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3. Use an appropriate word from the box to complete the text.

services

central banks

consumer goods

standard of living

capital goods

commodities

Trade is all economic transactions that are made between countries. Among the items commonly traded are _____, such as television sets and clothing; ____, such as machinery; and raw materials and food. Other transactions involve ____, such as travel services and payments for foreign patents. International trade transactions are facilitated by international financial payments, in which the private banking system and the ____ of the trading nations play important roles.

International trade and the accompanying financial transactions are conducted generally toward the purpose of providing a nation with ____ it lacks in exchange for those that it produces in abundance; such transactions, functioning with other economic policies, generally improve the ____ of a nation.

Test 8. Competition

1. Give English terms to the following Russian definitions:

1) анализ рыночного потенциала нового продукта (market research)

2) рынок запрещенных к торговле товаров (black market)

3) интерактивная маркетинговая деятельность (direct marketing)

4) компания, занимающая самую большую долю рынка (market leader)

5) фирма в отрасли, которая борется за увеличение своей рыночной доли (market challenger)

6) фирма, занимающая определенный сегмент рынка, свободный от конкуренции (market nicher)

7) установление и поддержание цены на определенном уровне (price fixing)

8) действия правительства по контролю над ценами (price control)

2. Match the terms with their definitions:

1 competition D

a) the amount of money, etc. asked or paid for something

2 market follower E

b) a deduction from the full amount of a price or debt, as in return for prompt payment or to a special group of customers

3 price A

c) a situation in which competitors selling a certain commodity successively lower prices, as to force one or more out of business

4 price war C

d) rivalry in business, as for customers or markets

5 discount B

e) a company that is not a threat to the leader

3. Use an appropriate word from the box to complete the text.

benefit

statistical analysis

symbols

data

purchasing power

scientific method

Market research firms gather and analyze ____ about customers, competitors, distributors, and other actors and forces in the marketplace. A large portion of the work performed by most market research firms is commissioned by specific companies for particular purposes. However, some firms also routinely collect a wide spectrum of data and then attempt to sell some or all of it to companies that may ____ from such information. Marketing research may be quantitative, qualitative, or a combination of both. Quantitative research is numerically oriented, requires significant attention to the measurement of market phenomena, and often involves _____. Qualitative research focuses on descriptive words and _____ and usually involves observing consumers in a marketing setting or questioning them about their product or service consumption experiences. For example, a marketing researcher may stop a consumer who has purchased a particular type of detergent and ask him why that detergent was chosen. Qualitative and quantitative research each provides different insights into consumer behaviour, and research results are ordinarily more useful when the two methods are combined.

Market research can be thought of as the application of _____ to the solution of marketing problems. It involves studying people as buyers, sellers, and consumers, examining their attitudes, preferences, habits, and ______. Market research is also concerned with the channels of distribution, with promotion and pricing, and with the design of the products and services to be marketed.

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