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Unit 5
MARKETING
1. Read the following text. What are the Croatian terms for the key concepts here?
A market is any one of a variety of different systems, institutions, procedures, social relations
and infrastructures whereby persons trade, and goods and services are exchanged, forming
part of the economy. It is an arrangement that allows buyers and sellers to exchange things.
A market can be defined as on organized meeting for trade. Originally it was a town square
where sellers could find buyers and vice versa. Today, the term market is an abstraction, a
collective term for a group of customers who may be united either by geographical location (a
country or a region) or by common needs that generate demand (e.g. used cars market). A
marketplace is the space, actual or metaphorical, in which a market operates.
Most markets are regulated by laws and regulations. While barter markets exist, most markets
use currency or some other form of money.
2. Match /make word combinations with ‘market’ being the first or the second word, as
in the example:
Market demand
securities market
Find other examples in the text above.
street, forces, virtual, segmentation, leader, stock, share, trend, value, economy, flea, farmer’s,
research, price, world, capital, commodity, maker, wizard, report, capitalization, consumer
market …………..
………………. market
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What is Marketing?
To be successful in today’s competitive marketplace, people in business realize that they must
first determine people’s needs and wants, then produce goods and services to satisfy them. A
company, whether it is Ford Motor Company or a small retailer, is in business to create wantsatisfying goods and services for its customers. In today’s competitive business environment,
the success of goods and services is determined by the consumers who buy them.
What does a business firm do in our economy? Reduced to basics, businesses have two major
functions: production of goods or creation of services and marketing those goods and
services.
Marketing is not limited to business. Whenever you try to persuade somebody to do
something – donate to the Red Cross, fasten a seat belt, vote for your candidate, accept a date
with you – you are engaging in a marketing activity. So-called non-profit organizations may
also have ‘products’ – a social cause or an idea they want you to support, such as ‘don’t drink
and drive’.
There are numerous definitions of marketing. Here is one simple definition which probably
does not cover all the elements involved in marketing: Marketing is the term given to all the
different activities intended to make and attract a profitable demand for a product. Marketing
involves a diverse set of activities directed at a wide range of goods, services, and ideas, such
as:
-
identifying consumer needs and wants in order to develop a product
-
setting the price
-
deciding on the best place to sell the product
-
deciding on how best to promote the product.
These four factors are often referred to as ‘The Four P’s’ or the marketing mix.
3. Fill in the following text with nouns created from the verbs in brackets:
These activities involve the ……………… (develop), pricing, …………….. (promote), and
………………….. (distribute) of want-satisfying goods and services to ……………….
(consume) and industrial / business ……………. (use). Marketing activities are therefore
very important both to the individual company and to the economy as a whole.
What is the meaning of these abbreviations: B2C, B2B ?
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4. Note that ‘market’ can be both a noun and a verb (to market: to sell or promote
products):
The product is being marketed throughout Europe.
If you choose to market your goods through an online auction site like eBay, you'll be able to
get started without worrying about space rental.
5. In the following text pay attention to V + N combinations (which verb goes with which
noun):
As more and more industries are making products specifically adapted to particular segments
of the market, market researchers are being asked to conduct studies and to compile more
detailed profiles of consumer groups. Broad classification based on sex, age and social class
are not sufficient for companies operating in highly competitive and fragmented markets.
Questionnaires are carefully designed to determine the exact needs and demands of
consumers as well as establishing what affects consumer buying decisions when they choose
one product instead of another. Advertising campaigns can then be targeted to appeal to the
identified audience. Finally, marketing people must monitor the success of the campaign and
modify it if necessary.
6. Re-read the above text and complete the word combinations:
to ……………………. a study
to ……………………. a questionnaire
to ……………………. a profile
to ……………………. a campaign to a particular audience
to ……………………. products to particular market segments
to ……………………. customer needs
to …………………….. in a competitive market
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7. Fill in the table with derived parts of speech. One has been done for you as an
example. The words provided in the table come from the text above.
Verb
compile
Noun (process,
product)
compilation
Noun (person,
program, machine)
compiler
Adjective/Adverb
compiled
advertising
competitive
classification
researcher
design
operate
identify
consumer
8. Use the letters in brackets to form a word to complete each sentence.
1. Last year ………………………… (NAMDDE) to our products decreased slightly as some
of our customers switched to cheaper, alternative products.
2. We are now processing the answers to our most recent ……………….
(ITSQEUNERNOIA) which was used to interview more than five thousand customers.
3. The new display units, which take up less space, have been designed specifically for use in
small-sized ……………………… (STUOELT).
4. A ………………… (VRUSYE) of existing customers has shown that a significant
proportion are unhappy with the quality of our after sales service.
5. We have signed an agreement which will allow us to distribute through a
………………….. (TWENOKR) of supermarkets across Europe.
6. The promotional campaign will be centred on ……………………… (RITCED LIMA)
which will be sent to potential customers in major towns in this area.
7. This is a completely new product so we will be promoting it with a series of ………………
……………….. (LEPSAIC FOERFS) during the launch period.
