Business and Marketing Terminology

A comprehensive set of English business and marketing vocabulary terms with their definitions, extracted from the provided lecture notes.

interest rate

The cost of borrowing money (cost of borrowing money).

exchange rate

The price at which one currency can buy another (price at which one currency can buy another).

inflation rate

A general increase in prices (general increase in prices).

labor force

The people who are working (people working).

tax incentives

Low taxes to encourage business activities (low taxes to encourage business activities).

government bureaucracy

Official rules, regulations, and paperwork (official rules/regulations/paperwork).

GDP (Gross Domestic Product)

The total value of goods and services produced in a country (total value of goods and services produced in a country).

unemployment rate

The percentage of people without jobs (percentage of people without jobs).

foreign investment

Money coming from overseas (money from overseas).

balance of trade

The difference in value between a country's imports and exports (difference in value between a country's imports and exports).

brand loyalty

The tendency to always buy a particular brand.

brand image

The ideas and belief people have about a brand.

brand stretching

Using an existing name on another type of product.

brand awareness

How familiar people are with a brand.

brand name

The name given to a product by the company that make it.

product launch

The introduction of a product to the market.

product lifecycle

The length of time people continue to buy a product.

product range

The set of products made by a company.

product placement

When products are used in films or TV.

product endorsement

The use of a well-known person to advertise products.

credit facilities

The possibility of paying for a product over an extended period.

warranty

A promise by a manufacturer or a seller to repair defective goods during a certain period.

brand-switcher

A customer who buys various competing products rather than being loyal to a particular brand.

niche

A small, specialised but profitable segment of a market.

profitability

The extent to which an activity provides financial gain.

multi-brand strategy

When manufacturers market various products under different brand names.

product line

Consists of several products distinguished by brand names.

product mix

A company's items, brands and products constitute its product mix.

line-stretching

Lengthen a product line by moving either up-market or down-market, making items of higher or lower quality.

line-filling

Adding further items to the existing product line.