[Annotated] Are investors too optimistic about Amazon?

They think Amazon is going to grow faster, longer and bigger than almost any firm in history

Every chief executive hopes to lead his company to success. Jeff Bezos, Amazon's boss, wants something more epic^[각주:1]. A prominent^[각주:2] wall in the company's headquarters in Seattle is covered with narratives^[각주:3] from historic explorations: excerpts from^[각주:4] "The Odyssey"; notes from the journey of Lewis and Clark as they ventured across^[각주:5] America; the transcript of^[각주:6] the first moon-walkers talking to mission control^[각주:7]. At the end, ones an zeroes spell out^[각주:8] how far the company has got: "Day One". 

The phrase, reflecting Mr Bezos's belief that Amazon's journey has just begun - and begins again each day - is the company's mantra^[각주:9]. At any other firm such grandiosity^[각주:10] would invite^[각주:11] derision^[각주:12]. At Amazon, it makes investors drool^[각주:13] and rivals quake^[각주:14]. 

Amazon, which went public^[각주:15] 20 years ago, is now the world's fifth-largest company by value, worth over $400bn. Its e-commerce site accounts for^[각주:16] about 5% of retail spending in America, roughly half the share of Walmart, the biggest firm in the sector. It is the biggest online retailer in America, and accounts for over half of all new spending. Its cloud-computing business, Amazon Web Service (AWS), is larger in terms of basic computing services than the three closest competing cloud offerings^[각주:17] combined.

Since the start of 2015 Amazon's share price^[각주:18] has risen by 173%, seven times the growth of the preceding^[각주:19] two years. Operating profits^[각주:20] have expanded, too, but at $4.2bn remain relatively small - which is how shareholders like it. Amazon has always emphasized the value of long-term growth (presumably^[각주:21] with some bigger profits down the line^[각주:22]), and investors have come to accept this. In February, when Amazon reported higher profits but lower revenues than expected, its share price temporarily dipped^[각주:23]. Shareholders worried it might not be set to grow as quickly as they had hoped.

Morgan Stanley, a bank, expects Amazon's sales to rise by a compound^[각주:24] average of 16% each year from 2016 through to 2025: that is higher than its estimates for^[각주:25] Google or Facebook. That is a slower pace than Amazon managed over the past decade; but the bigger a company is, the harder it is to keep growing. Amazon's annual sales of^[각주:26] $136bn are almost 50% more than those of Alphabet, Google's parent, and over four times Facebook's. Credit Suisse, another bank, calculates that^[각주:27] only ten firms with sales of more than $50bn have manged to grow by an average of 15% or more for ten years straight since 1950; no company with sales of more than $100bn has done so. If Amazon were to pull it off, it would be the most aggressive expansion of a giant company in the history of modern business.

That raises two questions. The first is how Amazon could possibly achieve this. The second is which industries it might upend^[각주:28] in the process^[각주:29]. 

Amazon's growth to date^[각주:30] has come from following a rather vague mission - becoming "Earth's most customer-centric^[각주:31] company" - with massive investment that takes a long view^[각주:32] when it comes to attracting, keeping and making more money from those customers. Year after year, an expanding collection of services sweeps up^[각주:33] more customers and creates more cash. The company produced $16bn in cashflow before investment last year, more than four times the level five years earlier. That is thanks to its scale, says Heath Terry of Goldman Sachs, the investments it chooses and its skill at executing them. 

The virtuous buzzsaw^[각주:34]

The money it has spent on its e-commerce system has set new standards for service and price. Its site and the formidable^[각주:35] logistics behind it are an alternative to queues^[각주:36] and trekking^[각주:37] from shop to shop. Little wonder that, according to a recent Harris poll, Americans hold Amazon in higher esteem^[각주:38] than any other company.

Having first taught people that it was safe to shop on computer screens, Amazon went on to offer them new ways of buying stuff. The Kindle is not just an easy way of reading e-books; it is a very convenient way of purchasing them. Alexa, a virtuous assistant linked to the company's Echo speaker, makes many sorts of shopping all but frictionless^[각주:39] - a consumer can say she needs shampoo and that shampoo will arrive on her doorstep^[각주:40].

The company has also found new things to sell: most notably, computing power delivered as a service. The ability to get the number-crunching^[각주:41], data-storage and development tools they need without capital expenditure^[각주:42] has been a blessing for startups and larger customers alike. Netflix, a streaming-video company, uses AWS to serve 94m subscribers; America's Central Intelligence Agency uses a version customized to^[각주:43] its security needs. (The Economist's website is also hosted by AWS.)

