Key Difference – Small Business vs Entrepreneurship Small business and entrepreneurship are two terms that are often confused and used interchangeably; thus, it is important to understand the difference between small business and entrepreneurship clearly. While most entrepreneurial ventures start out as a small business, not all small businesses are entrepreneurships. The key difference […]
Difference Between RFI RFP and RFQ
Key Difference – RFI RFP vs RFQ RFI, RFP and RFQ are three types of documents used in project selection criteria. Some projects use all three documents in order to select suppliers, receive project proposals and quotations from them. RFI, RFP and RFQ are vital tools that can be used to achieve a successful […]
Difference Between Marketing and Business Development
Key Difference – Marketing vs Business Development Businesses adopt various strategies in order to achieve success among competitors. These include actions to make their products enticing to customers as well as to expand their business scale and scope. Marketing and business development are two ways that companies use for this purpose. The key difference […]
Difference Between Marketing Strategy and Marketing Plan
Key Difference – Marketing Strategy vs Marketing Plan The key difference between marketing strategy and marketing plan is that marketing strategy can be explained as a course of action to achieve a marketing objective whereas marketing plan is the set of actions implemented to realize the marketing strategy; i.e., how to achieve the desired […]
Difference Between Market Research and Market Intelligence
Key Difference – Market Research vs Market Intelligence Market research and market intelligence are two terms that are often used interchangeably; however, the scope and the meaning of these two are different from one another. Marketing strategy is a vital aspect for businesses to attract and retain customers, and thus, adequate market research and […]
Difference Between Product Development and Market Development
Key Difference – Product Development vs Market Development The key difference between product development and market development is that product development is a strategy that focuses on developing new products in existing markets whereas market development strategy identifies and develops new market segments for existing products. Product development and market development are two quadrants […]
Difference Between Market Penetration and Market Development
Key Difference – Market Penetration vs Market Development Market penetration and market development are two quadrants in the Ansoff’s growth matrix developed by H. Igor Ansoff in 1957, the other two being product development and diversification. Ansoff’s growth matrix demonstrates 4 ways in which a company can expand and grow. The key difference between […]
Difference Between Theory X and Theory Y
Key Difference – Theory X vs Theory Y Theory X and Theory Y were introduced in 1960 by Douglas McGregor, an American social psychologist in his book ‘The Human Side of Enterprise.’ This is one of the most famous motivational theories in management. In combination, both approaches are referred to as Theory XY. Theory […]
Difference Between Project Scope and Deliverables
Key Difference – Project Scope vs Deliverables Project management is a very critical aspect for businesses since all businesses may have to engage in projects from time to time. Both project scope and deliverables are important aspects of a project. The key difference between project scope and project deliverables is that project scope is […]
Difference Between Cost of New Customer and Retaining Customer
Cost of New Customer vs Retaining Customer Customer retention and acquisition are two important aspects of relationship marketing that focus on making long term relationships with customers rather than focusing on shorter term goals. The key difference between cost of new customer and retaining customer is that the cost of new customer is the […]
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