The marketing efforts of an enterprise are directed by marketing management philosophies, also called as marketing concepts, so as to gain the desired exchange outcomes. It determines the outlook of the producers. In this context, the product and production concepts are often compared and contrasted. However, the two differ in the sense that product concept states that the consumers prefer the products which are best in terms of quality. As against, if we talk about production concept … [Read more...]

Fire insurance is an insurance that covers the risk of fire. It covers goods or property of the insured person. On the contrary. Marine insurance is one that encompasses risks associated with the sea. The subject matter covered here, is the ship, cargo and freight. Insurance is a contractual agreement between the insurer, i.e. the insurance company and the insured, wherein the risk of loss is transferred to the insurer, when the loss occurs out of the causes indicated in the contract, on the … [Read more...]

With the effect of globalization, the form of the markets has been changed all around the world, as well as it has also changed the way in which business is carried out in the past years. One of the major revolutions, as a part of globalization, is the foreign trade that implies the buying and selling of goods and services, in different countries of the world. Next, there is one more drastic change as a result of globalization, i.e. foreign investment, wherein the individuals and companies … [Read more...]

Marketing is all about ascertaining consumer needs and satisfying them profitably. One of the emerging branches of marketing is digital marketing, that has changed the way in which marketing is performed in yesteryears. It is a channel for advertising and selling directly to the consumers, that has a global reach. Digital Marketing uses all digital channels to build awareness and promote the product and services to the target audience. It includes online marketing, social media marketing and … [Read more...]

T-test refers to a univariate hypothesis test based on t-statistic, wherein the mean is known, and population variance is approximated from the sample. On the other hand, Z-test is also a univariate test that is based on standard normal distribution. In simple terms, a hypothesis refers to a supposition which is to be accepted or rejected. There are two hypothesis testing procedures, i.e. parametric test and non-parametric test, wherein the parametric test is based on the fact that the … [Read more...]

Insurance implies a contractual arrangement between two parties, i.e. insurance company (insurer) and insured, by which the insurer, in return for a fixed sum (premium) commits to compensate the insured for the loss sustained or damage caused on the occurrence of a certain event. The document which covers all the details of the contract is called as an insurance policy. Life insurance is a contract that protects against the risk of life. Gradually, the scope of life insurance has widened and … [Read more...]

Recently, the framework of standards on auditing and guidance notes on related services are issued, wherein a difference between audit and related services is clarified. Related services include reviews, agreed upon procedures, compilation. The review is often contrasted with audit, but they are different in the sense that an audit is a thorough examination of the financial information of an organization, to give his/her opinion on the same. On the other hand, the review can be understood as … [Read more...]

You might have noticed that we make statements like the trains may be late, it may take an hour, to reach home and so forth. This type of statements indicates the probability of an event, as its occurrence is not certain. It implies the extent to which an event is possible to happen. Probability is divided into two types, objective and subjective probability. Subjective probability is based on attitude, belief, knowledge, judgment and experience of the person. In mathematics, we study … [Read more...]

The term insurance can be described as an arrangement through which the risk of loss can be shifted from one party (insured) to another (insurer), by paying a specified sum, at definite intervals, i.e. premium. Double insurance is a form of insurance, wherein the individual/company insures a particular property with more than one insurer or with multiple policies from the same insurer. Double insurance is not exactly same as reinsurance, as it is a transfer of risk on a policy by the … [Read more...]

Public Relations (PR) means professionally handling a positive public image by the company. It is an important element of promotion mix, that helps in maintaining good relations with the public. On the contrary, Publicity is infotainment, i.e. which tends to inform and entertain the general public at the same time. It provides some interesting, juicy, controversial news to the general public, that has the capability of changing their opinion or outlook, about the product or company. While … [Read more...]