शैडोइंग अभ्यास: McKinsey Case Study: Beer Brand Profitability - वीडियो के साथ अंग्रेजी बोलना सीखें

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Ed, are you 21?

I am.

Excellent.

Well, at least in the US, we can give you this case.

It's authorized.

Great.

This is a case on beer.

I love it.

I think we're going to have some fun with this one.

It's a McKinsey case, so I'm going to direct you through the case, but part of my judgment is still going to be based on whether you get where I'm going before I go there.

So just McKinsey style is naturally rigorous, very analytical, but still I'm going to tell where we're going and when.

And so, you know, other than that, I'm basically just ready to dive in.

Great.

So our client is a beer maker.

They've been in the beer industry for nearly 90 years.

The company's original focus was on the artisan beer market, but over time they expanded their product line to become a multi-million dollar business and less than now,

5% of their sales come from artisan beer.

The beer market in the U.S., which is the relevant market, has been decreasing by 2% over the last 20 years,

and our client's beer brand has been sadly declining at the same rate.

Despite having a strong passion for the beer brand, the company has not paid much attention to it in recent years.

However, events last year brought the company's focus back to their beer brand

because they saw a decline of 15% despite selling 10 million bottles, while the market declined by only two percent our client wants to understand what happened

and how to grow the brand back without lowering profits okay

so just want to make sure i'm i'm following you here great our client is a beer making company

and they've been good pretty strong for 90 years um originally focusing on

that autism maybe like ipa kind of focus whereas now they

are probably a bit more traditional beer um not as focused on

that that says in five percent of their portfolio um the beer market you said was

that two percent over the last 20 years

or two percent each year two percent um each year over the last 20 years okay wow

so really has been just slowly declined that's probably with the introduction of seltzers

and uh popularity with cocktails and all that stuff um But last year they decreased.

Don't forget wine.

And don't forget wine, yes.

And last year it went down 15% despite them selling 10 million bottles.

Bottles or dollars?

Bottles.

Bottles, okay.

So now we want to know how can we grow this brand back, but also we want to maintain profitability.

Is that correct?

Yes, that's right.

Okay, just a few clarifying questions to make sure I have the scope right.

Strictly in the US, no foreign, German, yes.

Yeah, so they are all over the place.

But our focus is going to be on the US market here.

Perfect.

And are we looking at any sort of pressing timeline for this matter?

Or are we just hoping to come up with some ideas to get into place?

What do you think?

I would think after a year of 15% decline, we're probably pretty time sensitive.

I agree.

Okay, great.

Do you mind if I just take a minute or two?

Go ahead.

Okay.

Okay, so I've segmented my thoughts into three main categories.

I think first and foremost is internal.

So really looking at a lot of the financials here in terms of the cost, the revenues.

If they've decreased in 15%, and I didn't catch whether that was profit or revenue.

Yeah, let me just go back and we'll double check it together.

The 15% was the revenue.

Was the revenue.

Yeah, market was 2% revenue.

Okay.

Well, cost still could be a driver, but it seems like revenue is the biggest thing.

So with that being said, despite selling 10 million bottles tells me it's not about the quantity, it's about the pricing.

So I'm imagining immediately my initial hypothesis is pricing is needing to change.

With that, though, before we jump into that, I'd love to talk about the market and the consumers.

Okay.

So with the market, there could be different competitors maybe they've changed their pricing

if that's what we're focusing on on the internal side of things

there also may be more regulations um i know maybe there's some laws

that could be assigned or some things that have added in taxes

or added in various obstacles for the client

and then also maybe there's been some bad pr whether

that be with the market in general in terms of just people maybe not wanting to drink as much

because of some sort of um i don't know maybe they're

really cracking down on there's been lots of drunk driving accidents

or something and people are maybe taking a second look

or also maybe it's an actual bad PR specifically related to

our beer brand in terms of maybe we had an incident in one of our factories

and all of our beer was was ruined and it still went out

or something in terms of the consumer not a whole lot

here just maybe in terms of preferences I know I mentioned

that earlier in terms of maybe they're looking for for seltzers

or for wine or for other things and that doesn't seem like it would be top of mind just because

the market has been steadily decreasing but last year was almost catastrophic

and so yeah i think i'm ready to jump into 20 air in particular

but if you if you have a certain direction you want to take this okay awesome right now

if i told you to take one action to fix the business even though obviously have no data, what would your action be?

