In a product layout, the machines, material and other facilities are placed as per the order of processing. It is often used when the production is to be performed on a large scale. Process layout is a type of plant layout wherein like machines are grouped in a single department. It is primarily used when the production process is non-repetitive in nature. The layout is an important concept of operations management, which implies the systematic organization and grouping of facilities and … [Read more...]
Difference Between Crowdfunding and Traditional Fundraising
In the business world, crowdfunding has evolved as one of the fastest growing industry, which aimed at changing the way in which entrepreneurs raise money and also the mindset of people to invest their money in established companies only. Traditional fundraising for a business project or venture encompasses pitching a few investors, banks or venture capitalists for a hefty sum. But in crowdfunding, the 'crowd' funds the idea or project, through an online platform, i.e. internet is used to … [Read more...]
Difference Between Multilevel Marketing (MLM) and Pyramid Scheme
Multilevel Marketing is a marketing strategy in which companies recruit distributors to sell their products and services to the people and also encourage others to join the company as a distributor and earn a commission, by selling the products further and inviting others to work. Multilevel Marketing is commonly confused with Pyramid Scheme; wherein one pays to join and become an agent of the scheme who get paid for recruiting others into the system and thus widening their network. One of … [Read more...]
Difference Between Brand Equity and Brand Value
A brand is not just a name, logo, design, symbol or combination of them, that helps the consumer in identifying the origin of the product, but it is much more than that. A brand is a promise, feeling, expectation and experience. A point to ponder, relating to the brand is that Brand equity is not equal to brand value. Brand equity is consumer focused, as its value is derived from consumer's perceptions, experiences, memories and associations concerning the brand. On the other hand, brand … [Read more...]
Difference Between Cost of Living and Standard of Living
When a person migrates or decides to relocate to another city, the first thing that comes to his/her mind is how much money is required to fulfil the basic necessities of life there. In this context, there are two basic economic concepts, i.e. Cost of living and Standard of living, which gives you an idea of the general price level in an area and the degree of wealth and luxuries, that a particular group enjoy, respectively. There are instances when people often misinterpret these two and use … [Read more...]
Difference Between Registered and Unregistered Trademark
There is a slight but significant difference between registered and unregistered trademark which lies in the protection provided by the registration. As the name suggests, a registered trademark is one which is registered, so it enjoys several rights and benefits, which are not available to the unregistered trademark. Trade Mark refers to intellectual property, that ensures protection to the owner of the mark, with respect to the exclusive right to use it, or to authorize another … [Read more...]
Difference Between Internal and External Economies of Scale
Internal Economies of scale is a result of endogenous determinants, i.e. the reasons which are internal to the firm. On the contrary, External economies of scale occur on account of exogenous determinants, i.e. the reasons which are external to the firm. The Long-run Average Cost (LAC) curve has a U-shape, due to the returns to scale, i.e. economies and diseconomies of scale. Economies of scale imply the corresponding savings in the cost of production achieved by the rise in the level of … [Read more...]
Difference Between Fiat Currency and Cryptocurrency
Fiat currency implies the money issued by the government of a country. It is a traditional medium of exchange, which is in the form of tangible currency, i.e. dollars, pounds or rupees, or it can be expressed electronically as bank credit. On the contrary, Cryptocurrency is a substitute for the traditional payment methods like cash, credit/debit card and cheques. It is based on cryptography technique which translates the basic text into unintelligible text. As the name itself signifies, … [Read more...]
Difference Between Stale Cheque and Post-Dated Cheque
Cheque refers to a bill of exchange, which contains an unconditional order to the bank to pay the specified sum from your bank account. There are two kinds of cheques which are commonly misunderstood are stale cheque and post-dated cheque. A stale cheque is one which cannot be honoured because the reasonable period is expired. As against, a post-dated cheque is a cheque which is drawn today but contains a future date for payment. Primarily, there three parties to a cheque, drawer - who draws … [Read more...]
Difference Between Absolute and Relative Poverty
Poverty can be defined as the state in which an individual or household is not able to fulfil the minimum consumption needs. It is not always about money, but it also entails access to basic facilities such as proper hygiene, sanitation, food, shelter, drinking water, health, education, transport, whose absence as a whole, is regarded as poverty. It can be absolute poverty or relative poverty. Absolute poverty is when there is an absence of a minimum level of subsistence needed for the basic … [Read more...]
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