The Giffen’s Paradox of Economics explained : Business Basics

Sir Rober Giffen has given this paradox. According to him, in the early 19th Century in Ireland, the people were poor and there were two food items available, potatoes and meat. Potatoes were cheaper in price than meat. Earlier, people behaved just like the Law of Demand since potatoes were cheap and higher became the …

The different components of Promotion explained : Marketing Basics for your Business!

Promotion is one of the 4Ps of marketing and plays a huge role in displaying the qualities of a product/service and constructing a story around it so that the customers can be engaged and ultimate sales can happen. The four major components which any promotion effort can contain are : 1. Advertising : The American …

Difference between Marketing and Selling : Business basics (Tabular From)

We use the terms marketing and selling quite interchangeably but in the business terms, they mean different and have their own specific purposes. Understanding the major differences is important to distinguish the marketing and selling strategies in any business setting. Parameter MarketingSellingMeaningMarketing is a process which is directed at satisfaction ofconsumer needs and wants.Selling is …

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