Title: Business English Vocabulary
Instructions: Read the following words and phrases related to business, and then match them with their definitions.
Words and Phrases:
Profit margin
Mission statement
Market share
Customer service
Sales forecast
Cash flow
Human resources
Supply chain
Brand identity
Business model
Definitions:
a. The percentage of revenue that exceeds the cost of goods sold.
b. A statement that defines a company's goals, values, and purpose.
c. The percentage of total sales in a market that a company has.
d. The process of managing customer interactions to provide satisfaction.
e. A prediction of future sales based on market trends and other factors.
f. The movement of cash in and out of a business.
g. The department responsible for hiring, training, and managing employees.
h. The sequence of activities involved in the production and delivery of a product.
i. The characteristics and values that distinguish a company's products from others.
j. The plan for how a company will make money and operate its business.
Matching Exercise:
Profit margin - a
Mission statement - b
Market share - c
Customer service - d
Sales forecast - e
Cash flow - f
Human resources - g
Supply chain - h
Brand identity - i
Business model - j
Bonus Questions:
What are some ways that companies can improve their customer service?
Why is it important for companies to have a mission statement?
How can a company improve its cash flow?
What are some factors that can affect a company's sales forecast?
How can a company's brand identity affect its success in the market?
Idioms about business
There are many idioms in English that relate to business and commerce. Here are some common ones:
A penny saved is a penny earned - it's wise to save money and not waste it.
The bottom line - the most important result or conclusion; the profit or loss figure in a financial statement.
To be in the red - to have a negative balance in a bank account; to be in debt.
To be in the black - to have a positive balance in a bank account; to be profitable.
To cut corners - to do something in a cheap or easy way that is not as good as it should be.
To be on the same page - to have the same understanding or agreement about something.
To go the extra mile - to make extra effort beyond what is expected or required.
To hit the ground running - to start a new project or job quickly and effectively.
To think outside the box - to think creatively or unconventionally.
To keep one's nose to the grindstone - to work hard and diligently.
To put all one's eggs in one basket - to risk everything on one thing or idea.
To play hardball - to act aggressively and ruthlessly in business negotiations.
To make a killing - to make a large amount of money quickly or easily.
To have a lot on one's plate - to have a lot of tasks or responsibilities to handle.
To be a cash cow - to be a reliable source of income.
Note that idioms can be difficult to understand for non-native speakers because their meanings are often not literal. It's important to study them in context and understand their figurative meanings.
A quiz about idioms related to business:
What does the idiom "to cut corners" mean?
a) To be in debt
b) To work hard and diligently
c) To do something in a cheap or easy way that is not as good as it should be
What does the idiom "to be in the black" mean?
a) To have a negative balance in a bank account
b) To have a positive balance in a bank account
c) To be profitable
What does the idiom "to hit the ground running" mean?
a) To start a new project or job quickly and effectively
b) To risk everything on one thing or idea
c) To think creatively or unconventionally
What does the idiom "to keep one's nose to the grindstone" mean?
a) To be profitable
b) To work hard and diligently
c) To make a large amount of money quickly or easily
What does the idiom "to put all one's eggs in one basket" mean?
a) To be a reliable source of income
b) To risk everything on one thing or idea
c) To act aggressively and ruthlessly in business negotiations
Answers:
c) To do something in a cheap or easy way that is not as good as it should be.
b) To have a positive balance in a bank account; to be profitable.
a) To start a new project or job quickly and effectively.
b) To work hard and diligently.
b) To risk everything on one thing or idea.
Case study: Miniso
Miniso is a Chinese multinational retail company headquartered in Guangzhou, China. It was founded in 2013 by two Chinese entrepreneurs, Ye Guofu and Miyake Junya. Miniso sells a wide range of consumer goods, including household and consumer electronics, cosmetics, toys, accessories, and snacks.
Miniso's business model focuses on offering high-quality products at affordable prices, and its stores are designed to provide a modern, minimalist shopping experience. The company has expanded rapidly since its founding, and as of 2021, it has over 4,200 stores in more than 100 countries around the world, including the United States, Canada, Australia, and India.
In addition to its retail operations, Miniso has also been involved in various philanthropic activities. For example, the company has donated funds to help fight poverty and support education in China and other countries, and it has also provided relief aid to regions affected by natural disasters.
