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Asked by Pradeep Last Modified
Answer 
The most important thing to note is that a join and the lookup functions are not always functionally similar. Joining one table to another on key columns can potentially return multiple matching rows, whereas an invocation of a lookup function will only ever return 1 matching row (there are ways to select the most relevant row in the case of multiple matches).
There are various aspects to the performace of both mechanisms, but you only need to be concerned with this if you have performace issues.
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