Answer / Swadesh Kumar Niranjan

The relationship between concept, hypothesis, and theory in marketing sales is as follows: nn- Concept: A general idea or principle about a market phenomenon.n- Hypothesis: A specific statement that can be tested to either support or refute the concept.n- Theory: A well-established and widely accepted explanation of a market phenomenon based on multiple tests supporting the hypothesis.nnSalient features of theory include:
1. Parsimony: The theory should be simple and not have unnecessary complexities.
2. Falsifiability: The theory should be capable of being tested and potentially refuted.
3. Generality: The theory should explain a broad range of phenomena.
4. Predictive power: The theory should allow for the prediction of future market events.nnClassifications of theories include:
1. Empirical theories: Based on empirical evidence and testable.
2. Conceptual theories: Focus on developing an understanding of a concept or phenomenon but are not necessarily testable.
3. Integrative theories: Combine multiple concepts and hypotheses to provide a comprehensive explanation.

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