Key Differences

Branding and marketing are two vital business function that works together with the aim of increasing revenue. The activities are used to bring awareness of a product or company among people. They are so closely interconnected that people often do not realise the difference between marketing and branding. While marketing involves an array of activities carried out to sell a product or service, that starts from ascertaining the customer needs to providing them with the product required. On the … [Read more...]

Administration can be viewed as the act of effectively managing the affairs of a business organisation or state. It implies the optimum use of people, information and other resources of the organisation, in the attainment of the ultimate goal of the company. The administration can be done either by public officials or private individuals. Public administration is a branch of economics that works with service motive. On the other end, private administration works with business intuition. The … [Read more...]

Invoice can be defined as a document which gives accurate description of material being sent or shipped and their prices, issued by the exporter/supplier at the request of the importer/purchaser prior to the placement of the order. It is not exactly same as proforma invoice, which is for form only, i.e. neither it is recorded in the books nor charged to the recipient's account. It is used to request buyer for payment of the goods dispatched to him on credit. While an invoice states the total … [Read more...]

Code of Ethics and Code of Conduct are the standards that a group must adhere to, so as to remain the member of the organisation. The primary difference between code of ethics and code of conduct is that code of ethics is a set of principles which influence the judgement while the code of conduct is a set of guidelines that influence employee's actions. These statements are formally addressed and need to be accepted by the members when they join the organisation for the first time. These help … [Read more...]

In Human resource management, the term induction can be defined as the introduction of the newcomer to their job. It is not exactly same as an orientation, which provides basic information about the employer organisation to the fresher. Induction and Orientation are the two programs designed to provide new joined with the information they require to function comfortably and efficiently in the organisation. As the programs take place in the initial days, when the new hires join the … [Read more...]

The term market can be described as any place where buyers and sellers meet, directly or through dealers, to conclude transactions. There are three types of market structure, i.e. perfect competition, monopoly and imperfect competition. Further imperfect competition can be of two types: Monopolistic competition and oligopoly. In perfect competition, the product sold by different firms is identical, but in monopolistic competition, the firms sold near substitute products. The equilibrium … [Read more...]

Human Resource Management (HRM) is a branch of management; that is concerned with making best possible use of the enterprise's human resources, by providing better working conditions, to the employees. It involves those activities that arrange and coordinates the human resources of an entity. Further, it aims at maintaining good relations at various levels of management. On the other extreme, Human Resource Development (HRD) is a wing of HRM that keeps focusing on the growth and development … [Read more...]