ESL Podcast 984 - Competing in Business
the only game in town - the only person or organization involved in a particular business or field, without any competitors
Our restaurant used to be the only game in town, but in the past four years, more than 10 other Italian restaurants have opened.
competitor - a business that offers similar products and services to similar customers, so that two companies are trying to sell to the same customers
How can we prevent our competitors from copying everything we do?
to lure away - to attract someone away from another person or business
Aren't you worried that Sean's attractive new receptionist will lure him away from you?
to go under - to go broke; to become bankrupt; to become unprofitable and have to close a business
The bad weather has made a lot of orange growers go under.
price matching - the practice of selling one's product for the same price that other companies are selling it for
This store has a great price matching policy, so if you see another store advertising that it will sell something for less, they'll adjust the price.
competitive - with similar characteristics and qualifications, making something equally attractive
You'll need to have at least a master's degree if you want to be competitive in this job market.
to undercut - to sell something at a lower price than one's competitor
We're already selling these gadgets for less than the cost of manufacturing them. How could anyone undercut us?
to slash prices - to reduce prices very quickly by a very large amount; to lower the price of something a great deal
The furniture store is slashing prices to reduce inventory before the start of the next year.
profit margin - the difference between the sales price and the cost of producing that good or service; the net proceeds from a sale
We can increase our profit margin by raising the sales price or reducing the manufacturing cost.
desperate times - periods of time that are very difficult or challenging and leave one with few options, requiring people to do things they might not normally do
These are desperate times for many homeowners who are forced to sell their home for less than they bought it for.
two-for-one deal - an arrangement where customers buy one item and get a second item for free as an incentive to buy more than they normally would
The drugstore is offering a great two-for-one deal on makeup this week.
for a limited time - temporarily; not permanently; not forever; with a defined amount of time
For a limited time, the car dealership is offering three years of oil changes and other car maintenance with any new car purchase.
freebie - something that is given to someone at no cost, especially to encourage that person to come into a store and buy something while he or she is there
What percentage of people came in just for the freebie, and what percentage bought something else while they were here?
gift with purchase - something that is given to a customer when he or she buys something, used to show appreciation for their business and to encourage people to buy more than they normally would
Jas buys new lipstick only when she knows the department store is offering gifts with purchase.
frill - additional things that are nice to have, but are not necessary
The spa offers a lot of frills, like champagne, chocolate-covered strawberries, scented lotion, and relaxing music.
bells and whistles - additional items that make something more interesting, exciting, and attractive, but are not necessary, especially when talking about technology
These new smart phones have so many bells and whistles, it's hard to figure out how to call someone!
up the creek without a paddle - in a difficult or challenging situation with few or no opportunities to find a solution; without an easy way to fix a problem
Both Paula and her husband lost their jobs last month, and now their mortgage payment is due and they're up the creek without a paddle.