Many think that the words procurement and purchase are interchangeable and use them synonymously, but the fact is procurement is a broad term which includes a purchase. Procurement involves sourcing and purchase of goods, services and works from the external source, so as to fulfil the organization's requirement and operate profitably and efficiently. Procurement involves all kinds of acquisition including leasing, renting and contracting to arrange the goods or services. Contrarily, … [Read more...]
Difference Between Small Scale and Large Scale Industries
In general, any industry can be classified as a small scale industry or large scale industry as per the investment made in procuring the plant and machinery for manufacturing goods. In this way, small scale industries are said to be the ones whose investment in the capital assets is limited to the amount specified by the Government of the country. On the contrary, those industries which make an investment in their plant and machinery beyond that limit, are considered as large scale … [Read more...]
Difference Between Primary and Secondary Sector
To have a complete idea of the country's economy, one should have knowledge of its sectors and their contribution to the GDP. The economy of a country is composed of three main sectors - Primary Sector (agriculture and allied sector), Secondary Sector (industrial sector), and Tertiary Sector (service sector). The primary sector, is related to natural resources of the country, in the sense that it makes use of natural resources for the production of raw materials and supplies which are used by … [Read more...]
Difference Between Time Study and Motion Study
Time study is all about determining the ideal time taken in the performance of a well-defined job. On the other hand, Motion study is the analysis of human work, to find out the best method of doing it which involves least efforts. Fredrick Winslow Taylor, an Americal Mechanical Engineer, who is known as the Father of Scientific Management for his contribution in the improvement of industrial efficiency. Scientific Management implies the application of modern scientific methods in the study … [Read more...]
Difference Between Market Economy and Command Economy
Basically, in a market economy, economic activities are not planned, they take place as per the interaction of economic agents. As against this, in a command economy government has full control over the economic activities. An economy is nothing but a framework within which the economic activities are undertaken. It is that system operating in the country which organizes, coordinates and balances the economic activities, i.e. production, distribution, consumption and exchange of goods and … [Read more...]
Difference Between Intermediate Goods and Final Goods
Intermediate goods are goods which are used as a factor of production to produce goods which have the ability to satisfy wants. For this purpose, they undergo the production process. On the contrary, final goods are the goods which are readily available to sale, to the ultimate consumer of the product. Think of a car, which is a final product, however, the parts used to manufacture a car such as gear lever, tyres, steering wheel, windscreen, windscreen wipers, seat belt, speedometer, bumpers, … [Read more...]
Difference Between Tariff and Non-tariff Barriers
Tariff barriers are the tax or duty imposed on the goods which are traded to/from abroad. On the contrary, non-tariff barriers are the obstacles to international trade, other than tariffs. These are administrative measures implemented by the country's government to discourage goods brought in from foreign countries and promote domestically produced items. Though liberalization widened the scope and opportunities for the domestic companies, however, it has also posed a threat of competition … [Read more...]
Difference Between Transactional and Relationship Marketing
Transactional Marketing is amongst the different marketing strategies that emphasize maximizing the sales volume and revenue of the firm. On the other hand, Relationship Marketing is concerned with building long term relationships with customers. At present, the biggest challenge for a company is not just to attract customers, but also to retain them for the long term, so as to gain new customers from the existing ones. Basically there are two marketing strategies which are being used by the … [Read more...]
Difference Between ATL and BTL Marketing
Two common marketing strategies used in the advertising industry, to promote any product or brand are - Above the line (ATL) and Below the line (BTL). Above the line (ATL) marketing is used when mass media is deployed to give a boost to a brand and reach the maximum audience. On the other hand, Below the line (BTL) marketing is sort of one to one communication, wherein different techniques are used to reach a specific group of people. The basic difference between the two types of marketing … [Read more...]
Difference Between Leasehold and Freehold Property
Leasehold and Freehold are the two forms of legal ownership of a property, whereby freehold property is a property or land, which is owned or inherited for life. As against, when a property is acquired under the lease, it is termed as Leasehold property. When you are buying a freehold property, it means that you are buying it in full for an indefinite length of time, which covers both the land and the property as well. On the other hand, the arrangement which confers the right to hold any … [Read more...]
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