FTU2 - ESP 1 - VOCABULARY IN TEXTBOOK

Final Exam: 11/11/2024

strategy

a plan for achieving success

innovation

a new idea or method

subordinate

a person with a less important position in an organization

consultant

a person who provides expert advice to a company

crisis

a situation of danger of difficulty

objective

something you plan to do or achieve

public sector

the section of the economy under government control

promotion

when someone is raised to a higher or more important position

set objectives

after an organization has …, it has to make sure that it achieves them

allocate resources

Managers have to find the best way to … all the human, physical and capital … available to them

perform tasks

Some people … better on their own while others work better in teams

supervise subordinates

Managers … the work of their … and try to develop their abilities

measure performance

Managers … the … of their staff to see whether they are reaching their targets.

deal with crises - make decisions

Top managers have to be prepared to … if they occur and then have to … quick …

labour relations

interactions between employers and employees, or manager and workers

job security

knowing that there is little risk of losing one’s employment

wages

money paid (per hour or day or week) to manual workers

benefits

advantages that come with a job, apart from pay

incentives

things that encourage people to do something

promotion

to be raised to a higher rank or better job

unskilled

without any particular abilities required by training

job rotation

regularly switching between different tasks

corporate culture

a company’s shared attitudes, beliefs, practices and work relationships

hierarchy or chain of command

a system of authority with different levels, one above the other, e.g. a series of management positions, whose holders can make decisions, or give orders and instructions

function

a specific activity in a company, e.g. production, marketing, finance

autonomous

independent, able to take decisions without consulting someone. at the same level or higher in the chain of command

line authority

the power to give instructions to people at the level below in the chain of command

report

to be responsible to someone and to take instructions from them

delegate

to give someone else responsibility for doing something instead of you

exported goods

products sold to other countries

real estate

property: building such as offices, houses, flats or apartments

labour

work done in return for money

delocalize

to move your factories to another region or country

outsource

to use other companies to do work your company previously did itself

inventory - stock

… or … is a company’s reserves involved in producing and delivering goods or a service

component

A … is any of the pieces or parts that make up a product or machine

capacity

… is the maximum rate of output that can be achieved from a production process.

plant

is a collective word for all the buildings, machines, equipment, and other facilities used in the production process.

location

means the geographical situation of a factory or other facility

supply chain

A … is a network of organizations involved in producing and delivering goods or a service.

outsourcing

means buying products or processed materials from other companies rather than manufacturing them.

economies of scale

… are the cost savings arising from large-scale production.

lead time

is the time needed to perform an activity such as manufacturing a product or delivering it to a customer.

estimate

a guess of what the size or amount of something might be

forecast

a statement of what is expected to happen in the future

agile

able to move quickly or easily

accurate

correct, exact and without any mistakes

logistics

designing and managing the flow of goods, information and other resources

manual

done with the hands

lean

(of production) using small quantities and avoiding any waste

replenish

to fill something up again

distribution channel

all the companies or individuals (‘middlemen’) involved in moving goods or services from producers to consumers

wholesaler

an intermediary that stocks manufacturers’ goods or merchandise, and sells it to retailers and professional buyers.

market segmentation

dividing a market into distinct groups of buyers who have different requirements or buying habits

product differentiation

making a product (appear to be) different from similar products offered by other sellers, by product differences, advertising, packaging, etc.

market opportunities

possibilities of filling unsatisfied needs in sectors in which a company can profitably produce goods or services.

market skimming

setting a high price for a new product, to make maximum revenue before competing products appear on the market

sales representative

someone who contacts existing and potential customers, and tries to persuade them to buy goods or services

product features

the attributes or characteristics of a product, such as size, shape, quality, price, reliability, etc.

price elasticity

the extent to which supply or demand (the quantity produced or bought) of a product responds to changes of price

market penetration

the strategy of setting a low price to try to sell a large volume and increase market share

advertising agencies

companies that design advertising for clients

advertising campaign

the advertising of a particular product or service during a particular period of time

brief

the statement of objectives that a client works out with an advertising agency

target customers

a defined set of customers whose needs a company plans to satisfy

advertising budget

the amount of money a company plans to spend in developing its advertising and buying media time or space

media plan

the choice of where to advertise in order to reach the right people

comparative-parity method

choosing to spend the same amount on advertising as one’s competitors

free sample

a small amount of a product given to customers to encourage them to try it

word-of-mouth advertising

free advertising, when satisfied customers recommend products to their friends

viral marketing

trying to get consumers to forward an online marketing message to other people

deposits

money placed in a bank

loan

a sum of money borrowed from a bank

capital

the money invested in a business

stocks or shares

certificates representing part-ownership of a company

bonds

certificates of debt issued by governments or companies to raise money

merger

when one company combines with another one

takeover bid

when one company offers to buy or acquire another one

stockbroking

buying and selling stocks or shares for clients

portfolio

all the investments owned by an individual or organization

returns

the profits made on investments

bankrupt

unable to pay debts or continue to do business

deregulation

the ending or relaxing of legal restrictions

conglomerate

a group of companies, operating in different fields, which have joined together

interest

the price paid for borrowing money, paid to the lenders

income

all the money received from business activities during a given period

expenditure

all the money that a business spends on goods or services during a given period

budget

a financial operating plan showing expected income and expenditure

asset

anything owned by a business - cash, buildings, machines, equipments, etc.

liabilities

all the money that a company will have to pay to someone else in the future, including debts, taxes and interest payments

debit

an entry in an account, recording a payment made

credit

an entry in an account, recording a payment received

intangible

adjective describing something without a material existence, which you can’t touch

accrued

adjective describing a liability which has been incurred but not yet invoiced to the company

deferred

delayed or postponed until a later time

cost accounting

calculating all the expenses involved in producing something, including materials, labour, and all other expenses

tax accounting

calculating how much an individual or a company will have to pay to the local and national governments (and trying to reduce this to a minimum)

auditing

inspecting and reporting on accounts and financial records

accounting

preparing financial statements showing income and expenditure, assets and liabilities

managerial or management accounting

providing information that will allow a business to make decisions, plan future operations and develop business strategies