UNIT 5: PEOPLE AND MARKETS

Skills Focus

• Reading
• Writing
 5.1 VOCABULARY People and markets
A. Match these word partnerships with their meanings.

M 1. leader d
b
a) the process of dividing a broader market into distinct subgroups based on specific
characteristics, needs, or behaviors
2. challenger
A
b) a company or brand that actively and aggressively seeks to challenge the market leader’s
3. follower h position
c) a situation in which a product or service has reached its maximum potential within a specific
R 4. nicher i
a
market
d) a company or brand that holds the largest market share in a particular industry or market
5 segmentation
K 6. positioning e
segment
e) the process of establishing an image or identity for a product or brand in the minds of consumers

E 7. skimming g f) the process of gathering and analyzing information about a target market or industry

8. saturation c g) a pricing strategy used by businesses to set high initial prices for new products or services

T 9. research f
h) a company or brand that chooses not to compete forcefully with the market leader but instead
follows their strategies and actions
i) a company or brand that targets a specific, smaller segment of the market
ACombine words
B. affiliate
from customer
Box A with price brandBoxmarketing
words from demand
B to make word churn sales
partnerships. Use thedistribution
definitions (1-9)
below to help you.
B elasticity stretching marketing representative channel retention collateral rate generation
1. a marketing strategy where a company uses its existing brand name to enter new product categories or target new
market segments - brand stretching
2. a series of intermediaries, such as wholesalers, distributors, retailers, and online marketplaces, who facilitate the
movement of goods or services from the point of production to the point of consumption distribution channel
3. the responsiveness or sensitivity of consumer demand for a product or service to changes in its priceprice elasticity
4. an individual or a team of professionals who are responsible for representing a company’s products or services to
potential customers sales representative
5. the process of creating and nurturing interest in a company’s products or services in order to generate demand
demand generation
and ultimately drive sales
6. any digital or printed material used to communicate or promote a company’s brand message, marketing
products,collateral
or
services customer retention
churn rate
7. a company’s ability to turn customers into repeat buyers and prevent them from switching to a competitor
8. the percentage of customers who stop using a product or service over a specific period of time
9. a performance-based marketing strategy where businesses affiliate marketing
reward individuals or other businesses for each
C. Complete these sentences with word partnerships from Exercises A and B.
market segmentation criteria include demographics, psychographics, geographic location,
1. Common …………………………………..
and behavior patterns.
2. Effective communication, persuasion skills, and product knowledge are essential for success as a
sales representative
…………………………………..
demand generation
3. The goal of ………………………………….. is to create a steady flow of qualified leads for the sales team to
convert into customers.
Market positioning
4. ………………………………….. is crucial as it helps differentiate a brand from others, creates a unique place
for it in the market, and ultimately influences consumer preferences and purchase decisions.
5. Lack of personalized communication, rewards programs, excellent customer service, and ongoing customer
churn rate
support may lead to a high …………………………………..
market skimming
6. The aim of ………………………………….. is to maximize profits by targeting customers who are willing to
pay a premium for the product’s unique features or benefits.
 Brand stretching
7. ………………………………….. requires careful consideration to ensure that the new product or market aligns
with your own value system, positioning, and customer expectations.
distribution channel
8. A good ………………………………….. help companies effectively manage inventory, reduce costs, and
provide value-added services such as packaging, promotion, and after-sales support.
marketing collateral
9. There are various forms of ………………………………….., including brochures, flyers, product catalogs, sales
presentations, case studies, white papers, infographics, videos, social media posts, and more.
Customer retention
10. ………………………………….. is crucial for businesses as it leads to increased customer loyalty, repeat
purchases, positive word-of-mouth, and long-term profitability.
11. Often, increased competition among existing players and the need to sustain growth may arise as a result of
market saturation
………………………………….., prompting companies to explore new markets or develop innovative strategies.
Affiliate marketing
12. ………………………………….. is widely used in e-commerce and becomes a popular way for individuals
and businesses to generate income online.
D. Discussion
In groups, discuss the
advantages and
disadvantages of social
media marketing and
traditional advertising
methods. Use specific
reasons and some word
partnerships you have
learned to support your
argument.
 5.2 READING Skimming  Scanning  Guessing from context

PRE-READING
Discuss these questions.
1. Here are four definitions of marketing. Which do you prefer? Why?
Selling means you sell what you make; marketing means you make what you can sell.
Marketing means the right product, in the right place, at the right price, and at the right
time.
Marketing means identifying customers, defining and developing the products or services
they want, and making and distributing them.
Marketing means anticipating and creating needs: producing useful things customers didn’t
know they wanted until you produced them.
WHILE-READING
How marketing is being reborn in the digital age
by Steve Denning
A. Match these adjectives with their meanings. Use a dictionary to help you if necessary.

