Unit 4 - Global Markets

Word

Definition

Example

elite

A group or class of people considered superior or having special privileges

The exclusive club is open only to elite members who meet specific criteria

middle class

A socioeconomic group between the upper and lower classes

The middle class family enjoys a comfortable lifestyle with access to education and healthcare

market

The total of all potential buyers of a product or service

Understanding the market helps businesses tailor their products to meet consumer demands

consumer

A person who purchases and uses goods or services

Consumer feedback is essential for companies to improve their products and services

local

Relating to or occurring in a particular area or neighborhood

Supporting local businesses contributes to the growth of the community and economy

luxury

Something that is expensive and provides great comfort or pleasure

Luxury items often come with a higher price tag due to their superior quality and exclusivity

marketing

The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers

Effective marketing strategies are crucial for attracting and retaining customers

target

A specific group of consumers that a business aims to reach with its products and marketing efforts

The company identified a specific target audience for its new advertising campaign

product

A tangible or intangible item offered for sale

The company is launching a new product to meet the changing needs of consumers

brand

A unique name, design, or symbol that identifies and differentiates a product or company

Building a strong brand is essential for establishing trust and loyalty among customers

customisation

The process of tailoring a product or service to meet the specific needs or preferences of an individual customer

Customisation allows customers to tailor products according to their individual preferences

goods

Tangible items that can be bought or sold

The store offers a wide range of goods, from electronics to clothing

preferences

Individual or collective choices and inclinations

Understanding customer preferences helps businesses design products that meet their needs

strategy

A plan of action designed to achieve a particular goal

Developing a marketing strategy is essential for achieving long-term business goals

territory

A defined area or region

The company expanded its territory by entering new markets and reaching a broader customer base

adaptation

The process of adjusting to new conditions or changes

Successful businesses often undergo adaptation to stay relevant in a dynamic market

appeal

The power to attract or interest

The product's unique features and benefits give it a strong appeal to the target audience

appealing

Attractive or pleasing

The new design proved appealing to customers, resulting in increased sales

customise

To modify or tailor something to meet specific requirements

Customers can customise their orders to create a personalized experience

grow

To increase in size, quantity, or extent

The company aims to grow its market share by introducing innovative products

prefer

To like or favor one thing over another

Some customers prefer online shopping for its convenience and wide selection

produce

To manufacture or create

Local farmers produce fresh vegetables that are sold at the community market

special

Unique or distinct from others

The shop is offering a special discount for loyal customers this month

standardise

To make something conform to a standard or set of standards

The company decided to standardise its production process to ensure consistency in product quality

fast-food chain

A series of restaurants that provide quickly prepared and served food

The fast-food chain expanded its menu to include healthier options to cater to changing consumer preferences

regional drink

A beverage that is associated with a specific geographic area

Each region may have its unique regional drink that reflects local culture and traditions

national

Relating to or characteristic of an entire nation

The national campaign aimed to promote a sense of unity and pride among citizens

solopreneur

An entrepreneur who operates a business as a sole proprietor

A solopreneur manages and runs a business independently, handling all aspects of the operation

e-commerce

Commercial transactions conducted electronically on the internet

E-commerce platforms have gained popularity for their convenience in shopping online

shopping website

A website that allows users to browse and purchase products online

The shopping website offers a user-friendly interface for customers to browse and make purchases

delivery service

A service that transports goods from one location to another

The delivery service ensures that customers receive their orders promptly at their doorstep

create

To bring into existence; to produce or make

Entrepreneurs often create innovative solutions to address gaps in the market

set up

To establish or arrange

The company plans to set up new branches in strategic locations to expand its reach

charge

The amount of money required as payment for a product or service

The store may charge a small fee for delivery services to cover transportation costs

chance

The occurrence and development of events by unforeseen circumstances

Don't miss the chance to try the limited edition product; it won't be available for long

important

Significant or having great consequence

Customer feedback is important for businesses to enhance their products and services

involved

Participating or being actively engaged in something

Being actively involved in community events helps businesses build strong connections with local residents

respected

Held in high regard or esteem

The company is respected for its commitment to quality and ethical business practices

disagree

To have a difference of opinion or not to concur

It's okay to disagree in a professional setting, as long as it leads to constructive discussions and solutions

enclose

To include or contain something as part of a package or enclosure

Please find enclosed the invoice for your recent purchase

hesitate

To pause or be reluctant to act or speak

If you have any questions, don't hesitate to reach out to our customer support team

order

A request for something to be made, supplied, or delivered

Customers can place an order through the website or by calling the customer service hotline

payment

The act of giving or receiving money in exchange for goods or services

Please make the payment by the due date to avoid any late fees

receive

To take or accept something that is given or sent

Once we receive your payment, we will process your order and arrange for delivery

sincerely

In a genuine and heartfelt manner

We are sincerely grateful for your help