Achieving such successes takes hard work: the company has a reputation for intensity and a demanding^[각주:44] culture. It also requires a willingness^[각주:45] to spend. "It's very easy for a large company to get trapped into^[각주:46] not wanting to place too many bets and fail too often," says Jeff Wilke, who leads Amazon's e-commerce business. It is a trap he is determined to^[각주:47] avoid. A massive expansion of Amazon's e-commerce services has led it to lose money in two of the past five years. It is also pouring $3bn into an attempted expansion into India.

Some bets have failed. The Fire Phone, which Amazon launched in 2014, flamed out^[각주:48]. The idea that it could be used to recognize, and find a seller of, any product it saw turned out to be far more interesting to Amazon than to its customers, who preferred simple capabilities available from other phones.

Amazon's successes have come from finding ways to spend money that bring increasing returns. Both AWS and the e-commerce business benefit from economies of scale^[각주:49]. But they are also platforms that benefit from "network effects" - the more people buy from them, the better they get. As more firms use AWS, more developers know how to use it, giving Amazon more data with which to optimize it, which makes it more attractive in its turn^[각주:50]. More shoppers on the Amazon site make it more alluring^[각주:51] to third-party sellers, which increases the range of goods it can offer, which attracts more shoppers.

Alexa shows some signs of becoming a similar platform, though these are early days. Markers of cars, thermostats^[각주:52] and other hardware can build Alexa into their gear^[각주:53]. Alexa already has more than 10,000 "skills", similar to smartphone apps, that turn wishes into commands. The more skills and Alexa-powered devices there are, the more appealing^[각주:54] the digital assistant becomes to consumers, which means a bigger market for new skills. 

Divisive^[각주:55] only by itself

One of Amazon's most successful offerings has been its Prime subscription. Originally this just offered free shipping^[각주:56], but the company has added more and more new perks^[각주:57] - two-hour shipping, for instance, or free and sometimes exclusive^[각주:58] streaming video - to encourage people to stump up the annual subscription^[각주:59] ($99 in America). The idea, Mr Bezos told investors last year, is to make Prime "such a good value, you'd be irresponsible not to be a member."

That is costly. In 2017 Amazon is expected to spend $4.5bn on television and film content, roughly twice what HBO will spend. But it has a big payoff^[각주:60]. Users who subscribe to^[각주:61] Prime spend at least three times as much as Amazon shoppers who don't subscribe, estimates Brian Nowak of Morgan Stanley. In part this is a selection effect; it makes more sense for heavy shoppers to subscribe. But it also seems that, having subscribed, they shop yet more heavily, knowing that they incur^[각주:62] no further shipping costs when they do so. Mr Nowak reckons^[각주:63] the company had 72m Prime members last year, up by 32% from 2015.

As well as focusing on customers, Amazon has proved rather good at treating itself as one; making something it wants and then selling it to others. Amazon wanted the benefits cloud computing offered, and having provided them for itself, decided to spread the costs by providing them for others through AWS. The customer's-eye view was a boon^[각주:64]; Amazon understood the needs of startups better than established computing firms could. Last year AWS's revenue reached $12bn, up by more than 150% since 2014.

Allowing others to use the company's e-commerce platform, warehouses and other services is an even bigger business. Fees from sellers around the world who use Amazon reached $23bn in 2016, nearly twice what they were in 2014.

Some of the company's current investments may deliver similar benefits. It is testing a grocery^[각주:65] in Seattle that lets shoppers buy items without stopping at a cash register^[각주:66]. This may prove a model for future Amazon shops. But it seems just as likely that the automatic-checkout technology will be sold to other retailers. It is also planning a $1.5bn hub for cargo planes^[각주:67] in Kentucky. At the very least, that will help meet demand in busy periods and give it more bargaining power^[각주:68] when dealing with vendors^[각주:69] such as UPS and FedEx. But Amazon's fleet^[각주:70] could one day be part of a logistics operation^[각주:71] that rivals^[각주:72] them. 

