You will learn about customers and clients, buyers sellers and vendors, and the market in this first episode in the business English marketing mini-series from English Plus. The mini-series will include 8 episodes in total and will cover the basics you need to know about marketing. The information we will cover in the mini-series is essential even if you don’t work in marketing. Marketing is linked to all departments in one way or another, so it might be a good idea to learn something about it.
Practice Booklet (For the Entire Mini-Series)
welcome to the first episode of our business English marketing mini series. This episode, we will talk about buyers, sellers, and the market. Now, before we start, let me remind you that you can find exercises for each episode in the booklet provided with the mini series. So if you want to practice what you’re learning, you can go to the booklet.
[00:00:26] And it’s always a good idea to practice what you’re learning so that you don’t forget them. Maybe you want to do it tomorrow, maybe next week, whatever, but it’s very important to practice or at least review what you’ve learned so that you don’t forget. And now without further ado, let me tell you what we’re going to talk about in this episode.
[00:00:41] We will talk about. Customers and clients, the different words we use to talk about customers and clients, we will talk about the different words we can use to talk about buyers, sellers, and vendors. And we will talk about the market. What do we mean by the market and different word combinations that we can use with the word market?
[00:01:01] Now first let’s start with customers and clients are people who buy products and services, our customers and clients or clients. Obviously. Now here, if you say, for example, people buy products from Apple or Apple’s products, these people are Apple’s customers or clients. Now, for example, foster and partners, a big architectural firm has clients rather than customers.
[00:01:27] Now, what is the slight difference? We said that customers and clients kind of the same, but it’s a little bit different client often refers to people and organizations who buy the services of professionals, such as accountants, lawyers, et cetera. But when you have people who buy products from your company, they are called customers more than they are called clients.
[00:01:48] But in both cases, we have this word that we say the customer base or the client base. So just before we move forward, remember customers and clients are kind of the same, but we usually use customers for people who buy products or services from companies. And we use clients often to refer to people and organizations who buy the services of professionals like accountants and lawyers, et cetera.
[00:02:13] But as we said, we have another word we use with customer and client, and that is the customer base. If we think about them all as a group, like Apple’s customers considered as a group makeup, its customer base. If we talk about foster and partners, clients consider it as a group. They also form a client base, but I have to tell you that these are slightly technical expressions and they’re usually used, for example, in business journalism.
[00:02:39] Now, people who buy a company’s or a professional’s products or services, especially expensive or exclusive ones are its clientele. Now clientele is rarely used in the plural. We usually use it as is, but remember, what’s the difference? Well, you can still say clients if you want, but clientele is a special word that we use for special services, professional products, especially the exclusive and the expensive ones.
[00:03:07] We call these people, the clientele. Now that’s not everything. So just remember we talk about customers and clients. We talked about the customer base and the client base, and we talked about the clientele. You can also talk about the users of a product or service who may not be the organizations who actually buy it.
[00:03:25] Now the expression end users refers, especially to people who use products, particularly computer equipment, and other technology. Now, these expressions are often used in contrast to the producers and distributors of a product. So we say we have producers of a product. We have distributors of a product, and we have the end users of a product.
[00:03:46] Of course, you can say users in general, but the end users are those people who use the product. And we use it, especially with computer technology or computer equipment. But of course you can use it with other things as well. Now, for example, IBM sells products through various channels, but the end users are the employees of the companies that buy its product.
[00:04:08] So there is a company that buys products from IBM or Microsoft or any company that you can think of. But then who are the end users? The end user is not the company who bought the system. The end user is the employee, or are the employees of the company that bought the system or this product. So again, we have here users and end users.
[00:04:31] One more thing to talk about customers and clients. And this is the consumers. We have to talk about consumers who are the consumers. These are the people who buy products or services for their own use. And these are called consumers, especially when considered as members of large groups of people buying things in advanced economies.
[00:04:51] So here, we might simply say that. Yeah, we have customers and clients and that’s it. No, but we have a lot of words. And when you hear these words, you will have to learn the differences between these words. You have to know the differences between these words, and these are very important. When we want to talk about marketing.
[00:05:06] Of course, we will talk about other things. We will talk about the four PS, the place, the promotion e-commerce and more in the other episodes in this mini series. But first you have to start with the very basic thing that we’re going to use later to refer to customers, to clients, to customer base, to clientele, to end-users, to consumers.
[00:05:25] All these words are important. Now let’s move on to talk about buyers, sellers, and vendors. What is the difference between buyers, sellers, and vendors, a person or organization that buys something obviously is a buyer or a purchaser. Buyer or purchaser. Purchaser is a more formal word or more technical term buyer is the generic word for that.
