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...]
Difference Between e-commerce and e-business
e-commerce is nothing but buying and selling of goods around the web. On the contrary, e-business is a little different as it is not limited to, commercial transactions, but it also provides other services. These are the two emerging modes of doing business, which are gaining importance with the passage of time. Gone are the days, when you have to go to the market to buy a single item. Nowadays you just have to place an order online, and that item will come to you within few minutes. Online … [Read more...]
Difference Between Trust and Society
There are certain forms of organization which is created, with an aim of providing services to the members, rather than earning a profit. Trust and society are two such organizations. Trust is a legal arrangement in which a person holds property for the sake of some other person. Society is an association of person, who come together to fulfill any particular purpose, described under the act. The basic distinguishing feature in the two legal persons is the purpose for which they are created, … [Read more...]
Difference Between Formal and Informal Groups
In an organization, the formation of groups is very natural, whether it is created by the management for the purpose of accomplishing the goals of the organization or by the members of the organisations themselves to fulfill their social needs. There are two types of group, namely, formal groups and informal groups. Formal groups are the ones that are created as per official authority, so as to fulfill the desired objective. Unlike, informal groups are formed by the employees as per their likes, … [Read more...]
Difference Between Discount and Rebate
Maximization of sales is the primary business objective, for which various strategies are followed by the company. One of those strategies is providing a discount or rebate to the shoppers to induce them buy more quantity of goods. The discount is a most common strategy used by the entities to enhance its sales, in which a deduction is made in the price of the product. On the contrary, the rebate is a particular kind of discount or say partial refund of the product price by seller to the … [Read more...]
Difference Between Product and Brand
Brand and Product are two different terms, which are commonly encountered in marketing. These two differ in the sense that a product is created by the company while a brand is built by the people using them i.e. customers. Moreover, the former can be easily duplicated, whereas a the latter is unique, and it cannot be copied. A product passes through a life cycle, but a brand is timeless. Due to the rapid modernization of the society, now every person is concerned about, How they look? What … [Read more...]
Difference Between Salary and Wages
The term salary and wages is often confused by people and is used interchangeably. But the truth is that both these terms differ from each other and hold different meanings. Salary is a fixed amount paid or transferred to the employees at regular intervals for their performance and productivity, at the end of the month whereas wages are hourly or daily-based payment given to the labour for the amount of work finished in a day. The main difference between salary and wages lies in the fact that … [Read more...]
Difference Between Trade and Commerce
Business Activities are grouped into two broad categories, i.e. industry and commerce. Commerce is concerned with facilitating the exchange of goods and services in the economy. It is sub-classified as trade and auxiliaries to trade. Many think that trade and commerce are the same terms and can be used interchangeably. But the fact is both the terms are different from each other and carry different meanings. Trade simply means buying and selling of goods and services in return for money or … [Read more...]
Difference Between Product Cost and Period Cost
Based on the association with the product, cost can be classified as product cost and period cost. Product Cost is the cost that is attributable to the product, i.e. the cost which is traceable to the product and is a part of inventory values. On the contrary, Period Cost is just opposite to product cost, as they are not related to production, they cannot be apportioned to the product, as it is charged to the period in which they arise. Product cost comprises of direct materials, direct … [Read more...]
Difference Between Explicit Cost and Implicit Cost
Based on payment, costs are classified into two categories; they are Explicit Costs and Implicit Costs. Explicit Cost is the cost which is actually incurred by the organization, during production. On the other hand, Implicit Cost, are just opposite to the explicit cost, as the organization does not directly incur them, but they are implied in nature which does not involve a cash payment. The former is an out of pocket cost, while the latter is an opportunity cost. Explicit Cost refers to the … [Read more...]
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