Policies vs procedures

It is important for organizations to function in a systematic manner so as to obtain their goals and objectives. An organization that does not follow a system is unable to accomplish its goals, which is why it is so important for organizations to have policies and procedures in place. From the outset, policies and procedures … Read morePolicies vs procedures

Wholesale sales vs retail sales

Most medium to large scale manufacturing and trading businesses engage a chain of distribution for the sale of their goods. This chain begins from the production factory and ends with sale of goods to the end consumer. Manufacturers sell goods to wholesalers/distributors who in turn sell to retailers who in turn sell to individual end … Read moreWholesale sales vs retail sales

Supply chain vs value chain

Supply chain and value chain are two processes that are critical for a company in ensuring that good quality products are delivered to customers at a low cost in a well-timed manner. There are various well-integrated procedures that are part of supply chains and value chains, and these have to be strategically regulated to ensure … Read moreSupply chain vs value chain

Simple average vs weighted average

Data analysis is an important aspect of several functions such as economics, accounting, management and finance. Data analysis employs several tools – statistical and mathematical tools being one of them. Averages is one such mathematical analysis tool. It is essentially a single value that summarizes or represents a set of values. An average can have … Read moreSimple average vs weighted average

Recruiting vs staffing

Two of the most important functions of a human resource department are staffing and recruiting. This is because when the right people have been employed at the right positions and in correct numbers, there are higher chances of attaining organizational success. Though the two terms are often considered to mean the same, they differ in … Read moreRecruiting vs staffing

Direct selling vs direct marketing

The popularity of direct selling and direct marketing has increased with the advent of social media. This is because it has become a lot easier to get connected with people on a large scale. Often, the two terms are considered to be the same; however, there are actually quite a few differences between the two … Read moreDirect selling vs direct marketing

Turnover vs profit

Financial reporting is an important aspect of every business entity as it is essential to gauge the financial performance and position of the entity. One of the important financial statements is the profit and loss account. Each profit and loss account reports amongst others two important parameters, what are popularly termed as ‘top line’ and … Read moreTurnover vs profit

Private company vs public company

A company is a type of business entity wherein a separate legal entity is formed and incorporated to run the business of the entity, with the goal of earning profits for its members. All companies have shareholders who are part owners of the company. These shareholders are one of the sources of funds for the … Read morePrivate company vs public company

Trade discount vs cash discount

Most businesses operate in a competitive environment today. This necessitates that they offer their products and services at competitive prices, to be able to sustain good sales volume. This is why vendors are often seen offering discounts to their customers. Any reduction in price offered by vendors to their customers is termed as ‘discount’. Discounts … Read moreTrade discount vs cash discount