The term HRM expands to Human Resource Management; it implies the implementation of management principles for managing the workforce of an organisation. It is concerned with the process of hiring, developing and retaining the manpower, with a view to making them more efficient. When conventional HRM is compared and contrasted with the strategic HRM or SHRM, it becomes easier to understand. SHRM is the process of aligning the business strategy with the company's human resource practices, so as … [Read more...]
Difference Between Public Sector and Private Sector Banks
The Reserve Bank of India is the apex bank and the monetary authority, which regulates the banking system of the country. It is the banker's bank, it governs all the banks of the country, like cooperative banks, commercial banks and development banks. The commercial bank includes public sector banks, private sector bank, foreign bank, regional rural bank, local area banks, etc. Before 1969, except eight banks (SBI and seven associate banks), all the banks in India were private sector banks after … [Read more...]
Difference Between Authority and Responsibility
One of the objectives of the management is to establish a sound organisational structure and to do this, effective authority and responsibility relationship should be created, i.e. Who is accountable to whom? Who are superior and subordinate? Who can give orders? Whenever authority is used, responsibility ensues. Authority is the legal right to give the command, order or instruction and compel the subordinates to do a certain act. On the other hand, Responsibility is the outcome of authority. … [Read more...]
Difference Between Mortgage and Hypothecation
In general, many misconceive hypothecation for a mortgage, however, the difference between these two lies in the factor, on which they are created. A charge can be created on the movable property or immovable property, so when a movable property is under the charge, it is said to be hypothecated, whereas a charge created over an immovable property, it is known as a mortgage. The term 'charge' implies the creation of right by any person (borrower) including a separate legal entity over its … [Read more...]
Difference Between Letter of Credit and Bank Guarantee
Letter of Credit (L/C) is a financial instrument, used as an evidence of creditworthiness, issued by the bank of the buyer, concerning his credit history. L/C is often confused with a bank guarantee, as they share some common characteristics like both play a significant role in trade financing when the parties to the transactions don't have established the business relationship. Nevertheless, the two differs, in the bank's position vis-à-vis buyer and seller of goods and services. A bank … [Read more...]
Difference Between Marketing and Selling Concept
In the business glossary, you might have encountered the terms marketing concept and selling concept end number of times. The marketing concept concentrates on the buyer's needs and then the means are identified to meet out those needs. Therefore, the customer is regarded as the king of the market. On the other hand, selling concept stresses on the needs of the seller and so, it is the seller who rules the market. These two are the most misconstrued however there exists a fine line of … [Read more...]
Difference Between Movement and Shift in Demand Curve
In economics, demand is defined as the quantity of a product or service, that a consumer is ready to buy at various prices, over a period. Demand Curve is a graph, indicating the quantity demanded by the consumer at different prices. The movement in demand curve occurs due to the change in the price of the commodity whereas the shift in demand curve is because of the change in one or more factors other than the price. The demand curve is downward sloping from left to right, depicting an … [Read more...]
Difference Between Common and Preferred Stock
'Stock', a term used to denote securities that carry ownership interest and reflect potential claim on the assets and income, earned by the corporation. It is classified into two broad categories, i.e. common stock and preferred stock. The former implies the ordinary stock issued by the companies, while the latter, are the ones that carry preferential rights regarding dividend payment and repayment of capital. Stock indicates, the net worth or shareholder's equity, of the firm, which can be … [Read more...]
Difference Between Culture and Civilization
Have you ever wondered why the one who is poor and in a shabby attire is regarded as uncivilized, even though he may be the most cultured person and the one in a sophisticated outfit, is called civilized, but, may not be having the sense of culture? Culture is everything about the human society, i.e. it refers to the knowledge and features of a specific group of people living in a region. On the other extreme, civilization is the breakthrough of the human society meaning that it is the … [Read more...]
Difference Between LLC and Inc.
While making a choice between business types, most business owners get confused between LLC or Inc. The former combines two forms of business, i.e. partnership and corporation. On the other hand, the latter means Incorporated, i.e. which represents the form of corporation, such as S corp or C corp. The basic question that arises before the entrepreneurs when starting a new business venture is, which business type to choose? The business structure is not just a status, rather all the legal … [Read more...]
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