Direction: You will hear a short lecture. Write a short summary for a fellow student who was not present at the lecture. You should write 50–70 words. You have 10 minutes to finish this task. Your response will be judged on the quality of your writing and on how well your response presents the key points presented in the lecture.

Question 1

A loss leader is when companies intentionally sell their products at an unprofitable price in order to attract new customers. The aim of the loss leader strategy is usually for companies to build a loyal customer base so that when they eventually increase their prices, they will make a profit. However, the loss leader strategy is a potential risk, especially for small companies.

Question 2

Street art has developed as a form of expression ever since its graffiti origins and has many different influences. It’s now a common feature in many cities, and sometimes conveys quite positive messages. However, street art still remains somewhat controversial and can actually be illegal. Nevertheless, public perceptions of it have gradually become more accepting. Indeed, now some of the most famous street artists are as respected as their counterparts working in conventional creative fields.

Question 3

An iconoclast is someone who challenges established ideas and beliefs. This can be seen as a negative but in business it should be valued. Iconoclasts ask the simple question ‘Why?’ and they will not accept things like other people do. In fact, they spot changes that can be made to make a business more efficient. Businesses should listen to them and not try to change them.

Question 4

There is now an electronic skin called a smart skin that can be worn to monitor bodily processes. Athletes like it because it gives them real-time information about their bodies as they are training. It can monitor various things by analysing their sweat. The skin can also show a person’s heartbeat. The smart skin is very portable and scientists are exploring the numerous different uses it could have.

Question 5

AI is not automatically fair to all sections of society; it is as biased as the people who create it or the texts it considers. It learns from the content of these texts, so may learn biased attitudes. Procedures are therefore needed to ensure that what AI learns is fair to all sections of society.

Question 6

Although many people think that small children should be cared for at home, being looked after outside the home can also have positive effects if the children can build relationships and learn skills. There’s no evidence that it’s better if one child is looked after by one person or if they are cared for in a group, but children benefit if each staff member is only responsible for a small number of them.

Question 7

Several studies have found that not getting enough sleep can cause serious problems. One particular study showed that lack of sleep makes it more difficult to complete tasks and more difficult to concentrate on simple tasks. This means that getting too little sleep can be dangerous and expensive. It’s become clear that not getting enough sleep has negative effects on how people do things at work and at home.

Question 8

Although knowledge will be less valued in future job markets, people are still not keen on introducing a curriculum based on skills. This is because the education system is not ready to teach or assess critical thinking, collaboration or the other cross-disciplinary skills that businesses value.

Question 9

Employees’ work performance is directly affected by the interior design of their workplace. One inexpensive method for improving performance is placing plants around the office, because they can affect employee productivity and well-being, as well as reducing stress. Another is redesigning office space as open-plan offices can reduce communication by making staff feel reluctant to share ideas openly. Office design therefore has important effects on work culture.

Question 10

Our current food system is unsustainable, especially our ways of sourcing protein. This contributes to global greenhouse gas emissions and takes up a large proportion of land for agricultural purposes. We can, however, reduce these negative effects by getting more of our protein from plant-based foods and lab-grown meat, provided that the public can easily access and afford them.

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