It would be to change the price and I'm not going to specify whether I would increase or decrease it.

You have to.

I have to.

Well of course.

Okay, if we still sold 10 million bottles last year but we lost revenue,

I don't think lowering the price is going to help that because I think we were already selling a lot of bottles, so I would increase the price.

Okay, awesome.

So our team shared some data gathered about the competitive landscape.

So I know that that was one of the pieces, the second piece that you wanted to talk about.

100

I think you're going to be pleased.

101

There's some of your first category that's in here too.

102

So we did interviews with advertising experts.

103

We examined customers' ad pages.

104

We identified an amalgamation of what was happening in the market.

105

And interestingly, the client really didn't know some of this information.

106

And what it's shown is that our marketing spend and theirs has not changed significantly, but there are significant pricing changes that have happened in the industry.

107

Good to know.

108

And so I want you to take a look at this

109

and just see what conclusions you think we can draw from this table.

110

Great.

111

So what I'm looking at here is we have our client, and then we also have it seems we have two competitors who both have a premium

112

and an own brand do we also have a premium

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and a brand

114

or do we just have one brand our main focus is

115

just on our own brand okay sorry on our on our

116

we don't have a premium brand we just have one brand

117

yes some of the other ones their own brand is going to be a either a core brand

118

or they are stores that have for example their own label

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or style of beer okay i don't know

120

if you can reference other stores that you know of like

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that yes yeah um okay

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so we have a single brand gotcha okay we have not identified it as premium own

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or other yeah well i may just try

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and identify right now i'm seeing

125

that our cost is much more in line with the premium both with competitor a

126

and b and less in line with their own brand.

127

They actually hadn't launched their own brand until 2022.

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However, we were the cheaper product even compared to the premium.

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But now what happened is in 2022, it seems like competitor A and B have both launched their own brand,

130

which is significantly cheaper, about half the price of their premium brand.

131

Now, the issue here is that those are at 10

132

and 20 dollars and we're at 15 so we're not really in one

133

or the other we're kind of straddling we're a little bit too expensive to be an own brand

134

or a cheaper brand

135

but we're not expensive enough to maybe justify the prestige pricing of a premium beer and

136

so um perhaps aligning closer with one of those two might

137

be more beneficial okay love it um again how does this verify

138

or negate what your hypothesis was earlier i think we're we are more in line

139

and at least with our costs in terms of um the premium brands

140

so i think raising our price to approximately 20 would be

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a better a better way to increase our revenue okay awesome

142

and if we did that what else would you look at in order to evaluate whether

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or not this was a good idea what would be the amount

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that you would want to do okay i don't look at the units sold because if we're

145

making more money but we're selling significantly less it might not be worth it but

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if we're only taking a small decline in the amount of

147

units sold then it will yield more revenue okay well i'm not sure what you'll determine as a small decline

148

but let's take a look at some other information our client believes

149

that if they increase their price to 20 they'll be able to sell 8 million bottles

150

and the cost of producing the beer are 75 variable and 25 fixed

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you said 8 million if they raise the price that's right okay

152

so i just want to make sure i've got i didn't miss any numbers there where you know

153

that 75 percent of the cost is variable

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and that's it says you said it was eight dollars to produce um it uh

155

that they are right now going to sell it for eight million in fact let me bring

156

that other exhibit back because you can reference that

157

if data from everything yeah so it's eight dollars to produce

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and and we would sell it for how much 20 20 okay you recommended

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that i did i did i'm glad we have my recommendation um okay

160

so before i even jump into math i just want to give you a hypothesis in

161

that by raising it to 20 we're raising the price by about 33 percent um

162

and we are only decreasing our volume by about 20 percent

163

if we sold we just sold 10 million last year yeah

164

so we saw if we're only if we're only doing

165

that then the math is likely that we will we'll increase

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but i want to give you an exact number

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and i want to i want to walk you through my calculations

168

so let's go ahead and just calculate how much actually making now

169

so we know they're selling 10 million and then we know

170

that um it costs eight it's sorry 10 million 10 million units correct

171

so 10 million units and we know

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that each of the units costs eight dollars to produce

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so that's 80 million in terms of our costs we also know that we're selling it for $15.

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So that is 150 million.

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So we're profiting $70 million as of right now.

