Business Activities are grouped into two broad categories, i.e. industry and commerce. Commerce is concerned with facilitating the exchange of goods and services in the economy. It is sub-classified as trade and auxiliaries to trade. Many think that trade and commerce are the same terms and can be used interchangeably. But the fact is both the terms are different from each other and carry different meanings. Trade simply means buying and selling of goods and services in return for money or … [Read more...]
Difference Between Quality Assurance and Quality Control
The major elements of the quality management, are quality assurance and quality control. Quality Assurance, assures that the right production process is performed in the right manner. Quality Control, on the other hand, ensures that the product will match the requisite standard. While the former stresses on preventing from defects, the latter concentrates on identifying the defects. At present quality, is king, it is one of the major concern of every customer, it is decided by the customer … [Read more...]
Difference Between Shareholders and Stakeholders
Shareholder is a person, who has invested money in the business by purchasing shares of the concerned enterprise. On the other hand, stakeholder implies the party whose interest is directly or indirectly affected by the company's actions. The scope of stakeholders is wider than that of the shareholder, in the sense that the latter is a part of the former. Stakeholders represents the entire micro-environment of the business. While shareholder own the company's share by paying the price for it, … [Read more...]
Difference Between Amalgamation and Absorption
Amalgamation, as its name suggests, is nothing but two companies becoming one. On the other hand, Absorption is the process in which the one dominant company takes control over the weaker company. These are two business strategies adopted by the companies to expand itself and take a competitive position in the market. But, here one should know that Amalgamation can occur in two ways i.e. in the form of merger or the form of absorption. Amalgamation is the legal process, in which two or more … [Read more...]
Difference Between Sole Proprietorship and Partnership
There are various forms of business organization in which the business entity can be organized, managed and operated. Sole Proprietorship is one of the oldest and easiest forms, which is still prevalent in the world. In this type of business, only one person owns, manages and controls the business activities. The individual who runs the business is known as a sole proprietor or sole trader. On the contrary, Partnership is that form of business organization two or more individuals come … [Read more...]
Difference Between Transactional and Transformational Leadership
Leadership is a trait of influencing the behavior of individuals, in order to fulfill organizational objectives. A number of leadership theories have been propounded by various management experts considering behaviour, traits, nature, etc. namely, Authoritarian, Laissez-faire, Transactional, Transformational, Paternalistic and Democratic. Transactional Leadership or otherwise known as management leadership, refers, to a leadership style which lays emphasis on the transaction between leader and … [Read more...]
Difference Between Central Sales Tax (CST) and VAT
CST is charged on interstate sales, by the central government, but collected by that state government in which sales have been made. On the contrary, VAT is a state-level multipoint tax, imposed in the value addition in the product, collected at various stages production and distribution. It contains a provision of set-off for the tax paid at the earlier stage. There are hundreds of sale transactions that takes place every moment around the world. The selling price of the product includes … [Read more...]
Difference Between Inflation and Deflation
In macroeconomics, we study about two burning issues which is experienced by almost all the countries of the world, i.e. inflation and deflation. Inflation is a situation when the prices of goods and services get a boost, thus decreasing the buying power of money. It is the continuous upward movement in the general price level of the economy. On the other hand deflation, it is opposite of inflation, whereby prices of goods and services fall and people can purchase more goods with the limited … [Read more...]
Difference Between Joint Venture and Partnership
Joint Venture is a form of business organization which is temporary in nature. It is established for a specific purpose or to accomplish a certain task or activity and when this purpose is completed the joint venture comes to an end. Joint venture is not exactly same as partnership, which is also a type of business entity, that come into existence when two or more persons come together to share business profits. The partnership business is understaken either by all the partners or by one partner … [Read more...]
Difference Between Strategic Planning and Operational Planning
Planning is an important activity, performed by the management, keeping in view, the vision, mission, goals and objectives of the enterprise. It implies thinking in advance, what we need to do in future and creates a rough draft, so as to fulfill the business objectives. Planning occurring at the corporate level is termed as strategic planning, while the planning process taking place at the functional level is called operational planning. Strategic Planning is concentrated towards attaining … [Read more...]
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