive choice of site the editorial page shops and supermarkets, designed to open / əυpən/ adjective ready to ac- cover all of a customer’s shopping cept something the job is open to all needs applicants anyone can apply for the job

open account 187 operant conditioning open to offers ready to accept a rea- licence for all goods which are subject sonable offer the company is open to to special import restrictions offers for the empty factory the com- opening / əυp(ə)nŋ/ noun 1. the act pany is ready to discuss an offer which of starting a new business the opening is lower than the suggested price í verb of a new branch the opening of a new to start a new business She has market or of a new distribution network opened a shop in the High Street. We 2. opportunity to do something í adjec- have opened a branch in London. tive being at the beginning, or the first open account / əυpən ə kaυnt/ of several noun an account where the supplier of- opening balance / əυp(ə)nŋ fers the purchaser credit without b ləns/ noun a balance at the begin- security ning of an accounting period open-air market / əυpən eə mɑ kt/ noun a market which is held opening bid / əυp(ə)nŋ bd/ noun on stalls in the open air the first bid at an auction open communication / əυpən opening entry / əυp(ə)nŋ entri/ kəmju n keʃ(ə)n/ noun a policy in- noun the first entry in an account tended to ensure that employees are able opening hours / əυp(ə)nŋ aυəz/ to find out everything they want to plural noun hours when a shop or busi- know about their organisation ness is open open credit / əυpən kredt/ noun opening sentence / əυp(ə)nŋ credit given to good customers without sentəns/ noun the first sentence in an security email open dating / əυpən detŋ/ noun opening stock / əυp(ə)nŋ stɒk/ the practice of putting the sell-by date noun the stock details at the beginning on a packet in an uncoded form which of an accounting period can be understood by the consumers open market / əυpən mɑ kt/ noun Open dating is considered by many to a market where anyone can buy or sell be an important feature of consumer protection in food products. open pricing / əυpən prasŋ/ noun the attempt by companies to achieve open-door policy / əυpən dɔ some cooperation and conformity in pɒlsi/ noun policy in which a country pricing Representatives from the ma- accepts imports from all other countries jor companies in the industry are meet- on equal terms ing to establish an open-pricing policy. open-ended / əυpən endd/ adjective with no fixed limit or with some open rate / əυpən ret/ noun an ad- items not specified They signed an vertising rate where discounts are avail- open-ended agreement. The candidate able for frequent or bulk orders was offered an open-ended contract open standard / əυpən st ndəd/ with a good career plan. (NOTE: Ameri- noun a standard for computers and re- can English is open-end) lated products that allows pieces of open-ended question / əυpən equipment from different manufacturers endd kwestʃən/ noun a question in a to operate with each other questionnaire which allows respondents open up / əυpən p/ verb to open to answer in some detail as they like up new markets to work to start busi- without having simply to say ‘yes’ or ness in markets where such business has ‘no’ Open-ended questions elicit an- not been done before swers that are original but hard to eval- operant conditioning / ɒpərənt uate. An open-ended question is kən dʃ(ə)nŋ/ noun a learning theory needed here, since the question involves stating that behaviour can be modified the respondent’s personal feelings. by stimuli and also by the consequences open general licence / əυpən which follow on from the behaviour d en(ə)rəl las(ə)ns/ noun an import itself

operate 188 opinion shopping operate / ɒpəret/ verb 1. to be in operational / ɒpə reʃ(ə)nəl/ adjec- force The new terms of service will tive 1. referring to how something operate from January 1st. The rules works 2. working or in operation operate on inland postal services only. operational budget / ɒpəreʃ(ə)nəl 2. to make something work or function b d t/ noun a forecast of expenditure to operate a machine to make a ma- on running a business chine work He is learning to operate the new telephone switchboard. operational costs / ɒpəreʃ(ə)nəl ‘…the company gets valuable restaurant kɒsts/ plural noun the costs of running locations which will be converted to the a business family-style restaurant chain that it operates and operational planning franchises throughout most parts of the US’ [Fortune] / ɒpəreʃ(ə)nəl pl nŋ/ noun the planning of how a business is to be run operating / ɒpəretŋ/ noun the general running of a business or of a operational research machine / ɒpəreʃ(ə)nəl r s tʃ/ noun a study ‘…the company blamed over-capacity and of a company’s way of working to see if competitive market conditions in Europe for a it can be made more efficient and £14m operating loss last year’ [Financial Times] profitable operating budget / ɒpəretŋ operations review / ɒpəreʃ(ə)z r- b d t/ noun a forecast of income and vju / noun examining the way in which expenditure over a period of time a company or department works to see how it can be made more efficient and operating manual / ɒpəretŋ profitable m njυəl/ noun a book which shows how to work a machine opinion-former /ə pnjən fɔ mə/, opinion-leader /ə pnjən li də/ noun operating statement / ɒpəretŋ someone well known whose opinions stetmənt/ noun a financial statement influence others in society A pop-star which shows a company’s expenditure is the ideal opinion-leader if we are and income and consequently its final aiming at the teenage market. The ce- profit or loss The operating statement lebrity used in the sales promotion cam- shows unexpected electricity costs. paign was not respected enough to be a Let’s look at the operating statement to true opinion-former. find last month’s expenditure. opinion-leader research /ə pnjən operating supplies / ɒpəretŋ sə- li də r s tʃ/ noun research into the at- plaz/ plural noun low-priced industrial titudes of opinion-leaders products that are normally bought by producers Production came to a opinion poll /ə pnjən pəυl/ noun standstill for lack of operating supplies. asking a sample group of people what We are now ordering operating sup- their opinion is, so as to guess the opin- plies for next month’s production. ion of the whole population Opinion polls showed that the public preferred operating system / ɒpəretŋ butter to margarine. Before starting sstəm/ noun the main program which the new service, the company carried operates a computer out nationwide opinion polls. operation / ɒpə reʃ(ə)n/ noun busi- opinion shopping /ə pnjən ness organisation and work the com- ʃɒpŋ/ noun the practice of trying to pany’s operations in West Africa He find an auditor who interprets the law in heads up the operations in Northern the same way that the company does, is Europe. likely to view the company’s actions ‘…a leading manufacturer of business, sympathetically and will approve the industrial and commercial products requires a company’s financial statements, even if branch manager to head up its mid-western Canada operations based in Winnipeg’ the company has been involved in deal- [Globe and Mail (Toronto)] ings that other auditors might consider questionable

opportunities to see 189 order opportunities to see /ɒpə tju ntiz cise an option to accept the option tə si / plural noun the number of op- which has been offered and to put it into portunities an average member of the action They exercised their option or target audience will have to see an ad- they took up their option to acquire sole vertisement. Abbr OTS marketing rights to the product. I opportunity / ɒpə tju nt/ noun the want to leave my options open I want chance to do something successfully to be able to decide what to do when the ‘…the group is currently undergoing a period of time is right rapid expansion and this has created an exciting optional / ɒpʃən(ə)l/ adjective which opportunity for a qualified accountant’ [Financial Times] can be added if the customer wants The insurance cover is optional. opportunity and threat analysis /ɒpə tju nt ən θret ə n ləss/ noun optional extra / ɒpʃən(ə)l ekstrə/ a company’s analysis of both the advan- noun an item that is not essential but can tages and disadvantages in its situation, be added if wanted done in order to ensure sound strategic opt out / ɒpt aυt/ noun the action of planning asking not to receive advertising email opportunity cost / ɒpə tju nt messages and being removed from an kɒst/ noun the cost of a business initia- email list tive in terms of profits that could have OR abbr operational research been gained through an alternative plan Oracle / ɒrək(ə)l/ a UK teletext ser- It’s a good investment plan and we vice broadcast by the IBA will not be deterred by the opportunity cost. orange goods / ɒrnd υdz/ plural noun goods which are not bought as of- optimal / ɒptm(ə)l/ adjective best ten as fast-moving items but are re- optimal balance / ɒptm(ə)l placed from time to time, e.g. clothing. b ləns/ noun the best combination of Compare red goods, yellow goods elements or activities that can be orbit / ɔ bt/ noun the practice of rotat- achieved in a marketing mix If it ing advertisements among different achieves optimal balance the company programmes on a TV station will soon be a market leader. opt-in / ɒpt n/ noun a process that re- order / ɔ də/ noun 1. an official request for goods to be supplied to give quires people who want to receive infor- someone an order or to place an order mation or services for a website to do with someone for twenty filing cabinets something that shows they have actively to fill an order or to fulfil an order chosen to do so, before the website to supply items which have been or- owner can send them email dered We are so understaffed we can- opt-in mailing list / ɒpt n melŋ not fulfil any more orders before lst/ noun a list of email addresses in Christmas. items available to order which each recipient has specifically only items which will be manufactured asked to receive advertising email mes- only if someone orders them on order sages, normally so that they can keep up ordered but not delivered This item is to date with a topic or industry out of stock, but is on order. 2. an item option / ɒpʃən/ noun the opportunity which has been ordered The order is to buy or sell something within a fixed to be delivered to our warehouse. 3. an period of time at a fixed price to have instruction 4. a document which allows first option on something to have the money to be paid to someone She sent right to be the first to have the possibil- us an order on the Chartered Bank. 5. ity of deciding something to grant pay to Mr Smith or order pay money someone a six-month option on a to Mr Smith or as he orders pay to the product to allow someone six months order of Mr Smith pay money directly to decide if they want to be the agent or to Mr Smith or to his account í verb 1. if they want to manufacture the product, to ask for goods to be supplied They etc. to take up an option or to exer- ordered a new Rolls Royce for the man-