8. When customers place an order, we guarantee ……………………… (VYREDLIE) within
three days.
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9. Match each word in the left box with a word in the right box to form ten common
marketing expressions. Then use these expressions to complete the sentences that follow
(first letters are given).
brand
consumer
marketing
advertising
core
premium
market
price
special
brand
plan
brand
offer
loyalty
share
product
brands
campaigns
awareness
promotions
1. A…………… c…………….. are important brand-building activities.
2. Marketing tactics such as p…….. p……………… aim to boost sales quickly.
3. Because of their association with quality and status, p……………. b…… often cost a bit
more.
4. During a sale in a department store, many goods are on s…………….. o…………..
5. The danger with brand-stretching is the damage that can result to the c………. b………. if
it is not successful.
6. A good m……………… p………. will guard the long-term interests of the brand it is
promoting.
7. Launching a new c……………. p………… onto the market is a costly and risky business.
8. Customers who always buy the same brand of goods are showing b……… l……………..
9. B…….. a……………… is a measure of how well-known a product is in the marketplace.
10. In some sectors, the competition between companies for m……….. s………….. is fierce.
10. Complete each sentence with the correct form of the underlined word. In some cases,
you will need to use the negative form.
1. advertise
In our campaign, our main ………………….. medium will be television.
Benetton produced a series of eye-catching …………………… for their products.
2. consume
Food, clothing and household products are all examples of ………………… goods.
Wine ………………….. is high in France, and on the increase in other European countries.
3. market
To make money, you don’t just need a good product – you also need excellent ……………..
Some products are very innovative, but they simply aren’t ……………………….
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4. produce
Although the meeting went on for hours, it was rather ……………………. .
Since we introduced the new pay structure, …………………… has improved enormously.
5. profit
This line of raincoat is highly …………………. – we must discontinue it as soon as possible.
If we are serious about improving the …………………. Of these outlets, we should take a
good look at staffing costs.
6. promote
We expect all our ………………… activities to cost around € 2 million.
………………………… is a very important marketing function.
7. rival
The ……………….. between soft drinks companies, Coca-Cola and PepsiCo, is very fierce.
Otis is known all over the world as a manufacturer of lifts. Its reputation in the industry is
…………………………
8. sell
Which is your best-…………………. product?
Our ……………….. force doubled when we took over our chief competitor.
11. It is very common to use military metaphor1 in business: we talk about management
strategy and tactics, and takeover deals are often described as coups and raids.
(corporate raider ≠ rider; not riding a horse or a bike!). The text below is a marketing
manager talking about her company. Replace the underlined words and phrases 1 - 8
with the following military expressions:
surprise attack
casualties
are outgunned
campaign
territory
surrender
key strongholds
rage on
It’s true that we’ve been deeply affected by our competitor’s latest sales strategy ………….
…….. (1). A new plan of action must be developed as soon as possible. Losses ……….. (2)
have been particularly high in every foreign country …………..…. (3). We have lost main
markets …………………. (4) in Russia and Venezuela. Even in the home market we cannot
compete ………………… (5). However we are not going to give up ……………..… (6).
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One of the most popular books for would-be business leaders is “The Art of War” by Sun Tzu.
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We are developing a new marketing plan …………………… (7) which will help us regain
some of our market share. The war will continue ………………. (8) for some time yet but we
are confident that we can still win.
12. Notice the prefix re- in the expression ‘regain some of our market share’ above. You
can gain a share of the market, lose it, and then try to regain it (gain something you
previously had and lost). Here are some more examples:
I want to see it again – please press the replay button.
You can neither relive the past nor experience the future before it arrives.
The customer response to our new car is disappointing – we might have to redesign it.
Egoiste started life in 1987 as a fragrance called Bois Noir which was only available in
selected Chanel boutiques. The fragrance was relaunched, slightly re-orchestrated
(reformulated), and renamed in 1990.
13. Notice the prefix out- in the expression ‘to be outgunned’ above. Here are some more
examples:
The way she carries herself, you would think she can outsing Beyoncé.
Public-school students outperform their private-school classmates on standardized math tests.
Men 'out-performed at university' (headline): Female students are ahead of men in almost
every measure of UK university achievement, according to a report from higher education
researchers. Women also outnumber men in high status subjects, such as law and medicine.
Obama claims India and China cannot outdo the US (headline)
Not to be Outdone by Apple, Microsoft Announces their own Tablet Device (headline)
The phone that outsold the iPhone (headline)
The opportunities presented by India outweigh any disadvantages.
Outgrown Kids Clothing (Internet advertisement)
As an entrepreneur, have you outgrown your home-based business?
This country needs to outgrow the culture of nostalgia …
TV shows that have outstayed their welcome …
If you want to succeed in business, you also need the ability to outmanoeuvre others.
(outfox, outsmart, outwit)
Here are some of the possible meanings for the expressions with outto do something better than others; to surpass (another) in …; to be more important;
to gain an advantage by having a better plan
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