Marketing

What is Marketing?

If you ask different peoples, what exactly the marketing is? then there are chances that you will get n number of definitions. Marketing is such a huge & vast field. It is the transaction between two parties namely buyer & seller whose ultimate aim is to satisfy their unmet needs.

Marketing is the process of identifying the customer’s needs by planning & executing processes & ideas to satisfy customer’s & organizational goals. Pricing, Sales promotion, & distribution of goods & services are processes involved in marketing.


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5 Essential Tips to Increase Revenue

In this article, we have explained 5 essential tips to increase the revenue.

In-depth research on business plan:

Business plans play a very crucial role in determining the success of your business entity. To start any business, you should have a thorough research of the business process. It is like, you are sowing the seeds of the business plan, hoping to grow your business tree in the future. At regular intervals, you should keep closed watch on the business plan, identify if any gap exists in the execution of business strategies. You can always take advice from industry experts & make necessary corrections if there are any deviations in the business processes. In-depth research is very much required for sustainable growth.
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Profit

Profit is the financial gain obtained after deducting total expenses from the total revenue generated in the business operation. It is an end result of efforts put in to sustain & grow the business organization. Profit gained in the business operation is the owner’s wealth who may or may not decide to reinvest again in the same business for future growth.

 

The difference between the amount invested & amount spent in a business entity determines profit margin. The Profit margin is the best indicator of the financial health of the business. If the profit margin is good, then we can assume that all the business processes are running in streamline & furthermore firm can re-invest this profit margin in order to grow further.

 

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REVENUE

Business is the transaction between two parties who involve themselves in a trade or exchange or reciprocity of goods & services. It is a process where both parties share the common interest for mutual benefit. They exchange the value where one party gains monetary benefit over the other after exchanging of goods or services. This transaction reveals the concept of Revenue. It is the total gross class flow to the business entity before deducting expenses & taxes. 

If we want to calculate the total amount of Revenue, then we need to simply multiply the total number of Units sold with the selling price.

For example: If the firm is manufacturing machinery tool for $10 units each, then the total revenue for 10 units is 10*($10) = $100.

Revenue & it’s interdependence with other Financial & Accounting terms :

Revenue

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