When the question is about influencing or manipulating others, two things go that side by side in the field of management are Power and Authority. These two are used to make people respond in the manner directed. Power is referred to as the capacity of an individual to influence the will or conduct of others. As against, authority is termed as the right possessed by a person to give the command to others. Many of us think that these two terms are one and the same thing, but there exists a … [Read more...]

Audit means an examination of books of accounts, conducted with the purpose of establishing the fact that the accounting records presents a true and fair view. Many people get confused amidst statutory audit and tax audit in this context. While the former is an audit carried out under the Companies Act, the latter is an audit conducted under the Income Tax Act. The rules related to the audit of financial statements of an entity are dealt in the statutory audit. On the other extreme, the … [Read more...]

CPI and RPI are two popular methods of measuring inflation. As both indexes use a basket of goods for calculating inflation, it is hard to differentiate them. While, Consumer Price Index (CPI) which is projected, by taking the average price of the economic output purchased by the consumers as a base, while Retail Price Index or RPI measures the variations in prices of retail economic output. The first and foremost difference between CPI and RPI is that While the consumer picee index excludes … [Read more...]

Foreclosure is a process in which the lender takes possession of the mortgaged asset when the borrower consistently fails to pay the outstanding payments. On the other hand, Short Sale is a process in which the lending institution allows the owner of the property to sell it, on his own. The main difference between foreclosure and short sale, lies in the fact, that the two are used at different times, as well as they are initiated by different persons. These are the two alternatives … [Read more...]

Sectors are majorly divided into three categories primary, secondary and tertiary. Based on the employment conditions these are further classified as an organised and unorganised sector. The organised sector is one that is incorporated with the appropriate authority or government and follow its rules and regulations. On the contrary, the unorganised sector can be understood as the sector, which is not incorporated with the government and thus, no rules are required to be followed. While the … [Read more...]

Many think that deflation and disinflation are synonymous and use them interchangeably as they lead to fall in the general price level, due to which money supply in the economy declines. Nevertheless, these two terms are different in a sense that deflation, is a situation where the price of the goods and services goes down while disinflation is when there is a gradual decrease in the rate of inflation. Sustained disinflation may lead to disinflation. Deflation takes places when the inflation … [Read more...]

In our day to day life, there are many circumstances, where we have to take risks, which involves exposure to lose or danger. Risk can be understood as the potential of loss. It is not exactly same as uncertainty, which implies the absence of certainty of the outcome in a particular situation. There are instances, wherein uncertainty is inherent, with respect to the forthcoming events, i.e. there is no idea, of what can happen next. So, in short, risk describes a situation, in which there is … [Read more...]

As both entrepreneur and intrapreneur share similar qualities like conviction, creativity, zeal and insight, the two are used interchangeably. However, the two are different, as an entrepreneur is a person who takes a considerable amount of risk to own and operate the business, with an aim of earning returns and rewards, from that business. He is the most important person who envisions new opportunities, products, techniques and business lines and coordinates all the activities to make them … [Read more...]

Research is a methodical study of the given problem, performed to establish facts and reach conclusions. It is considered as a prominent tool because research is the first step of the marketing process. Market research is used to collect the information about the market, such as consumers needs, preferences, interests, market trends, latest fashion and so on. Market research should not be confused with marketing reasearch, which is the scientific and objective study of the overall marketing … [Read more...]

In the business world, you have heard about the terms market and marketing, end number of times. but have you ever wondered, as, they are same or different? Market refers to a place where buyer and sellers can come in contact with each other either directly or indirectly, so as to trade goods and services for value. Its main function is to determine the price of the commodity, with the help of demand and supply factors. The term marketing is derived from the term market, and implies a process … [Read more...]