Business functions

Increasing revenue

Instructions

Increasing revenue usually takes the form of attempting to increase sales by carrying out strategies involving the marketing mix.

Name each of the 4 Ps and suggest a strategy aimed at increasing revenue.

You can check your suggestions against the suggested answers once you have filled in each of the boxes.

When you have finished click on the discussion button for a prompt that will make you consider your chosen strategies more fully.

Cash flow forecasting PDF

P…

Product

The business could introduce a wider range of products.

However this will initially involve an increase in costs to purchase the products and there is no guarantee that the customers will want to buy them.

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Price

The business could increase the price of its most popular products.

However, the demand for these products may be reduced as people are not willing to pay the higher price and the sales revenue could actually fall.

P…

Promotion

The business could carry out some sales promotion to boost sales.

However, there is no guarantee that this will work and the cost of sales promotion may be more than the increase in sales.

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Product

The business could start an internet site that allows customers to buy online.

However, this will take time and money to develop and may not result in increased sales as there is so much competition online.