The process of evaluating the feasibility of a new product or service through research conducted directly with possible customers is called market research or marketing research.
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Marketing management is a method of controlling the marketing aspects, fixing a company’s goals, organizing the plans step by step,
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Marketing is the process of getting consumers interested in your product or service. It involves researching, analyzing competitors, promoting, distributing as well as learning more about your customers to find new ways to get them excited and attract them with promises.
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Sales management is basically referred to as a sales team of a company. Sales are what bring your company revenue, and the significance of sales management is what sets out your company’s long-term survival.
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Sales are the delivery of products from the manufacturer to consumers in exchange for money and marketing is basically understanding the customer’s need and introducing products accordingly.
Sales basically follow a fragmented and product-oriented approach, whereas marketing follows an integrated and customer-oriented approach.
Sales focus on maximizing the seller’s profit but marketing focuses on generating profit through customer satisfaction.
Sales follow the push strategy and marketing follows the pull strategy.
The target audience of sales is both individuals and organizations, moreover, the target audience for marketing is the public.
The primary objective of sales is to influence the target audience to become a buyer, and the primary objective of marketing is to identify customers’ needs and make products accordingly.
The law of supply and demand is possibly one of the most essential concepts and it is the backbone of an economy. According to the law of demand and supply, when there is a higher demand for a product or service, there is a rise in the supply of such product or service and vice versa. The law of demand and supply describes the interaction between the desire for a product and the supply of that product. For example, if the supply of a product is low and the demand is high, it signifies such product is lacking for the number of people that desires it, therefore, it will lead to an increase in the price of the product.
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Enterprise Resource Planning (ERP) is a software-based process used by companies to manage and integrate core operations like finance, HR, supply chain, procurement, supply chain, services, manufacturing, etc.
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Manufacturing Resource Planning (MRP II) is a technique for the effective planning of all manufacturing resources of a company. It enables manufacturers to develop a precise production schedule for the future that minimizes expenses and maximizes the utilization of available resources.
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ABC analysis is an inventory management approach that controls the value of inventory items based on their usefulness to the business. ABC usually ranks items on demand, price, and risk data, and inventory managers group items into classes based on those principles so that business leaders can understand which products or services are most crucial to the financial profit of their business.
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Asset vs Liability: Any tangible or intangible economic resource that is owned or controlled by an individual, a company, a government or an economic entity for accounting purposes with an expectation to produce positive economic value and benefit in the future, is called an asset.
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