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What is an audit?

An audit is when an auditor examines or inspects different books of accounts, followed by a physical inventory assessment, to ensure that all departments are following proper procedures of recording transactions. It is implemented to ensure that the financial statements given by the organization are accurate. Internally, staff or department heads can conduct audits, and externally, an outside...

What is market segmentation?

Market segmentation refers to grouping potential consumers into groups or segments that have similar needs and react to marketing actions in a similar way. Market segmentation is the practice of categorizing potential customers into distinct categories based on factors such as demography, behavior, and other characteristics. Market segmentation enables businesses to better analyze and market to...

What is market share?

A company’s market share is the percentage of total sales inside an industry that it produces. The company’s market share is obtained by dividing its sales over a given time period by the total sales of the industry during the same time period. This metric is used to estimate a company’s size with respect to its market and competitors. The company with the biggest market share...

What is a market development strategy?

Market development strategy is a type of business growth strategy that entails bringing in new existing and existent goods into a new market. It supports businesses in their early stages of development in identifying new opportunities and selling their current offerings in previously untapped markets Market development strategy enables organizations and corporations to contact new clients in a...

What is a marketing plan?

A marketing plan is a document that outlines a company’s marketing efforts for a specific time period, generally a year. It covers the marketing strategy, advertising, and promotional actions that will be undertaken over the course of the year. Because a marketing plan is established based on an overall strategic framework, marketing plan and marketing strategy are frequently used...

What is a limited liability partnership?

Depending on the jurisdiction, a limited liability partnership (LLP) is a partnership with limited responsibility for some or all of the partners. Partners can run the business together, but they are safe from personal liability for the actions or incompetence of their other partners.LLPs are a type of business structure that allows professionals, entrepreneurs, and businesses to supply services...

What is a limited liability company?

In the United States, a limited liability company (LLC) protects its owners from personal accountability for the firm’s debts and liabilities. Limited liability corporations (LLCs) combine the characteristics of a corporation with those of a sole proprietorship or a partnership. While limited liability is comparable to that of a corporation, flow-through taxes for LLC members are a...

What is supply chain management?

The management of the movement of products and services is referred to as supply chain management(SCM), and it covers all procedures that convert raw materials into finished items. It includes a company’s supply-side activities being actively streamlined in order to enhance customer value and obtain a competitive advantage in the market. It is a deliberate attempt by supply chain...

What is an inventory turnover?

The number of times a company’s inventory is sold over the course of a month, quarter, or year is known as inventory turnover. To put it another way, inventory turnover measures how quickly a company sells its products. Slow turnover ratios usually imply weak sales and possibly an excess inventory, whereas faster turnover ratios typically suggest high sales and perhaps, an inventory...

What is guerrilla marketing?

A marketing strategy in which a business promotes a service or product through surprise and/or unusual interactions is called guerrilla marketing. Guerrilla marketing differs from traditional marketing in that it is frequently dependent on human interaction, has a lower budget, and concentrates on smaller groups of promoters who are accountable for spreading the word in a specific place rather...

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