Sales vs Marketing: Understanding the Key Differences

Marketing Fundamentals

• The main focus of marketing is to identify and meet customer needs and wants.

Vision and Mission Statements

• The vision statement in marketing represents a long-term direction or goal that an organization strives to achieve.
• The mission statement in marketing explains the company's purpose, goals, and values.

Sales and Marketing

• The role of sales in relation to marketing is to convert marketing efforts into actual sales.

SWOT Analysis

• External threats in SWOT Analysis include factors such as competitors, economy, and government regulations.
• Internal factors such as company reputation, brand image, and employee skills are not considered external threats in SWOT Analysis.
• External factors that are NOT considered in the SWOT Analysis include internal company policies and employee morale.

Segmentation

• Behavioral segmentation organizes potential customers into groups based on measurable attributes of behavior or motivations.

Pricing Strategies

• The pricing strategy that involves setting prices based on what the average customer is willing to pay is called Value-Based Pricing.
• ROI stands for Return on Investment in the context of pricing strategies.
• ROI sets a price so that the target price multiplied by the target volume equals the profitability goals.

Market Mix Strategies

• The element of the market mix strategies that involves making physical changes to the product is called Product.

Value Chain

• The value chain represents the series of activities that create value for the customer in marketing.

Internal Analysis of SWOT

• The factor that refers to the money generated from sales is called Revenue.
• Net profit, which is the money after all expenses are taken into account, is a type of Financial Objective in the Internal Analysis of SWOT.