English 4

1. What is innovation?
 Innovation means taking an invention and developing it to make it a
commercially viable product
Why is it important for companies to innovate their products? // Why is
innovation important to companies?
 We can see that product innovation is absolutely necessary to build a future
for a company.
New products are essential to growth.
For example, The Walkman who invented by Sony's Chairman wants to be
able to play golf and listen to music at the same time. Innovation the process
which allowed Sony to mass-produce the Walkman and make it a huge
commercial success and increase revenue
 Today, we need innovators more than any time before.
 Every organization and business are feeling the impact of globalization,
migration, technological and climate change issues. Innovation will bring
value and widen the employment. Innovation will make the world a better
place for the younger generation.
2. What difficulties do innovators and inventors often face along the way of
innovation?
 Find an idea that is far different from other ideas
- Actually, ideas are everywhere and anyone who can consider a problem
for an hour can come up with possible ideas for solving it.
- Creativity is rarely the hardest challenge.
 Every idea has competitors
- Even if you successfully reach customers, you won’t be the only one
trying to reach them
- And obviously, they certainly need financial supports to develop and
enhance existing products to make better and more user friendly
What challenges may innovators face on the way of making their products
commercially viable?
 Demand of customers are increasingly high
- They have to meet the needs of customers, but today the demand of
customers are increasingly high
- They require products good value for money with high quality and low
price
3. What makes a good presentation?
 Focus on your audience’s needs
 As you prepare the presentation, you always need to bear in mind what the
audience needs and wants to know, not what you can tell them.
 While you’re giving the presentation, you also need to make it easy for your
audience to understand what are you talking about
 Tell stories
 It is a good idea to start with a story. Stories help us to pay attention,
and also to remember things
 Information and being confident
 Good presentations contain suitable information. You have to try to
appear confident and enthusiastic.
 Relax, Breathe and Enjoy
 If you can bring yourself to relax, you will almost certainly present better. If
you can actually start to enjoy yourself, your audience will respond to that,
and engage better.
4. How can people raise capital to invest in a new business?
It's often said that the key to raising capital is a person's ability to sell.
If you are starting your own business or if you're raising money to grow your
existing business and the key to raising money includes four factors: The
Project, The Partners, The Financing, The Management
 There’s more than one way to raise capital, and the very first option starts
with you. If you’re not willing to invest in yourself, how can you expect
anyone else to?
 Family and friends
It’s actually the absolute best option. Those who are always willing to raise
the helping hand for your business and supporting your dreams come true.
 Banks and traditional lenders
Small business loans from traditional banks can offer surprisingly great
terms and interest rates.
 Get a business partner
When selecting a business partner make sure you share the same business
goals, and you know they could help you to raise capital to invest in a small
business
5. Analyze the benefits and problems of using your family members’ saving
for investment in your business
 A startup typically needs a lot of funding from different investment
sources and using family's saving for investment is a common place
nowadays
 There are 2 sides of a coin of this situation
BENEFITS (positive sides)
 It will be flexible
 - Your family already know you very well – and you know them -> better
than other prospective investors
- They'll also give you the time and a less stressful environment than
banks.
- Family members may be a person who raise the helping hand to help
you every time you need
 You will be far more idea to family members than professional investors.
- You know their income and the amount of money they can afford to
invest
- Family members won't complain to get money back in a short-time
PROBLEMS (the flip sides)
 Losing good relationship between family members
- You're closer to your family
- Losing the money of them, you can create a lot of tension between you
and your family
 Family members will manage and oversee your business seriously.
 They don't believe you and it will be hard to receive funding from family
members the next time
6. What are the advantages and disadvantages of borrowing from the bank?
 Bank loans are the most traditional way to finance your business
There are some benefits and drawbacks of borrowing from the banks
ADVANTAGES:
 Competitive Interest Rates
In actual fact, Bank loans typically offer competitive market interest rates
and other reasonable repayment terms when compared with non-traditional
lender offers.
+ Bank Loans Are Always Available
+ Better Banking Relationship and terms
Bank loans cost less than other financing sources
DISADVANTAGES
 It's possible delay in getting the loan
 Not everyone qualifies for a bank loan
What should loan applicants do to persuade the banks to lend them the
money?
