Business studies general

January 05, 2022 Jorge C

Some business definitions and calculate gross profit margin

1.Define the term ‘public limited company?

2. Briefly explain the term ‘marketing’?

3. Refer to Table 1. Calculate the gross profit margin?

Answers

1. An incorporated business that is owned by public shareholders who have limited liability. It is able to sell shares to the general public and trade them on stock markets. Often large organisations. Expensive to set up.

2. A function within a business that identifies and satisfies customer needs to assist the business in making a profit. Marketing involves the main elements of the marketing mix (usually) price, product, place, promotion – accept variants. Reference to 4Cs also acceptable. ‘Getting the right product to the right customer at the right price.’

3. Gross profit margin = GP/revenue × 100 and so, £2850/£7000 × 100 = 40.7% (accept rounding)

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