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3. (a) Which one of the following is a stage in the sales process? Select one answer: ☐ A Advertising ☐ B Customer engagement ☐ C Product quality ☐ D Use of different payment systems (b) Using the information in Figure 2, calculate the average sales revenue for this business in 2020 - Edexcel - GCSE Business - Question 3 - 2022 - Paper 1
Question 3
3. (a) Which one of the following is a stage in the sales process? Select one answer: ☐ A Advertising ☐ B Customer engagement ☐ C Product quality ☐ D Use of diffe... show full transcript
Worked Solution & Example Answer:3. (a) Which one of the following is a stage in the sales process? Select one answer: ☐ A Advertising ☐ B Customer engagement ☐ C Product quality ☐ D Use of different payment systems (b) Using the information in Figure 2, calculate the average sales revenue for this business in 2020 - Edexcel - GCSE Business - Question 3 - 2022 - Paper 1
Step 1
Step 2
Using the information in Figure 2, calculate the average sales revenue for this business in 2020. You are advised to show your workings.
Answer
To calculate the average sales revenue, we sum up the given revenue amounts:
egin{align*}
£10,000 + £70,000 + £30,000 + £90,000 &= £200,000
ext{Average Sales Revenue} &= \frac{£200,000}{4} = £50,000
\end{align*}
Step 3
Explain one method that a business could use to reduce its environmental impact.
Answer
One method a business could use is to reduce the amount of packaging it uses. For example, minimizing plastic usage helps in reducing waste, thus conserving non-renewable resources. This not only lessens environmental harm but also promotes sustainability.
Step 4
Explain one method a business could use to extend the life cycle of one of its products.
Answer
A business could extend the life cycle of a product by implementing a strategy of upgrading or refreshing the product regularly. This could involve adding new features or improving the product's design, which may attract new customers and retain existing ones.
Step 5
Discuss the impact on a company of using retained profit as a source of finance for expansion.
Answer
Using retained profit for expansion has several impacts. Firstly, it allows for internal funding without incurring debt, reducing financial strain. However, it may impact short-term returns to shareholders as profits are reinvested instead of distributed. This can also lead to healthier financial stability in the long run, enabling further growth and investment opportunities.