Such experiments raise a tantalizing^[각주:73] prospect for shareholders. AWS provides the tools for companies to do business online; Amazon is a dominant^[각주:74] online platform for selling digital and physical goods. Eventually, the company could offer infrastructure for all kinds of commerce, online and off. It already has one of the things that modern business most desires: data. It knows what its customers buy, listen to and watch; it has a good sense of how they respond to prices. The more data Amazon has, the better it can boost sales via its site through recommendations, advertisements, new services, products and more. That would make it ever more difficult for rivals to catch up.

Mr Bezos claims, as a corollary to^[각주:75] thinking only of customers, never to think of rivals. However, the list of current and possible competitors that Amazon is required to include in this annual filings^[각주:76] is long and getting longer. It ranges from retailers and search engines to^[각주:77] film producers and, as of^[각주:78] last year, logistics and advertising firms. Sir Martin Sorrell, boss of WPP, the world's biggest advertising company, might seem to have little to fear from^[각주:79] a firm which last year made an estimated^[각주:80] $2bn from advertising. But Amazon is a new intermediary^[각주:81] between brands and customers, one which could conceivably^[각주:82] use its direct relationships and stacks of data^[각주:83] to cut out the ad-agencies^[각주:84] altogether. "What worries you when you go to bed at night and wake up in the morning?" Sir Martin said in a recent conference call^[각주:85]. "It's Amazon."

For many retailers Amazon is both a competitor and a way of getting more business. There are more than 100,000 companies, Amazon says, that earn more than $100,000 a year selling through the firm's site. Many of them are competing with their host in one way or another. Some go up against the company's own private-label^[각주:86] products, which range rather bafflingly^[각주:87] from potato crisps to baby wipes^[각주:88] to loafers^[각주:89]. Many more go up against^[각주:90] the stock that Amazon buys and resells^[각주:91].

For anyone selling on Amazon, prominent placement^[각주:92] in the "buy box" that appears on screen when something is searched for is a big boost. According to One Click Retail, a consultancy, products in the buy box account for 86% of sales on the website and 93% on the mobile app. by reverse-engineering^[각주:93] the algorithm that runs the box, the consultants found that if a seller pays Amazon to handle warehousing^[각주:94] and logistics on its behalf^[각주:95], which probably speeds up^[각주:96] shipping, it is more likely to win a spot in the box. So on the occasions when Amazon's retail offering loses the buy box, it still gets a piece of the action.

All good things...

Bigger competitors do not want to work through^[각주:97] Amazon. Some will not use AWS because they don't want to subsidize^[각주:98] a rival. Large retailers are seeking to match^[각주:99] Amazon's standard of fast, cheap shipping on their own. But that lowers the margins for their online sales and risks cannibalizing^[각주:100] sales from their stores. The competition thus threatens to make many of them permanently less profitable. 

Last year Walmart made a particularly expensive bid^[각주:101] to fend off^[각주:102] Amazon, paying $3bn for jet.com, an e-commerce startup. Marc Lore, Jet.com's boss, has history when it comes to competing with Amazon. "The Everything Store", a book about Amazon by Brad Stone, a journalist, tells the story of Quidsi, a previous startup of Mr Lore's that sold nappies^[각주:103] through a site called Diapers.com. When Amazon was building a nappies business, the bigger company cut prices so rapidly that Quidsi reckoned that matching them would lose it $100m in three months. Quidsi agreed to be bought in 2010.

Other competitors are worried, too. In December Amazon challenged Netflix by expanding Prime Video to more than 200 countries. "I feel like we're competing with an unusual person," Reed Hastings, Netflix's boss, has admitted. "Because Jeff's there, it's kind of scary." This is not a winner-takes-all contest; two-thirds of American Prime subscribers also subscribe to Netflix, according to Cowen, a financial-services firm. But as Prime Video's offering improves, some Netflix viewers might drop their subscription. 

Netflix hopes to keep them by spending on its exclusive shows; like Spotify in music, it also has the advantage of an established brand and a customer base^[각주:104]. But competition is hotting up^[각주:105]. Disney, Fox, NBC Universal and Time Warner have beefed up. Disney, Fox, NBC Universal and Time Warner have beefed up^[각주:106] a streaming competitor of their own, Hulu.

