Business Terminology - Unit 1 To 6 Vocabulary
Business Terminology - Unit 1 To 6 Vocabulary
/ take advantage of
Human
Resources Finance Marketing
(HR)
Sales Operations
UNIT 2
BUSINESS DEPARTMENTS
SUPPORTING DEPARTMENTS
Information
Customer
Technology Legal
Service
(IT)
Research and
Development Procurement
(R&D)
UNIT 2
BUSINESS DEPARTMENTS
SPECIALIZED DEPARTMENTS
Quality
Design Assurance
(QA)
UNIT 2
JOB INTERVIEW
EMPLOYES QUALITIES
Passionate Enthusiastic and committed.
Industrious Hard-working.
Strategic skills: Relating to a planned series of actions for achieving a particular goal.
Supervised: "I supervised a team of 10 product engineers throughout the design and testing phases for
prototypes."
Coordinated: "I was responsible for coordinating department activities in the absence of my direct
superior."
Monitored: "I monitored three of our major accounts to check for transaction errors or outstanding
debts."
Managed: "I had the pleasure of managing the daily activities of 25 employees during my time as a
sales manager."
UNIT 2
JOB INTERVIEW
Experience
Pioneered: "I pioneered a new task delegation system to enhance department productivity by 15%."
Accomplished: Delivered: "I delivered on my promise to satisfy a client and got their contract renewed for
another three years."
Resolved: "I resolved a product defect and made the design even better in the process."
Strengthened: "I strengthened our business's communication channels by programming an internal system."
Discovered: "I discovered a new reward system that motivated my team to enhance their work efforts by
20%."
UNIT 3
Marketing
Brand n. a type of product manufactured by a particular company under a particular name.
Digital marketing n. marketing through digital devices such as computers and smart phones
End-user n. the person, customer etc who is the final and actual (or "real") user of a product
UNIT 3
Marketing
Image n. the concept or perception the general public has of a company or product
Label n. small piece of paper, cloth etc on a product giving information about it
Market research n. study of consumers' needs & preferences, often for a particular product
Point of sale n. the place where a product is actually sold to the public
UNIT 3
Marketing
Product n. something made to be sold; merchandise [includes services]
Sponsor n. firm supporting an organisation in return for advertising space and brand recognition
Total product the combination of name, packaging, instructions, reliability, after-sales etc
Trademark n. special symbol, design, word etc used to represent a product, brand or company
UNIT 3
Marketing
Merchandise n. Products or goods offered for sale.
Merchandising n. The practice of planning, buying, and selling goods to maximize profit.
Outreach marketing n. using influential people who have a strong relationship with your target audience.
Commodity n. A raw material or agricultural product that can be bought and sold.
Sustainability Meeting the needs of the present without compromising the future generations’ needs
Triple Bottom Line A framework that measures a company's performance in terms of people, planet, and profit.
Renewable Energy: Energy derived from sources that are naturally replenished (solar, wind, and hydro power)
Recycling The process of collecting and processing waste materials for reuse.
UNIT 4
Corporate Social Responsibility
Ethical Sourcing Ensuring that products and services are obtained in a way that is consistent with ethical principles
Diversity and Inclusion Creating a workplace that values and respects people from different backgrounds.
Sustainable Sourcing Obtaining materials and resources in a way that does not harm the environment.
Volunteerism The act of performing work for the benefit of others without pay.
UNIT 4
Corporate Social Responsibility
Corporate Governance The system of rules and practices that govern a company.
Greenwashing The practice of making false or misleading claims about a company's environmental practices.
Shared Value Creating economic value in a way that also creates value for society
Circular Economy An economic model that aims to keep resources in use for as long as possible.
collectivistic the social concept of placing higher value on the group rather than the individual
ethnocentric evaluating other cultures based on one's own culture and customs
femininity being motivated by values such as cooperation, nurturing, and quality of life
individualistic the social concept of placing higher value on the self rather than the group
UNIT 5
Multicultural Business
indulgence the practice of allowing oneself to act on and take pleasure in one's desires and impulses
lose face to be disgraced or humiliated; to go down in other people's opinion, especially in public
masculinity being motivated by values like assertiveness, competition, achievement, and strength
norm something that is seen as the standard, usual, and acceptable, and thus socially enforced
Multicultural Business
perspective point of view, a way of looking at something
power distance the degree to which people in a society accept and expect power to be unequally distributed.
restraint a need to control or limit their desires and impulses in order to conform with societal norms
short-term orientation the preference to focus on success and gratification in the present or near future
tolerant to be accepting of other opinions or practices that one does not necessarily agree with
UNIT 5
Multicultural Business
uncertainty avoidance trying to eliminate ambiguity by gaining more knowledge and assurance
Importing Buying goods or services from foreign countries to use or sell in the domestic market.
Offshoring Relocating a business process from one country to another— such as manufacturing
UNIT 6
International Expansion
Outsourcing Contracting out a business process to another party and may involve offshoring.
Global Supply Chain When a company purchases or uses goods or services from overseas.
Currency Exchange Rates The value of one currency for the purpose of conversion to another.
Cultural Adaptation Modifying products or services to accommodate cultural differences in foreign markets.
UNIT 6
International Expansion
International Trade Regulations Laws and standards governing trade between countries.
Emerging Markets Nations with social or business activity in the process of rapid growth and industrialization.
Global Strategic Partnerships Collaborations between companies across national boundaries and industries