order book 190 outbid aging director. 2. to instruct to order ‘…we organize a rate with importers who have twenty filing cabinets to be delivered to large orders and guarantee them space at a fixed rate so that they can plan their costs’ the warehouse [Lloyd’s List] order book / ɔ də bυk/ noun a book ‘…governments are coming under increasing which records orders received pressure from politicians, organized labour and business to stimulate economic growth’ order confirmation / ɔ də kɒnf- [Duns Business Month] meʃ(ə)n/ noun an email message in- organised market / ɔ ənazd forming a purchaser that an order has mɑ kt/ noun a market controlled by been received regulations set down by government or order form / ɔ də fɔ m/ noun a pad an official organisation The govern- of blank forms for orders to be written ment feels that an organised market is on not conducive to business initiative. order fulfilment / ɔ də fυl flmənt/ organisation and methods noun supplying items which have been / ɔ əna zeʃ(ə)n ən meθədz/ noun a ordered process of examining how an office order number / ɔ də n mbə/ noun works, and suggesting how it can be the reference number printed on an made more efficient. Abbr O & M order orientation / ɔ riən teʃ(ə)n/ noun order picking / ɔ də pkŋ/ noun the main interest or type of activity the process of collecting various items The company’s orientation is towards in a warehouse in order to make up an production and it has little marketing order to be sent to a customer experience. order taking / ɔ də tekŋ/ noun the oriented / ɔ rientd/, orientated action of taking an order, the main re- / ɔ riən tetd/ adjective interested in sponsibility of the salesperson or involved with Our strategy is oriented towards achieving further growth organisation / ɔ əna zeʃ(ə)n/, in the export market. The promotion is organization noun 1. a way of arrang- entirely product-oriented. ing something so that it works efficiently the organisation of the head origin / ɒrd n/ noun the place where office into departments The chairman something or someone originally comes handles the organisation of the AGM. from spare parts of European origin The organisation of the group is too original /ə rd ən(ə)l/ adjective centralised to be efficient. 2. a group or which was used or made first They institution which is arranged for effi- sent a copy of the original invoice. He cient work kept the original receipt for reference. í ‘…working with a client base which includes noun the first copy made Send the many major commercial organizations and original and file two copies. nationalized industries’ [Times] originally /ə rd ən(ə)l/ adverb first organisational buying / ɔ əna- or at the beginning zeʃ(ə)nəl baŋ/ noun buying by a original purchase /ə rd ən(ə)l large organisation, such as a company or p tʃs/ noun a copy of a magazine or government department, as opposed to newspaper which is actually bought by purchases by individual consumers the reader, rather than simply read by organisation chart / ɔ əna- them zeʃ(ə)n tʃɑ t/ noun a diagram show- OS abbr outsize ing how a company or an office is organised O/S abbr out of stock OTO abbr one time only organise / ɔ ənaz/, organize verb to set up a system for doing something OTS abbr opportunities to see the company is organised into six outbid /aυt bd/ verb to offer a better profit centres the group is organised price than someone else We offered by sales areas £100,000 for the warehouse, but an-

outdoor 191 over- other company outbid us. (NOTE: out- outsell /aυt sel/ verb to sell more than bidding – outbid) someone The company is easily out- outdoor /aυt dɔ / adjective in the selling its competitors. (NOTE: outsell- open air ing – outsold) outdoor advertising / aυtdɔ r outside broadcast / aυtsad dvətazŋ/ noun 1. advertising on the brɔ dkɑ st/ noun a programme not outside of a building or in the open air, transmitted from a studio using posters on hoardings or neon signs outside director / aυtsad da- 2. advertising in the open air, including rektə/ noun a director who is not em- advertising in public transport, on ployed by the company, a non-executive roadsides, at bus stops, skywriting, etc. director outer / aυtə/ noun a piece of packag- outside poster / aυtsad pəυstəz/ ing which covers items which already noun a poster on public transport are in packages such as buses, taxis, trains and the outer pack / aυtə p k/ noun a con- underground tainer which holds a number of smaller outsize / aυtsaz/ noun a size which packaged items The goods are sold in is larger than usual. Abbr OS outsize outer packs, each containing twenty order a very large order packets. outlet / aυtlet/ noun a place where outsource / aυt sɔ s/ verb to use a source outside a company or business to something can be sold do the work that is needed out-of-date / aυt əv det/ adjective, adverb old-fashioned or no longer mod- outsourcing / aυtsɔ sŋ/ noun the ern Their computer system is years transfer of work previously done by em- out of date. They’re still using ployees of an organisation to another or- out-of-date equipment. ganisation, usually one that specialises in that type of work (NOTE: Things that out-of-home advertising / aυt əv have usually been outsourced in the həυm dvətazŋ/ noun outdoor ad- past include legal services, transport, vertising including transport, catering, and security, but nowadays skywriting, etc. IT services, training, and public rela- out of stock /aυt əv stɒk/ adjective, tions are often added to the list.) adverb with no stock left Those books ‘…organizations in the public and private are temporarily out of stock. Several sectors are increasingly buying in specialist out-of-stock items have been on order services – or outsourcing – allowing them to cut costs and concentrate on their core business for weeks. Abbr O/S activities’ [Financial Times] output / aυtpυt/ noun the amount which a company, person or machine outstanding /aυt st ndŋ/ adjective produces Output has increased by not yet paid or completed outstand- 10%. 25% of our output is exported. ing debts debts which are waiting to be ‘…crude oil output plunged during the last paid outstanding orders orders re- month and is likely to remain near its present ceived but not yet supplied what is level for the near future’ [Wall Street Journal] the amount outstanding? how much output bonus / aυtpυt bəυnəs/, money is still owed? matters out- output-based bonus / aυtpυt best standing from the previous meeting bəυnəs/ noun an extra payment for in- questions which were not settled at the creased production previous meeting output per hour / aυtpυt pər aυə/ outward mission / aυtwəd noun the amount of something produced mʃ(ə)n/ noun a visit by a group of in one hour businesspeople to a foreign country output tax / aυtpυt t ks/ noun VAT over- /əυvə/ prefix more than shop charged by a company on goods or ser- which caters to the over-60s a shop vices sold, and which the company pays which has goods which appeal to people to the government who are more than sixty years old

overall 192 over-the-counter sales overall / əυvər ɔ l/ adjective covering overprint / əυvə prnt/ verb to print or including everything the company text on paper which already contains reported an overall fall in profits the printed matter The retailer’s name company reported a general fall in prof- and address is overprinted on the cata- its overall plan a plan which covers logue. We will overprint the catalogue everything with the retailer’s name and address. overcharge noun / əυvətʃɑ d / a overproduce / əυvəprə dju s/ verb charge which is higher than it should be to produce too much of a product to pay back an overcharge í verb overproduction / əυvəprə d kʃən/ / əυvə tʃɑ d / to ask too much money noun the manufacturing of too much of They overcharged us for our meals. a product We asked for a refund because we’d been overcharged. overrider / əυvəradə/, overriding commission / əυvəradŋ kə- overhead budget / əυvəhed mʃ(ə)n/ noun a special extra commis- b d t/ noun a plan of probable over- sion which is above all other head costs commissions overhead costs / əυvəhed kɒsts/, overseas adjective / əυvəsi z/ across overhead expenses / əυvəhed k- the sea or to foreign countries Man- spensz/ plural noun money spent on agement trainees knew that they would the day-to-day cost of a business be sent overseas to learn about the ex- overheads / əυvəhedz/ plural noun port markets. Some workers are going the costs of the day-to-day running of a overseas to find new jobs. overseas business The sales revenue covers the markets markets in foreign countries manufacturing costs but not the over- overseas trade trade with foreign coun- heads. (NOTE: American English is usu- tries í noun foreign countries The ally overhead.) profits from overseas are far higher ‘…it ties up less capital in inventory and with its than those of the home division. huge volume spreads out costs over bigger sales; overseas call / əυvəsi z kɔ l/ noun add in low overhead (i.e. minimum staff, no a call to another country deliveries, no credit cards) and a warehouse club can offer bargain prices’ [Duns Business Month] overseas division / əυvəsi z d- v (ə)n/ noun the section of a company overkill / əυvəkl/ noun a very inten- dealing with trade with other countries sive and expensive marketing campaign which has the effect of putting potential oversell /əυvə sel/ verb to sell more customers off than you can produce he is oversold he has agreed to sell more product than overlay / əυvə le/ noun a transparent he can produce the market is over- plastic sheet placed over artwork with sold stock-market prices are too low, instructions for changing it, or showing because there have been too many the artwork is to be printed sellers overmatter / əυvəm tə/, overspend /əυvə spend/ verb to oversetting / əυvəsetŋ/ noun text spend too much which, when it is typeset, is too long for the space available overstock /əυvə stɒk/ verb to have more stock than is needed to be over- overpayment /əυvə pemənt/ noun stocked with spare parts to have too an act of paying too much many spare parts in stock overprice / əυvə pras/ verb to give a overstocks / əυvəstɒks/ plural noun higher price to something than seems US more stock than is needed to supply reasonable orders We will have to sell off the overpricing / əυvə prasŋ/ noun the overstocks to make room in the charging of a higher price than is justi- warehouse. fied by demand Overpricing led to the over-the-counter sales / əυvə ðə producer being priced out of the market. kaυntə selz/ plural noun the legal

overweight 193 own-label goods selling of shares which are not listed in owner / əυnə/ noun a person who the official Stock Exchange list, usually owns something goods sent at carried out by telephone owner’s risk a situation where the overweight /əυvə wet/ adjective owner has to insure the goods while the package is sixty grams overweight they are being transported the package weighs sixty grams too own label /əυn leb(ə)l/ noun goods much specially produced for a store with the ‘Cash paid for your stock: any quantity, any store’s name on them products, overstocked lines, factory seconds’ [Australian Financial Review] own-label goods / əυn leb(ə)l υdz/ plural noun goods specially pro- own brand / əυn br nd/ noun the duced for a store with the store’s name name of a store which is used on prod- on them ucts which are specially packed for that ‘…the company is hunting for a marketing store director as part of an effort to expand its own-brand goods / əυn br nd non-food division and introduce own-label. It will also review its entire own-label ranges and υdz/ plural noun products specially look at the possibility of rolling out the non-food packed for a store with the store’s name division own-label brands’ [Marketing Week] on them ‘…its survey of brand development indicates that whereas branded goods appeal to over-45 year olds, supermarket own-label goods are favoured by consumers under the age of 34’ [Marketing Week]

