Summary of Essential Business English Terminology
Essential Business English Terminology: A Student's Guide
Introduction
Business involves activities aimed at producing goods or providing services to generate profit and long-term value. This material outlines key concepts related to corporate processes, innovation, marketing, finance, and economic indicators. The goal is to provide a clear breakdown of these topics, offering examples and practical applications suitable for university-level study.
1. Tips and Pensions
Tips: Money that customers give in addition to the price for a service or good.
Pension (Retirement Income): Income received after retirement, which replaces wages from employment.
Practical example: A chef in a restaurant might receive tips, which supplement their income beyond their contracted salary. A pension can be a combination of a state pension and private retirement savings.
2. People in the Company (note: we are not covering topics like Employment, Recruitment, or Company Culture)
Employees / Staff / Workforce: People who work for a company; different terms can emphasize their role or the context.
White-collar workers: People who perform office-based (administrative, professional) work.
Blue-collar workers: People who perform manual or skilled trade work.
Example of this distinction: In a manufacturing company, management and the accounting department might be considered white-collar, while the assembly line workers would be blue-collar.
3. Career Movement and Termination of Employment
Promotion: Advancement to a higher position with greater responsibility.
Demotion: A move to a lower position, often with less responsibility.
To Resign: To voluntarily end one's employment.
To Retire: To leave the workforce at the end of one's career.
Dismissal: Involuntary termination of employment by the employer.
Made redundant: Termination of employment because the position no longer exists.
Examples and Applications:
- A company optimizes costs and eliminates duplicate positions — employees are made redundant.
- A manager with positive feedback may be promoted.
4. Restructuring and Bullying
Downsizing: Reducing the number of employees to cut costs.
Restructuring: Changing a company's organizational structure (e.g., merging departments, changing processes).
Bullying: Repeated aggressive behavior in the workplace.
Harassment: Unwanted behavior that offends or humiliates.
Note: Bullying and harassment can be part of discrimination and have legal consequences; organizations should implement policies against them.
5. Innovation, Products, and Intellectual Property
Invention: Something entirely new that didn't exist before.
Innovation: An improvement to an existing product, service, or process.
Intellectual property: Inventions, designs, trademarks, and copyrights protected by legal instruments.
Patents, trademarks, copyrights: Tools for protecting intellectual property.
Practical Applications:
- A startup can patent a technological solution to prevent competitors from using it.
- Innovation in packaging design can increase a product's appeal.
Comparison Table: Invention vs. Innovation
| Criterion | Invention | Innovation |
|---|---|---|
| Novelty | Completely new | Improvement of existing |
| Risk | High (uncertain adoption) | Medium (lower technological risk) |
| Costs | High (R&D, patent) | Medium (improvements, marketing) |
6. Market Research and Supply Strategy
Market research: The process of gathering information about customers and the market.
Primary research: Collecting new data (surveys,
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Fundamentals of Business
Klíčové pojmy: Tips are additional payments from customers; a pension is income after retirement., White-collar = office jobs; blue-collar = manual labor., A promotion increases responsibility; a demotion decreases it., Downsizing = reducing staff; restructuring = organizational change., Invention = a new creation; innovation = an improvement; intellectual property is protected by patents and trademarks., Market research: primary = new data; secondary = existing data., Marketing mix = Product, Price, Place, Promotion; a brand allows for premium pricing., Break-even: $$q = \frac{F}{p - v}$$ for the number of units sold to cover costs., Assets = liabilities + equity on the balance sheet; depreciation reduces asset value over time., Bull market = a rising market; bear market = a falling market., Insider trading, price fixing, and bribery undermine market trust and are illegal., Plan with milestones; timeboxing and risk monitoring help meet deadlines.