176

Now, if we look at our, I guess, alternative option, which is to increase the price to $20,

177

we know that we will only sell 8 million.

178

Now, I just want to factor in this variable and fixed

179

because we want to know what our contribution margin is per bit bottle.

180

So right now, if we're making it for $8 and we know that 75% of the cost is variable,

181

that means we're paying a variable cost of $6 a bottle.

182

And then we do have $2 multiplied by our 10 million or $20 million in terms of our fixed costs

183

so no matter what we're going to have 20 million dollars of fixed costs

184

so now what we can do is we can multiply our 8 million

185

units by the cost of six dollars and

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that is going to be eight multiplied by six and that is going to be 48.

187

So it's going to be 48 million as well in cost.

188

So our total costs are $68 million.

189

Now let's look at our revenue.

190

We've got 8 million and this time we're multiplying it by $20 a bottle.

191

So it's 160 million.

192

Now 160 minus the 68 is $92 million.

193

I just want to make sure that adds up yep is 92 million dollars

194

which is an increase of our current profit of 70 million dollars um

195

which is which is great

196

and i think that's um definitely something we should keep looking into okay awesome

197

if we can't capture it should we still do it

198

if we can't capture the we can't capture the full um

199

you know 8 million yeah exactly um i'm happy to calculate a break even

200

if maybe that's easier in terms of how many we'd actually

201

need to sell okay um not necessarily i'm just saying you know what what would you think about

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if we couldn't right because obviously if we can great but what

203

if we can't yeah i think the the caveat there is

204

can't capture the 8 million could be anywhere from 7.9 million to 0 million right

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and so knowing a more accurate version of how many people we can expect to capture would be really interesting

206

so even if we just spent a little bit more money in terms of really researching our customers and competitors.

207

If we could capture even 7 million, we'd probably still be close to that current profit.

208

But I think the biggest thing here is the actual branding itself, right?

209

If we tie it back to the beginning, it's not just about the internal factors and the actual revenue.

210

It's about our competitors, our customers, the regulations behind this.

211

And one of the big things here is what the customers think of our brand

212

because if the market keeps continuing to decline there then there's a chance

213

that it becomes more polarized and that the people who still choose to drink beer

214

and purchase beer over seltzers and wine

215

and hard liquor will align more with one one um one company

216

and if we also join that premium premium beer route

217

and then even if we wanted to launch an own brand as well

218

That not only opens up the possibility for more revenue, but it also closely aligns us with what our competitors are doing

219

and hopefully can allow us to compete in a better environment.

220

Okay.

221

I have one more question.

222

Yeah.

223

So here, you talked about maybe identifying a breakeven point, but what would be some of the things

224

that could help us explain to customers or support a price increase to customers

225

that would help us capture that $8 million or more?

226

Yeah, so we're just looking at, sorry, you said ways to...

227

Ways to explain or support to customers, right?

228

Because we can just show up tomorrow and change the price.

229

That's one way to do it.

230

But imagine that we were trying to do something that kind of, you know, supported this price increase.

231

What are some options for ways that we can think about that?

232

I think number one is going to be how you market it.

233

You could say, oh, we're increasing the price because we want to make more money.

234

No one's going to want to get behind that.

235

You need to give them a story and something they believe in.

236

So if you're increasing the price because now you're a premium beer

237

and you're in a beautiful bottle and you use only the best ingredients for the best tasting beer, that's going to be something that customers are much more likely to justify.

238

And I feel like I use this example in a lot of these cases, but think of the iPhone.

239

The iPhone is only marginally faster than other Android phones and its counterparts.

240

But because it's priced so heavily, everyone buys into this idea that it's just it's better and it's a higher quality.

241

And so there is an element to this prestige pricing almost.

242

If we can really show, look at this beer, it's in the most beautiful bottle.

243

It's incredible.

244

So you're changing the bottle or not changing the bottle?

245

I think if we can do it without incurring too much more cost, if we can do it for the same cost, but we can have it maybe just a different shade of green

246

or brown or whatever color we want the glass to be.

247

and we can have it be more premium

248

or we can change the label and the fonts to associate it with a more higher class beer,

249

that's going to be something that could really increase the reception in terms of the price.

250

However, I will say with that, you have to be careful because if our current customers right now, again, we have 10 million bottles that people have bought

251

and if people are doing that because of how it looks and because of what they like, changing it to this high and mighty design might not, might be almost counterproductive.

