Network marketing concept and categories of network markets are significant topics of marketing. Network marketing is a business model that depends on sales made to customers by representatives often working from home. It requires the development of reliable business partners and sales managers that make high sales. There are several successful network marketing operations today. On the contrary, some are pyramid schemes that misuse people’s investments. Most of which focus on later payment rather than sales to consumers. Well managed network markets yield high profits for businesses. Discovery of the significance of network markets is by companies that appropriately implement the model. Creating awareness of legit network markets is essential for the prevention of loss on the customer’s end.
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THE CATEGORIES OF NETWORK MARKETS
Network marketing uses three major systematic strategies for making money. These are lead generation, recruiting, and building and management. The categories of network markets include the following. Firstly, single-tier network marketing requires an individual to sign up for the company selling products and services. In this category, the recruitment of distributors is not required. Secondly, two-tier networks, unlike one-tier networks, require the recruiting of distributors. However, the pay is not solely dependent on the subsequent distributor. Lastly, the multi-level network marketing concept contains two or more tiers. Some of the multi-level network marketing allows for the formation of more than tiers.
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THE SIGNIFICANCE OF NETWORK MARKETS IN BUSINESS
This section analyses the significance of network markets in business. Network marketing is an opportunity that leads to profitable revenues if the implementation process is effective. This is essential for businesses, especially due to the dynamic nature of business environments. The significance of network markets includes the following. The creation of an opportunity for earning extra cash. Moreover, it serves as a source of part-time income. Secondly, it is a source of residual income. Residual income is earning based on prior efforts. Therefore, more sales result in more income. Moreover, the network marketing concept creates a huge demand for excellent products due to improved quality.
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