What is profit and why is it important to a business?
What will be an ideal response?
Profit is what remains after all business expenses have been deducted from sales revenue. Sales revenue is the money received from customers in exchange for goods or services. In addition, all businesses have expenses which are deducted from revenue, thus, leaving the profit. A negative profit, called a loss, cannot be sustained long term for a business to survive. If a firm is operating at a loss, management must take action to eliminate the loss, increase sales, and reduce expenses or the firm may be forced to file for bankruptcy protection or go out of business.
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What is being measured by managers is the same as the actual measures used to monitor performance
Indicate whether the statement is true or false
Which of the following is NOT a key to a successful public relations career?
A) diversity of experience B) internal politics C) relationship building D) intangibles
Which of the following is NOT a good example of the observation method of marketing research?
A. A drugstore installs optical scanners at its checkout counters. B. The owner of a shopping center puts a counting device at the entrance to count how many cars come in. C. The manager of a supermarket occasionally walks through the store to see what customers are doing. D. A store manager studies videotapes of consumers shopping in the store.
One company markets such diverse products as Rosarita Mexican foods, Max Factor cosmetics, and Samsonite luggage. These various offerings exhibit this firm's product mix
A. width. B. depth. C. length. D. volume. E. dimension.