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Business Word/Phrase of the Day

word-phrase-descEvery day we publish a business word or phrase together with audio pronunciation, phonetics, definition and example sentences. This is a great way to improve your workplace vocabulary as well as your pronunciation. To receive 'Business Word/Phrase of the Day' by email, just subscribe to our newsletter from the link above. 

STAKEHOLDER /stāk′hōl′dər/

21 Apr 2024

noun

  • Person, group, or organization that has direct or indirect stake in an organization because it can affect or be affected by the organization's actions, objectives, and policies. Key stakeholders in a business organization include creditors, customers, directors, employees, government (and its agencies), owners (shareholders), suppliers, unions, and the community from which the business draws its resources.
Example Sentences:As one of the major stakeholders in the company, we have three representatives on the board of directors.
Who is the biggest stakeholder in this company?
 

GOODS /go̵odz/

20 Apr 2024

noun

  • Things we buy and sell that can be made or grown such as clothes, food and cars.
Example Sentences:What is the total value of the goods in this shipment?
The goods we ordered are currently in port awaiting clearance from customs.
 

ORDER BACKLOG /ôr′dər bak lôg′/

19 Apr 2024

phrase

  • Value of unfulfilled orders, or the number of unprocessed jobs, on a given day. While a backlog indicates the workload that is beyond the production capacity of a department or firm, it also serves as a pointer toward the firm's future sales revenue and earnings.
Example Sentences:We have an order backlog of about $670,000.
Due to a large order backlog, all orders are currently delayed by about two weeks.
 

FREIGHT / frāt/

18 Apr 2024

noun

  • A transportation term meaning any goods transported by a vehicle or ship, and/or any charges incurred for such transport.
Example Sentences:What is the freight charge for sending a container of this size to the UK?
90% of all freight entering the country is transported by rail to China.
 

CERTIFICATE OF ORIGIN /sər tif′i kit ʌv ôr′ə jin/

17 Apr 2024

phrase

  • A certificate stating the country in which a commodity has been grown, milled, produced, manufactured or assembled.
Example Sentences:According to the certificate of origin, this lamp shade was made in Thailand.
 

WHOLESALE PRICE /ˈhoʊlˌseɪl prīs/

16 Apr 2024

phrase

  • the price of goods charged to shops and businesses for buying large quantities of the goods
Example Sentences:The wholesale price of goods is always cheaper than the retail price.
If you buy this bed in a shop, you’ll pay around $600. However, the wholesale price is only $400.
 

IMPORT LICENSE /ɪmˈpɔrt lahy-suh ns/

15 Apr 2024

phrase

  • An import license is a document issued by a national government authorizing the importation of certain goods into its territory.
Example Sentences:You won’t be able to import wood products into the country unless you have an import license to do so.
Although I had the correct import license, customs did not allow my shipment out of the port of entry.
 

CUSTOMS /kuhs-tuh mz/

14 Apr 2024

noun

  • Government agency entrusted with enforcement of laws and regulations to collect and protect import-revenues, and to regulate and document the flow of goods in and out of the country.
Example Sentences:I was searched by customs when I entered China on business last month.
Customs calculated that the necessary duty to be paid on the shipment was $9,560.
 

DISCOUNT /dis′ko̵unt′/

12 Apr 2024

noun

  • a reduction in price from the original sale price
Example Sentences:The company is offering a discount of 30% on their standard price for all goods purchased before the end of the month.
We offered them a further discount of 5% but they rejected it.
 

STANDING ORDER /stan′diŋ ôr′dər/

11 Apr 2024

phrase

  • Purchase order covering repeated deliveries of goods or services in specified quantities, at specified prices, and according to a specified schedule.
Example Sentences:We have a standing order for 100 reams of A4 paper each month.
Since we’re ordering regularly from this supplier, I suggest we set up a standing order with them.
 

REGULAR CUSTOMER /reg′yə lər kus′tə mər/

10 Apr 2024

phrase

  • a customer who often buys a product or service from the same company
Example Sentences:We generally give better sales terms to our regular customers.
As I’m a regular customer, can you offer me a bigger discount?
 

SALES FORCE /seɪlz fôrs/

09 Apr 2024

phrase

  • all the employees of a company whose job is persuading customers to buy their company's products or services
Example Sentences:The company has a worldwide sales force of around 3,000 people.
The company’s sales force has just been cut by 20% due to falling demand for the company’s products.
 

SALES COMMISSION /seɪlz kəˈmɪʃ ən/

08 Apr 2024

phrase

  • payment to a salesperson for their efforts in marketing and selling something, usually calculated as a percentage of the total sales
Example Sentences:All our sales staff earn a 2.5% commission on their sales.
He’s moving to a company that pays a much better sales commission.
 

CONFIRM AN ORDER / kən fʉrm′ ən ôr′dər/

07 Apr 2024

phrase

  • say by phone or in writing that the order can be processed
Example Sentences:We can deliver the goods between two to five days after you confirm the order.
Once an order is confirmed, an invoice is issued and emailed to the client.
 

CUSTOMER SERVICE DEPARTMENT  

06 Apr 2024

phrase

  • department within a company responsible for customer care, including complaints
Example Sentences:All complaints are handled by the customer service department.
Sheila Tam has been head of the customer service department for 5 years.
 
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