Key Differences

Advertising and Public Relations are the two important tools for promoting products and services offered by the company. Advertising alludes to a form of communication, which a firm uses to instigate prospective customers to choose the product offered by the company, over other products. On the other hand, public relations is about building and maintaining good relations, with company's stakeholders, by gaining favourable publicity, having a good reputation and so on. The primary motive of … [Read more...]

There are certain organizations, which are set up by the group of individuals for serving the entire society, which can be NGO or NPO. An NGO, a non-governmental organisation, established to work for public and social welfare. Such organisation is not affiliated with any government. On the other end, NPO, as its name suggests, is a non-profit organisation, that works for any purpose other than making profits but such organizations are incorporated under the Companies Act. As the rules and … [Read more...]

An elastic demand is one in which a slight change in the price will lead to drastic change in the demand for the product. It differs from an inelastic demand in the sense that a change in price may have no or little effect on the demand of consumers. The elasticity of demand refers to the change in the quantity demanded of a product, due to the change in factors on which demand depends. Such variables are price, the price of related goods, income and so on. Unless and otherwise specified, … [Read more...]

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...]