The other tech giants have their own reasons to be worried about Amazon - though they may also have the best defences. Apple faces the risk that Amazon, not iTunes, becomes the default platform for streaming and buying content; but it has the diversified^[각주:107] revenue needed to fight its corner^[각주:108]. Google, for its part, does not want shopping through Amazon, and particularly Alexa, to cut it out of the loop, jeopardizing^[각주:109] its advertising revenues nor does it want Alexa to be the platform people chose for running their homes. In February Google said its new assistant - called, simply, Assistant - would not only power^[각주:110] a device called Google Home, but roll out to^[각주:111] smartphones using Android, its mobile operating system. Their strength in mobile phones gives both Apple and Google an edge over Amazon^[각주:112].

Tech giants will also be fighting Amazon in the cloud. Microsoft is its strongest competitor, but Google and IBM are formidable^[각주:113], too. All four are fighting to lower prices and provide better technology, with billions now being pumped into^[각주:114] AI.

If competitors fail to halt Amazon's whirl of activities^[각주:115], antitrust^[각주:116] enforcers^[각주:117] might yet do so instead. This does not seem an imminent threat^[각주:118]. American antitrust authorities^[각주:119] mainly consider a company's effect on consumers and pricing, not broader market power^[각주:120]. By that standard, Amazon has brought big benefits. 

Two perils^[각주:121] lurk^[각주:122], however. One, for now, is theoretical^[각주:123]. In a recent article in the Yale Law Journal, Lina Kahn argued that, among other things, the scope of Amazon's activities may make it impossible for competitors not to end up relying on it. If regulators paid more heed to^[각주:124] market power, that could be a red flag^[각주:125] - especially as Amazon continues to grow and provide its services to competitors ever more widely. A second threat is real. Donald Trump does not care for the Washington Post, a newspaper Mr Bezos owns. In 2016 Mr Trump said Mr Bezos was using the Post to attack him because Amazon has "a huge antitrust problem". If Mr Trump believes that - or even if he doesn't - his administration might favor^[각주:126] action.

For now, thought, Amazon's rivals must fend for themselves^[각주:127]. They can hope Mr Bezos makes a mistake, or gets wrong-footed^[각주:128] by some startling^[각주:129] new trend - but though both are possible, they are hardly a strategy. Instead, the best defence is simple: sell something that customers want and Amazon does not have. Exceptional merchandise^[각주:130] and service helps. In America big, bland^[각주:131] bookstores are struggling, but the number of independent booksellers has climbed^[각주:132]. The threat from Amazon has forced Walmart to improve its stores, with easier checkout^[각주:133] and more helpful staff; it has seen a bump in^[각주:134] sales. Amazon's investments in television have helped fuel^[각주:135] a bidding war^[각주:136] for good programming - Hollywood's studios are producing the best television for generations. And thanks to AWS, and its competitors, there has never been a better time to start up a web-based or data-centric firm.

For decades, consumer giants mostly grew slowly and comfortably, with only occasional bursts of innovation. Now Amazon's epic journey is forcing companies to lower prices and to improve products or to suffer. Many may, as a result, become less profitable; many will instead improve. And all the while, as Mr Wilke puts it, Amazon's "pioneers wander the world with divine discontent and say, 'how can I make that better today?'" Companies on its ever larger roster of^[각주:137] rivals settle for^[각주:138] mediocrity^[각주:139] at their peril.