P2P 194 packing P P2P / pi tə pi / adjective referring to package deal / p kd di l/ noun an direct communications or dealings be- agreement where several different items tween one computer to another without are agreed at the same time They a central server being involved (NOTE: agreed a package deal which involves P2P stands for peer-to-peer.) the construction of the factory, training pack /p k/ noun items put together in of staff and purchase of the product. a container or shrink-wrapped for sell- package holiday / p kd ing items sold in packs of 200 items hɒlde/, packaged holiday sold in boxes containing 200 items / p kd d hɒlde/ noun a holiday blister pack or bubble pack a type of whose price includes transport and packing where the item for sale is cov- accomodation, and sometimes also ered with a stiff plastic cover sealed to a meals The travel company is arrang- card backing í verb to put things into a ing a package trip to the international container for selling or sending to trade fair. pack goods into cartons Your order packaging / p kd ŋ/ noun 1. the has been packed and is ready for ship- act of putting things into packages 2. ping. The biscuits are packed in plas- material used to protect goods which are tic wrappers. being packed bubble wrap and other package / p kd / noun 1. goods packaging material The fruit is sold in packed and wrapped for sending by mail airtight packaging. 3. attractive material The Post Office does not accept bulky used to wrap goods for display packages. The goods are to be sent in ‘…the consumer wants to be challenged by airtight packages. 2. a group of different more individual products and more innovative items joined together in one deal 3. a packaging’ [Marketing] group of TV or radio programmes or ‘…promotional packaging can mean rethinking commercial spots offered with a dis- more than just the pack graphics’ [Marketing] count by a station í verb to package packer / p kə/ noun a person who goods to wrap and pack goods in an at- packs goods tractive way ‘…airlines offer special stopover rates and hotel packet / p kt/ noun a small box of packages to attract customers to certain routes’ goods for selling Can you get me a [Business Traveller] packet of cigarettes? She bought a ‘…the remuneration package will include an packet of biscuits. We need two pack- attractive salary, profit sharing and a company ets of filing cards. item sold in pack- car’ [Times] ets of 20 items are sold in boxes ‘…airlines will book not only tickets but also containing 20 items each hotels and car hire to provide a complete package’ [Business Traveller] packing / p kŋ/ noun 1. the act of putting goods into boxes and wrapping packaged / p kd d/ adjective put them for shipping What is the cost of into a package packaged goods the packing? Packing is included in ‘…in today’s fast-growing packaged goods area the price. 2. material used to protect many companies are discovering that a well-recognized brand name can be a priceless goods The fruit is packed in airtight asset’ [Duns Business Month] packing.

packing case 195 parcel packing case / p kŋ kes/ noun a pallet / p lət/ noun a flat wooden large wooden box for carrying items base on which goods can be stacked for which can be easily broken easy handling by a fork-lift truck, and packing charges / p kŋ on which they remain for the whole of tʃɑ d z/ plural noun money charged their transportation (NOTE: American for putting goods into boxes English is skid) palletise / p lətaz/, palletize verb packing station / p kŋ steʃ(ə)n/ to put goods on pallets palletised noun a place where goods are packed cartons for transport From the production line the goods are taken directly to the pack- pamphlet / p mflət/ noun a small ing station. The company has three booklet of advertising material or of packing stations, each one dealing with information goods for a particular part of the world. panel / p n(ə)l/ noun 1. a flat surface page /ped / noun one side of a sheet standing upright 2. a group of people of printed paper in a book, newspaper or who give advice on a problem a panel magazine of experts panel study / p n(ə)l st di/ noun a page impressions / ped m- study that collects and analyses the preʃ(ə)nz/ plural noun the number of opinions of a selected group of people customers who land on a webpage, e.g. over a period of time in an ad view panic buying / p nk baŋ/ noun a page make-up /ped mek p/ rush to buy something at any price be- noun the arranging of material into cause stocks may run out pages in a publication pantry check / p ntri tʃek/, pantry page proof / ped pru f/ noun a audit / p ntri ɔ dt/ noun a survey proof after the text has been made up method where a panel or sample of into pages, ready for checking before householders keep records of purchases printing so that these can be regularly checked page rate / ped ret/ noun the cost for quantity and brand The pantry of a whole page of advertising space check suggests that there is little brand What’s the page rate in that paper? loyalty for that type of product. The page rate is lower in August when paper / pepə/ noun 1. a newspaper 2. circulation is at its lowest. documents which can represent money, page traffic / ped tr fk/ noun e.g. bills of exchange or promissory the proportion of readers of a publica- notes tion who read a particular page Let’s ‘…the profits were tax-free and the interest on the loans they incurred qualified for income tax find out the page traffic before we de- relief; the paper gains were rarely changed into cide to advertise on page two. spending money’ [Investors Chronicle] page view / ped vju / noun the paper loss / pepə lɒs/ noun a loss number of times a page containing an made when an asset has fallen in value advertisement is seen or how many but has not been sold times a page is displayed paper profit / pepə prɒft/ noun a paid circulation / ped s kjυ- profit on an asset which has increased in leʃ(ə)n/ noun the number of copies of price but has not been sold He is a newspaper or magazine which have showing a paper profit of £25,000 on his been bought. controlled circulation, investment. subscribed circulation parallel billboard / p rəlel paired comparisons / peəd kəm- blbɔ d/ noun a billboard which is par- p rs(ə)nz/ plural noun a test in which allel to a main road respondents compare two brands on the parcel / pɑ s(ə)l/ noun goods wrapped basis of attributes which are common to up in paper or plastic to be sent by post both to do up goods into parcels to tie up

parcel delivery service 196 patent agent a parcel to fasten a parcel with string party-plan selling / pɑ ti pl n parcel rates the charges for sending selŋ/ noun selling by salespeople who parcels by post í verb to wrap and tie present their products at parties organ- up in a parcel to parcel up a consign- ised in their homes Party-plan selling ment of books (NOTE: parcelling – par- provides a relaxed atmosphere in which celled. The American spelling is people are more inclined to buy the parceling – parceled) products being shown. parcel delivery service / pɑ s(ə)l par value /pɑ v lju / noun the d lv(ə)ri s vs/ noun a private com- value written on a share certificate pany which delivers parcels within a passenger manifest / p snd ə specific area m nfest/ noun a list of passengers on parcel post / pɑ s(ə)l pəυst/ noun a a ship or plane mail service for sending parcels Send passing trade / pɑ sŋ tred/ noun the order by parcel post. selling to people who go past the shop parcels office / pɑ s(ə)lz ɒfs/ without intending to buy noun an office where parcels can be pass off / pɑ s ɒf/ verb to pass handed in for sending by mail something off as something else to pre- tend that something is another thing in Pareto’s Law /pə ri təυz lɔ /, order to cheat a customer She tried to Pareto Effect /pə ri təυ  fekt/ noun pass off the wine as French, when in fact the theory that a small percentage of a it came from outside the EU. total is responsible for a large proportion of value or resources pass-on readership / pɑ s ɒn ri dəʃp/ noun the number of people part exchange / pɑ t ks tʃend / who read a publication who have not noun the act of giving an old product as bought it, but have borrowed it from a part of the payment for a new one to purchaser We know the magazine’s take a car in part exchange circulation, but will have to estimate the participation /pɑ ts peʃ(ə)n/ level of pass-on readership. (NOTE: noun taking part in something, e.g. American English is pass-along when advertisers buy commercial time readership) on TV patent / petənt, p tənt/ noun an partnering / pɑ tnərŋ/ noun same as official document showing that a person strategic partnering has the exclusive right to make and sell an invention to take out a patent for a partnership / pɑ tnəʃp/ noun a new type of light bulb to apply for a business set up by two or more people patent for a new invention ‘patent ap- who make a contract with each other plied for’ or ‘patent pending’ words agreeing to share the profits and losses on a product showing that the inventor (NOTE: A partnership is not an incorpo- has applied for a patent for it to forfeit rated company and the individual part- a patent to lose a patent because pay- ners are responsible for decisions and ments have not been made to infringe debts.) a patent to make and sell a product part payment /pɑ t pemənt/ noun which works in the same way as a pat- the paying of part of a whole payment ented product and not pay a royalty for I gave him £250 as part payment for the it to file a patent application to apply car. for a patent í verb to patent an in- party / pɑ ti/ noun 1. an organisation vention to register an invention with the or person involved in a legal dispute or patent office to prevent other people legal agreement How many parties from copying it are there to the contract? The com- patent agent / p t(ə)nt ed ənt/ pany is not a party to the agreement. 2. noun a person who advises on patents a group of people who meet to celebrate and applies for patents on behalf of something or to enjoy themselves clients

patented 197 pay down patented / petəntd, p təntd/ ad- phone system installed. to pay in in- jective which is protected by a patent stalments to pay for an item by giving patentee / petən ti / noun a person small amounts regularly We are buy- or business that has acquired a patent ing the van by paying instalments of We shall have to obtain the patentee’s £500 a month. to pay cash to pay the permission to manufacture the product. complete sum in cash to pay by cheque to pay by giving a cheque, not patent medicine / pet(ə)nt by using cash or credit card to pay by med(ə)s(ə)n/ noun a medicine which credit card to pay using a credit card, is registered as a patent not a cheque or cash 2. to give money patent office / p t(ə)nt ɒfs/ noun which is owed or which has to be paid a government office which grants pat- He was late paying the bill. We ents and supervises them phoned to ask when they were going to patent rights / pet(ə)nt rats/ plural pay the invoice. You will have to pay noun the rights which an inventor holds duty on these imports. She pays tax at because of a patent the highest rate. (NOTE: paying- paid) patron / petrən/ noun 1. a regular to pay on demand to pay money customer, e.g. of a hotel, restaurant, etc. when it is asked for, not after a period of The car park is for the use of hotel pa- credit please pay the sum of £10 trons only. 2. a person who gives an or- please give £10 in cash or by cheque ganisation or charity financial support ‘…recession encourages communication not She is a patron of several leading because it makes redundancies easier, but because it makes low or zero pay increases charities. easier to accept’ [Economist] patronage / p trənd / noun the ‘…the yield figure means that if you buy the state of being a regular customer shares at their current price you will be getting patronise / p trənaz/, patronize 5% before tax on your money if the company pays the same dividend as in its last financial verb to be a regular customer I year’ [Investors Chronicle] stopped patronising that restaurant when their prices went up. payable / peəb(ə)l/ adjective which is due to be paid payable in advance pattern / p t(ə)n/ noun the general which has to be paid before the goods way in which something usually hap- are delivered payable on delivery pens the pattern of sales or The sales which has to be paid when the goods are pattern is quite different this year. delivered payable on demand which pattern advertising / p t(ə)n must be paid when payment is asked for dvətazŋ/ noun an advertising cam- payable at sixty days which has to be paign that follows a general global paid by sixty days after the date on the approach invoice cheque made payable to pattern book / p t(ə)n bυk/ noun a bearer a cheque which will be paid to book showing examples of design the person who has it, not to any particu- patterned interview / p t(ə)nd lar name written on it shares payable ntəvju / noun an interview using on application shares which must be questions set in advance and following a paid for when you apply to buy them fixed pattern payback period / peb k pəriəd/ pay /pe/ verb 1. to give money to buy noun the length of time it will take to an item or a service to pay £1,000 for earn back the money invested in a a car How much did you pay to have project the office cleaned? ‘pay cash’ words pay-cheque / pe tʃek/ noun a written on a crossed cheque to show that monthly cheque by which an employee it can be paid in cash if necessary to is paid (NOTE: the American spelling is pay in advance to pay before you re- paycheck) ceive the item bought or before the service has been completed We had to pay down /pe daυn/ verb to pay pay in advance to have the new tele- money down to make a deposit They