 Before agreeing a loan, banks will want to see your own financial
commitment to the success of your business.
You must be prepared to put your money where your mouth is.
>< After all, if you were in the bank manager's position, you would
probably act in the same way
They'll also want some kind of security like your car or house.
  Therefore, if you're bankrupt, it will be difficult to secure any further loans.
7. Describe some common methods of market research
 There are 4 kind of methods of market research
Dustbin survey: A researchers regularly visits someone’s home and looks at the
labels of all the products that a household has bought or used recently
Focus group: A researchers encourages a group of consumers to discuss their
feelings and attitudes towards different products. The discussion if secretly
observed and often filmed
Street survey questionnaire: A researchers interviews passer-by and asks them a
list of carefully chosen questions
Blind-testing: Selected volunteers are given different objects to examine or
samples of food or drink to taste and compare. The identity or brand of the
products is kept a secret
8. What is market research?
 Market Research is the process of surveys to get information about the
customer's needs and find out the new product and service
Why is it necessary for companies to do market research?
 Every successful product or service that companies use today started with
market research about customers.
 Better understanding of your customers
- Who will buy your product? Who are your potential customers? What
do they need? What do they want or expect?
- Market research will help you find out ideal product and will help you
to reach out to target audience and increase your sales
 Testing your product before launch
- You can never be 100% sure that your product will connect with
potential customer without market research
- You can still improve product and service based on customers
experience and testing.
How can companies do market research?
 Surveys
 Collecting Data
- No small business can succeed without understanding its customer,
products and services
- After surveys, companies collect data and analyze it
- This information can help you design new product that meet the
needs of customer
9. What questions do people often lie to?
  If you want to find out answers for these questions so you should put
yourself in someone's shoes.
- Some questions do people lie to is something related to their personal
life, relationship or sensitive problems
Why do people sometimes lie when they answer questions in the
market research?
 Respondents always lie about sensitive topics to build their self-worth.
- Respondents want to appear better than they are
- They don’t want to answer questions about sensitive behavior like sex,
personal finance or illegal behaviors.
- People just want to give the answer that will “help” to the researcher do
market research
 Respondents believe they can influence the result of the research
- Sometimes, they answer your question to make you feel satisfied
10.What is advertising?
 Advertising is a process to promote and develop the product even create a
new goods that meet the needs of customers
Why do companies need to advertise their products and services?
How do companies benefit from advertising?
Advertising often costs companies a huge sum of money. Is the money well-
spent? What benefits do companies have from advertising?
 Companies use advertisements as part of a marketing program to
increase sales of their products and services // Advertising plays an
indispensable role in marketing process
- It helps to raise awareness of a product or service so the finance of
companies are improved
- Essentially, the company creates an advertising campaign to introduce a
new product for all of customers.
 Advertising helps to create or develop a distinctive brand for business. It
helps you stand out from competitors that make business first choice for
customers, ahead of your competitors
 For example, a new furniture company want to get a high-income and they'll
advertise a numerous symbols of luxury
If the advertisements work, potential customers will recognize the furniture
company as a high quality
And when the brand name develops, your business will attract new
customers and increase sales
How do consumers benefit from advertising?
 Give the information
 - Advertising gives information in details about the product and service
for consumer.
- Anyone can know exactly what they want and where to get it
- It makes the life of the consumer easier, more comfortable and pleasant.
 Available sell directly
- Advertising can sell direct to the consumer by orders.
 Thus, consumers in out-of-the way areas can also enjoy the comforts and
luxuries products in the cities or towns.
11.What are the most common modes of advertising? Choose one of them and
talk about its advantages and disadvantages
How do companies advertise their products? List the common modes of
advertising and talk about one of them in details
In fact, companies use advertisements as a part of a marketing program to
increase sale of their products and services
There are 4 kinds of advertisements: commercials, direct marketing, product
placement and sponsorship vital marketing
 Commercials
- Commercials are usually broadcast on television or radio.
- For example, Vinamilk advertising is one of the most successful
enterprises in manufacturing dairy products, especially fresh milk.
- There are many cute animated cows on a farm, supposedly where the
milk is produced, dancing and singing cheerfully.
- The song is basically about how happy and healthy the cows are, in
which the term “100%” is continuously repeated.
