Docsity
Docsity

Prepare for your exams
Prepare for your exams

Study with the several resources on Docsity


Earn points to download
Earn points to download

Earn points by helping other students or get them with a premium plan


Guidelines and tips
Guidelines and tips

Marketing Fundamentals: Definitions, Product Life Cycle, and Promotion Strategies - Prof. , Exercises of Business English

Tiếng anh chuyên ngành kinh tế

Typology: Exercises

2020/2021

Uploaded on 12/13/2021

kaze4502
kaze4502 🇻🇳

5

(1)

4 documents

1 / 7

Toggle sidebar

This page cannot be seen from the preview

Don't miss anything!

bg1
Vocabulary: Basic marketing terms
1. Distribution channel: all the companies or individuals (‘middiemen’) involved in
moving goods or sẻvices from producers to consumers
2. Wholesaler: an intermediary that stocks manufacturers’ goods or mechandise, and
sells it to retailers and Professional buyers
3. Market segmentiation: dividing a market into distinct groups of buyers who have
different requirements or buying habits
4. Product differentation: making a product (appear to be) different from similar
product offered by other seller, by product differences, advertising, packaging, etc
5. Market opportunities: possibilities of filling unsatisfied needs in sectors in which
a company can profitably produce goods or services
6. Market skimming: setting a high price for a new product, to make maximum
revenue before competing products appear on the market
7. Sales representative: someone who contacts existing and potential customers, and
tries to persuade them to buy goods or services
8. Product features: the attributes or characteristics of a product, such as size, shape,
quality, price, reliability, etc
9. Price elasticity: the extent to which supply ror demand (the quanlity produced or
bought) of a product responds to change of price
10. Market penetration: the strategy of setting a low price to try to sell la large
volume and increase market share
Reading: The product life cycle
Sales:
- Public awareness about the product increases and sales volume rises significantly
growth stage
- Sales volume peaks maturity stage
- Sales volume begins to go down decline stage
- The sales volume is low and customers have to be persuaded to try the product
introduction stage
Costs:
- Costs are high introduction stage
- The product’s features may have to be changed so that it differs from competing
brands, which involves new costs maturity stage
- Costs are reduced due to economies of scale, so profitability increases growth
stage
- Either costs are too high compared to sales, so the products is discontinued, or the
company continues to offer the product to loyal customers, while reducing costs to
a minimum decline stage
pf3
pf4
pf5

Partial preview of the text

Download Marketing Fundamentals: Definitions, Product Life Cycle, and Promotion Strategies - Prof. and more Exercises Business English in PDF only on Docsity!

Vocabulary : Basic marketing terms

  1. Distribution channel : all the companies or individuals (‘middiemen’) involved in moving goods or sẻvices from producers to consumers
  2. Wholesaler : an intermediary that stocks manufacturers’ goods or mechandise, and sells it to retailers and Professional buyers
  3. Market segmentiation : dividing a market into distinct groups of buyers who have different requirements or buying habits
  4. Product differentation : making a product (appear to be) different from similar product offered by other seller, by product differences, advertising, packaging, etc
  5. Market opportunities : possibilities of filling unsatisfied needs in sectors in which a company can profitably produce goods or services
  6. Market skimming : setting a high price for a new product, to make maximum revenue before competing products appear on the market
  7. Sales representative : someone who contacts existing and potential customers, and tries to persuade them to buy goods or services
  8. Product features : the attributes or characteristics of a product, such as size, shape, quality, price, reliability, etc
  9. Price elasticity : the extent to which supply ror demand (the quanlity produced or bought) of a product responds to change of price
  10. Market penetration : the strategy of setting a low price to try to sell la large volume and increase market share Reading : The product life cycle Sales:
  • Public awareness about the product increases and sales volume rises significantly  growth stage
  • Sales volume peaks  maturity stage
  • Sales volume begins to go down  decline stage
  • The sales volume is low and customers have to be persuaded to try the product  introduction stage Costs:
  • Costs are high  introduction stage
  • The product’s features may have to be changed so that it differs from competing brands, which involves new costs  maturity stage
  • Costs are reduced due to economies of scale, so profitability increases  growth stage
  • Either costs are too high compared to sales, so the products is discontinued, or the company continues to offer the product to loyal customers, while reducing costs to a minimum  decline stage

Prices:

