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How do you calculate Total Revenue?
 
Selling Price x Quantity Sold
 
Selling Price + Quantity Sold
 
Profit / Quantity Sold
 
Quantity Sold - Total Cost
What is business?
 
An activity that provides goods or services for profit.
 
Making money
 
having a Shop
 
Creating a new product
What is profit?
 
When revenue is greater than costs
 
When costs and revenue are equal
 
All revenue is profit
 
When costs are greater than revenue
What is price penetration?
 
Attracting customers to a new product or service by offering a lower price
 
Will set the highest price customers will pay and lower it over time
 
Making sure that your prices don't match your competition
 
Making sure that your prices are lower than your competition
A physical product that is designed by a business and sold to customers is known as a
 
good
 
service
 
need
 
want
who is the franchisee?
 
The person who buys the right to use the name
 
A big successful business
 
The big business who lets others use their name
 
A person from France
The amount left over from revenue after all cost and expenses are met is called
 
Profit
 
Money
 
Saving
 
Sales
What is revenue?
 
total income generated from selling products & services
 
the money you have left over from your paycheck
 
the amount of money left after all expenses are taking out
 
the amount of money you make in your paycheck before taxes
What is market segmentation?
 
A section of the market that have similar characteristics
 
A part of the world
 
A place in the world
 
A section of the school who all like the same
What you receive when you sell goods or services is called -
 
Revenue
 
Money
 
Profit
 
Capital
McDonalds and KFC are examples of a Franchisor.
 
True
 
False
What is a service?
 
an intangible product of a business sold to make profit
 
a tangible product of a business sold to make profit
 
doing you class work on time
 
driving you car to your business address
What is marketing?
 
Targeting a product at a target market using the four p's
 
Selling products
 
Targeting individuals because you like them
 
Making profit
A business is an organisation where ____ or ____ are exchanged for money
 
goods or services
 
needs or wants
 
profits or services
 
profits or goods
What are the 7p's of marketing?
 
Product, Price, Place, Promotion, People, Process, Physical evidence
 
Product, Price, Place, Promotion, People , Progress, Physical evidence
 
Physical evidence, People, Process, Power, Price, Place, Product
 
Process, Physical power, People, Promotion, Place, Price, Product
How do you feel today?
 
hungry
 
Unhappy
 
Happy
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