Hello, and welcome back to EngVid with me, Benjamin. Today is a business
English lesson in as far as it teaches words that are really essential for you
to know if you're doing business in English. But it isn't just a lesson for
those of you who are working in English. If you're able to master the words I'm
teaching in this lesson, you will appear more knowledgeable about the world
around you, and your vocabulary will improve. So what exactly are we talking
about? In this lesson, we are going to be talking about customers, parts of the
market as in, you know what you can buy: the things that you can sell, and
customer behavior. So really everything to do with creating a product, selling
the product, we will cover in today's lesson... not everything, but just some
key vocabulary, ready?
So my understanding is that in business, it's important to analyze the current
situation: the competition, yep, the people who are doing what you want to
do, and the people who are going to buy your product. So you will be doing some
market research. So look, we've got "search": to look for. This prefix means
back, yeah? Like to do it again. So we're like, what's everyone doing? What
is working? What's selling? What's not selling? What what are the customers?
What's motivating them? So doing your research? Yep, getting a good picture of
the situation.
"Saturated". "Saturated" means full up. So the market is like the place where
you buy and sell things. Yep, like a fruit and vegetable market. Except it
might not be a physical place, the market. So if the market is saturated,
it means full up. The market is saturated with people selling old used
phones. Yep. So you could be talking about physical market or something on
the internet, for example, the market is saturated. With people selling self-help
courses, the market is saturated with people promoting their own books.
Saturated -- to be full fill up.
"A segment of the market." Now with this word segment, I imagine a segment of
tangerine, a piece of tangerine. Yep. "Segment" is like a part of. It's not
the whole tangerine, it's one little bit. So a segment of the market means a
part of the market. So a segment of the market are paying over 100 euros for
used phones, for used telephones.
To "rebrand". Brand. Now if you brand a cow with a number, then you're like
stamping on to the cow its number that you can tell which cow it is. Now a
brand in fashion in the world of commerce is like what identifies you?
Yep. What is your... what is your image? So if you're going to do that again,
then you're going to change your marketing materials. If you rebrand,
then you're going to give your company a new look and a new identity.
"Market share." So let's imagine that I am selling bananas to UK supermarkets. I
get the bananas from South America, I bring them to the UK. If someone asked
me: "What is your market share?" It means what percentage of the bananas
being sold in the UK do you sell? And my answer would be: "Well, my market share,
our market share is about 46%" so all the bananas in the UK, we sell about 46%
of them. Our market share is about market position.
"High. Low." Are you a high end product, or cheap and cheerful? So if you're
selling watches, for example, are you going for the most elite, deluxe model
out there that costs thousands of pounds? Or are you selling the... I need
a watch, don't I? Are you selling the very basic model that's on sale for 30
to 40 pounds?
"Market position" -- what level products you are producing and selling. Okay.
So once you've done your analyzing the market, seeing what's out there, it's
time to come up with a new product. Consumer Goods. Consumer, I'm going to
consume a blueberry, hm? Consume. So consumers get things, they take things,
they want things yeah -- consume. Give me more, give me more -- consumer. Goods
means products. "We're looking at developing a range of exciting new
consumer goods, particularly in particular, some shorts and T shirts."
Consumer behavior -- how is the blueberry being consumed? Is it being
consumed slowly or really fast? The consumer: "we've noticed patterns in
consumer behavior: the consumers tend to be visiting the supermarkets between 5pm
and 7pm". And the rest of the day is very quiet. So things we're noticing
about the consumer. The consumer profile, well, most people eating
blueberries tend to be health-conscious. Some of them are aware of the
anti-oxi... something about the blueberry. So they're, they're really
trying to maximize their health. The consumer profile typically, the
blueberry consumer is anywhere between 20 and 50. We're getting a range of men
and women buying the blueberries and consumer behavior typically they will
buy blueberries once a week. Are the blueberries at market? Wow. These ones.
Yes, you know, quite nice and round. They've been carefully chosen. That is
an upmarket blueberry. It's an expensive blueberry. Compared to if I went to a
different shop and bought this one and it was a bit sort of squished. Yep. Put
that back in there. "Upmarket": like the best.
