The words packing and packaging often confuse us, as they play a very significant role in the field of Marketing and are used in the context of covering or wrapping the product for proper storage and transportation. While packing is more about protection, the packaging is focuses on the design and appearance of the product which makes it attractive. So, packing implies the act of covering up the item or product, to protect it from any damage, whereas packaging refers to a set of activities, … [Read more...]

Market implies an area where buyers and sellers meet and trade with one another either directly or through middlemen to determine the price of the particular product, by demand and supply forces. There are various forms of the market that vary in their nature, structure, size, etc. The term industry is often misconstrued with the market, however, the industry is just one of the component of the market. Industry alludes to a set of firms that are engaged in the same type of business activity, … [Read more...]

The term branding refers to the process of equipping the products and services with brand power, to create a line of demarcation between company's product and other products in the market. In this context, the terms brand identity and brand image are quite commonly juxtaposed. However, they are different. While a brand identity is how the brand owner defines his brand, brand image determines how the ultimate consumer perceives the brand. In other words, the brand identity can be the logo, … [Read more...]

The principal difference between import and export is that import is that form of trade in which goods are bought by a domestic company from other countries for the purpose of selling it in the domestic market. On the other hand, export implies a trade in which a company sells goods to other countries which are manufactured domestically. Trade refers to that branch of commerce which deals with the sale, transfer or exchange of products and services for a money consideration. It also aids in … [Read more...]

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...]