The sales executive is the most important link between the company and its clients, who offer products and services to the customers and negotiate contracts, so as increase profits. On the other hand, marketing executives, play a crucial role in every organization who work with other employees, such as market research team, distribution staff, advertising team and so on The marketing executives focus on maximizing profits by creating sales and providing those products to customers that match … [Read more...]
Difference Between Price, Cost and Value
Price can be understood as the money or amount to be paid, in order to get something. Cost is the amount incurred in the production of goods, i.e. it is the money value of the resources involved in producing something. Conversely, value implies the utility of worth of the commodity of service for an individual. A market is a place where millions of products and services offered for sale to the public, which are different size, shape, color, nature, functioning, and many other respects. The … [Read more...]
Difference Between Banker’s Cheque (Pay Order) and Demand Draft
Banker's Cheque or say pay order is an instrument, generally non-negotiable, issued by the bank on behalf of the customer, containing an order to pay a specified sum to the specified person, in the same city. On the other hand, demand draft is a financial instrument, used by people for the purpose of transferring money from one place to another. Whether it is a banker's cheque or a demand draft, the validation period of the two instruments is 3 months, i.e. after the expiry of three months, … [Read more...]
Difference Between Cheque and Demand Draft
The cheque is simply, an instrument, which contains an order to the bank to pay the specified sum from the drawer's account to the holder of the instrument. On the other hand, demand draft is a financial instrument that is payable on demand. Banks are integral part of our life as millions of transactions take place every next minute, in which the bank is involved in some way or the other, such as depositing cash and valuables, withdrawing cash at any time, transferring money from one place to … [Read more...]
Difference Between Demand and Supply
The two driving forces of the market and also the economy, i.e. demand and supply. Demand implies the desire for a good, supported by the ability and readiness to pay for it. On the other hand, supply, alludes to the total amount of a commodity ready for sale. When demand rises there is a shortage in the supply and when a supply is enough the demand falls short, so there is an inverse relationship between these two elements. Nowadays people are very selective regarding the things they use, … [Read more...]
Difference Between Revenue and Profit
Revenue is the income earned by the business entity through its day to day operations, i.e. from the sale of goods or rendering of services to the customers. On the other hand, Profit refers to the financial gain of the company i.e. when the amount earned from the sale of goods exceeds the amount spent on buying or producing goods; the result would be profit. There are two types of profit, i.e. gross profit and net profit. If revenue is the backbone, then profit is the lifeblood of the … [Read more...]
Difference Between EPF and PPF
EPF is an arrangement in which the salaried employees can make a contribution from the salary they draw each month towards a fund. Similarly, PPF is also a fund in which any person can make a contribution. These two are major vehicles of savings, in which investment is made to secure future, and also to mobilize savings of the general public, which reap interest, Provident Fund is an investment fund, wherein specified individuals can make the contribution, and a lump sum amount which includes … [Read more...]
Difference Between Sales and Marketing
In business parlance, sales refer to the exchange of products and services for money whereas marketing is a broad term that involves a chain of activities such as market research, promotion, and sales. Marketing focuses on customer's need, whereas sales stresses on the needs of the company. Marketing is all about ascertaining human needs and satisfying them, by providing the products they require, or say, it is about meeting needs profitably. On the other hand, sales is simply, inducing the … [Read more...]
Difference Between Economics and Finance
The term economics refers to a science of making the logical decisions regarding the use of scarce resources, so as to satisfy the unlimited human wants. It is many times juxtaposed with the term finance. Finance is defined as the study and the management of funds for the purpose of wealth maximization While economics is a social science, which studies how people, maximize gains from limited resources, i.e. selects the best alternative with the objective of maximizing gains. Conversely, … [Read more...]
Difference Between Micro and Macro Economics
The micro economics is the study of an economic behavior of a particular individual, firm, or household, i.e. it studies a particular unit. On the other hand, macro economics is the study of the economy as a whole i.e., not a single unit but the combination of all, firms, households, nation, etc. 'Economics' is defined as the study of how the humans work together to convert limited resources into goods and services to satisfy their wants (unlimited) and how they distribute the same among … [Read more...]