252

Great.

253

Would you do the price increase all at once?

254

I think it could be interesting to do it over the course of one or two years.

255

We did just suffer a massive decline.

256

So I know that there's probably a timely manner associated with it.

257

But I think that all of a sudden going up and seeing $5, you know, an extra 33% increase is pretty painful to the eyes.

258

So maybe just over the course of

259

of a year or two but again the risk with

260

that is that if people every time

261

if they're buying beer for those customers who are buying it once every two

262

or three months

263

if every time they go it's a dollar more expensive they're going to think where does this end

264

and that might drive them away so just being careful um on

265

when we would do that whether it would be commit to it all at once, or I think do it over the course of a much longer period of time.

266

Fantastic.

267

Okay, final recommendation, what would you think?

268

Yeah, so obviously looking at the story here of facing this 15% decrease despite selling 10 million bottles,

269

I think we have to increase the price.

270

And whether or not we do it immediately, or we do it over the course of a long period of time it does need to increase

271

because i think lowering the price would not help us um with

272

that being said i think some next steps are to do

273

maybe some more customer surveys in terms of figuring out the branding behind this and how we can actually

274

tell our story to the customers and have them back us in this price increase

275

and then just be aware of the risks that this this price increase

276

if done in the incorrect manner in the terms of the actual execution could harm what we're actually doing here

277

and could lower the amount of reception that that we get to this idea.

278

Fantastic.

279

Thank you.

280

OK, Ed, McKinsey case, how did it feel?

281

It's good.

282

I do like this style of case where it's not getting your hand held, but it's pushing you in the right direction, whether you like it or not. Of course.

283

We all love that.

284

You definitely know if you're off the right track.

285

You do.

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You do.

287

And this was good.

288

It was a fun concept.

289

And it's always interesting when it comes to these price changes how many other factors there always are,

290

because obviously I neglected to think about when you would make this price increase, but that's a whole other conversation.

291

We could have a whole case interview on that itself with exhibits of, oh, do you do it immediately or do you do it over four years or three years?

292

Totally.

293

And so I thought that was really, really interesting.

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I did too.

295

Well, let me just walk through, you know, overall, I thought you did a really good job.

296

So I'll grab this back and I'll kind of talk through it as I go through.

297

First of all, This was a pretty hefty and actually a very numerically driven case introduction.

298

And I thought you did a really good job of capturing everything.

299

And also that one clarifying question was super smart, right?

300

Was it, right, saw the decline of 15% despite selling 10 million bottles.

301

So we knew that it wasn't volumes, but it could have still been revenue or market share or something else.

302

And so you helped clarify that.

303

And that set the baseline for everything else that we were going to talk about.

304

So that was great.

305

One of the things that we didn't do in this case

306

that could have been included was just a diagnostic on the decline.

307

Okay.

308

Right?

309

How did we get from A to B on where the price went down?

310

And one of the things that was really interesting is

311

that it's actually not super evident even in the cost numbers how we got there.

312

Because when we saw that later, right?

313

10 million bottles, that doesn't seem like it was a big shock for us the decline of 15%, the market declined only by 2%.

314

We don't think lower our prices, but doing an understanding of that would have been maybe just another way to think about it.

315

But anyhow, I gave you a four for the recap and a three for the clarifying questions.

316

I thought that they were really good.

317

I felt like you could have maybe explained why you were asking them, tying them to, hey, we're going to need to put this in the structure.

318

Your case structure was excellent.

319

Creative, but still very numerical and I thought

320

that it helped really address the issues in the case and felt very tailored to the specific issue.

321

This first question on the exhibit, I thought you handled it really nicely.

322

There is probably math that you could do.

323

Of course, with McKinsey, there's always some kind of math that you'd want to do.

324

And so, you know, you kind of came up with the directional focus, but I would just say if you wanted to take a little time afterwards to think about,

325

hey, what math could I have done there?

326

That would be great.

327

Then I pushed you.

328

You should have pushed yourself on what should you do and what would you want to test and pick a number.

329

You were like, well, we could raise it or we could lower it.

330

No, don't hedge with McKinsey in particular.

331

Don't hedge.

332

Just say, look, we'll figure this out in a minute, but here's where I would go.

