S&M (Sales & Marketing)
Also called Sales & Marketing
S&M is a section of Operating Expenses along with G&A (General & Administrative) and R&D (Research & Development).
Expenses pertaining to selling the product such as sales team salaries, CRM software, marketing campaigns and conferences fall under S&M.
In the room
S&M spend is the input to almost every bottoms-up revenue build — dollars in, customers out. If you can connect S&M to customer acquisition cost and then to next year's revenue, you're describing how the model actually works rather than listing line items.