Marketing Mix
Quality, Design, Branding, Packaging
Product
Resources owned by a business that have economic value
Assets
costs for a business
expenses
Anpther name for income statement
profit and loss statement
a place that sells goods or services
buiness
Cost of production, Target market, Profit margin
Price
The owner’s claim on the business after liabilities are deducted from assets
Equity
money made from sales
revenue/income
revenue < expenses
loss
a collection of businesses that do the same thing
industry
Online stores, Retail shops, Supermarkets, Delivery services
Place
Debts or obligations owed by a business
Liabilities
3 types of expenses
electricity, wages, tax, etc
revenue > expenses
profit
Creating a product for the first time
invention
Advertising, Social media marketing, Discounts
Promotion
Land, equipment, patents, and trademarks are all examples of what type of asset?
non-current assets
Gross Profit Equation
revenue - COGS
COGS
planning expected income and expenses
budget
A name for the 4 Ps
marketing mix
What is the equation for equity?
Equity = Assets - Liabilities.
Net Profit equation
gross profit - tax and other expenses
Money paid to employees
wages or salary
someone who prepares financial records and reports
accountant