333

And so you were constantly kind of trying to be like, well, we could do this or we could do that.

334

Of course we could, but I'm paying you a couple million dollars as McKinsey to not do that for me.

335

My whole team does that that's not what I want you to do.

336

So ultimately, I thought there could have just been a little bit more directional clarity

337

when you were moving from piece to piece inside the case.

338

Math was great, good insight.

339

I thought the offer for the break-even was very thoughtful.

340

Don't ever offer.

341

I mean, I almost took you up on it, even though I didn't have the math.

342

I was ready for it.

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I know you were.

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And I like that readiness, but I also was concerned that it was going to move us off the point.

345

And I think that you already were getting the insights that you needed.

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So saying, look, what we could figure out is what breakeven point is our kind of risk minimal option.

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And how secure are we with a confidence level on that?

348

You don't have to offer to do the math, but you could say that we could do it.

349

And that might just be a better way to propose new math inside a case.

350

And then finally, I thought this question about the adding support for the price increase.

351

I really wanted pros and cons for each one of those because you had really good ideas, but I thought you brought them in at the end.

352

But then, right, if we change the ingredients, however, we could have a new cost.

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If we change the bottle, we'll have a redesign and remarketing.

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If we change X, Y, or Z.

355

So what are we looking for?

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We're looking for the best trade-off or the least amount of negativity, right?

357

And so creating me a framework that explains how we would think about something like that, I think could really advance your thinking there.

358

Other than that, any final questions?

359

No, thank you very much.

360

Great job.

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इस पाठ की शब्दावली और बोलने के सुझाव

यह C1 स्तर का स्पीकिंग पाठ वीडियो “McKinsey Case Study: Beer Brand Profitability” पर आधारित है। सबसे ज़्यादा दोहराए गए शब्द ये हैं: beer, price, brand, bottle, cost। इस वीडियो में शैडोइंग के लिए 360 वाक्य और 4222 शब्द हैं। बोला गया हिस्सा 22:44 लंबा है। वक्ता तेज़ बोलता है, लगभग 186 शब्द प्रति मिनट, इसलिए जुड़ी हुई और कमज़ोर ध्वनियाँ ज़्यादा मिलेंगी। 88% शब्द अंग्रेज़ी के 3,000 सबसे आम शब्दों में से हैं; बाकी शब्द अभ्यास से पहले देख लेना अच्छा रहेगा।

इस वीडियो की मुख्य शब्दावली

वीडियो के 15 सबसे कठिन शब्द, उच्चारण और अर्थ के साथ:

शब्द	उच्चारण	अर्थ
competitor संज्ञा	/kəmˈpɛt.ɪ.tɚ/	प्रतियोगी, प्रतिस्पर्धी
multiply क्रिया	/ˈmʌltɪplaɪ/	गुणा करना
hypothesis संज्ञा	/haɪˈpɒθɪsɪs/	परिकल्पना
artisan संज्ञा	/ˈɑɹtɪzən/	कारीगर
prestige संज्ञा	/pɹɛsˈtiːd͡ʒ/	प्रतिष्ठा
calculate क्रिया	/ˈkælkjʊleɪt/	गणना करना, हिसाब रखना
recommendation संज्ञा	/ˌɹɛkəmɛnˈdeɪʃən/	संस्तुति, सिफ़ारिश
amalgamation संज्ञा	/əˌmælɡəˈmeɪʃən/	समामेलन
gotcha	/ˈɡɑ.tʃə/	मिल गया, मिल गई
profitability संज्ञा	/ˌpɹɑ.fɪ.təˈbɪl.ɪ.ti/	मुनाफ़ा, मुनाफा
straddle क्रिया	/ˈstɹædəl/	पैर फैलाकर बैठना, दोनों ओर टाँगें करके बैठना
readiness संज्ञा	/ˈɹɛdinəs/	तत्परता
tailor संज्ञा	/ˈteɪlɚ/	दर्ज़ी
numerical विशेषण	/n(j)uːˈmɛɹ.ɪ.kəl/	संख्यात्मक, अददी
assign क्रिया	/əˈsaɪn/	निर्दिष्ट, आवंटित करना

वीडियो में आने वाली फ़्रेज़ल वर्ब

शब्द	उच्चारण	अर्थ
go ahead क्रिया	/ˌɡoʊ əˈhɛd/	आगे बढ़ना
go out क्रिया		बाहर निकलना, निकलना

दोहराने लायक वाक्य

वीडियो के छोटे, पूरे वाक्य जिन्हें आप रोज़ की बातचीत में इस्तेमाल कर सकते हैं:

What do you think?
Do you mind if I just take a minute or two?
I think you're going to be pleased.
What are some options for ways that we can think about that?
Would you do the price increase all at once?

