ENTREPRENEURIAL MARKETING
MARKETING MIX
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Deciding how much to make/sell would be:
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Product
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Price
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Place
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Promotion
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Explanation:
Detailed explanation-1: -An NYU report on U.S. margins revealed the average net profit margin is 7.71% across different industries. But that doesn’t mean your ideal profit margin will align with this number. As a rule of thumb, 5% is a low margin, 10% is a healthy margin, and 20% is a high margin.
Detailed explanation-2: -While there is no set “ideal” markup percentage, most businesses set a 50 percent markup. Otherwise known as “keystone”, a 50 percent markup means you are charging a price that’s 50% higher than the cost of the good or service. Simply take the sales price minus the unit cost, and divide that number by the unit cost.
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