Showing posts with label Marketing. Show all posts
Showing posts with label Marketing. Show all posts

Difference Between Import And Export

Business , Marketing
Introduction

Import is a process of purchasing goods or services from other countries to fulfill domestic requirements. On the contrary, export refers to selling of goods or services to foreign countries to expand global market share.

Difference Between Import And Export 

The main dissimilarities or difference between import and export can be highlighted as follows:

1. Meaning

Import: Buying goods or services from foreign countries to fulfill the demand of home country.
Export: Selling goods or services to foreign countries for the purpose of global exposure.

2. Purpose

Import: Purpose of import is to supply goods and services in the domestic market which are not produced or available in the country.
Export: Purpose of export is to supply goods and services to earn foreign income and to expand global market share.

3. Impact

Import: High import creates trade loss which adversely impact the economy
Export: High export creates trade surplus which is good for the economy.
difference-import-export


4. Beneficial For

Import: It is beneficial for the foreign country
Export: It is beneficial for home country because foreign currency is earned.

Import Vs Export (Comparison Chart)
Basis
Import
Export
Introduction
Buying commodities from foreign countries
Selling commodities to foreign countries
Purpose
To fulfill the demand of domestic market 
To expand global market share
Impact
High import creates negative impact
High export creates positive impact
Beneficial For
Foreign country
Home country

Distinction Between Import And Export In Short

- Import means purchasing goods/services from foreign countries to fulfill the demand of home country. On the other hand, export is a process of selling commodities to the other countries to increase the global market share.
- Import refers to buying of commodities. Export refers to selling of commodities.
- High import increases the trade deficit. But high export improves the trade surplus of the country.
- Import creates negative impact on country's GDP. Conversely, high export creates positive impact on the GDP of the country.
Read more »
By
Tags ,

Difference Between Industry And Market

Business , Marketing
Introduction

Industry refers to the group of firms that produce similar or identical products. For example, film industry, tourism industry, food industry etc. On the other hand, market refers to a place that facilitates buyers and sellers to perform economic activities (buying and selling of goods and services). 

Difference Between Industry And Market

The main dissimilarities or difference between industry and market can be studied as follows:

1. Meaning
Industry: It is a group of producers or companies that manufacture similar types of products.
Market: A place that offers varieties of products and services to the customers. It is a sum total of vendors and shoppers.

2. Types Of Goods

Industry: It deals with or produces similar or substitute goods only
Market: It deals with different varieties of goods and services

3. Physical Existence

Industry: Industries or manufacturing companies exist physically in a certain location.
Market: Market may exist physically like vegetable market, grocery shop, supermarket etc. and virtually like internet marketing and online shopping.

4. Competition

Industry: Competition exists among the producers
Market: Competition exists between different sellers and buyers.
difference-industry-market


5. Related To

Industry: It is related to production of goods
Market: It is related to exchange of goods and services

6. Technological Effect

Industry: It is highly affected by the change in technology
Market: It is less affected by the change in technology.

Industry Vs Market (Comparison Chart)

Basis

Industry
Market
Introduction

Group of manufacturing companies
Place that offers goods and services to the final customers
Types Of Goods

Similar type
Various types
Physical Existence

Yes
May or may not be
Competition

Between producers
Between sellers and buyers
Related To

Production 
Sellers and buyers
Technological Effect

High
Less

Distinction Between Industry And Market In Short

- Industry is a collection of firms that offer particular types of products or services. But market is a place that offer varieties of products /services to the buyers.
- Industry is related to production of similar types of goods. Market is related to selling of different types of goods/services.
- There is high technological effect in industry. But market is less affected by technological changes.
Read more »
By
Tags ,

Difference Between Packing And Packaging

Business , Marketing
Packing refers to the process of covering up, wrapping, binding, sealing etc. to ensure the safety of products or supplies.It helps to prevent products from breakage, leakage, spoilage, damage etc. On the contrary, packaging refers to the process of making appealing appearance and design of the products to attract the customers. It includes labeling and providing brand identity.

Difference Between Packing And Packaging

The main dissimilarities or difference between packing and packaging can be studied as follows:

1. Introduction

Packing: It is an act of  binding, wrapping or keeping products in box, sack, cane, bottle or bag to provide proper protection.
Packaging: It is an act of keeping product in attractive way with proper labeling which helps to identify the brand and promotes sales promotion.

2. Functions

Packing: Binding, wrapping and proper storing are the major functions of packing commodities.
Packaging: Attractive designing of wrapper (box, container, sacks, bottle etc.) and labeling are the main functions of packaging.

3. Focus On

Packing: It gives focus on the protection of product.
Packaging: It gives focus on brand identity and sales promotion.
difference-packing-packaging


4. Purpose/Objective

Packing: The main purpose of packing is to avoid damage, leakage and pilferage of goods.
Packaging: The main purpose of packaging is to ensure good packaging and make products ready for sale.

5. Before/After

Packing: It is done before packaging.
Packaging: It is done after packing.