1. intangible c a) happening or existing at the same time

2. interruptive g b) growing rapidly or at an increasingly fast
3. incremental d rate
4. exponential b c) not capable of being perceived by the senses
5. authentic f d) increasing or adding on in small amounts
6. immersive e e) referring to an experience that deeply
7. synchronous a involves the participant
f) known to be real and what somebody claims
it is and not a copy
g) causing a pause or distraction to a process or
activity
B. Read the first three paragraphs of the article and answer these questions.

1. What did Peter Drucker declare as two basic functions of an organization?

Marketing and innovation

2. In the past, how did business owners often perceive marketing?

As an expense rather than an investment

3. Previously, what did marketing use to make customers buy products or services?

Interruptive, repetitive, and annoying ads

4. What positive impact does digital technology have on marketing, according to Jeff Rosenblum?

The ability to create exponential benefits, not just incremental sales gains
C. Read the rest of the article again and decide whether these statements are True (T) or False (F).
1. Maximizing shareholder value is crucial in marketing. F
2. Prioritizing the customer can help in creating inspiring content and meaningful experiences. T
3. Embracing transparency requires a fundamental shift in corporate behavior and culture. T
4. Brands should prioritize external messaging before focusing on purpose, behavior, and culture. F
5. Traditional advertising is more effective than promoting messages through understanding customer needs. F
6. Effective advertising focuses on improving customers’ lives in small ways. T
7. Interruptive advertising effectively guides customers through the sales funnel. F
8. Shifting messaging to immersive content can be essential for success in marketing. T
9. The revolution in communication is solely about one-way communication. F
10. In the revolution of communication, consumers do not have a voice. Therefore, brands should not listen to
their feedback. F
POST-READING
In pairs, discuss these questions.
1. How has social media marketing impacted
businesses in the digital age?
2. How can businesses optimize their social
media marketing to engage and attract
customers?
3. How can companies effectively measure the
success of their digital marketing efforts?
 5.3 WRITING An invitation letter
LEAD-IN
A. Read the following letter and answer
these questions.
1. Why is this letter written?

To invite the recipient to the launch of a new product

2. What is the recipient expected to do
after reading this letter?
Reply if they can attend or not attend the launch
3. The paragraphs of the letter are in the
wrong order. What is the correct order?

B D A C
B. Read the two letters of reply.
- decide which one is for accepting an
invitation, which one is for declining an
invitation

Letter B is for accepting an

invitation.
Letter A is for declining an
invitation.
- discuss how many parts there are in
the body of each letter
There are 3 parts in the body of
each letter.
- tell the similarities and differences between the two letters

 Similarities: The first paragraph of both letters is for acknowledging the invitation / giving
thanks for the invitation. The last paragraph of both letters is for reiterating the thanks.
 Differences: The second paragraph of letter B is for confirming the attendance while the
second paragraph of letter A is for giving some sort of an excuse, expressing your regret,
and offering an alternative (optional).
FUNCTIONAL LANGUAGE
A. Use the following phrases to complete the sentences below, which are for making an invitation.

would like to Would you like would like you to

How about writing totoinvite you Why don’t you

1. ….................…................. getting together for a delightful lunch this coming Sunday?

2. We are organizing a charity event to support underprivileged children in need of education and healthcare and
….................…................. take part, if you can.
3. ….................…................. attend the grand opening of our new art gallery?
4. I’m ….................…................. to the annual gala event that our organization is hosting next month.
5. ….................…................. come to our business networking event tomorrow so that we can connect,
collaborate, and explore potential opportunities together?
6. I ….................…................. invite you to present an award at our awards ceremony in December this year.
B. Use the following phrases to complete the sentences below. Decide which one you might see in a letter of
accepting or declining an invitation.

I’m afraid I’m very grateful I’m sorry to tell

It’s very kind of you I’ll be happy to see I’m delighted to accept

1. ….................…................. I won’t be able to attend the event as I have a prior commitment.

2. ….................…................. the invitation and I’m looking forward to the event.
3. ….................…................. you that I won’t be able to make it to the gathering due to a scheduling conflict.
4. ….................…................. you at the party and I’m excited about catching up.
5. ….................…................. to you for the invitation and I appreciate your thoughtfulness.
6. ….................…................. to invite me to your celebration and I would be honored to be a part of it.

1. Declining 2. Accepting 3. Declining 4. Accepting 5. Both 6. Both

TASKS
As Chairman of WECARE Foundation, write a letter to invite Oliver Jackson (a renowned businessman) to the annual fund-
raising banquet. Your email should include the following parts and details.

