Motivation implies the process of encouraging people to act in order to attain the desired objectives. It is something that stimulates an individual to keep doing the act already initiated. In this context, Abraham Maslow, a renowned psychologist, highlighted the elements of the theory of motivation, in a classic paper released in 1943. His theory is based on human needs and its fulfilment. On the other hand, Frederick Herzberg is an American psychologist, who coined out the concept of job … [Read more...]
Difference Between Scheduled Banks and Non-Scheduled Banks
Banks implies the financial institution that takes public deposits and extends credit to those who need it. They are a substantial part of the financial system, which assists in the overall economic development. These are broadly classified as scheduled and non-scheduled banks in India regulated under the Banking Regulation Act, 1949, wherein scheduled banks include all the commercial banks like nationalised, foreign, development, cooperative and regional rural banks. On the other extreme, … [Read more...]
Difference Between Dematerialization and Rematerialization
In India, the Securities and Exchange Board of India (SEBI) instituted Depository Services, called as Dematerialization of the listed securities with the aim of accelerating the share transfer function from sale, purchase and transmission. Dematerialization implies the activity of transforming the physical shares into electronic form. The shares are transferred to the investor's account, through the depository participant. After the dematerialization of securities, the investor has the … [Read more...]
Difference Between Business Strategy and Corporate Strategy
Business strategy is concerned with the strategic decisions concerning the choice of product, competitive advantage, customer satisfaction, etc. On the contrary, corporate strategy is concerned with the overall objective and scope of business to fulfil stakeholder's expectations. The strategy can be defined as the integrated plan or a trick used to get success in a particular affair. In business terms, the strategy is viewed as a means to reach the goal of the company. In a large firm, there … [Read more...]
Difference Between Fayol and Taylor’s Theories of Management
Henry Fayol is a French Mining Engineer, who developed the concept of general theory of administration and given 14 principles of management. On the other hand, F.W. Taylor is an American Mechanical Engineer, who advanced the concept of Scientific Management and given 4 Principles of Management. Management is viewed as the process in which the responsible members of the organization get the work done through and with others. Principles of Management are the guidelines that govern the decision … [Read more...]
Difference Between Commercial Bank and Merchant Bank
Banks are termed as the financial institutions, which act as intermediaries between depositors and borrowers. Besides the usual function of accepting deposits and extending credit, many value added services are also provided by the banks. Indeed, there are different types of banks set up to perform different functions. Commercial banks are the banks that provide services to the general public and companies as well. On the other hand, merchant banks are similar to investment banks as they do … [Read more...]
Difference Between Quotation and Tender
Quotation implies a fixed price offer given to the customer as a response to the tender notice. It has a legal binding, which when accepted by the customer, cannot be changed. It is not exactly same as tender, which is a response to an invitation to tender, submitted by the prospective supplier. An invitation to tender is an open request for proposal advertised by an organisation in the local newspaper, to invite potential and interested suppliers to submit their bid for supplying goods or … [Read more...]
Difference Between Short Run and Long Run Production Function
A short-run production function refers to that period of time, in which the installation of new plant and machinery to increase the production level is not possible. On the other hand, the Long-run production function is one in which the firm has got sufficient time to instal new machinery or capital equipment, instead of increasing the labour units. The production function can be described as the operational relationship between the inputs and outputs, in the sense that the maximum amount of … [Read more...]
Difference Between Transaction and Event
Accounting refers to an art of recording and compiling the financial transactions and events in a significant manner and interpreting the results. The term transaction is different from the event, in the sense that the former involves the exchange of values, but the latter may or may not involve the exchange of values. The term transaction can be understood as the business deal of buying and selling something for adequate consideration, carried out between two or more persons or entities. On … [Read more...]
Difference Between Memo and Letter
A memorandum or shortly known as a memo is a precise official note, used to inform, direct or advise the members within the same organisation. However, the business deals with a number of external parties such as customers, clients, suppliers, government agencies, manufacturers, societies, etc. for which a different tool of communication is used, called as a business letter. A letter refers to a brief message sent by the company to the person or entity, which are outsiders. Large corporations … [Read more...]
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