Customer Value Triad Consists of Three Factors: Quality,service,and Price

question 113

True/False

Customer value triad consists of three factors: quality,service,and price.

Discuss the implications of a focus on profit for business efficiency and decision-making.

Describe non-routine decisions in entrepreneurship that involve significant financial risks.

Identify and understand the various sources of uninsurable risk.

Comprehend the main sources of economic profit.

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Definitions:

Target Profit

The desired net income a firm aims to achieve within a specific time period.

Dollar Sales

The complete income derived from the sale of products or services, measured in units of currency.

Break-even

The point at which total costs and total revenue are equal, resulting in no net loss or gain, and where the business covers all its costs with its sales revenue.

Monthly Dollar Sales

The total value of sales measured in dollars that a business achieves in one month.