payee 198 pedestrian precinct paid £50 down and the rest in monthly with a job The job carries an attrac- instalments. tive salary package. payee /pe i / noun a person who repay-per-click / pe pe klk/ noun ceives money from someone, or the per- same as pay-per-view son whose name is on a cheque pay-per-play / pe pe ple/ noun a payer / peə/ noun a person who gives website where the user has to pay to money to someone play an interactive game over the payload / peləυd/ noun the cargo or Internet passengers carried by a ship, train or pay-per-view /pe pə/ noun a plane for which payment is made website where the user has to pay to see digital information, e.g., an e-book or payment / pemənt/ noun 1. the e-magazine money exchanged for goods or a service We always ask for payment in cash or pay television / pe tel v (ə)n/, cash payment and not payment by pay TV / pe ti vi / noun a television cheque. The payment of interest or the service that is paid for by regular interest payment should be made on the subscriptions 22nd of each month. payment after PC abbr personal computer delivery paying for goods at an agreed PD abbr physical distribution date after delivery There is a 10% discount for payment on delivery, but none peak /pi k/ noun the highest point for payment after delivery. payment The shares reached their peak in Janu- on account paying part of the money ary. The share index has fallen 10% owed payment on delivery paying since the peak in January. With- for goods when they are delivered drawals from bank accounts reached a Some customers won’t agree to payment peak in the week before Christmas. on delivery and want more time to settle He has reached the peak of his career. í up. payment on invoice paying verb to reach the highest point Pro- money as soon as an invoice is received ductivity peaked in January. Shares payment in kind paying by giving have peaked and are beginning to slip goods or food, but not money payback. He peaked early and never ment by results money given which in- achieved his ambition of becoming man- creases with the amount of work done or aging director. Demand peaks in Au- goods produced payment supra pro- gust, after which sales usually decline. test payment of a bill of exchange by a peak output /pi k autpυt/ noun the third party to protect the debtor’s hon- highest output our 2. money paid repayable in easy peak period / pi k pəriəd/ noun the payments repayable with small sums time of the day when something is at its regularly highest point, e.g. when most commu- payment gateway / pemənt ters are travelling or when most electric- etwe/ noun software that processes ity is being used online credit-card payments. It gets peak time / pi k tam/ noun the time authorisation for the payment from the during the day when the greatest num- credit-card company and transfers ber of people are watching television money into the retailer’s bank account. For the price of a 30-second spot at payment terms / pemənt t mz/ peak time we can get two minutes in plural noun the conditions laid down by mid-morning. a business regarding when it should be peak year / pi k jə/ noun year when paid for goods or services that it sup- the largest quantity of products was pro- plies, e.g. cash with order, payment on duced or when sales were highest delivery or payment within a particular pedestrian precinct /pə destriən number of days of the invoice date pri sŋkt/ noun the part of a town pay package / pe p kd / noun which is closed to traffic so that people the salary and other benefits offered can walk about and shop

peer group 199 periodical peer group / pə ru p/ noun the num? She earns over £100,000 per class of people that a person can respect annum. or identify with, because they belong to the same age group, social class or have per capita /pə k ptə/ adjective, adverb for each person the same opinions Consumers are found to be especially influenced by the per-capita expenditure /pə tastes and opinions of those in their peer k ptə k spendtʃə/ noun the total groups. money spent divided by the number of peer-to-peer adjective full form of people involved P2P per capita income /p k ptə peg /pe / verb to maintain prices at a nk m/ noun the average income of specific level (NOTE: pegging- each member of a particular group of pegged) í noun a hook to hang clothes people, e.g., the citizens of a country on percentage bounced back /pə- pen /pen/ noun an instrument for writ- sentd baυnst b k/ noun the num- ing with, using ink ber of email messages returned as unde- penalty clause / pen(ə)lti klɔ z/ liverable, shown as a percentage of the noun a clause which lists the penalties total sent which will be imposed if the terms of percentile /pə sental/ noun one of a the contract are not fulfilled The con- series of ninety-nine figures below tract contains a penalty clause which which a percentage of the total falls fines the company 1% for every week the completion date is late. perception /pə sepʃən/ noun the way in which something is viewed and as- penetrate / pentret/ verb to pen- sessed by a person etrate a market to get into a market and capture a share of it perceptual map /pə septʃuəl m p/ noun a map or diagram which repre- penetrated market / pentretd sents how consumers view various com- mɑ kt/ noun a market where more of parative products on the basis of a company’s products are sold, shown specific factors or attributes Thorough as a percentage of the total market, us- analysis of perceptual maps was fol- ing aggressive pricing and advertising lowed by decisions on changes in prod- penetration /pen treʃ(ə)n/ noun 1. uct design and marketing strategy. the percentage of a target market that accepts a product 2. the percentage of a perfect adjective / p fkt/ com- target audience reached by an pletely correct with no mistakes We advertisement check each batch to make sure it is perfect. She did a perfect keyboarding penetration pricing /pen treʃ(ə)n test. í verb /pə fekt/ to develop or im- prasŋ/ noun the practice of pricing a prove something until it is as good as it product low enough to achieve market can be They perfected the process for penetration Penetration pricing is making high-grade steel. helping us acquire a bigger market share at the expense of short-term perfect competition / p fkt profits. kɒmpə tʃ(ə)n/ noun (in economic theory) the ideal market, where all products penetration strategy /pen- are equal in price and all customers are treʃ(ə)n str təd i/ noun selling provided with all information about the more of a company’s products into a products market segment, shown as a percentage of the total market, by aggressive pric- perfect market / p fkt mɑ kt/ ing and advertising. market noun an imaginary market where there penetration is perfect competition per annum /pər nəm/ adverb in a periodical / pəri ɒdk(ə)l/ noun a year What is their turnover per an- magazine which comes out regularly, num? What is his total income per an- usually once a month or once a week

perishable 200 personality advertising perishable / perʃəb(ə)l/ adjective to make personal calls during office which can go bad or become rotten eas- hours. ily perishable goods perishable items a perishable cargo personal computer / p s(ə)n(ə)l kəm pju tə/ noun a small computer perishables / perʃəb(ə)lz/ plural which can be used by one person in the noun goods which can go bad easily home or office. Abbr PC ‘…the survey, which covered 7,376 supermarkets run by 119 companies, found that Personal Identification Number sales of food at the stores dropped by 2.9%. That / p s(ə)n(ə)l adentf keʃ(ə)n decline, also the largest on record, was due to n mbə/ noun a unique number allo- increasing price awareness among customers and the lower price of perishables’ cated to the holder of a cash card or [Nikkei Weekly] credit card, by which he or she can enter an automatic banking system, as, e.g., to permanent / p mənənt/ adjective withdraw cash from a cash machine or which will last for a long time or for to pay in a store ever He has found a permanent job. the permanent staff and part-timers personal interview / p s(ə)n(ə)l She is in permanent employment. ntəvju / noun an act of questioning respondents in a survey directly, by permanent income hypothesis meeting them The advantage of a per- / p mənənt nk m ha pɒθəss/ sonal interview is that we have the noun the theory that people spend ac- chance to explain the questions. It’s cording to the average income they ex- possible that interviewers’ bias may in- pect to receive in their lifetime fluence results in a personal interview. permission marketing /pə mʃ(ə)n mɑ ktŋ/ noun any form of online di- personalisation / p s(ə)nəla- rect marketing that requires the seller to zeʃ(ə)n/, personalization noun 1. get permission from each recipient be- the process by which a website presents fore sending him or her any promotional customers with selected information material that is designed to meet their individual needs 2. using personal information permit noun / p mt/ an official doc- such as the addressee’s first name in a ument which allows someone to do mailing campaign something í verb /pə mt/ to allow someone to do something This docu- personalised / p s(ə)nəlazd/, per- ment permits you to export twenty-five sonalized adjective with the name or computer systems. The ticket permits initials of a person printed on it She three people to go into the exhibition. has a personalised briefcase. Will we be permitted to use her name in personalised mailing the advertising copy? Smoking is not / p s(ə)nəlazd melŋ/ noun a permitted in the design studio. (NOTE: mailing of letters addressed to particular permitting- permitted) people by name persistent demand /pə sstənt d- personality / p sə n lt/ noun 1. a mɑ nd/ noun a continuous or stable de- famous person, usually connected with mand for a product Persistent demand television or sport 2. the character, espe- for the product means that there is very cially the tone of an advertising email, little pressure to adapt it. The product e.g. serious, cheerful, etc. is so useful that it is not surprising there is a persistent demand for it. personality advertising / p sə- n lt dvətazŋ/, personality personal / p s(ə)n(ə)l/ adjective re- promotion / p sə n lt prə- ferring to one person məυʃ(ə)n/ noun a promotion which personal call / p s(ə)n(ə)l kɔ l/ makes use of a famous person to en- noun 1. a telephone call where you ask dorse a product Personality promo- the operator to connect you with a par- tion is a tried and tested method of ticular person 2. a telephone call not re- promoting beauty products. A famous lated to business Staff are not allowed pop star was chosen for the personality

personal selling 201 pilot promotion because of her widespread pop- wholesaler, then to the retailer and so to ularity among the target audience. the end user Physical distribution is personal selling / p s(ə)n(ə)l always a problem because of high trans- selŋ/ noun selling to a customer by portation costs. Abbr PD personal contact, either face to face or physical inventory / fzk(ə)l by telephone Personal selling allows nvənt(ə)ri/ noun an act of counting any doubts the prospective customer actual items of stock may have to be cleared up by the physical retail shopping salesman. / fzk(ə)l ri tel ʃɒpŋ/ noun shop- persuade /pə swed/ verb to talk to ping that involves visiting actual shops someone and get them to do what you rather than buying online want We could not persuade the physical stock / fzk(ə)l stɒk/ French company to sign the contract. noun the actual items of stock held in a persuasibility /pə swez blti/ warehouse noun US the degree to which a target picking / pkŋ/ noun selecting a audience can be persuaded through ad- product according to its packaging or vertising that a product has good quali- place on the shelf, rather than by making ties Persuasibility will depend on a conscious decision to buy consumer’s experience with products picking list / pkŋ lst/ noun a list of similar to the ones we are promoting. items in an order, listed according to persuasion /pə swe (ə)n/ noun the where they can be found in the act of persuading warehouse persuasion matrix /pə swe (ə)n pickup / pk p/ noun a type of small metrks/ noun a planning model van for transporting goods which shows how responses are affected pickup and delivery service by the communications they receive / pk p ən d lv(ə)ri s vs/ noun PESTLE / pes(ə)l/ noun analysis of 1. a service which takes goods from the various outside influences on a firm, the warehouse and delivers them to the shown as Political, Environmental, So- customer 2. a service which takes cial, Technological, Legislative and something away for cleaning or servic- Economic ing and returns it to the owner when photoengraving / fəυtəυn- finished revŋ/ noun a process of producing a picture messaging / pktʃə metal plate for printing, by photograph- mesd ŋ/ noun the transmission of ing an image onto the plate which is images and photographs from one mo- then etched in such a way that prints can bile phone to another be taken from it piggy-back advertising / p i b k photogravure / fəυtəυ rə vjυə/ dvətazŋ/, piggy-back promotion noun a type of photoengraving where / p i b k prə məυʃ(ə)n/ noun the the design is etched into the metal rather sales promotion for one product which than in relief accompanies promotion for another photo opportunity / fəυtəυ ɒpə- product made by the same company tju nti/ noun an arranged situation piggy-back freight / p i b k where a famous person can be filmed or fret s vs/ noun US the transport of photographed by journalists loaded trucks on freight trains. Compare phototypesetting / fəυtəυ- fishy-back freight tapsetŋ/ noun typesetting by photo- pilferage / plfərd /, pilfering graphic means rather than by using / plfərŋ/ noun the stealing of small metal type amounts of money or small items from physical distribution / fzk(ə)l an office or shop dstr bju ʃ(ə)n/ noun the process of pilot / palət/ adjective used as a test, moving goods from the producer to the which if successful will then be ex-