  • The price is either maintained, or greatly reduced to liquidate stock if the product is discountined  decline stage
  • The company can choose between high skim pricing to recover development costs, or low penetration pricing to build market share rapidly, if there are already competitors  introduction stage
  • The price can remain unchanged because demand is increasing but competitors aren’t usually yet well established  growth stage
  • Prices may have to be reduced because competitors are established in the market, but companies try to defend their market share while alse maximizing profit  maturity stage Promotion:
  • Promotion emphasizes product differentiation  maturity stage
  • Promotion is aimed at a much broader audience (the majority of the product’s users)  growth stage
  • At this stage, there is virtually no promotion  decline stage
  • Promotion is aimed at educating potential consumers (innovators and early adopters) about the product, and building product awareness  introduction stage Listening 1 : Promoting a juice bar 1. What was the first form of marketing (or promotion) they tried? The first one they tried is sampling. They did sampling on the street, they sent out one of their staff members wwith little sample goblets, and people, little cups, and then people got to try their products 2. Why were they sure it would work? Because they knew that if people tried their products, they’d be happy - their product selled itself as far as taste 3. What concept was used for the advertising campaign, and what was the problem with it? The concept of having a fit woman with the boxing gloves, with the theme of ‘Get a, get a kich out of your vitamins and come to Zeste’ was used for the advertising campaign. However, they got trouble, because the customers-the Swiss- didn’t know at that stage what a smoothie was. For them, this words didn’t exist so the campaign wasn’t effective Listening 2 : The most effective form of promotion 1. According to Melissa, what is the most effective form of promotion? The most effective form of promption is publicity in te papers, and in the general free publicity 2. Does it have a temporary or a permanent effect?

Because there was more competition, and because technology developed and allowed companies to change products to match what customers asked for

3. What did he say market-driven companies do? Work with companies, customers to understand their strategies, and adapt their products to fit them, and in this way try to create a new market 4. What's does McKenna mean when he decribes the old approach as ‘unresponsive’? The old approach is all about testing and marketing a company’s idea, rather than responding to a demand that comes from customers 5. Why has the main focus of company move first from finance to engineering, and then from engineering to marketing? Because the main demand on companies first changed from controlling costs to competing with other companies with similar products, and then to serving customers 6. What two negative descriptions of marketing does he reject? The two negative descriptions of marketing he rejects are fooling the customrer and falsifying the company’s image 7. What does he say about customer and marketien-driven companies? Market-driven companies integrate the customer into the design of the product 8. What is wrong with focusing R&D (research and develop) and creating.new products? If you focus on your R&D, you forget about the customer, the market and the competition 9. Whai is wrong with focusing on increasing marketing share? It is like fighting over crumbs rather than trying to own the whole market 10. Explain in your own words what he did describes at the real job or goal of marketing The real job or goal of marketing is to produce what customers need so well taht you control the entire market for your products  Do you think Regis McKenna’s account of the role of marketing is realistic? Yes, I do.  Would it work for all industries and market, or only particular ones? It would work for all industries and market because marketing become more and more essential, every sector needs marketing Glossary Word Form En meaning Vie meanin g Example Penetration n The successful of Sự thâm Japanes import

selling company’s or country’s products in a market or area nhập penetration has been increasing Elasticity n The degree to which a demand or supply is sensitive to changes in the price or income Độ co giãn Elasticity is widely used to study the impacts of change in commdity prices to the total revenue of manufacturers Differentiatio n n The action or process of differentiting Sự khác biệt Packaging can be a source of product differentiation Intermediary n A person who acts as a link between people to try to bring about an agreement or reconciliation Người trung gian Distributor is a intermediary between company and customers Retailer n A person or business that sells goods to the public in relatively small quantities for use or consumption rather than for sale Nhà bán lẻ The big supermarket have forced many independent retailers out of business Distinct a Recognizably different in nature from something else of a similar type Riêng biệt The patterns of spoken language are distinct from those of writing Attribute n A quality or feature regarded as a charactiristic or inherent part of something Thuộc tinh Flexibility and mobility are the key attributes of army Reliability n The quality of being trustworthy or of performing consistently well Độ tin cậy The car’s background gives me every confidence in its reliability Maturity n The state, fact, or period of being mature Trưởng thanh I admire their experience, maturity and strong work ethic Significantly adv In a sufficiently great or important way as to be worth of attention Đáng kể Energy bills have increased significantly this year Peak n The pointed top of Đỉnh cao In the peak of the

diameter of 1.1 mm Fixated a Focusing on something Chú tâm He is so fixated on work Agenda n A list of items to be discussed at a formal meeting Chương trinh nghị sự The government had its own agenda Crumb n A very small amount of something Mảnh vụn The budget provided few crumbs of comfort Concept n An abstract idea Ý tưởng What’s the concept of this campaign