IELTS Business Vocabulary — Band 7.0 Words, Collocations & Examples

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The Prompt

IELTS Writing Task 2

Some people believe that businesses should focus only on making profits, while others argue that businesses should also have social responsibilities. Discuss both views and give your opinion.

Model Answers

Band 6.0 Answer

Score Breakdown

• Task Response (TR): 5.0 - Presents a position but with limited development
• Coherence & Cohesion (CC): 6.0 - Logical but with some unclear referencing
• Lexical Resource (LR): 6.0 - Attempts varied vocabulary but with some errors
• Grammatical Range & Accuracy (GRA): 6.0 - Makes frequent errors but meaning is clear

Answer

Many people think that companies should only care about making money. Others say that businesses should also help society. I think both are important.

On one hand, businesses need to make profits to survive. If a company does not make money, it will close. This means people will lose jobs. For example, if a factory does not sell products, it will shut down. Workers will be unemployed. Also, businesses can use profits to grow. They can hire more people and pay better wages. This helps the economy.

On the other hand, businesses should help society. They can do this in many ways. One way is by being environmentally friendly. For example, a company can reduce waste. This helps the planet. Another way is by supporting local communities. Businesses can donate to charities or sponsor events. This helps people in need.

In conclusion, businesses should make profits but also help society. This is good for everyone.

Band 7.0 Answer

Score Breakdown

• Task Response (TR): 7.0 - Presents a clear position with relevant, extended arguments
• Coherence & Cohesion (CC): 7.0 - Logical organization with clear progression
• Lexical Resource (LR): 7.0 - Uses a mix of appropriate vocabulary with some less common lexis
• Grammatical Range & Accuracy (GRA): 7.0 - Makes occasional errors but meaning is clear

Answer

The role of businesses in society has long been a contentious issue. While some advocate that the primary objective of businesses is to generate profits, others contend that corporations should also shoulder social responsibilities. I firmly believe that a balanced approach is essential for sustainable success.

Proponents of profit-driven businesses argue that financial success is the cornerstone of corporate sustainability. Without profitable operations, businesses cannot survive, let alone grow. For instance, market penetration strategies are crucial for expanding market share and increasing revenue streams. Additionally, profitable businesses can invest in research and development, fostering innovation and technological advancements. Furthermore, higher profits enable companies to offer competitive salaries and benefits, attracting and retaining top talent. However, an exclusive focus on profits can lead to unethical practices, such as exploiting workers or harming the environment.

Conversely, businesses that prioritize social responsibilities contribute positively to society. Corporate social responsibility (CSR) initiatives, such as community engagement and environmental sustainability programs, can enhance a company's reputation and build customer loyalty. For example, companies that implement green initiatives not only reduce their carbon footprint but also appeal to eco-conscious consumers. Moreover, businesses that support education and healthcare in local communities can improve living standards and create a skilled workforce. Nevertheless, excessive focus on social responsibilities without considering profitability can lead to financial instability and ultimately, business failure.

In conclusion, businesses should strive for a balance between profit generation and social responsibility. By integrating ethical practices into their operations, companies can achieve long-term success while making a positive impact on society.

Band 8.0 Answer

Score Breakdown

• Task Response (TR): 8.0 - Presents a clear position with fully extended, supported arguments
• Coherence & Cohesion (CC): 8.0 - Logical organization with clear progression and effective use of cohesive devices
• Lexical Resource (LR): 8.0 - Uses a wide range of vocabulary with flexibility and precision
• Grammatical Range & Accuracy (GRA): 8.0 - Uses a mix of simple and complex sentence forms with occasional errors

Answer

The debate surrounding the role of businesses in society has gained significant traction in recent years. While some stakeholders advocate for a profit-centric approach, others emphasize the importance of corporate social responsibility. I contend that businesses should adopt a holistic strategy that encompasses both financial performance and societal well-being.

Advocates of profit-driven businesses posit that financial success is the lifeblood of corporate sustainability. Without a robust bottom line, businesses cannot invest in growth opportunities or weather economic downturns. For instance, strategic market penetration initiatives can yield substantial returns, enabling companies to reinvest in innovation and expansion. Additionally, profitable enterprises can offer competitive remuneration packages, fostering a motivated and skilled workforce. However, an unyielding focus on profits can lead to ethical lapses, such as labor exploitation or environmental degradation, which can tarnish a company's reputation and lead to long-term detriment.

