Business English Reading Comprehension: Selling Budget Cars in China

📚 Key vocabulary for this topic
emerging market — a developing country's economy that is growing rapidly and becoming more integrated with global markets
joint venture — a business arrangement where two or more parties collaborate on a project while remaining independent
price-sensitive consumer — a buyer who makes purchasing decisions primarily based on the cost of a product
localization — adapting a product or service to meet the specific needs and preferences of a local market
distribution network — the system of companies and processes used to deliver a product from producer to consumer
brand awareness — the extent to which consumers are familiar with and recognize a particular brand
gross margin — the difference between revenue and cost of goods sold, expressed as a percentage of revenue
market penetration — the degree to which a product is recognized and bought in a particular market
dealership — a licensed business authorized to sell vehicles from a specific manufacturer
economies of scale — cost advantages achieved by increasing production volume, lowering the per-unit cost