Business

Sustainable Development Goals (SDGs)

the United Nations' global goals for sustainable development. Example: Better education helps achieve the Sustainable Development Goals (SDGs)

education sector

a part of the economy related to education services. Example: She wants to work in the education sector

set up a school

phrasal verb. to establish a new school. Example: They plan to set up a school in a rural area

learning app

an application designed for learning. Example: The company launched a new learning app

publish a magazine

to produce and distribute a magazine. Example: She hopes to publish a travel magazine

do business online

to buy, sell or operate a business through the internet. Example: Many companies now do business online

digitalize

to convert something into digital form. Example: Education has been rapidly digitalized

be in high demand

to be greatly wanted or needed. Example: English is in high demand across the globe

target customer

the specific group of customers a business wants to attract. Example: Teenagers are our target customers

skill-set

a particular combination of skills. Example: Coding is an important skill-set for young people

pricing strategy

a method of setting prices. Example: The company changed its pricing strategy

high-end pricing

charging premium prices for high-quality products. Example: Luxury brands often use high-end pricing

premium pricing

charging higher prices because of perceived quality. Example: Apple uses a premium pricing strategy

bundle pricing

a pricing strategy that sells several products together at a discount. Example: Bundle pricing encourages customers to buy more

economy pricing

a low-price strategy aimed at cost-conscious customers. Example: Supermarkets often use economy pricing

rock-bottom prices

idiom. extremely low prices. Example: The store offered rock-bottom prices during the sale

financially independent

able to support oneself financially. Example: Most teenagers are not financially independent

entice

to attract or persuade someone. Example: Discounts entice more customers to buy

customer base

the group of regular customers of a business. Example: The company is expanding its customer base

demand

the desire or need for a product or service. Example: Demand for online courses has increased

opt for

phrasal verb. to choose. Example: I'd opt for a bundle pricing strategy

get a bargain

idiom. to buy something at a lower price than usual. Example: Customers love getting a bargain

hit somebody/something hard

idiom. to affect someone or something severely. Example: COVID hit many businesses hard

take a hammering

idiom, informal. to suffer serious financial losses. Example: Restaurants took a hammering during the pandemic

get by

phrasal verb. to manage to survive. Example: Many families struggled to get by

SME

small and medium-sized enterprise. Example: Many SMEs rely on government support

keep your head above water

idiom. to survive financially. Example: Many SMEs are struggling to keep their heads above water

hit the wall

idiom, informal. to reach the point where failure is unavoidable. Example: Without support, many businesses will hit the wall

go belly up

idiom, informal. to go bankrupt. Example: Several local companies went belly up last year

be in the same boat

idiom. to be in the same difficult situation. Example: Small businesses are all in the same boat

subsidy

money provided by the government to support businesses. Example: The government offered subsidies to local firms

loan

money borrowed that must be repaid. Example: The company applied for a business loan

with no strings attached

idiom. without any conditions. Example: They received financial support with no strings attached

no-brainer

informal. an obvious or easy decision. Example: Investing in cybersecurity is a no-brainer

business (countable)

a company or organization that sells goods or services. Example: There are many new businesses in this city

business (uncountable)

trade or the activity of buying and selling goods or services. Example: Business is good at the moment

entrepreneur

a person who starts and runs a business. Example: She became a successful entrepreneur in her twenties

freelancer

a self-employed person who works for different clients. Example: He works as a freelance graphic designer

consultant

a person who gives professional advice for a business. Example: The company hired a marketing consultant

enterprise

a business or company. Example: The government supports small enterprises

firm

a business or company. Example: She works for an international law firm

venture

a new business involving risk. Example: Starting a restaurant is a risky venture

start-up

a new business, especially a technology company. Example: He founded a tech start-up

industry

a group of businesses producing similar products or services. Example: Tourism is an important industry

primary industry

an industry that extracts natural resources. Example: Farming belongs to the primary industry

secondary industry

an industry that manufactures products. Example: Car production is part of the secondary industry

tertiary industry

an industry providing services. Example: Education is part of the tertiary industry

heavy industry

large-scale industries such as steel, oil or shipbuilding. Example: Heavy industry requires huge investment

light industry

consumer-oriented manufacturing industry. Example: Clothing production belongs to light industry

sector

a broad area of the economy containing several industries. Example: The healthcare sector is expanding

market

a place or system where companies buy and sell goods or services. Example: The company entered the Asian market

enter a market

to begin selling products in a new market. Example: The company plans to enter the European market

break into new markets

idiom. to successfully start selling in new markets. Example: The brand broke into new markets in Asia

discover and conquer new markets

to find and dominate new markets. Example: The company hopes to discover and conquer new markets

corner a market

idiom. to dominate a market. Example: The company has cornered the electric vehicle market

unemployment

the state or rate of people without jobs. Example: Unemployment has risen recently

unemployed

without a job. Example: He's currently unemployed

on the dole

informal, UK. receiving unemployment benefits. Example: He was on the dole for six months

invest

to put money into a business expecting profit. Example: They invested heavily in technology

seek investment

to look for financial support. Example: The start-up is seeking investment

angel investor

a wealthy person who invests in a new business. Example: They found an angel investor to fund the company

venture capital

money invested in new, high-risk businesses. Example: The company secured venture capital

make sales

to sell products or services. Example: The business made record sales last year

open more branches

to establish additional business locations. Example: The supermarket plans to open more branches

go global

idiom. to expand internationally. Example: The company hopes to go global

engage in the community

to actively support or participate in the local community. Example: The business engages in the community through charity work

repeat buyers

customers who buy again. Example: Repeat buyers are essential for long-term success

focus on a specific niche

to target a specialized market. Example: The company focuses on a specific niche

take on new staff

phrasal verb. to employ more workers. Example: The company took on new staff last month

diversify

to expand into new products or services. Example: The business diversified into online sales

put all your eggs into one basket

idiom. to depend on only one thing. Example: Businesses shouldn't put all their eggs into one basket

keep costs low

to minimize expenses. Example: Small businesses try to keep costs low

subsidy

money given by the government to support a business. Example: Farmers received a government subsidy

grant

money given for a specific purpose that does not need to be repaid. Example: The start-up received a research grant

bottom line

idiom. a company's profit after expenses. Example: Reducing costs improved the bottom line

market research

the study of customers and markets. Example: Good market research helps businesses succeed

take a hammering

idiom, informal. to suffer serious financial losses. Example: Small restaurants took a hammering during the pandemic

keep your head above water

idiom. to survive financially despite difficulties. Example: Many small firms struggled to keep their heads above water

be hard hit

idiom. to be badly affected. Example: The tourism industry was hard hit by COVID-19

cut-throat competition

idiom. extremely fierce competition. Example: The smartphone market faces cut-throat competition

go back to the drawing board

idiom. to start planning again after failure. Example: The company went back to the drawing board after the product failed

start from scratch

idiom. to begin from the very beginning. Example: We had to start the project from scratch

cash cow

idiom. a product or business that generates a lot of profit. Example: The company's flagship product is a cash cow

lion's share

idiom. the largest portion. Example: Samsung has the lion's share of the market

bite the bullet

idiom. to face a difficult situation bravely. Example: The company had to bite the bullet and reduce spendin