Conversely, businesses that prioritize social responsibilities can engender goodwill and enhance their brand equity. Corporate social responsibility (CSR) initiatives, such as community outreach programs and sustainable practices, can cultivate a positive corporate image and foster customer loyalty. For example, companies that champion environmental sustainability not only mitigate their ecological impact but also appeal to conscientious consumers. Furthermore, businesses that invest in education and healthcare can empower local communities and create a more skilled labor pool. Nevertheless, an overemphasis on social responsibilities at the expense of profitability can jeopardize a company's financial health and long-term viability.

In conclusion, businesses should strive to strike a harmonious balance between profit generation and social responsibility. By embedding ethical considerations into their core strategies, companies can achieve sustainable success while making a meaningful difference in society. This balanced approach not only benefits the business but also contributes to the overall well-being of the communities in which they operate.

Vocabulary Highlights

Band 7.0 Business Vocabulary

1. Market penetration (noun): The degree to which a product or service is known and used within a market.

• Example: The company's aggressive marketing campaign led to significant market penetration.

1. Profit margins (noun): The difference between revenue and costs, expressed as a percentage.

• Example: Despite increased competition, the company managed to maintain healthy profit margins.

1. Supply chain optimization (noun): The process of improving the efficiency of the supply chain.

• Example: The company implemented supply chain optimization strategies to reduce costs and improve delivery times.

1. Corporate social responsibility (CSR) (noun): The approach by companies to embrace responsibility for their impact on society.

• Example: The company's CSR initiatives include reducing carbon emissions and supporting local charities.

1. Market share (noun): The percentage of the total available market that is being serviced by a company.

• Example: The company's innovative product helped it gain a significant market share.

1. Revenue streams (noun): The different sources from which a company generates income.

• Example: The company diversified its revenue streams by expanding into new markets.

1. Research and development (R&D) (noun): The process of creating new products or improving existing ones.

• Example: The company's investment in R&D led to the development of a groundbreaking product.

1. Competitive salaries (noun): Wages that are comparable to those offered by other companies in the same industry.

• Example: The company offers competitive salaries and benefits to attract top talent.

1. Eco-conscious consumers (noun): Customers who are aware of the environmental impact of their purchases.

• Example: The company's green initiatives appeal to eco-conscious consumers.

1. Carbon footprint (noun): The total amount of greenhouse gases that are generated by a company's operations.

• Example: The company implemented measures to reduce its carbon footprint.

1. Strategic initiatives (noun): Planned actions designed to achieve specific business objectives.

• Example: The company's strategic initiatives include expanding into new markets and improving customer service.

1. Financial performance (noun): The financial results of a company, including revenue, profits, and expenses.

• Example: The company's financial performance has been strong despite economic challenges.

1. Societal well-being (noun): The overall quality of life and happiness of a community or society.

• Example: The company's initiatives aim to improve societal well-being by supporting education and healthcare.

1. Holistic strategy (noun): An approach that considers all aspects of a situation or problem.

• Example: The company adopted a holistic strategy to address both financial and social responsibilities.

1. Brand equity (noun): The value of a brand, based on consumer perception and loyalty.

• Example: The company's strong brand equity helps it attract and retain customers.

1. Community outreach programs (noun): Initiatives designed to engage and support local communities.

• Example: The company's community outreach programs include volunteering and donations.

1. Sustainable practices (noun): Methods of operating that meet the needs of the present without compromising the ability of future generations to meet their own needs.

• Example: The company's sustainable practices include reducing waste and using renewable energy sources.

1. Corporate image (noun): The overall impression that a company makes on the public.

• Example: The company's corporate image has improved due to its CSR initiatives.

1. Customer loyalty (noun): The tendency of customers to continue purchasing from a company over time.

• Example: The company's customer loyalty programs help retain customers and encourage repeat purchases.

1. Labor pool (noun): The available workforce in a particular area or industry.

• Example: The company's investment in education helps create a more skilled labor pool.

Common Mistakes

1. Overusing simple vocabulary: Many students rely on basic words and phrases, which can limit their lexical range and precision.

1. Incorrect collocations: Using words that do not naturally go together, such as 'make a profit' instead of 'generate profits'.

1. Lack of specificity: Using vague terms like 'good' or 'bad' instead of more precise business vocabulary.

1. Inconsistent tense usage: Switching between tenses unnecessarily, which can confuse the reader and detract from the overall coherence of the response.

1. Ignoring context: Using business terms without considering whether they are appropriate for the specific context or topic.

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