pilot survey 202 plan panded into a full operation The com- copyright work a pirated book The pany set up a pilot project to see if the designs for the new dress collection proposed manufacturing system was ef- were pirated in the Far East. í adjec- ficient. The pilot factory has been tive copied without permission a pi- built to test the new production pro- rate copy of a book cesses. She is directing a pilot scheme pitch /ptʃ/ noun presentation by an for training unemployed young people. advertising agency to a potential í verb to test a project on a small num- customer ber of people, to see if it will work in ‘…the head of marketing says the company is practice í noun 1. a trial episode of a reviewing its advertising agency arrangements, proposed TV series 2. a pilot project but does not have a pitch list at this stage’ [Marketing Week] pilot survey / palət s ve/ noun a preliminary survey carried out to see if a pix /pks/ plural noun pictures used in full survey would be worth while advertising or design (informal ) . pixel / pksəl/ noun the smallest single PIN abbr Personal Identification unit or point on a display or on a printer Number whose colour or brightness can be con- pink advertising / pŋk trolled. A monitor normally has a reso- dvətazŋ/ noun advertising aimed lution of 72 pixels per inch, whereas a specifically at the gay and lesbian laser printer has a resolution of 300–600 market pixels (also called dots) per inch. pink dollar / pŋk dɒlə/ noun US placard / pl kɑ d/ noun 1. a poster of money spent by gay and lesbian double crown size (i.e. 30 inches deep customers by 20 inches wide) 2. a large advertise- pink market / pŋk mɑ kt/ noun ment on a stiff card the market that consists of gay and les- placement test / plesmənt test/ bian people noun a test where different versions of a pink pound / pŋk paυnd/ noun new product are tested in different money spent by gay and lesbian places and with different types of con- customers sumer (as opposed to market tests, where the new product is actually sold pioneer / paə nə/ verb to be the first through normal distribution channels in to do something The company pio- the test areas) neered developments in the field of electronics. placement testing / plesmənt testŋ/ noun the practice of sending a pioneer selling /paə nə selŋ/ product to different places for trial and noun hard intensive selling in new mar- then interviewing the users on its perfor- kets A campaign of pioneer selling mance Placement testing revealed was organised to educate the public in that the product was too easily the use of the new product. There was breakable. a lot of consumer resistance to pioneer selling, since few customers had heard place utility / ples ju tlti/ noun of the product or thought they needed it. the usefulness to a customer of receiving a product at a particular place pipeline / paplan/ noun a distribution channel from the manufacturer plain cover /plen k və/ noun to through wholesalers and retailers to the send something under plain cover to customer How many different busi- send something in an ordinary envelope nesses are involved in the product’s with no company name printed on it pipeline? plan /pl n/ noun a way of doing some- piracy / parəsi/ noun the copying of thing which has been decided on and or- patented inventions or copyright works ganised in advance í verb to decide on and organise something in advance pirate / parət/ noun a person who (NOTE: planning – planned) copies a patented invention or a copy- ‘…the benefits package is attractive and the right work and sells it í verb to copy a compensation plan includes base, incentive and

planned obsolescence 203 poly bag car allowance totalling $50,000+’ ‘…banks refrained from quoting forward [Globe and Mail (Toronto)] US/Hongkong dollar exchange rates as premiums of 100 points replaced discounts of up planned obsolescence / pl nd to 50 points’ [South China Morning Post] ɒbsə les(ə)ns/ adjective built-in obsolescence Planned obsolescence was point of action / pɔnt əv kʃən/ condemned by the consumer organisa- noun a place in a presentation that en- tion as a cynical marketing ploy. courages the prospective purchaser to take action. Abbr POA planning / pl nŋ/ noun the process of organising how something should be point of purchase / pɔnt əv done in the future Setting up a new in- p tʃs/ noun 1. a place where a prod- centive scheme with insufficient plan- uct is bought, which is usually the same ning could be a disaster. The as point of sale, though not always, as in long-term planning or short-term plan- the case of mail-order purchases. Abbr ning of the project has been completed. POP 2. same as point of sale ‘…buildings are closely regulated by planning point-of-purchase advertising restrictions’ [Investors Chronicle] / pɔnt əv p tʃs dvətazŋ/ noun plans board / pl nz bɔ d/ noun a advertising at the place where the prod- group of senior managers that meets to ucts are bought, e.g. posters or dump discuss campaign strategy The plans bins. Abbr POPA board will meet on Monday to discuss point-of-purchase display / pɔnt the latest sales figures. The plans əv p tʃs ds ple/ noun an arrange- board has decided to concentrate the ment of products and marketing mate- campaign in those areas where there rial at the place where an item is bought, are most sales representatives. which is designed to encourage sales plastic / pl stk/ noun a plastic card, point of sale / pɔnt əv sel/ noun especially a credit or debit card, for use 1. a place where a product is sold, e.g. a as a means of payment shop. Abbr POS 2. the place where a plateau / pl təυ/ noun a level point, product is bought by the customer e.g. when sales or costs stop increasing (NOTE: The point of sale can be a particular shop, or a display case or even plateau pricing / pl təυ prasŋ/ a particular shelf inside a shop.) noun the setting of a medium price for a product where the raw materials used in point-of-sale material / pɔnt əv making it are likely to change a lot in sel mə təriəl/ noun display material price to advertise a product where it is being sold, e.g. posters or dump bins platform / pl tfɔ m/ noun a high pavement in a station, so that passengers policy / pɒlsi/ noun decisions on the can get on or off trains The train for general way of doing something a Birmingham leaves from Platform 12. company’s trading policy The country’s economic policy seems to lack any Plc abbr Public Limited Company direction. Our policy is to submit all PLC abbr product life cycle contracts to the legal department. company policy the company’s agreed ploy /plɔ/ noun a trick or gimmick, plan of action or the company’s way of used to attract customers doing things What is the company plug /pl / noun to give a plug to a policy on credit? It is against com- new product to publicise a new product pany policy to give more than thirty í verb to publicise or advertise They days’ credit. ran six commercials plugging holidays in Spain. (NOTE: plugging- plugged) poll /pəυl/ noun same as opinion poll í verb to poll a sample of the popu- point /pɔnt/ noun a place or position lation to ask a sample group of people ‘…sterling M3, the most closely watched what they feel about something measure, rose by 13% in the year to August – seven percentage points faster than the rate of poly bag / pɒli b / noun US a plas- inflation’ [Economist] tic bag used in packaging

polycentric stage 204 post polycentric stage /pɒli sentrk port authority /pɔ t ɔ θɒrti/ noun sted / noun US the stage in a com- an organisation which runs a port pany’s international marketing when portfolio /pɔ t fəυliəυ/ noun a folder there is a separate marketing planning containing a selection of samples The unit for each country It’s an expand- student brought a portfolio of designs to ing multinational in its polycentric show the design department manager. stage. port installations / pɔ t nstə- POP abbr point of purchase leʃ(ə)nz/ plural noun the buildings POPA abbr point-of-purchase and equipment of a port advertising port of call / pɔ t əv kɔ l/ noun a port at which a ship often stops popular / pɒpjυlə/ adjective liked by many people This is our most popular portrait / pɔ trt/ noun an illustration, model. The South Coast is the most page or book whose height is greater popular area for holidays. than its width. Compare landscape popular price / pɒpjυlə prasz/ position /pə zʃ(ə)n/ noun a situation noun a price which is low and therefore or state of affairs what is the cash po- liked sition? what is the state of the company’s current account? popular pricing / pɒpjυlə prasŋ/ positioning /pə zʃ(ə)nŋ/ noun 1. noun a pricing method which tries to fix the creation of an image for a prod- prices that will be popular with custom- uct in the minds of consumers 2. the ers Our competitor’s popular pricing placing of an advertisement in a specific strategy is a serious threat to our sales. place on a specific page of a magazine population / pɒpjυ leʃ(ə)n/ noun 1. 3. the promotion of a product in a partic- the number of people who live in a ular area of a market country or in a town Paris has a pop- positive / pɒztv/ adjective meaning ulation of over three million. Popula- ‘yes’ The board gave a positive reply. tion statistics show a rise in the 18–25 ‘…as the group’s shares are already widely held, age group. Population trends have to the listing will be via an introduction. It will also be taken into account when drawing up be accompanied by a deeply-discounted £25m rights issue, leaving the company cash positive’ economic plans. The working popula- [Sunday Times] tion of the country is getting older. 2. the group of items or people in a survey positive appeal / pɒztv ə pi l/ or study noun advertising which shows why a product is attractive population forecast / pɒpjυ- leʃ(ə)n fɔ kɑ st/ noun a calculation positive cash flow / pɒztv k ʃ of how many people will be living in a fləυ/ noun a situation where more country or in a town at some point in the money is coming into a company than is future going out positive variance / pɒztv pop-under ad / pɒp ndər d/ veəriəns/ noun a difference between a noun a web advertisement that appears financial plan and its outcome, that in a separate browser window from the means a more favourable profit than ex- rest of a website pected The managing director is port /pɔ t/ noun a harbour where ships pleased because costs this year show a come to load or unload the port of £60,000 positive variance. Rotterdam to call at a port to stop at a possession utility /pə zeʃ(ə)n ju - port to load or unload cargo tlti/ noun same as marginal utility portal / pɔ t(ə)l/ noun a website that post /pəυst/ noun 1. a system of send- provides access and links to other sites ing letters and parcels from one place to and pages on the web (NOTE: Search another to send an invoice by post engines and directories are the most He put the letter in the post. The common portal sites.) cheque was lost in the post. to send a