1. epic ; 3. [C] (때로 유머) (사람들의 찬탄을 자아내는) 장대한[대단한] 일 [본문으로]
2. prominent ; 2. 눈에 잘 띄는, 두드러진, 현저한 [본문으로]
3. narrative ; (격식) 1. [C] (특히 소설 속 사건들에 대한) 묘사[기술/이야기] [본문으로]
4. excerpt from ; …에서 발췌하다. [본문으로]
5. venture ; 1. [자동사][V + adv. / prep.] (위험을 무릅쓰고・모험하듯) 가다 [본문으로]
6. transcript ; 1. (tran・scrip・tion) (구술된 내용을) 글로 옮긴 기록[인쇄/전사한 것] [본문으로]
7. mission control ; (지상의) 우주 비행 관제 센터 [본문으로]
8. spell out ; ~을 간결하게[자세히] 설명하다 [본문으로]
9. mantra ; [명사] 만트라(특히 기도・명상 때 외는 주문) [본문으로]
10. grandiosity ; [U] 2. 과장, 떠벌림 [본문으로]
11. invite ; 3. (특히 좋지 않은 일을) 불러들이다[자초하다] [본문으로]
12. derision ; [U] 조롱, 조소 ;; US.UK [dɪ|rɪƷn] [본문으로]
13. drool ; 2. ~ (over sb/sth) (못마땅함) (탐이 나거나 좋아서) 침[군침]을 흘리다 [본문으로]
14. quake ; 1. ~ (with sth) (사람이) (공포・긴장감으로) 몸을 떨다[전율하다] [본문으로]
15. go public ; 2. 기업이 주식을 공개[상장]하다 [본문으로]
16. account for ; 3. (부분·비율을) 차지하다 [본문으로]
17. offering ; 1. (사람들이 사용하거나 즐기도록) 제공된[내놓은] 것 [본문으로]
18. share price ; [명사] 주가 [본문으로]
19. preceding ; [형용사] [A] [보통 the ~] (시간·장소의) 이전의(previous), 앞선, 선행하는; 바로 앞의; 전술의, 상기의 [본문으로]
20. operating profit ; 영업 이익, 이윤 [본문으로]
21. presumably ; [부사] 아마, 짐작건대 [본문으로]
22. down the line ; (일을) 진행하는 중 어느 시점에 [본문으로]
23. dip ; 2. (아래로) 내려가다[떨어지다]; 내려가게 하다[떨어뜨리다] [본문으로]
24. compound ; [명사 앞에만 씀] (전문 용어) 합성[복합]의 [본문으로]
25. estimate for ; …의 견적서를 만들다[견적하다]. [본문으로]
26. annual sales ; [명사] 연간 매출액 [본문으로]
27. calculate ; 2. 추정하다, 추산하다 [본문으로]
28. upend ; [타동사][VN] (위아래를) 거꾸로 하다[뒤집다] ;; US.UK [ʌp|end] [본문으로]
29. in the process ; while doing something [본문으로]
30. to date ; 지금까지 [본문으로]
31. -centric ; [접미사] … 중심의 [본문으로]
32. take a long view ; 장기적인 안목으로 볼 때 [본문으로]
33. sweep up ; ~를 (부드럽게) 휙 들어올리다, 쓸어담다, 쓸어버리다 [본문으로]
34. buzzsaw ; 둥근 톱(circular saw), 전기톱 [본문으로]
35. formidable ; [형용사] 가공할, 어마어마한 [본문으로]
36. queue ; 1. (美 line) (英) (무엇을 기다리는 사람・자동차 등의) 줄 [본문으로]
37. trek ; 1. (비격식) (힘들게 오래) 걷다[이동하다] [본문으로]
38. esteem ; [U] (격식) (대단한) 존경 ;; 참고 self-esteem [본문으로]
39. frictionless ; [형용사] 마찰이 없는. [본문으로]
40. doorstep ; 1. 문간(의 계단) [본문으로]
41. number crunching ; [명사] (비격식) (많은 자료의) 대량 고속 처리 [본문으로]
42. capital expenditure ; (회계) 자본 지출 [본문으로]
43. customize ; [타동사][VN] 주인이 원하는 대로 만들다[바꾸다], 주문 제작하다 [본문으로]
44. demanding ; 1. (일이) 부담이 큰, 힘든 [본문으로]
45. willingness ; [U] 쾌히[자진하여] 하기; 기꺼이 하는 마음 ;; 사전엔 불가산이라고 되어있지만 가산으로 활용된 예 [본문으로]
46. get trapped into ; 함정에 빠지다 [본문으로]
47. be determined to ; ~하기로 결심하다 [본문으로]
48. flame out ; 3. 기운이 꺾이다, 힘을 전부 발휘하다 [본문으로]
49. economy of scale ; (경제) 규모의 경제 [본문으로]
50. in one's turn ; 차례가 되어 [본문으로]
51. alluring ; [형용사] (신비롭고)매혹적인 [본문으로]
52. thermostat ; [명사] 온도 조절 장치 [본문으로]