Packing Vs Packaging (Comparison Chart)

Basis
Packing
Packaging
Introduction
Process of binding or wrapping products in box, sacks, container etc.
Process of keeping products attractive with proper labeling in order to attract customer
Functions
Wrapping, binding and storing
Wrapper designing and labeling
Focus On
Product protection
Sales promotion
Objective
Avoiding damage, leakage and pilferage
Making products ready for sale
Before/After
Before packaging
After packing

Distinction Between Packing And Packaging In Short

- Packing is an act of building box, wrappers, cans, containers etc. to keep products or supplies safely. But packaging is an act of keeping goods with attractive design and proper labels to attract customers.
- Packing avoids leakage, breakage and damage of products. Packaging makes products ready for sale by providing appealing design and brand identity.
- Packing function is performed before packaging. Packaging is done only after packing.
Read more »
By
Tags ,

Difference Between Internal And External Environment

Business , Management
Internal business environment (micro environment) is composed of factors or forces within the firm such as management structure, employees skills and ability, production technology etc. It directly influences daily business activities of the business firm. On the other hand, external environment (macro environment) can be defined as a set of exterior factors such as political , legal ,demographic, socio-cultural, technological environment etc. External business environment makes long-term impact in the business.
 

Difference Between Internal Environment And External Environment

The major dissimilarities or difference between internal and external business environment can be highlighted as follows:

1. Introduction
Internal Environment: It refers to a totality of internal forces (investors, intermediaries, customers etc) that directly impact the business.
External Environment: It refers to a totality of external forces (politics, economic, legal environment etc.) that indirectly impact the business.

2. Involves

Internal Environment: It involves within the business.
External Environment: It involves outside the business.

3. Known As

Internal Environment: It is also known as micro environment.
External Environment: It is also known as macro environment.

4. Includes

Internal Environment: It includes customers, suppliers, competitors, distributors, marketing intermediaries, public, shareholders etc.
External Environment: It includes politic, socio cultureal, legal and technological environment.

5. Controllable Or Not

Internal Environment: It exists within the organization, so it can be controlled by taking appropriate steps.
External Environment: It exists outside the business, so it cannot be controlled by the firm.

6. Impact

Internal Environment: It has a short term impact in the business
External Environment: It has a long term impact in the business
difference-between-internal-external-environment


7. Influence

Internal Environment: It influences specific business organization only.
External Environment: It effects all types of business firms.

8. Shows

Internal Environment: It shows the strength or weakness of the business
External Environment: It shows opportunities or threat to the business

Internal Vs External Environment (Comparison Chart)

Basis 
Internal Environment
External Environment
Introduction
Internal forces that influence the business directly
External forces that influence the business indirectly 
Involves
Inside the organization
Outside the organization
Known As
Micro environment
Macro environment
Includes
employees, customer, suppliers, public etc.
Political factor, cultural factor, technological factor, legal factor etc.
Controllable
Yes
No
Impact
Short term
Long term
Affects
Certain business only 
All types of business
Represents
Strength or weakness
Opportunities or threats

Distinction Between Internal And External Business Environment In Short

- Internal environment consists of in-house forces or factors of the company. External environment consists of exterior factors.
- Internal environment can be controlled. But external environment cannot be controlled by the management.
- Internal environment represents strength or weakness of the firm. Conversely, external environment offers opportunities or threats to the firm.
- Internal environment affects specific business firm or company. But external environment affects the entire industry.
Read more »
By
Tags , ,

Difference Between Warranty And Guarantee

Business , Marketing
Difference Between Warranty And Guarantee
The major dissimilarities or difference between warranty and guarantee can be highlighted as follows:
1. Introduction
Warranty: It is a written promise or commitment issued to the buyer by the seller to assure the genuineness of the product.
Guarantee: It is a promise made by a producer about the quality, reliability and durability of products or services.

2. Refers To

Warranty: Promise to repair or replace the product in case of any defect.
Guarantee: Promise to replace the product or refund payment in case of any default.

3. Issued By

Warranty: It may be issued by manufacturer, seller or distributors.
Guarantee: It is issued by manufacturers only

4. Beneficial

Warranty: It is less beneficial than guarantee because there is no provision for refund (money back)
Guarantee: It is more beneficial than warranty
difference-warranty-guarantee


5. Applicable To

Warranty: It is applicable to products only
Guarantee: It is applicable to products and services

6. Extra Cost

Warranty: It may involve extra cost and should be borne by the buyer
Guarantee: It does not require any extra cost

7. Formal Or Not

Warranty: More formal
Guarantee: Less formal

8. Consumer Right

Warranty: Consumer right is not protected
Guarantee: It protects the consumer right.

Warranty Vs Guarantee (Comparison Chart)

 Basis
 Warranty
 Guarantee
 Introduction
 Commitment to assure the genuineness  of  products
 Promise about the quality and durability of products
 Promise
 To repair or replace the defected product
 To replace the product or money back
 Issued By
 Manufacturers, distributors or sellers
 Manufacturers
 Beneficial
 Less
 More
 Applicable To
 Products
 Products and services
 Extra Charge
 May require
 Not require
 Formal
 More
 Less
 Consumer Right
 Not Protected
 Protected

I hope this post is helpful to understand the difference between warranty and guarantee and to make comparison between them.
Read more »
By
Tags ,