Litigation implies a method in which dispute between two parties is resolved by going court, for the judgement. However, due to the rigidity and high cost involved in the litigation process, there are instances when parties go to arbitration. Arbitration is a method of settling a dispute between parties wherein an independent person, selected by the parties mutually to decide the case. The basic difference between arbitration and litigation is that court is involved in the case of litigation, … [Read more...]
Difference Between Penetration Pricing and Skimming Pricing
Penetration pricing strategy is one in which the company charges a low price, in the beginning, to derive maximum sales volume from the price-sensitive customers. On the contrary, when at the initial stage high prices are charged to the customers, which is gradually decreased to attain maximum profit from less price sensitive customers. Price is among the important components of the marketing mix, which is the firm's outright source of earning, and it not only covers the cost of production … [Read more...]
Difference Between EFT and ACH
In the fast-paced world, with the change in information and communication technology, banks are also adopting e-banking culture that helps in providing better and flexible products and services to the customers. In this context, terms like ACH and EFT are commonly used. All the transactions that take place through the computer system or digital mode come under the ambit of Electronic Fund Transfer or EFT. On the other hand, ACH implies Automated Clearing House, is a huge network of banks and … [Read more...]
Difference Between Consulate and Embassy
Diplomatic Mission is a foreign office, in a country wherein a group of officers represents the home country in the host country, along with safeguarding the interest of the citizens and the home country in the host country. Diplomatic mission entails embassies and consulates, wherein the embassy serves as the nerve centre for diplomatic representation of the public administration of a nation in another. Conversely, Consulate is an arm of the embassy that diplomatically represents the … [Read more...]
Difference Between Passport and Visa
When you are planning to go abroad for any purpose with your family, friends or even alone, you have to make sure that you have the Passport and Visa. Passport is the most important official document, which one should possess for international travelling. It is issued by the government to the citizens of the country, on their application. It also serves as an identification proof, as it certifies the identity and citizenship of the holder. Visa, on the other hand, is not a separate document … [Read more...]
Difference Between Basic and Applied Research
Research is a calculated investigation that provides a base for the decision-making. It can be understood as the study undertaken by an individual or entity systematically, for finding out solutions to the problems under consideration. Survey or experiment are carried out to gather information as per the objectives. Based on utility, research is divided into two categories, i.e. basic and applied research, wherein basic research is one that adds further knowledge to the actual knowledge. On … [Read more...]
Difference Between Production and Productivity
The level of productivity, in the production, determines the profitability, efficiency and performance of the enterprise, i.e. the higher the productivity of the firm the greater will be the earning capacity. It aims at determining the relationship between the input and output, in a particular production process. In short, it is nothing but attaining the highest possible outcome, while consuming minimum factors of production. Productivity is often misconstrued with production, but there … [Read more...]
Difference Between Production and Operations Management
The primary objective of production and operations management is to effectively manage and utilize those resources of the firm that are essential for the production of goods and services. Production management refers to the management of activities related to the production of goods. On the other hand, operations management is a step ahead of production management, or it can be said that the production management is a part of the operations management. Operations Management, as the name … [Read more...]
Difference Between Kharif and Rabi Crops
Kharif and Rabi are the two cropping patterns which are adopted in many Asian countries, depending upon the monsoon. The cropping season of Kharif crops starts with the onset of monsoon and ends when the rainy season is over. On the other hand, Rabi crops are grown in winter, i.e. sown when monsoon ends and harvested before the advent of the summer season. Kharif crops require hot and wet climate whereas cold and dry climate is best suited for Rabi crops. Rainfall plays a significant role in … [Read more...]
Difference Between Compensation and Benefits
Compensation is a term closely related to the labour market. When the supply of labours is short in the market, better compensation can fulfil such shortage. It contains both direct and indirect components. Compensation refers to the remuneration that a worker gets from his/her employer in exchange for the work and contribution made to the organization. On the contrary, benefits imply the non-monetary reward that an employee earns as a part of the employment relationship, in addition to the … [Read more...]
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