53. build into ; (벽에 장식장 따위를) 붙박다[짜넣다]. [본문으로]
54. appealing ; 1. 매력적인, 흥미로운 [본문으로]
55. divisive ; 형용사] (못마땅함) 분열을 초래하는 ;; 참고 divide [본문으로]
56. free shipping ; [명사] 무료 배송[배달] [본문으로]
57. perk ; (격식 per・quis・ite) [주로 복수로] (급료 이외의) 특전 [본문으로]
58. exclusive ; 3. (아무나 이용할 수 없는) 고가의[고급의] [본문으로]
59. stump up ; (돈을) 내다[지불하다] ;; 동의어 stump up something (for something) [본문으로]
60. payoff ; 3. [구어] 낙착, (뜻밖의) 결말; (사건 등의) 클라이맥스, 고비; 결정적인 사실[요소] [본문으로]
61. subscribe to ; ~을 구독, 신청하다 [본문으로]
62. incur ; 2. (비용을) 발생시키다[물게 되다] [본문으로]
63. reckon ; 4. ~ sth (at sth) (양・수 등을) 계산[추산/추정]하다 [본문으로]
64. boon ; [명사] ~ (to/for sb) 요긴한 것 [본문으로]
65. grocery ; 1. [C] (美 주로 |grocery store) (특히 英) 식료품 잡화점(미국 영어에서는 흔히 supermarket의 뜻으로 쓰임) [본문으로]
66. cash register ; [명사] 금전 등록기 [본문으로]
67. cargo plane ; 화물 수송기 [본문으로]
68. bargaining power ; [명사] 협상력 [본문으로]
69. vendor ; 2. (격식) (특정한 제품) 판매 회사 [본문으로]
70. fleet ; 4. [C] ~ (of sth) (한 기관이 소유한 전체 비행기・버스・택시 등의) 무리 [본문으로]
71. logistics operation ; 물류 운영 [본문으로]
72. rival ; [타동사][VN] (-ll- , 美 또한 -l-) ~ sb/sth (for/in sth) (…에) 필적하다[비할 만하다] ;; 참고 unrivalled [본문으로]
73. tantalize ; [타동사][VN] 감질나게 하다 [본문으로]
74. dominant ; 1. 우세한, 지배적인 [본문으로]
75. a corollary to ; …에 따른 귀결. ;; corollary ; (pl. -ies) ~ (of/to sth) (격식 또는 전문 용어) 필연적인 결과, 당연한 귀결 [본문으로]
76. filing ; 1. [U] 서류 철하기[정리] [본문으로]
77. range from ... to ; …에서 (…까지) 걸치다, 범위가 …부터이다 [본문으로]
78. as of ; ~무렵, ~까지 [본문으로]
79. fear from ; ~대해 두려워하다 [본문으로]
80. estimated ; [형용사] 견적의, 추측의 [본문으로]
81. intermediary ; [명사] pl. -ies ~ (between A and B) 중재자, 중개인 [본문으로]
82. conceivably ; [부사] 생각할 수 있는 바로는, 상상컨대 [본문으로]
83. stack ; 2. [C] ~ (of sth) (비격식 특히 英) 많음, 다량 [본문으로]
84. ad-agency ; [명사] 광고 대행업(소), 광고 (대행) 회사 [본문으로]
85. conference call ; [명사] (3인 이상이 하는) 전화 회담 [본문으로]
86. private label ; [명사] 자가 상표, 자사 브랜드. private brand [본문으로]
87. bafflingly ; [부사] 당황스럽게 ; 걷잡을 수 없게. [본문으로]
88. baby wipe ; [NOUN] a disposable moistened medicated paper towel, usually supplied in a plastic drum or packet, used for cleaning babies [본문으로]
89. loafer ; 1. 빈둥거리며 시간을 보내는 사람 [본문으로]
90. go up against ; …에 맞서다, 도전하다 [본문으로]
91. resell ; [동사] re・sold , re・sold / ˌriː'səUld ; 美 -'soUld / 되팔다, 전매(轉賣)하다 [본문으로]
92. placement ; 3. [U] (어디에) 놓기, 설치, 배치 ;; 참고 advanced placement, product placement [본문으로]
93. reverse-engineer ; [타동사] 역설계(逆設計)하다; 분해하여 모방하다 [본문으로]
94. warehousing ; [명사] 창고 저장[관리]; 창고업 [본문으로]
95. on one's behalf ; ~을 대신하여 [본문으로]
96. speed up ; 속도를 더 내다[높이다] ;; 동의어 speed something up [본문으로]
