Define the terms sales and sales management. Discuss briefly the sales strategy  formulation process and its limitation if any

Sales is the process of exchanging goods, services, or ideas for value, typically involving the interaction between a seller and a buyer.

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Sales management, on the other hand, refers to the planning, organizing, directing, and controlling of a company’s sales activities to achieve its sales objectives.

The sales strategy formulation process typically includes several steps:

1. **Setting Objectives:** Identifying clear sales goals and targets.

2. **Market Analysis:** Understanding the market, customers, and competitors.

3. **Sales Planning:** Developing a plan that outlines how sales goals will be achieved.

4. **Resource Allocation:** Allocating resources such as budget, personnel, and technology.

5. **Sales Force Organization:** Structuring the sales team effectively.

6. **Training and Development:** Preparing the sales team with the necessary skills and knowledge.

7. **Implementing the Strategy:** Executing the sales plan.

8. **Performance Evaluation:** Assessing the sales team’s performance against objectives.

Limitations of the sales strategy formulation process may include the dynamic nature of markets, changes in customer preferences, and economic fluctuations. Strategies may also be limited by resource constraints, unforeseen competitive actions, and difficulties in accurately predicting future market conditions.

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