"The Role of Sales Management in Market Downturns"
Adib Abdullah Mohammed presented at the Gate Academy celebration, discussing the role of sales management during market downturns:
Introduction
The global economy undergoes numerous crises and challenges, leaving its mark on various sectors within countries politically, economically, and socially, and even on a global scale. These crises manifest either in the form of rising unemployment rates, such as the Great Depression, or in the form of an increase in the general price level, such as hyperinflation in Germany.
Current policies pursued by countries and companies aim at achieving significant and widespread development. However, economic imbalances such as inflation, unemployment, and recession hinder the achievement of these goals.
The recession represents a state of insufficient aggregate demand for goods and services compared to their total supply. On the labor market level, unemployment represents a state of insufficient aggregate demand for the services of the labor factor compared to the total supply of this factor. Economic literature indicates a relationship between economic policies and market performance.
Sales management is one of the most important departments within any company because it is considered the primary source of profits. Thus, the study seeks to understand the role of sales management in improving work efficiency during market downturns.
Research Problem
Due to the opening of markets to all goods and intense global competition among companies and products, an effective promotion and sales strategy must be implemented using all necessary tools and the latest means to achieve profits. However, due to economic downturns, companies suffer severe crises.
The main question of the study is: "What is the role of sales management in market downturns?"
From this main question, several sub-questions arise, including:
- What is meant by sales management?
- What is the difference between the sales concept and the marketing concept?
- What is the difference between old sales and modern sales?
- What is meant by economic recession?
- What is the difference between regular economic recession and inflationary recession?
- What are the aspects of inflationary recession?
- What are the causes of economic recession?
Importance of the Study
Scientific Importance: This study can be considered as a source for researchers and scientists who want to know more about the role of sales management during economic downturns. This study could serve as a starting point for researchers and interested parties to conduct further research in this field.
Practical Importance: The study may yield results that can contribute to providing recommendations and proposals to officials within companies or institutions to help them exploit sales management optimally to maintain company profits even during economic downturns.