Exercise 1.All the words below can be combined with price in two-word partnership: e.g. price war, retail price. Add the word price either before or after each of the words below. Translate them:
| 1. ___ control ___ 2. ___ cost ___ 3. ___ cut ___ 4. ___ discrimination ___ 5. ___ elasticity ___ 6. ___ exercise ___ 7. ___ fixing ___ 8. ___ freeze ___ 9. ___ going ___ 10. ___ historical ___ 11. ___ index ___ 12. ___ list ___ 13. ___ maintenance ___ | 14. ___ market ___ 15. ___ mechanism ___ 16. ___ minimum ___ 17. ___ range ___ 18. ___ recommended ___ 19. ___ reduction ___ 20. ___ retail ___ 21. ___ rise ___ 22. ___ selling ___ 23. ___ sensitivity ___ 24. ___ strike ___ 25. ___ war ___ 26. ___ wholesale ___ |
Which of these two-word nouns refers to:
* a basic price before discounts and special offers are made?
* aggressive competition between rivals?
* a price at which retailers buy goods?
* a price recorded in a company’s accounts?
* the government’s measure of inflation?
* the price at which a producer makes no profit?
* the relationship between a product’s price and the quantity bought?
* a price-limit imposed by the government?
* arrangements between competitors not to lower prices?
* the price of options?
Exercise 2.Fill in the missing words in the sentences below. Choose from the following:
| behavior floor ceiling full cost competitors leader | demand legislation discretion make or buy elasticity substitutes |
1. For some products, such as perfume, expensive and attractive packaging can increase the ___ for them. 2. Most businesses are in competition with other companies who manufacture similar products or ___ . 3. A manufacturer should first look at the price set by his ___ before he sets his own prices. 4. When preparing information for pricing decisions, the accountant should be aware of market ___ . 5. If sales representatives are working in a very competitive market, they should perhaps set prices at their own ___ . 6. If the design of a product is confidential there will be no choice in the ___ decision. 7. Government ___ regulates the prices for certain products. 8. The maximum and minimum prices which can be set for a product are known as the price ___ and price ___ respectively. 9. To add a certain mark-up to the total cost of a product, a system of ___ pricing is used. 10. A price ___ is a product which all other companies watch when setting their prices. 11. The ___ of demand shows how consumers will react when prices are altered.
Exercise 3.Make a proper selection:
| 1. marketing 2. international marketing 3. marketing mix 4. marketing environment 5. target market 6. marketing strategy 7. distribution channel | a) the environment that surrounds both the buyer and the marketing mix; it consists of political, legal, regulatory, societal, consumer movements, economic, and technological forces; b) a group of interrelated intermediaries who direct products to customers; c) the identification or anticipation of customer demand, and the satisfaction of that demand by the development, distribution and exchange of goods and services; d) a group of people for whom a firm creates and maintains a marketing mix; e) marketing activities performed across national boundaries; f) a plan for selecting and analyzing a target market and creating and maintaining a marketing mix; g) consists of four major variables: products, price, distribution and promotion. |
Exercise 4.Join the halves. Translate the sentences.
| 1. The salespeople in a firm which manufacturers purchases and prams … 2. Insurance companies offering cover against motor accidents … 3. The Traffic Manager for a company operating a cross-channel ferry … 4. The Sales Manager of a firm making hearing-aids … 5. Oil company executive … 6. A publisher specializing in textbooks for schools … 7. The Chief Buyer in a large city department store … 8. The line workers in a factory producing cigarettes … 9. The Marketing Manager of a travel agency specializing in holidays in France … 10. A firm of London-builders and repairers … 11. A young man who had just finished training to be a coal-miner … 12. The high street banks … | a) could be expected not to welcome the news that a substantial increase in the petrol tax was contemplated by the government; b) would be encouraged by the news that the death rate was falling; c) will not be pleased to hear that the Meteorological Offices are predicting a severe winter; d) should approve a long-term rise in oil prices; e) wonderful benefit from a rise in property prices; f) would be pleased to hear of a reduction in airfares; g) would be grateful to learn that the school-leaving age is going to be raised; h) would expect to be very busy after a serious gale had swept over the city; i) would be disappointed to learn that a new airport was going to be developed for London; j) would be dismayed to read in the newspaper that the government was planning to prohibit the sale of all products harmful to health; k) would react favorably to the news that improvements were planned for the London Underground; l) would expect to earn more after the birth rate has risen. |
Exercise 5.Match up the remarks below with the names of different pricing strategies.
| 1. market penetration pricing 2. market skimming 3. current-revenue pricing 4. loss-leader pricing | 5. mark-up or cost-plus pricing 6. going-rate pricing 7. demand-differential pricing 8. perceived-value pricing |
a) Firstly we need cash, and secondly, we don’t think the product will last very long – it’s really just a gimmick – so we’re trying to maximize our sales income now.
b) Like all supermarkets, we offer half a dozen or more different items at a really low price each week. We lose on those, but customers come in and buy lots of other stuff as well.
c) Since our product is indistinguishable from those of all our competitors, and we’ve only got a tiny part of the market, we charge the same as the rest of them.
d) They just worked out the unit cost and added a percentage, without even considering demand elasticity or anything like that.
e) We charge an extremely high price because we know people will pay it. Our brand name is so famous for quality – we can make huge profits.
f) We charge lots of different prices for what is really almost the same thing. Of course, in First Class you get better food, and in Economy there’s hardly any legroom, but it’s still a flight from A to B.
g) We decided to launch the product at a very low price, almost at direct cost, hoping to get a big market share. Then we can make profits later because of economies of scale.
h) We’re going to charge a really high price to start with. We can always lower it later to reach price-elastic market segments.
Exercise 6.Translate the text into English.
Хью Ладж — один з найбільш успішних керівників індустрії туризму. Як директор з маркетингу “Петерсон Холідейз” він відповідає за планування послуг компанії. Це послуги з відпочинку, якими щорічно з задоволенням користуються тисячі людей.
До його обов’язків відноситься вивчення ринку: як забезпечення
ринку для нових послуг, так і турбота про те, щоб всі послуги компанії були ефективно реалізовані. Його діятельність з маркетингу включає як рекламу з використанням телебачення й газет, так і зв’язки з громадкістю. Він повинен пояснювати широкій громадкості основні напрямки діятельності компанії, а іноді і її проблеми.
Він входить до числа чотирьох головних директорів, які щорічно приймають рішення про бюджет, в який входить вартість рекламы і випуск брошур, які описують подорожі, а також їх вартість. Але його основний обов’язок не керівництво відділом витрат, він повинен забезпечити реализацію всіх поставлених цілей і отримання компанією прибутку. Його основна заслуга в тому, що компанія останні п’ять років з надзвичайною сталістю працює з прибутком.
Exercise 7.Explain the meaning of the following phrases:
1. International marketing is a marketing activities that are performed to compete beyond the domestic market.
2. Marketers must understand the complexities of the international marketing environment.