 BENEFITS:
- Companies often use commercials to reach those who watch television
or video on TV
- It’s easy to do because now nowadays the amount of people watching
TV is huge and they’re easily attracted
- Advertising on TV help people have much more information about
products and services to buy with a variety of image entertainment
 DRAWBACKS:
- Not comfortable
When we are watching an interesting program, it makes you lost
focus
- Commercial advertisement cost a lot of money
12.Talk about some special offers that companies often use to promote their
products and services
Why do companies launch special offers? What special offers do
companies often use to promote their sales?
  Retailers use many promotional offers to increase sales, attract new
customers, and keep old customers. There are many different methods to
promote products like buy 1 get 1, sale-off, gift voucher,…
 Buy 1 get 1 free
- BOGOF is used in millions of online and offline stores around the world
and is very popular with both buyers and sellers.
- BOGOF uses the fact that we all love gifts and free stuff. Buy One Get
One Free, buyers will not miss the opportunity to get more for their
money, even if they did not plan to spend it.
- As far as I remember correctly, this programs often used 1 day a week
like pizza, KFC, Lotterial
 Sale-off
- Sale off is reduction in price for a short time in order to promote sales
- It has usually the seasonal term. For example, in VN – the lunar new
year or in America is Black Friday
 Gift voucher
- Voucher can be used to give the recipient a money-off discount or a
product and services, or be used to claim a free gift
13.What makes a good investment?
 A good investment is one that can make a profit.
- When you learn how to start investing, you’ll begin to understand how to
find the right investment. A good investment is one that gives you the
highest possible return.
- Whether it’s stocks, bonds, you’ll be able to find good investments in it
- Even if you know that you need to invest more, though, you could be
having trouble what to do next. There are different resources that can
help you to find good investment
- It is so important when you can choose great organizations like
education to invest because Investment in education never suffered
losses
14.If you had $5000, what would you do? Would you use that amount of
money for investment?
What would you invest in if you had a big sum of money?
 If I had $5000, I would have a lot of things to do. It was a big money, so I
wouldn't kept all for me.
 First, I would give $1000 to my parents. It was a best gift that I could
do. They could use it for everything they wanted
  Second, I would give $500 to some charitable organizations in my
country. Another, I would gave $500 to help some friends and
someone I knew who had difficult situations
 Third, I really like to study abroad at Foreign Universities. So, I
would put $2000 in the bank to save money to make dream come
true.
 The last, I would used $1000 to satisfy myself by travelling
somewhere, enjoying special cuisine or just gone to karaoke with
friends
15.What business sectors of industries are highly profitable in VN?
 There are many business sectors like industry, manufacturing, tourism in
VN. However, tourism sectors are a market that gains the highest
profitability in 2017.
- With its human potential and tourism potential, Vietnam is becoming a
favorite destination for domestic and international visitors.
- The tourism industry has created capability of consuming goods and
services, boosting other industries to develop
- Vietnam is a country of natural beauty and warm friendly people.
- With the tremendous efforts of the tourism industry, the number of
international and domestic tourists is on the rise.
- For 2017, Vietnam gained 11.5 million and 66 million domestic tourists
international arrivals by the end of this year, up 15 percent from 2016.
- I believe that with improved service quality and tourism products and
better tourism management should be able to reach their target of 18-20
million visitors by 2020 and 30 million should be achievable by 2025.
16.Why do people buy insurance? What benefits will they have when they
take out insurance?
 Why?
Insurance is a way of managing risks // Insurance plays an indispensable
role in mitigation of risks
People buy insurance to protect themselves or they want to be sure their
kids are well taken care of
 What benefits?
When you buy insurance, you're buying a promise. Hence, there are some
pros of this
 Insurance Ensures Family and Business Stability
- Insurance is a safety net for when risks go wrong.
 - Life insurance can support the life of a family, should a member be lost.
It’s similar for a business.
- Should a piece of equipment go out of commission, the business can
carry on, thanks to insurance.
 Safe for business
- Having insurance make business look credible.
If anything goes wrong with the work you do for customer, you have a way
to compensation
17.How do companies benefit from competition?
How do consumers benefit from the competition between companies?
 COMPANY BENEFITS
 Competition is natural and very important in the market
 The fact is that competition benefits not only consumers, but also
businesses in different ways.
