Business English: 10 definiciones imprescindibles
El inglés de negocios ha cobrado verdadera importancia en nuestros día a día profesional, ya que hemos pasado de la “hipotética” importancia del inglés de negocios a un mundo realmente globalizado en el que se ha convertido en una verdadera necesidad.
Es por ello que desde Adrian Boss.com, dedicaremos una serie de artículos al Business English, con especial atención a conceptos, idioms y definiciones que deberíamos conocer.
1) The organization and coordination of the activities of a business in order to achieve defined objectives.
2. The directors and managers who have the power and responsibility to make decisions and oversee an enterprise.
Un término relacionado es Strategic Direction: A course of action that leads to the achievement of the goals of an organization’s strategy.
2) Marketing mix
Las conocidas 4P´s de marketing mix (Product, Price, Place and Promotion), aunque algunos autores hablan de las 7 P´s, ya que añaden People, processes and positioning.
Marketing mix: A planned mix of the controllable elements of a product’s marketing plan commonly termed as 4Ps: product, price, place, and promotion.
These four elements are adjusted until the right combination is found that serves the needs of the product’s customers, while generating optimum income. Sometimes the first P (Product) is substituted by presentation.
3) Mega Marketing
The term was coined by the US marketing academic Philip Kotler who suggests that a market mix must have two more P’s: public-relations, and power.
Management activity that involves (in addition to the typical marketing activities) other elements of a firm’s external environment such as government, media, and pressure groups.
Kotler describes strategic marketing as serving as “the link between society’s needs and its pattern of industrial response”.
Note that Philip Kotler is the author of over 60 marketing renowned books, including Marketing Management, Principles of Marketing, Kotler on Marketing, Marketing Insights from A to Z, Marketing 4.0, Marketing Places, Marketing of Nations, Chaotics, Market Your Way to Growth, Winning Global Markets, Strategic Marketing for Health Care Organizations, Social Marketing, Up and Out of Poverty, and Winning at Innovation.
“the act of obeying an order, rule, or request”, cuya traducción práctica es “cumplimiento normativo”.
Certification or confirmation that the doer of an action (such as the writer of an audit report), or the manufacturer or supplier of a product, meets the requirements of accepted practices, legislation, prescribed rules and regulations, specified standards, or the terms of a contract. See also conformance.
A person, group or organization that has interest or concern in an organization.
Stakeholders can affect or be affected by the organization’s actions, objectives and policies. Some examples of key stakeholders are creditors, directors, employees, government (and its agencies), owners (shareholders), suppliers, unions, and the community from which the business draws its resources.
Not all stakeholders are equal. A company’s customers are entitled to fair trading practices but they are not entitled to the same consideration as the company’s employees.
An example of a negative impact on stakeholders is when a company needs to cut costs and plans a round of layoffs.
6) B2B (Business to Business)
Business to business, also called B to B or B2B, is a type of transaction that exists between businesses, such as one involving a manufacturer and wholesaler, or a wholesaler and a retailer. Business to business refers to business that is conducted between companies, rather than between a company and individual consumers. Business to business stands in contrast to business to consumer (B2C) and business to govertment (B2G) transactions.
7) Customer relationship management (CRM)
1. A management philosophy according to which a company’s goals can be best achieved through identification and satisfaction of the customers’ stated and unstated needs and wants.
2. A computerized system for identifying, targeting, acquiring, and retaining the best mix of customers.
Is a term that refers to practices, strategies and technologies that companies use to manage and analyze customer interactions and data throughout the customer lifecycle, with the goal of improving business relationships with customers, assisting in customer retention and driving sales growth
Customer relationship management helps in profiling prospects, understanding their needs, and in building relationships with them by providing the most suitable products and enhanced customer service. It integrates back and front office systems to create a database of customer contacts, purchases, and technical support, among other things.
This database helps the company in presenting a unified face to its customers, and improve the quality of the relationship, while enabling customers to manage some information on their own.
8) Customer experience managemet (CEM)
A strategic process employed by a business to manage their customers’ entire experience through feedback, analysis and customer participation in the corporate culture in order to improve overall performance.
“It is imperative that your business always is great at customer relationship management so you keep them coming back for more”.
9) Marginal benefit
An increase in an activity’s overall benefit that is caused by a unit increase in the level of that activity, all other factors remaining constant. Also called marginal utility.
Example: Marginal benefit is the incremental increase in a benefit to a consumer caused by the consumption of an additional unit of good, while marginal cost is the incremental increase in a company’s input costs to produce one additional unit of output.
10) forward-looking statement
A document based on projecting future sales and expenses based on current financial figures. This document used for managers as a projection too but does not reflect what current financial figures are.
Este concepto está directamente relacionado con forward planning (panning or thoughts made in advance). The process of making plans to take into account what is likely to happen or be needed in the future.
Example: The university system requires more forward planning