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Business Key Terms

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