Business English Bits Issue 115
The 10-min homework newsletter that supports your advanced business and English language learning...
Greetings to this Saturday’s edition of Business English Bits.
With the Paris Olympics just around the corner, today’s video report from Morning Brew centres on the recent performance of classic sportswear* firm, Nike. Nike has traditionally dominated the trainer** or sneaker*** market (38% of total shoe marketplace), but due to an alleged**** lack of innovation, market share is beginning to slip and agile new entrants***** are starting to gain a foothold****** in this competitive sector.
*Sportswear (n) - Clothing designed to wear while playing sport
**Trainer (n) - Sports shoe (UK)
***Sneaker (n) - Sports shoe (US)
****Alleged (adj) - Said without proof
*****New entrants (cn) - Company that newly enters an industry
******Gain a foothold (ph) - Obtain favourable position from which to advance
After a first quarter drop in sales, Nike recently announced that it was to cut back* its workforce by 2% in an effort to reduce costs by $2B. So what has caused this market leader to underperform whilst challengers have seen sales soar?
To Cut back (pv) - To reduce
In 2020, after 16 years leadership, Nike changed its long-time CEO Mark Parker. John Donahoe, his replacement, has played a huge role in the successful implementation of direct online selling to customers. These online sales dramatically increased during the Covid pandemic and the firm, according to the report, then doubled down* on this approach. As the pandemic drew to a close, however, customers quickly began returning to brick and mortar** stores and Nike found that it had lost some of its positioning regarding third party retailers. Reorganising inventories and fixing pricing strategies in these retailers has proved tricky, but Nike, being the giant it is, is rapidly working to find its feet again.
*To Double down (pv) - To reinforce current effort
**Brick and Mortar (cn) - Traditional retail business operating in a building
Focus on some key new verbs from the video …
VIDEO: Morning Brew - (9min) - Why Nike is Facing Its Worst Performance in Years
Key Words - (Smth = Something; Sb=Someone)
To Outpace (v) - To go, rise, or improve faster than
To Lay off (pv) - To Fire, sack
Misstep (n) - Mistake or blunder
To Shake up (pv) - To make radical changes
To Bid adieu (ph) - To say goodbye
To Sever (v) - To divide or break off
Headwind (n) - Force opposing progress
To Overshoot (v) - To exceed
To Crawl back (pv) - To try to return to previous state
To Rekindle (v) - To Start or stir up again
Blunt (adj) - Uncompromisingly forthright
To Churn out (pv) - To routinely produce smth in large quantities
Fickle (adj) - Changing frequently especially loyalty
To Slash (v) - To cut drastically
Lure (n) - Temptation, attraction
Double-edged (adj) - Having two components or aspects
Hype (n) - Intensive publicity or promotion
To Simmer (v) - To exist in an surpressed state
To Stall (v) - To stop making progress
To Covet (v) - To want to possess smth
To Drop the ball (ph) - To make an error; miss an opportunity
Jeopardy (n) - Danger
To Tap into (pv) - To take advantage of smth
Cutting-edge (adj) - Latest or most advanced stage of smth
Unmatched (adj) - Not equalled
At the helm (ph) - In control
Endorsement (n) - Form of public support or approval
Catalyst (n) - Sb/smth that precipitates an event
Visceral (adj) - Instinctive; deep
Word of the Day … Guess the missing key word. Answer given below with examples!
Some new idioms to review …
Word of the Day Answer:
Coax (v) - To gently persuade someone to do something
Examples:
“I’ve been trying to coax a raise out of my boss”
“We want to coax our clients into taking up the loyalty card.”
ANSWERS TO WEDNESDAY’S PHRASAL VERB TEST
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