What Is the Difference Between Explicit and Implicit Costs

question 222

Essay

What is the difference between explicit and implicit costs?

---

Definitions:

Salesforce Organizing

The process of structuring and managing a salesforce to efficiently achieve sales targets and goals.

Sales Plan Formulation

The process of defining strategies, tactics, sales targets, and actions to achieve the sales goals of a business.

Postpurchase Evaluation

The assessment by consumers of their level of satisfaction or dissatisfaction with a product after they have bought and used it.

Personal Selling Process

Involves a series of steps that a salesperson follows to persuade a prospective buyer to make a purchase, including prospecting, approaching, presenting, handling objections, closing, and follow-up.