cost-reduction

Vocabulary Word

Definition

Cost reduction involves steps taken to lessen expenses or costs in a business or project. It's like finding ways to use less electricity in your office, which reduces your electricity bill.

Examples in Different Contexts

In non-profit organizations, cost-reduction can be crucial. An NGO leader might propose, 'By partnering with local businesses, we can achieve cost-reduction in our community programs.'

Practice Scenarios

Marketing

Scenario:

Our current advertising budget is unsustainable. We need to find more cost-effective approaches.

Response:

Yes, leveraging social media advertising could be a crucial part of our cost reduction strategy.

Tech

Scenario:

We're spending a lot on manual data processing, which consumes both time and manpower.

Response:

Automating data processing could be a cost reduction move that saves us a significant amount of time and labor.