इस वीडियो का व्याकरण

वक्ता जिन संरचनाओं का सबसे अधिक प्रयोग करता है, वीडियो के असली शब्दों के साथ:

संरचना	वीडियो में
शर्त वाले वाक्य if + उपवाक्य, will/would + क्रिया — शर्त और उसका नतीजा	if we did that what else would you · If we change the bottle, we'll have
Present perfect have/has + past participle — बीता हुआ काम जिसका असर अभी भी है	They've been · has been · has not paid
Passive voice be + past participle — ज़ोर इस पर कि क्या होता है, न कि कौन करता है	be based · being said · could be assigned
Relative clauses who / which + उपवाक्य — व्यक्ति या वस्तु के बारे में अतिरिक्त जानकारी	option, which is · people who still

ध्यान देने योग्य उच्चारण

वक्ता 100 बार संक्षिप्त रूपों का प्रयोग करता है, जैसे we're, I'm, don't। इन्हें वैसे ही छोटा बोलें जैसा आप सुनते हैं।

“th” की ध्वनियाँ: hypothesis /haɪˈpɒθɪsɪs/, authorize /ˈɔθəɹaɪz/, thoughtful /ˈθɔːtfəl/, theirs /ðɛɚz/
“sh” और “zh” की ध्वनियाँ: directional /dɪˈɹɛk.ʃə.nəl/, recommendation /ˌɹɛkəmɛnˈdeɪʃən/, amalgamation /əˌmælɡəˈmeɪʃən/, calculation /ˌkælkjuˈleɪʃn̩/, beneficial /ˌbɛn.ɪˈfɪʃ.əl/
लंबे शब्द — बलाघात सही रखें: competitor /kəmˈpɛt.ɪ.tɚ/, hypothesis /haɪˈpɒθɪsɪs/, directional /dɪˈɹɛk.ʃə.nəl/, ingredient /ɪnˈɡɹiːdi.ənt/, recommendation /ˌɹɛkəmɛnˈdeɪʃən/

इस वीडियो से अभ्यास कैसे करें

पहले बिना बोले पूरा वीडियो एक बार सुनें और जो शब्द नहीं आते उन्हें लिख लें।
0.75× गति से शुरू करें, एक-एक वाक्य की शैडोइंग करें, और सहज लगने पर सामान्य गति पर लौटें।
अपनी आवाज़ रिकॉर्ड करें और मूल से तुलना करें, ख़ासकर competitor, multiply, hypothesis जैसे शब्दों पर ध्यान दें।

शैडोइंग तकनीक क्या है?

शैडोइंग (Shadowing) एक विज्ञान-समर्थित भाषा सीखने की तकनीक है जो मूल रूप से पेशेवर दुभाषिया प्रशिक्षण के लिए विकसित की गई थी। विधि सरल लेकिन शक्तिशाली है: आप मूल अंग्रेज़ी ऑडियो सुनते हैं और तुरंत इसे ज़ोर से दोहराते हैं — जैसे वक्ता की छाया 1-2 सेकंड की देरी से। शोध से पता चलता है कि यह उच्चारण सटीकता, स्वर, लय, जुड़ी हुई ध्वनियाँ, सुनने की समझ और बोलने की प्रवाहशीलता में काफ़ी सुधार करता है।

शैडोइंग तकनीक: पूरी चरण-दर-चरण गाइड पढ़ें →

शैडोइंग अभ्यास: McKinsey Case Study: Beer Brand Profitability - वीडियो के साथ अंग्रेजी बोलना सीखें

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इस पाठ की शब्दावली और बोलने के सुझाव

इस वीडियो की मुख्य शब्दावली

वीडियो में आने वाली फ़्रेज़ल वर्ब

दोहराने लायक वाक्य

इस वीडियो का व्याकरण

ध्यान देने योग्य उच्चारण

इस वीडियो से अभ्यास कैसे करें

शैडोइंग तकनीक क्या है?