Key Differences

In layman language, CRM is a software that manages the relationship with customers and clients of the organization while ERP is a unified software program that manages the business processes of the entire organization. It lays emphasis on the planning of the resources of an enterprise to increase efficiency, effectiveness and economy of the enterprise. Customer Relationship Management (CRM) and Enterprise Resource Planning (ERP) are the two software, which is implemented by the companies in … [Read more...]

Based on competition, the market structure has been classified into two broad categories like Perfectly competitive and Imperfectly competitive. Perfect Competition is not found in the real world market because it is based on many assumptions. But an Imperfect Competition is associated with a practical approach. The type of market structure decides the market share of a firm in the market. If there exists a single firm, it will serve the entire market, and the demand of the customers are … [Read more...]

In a market, you can find different forms of imperfect competition for different products and services. Monopoly and oligopoly are two of them, wherein monopoly can be seen for those products which do not have competition, while oligopoly can be observed for the items with stiff competition. Monopoly is a market condition whereby only one seller is selling an entirely heterogeneous product at the marketplace, having no close substitutes to the product offered by the seller. On the other hand, … [Read more...]

A businessman walks on the defined path, but an entrepreneur believes in making his own path, which becomes a guideline for other businessmen. Most of the people have a misconception that the terms businessman and entrepreneur, carry the same meaning, due to which they use them interchangeably. A businessman is a person who runs the business, undertaking an unoriginal business idea.  On the contrary, an entrepreneur is someone who first initiates a product or business idea and thus the … [Read more...]

Advertising is marketing as well as a promotional tool in the hands of the company which conveys a message about the company or a product to the viewers, listeners or readers. It is aimed at persuading customers, to choose the company's product over the product offered by the competitors. Publicity is another promotional tool, but it is not same as advertising. It is based on reality as t is neither sponsored nor it is under the control of any company or its representatives. While … [Read more...]

Dealers or distributors can be a person or an entity, who plays the role of a middleman in the distribution process, but they are not one and the same. Dealers are in direct contact with the final consumers. On the contrary, distributors they have a direct connection with the manufacturers as they buy goods from them. Distribution process refers to the process in which company's product or service are made available to the customers, by various means like an actual storefront, e-commerce … [Read more...]

The word wholesale simply means selling in bulk quantities and retail stands for selling merchandise in small quantities. Wholesale and retail are two distribution arrangement that constitutes a major part of the supply chain. When the goods are manufactured, they are sold in large quantities (wholesale) to the wholesalers who further sells them to the retailers who finally sells them to the ultimate customers. While a wholesaler sells goods to the businesses, as they purchase goods to sell … [Read more...]

Employees are the most valuable asset to the company, as they are responsible for the success or failure of the enterprise. It is hard, for the managers to find out the right employees and to put them at the right job. The process of recruitment helps to hunt the best employee from the slate of candidates. There are two sources of supply of manpower; namely, internal and external recruitment. Internal Recruitment is a process whereby the employees are recruited from within the organization while … [Read more...]

Business exists in a large environment and many factors affect the business directly and indirectly. Every organization has its stakeholders, irrespective of its size, nature, structure and purpose. The stakeholders can be any person or entity, who influence and can be influenced by the company's activities. In a business environment, stakeholders are classified into two categories, Internal Stakeholders, and External Stakeholders. Internal stakeholders refer to the individuals and parties, … [Read more...]