Many think that franchising and licensing are same, but the fact is that they are different, only the advantages of franchising are similar to those of licensing. The first and foremost difference between licensing and franchising are that the former is mainly associated with the production and marketing of goods while the latter is related to the service business. When it comes to business expansion, the first thing that strikes our mind is 'international business' a term we hear frequently, … [Read more...]

When it comes to education, there are many people involved in the educational institutions that help in successfully imparting education to the students. These include both academic and non-academic workforce. In this context, you have often heard the terms faculty and staff, end number of times in your day to day life. Faculty refers to the academic staff of the institution that can be your subject teachers or other teachers of your school or college. On the other hand, staff simply means … [Read more...]

The key factor behind the success of any organization, is the quality of leadership exhibited to the employees, that motivates them to do better. Have you ever wondered that a boss could be a leader also, but not all bosses are leaders? There exist a line of demarcation amidst the nature and characteristics of these two personalities. While a boss gives orders to his employees, a leader influences his followers by setting an example. A leader persuades his men to act in a specific manner, to … [Read more...]

Advertising and Public Relations are the two important tools for promoting products and services offered by the company. Advertising alludes to a form of communication, which a firm uses to instigate prospective customers to choose the product offered by the company, over other products. On the other hand, public relations is about building and maintaining good relations, with company's stakeholders, by gaining favourable publicity, having a good reputation and so on. The primary motive of … [Read more...]

There are certain organizations, which are set up by the group of individuals for serving the entire society, which can be NGO or NPO. An NGO, a non-governmental organisation, established to work for public and social welfare. Such organisation is not affiliated with any government. On the other end, NPO, as its name suggests, is a non-profit organisation, that works for any purpose other than making profits but such organizations are incorporated under the Companies Act. As the rules and … [Read more...]

An elastic demand is one in which a slight change in the price will lead to drastic change in the demand for the product. It differs from an inelastic demand in the sense that a change in price may have no or little effect on the demand of consumers. The elasticity of demand refers to the change in the quantity demanded of a product, due to the change in factors on which demand depends. Such variables are price, the price of related goods, income and so on. Unless and otherwise specified, … [Read more...]

Branding and marketing are two vital business function that works together with the aim of increasing revenue. The activities are used to bring awareness of a product or company among people. They are so closely interconnected that people often do not realise the difference between marketing and branding. While marketing involves an array of activities carried out to sell a product or service, that starts from ascertaining the customer needs to providing them with the product required. On the … [Read more...]

Administration can be viewed as the act of effectively managing the affairs of a business organisation or state. It implies the optimum use of people, information and other resources of the organisation, in the attainment of the ultimate goal of the company. The administration can be done either by public officials or private individuals. Public administration is a branch of economics that works with service motive. On the other end, private administration works with business intuition. The … [Read more...]

Invoice can be defined as a document which gives accurate description of material being sent or shipped and their prices, issued by the exporter/supplier at the request of the importer/purchaser prior to the placement of the order. It is not exactly same as proforma invoice, which is for form only, i.e. neither it is recorded in the books nor charged to the recipient's account. It is used to request buyer for payment of the goods dispatched to him on credit. While an invoice states the total … [Read more...]

Code of Ethics and Code of Conduct are the standards that a group must adhere to, so as to remain the member of the organisation. The primary difference between code of ethics and code of conduct is that code of ethics is a set of principles which influence the judgement while the code of conduct is a set of guidelines that influence employee's actions. These statements are formally addressed and need to be accepted by the members when they join the organisation for the first time. These help … [Read more...]