 Quality Service
- Quality of service is a key to customer satisfaction
- You might not focus much on quality of service you deliver if there is
no competition.
- When competitors are around you, you would be focused on providing
better quality service
 Innovative Thinking
- Competition makes you think more innovatively which is necessary to
develop your business.
- You are not the only option and you have to make customers be
satisfied with your product and service
 Better motivation
- It motivates you reach a higher standard of customer service or
innovation
- Product innovation is absolutely necessary to build a future for a
company
- If you don’t keep up, you will be left behind and possibly out of
business
 CONSUMER BENEFITS
 Lower prices to buy the same products
- In a competitive economic environment, companies use is to offer lower
prices than the competition, which benefits the consumer.
- Lower prices may be special sales promotions, such as discounts, sale
off 50%, giving voucher
 A variety of products to choose
 - Company will try to make their products different from their
competitor.
- It helps customers have much more choices for their demand
 So consumers can select the product that offers the balance between price
and quality.
18.What difficulties does heavy competition bring to companies?
 Competition is natural and very important in the market
 When faced with strong companies, competition is very difficult.
Smaller companies may face the risk of bankruptcy if they do not:
- Good product quality.
- Good customer service.
- Price is right for customers
 Work pressure
- The workload is overloaded, pressure on employees
- Extremely long working time.
19.What should companies do to stay ahead of the competition?
 Know who are your competitors
- Try to get your target market
- Design strategy accordingly
 Plan for the future:
- You should have a clear idea of your business in the future. If you plan
for growth, you will be more successful.
- You also should plan a meetings where you discuss new technology and
new product and service
 Don’t cost cut
- It makes your business weaker and your competitors can take the
opportunity to steal your customer.
- Instead, focus on value, show confidence and prove what you are
selling works.
20.What may happen to companies when their products become obsolete?
 Losing customers
- When products become obsolete, companies can't sale it because
customers don’t want to buy products which they have ever seen
much time.
- They think it is old-fashion and want to see something newer and
more interesting
 Reducing profit
- If companies can't sale "obsolete products", they will not have
profit
 - Customers can pay much more money for other companies to buy
product which is more fashionable than yours.
21.How commercially successful could the following product be? If you had
$1 million, would you invest in this product: A portable mini-fridge which
is battery powered?
How commercially successful could the following product be? If you had
$1 million, would you invest in this product: A personal helicopter which
has four engines and a parachute?
How commercially successful could the following product be? If you had
$1 million, would you invest in this product: A kind of hearing aid which
automatically translates from English into your language?
 I wouldn’t invest in
 Not commercially successful
 Not interesting
 Not easy to do
 If I had $1 million, I would give…
22.Why is it said that advertising is an art of persuasion? What do advertisers
persuade customers about?
Why?
 Advertising is an art of persuasion because the purpose of advertising is to
convince customers to choose product with the image, slogan,...
- It helps to raise awareness of a product or service so the finance of
companies are improved
What?
- Advertisers convince customers that believe and choose your product.
- When customers trust and choose their products, sales and profit will
increase, to achieve goals
- Advertising helps companies in order to attract new customers
23.In what way can market research be unreliable?
 There are many ways to make market research unreliable including designer
questions, performer and respondent
 Designer makes the wrong questions - being unclear.
- For example, the purpose of market research is to find habits everyone
about using washing machine. Unfortunately, they ask to customer that
how to use a washing machine....
 As a result, researchers don’t know the actual purpose of research. They
want to ask multiple questions to discover something that leads to performer
ask wrong questions to customer
From which, performer ask the wrong people.
  For instance, luxury products but ask farmer, worker, student,…
 Even face-to-face questionnaires can be influence the respondent
into answering unnaturally
 Sometimes they can’t answer the question because they’re rushing on
their way to work or they are affected by the people around them
24.What are some most common kinds of insurance?
 Life insurance
- Life insurance keep you and your family protected in case of an
unfortunate event
- It can help replace income if someone pass away. Beneficiaries can use
the money to pay essential expenses
 Home insurance
- It covers the cost of repairing or rebuilding your home if it’s damaged by
storm, floods,... etc
- We need it because repairing your home can be very expensive so
buildings insurance could save you a fortune in the long run