Vocabulary【Business Actions】
to explore the market
Before a business enters a market, it will explore it.
This means it will identify opportunities, research competitors, and examine customer needs in the market.
Their active exploration of Asian markets has proved a huge success.
to launch products
A product launch is when a company introduces a new product to the market.
It typically involves an advertising campaign and making the product available to purchase.
Apple launches always draw a lot of media attention.
The company revealed its new laptop at the launch event.
to invest in research
A company invests in R&D to develop new products and remain competitive.
R&D can be risky because it involves trying new and untested ideas.
Before investing in R&D, a company should weigh the potential costs and benefits.
The best way for a big company to stay innovative is to invest in R&D.
to collaborate with other businesses
Businesses collaborate together when they work on the same project.
It involves sharing resources to achieve a common objective.
Good management and communication are critical for collaboration.
Uniqlo has collaborated with Disney to feature printed T-shirts.
The two companies have been negotiating a collaboration.
to streamline business processes
A business streamlines its processes in order to improve efficiency.
This means simplifying or reducing steps that do not add value.
Complicated business processes can hurt a company's productivity.
They streamlined the procedure to cut the delivery time.
Management consulting companies, such as McKinsey, can help streamline business processes.
Question
- What is a risk of investing in R&D?
> it may not be profitable - What will a company do before entering a market?
> explore it - Airline alliances allow collaboration among members to provide service more effectively and efficiently.