1. Background information 2. Invitation

- Name: WECARE Foundation (private - Place: Springfield Hotel, 154 Sussex Gardens, Hyde Park, London
nonprofit organization) - Time: Thursday, December 24, from 8pm
- Established: 10 years ago - Objectives: raising $1,000,000 to
- Missions:  upgrade the equipment at the local Children’s Medical Center
 promote the development of young  provide scholarships for five needy Springfield High School
people in achieving their full physical and students
intellectual potential  recruit volunteers for forthcoming charity events
 educate the public about the importance 3. Call to action
of being responsible citizens - RSVP by December 17
(suggested answer)
Dear Mr. Jackson,
Re: Invitation letter for a fundraising banquet
As you may be aware, WECARE Foundation is a private nonprofit organization which was established 10 years ago. Our
mission is to promote the development of young people in achieving their full physical and intellectual potential. In working to
achieve this aim, we also strive to educate the public about the importance of being responsible citizens of the world.
On behalf of WECARE Foundation, I am honored to invite you to the annual fund-raising banquet, which will be held at
Springfield Hotel, 154 Sussex Gardens, Hyde Park, London on Thursday, December 24, from 8pm. This year, our expectation is
to raise $1,000,000 to upgrade the equipment at the local Children’s Medical Center. With this financial support, we will provide
scholarships for five needy Springfield High students, who are not otherwise able to afford a college or university. Besides, we
also wish to take this opportunity to recruit volunteers for our forthcoming charity events.
Kindly RSVP by December 17. I look forward to hearing from you / We would appreciate your presence in the occasion.
Yours sincerely / Regards,
Vincent Bolloré
Chairman
WECARE Foundation
 5.4 SKILLS BANK

When writing a letter to accept or decline an invitation, there are a few key points to keep in mind:
- Begin with a polite and gracious tone: Start your letter by expressing your appreciation for the invitation and thanking the
sender for thinking of you.
- Be clear and concise: Clearly state whether you are accepting or declining the invitation. Use simple language and avoid
ambiguity.
- If you are declining the invitation:
 provide a brief explanation. Keep it honest but tactful, without going into unnecessary details.
 express your regret for not being able to attend (optional). This shows respect and acknowledges the effort put into the
invitation.
 offer an alternative (optional). If you genuinely wish to attend but are unable to do so, you can offer an alternative, such
as suggesting another date or proposing to meet up separately.
- End on a positive note: Conclude your letter by expressing your best wishes or gratitude once again. This leaves a good
impression and maintains a positive tone.
- Remember to proofread your letter for any grammatical errors or typos before sending it.
 SUGGESTED
FORMAT OF AN
INVITATION
LETTER
 5.5 WORD BANK

 guru (n) /ˈ
ɡʊruː/ a person who is an expert on a particular subject or who is very
good at doing something
 transparency (n) /trænsˈ
pærənsi/ the quality of something, such as a situation or
an argument, that makes it easy to understand
 justify (v) /ˈ
dʒʌstɪfaɪ/ to show that somebody/something is right or reasonable
 eliminate (v) /ɪˈ
lɪmɪneɪt/ to remove or get rid of something
 intangible (adj) /ɪnˈ
tændʒəbl/ not capable of being perceived by the senses
 interruptive (adj) /ˌ
ɪntəˈ
rʌptɪv / causing a pause or distraction to a process or
activity
 showcase (v) /ˈ
ʃəʊkeɪs/ to present somebody's abilities or the good qualities of
something in an attractive way
 incremental (adj) /ˌ
ɪŋkrəˈ
mentl/ increasing or adding on in small amounts
 authentic (adj) /ɔːˈ
θentɪk/ known to be real and what somebody claims it is and
not a copy
 tenure (n) /ˈ
tenjə(r)/ the period of time when somebody holds an important job,
especially a political one; the act of holding an important job
 immersive (adj) /ɪˈ
mɜːsɪv/ referring to an experience that deeply involves the
participant
 exponential (adj) /ˌ
ekspəˈ
nenʃl/ growing rapidly or at an increasingly fast rate
 revolution (n) /ˌ
revəˈ
luːʃn/ a great change in conditions, ways of working, beliefs,
etc. that affects large numbers of people
 interactive (adj) /ˌ
ɪntərˈ
æktɪv/ that involves people working together and having an
influence on each other
 synchronous /ˈ
sɪŋkrənəs/ (adj) happening or existing at the same time
 prioritize (v) /praɪˈ
ɒrətaɪz/ to put tasks, problems, etc. in order of importance, so
that you can deal with the most important first
 empower (v) /ɪmˈ
paʊə(r)/ to give somebody the power or authority to do
something
 optimize (v) /ˈ
ɒptɪmaɪz/ to make something as good as it can be; to use something
in the best possible way