Topic Vocabulary & Exercises

Topic Vocabulary:

brand (noun [c]):

Definition: A brand is a name or symbol that makes a company's products or services different from others.

Example: Nike is a well-known brand for athletic shoes and apparel.

competitive advantage (noun phrase):

Definition: An advantage a company has over another in the same market, usually due to better products or lower costs.

Example: The core objective of the charity is to provide education to underprivileged children.

consumer (noun [c]):

Definition: A consumer is someone who buys or uses things.

Example: As a consumer, I like to compare prices before making a purchase.

demand (noun [u]):

Definition: Demand is when people want and are willing to buy something.

Example: The high demand for the new smartphone caused it to sell out within hours.

entrepreneurship (noun [u]):

Definition: Entrepreneurship is starting and running a business by taking risks and being creative.

Example: Mark Zuckerberg and his success with Facebook is an example of successful entrepreneurship.

free market (noun phrase):

Definition: An economic system where companies do business without government intervention.

Example: In a free market, businesses can compete and set prices based on supply and demand.

level the playing field (idiom):

Definition: Creating fair and equal conditions for competition.

Example: New regulations ensure that small businesses can compete on a level playing field with large multinationals.

loyal customer (noun phrase):

Definition: A loyal customer is someone who keeps coming back to buy from the same company.

Example: Mary has been a loyal customer of the same coffee shop for over five years.

marketing (noun [u]):

Definition: Activities to promote a product or brand.

Example: The company launched a marketing campaign to promote their new product through social media and TV commercials.

premises (noun [pl]):

Definition: The buildings or land owned by a company or organisation.

Example: The company owns several large premises across the country.

productivity (noun [u]):

Definition: The amount of work done in a specific timeframe.

Example: By organising tasks efficiently, we can improve productivity in the office.

profitability (noun [u]):

Definition: The ability of a business to generate financial gain or profit.

Example: The company's profitability increased after launching a new product line.

revenue (noun [c]):

Definition: The income or money generated by a company or organisation from its operations.

Example: The company's revenue increased by 20% this year.

sector (noun [c]):

Definition: A sector is a specific area of the economy, like technology or healthcare. 

Example: The technology sector includes companies that develop and sell software, hardware, and digital services.

service (noun [c]):

Definition: The professional work done for a customer by a company.

Example: The company provides house cleaning and maintenance services.

staff turnover (noun phrase):

Definition: The rate at which employees leave a company and are replaced.

Example: The high staff turnover at the restaurant is affecting its performance.

start up (phrasal verb):

Definition: To start a new business.

Example: Jane and her colleagues started up a company to develop a new mobile app.

streamline (verb):

Definition: Simplify or optimise a process or system to make it more efficient and effective.

Example: New software streamlined the process, saving time.

subsidy (noun [c]):

Definition: Financial assistance or support provided by the government.

Example: The government provided a subsidy to support local farmers during the drought.

supplier (noun [c]):

Definition: A supplier is someone who provides things to a company, like products or services.

Example: The bakery relies on a local farmer to be their supplier of fresh organic eggs.