post- 205 potential reply by return of post to reply to a let- poster site / pəυstə sat/ noun a ter immediately post free without hoarding, wall or other surface, where having to pay any postage The game posters are put up We want a poster is obtainable post free from the manu- site in a busy street. I wish we could facturer. 2. letters sent or received afford a prime poster site for our Has the post arrived yet? The first fund-raising campaign. bill poster, thing I do is open the post. The receipt fly poster was in this morning’s post. The letter postpaid /pəυst ped/ adjective with didn’t arrive by the first post this morn- the postage already paid The price is ing. (NOTE: British English uses both £5.95 postpaid. mail and post but American English only uses mail) í verb to send some- post-purchase / pəυst p tʃs/ ad- thing by post to post a letter or to post jective after a purchase has been made a parcel post-purchase advertising post- /pəυst/ prefix meaning after / pəυst p tʃs dvətazŋ/ noun ad- postage / pəυstd / noun payment vertising designed to minimise for sending a letter or parcel by post post-purchase anxiety What is the postage for this airmail post-purchase anxiety / pəυst packet to China? ‘postage paid’ p tʃs ŋ zaəti/ noun feelings of words printed on an envelope to show doubt about a purchase after it has been that the sender has paid the postage even made though there is no stamp on it post-purchase assessment postal / pəυst(ə)l/ adjective referring / pəυst p tʃs ə sesmənt/ noun the to the post assessment of a product by the pur- postal interview / pəυst(ə)l chaser after it has been bought and used ntəvju / noun same as postal survey post room / pəυst ru m/ noun a postal order / pəυst(ə)l ɔ də/ noun room in a building where the post is a document bought at a post office, used sorted and sent to each department or as a method of paying small amounts of collected from each department for money by post sending postal packet / pəυst(ə)l p kt/ post-test / pəυst test/ noun an evalu- noun a small container of goods sent by ation of an advertising campaign after it post has taken place, or of a product after it postal sales / pəυst(ə)l selz/ plural has been launched The post-test noun sales of products by post, through showed that an unnecessary amount of advertisements in the press The com- money had been spent. pany carried out postal sales from a big post-testing / pəυst testŋ/ noun warehouse in the north. the evaluation of an advertising cam- postal survey / pəυst(ə)l s ve/ paign after it has been run, or of a prod- noun a survey in which questionnaires uct after it has been launched are sent by post for respondents to fill in potential /pə tenʃəl/ adjective possi- and send back Not enough consumers ble potential customers people who responded to the postal survey. could be customers potential market postcode / pəυstkəυd/ noun a series a market which could be exploited the of numbers and letters which forms part product has potential sales of 100,000 of an address, indicating the street and units the product will possibly sell the town in a way which can be read by 100,000 units she is a potential man- a scanner (NOTE: the American equiva- aging director she is the sort of person lent is ZIP code) who could become managing director í poster / pəυstə/ noun a large noun the possibility of becoming some- eye-catching notice or advertisement thing a product with considerable which is stuck up outdoors or placed sales potential a product which is likely prominently inside a store to have very large sales to analyse the

potential demand 206 prepaid reply card market potential to examine the mar- pre-emption /pri empʃən/ noun ket to see how large it possibly is getting an advantage by doing some- ‘…career prospects are excellent for someone thing quickly before anyone else with growth potential’ [Australian Financial pre-empt selling /pri empt selŋ/ Review] noun the practice of selling television ‘…for sale: established general cleaning advertising time at a lower rate with the business; has potential to be increased to over 1 million dollar turnover’ [Australian Financial proviso that another advertiser can take Review] it over if the full rate is offered As we’re on a tight advertising budget potential demand /pə tenʃəl d- we’ll have to go for pre-empt selling. mɑ nd/ noun a situation where there is no demand as yet for a product but there preferred position /pr f d pə- is money to buy it Though there is no zʃ(ə)n/ noun the place in a publication interest in our product in Saudi Arabia where an advertiser asks for the adver- as yet, there is considerable potential tisement to be put demand. preferred position rate /pr f d power / paυə/ noun the ability to con- pə zʃ(ə)n ret/ noun a higher rate trol people or events charged for placing an advertisement in the position requested power brand / paυə br nd/ noun a very powerful brand which covers sev- prelaunch / pri lɔ ntʃ/ adjective be- eral best-selling products and is known fore a launch worldwide prelaunch period / pri lɔ ntʃ PR / pi ɑ / abbr public relations he pəriəd/ noun the period before the is working in PR A PR firm is han- launch of a new product dling all our publicity. The PR people premium / pri miəm/ noun 1. the gave away 100,000 balloons. amount added to a normal price or rate for a product or service 2. free gift of- preapproach / pri ə prəυtʃ/ noun fered to a prospective purchaser as an the stage in a salesperson’s preparation inducement to make a purchase for a sale devoted to planning actual ‘…greenmail, the practice of buying back stock meetings with customers at a premium from an acquirer who threatens a Preapproach sessions cover techniques takeover’ [Duns Business Month] in assessing customers and their needs. ‘…responsibilities include the production of precinct / pri sŋkt/ noun a separate premium quality business reports’ [Times] area premium offer / pri miəm ɒfə/ pre-coding /pri kəυdŋ/ noun the noun a free gift offered to attract more process of assigning codes to items on customers questionnaires in order to facilitate ref- premium pricing / pri miəm erence and evaluation Much time was prasŋ/ noun giving products or ser- lost in the survey through a confusing vices high prices either to give the im- pre-coding system. Freelance inter- pression that the product is worth more viewers should be given a complete ex- than it really is, or as a means of offer- planation of the pre-coding of ing customers an extra service questionnaires. prepack /pri p k/, prepackage predatory / predət(ə)ri/ adjective /pri p kd / verb to pack something which tries to attack a predatory before putting it on sale The fruit are pricing policy a policy of reducing prepacked in plastic trays. The prices as low as possible to try to get watches are prepacked in attractive dis- market share from weaker competitors play boxes. pre-empt /pri empt/ verb to get an prepaid /pri ped/ adjective paid in advantage by doing something quickly advance before anyone else They staged a prepaid reply card / pri ped r- management buyout to pre-empt a take- pla kɑ d/ noun a stamped addressed over bid. card which is sent to someone so that

preparatory set 207 pressure group they can reply without paying the press advertising / pres postage dvətazŋ/ noun advertising in news- preparatory set /pr p rət(ə)ri set/ papers and magazines noun the principle that people have pre- press clipping / pres klpŋ/ noun conceived ideas about brands which in- US a copy of a news item kept by a fluence their buying decisions company because it contains important prepay /pri pe/ verb to pay in ad- business information or is a record of vance (NOTE: prepaying – prepaid) news published about the company prepayment /pri pemənt/ noun a press communications / pres payment in advance to ask for pre- kəmju n keʃ(ə)nz/ plural noun com- payment of a fee to ask for the fee to be munications which increase the aware- paid before the work is done ness of journalists of a product or firm, pre-press /pri pres/ adjective be- e.g. press releases or news flashes fore going to press press conference / pres pre-press work /pri pres w k/ kɒnf(ə)rəns/ noun a meeting where noun the work needed to change origi- newspaper and TV reporters are invited nal copy and artwork into the form re- to hear news of something such as a new quired for printing product a takeover bid prequalification / pri kwɒlf- press cutting / pres k tŋ/ noun a keʃ(ə)n/ noun researching the value of piece cut out of a newspaper or maga- a potential customer, especially one who zine which refers to an item which you wants to take out a loan or a contractor find interesting such as a client or prod- for a project uct We have kept a file of press cut- presence / prez(ə)ns/ noun a mea- tings about the new car. surement of an advertisement’s real audience as opposed to its potential press cutting agency / pres k tŋ audience With an impressive presence ed ənsi/ noun a company which cuts our advertisement should have consid- out references to clients from newspa- erable effect. pers and magazines and sends them on to them present /pr zent/ verb to give a talk about or demonstration of something press date / pres det/ noun the date I’ve been asked to present at the sales on which a publication is printed conference. The HR director will press relations /pres r leʃ(ə)nz/ present the new staff structure to the plural noun part of the public relations Board. activity of an organisation, aimed at presentation / prez(ə)n teʃ(ə)n/ building up good relations with the noun 1. the showing of a document press If the company image is to im- cheque payable on presentation a prove we must first improve our press cheque which will be paid when it is relations. presented free admission on presen- press release / pres r li s/ noun a tation of this card you do not pay to go sheet giving news about something in if you show this card 2. a demonstra- which is sent to newspapers and TV and tion or exhibition of a proposed plan radio stations so that they can use the in- The distribution company gave a pre- formation The company sent out a sentation of the services they could of- press release about the launch of the fer. We have asked two PR firms to new car. make presentations of proposed publicity campaigns. pressure / preʃə/ noun something press /pres/ noun newspapers and which forces you to do something magazines We plan to give the prod- pressure group / preʃə ru p/ noun uct a lot of press publicity. There was a group of people who try to influence no mention of the new product in the the government, the local town council press. or some other organisation