[00:05:45] But these terms are also used to talk about someone in a company or shop responsible for buying goods that it uses or sells. These people can be the buying managers or the purchasing managers. The more technical, the more formal term is purchasing manager. I know that, but they can be buying managers as well.
[00:06:03] And there’s also what we call the industrial buyer and industrial buyer is an organization that buys things for use in producing its own goods or services. So that is the part of buying stuff. So buyer purchaser, buying managers, purchasing managers and industrial buyers. Now what about the other side, the sellers, the vendors, a person or organization that sells something is a seller in some contexts, for example, selling property.
[00:06:32] These are referred to as vendors. For example, business journalists and lawyers may also refer to people selling products rather than services as vendors. So, although seller and vendor is pretty much the same, but we use vendor more for product seller as a general word for products and services. Now, you know, the word vendor, of course, from street vendors, people selling things in the street are called street vendors.
[00:07:00] A vending machine is a machine from which you can buy coffee, cigarettes, chocolate bars, et cetera. That’s called a vending machine. So, so here we have all these words related to buyers, sellers, and vendors that we need to know about. Again, the words for buyers, we have buyer or purchaser. Purchaser is more for a job or a company like purchasing manager.
[00:07:21] But again, we can say buying manager, if we want, and there’s the industrial buyer for the sellers part, we have seller or vendor. We talked about street vendors and the vending machine. For example, all of these are words we can use to talk about buyers, sellers, and vendors. Now, the final thing we will talk about in this episode is the market.
[00:07:40] What is the market? When we talk about the market, the market, the free market and market economy. These are used to talk about an economic system where prices, jobs, wages, et cetera, depend on what people want to buy, how much they are willing to pay, et cetera, rather than being controlled by a government.
[00:07:59] Now in this sense market is the word market actually is used in different combinations. And we will talk about these combinations. We can talk about market forces, pressures, place, prices, or reforms. What do these combinations mean? But remember, before we talk about the combinations. Remember when we talk about the market, we’re not talking about a place only when we talk about the market, this is a big umbrella for all these things.
[00:08:24] Remember talking about the economic system, where the prices, jobs, wages all depend on what people want to buy, how much they’re willing to pay for it, et cetera, rather than being controlled by a government. Remember that? So that is the market. That’s the free market or market economy. These three words can be used to talk about this.
[00:08:43] Now let’s talk about what can we use the word market with? We have common combinations. Of course there are a lot of combinations, but I will talk about some of the most common combinations when we want to talk about the market in general. We have first the market forces or market pressures. What does that mean?
[00:09:00] That is used to talk about the way that a market economy makes sellers produce what people want to buy at prices. They are willing to pay. These are the market forces or pressures. So again, this is used to talk about the way the market economy works and how it makes sellers produce what people want to buy at prices.
[00:09:20] They are willing to pay. So that is a market force or market pressures. What about marketplace, producers and buyers in a particular market economy? This is the marketplace, the way they behave, et cetera, all of that, we call it the marketplace. And again, we’re talking about the general idea. We’re not talking about just the, a place that you visit.
[00:09:39] It is part of the marketplace, but it’s a little bit bigger. Remember? We’re talking about business English for marketing. We’re not talking about just selling at one store or in one place. We will talk about place as one of the four PS in marketing. And we will discuss a lot of the different options you have when it comes to selling your products.
[00:09:58] But when we talk about marketplace in general, we’re talking about producers and buyers in a particular market economy, and the way they behave. What about market prices? When we talk about market prices, we’re talking about the prices that people are willing to pay rather than the ones fixed by a government.
[00:10:13] For example, these are the market prices, all these words, all these combinations are words we can use to discuss, to talk about marketing, or these combinations are used in marketing contexts. We need to understand what they mean by it. We’re not talking just about a fixed price of something we’re talking about.
[00:10:29] The prices that people are willing to pay. And here it might be an estimate. It might be based on a research study. We have one special episode for pricing. And finally, the last thing we’ll talk about in this episode is the market reforms. What do we mean by saying market reforms? These are the changes to an economy made by a government so that it becomes more like a market economy.
[00:10:51] So, these are the words that I wanted to share with you. These are the concepts that I wanted to share with you in the first episode of our business English marketing mini series. Now remember this mini series has eight episodes, and it’s a good idea to listen to all of the episodes. Because I’ve divided the information into eight episodes.
[00:11:10] So you will need the eight episodes to get a general understanding of marketing. And of course, because this is focusing on business English, you will learn a lot of business English words that you can use to talk about marketing, especially if you’re interested, even if you don’t work in marketing, but it’s very important to understand these concepts, to understand these words, even if you work in production or in management, Another department. [00:11:34] It’s very important because marketing has to do with all activities of any company. Now, with that being said, this is Danny. I would like to thank you very much for listening to this episode from our business English marketing mini series. And I will see you in the next episode.