1.3

Question 1

Survival

Answer 1

Business survival refers to keeping the business operating for a certain amount of time

Question 2

Make profit

Answer 2

A profit is an amount of money that you gain when you are paid more for something than it cost you to make, get, or do it.

Question 3

Maximise profit

Answer 3

Reduce cost OR increase revenue or both

Question 4

Maintain sales

Answer 4

Change product slightly so you don’t resell the same thing eachtime or people will go to different shops to buy different pairs e.g football shoes

Question 5

Market share

Answer 5

Market share is the percent of total sales in an industry generated by a particular company

Question 6

Value of shares

Answer 6

Share value is how much each share is worth - i.e. the amount the shareholder has invested.

Question 7

Growth

Answer 7

Business growth refers to the increase in a company’s size, revenue, market share, and profitability over time

Question 8

Customer satisfaction

Answer 8

Customer satisfaction is defined as a measurement that determines how happy customers are with a company’s products, services, and capabilities

Question 9

Ethical

Answer 9

the standards for morally right and wrong conduct in business