Unit 21. Products, Goods and Services Active Vocabulary

product fast-moving  consumer  goods consumer products industrial products convenience goods specialty goods merchandise succeed market (a product) introduce/launch (a product) product life cycle withdraw money spinner cash cow loss leader

продукт ходові споживчі товари споживчі товари, товари широкого вжитку промислові товари товари повсякденного вжитку товари особливого попиту товари, продавати досягати успіхів, знаходити ринок збуту вводити товар на ринок   життєвий цикл товару вилучати, анулювати         товар, що дає великі прибутки  високоприбутковий товар або бізнес товар, який продається за зниженими цінами для того, щоб  приваблювати  покупця

The exchanging of products makes the business world.

A product is something that is produced or manufactured and sold, often in large numbers.

Products are sometimes referred to as goods for example in the expression fast-moving consumer goods, or FMCG. 

Products may be grouped are classified as convenience, or specialty goods. Industrial goods are used to make other goods for resale purpose. These goods  include materials, equipment, parts, and services.      

Goods are also referred to as merchandise.

Services are activities such as banking or tourism that contribute to the economy but which may not directly involve  manufacturing. Services may be referred to informally as products.  

For firms to succeed in business, they must continue to develop and market products.

  New products are introduced or launched onto the market. Products have a life cycle. A product that a company no longer wants to make available is withdrawn from the market.

  A product generating a lot of profit is a money spinner or a cash cow. A loss leader is a product sold very cheaply in order to attract customers who will then, it is hoped, be persuaded to buy profitable ones. 

Exercise 1. Give the English for:

ходові споживчі товари, споживчі товари широкого вжитку, промислові товари, товари повсякденного  попиту, товари попереднього вибору, товари особливого попиту, знаходити ринок збуту для товару,  життєвий цикл товару, вилучати товар з ринку, вводити товар на ринок, високоприбутковий товар, досягати успіхів в бізнесі. 

Exercise 2. Match words from list A with words from the list B that have a similar meaning:

A                                           B

                      goods                                    beneficial

                      produce                                merchandise

                      profitable                              manufacture

                     money spinner                       appeal to

                     introduce                                retract

                     attract                                     cash cow

                     persuade                                 launch

                    withdraw                                 convince  

Exercise 3. Match the words with the correct definition from the list below:

manufacture, service, money spinner, withdraw, merchandise, product life cycle, profitable, loss leader;

1. the idea that the sale of a production goes through 4 phases: introduction, growth;

2. maturity, and decline;

3. something that earns a lot of money;

4. a product sold at a loss to encourage trade;

5. bringing in more money than in spent;

6. to take something back;

7. the job that an organization does;

8. to make goods to sell from raw material;

9. goods for sale.

Exercise 4. Put the necessary word in the sentences:

to persuade, manufactured, product life cycle, profitable, loss leader (2), the merchandise, fast-moving money spinner.

1. The book could be a real … .

2. Soap, toothpaste, batteries and light bulbs are all … consumer goods.

3. You are welcome to examine … before buying.

4. Shops use … to attract customers.

5. This deal should be lightly … .

6. Fashion goods have short … .

7. These goods were … in France.

8. In Great Britain supermarkets sometimes sell top branches below cost as …

9. Trained staff is trying … customers to spend far more.

Exercise 5. Answer the following questions:  

1. What makes the business world?

2. How can a product be characterized?

3. What two general categories may products be grouped into?

4. What are the services?

5. If a products generates a lot of profit is it a money spinner or a loss leader?

6. What purpose is a loss leader used for?

7. Why must firms introduce new products?

Exercise 6. Sum up what you remember about:

• products and services;

• different kinds of goods.