A business entity always focuses on increasing revenue, because it is the revenue which decides its fate. In addition to this, the profit of the company also greatly depends on the revenue earned. For earning profits, revenue should always be more than the cost of inputs, or else the firm would not be able to survive in the long run. Revenue is the proceeds which a firm earns from different activities, in a particular period. On the contrary, profit, as we all know, is the surplus of income … [Read more...]

While sales is more of transaction-based, marketing aims at winning and retaining the customers for the long term. These two often share a common goal of increasing the company's revenue but differ in their functions and process. Basically sales imply the exchange of products and services for money or money's worth. On the other hand, marketing is an umbrella term which indicates a set of activities that starts with the market research and ends with consumer satisfaction. The focus of the two … [Read more...]

Micro Economics talks about the actions of an individual unit, i.e. an individual, firm, household, market, industry, etc. On the other hand, the Macro Economics studies the economy as a whole, i.e. it assesses not a single unit but the combination of all i.e. firms, households, nation, industries, market, etc. ‘Economics’ is defined as the study of how humans work together to convert limited resources into goods and services to satisfy their wants (unlimited) and how they distribute the same … [Read more...]