prestige 208 price effect prestige /pre sti / noun 1. impor- to cut prices to reduce prices suddenly tance because of factors such as high to lower prices or to reduce prices to quality or high value prestige prod- make items cheaper í verb to give a uct an expensive luxury product pres- price to a product We have two used tige offices expensive offices in a good cars for sale, both priced at £5,000. area of the town 2. status achieved be- competitively priced sold at a low price cause of being successful, wealthy or which competes with that of similar powerful goods from other companies the com- prestige advertising /pre sti pany has priced itself out of the mar- dvətazŋ/ noun advertising in ket the company has raised its prices so high-quality magazines to increase a high that its products do not sell ‘…the average price per kilogram for this company’s reputation season has been 300c’ [Australian Financial prestige pricing /pre sti prasŋ/ Review] noun same as premium pricing ‘European manufacturers rely heavily on imported raw materials which are mostly priced pretax profit /pri t ks prɒft/ in dollars’ [Duns Business Month] noun the amount of profit a company ‘…after years of relying on low wages for their makes before taxes are deducted competitive edge, Spanish companies are finding that rising costs and the strength of the pretest / pri test/ noun evaluation of peseta are pricing them out of the market’ an advertising campaign before it is run [Wall Street Journal] pre-testing / pri testŋ/ noun the price band / pras b nd/ noun a testing or evaluation of a product or ad- method of grouping articles within a vertising campaign before it is launched narrow range of prices or run Pre-testing has shown that the price ceiling / pras si lŋ/ noun the product would do well in the country as highest price which can be reached a whole. The area chosen for pre-testing may not be representative price competition / pras kɒmpə- enough of the whole country. tʃ(ə)n/ noun the attempt to compete in a market through skilful pricing preview / pri vju / noun a showing of a film, a television commercial or an ex- price controls / pras kən trəυlz/ plural noun legal measures to prevent hibition to a specially invited audience before the general public sees it prices rising too fast price cutting / pras k tŋ/ noun a price /pras/ noun 1. money which has sudden lowering of prices to be paid to buy something competi- ‘…in today’s circumstances, price-cutting is tive price a low price aimed to compete inevitable in an attempt to build up market with a rival product to sell goods off share’ [Marketing Week] at half price to sell goods at half the price differential / pras dfə- price at which they were being sold be- renʃəl/ noun the difference in price before cars in the £18–19,000 price tween products in a range range cars of different makes, selling price differentiation / pras for between £18,000 and £19,000 dfərenʃi eʃ(ə)n/ noun a pricing strat- price ex ship the price that includes all egy in which a company sells the same costs up to the arrival of the ship at port product at different prices in different price ex warehouse the price for a markets product which is to be collected from the manufacturer’s or agent’s warehouse price discrimination / pras and so does not include delivery 2. to dskrm neʃ(ə)n/ noun the practice of increase in price to become more ex- charging different prices in different pensive Petrol has increased in price markets or to different types of cus- or the price of petrol has increased. to tomer Price discrimination has increase prices or to raise prices to caused some ill-feeling among make items more expensive we will customers. try to meet your price we will try to of- price effect / pras  fekt/ noun the fer a price which is acceptable to you result of a change in price on a person’s

price elasticity 209 primary demand buying habits Before fixing the price, price-sensitive / pras senstv we’ll have to carry out a survey to de- prɒd kt/ adjective referring to a prod- termine the price effect. uct for which demand will change sig- price elasticity / pras i l ststi/ nificantly if its price is increased or noun a situation where a change in price decreased. Products show an increased has the effect of causing a big change in demand if the price falls and reduced demand demand if the price rises. price escalation clause / pras price tag / pras t / noun 1. a label eskə leʃ(ə)n klɔ z/ noun a clause in a attached to an item being sold that contract that permits the seller to raise shows its price 2. the value of a person prices if its costs increase or thing price fixing / pras fksŋ/ noun an price ticket / pras tkt/ noun a illegal agreement between companies to piece of paper showing a price charge the same price for competing price war / pras wɔ / noun a compe- products tition between companies to get a larger price-insensitive / pras n- market share by cutting prices sensətv/ adjective describing essen- pricing / prasŋ/ noun the giving of a tial goods or services for which sales re- price to a product main constant regardless of price pricing policy / prasŋ pɒlisi/ price leadership / pras li dəʃp/ noun a company’s policy in giving noun a situation where the producers prices to its products Our pricing pol- model their prices on those of one lead- icy aims at producing a 35% gross ing producer margin. price level / pras lev(ə)l/ noun the primacy / praməsi/ noun the fact of average price of a particular product in a being in first place or being the most country at a particular time important price list / pras lst/ noun a sheet primacy effect theory / praməsi giving prices of goods for sale fekt θəri/ noun the theory that the price maintenance / pras first information in a message is most mentənəns/ noun an agreement be- likely to be remembered tween producers or distributors on a primary / praməri/ adjective basic minimum price for a product ‘…farmers are convinced that primary industry no longer has the capacity to meet new capital price-off label /pras ɒf leb(ə)l/ taxes or charges on farm inputs’ noun a label on a product showing a re- [Australian Financial Review] duced price primary brand / praməri br nd/ price pegging / pras pe ŋ/ noun noun a brand owned by a distributor the practice of maintaining prices at a rather than by a producer. Compare pri- specific level vate brand price point / pras pɔnt/ noun the primary commodities / praməri exact price for a range of different prod- kə mɒdtiz/ plural noun raw materials ucts which is psychologically important or food for the customer, since if an article is primary data / praməri detə/, given a higher price it will discourage primary information / praməri sales We must have a meeting to de- nfə meʃ(ə)n/ noun data or informa- termine price points for our products. tion which has not yet been published price range / pras rend / noun a and must therefore be found by field re- series of prices for similar products search The company’s market re- from different suppliers search proved very expensive since it price ring / pras rŋ/ noun a group of needed so much primary data. producers or distributors who agree to primary demand / praməri d- control prices and market conditions in mɑ nd/ noun demand for a product in their industry general, as opposed to demand for a par-

primary industry 210 private means ticular brand The main producer com- print run / prnt r n/ noun the num- panies are cooperating to create ber of copies of a publication or piece of primary demand since this type of prod- advertising material which are printed uct is quite new to the public. The company has ordered a print run of primary industry / praməri 100,000 for their new catalogue. ndəstri/ noun an industry dealing with privacy / prvəsi/ noun a situation of basic raw materials such as coal, wood not being disturbed by other people, es- or farm produce pecially the knowledge that communi- primary products / praməri cations are private and cannot be prɒd ktz/ plural noun products which accessed by others are basic raw materials, e.g. wood, milk private / pravət/ adjective belonging or fish to a single person, not to a company or prime /pram/ adjective most the state a letter marked ‘private important and confidential’ a letter which must not be opened by anyone other than the prime cost / pram kɒst/ noun the person it is addressed to cost involved in producing a product, ‘…management had offered to take the excluding overheads company private through a leveraged buyout for prime rate / pram ret/ noun the $825 million’ [Fortune] best rate of interest at which a bank private brand / pravət br nd/ lends to its customers noun a brand owned by a distributor prime time / pram tam/ noun the rather than by a producer. Compare pri- most expensive advertising time for TV mary brand commercials We are putting out a se- private enterprise / pravət ries of prime-time commercials. entəpraz/ noun businesses which are principal / prnsp(ə)l/ noun a person owned privately, not nationalised The or company that is represented by an project is completely funded by private agent The agent has come to London enterprise. to see his principals. í adjective most private label / pravət leb(ə)l/ important The principal shareholders noun a brand name which is owned by a asked for a meeting. The country’s store, rather than the producer principal products are paper and wood. The company’s principal asset is its private label goods / pravət design staff. leb(ə)l υdz/ plural noun goods with ‘…the company was set up with funds totalling a brand name which is owned by the NorKr 145m with the principal aim of making store, rather than the producer capital gains on the secondhand market’ private limited company / pravət [Lloyd’s List] lmtd k mp(ə)ni/ noun 1. a com- print /prnt/ noun the action of mark- pany with a small number of sharehold- ing letters or pictures on paper by a ma- ers, whose shares are not traded on the chine, and so producing a book, leaflet, Stock Exchange (NOTE: shortened to newspaper, etc. Ltd) 2. a subsidiary company whose printed matter / prntd m tə/ shares are not listed on the Stock Ex- noun printed items, e.g. books, newspa- change, while those of its parent com- pers and publicity sheets pany are print farming / prnt fɑ mŋ/ noun privately / pravətli/ adverb away organising the printing by outside print- from other people The deal was nego- ers of printed material required by an or- tiated privately. ganisation, such as advertising leaflets, private means / pravət mi nz/ plu- catalogues, letterheads, etc. ral noun income from dividends, inter- print media / prntd mi diə/ plural est or rent which is not part of noun advertising media, e.g. magazines someone’s salary and newspapers

private property 211 product advertising private property / pravət prɒpəti/ and wild cats; the singular is problem noun property which belongs to a pri- child) vate person, not to the public procurement /prə kjυəmənt/ noun private sector / pravət sektə/ the act of buying equipment or raw ma- noun all companies which are owned by terials for a company Procurement of private shareholders, not by the state raw materials is becoming very compli- The expansion is completely funded by cated with the entry of so many new sup- the private sector. Salaries in the pri- pliers into the market. vate sector have increased faster than in produce noun / prɒdju s/ foodstuffs the public sector. grown on the land home produce ‘…in the private sector the total number of new agricultural produce farm produce í house starts was 3 per cent higher than in the verb /prə dju s/ to make or manufac- corresponding period last year, while public sector starts were 23 per cent lower’ ture the factory produces cars or [Financial Times] engines privatisation / pravəta zeʃ(ə)n/, producer /prə dju sə/ noun a person, company or country that manufactures privatization noun the process of sell- a country which is a producer of ing a nationalised industry to private high-quality watches The company is owners a major car producer. ‘…even without privatization, water charges would probably have to rise to pay for meeting producer market /prə dju sə EC water-quality rules’ [Economist] mɑ kt/ noun customers who buy privatise / pravətaz/, privatize goods to be used in production verb to sell a nationalised industry to producer’s surplus /prə dju səz private owners s pləs/ noun the amount by which the actual price of a product is more than probability / prɒbə blti/ noun the the minimum which the producer would likelihood that something will happen, accept for it There is a considerable expressed mathematically producer’s surplus because the product probability sampling / prɒbə blti is in short supply. If our customer sɑ mplŋ/ noun the choosing of sam- knew the producer’s surplus she would ples for testing without any special se- have offered much less than the asking lection method price. probable / prɒbəb(ə)l/ adjective product / prɒd kt/ noun 1. some- likely to happen They are trying to thing which is made or manufactured 2. prevent the probable collapse of the a manufactured item for sale company. It is probable that the com- ‘…today new marketing is about new products pany will collapse if a rescue package is based on consumer understanding and technology’ [Marketing Week] not organised before the end of the ‘…consistency of product is probably essential month. for successful branding’ [Marketing Workshop] probing / prəυbŋ/ noun an attempt ‘…any expansion or change in market share is by an interviewer to get the interviewee most likely to come from the development and to develop an answer No amount of improvement of existing products’ [Marketing] probing would induce the housewife to product abandonment / prɒd kt say why she did not like the new wash- ə b ndənmənt/ noun the stopping of ing powder. production and selling of a product problem children / prɒbləm product acceptance / prɒd kt ək- tʃldr(ə)n/ plural noun in the Boston septəns/ noun the degree to which a matrix, products which are not very product is accepted by the market and so profitable, and have a low market share sells well We do not know what prod- and a high growth rate The problem uct acceptance will be in such an un- children in our range make very little known market. contribution to the company profits. product advertising / prɒd kt (NOTE: also called question marks dvətazŋ/ noun the advertising of a

