Programmed Decisions can be understood as, those decisions which can be taken with the help of customary or routine approach. On the other hand, Non-programmed Decisions are the ones that are taken when there is a rare or unexpected problem faced by organizations. Decision making is a tough task wherein a person has to weigh all the pros and cons of each alternative, in order to logically choose one course of action out of the various alternatives available. While making any decisions, one … [Read more...]
Difference Between Consumer Market and Business Market
The market can be understood as the place, through which the business firm delivers value to its customers. The market can be divided into the business market, which sells goods to those entities that use it for further production or resale, and consumer market, which can be understood as the marketplace for consumers, wherein products are sold by the business entities to the consumers, for final consumption. The crucial difference between consumer market and business market is that in a … [Read more...]
Difference Between Manufacturing and Service Operations
Operations Management is that branch of management that deals with the government of that section of the organization which is concerned with the production of goods and services. However, operations management is primarily used with service operations, whereas manufacturing operations are mainly studied in production management, but for non-manufacturing facets operations management can be used. One of the biggest difference between manufacturing and service operations is that in case of the … [Read more...]
Difference Between Affiliate Marketing and Digital Marketing
In layman's terms, we call it Digital Marketing when marketing products and services use digital platforms or channels. It involves the use of websites, search engines, emails and social media to reach the target audience. It has come out as the fastest mode of marketing that reaches a large group of audience. On the other hand, Affiliate Marketing is a sub-type of Digital Marketing wherein an individual is paid a commission for generating sales of goods and services. We all spend most of … [Read more...]
Difference Between Private Goods and Public Goods
Public goods are the goods that an individual can consume without limiting or reducing their availability to others. That means every person in the society can take its advantage. On the other hand, private goods refer to the goods that a person needs to purchase first in order to consume them. Further, one person's consumption of these goods limits another person from consuming them. Both public goods and private goods are for the benefit of consumers. The difference between public goods … [Read more...]
Difference Between Product Line and Product Mix
Did you notice that most people have a range of electronic devices from the same company like TV, Microwave, Refrigerator, Washing Machine, etc.. Product line refers to a range of product items which are similar in nature, characteristics and function. On the other hand, product mix is the complete range of products that a firm manufactures and offers for sale. There are four elements of the promotion mix, and the product is one of its elements. Product implies the goods and services that … [Read more...]
Difference Between Inside Sales and Outside Sales
Inside Sales is a sales model that makes use of technological interactions to connect with potential customers. This may include contacting customers via email, phone, chat, video conferencing, etc. On the other hand, in the case of outside sales, the sales representative must travel frequently to meet potential clients, sell the products and services directly and develop lasting professional relationships. Though the outside sales workforce is more expensive than the inside sales workforce, … [Read more...]
Difference Between Retargeting and Remarketing
Though Retargeting and Remarketing have similar goals, they are different. While retargeting uses sponsored ads to attract an audience. Remarketing uses email to attract past customers, retain them and encourage further purchases. One must note that retargeting is a subset of remarketing. Retargeting refers to serving personalized ads to customers depending on their previous engagement. It is an amazing brand-building tactic that keeps the marketer in front of the prospects. Moreover, it aims … [Read more...]
Difference Between Internal and International Trade
Trade implies the process of buying and selling goods and services to earn profit. It covers all the activities resulting from which goods produced are distributed for consumption. This trade can take place either at the national or international level. While trade occurring within the boundaries of the nation is internal trade. Conversely, International Trade refers to the exchange of capital, goods and services across international boundaries or territories between the residents. When there … [Read more...]
Difference Between Monopoly and Perfect Competition
A perfectly competitive market is a market where you can find a large number of buyers and sellers. The firms in such a market offer homogeneous products. Also, no firm is large enough to influence the market price. Basically, perfect competition exhibits the 'ideal' form of competition that exists in the industry. For instance: An industry comprising street corner vendors can come under this category. On the other hand, a monopoly is when a single firm owns all or almost all of the market … [Read more...]
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