"Disposable". Right? So we have the suffix "-able", meaning being "able to",
you can, "dispose" meaning "to get rid of", so if this is a disposable
blueberry -- sorry, cameraman -- then I throw it. Yeah, I can get rid of it. It
doesn't matter. It's only a blueberry. Look how many more blueberries I've got.
I've got loads, I can get rid of that one. What about how that relates to my
income? Well, I've got you know, I've got this money in the bank. And that's
paying for my rent, my food, my childcare costs, etc. But I don't need
this one. Yeah, I don't really need this one. So I can get rid of it. That's my
disposable income. I can use it for fun things. Wha-hey! Fun. Okay, I've got
some more phrases for you. And it's time for me to pick up the blueberries.
We managed to dispose of the blueberries. And in the process, we came
up with a new product that we are going to launch. That we're going to start,
that we're going to throw into the marketplace and allow the consumers to
purchase it. We are going into business with retro shirts. And I'm not just
talking about some old smelly blue shirts. I'm talking about old smelly
yellow shirts, old smelly red shirts, old smelly green shirts for men, for
women, and for children. That is my product range. Yep, "a range" -- a
complete variety of product.
"The product launch." Now the customer has to be aware of the old smelly shirt
to be able to buy one. Yep. So how are we going to make them aware of it? We're
going to use advertising, we're going to use promotions in the clothing stores so
that people interact with the product and become aware of it and want to buy
it.
"Product life cycle": Now this is... let's think about it in a circular idea.
So we launch it into the market. Yep. And it becomes popular for a while, how
long does it become popular for? When does it start to decline? When does it
start to sort of fade until we need to throw into the market our new design?
Now, because this is a sort of slightly timeless style, it might last for a long
time. But I guess we're not going to know at the beginning, quite how long
the product lifecycle is, we hope it's going to be good and full and popular.
But we'll have to see.
We're certainly going to need an advertising budget, an allocated amount
of money to spend on advertising, so that we can have advertising in the
right place for this product. probably not going to be on TV, maybe in
magazines, maybe online. But the people that will decide where it is advertised,
are the advertising agency. These are specialists in the world of advertising,
who come up with a strategy for promoting the product. Strategy, often
the actual idea for the commercial, for the advert, however, it is being
advertised.
"An advertising campaign." So "campaign", used most often with
military: "a military campaign". So thinking in war, our military campaign,
we're going to go by sea, by air, and by land, our advertising campaign, we're
going to target online advertising on click ads. We're going to be handing out
flyers in the street, whatever is deemed most appropriate for this product within
this budget, okay. However much money you've got to spend will dictate the
type of campaign you carry out. Market penetration is what we're looking for.
Yep. That the product becomes goes into the consciousness of the customer. So
the customer identifies the product and goes, "Oh, yes, I want that." So here
we're talking about the clothes. Yep. Now I've got this is up here. I've got a
graph. Yep. This is sort of volume of products sold. So I've got one shirt
company doing quite nicely. Yeah, I've got another company selling even more.
Now, if I'm down here, I'm not selling much. I'm not penetrating the market
much. Yeah, I need to be up here disrupting it. Yeah, making sure that
people buy the smelly old shirt.
"Sales Forecast", we all know what that is with the weather. Good old Michael
Fish at the BBC saying there's going to be no hurricane. "Forecast" means a
prediction. Our sales forecast: "we're expecting it to be a little slow to
start with, but within six months, we are expecting dah dah dah dah dah dah
dah dah dah."
"Sales figures" -- these are the actual results. So imagine six months in the
future. Here we are. I'm still wearing the smelly old shirt. How are the smelly
old shirts selling? In Albania we have sold 4000 in the last month. In the
Ukraine, we have sold 20,000. In the UK, we have sold 9000 in the past two
months. As an average of, statistics, numbers. Our "sales target": so we have
sold 9000 in the UK in the last month. But our target was 10,000. What were we
trying to do? Our sales target.
Okay, that is it for today's lesson. Time for you to do a bit of revision by
doing the quiz. testing yourself and making sure you have learned this vocab.
If you want anymore help from me, I occasionally have availability to teach
via Skype, improving people's writing, written and spoken English. The website
is honeyourenglish.com Thank you for watching, and I'll see you in the next
video.