97. work through ; to experience a problem, a difficult situation, etc., and deal with it until you eventually find a solution [본문으로]
98. subsidize ; [타동사][VN] 보조금을 주다 ;; 흐름상 "(공연히) 도움을 주다" 정도의 의미 [본문으로]
99. match ; 5. BE EQUAL/BETTER | [타동사][VN] 대등하게[더 낫게] 만들다 [본문으로]
100. cannibalize ; 2. (상업) (회사가) (비슷한 신상품 도입으로) 자사품의 매출 감소를 가져오다 [본문으로]
101. bid ; 1. ~ (for sth) 가격 제시, 호가 [본문으로]
102. fend off ; ~을[~의 공격을] 막다 ;; to defend or protect yourself from somebody/something [본문으로]
103. nappy ; [명사] (美 di・aper) pl. -ies 기저귀 [본문으로]
104. customer base ; [명사] (주로 단수로) (상업) 고객층 [본문으로]
105. hot up ; 뜨거워지다, 치열해지다, 활발해지다 ;; [VERB] to make or become more exciting, active, or intense [본문으로]
106. beef up ; [동사] 강화하다, 보강하다. ;; 동의어 strengthen, increase. [본문으로]
107. diversify ; 1. ~ (sth) (into sth) (특히 사업체나 회사가 사업을) 다각[다양]화하다 [본문으로]
108. fight one's corner ; 자신/~의 위치[입장]를 지키려고 싸우다 [본문으로]
109. jeopardize ; [타동사][VN] (격식) 위태롭게 하다 [본문으로]
110. power ; 1. SUPPLY ENERGY | [타동사][VN] (주로 수동태로) 동력을 공급하다, 작동시키다 [본문으로]
111. roll out ; 2. (신상품을) 출시하다; (새로운 정치 캠페인을) 시작하다 참고 roll-out [본문으로]
112. give ... the[an] edge ; …에게 우선권[우위]을 주다 [본문으로]
113. formidable ; [형용사] 가공할, 어마어마한 [본문으로]
114. pump sth into sth ; (많은 돈을) 쏟아 붓다 동의어 pump something in [본문으로]
115. whirl ; 2. (많은 활동・행사의) 연속 [본문으로]
116. antitrust ; [형용사] (명사 앞에만 씀) 법이 독점 금지의 [본문으로]
117. enforcer ; [명사] 집행자(특히 정부 내에서 업무 등이 실행되도록 하는 사람) [본문으로]
118. imminent threat ; 임박한 위협 [본문으로]
119. antitrust authority ; 독과점규제당국 [본문으로]
120. market power ; [명사] (경제) 시장 지배력(판매자 또는 구입자가 상품의 가격·수량을 지배할 수 있는 힘) [본문으로]
121. peril ; 2. [C] [주로 복수로] ~ (of sth) 위험성, 유해함 [본문으로]
122. lurk ; 2. (불쾌한 일・위험이) 도사리다 [본문으로]
123. theoretical ; 2. 이론상으로 (가능한) [본문으로]
124. pay heed to ; ~에 주의하다 [본문으로]
125. red flag ; 1. (위험 신호를 나타내는) 붉은 기[적기] 2. (공산당을 상징하는) 적기 [본문으로]
126. favor ; 1. <계획·제안 등에> 호의를 보이다, 찬성하다 [본문으로]
127. fend for oneself ; 자립하다, 스스로 꾸려 가다 [본문으로]
128. wrong-foot ; [타동사][VN] (英) (예상 밖의 행동으로 남을) 곤경에 빠뜨리다[곤란하게 만들다] [본문으로]
129. startling ; 1. 깜짝 놀랄, 아주 놀라운[특이한] [본문으로]
130. merchandise ; [U] 1. (격식) (매매한) 물품; (상점에서 파는) 상품 [본문으로]
131. bland ; 1. 특징 없는, 단조로운 [본문으로]
132. climb ; 8. IMPROVE POSITION/STATUS | [자동사][V] (자력으로 더 높은 지위로) 올라가다 [본문으로]
133. checkout ; 1. [C] (슈퍼마켓의) 계산대 [본문으로]
134. see a bump in ; 돌기, 장애물, 어려움 등을 보다, 확인하다 [본문으로]
135. fuel ; 3. [타동사][VN] 부채질하다 [본문으로]
136. bidding war ; 입찰 경쟁 [본문으로]
137. roaster ; 2. (근무가 가능한) 직원 명단; (팀의) 선수 명단 [본문으로]
138. settle for ; (꼭 원하는 것은 아니지만) ~에 만족하다 ;; 동의어 be satisfied with, accept. [본문으로]
139. mediocrity ; (pl. -ies), (못마땅함) 1. [U] (썩 뛰어나지는 않은) 보통[평범] [본문으로]