Business
Band 5-7 Vocab
Entrepreneur (noun): a person who starts a business and takes on financial risks to do so.
Example Sentence: My uncle is an entrepreneur who started his own small business.
Market (noun): a place where buyers and sellers come together to exchange goods or services.
Example Sentence: The farmers' market is a great place to buy fresh produce directly from local growers.
Customer (noun): a person or organization that buys goods or services from a business.
Example Sentence: The company values customer feedback to improve the quality of its products.
Profit (noun): the financial gain obtained from a business or investment.
Example Sentence: The business made a significant profit this quarter due to increased sales.
Investment (noun): the action or process of putting money into a business with the expectation of achieving a profit.
Example Sentence: The company secured a large investment to expand its operations.
Employee (noun): a person hired to work for a company or organization.
Example Sentence: The company is hiring new employees to support its growing business.
Budget (noun): a plan for managing and allocating financial resources.
Example Sentence: Creating a budget helps businesses track expenses and plan for the future.
Product (noun): something that is made or produced to be sold.
Example Sentence: The company launched a new product that quickly became popular among consumers.
IELTS Sample Answer
Question: Discuss the importance of customer feedback for businesses. Why is it valuable, and how can businesses use it to improve?
Customer feedback is crucial for businesses as it provides valuable insights into the needs and preferences of consumers. When customers share their opinions, businesses can better understand what they are doing well and areas where they can improve. This information is like a guide that helps companies enhance the quality of their products or services.
Moreover, customer feedback fosters a sense of engagement and trust. When businesses listen to their customers, it shows that they care about their opinions and are committed to providing a positive experience. This can lead to increased customer loyalty and repeat business.
To use customer feedback effectively, businesses can analyze common themes or trends in the feedback and make informed decisions based on that information. Whether it's improving product features, addressing customer service issues, or introducing new offerings, businesses can adapt and grow by actively incorporating customer feedback into their strategies.
Band 7-9 Vocab
Strategic Planning (noun): the process of defining an organization's strategy and making decisions on allocating its resources.
Example Sentence: The success of the company is attributed to its effective strategic planning.
Market Research (noun): the action or activity of gathering information about consumers' needs and preferences in a particular market.
Example Sentence: Before launching the new product, the company conducted extensive market research.
Supply Chain (noun): the sequence of processes involved in the production and distribution of a commodity.
Example Sentence: Optimizing the supply chain is essential for reducing costs and improving efficiency.
Sustainability (noun): the practice of using resources in a way that ensures their availability for future generations.
Example Sentence: Many businesses are adopting sustainable practices to minimize their environmental impact.
Diversification (noun): the process of expanding a company's business activities into new markets or products.
Example Sentence: Diversification can help businesses manage risks and explore new opportunities.
Merger (noun): the combining of two or more companies into a single entity.
Example Sentence: The merger of the two tech companies resulted in a stronger market presence.
Leadership (noun): the action of leading a group of people or an organization.
Example Sentence: Effective leadership is crucial for guiding a business towards success.
Innovation (noun): the introduction of new ideas, methods, or products.
Example Sentence: The company encourages a culture of innovation to stay ahead in the competitive market.
IELTS Sample Answer
Question: Discuss the impact of technological innovation on modern businesses. How does technology influence strategy and operations?
Technological innovation has significantly transformed the landscape of modern businesses, influencing both their strategies and operations. One of the key impacts is the integration of advanced technologies into various aspects of business processes. Companies now leverage technology for efficient data management, automation of routine tasks, and enhanced communication.
In terms of strategy, businesses are compelled to adapt to the rapid pace of technological change. Strategic planning now often includes considerations for digital transformation, cybersecurity, and harnessing emerging technologies to gain a competitive edge. Moreover, technology has opened new avenues for market expansion and diversification, allowing businesses to reach global audiences.
Innovation in supply chain management is another noteworthy aspect. Businesses utilize technology to streamline the supply chain, monitor inventory in real-time, and enhance overall operational efficiency. This not only reduces costs but also contributes to sustainability efforts by minimizing waste.
Overall, the integration of technology has become integral to the success of modern businesses, shaping their strategies, and revolutionizing the way they operate in an ever-evolving market.