what is the case study for the chapter concept of revenue of class 11 ...
The case study for the chapter concept of revenue of class 11 can be related to a small business that sells handmade candles. Let's consider the following details:
Business Details:
- The business sells handmade candles, which are available in different shapes, sizes, and scents.
- The business has a small shop in a local market, which attracts customers who appreciate handmade products.
- The business also sells its candles online through social media platforms and its website.
Revenue Details:
- The business generates revenue from the sales of candles through its shop and online platforms.
- The revenue is calculated by multiplying the price of a candle with the number of candles sold.
- The revenue also includes any additional charges, such as shipping or handling fees, if applicable.
Factors Affecting Revenue:
- The demand for handmade candles can vary depending on the season, occasion, or trends.
- The price of raw materials, such as wax, wicks, and scents, can affect the cost of production and, therefore, the price of candles.
- The competition from other handmade candle businesses can also affect the revenue.
Strategies to Increase Revenue:
- The business can introduce new candle scents or designs to attract more customers.
- The business can offer discounts or promotions to encourage more sales.
- The business can expand its online presence by advertising on social media or collaborating with influencers.
- The business can also participate in local markets or events to reach a wider audience.
Conclusion:
In conclusion, the case study of a small handmade candle business demonstrates the concept of revenue in class 11 economics. The business generates revenue from the sales of its products, which can be affected by various factors such as demand, cost of production, and competition. To increase revenue, the business can adopt different strategies such as introducing new products, offering promotions, expanding its online presence, and participating in events.
what is the case study for the chapter concept of revenue of class 11 ...
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