product analysis 212 productive capital particular named product, not the com- product idea / prɒd kt a də/ noun pany which makes it an idea for a totally new product or an product analysis / prɒd kt ə- adaptation of an existing one n ləss/ noun an examination of each product idea testing / prɒd kt a- separate product in a company’s range də testŋ/ noun the evaluation of a to find out why it sells, who buys it, etc. new product idea, usually by consulting product assortment / prɒd kt representatives from all main depart- ə sɔ tmənt/ noun a collection of dif- ments in a company and interviewing a ferent products for sale sample of consumers product churning / prɒd kt product image / prɒd kt md / tʃ nŋ/ noun the practice of putting noun the general idea which the public many new products onto the market in has of a product We need a huge pro- the hope that one of them will become motional campaign to create the desired successful (NOTE: Product churning is product image. especially prevalent in Japan.) production /prə d kʃən/ noun the product deletion / prɒd kt making or manufacturing of goods for d li ʃ(ə)n/ noun the removal of old sale Production will probably be held products from the market as new ones up by industrial action. We are hop- are added to the company’s range ing to speed up production by installing Product deletion was caused by poor new machinery. sales. If production costs continue to production cost /prə d kʃən kɒst/ rise then product deletion will be the noun the cost of making a product only answer. production department /prə- product design / prɒd kt d zan/ d kʃən d pɑ tmənt/ noun the section noun the design of consumer products of a company which deals with the mak- product development / prɒd kt ing of the company’s products d veləpmənt/ noun the process of im- production line /prə d kʃən lan/ proving an existing product line to meet noun a system of making a product, the needs of the market. new product where each item such as a car moves development slowly through the factory with new product development cycle sections added to it as it goes along / prɒd kt d veləpmənt sak(ə)l/ He works on the production line. She noun the stages in the development of a is a production-line worker. new product production manager /prə d kʃən product differentiation / prɒd kt m nd ə/ noun the person in charge of dfə renʃi eʃ(ə)n/ noun the process of the production department ensuring that a product has some unique production standards /prə- features that distinguish it from compet- d kʃən st ndədz/ plural noun the ing ones We are adding some extra quality of production features to our watches in the interest of product differentiation. production target /prə d kʃən tɑ t/ noun the amount of units a fac- product endorsement / prɒd kt tory is expected to produce n dɔ smənt/, endorsement advertising /n dɔ smənt dvətazŋ/ noun production unit /prə d kʃən advertising which makes use of famous ju nt/ noun a separate small group of or qualified people to endorse a product workers producing a product Which celebrities have agreed to con- productive /prə d ktv/ adjective tribute to our endorsement advertising? which produces productive discus- Product endorsement will, we hope, sions useful discussions which lead to help our fund-raising campaign. an agreement or decision product family / prɒd kt f m(ə)li/ productive capital /prə d ktv noun a group of interrelated products k pt(ə)l/ noun capital which is in- made by the same manufacturer vested to give interest

productivity 213 product recall productivity / prɒd k tvti/ noun executive responsible for the marketing the rate of output per employee or per of a particular product To co-ordinate machine in a factory Bonus payments the selling of our entire range we need are linked to productivity. The com- more consultation between product pany is aiming to increase productivity. managers. Productivity has fallen or risen since product market / prɒd kt mɑ kt/ the company was taken over. noun a group of consumers for a prod- ‘…though there has been productivity growth, the absolute productivity gap between many uct which is different from other groups British firms and their foreign rivals remains’ to which the product is also sold [Sunday Times] product-market strategies plural productivity agreement / prɒd k- noun basic marketing strategies consist- tvti ə ri mənt/ noun an agreement ing of either market penetration, market to pay a productivity bonus development, product development or productivity bonus / prɒd k tvti diversification bəυnəs/ noun an extra payment made product mix / prɒd kt mks/ noun a to employees because of increased pro- range of different products which a duction per employee company has for sale productivity drive / prɒd k tvti product placement / prɒd kt drav/ noun an extra effort to increase plesmənt/ noun placing products as productivity props on TV shows or in films as a form product launch / prɒd kt lɔ ntʃ/ of advertising noun the act of putting a new product on product-plus / prɒd kt pl s/ noun the market features of a product which make it par- product leader / prɒd kt li də/ ticularly attractive noun the person who is responsible for product portfolio / prɒd kt pɔ t- managing a product line fəυliəυ/ noun a collection of products product liability / prɒd kt laə- made by the same company blti/ noun the liability of the maker of product portfolio analysis a product for negligence in the design or / prɒd kt pɔ t fəυliəυ ə n ləss/ production of the product noun a model for a marketing strategy product life cycle / prɒd kt laf with various categories of product based sak(ə)l/ noun stages in the life of a on present performance and growth rate, product in terms of sales and profitabil- which can help a business to plan its ity, from its launch to its decline product development and strategy Growth is the first stage in the product Product portfolio analysis showed that life cycle. The machine has reached a some products were neither performing point in its product life cycle where we well nor showing any signs of increas- should be thinking about a replacement ing their market share. for it. family product positioning / prɒd kt pə- product line / prɒd kt lan/ noun a zʃ(ə)nŋ/ noun the placing of a series of different products which form product in the market so that it is recog- a group, all made by the same company nisable to the public We do not stock that line. Com- product range / prɒd kt rend / puters are not one of our best-selling noun 1. a series of products from which lines. They produce an interesting line the customer can choose 2. a series of in garden tools. different products made by the same product management / prɒd kt company which form a group m nd mənt/ noun the process of di- product recall / prɒd kt ri kɔ l/ recting the making and selling of a prod- noun the removal from sale of products uct as an independent item that may constitute a risk to consumers product manager / prɒd kt because of contamination, sabotage or m nd ə/ noun the manager or faults

product research 214 pro forma product research / prɒd kt r- loss account look healthier’ [Hongkong Standard] s tʃ/ noun research carried out to examine various competing products in a profitability / prɒftə blti/ noun 1. market and the potential market for such the ability to make a profit We doubt products the profitability of the project. 2. the product strategy / prɒd kt amount of profit made as a percentage str təd i/ noun the various elements of costs which a company has to take into ac- profitable / prɒftəb(ə)l/ adjective count when developing a product, e.g. which makes a profit She runs a very price, design and availability profitable employment agency. product testing / prɒd kt testŋ/ profit and loss account (P&L ac- noun the testing of a product by allow- count) / prɒft ən lɒs ə kaυnt/ noun ing a sample of consumers to use it the accounts for a company showing ex- without knowing which brand it is penditure and income over a period of Product testing showed that unfortu- time, usually one calendar year, bal- nately consumers preferred two other anced to show a final profit or loss brands to this one. profit centre / prɒft sentə/ noun 1. profile / prəυfal/ noun a brief de- a person or department that is consid- scription of the characteristics of some- ered separately for the purposes of cal- thing or someone They asked for a culating a profit We count the kitchen profile of the possible partners in the equipment division as a single profit joint venture. Her CV provided a pro- centre. 2. a person, unit, or department file of her education and career to date. within an organisation that is considered ‘…the audience profile does vary greatly by period: 41.6% of the adult audience is aged 16 to separately when calculating profit 34 during the morning period, but this figure (NOTE: Profit centres have a certain drops to 24% during peak viewing time’ amount of independence with regard [Marketing Week] to marketing and pricing, and have re- profit / prɒft/ noun money gained sponsibility for their own costs, reve- from a sale which is more than the nues, and profits.) money spent on making the item sold or profiteer /prɒf tə/ noun a person on providing the service offered who makes too much profit, especially profit after tax profit after tax has been when goods are rationed or in short paid to take your profit to sell shares supply at a higher price than was paid for them, and so realise the profit, rather than to profiteering /prɒf tərŋ/ noun the keep them as an investment to show a practice of making too much profit profit to make a profit and state it in the profit-making / prɒft mekŋ/ company accounts We are showing a adjective which makes a profit The small profit for the first quarter. to whole project was expected to be make a profit to have more money as a profit-making by 2001 but it still hasn’t result of a deal to move into profit to broken even. It is hoped to make it start to make a profit The company is into a profit-making concern. breaking even now, and expects to move profit margin / prɒft mɑ d n/ into profit within the next two months. noun the percentage difference between to sell at a profit to sell at a price which sales income and the cost of sales gives you a profit healthy profit quite a large profit profit maximisation / prɒft ‘…because capital gains are not taxed and m ksma zeʃ(ə)n/ noun a business money taken out in profits and dividends is strategy or policy based on achieving as taxed, owners of businesses will be using high a profit as possible The company accountants and tax experts to find loopholes in considers profit maximization a socially the law’ [Toronto Star] irresponsible policy. ‘…the bank transferred $5 million to general reserve compared with $10 million the previous pro forma /prəυ fɔ mə/ noun a doc- year which made the consolidated profit and ument issued before all relevant details

pro forma invoice 215 promotional tools are known, usually followed by a final promotion /prə məυʃ(ə)n/ noun all version means of conveying the message about pro forma invoice /prəυ fɔ mə a product or service to potential custom- nvɔs/, pro forma /prəυ fɔ mə/ ers, e.g. publicity, a sales campaign, TV noun an invoice sent to a buyer before commercials or free gifts Our promo- the goods are sent, so that payment can tion budget has been doubled. The be made or so that goods can be sent to a promotion team has put forward plans consignee who is not the buyer They for the launch. We are offering free sent us a pro forma invoice. We only holidays in France as part of our spe- supply that account on pro forma. cial in-store promotion. ‘…finding the right promotion to appeal to progress report / prəυ res r pɔ t/ children is no easy task’ [Marketing] noun a document which describes what ‘…you have to study the profiles and people progress has been made involved very carefully and tailor the promotion project / prɒd ekt/ noun 1. a plan to fill those needs’ [Marketing Week] He has drawn up a project for develop- promotional /prə məυʃ(ə)n(ə)l/ ad- ing new markets in Europe. 2. a particu- jective used in an advertising campaign lar job of work which follows a plan The admen are using balloons as pro- We are just completing an engineering motional material. project in North Africa. The company ‘…the simplest way to boost sales at the will start work on the project next expense of regional newspapers is by a month. heavyweight promotional campaign’ [Marketing Week] project analysis / prɒd ekt ə- n ləss/ noun the examination of all promotional allowance /prə- the costs or problems of a project before məυʃ(ə)n(ə)l ə laυəns/ noun a dis- work on it is started count which is offered to a buyer in return for some promotional activity in projected /prə d ektd/ adjective connection with the product sold planned or expected projected sales a forecast of sales Projected sales in promotional budget /prə- Europe next year should be over £1m. məυʃ(ə)n(ə)l b d t/ noun a forecast

Dictionary Of Marketing

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Notes on slide 1

12 Favorites & 3 Groups

Dictionary Of Marketing - Presentation Transcript