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Difference Between Advertising and Promotion

Advertising and promotion are two marketing tools and they are both used in the modern marketing. At first sight it is very hard to see the exact difference between advertising and promotion. Both advertising and promotion use the same techniques and the gained results are basically the same.

However, there are a few things that highlight the difference between advertising and promotion. These differences are the following :

• amount of time spent ( advertising need more time for results, while promotions have instant effects )
• impact on overall sales ( advertising can produce greater profits, promotion lower profits )
• overall costs
• general purpose
• company type

The advertising techniques are often used by

middle level and large level companies. The goals of these companies are the strengthening of their brand and the building of long term sales. The most popular types of advertising are the television and radio adverts, national or local press advertisements ,large billboards and posters.

The main power of advertising is creating strong brands and making long term sales. Beside the long term sales advertising also helps to improve short term and middle term sales too. Building and the strengthening of the consumer loyalty is the ultimate goal of advertising.

After starting an advertising campaign we must wait a longer period of time before we can see any substantial results. This time period can

be from months to even years. Because of this time frame and the high initial costs, advertising is suitable for large companies and corporations only.

On contrary to advertising, promotion is more focused towards the short term results. Although promotion is also participating in the process of brand building this is not its goal. The only major goal of the promotion is to build the sales in the short time period. The most popular ways of promotion are the discount coupons in the local press, two for one special promotions, free product samples and other special events held in stores.

The creation of promotions is very easy and they can result in very good short term gains. The cost of the promotion is significantly lower than advertising and because of this fact promotions are more suitable for small companies. The cost efficiency and the required time frame do not exclude medium companies or large companies to organize promotions. On the contrary, medium and large corporations also set up promotions, the everyday example is the daily or weekly product promotions in large national store chains.

Of course, there is a number of similarities in advertising and promotions. These two marketing tools are sometimes support each other and it is not rare that advertising campaigns use promotions too. During advertising campaigns, promotions are used to make the overall success of the campaign more greater

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Difference Between CDMA and GSM

When we buy a mobile phone, we usually don’t

concern ourselves with the standards or technologies that our mobile phone uses. This is more so when we buy mobile phones that have the standard contract from the phone company, since it is 100% assured that it would function with that network. But in case you did not know, there are 2 very prominent technologies around the world. The first is GSM (Global System Mobile) and CDMA (Code Division Multiple Access).

The problem with these two technologies is that they are not really compatible and mobile phones that were made for one network would not necessarily work on the other. It shouldn’t really be a problem for you unless you travel outside your usual area or possibly outside the country. But in case you do travel around a lot, it might be better if you have a GSM mobile phone in tow since GSM holds a much bigger share of the mobile phone industry. And you should also consider this when buying a mobile phone from abroad. I know a couple of people who bought CDMA mobile phones when the whole country they were in was on GSM.

Technology wise, CDMA was supposed to be more advanced compared to GSM, but the hold of GSM over the market has already been cemented in the years that it was ahead making it impossible for CDMA to totally replace GSM. With regards to the third generation of mobile phones, it became apparent that GSM would not be able to compete with CDMA in terms of speed. Therefore it became apparent that GSM would have to move to CDMA. But the people who run GSM networks made a move that still made the two networks incompatible, by deploying WCDMA (Wideband CDMA) or UMTS (Universal Mobile Telecommunications Service) as it is known in Europe. This standard is still incompatible with EV-DO which was the next step for the CDMA crowd.

he battle between this two has long abandoned the technology aspect which was how it started, but now it is all about market share. Although in the technology side GSM seems to be gaining the upper hand with 3.6Mbps for UMTS and 7.2 for the later HSDPA, compared to the 2.4Mbps of EV-DO and 5.2Mbps of EV-DV which are the current competing technologies. Although it seems that CDMA isn’t going to be able to compete with GSM superiority in the mobile phone market, it is still unclear whether CDMA is actually going away.

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Difference Between GNP and GDP
GNP vs GDP

GNP or gross national product and GDP or gross domestic product are both measures of economic development. When you calculate the estimated value that defines the worth of any country’s services provided and production carried out over a whole year, then you refer to it as that country’s GDP.

On the other hand, GNP refers to the GDP added to the total amount of capital gain from all investments made abroad with the amount of income that has been earned by foreign nationals in that country subtracted from the total. Meanwhile, the formula to calculate GDP is addition of consumption, investment, government spending, exports with imports subtracted from the total.

Both terms are used in the sectors of finance, business and forecasting of economic trends. But while, GDP captures an image of the domestic economic strength of a country, GNP captures an image of how the nationals of a particular country are faring financially. GNP ignores the production area but focuses totally on the nationals of a particular country and businesses and industries owned by them irrespective of where they are located.

Further, GDP is also taken into account on the basis of the current prices in the period being studied. It includes three variants which are:

• Nominal GDP: is the production of services and goods that are valued at the current price prevalent in the market.
• Real GDP: is the production of goods and services that are valued at constant prices and are not affected by market fluctuations. This calculation helps economists to figure out if production in a country has improved or not without any reference to how the purchasing power of the country’s currency has changed.

In countries where there is very high foreign investment, the GDP is always much higher than the GNP. This is the reason the difference between the two is very trivial when it comes to America. But, is extremely high when it comes to countries like Saudi Arabia.

[The image shows the GDP growth per capita of each country. As seen in the image China has the highest GDP growth in the world]

Difference Between Accounting and Bookkeeping

Accounting and bookkeeping are both financial tools used for the recording of business transactions. There are slight differences between accounting and bookkeeping and they are mainly some technical differences. To understand what separates accounting from bookkeeping we must completely understand both categories and we must learn how they function in the everyday use.

Bookkeeping is the process of recording the business transactions and the relations between the transactions. The process of bookkeeping is mainly mechanical and does not require any analysis. Instead of the analyzing the bookkeeping relies only on the recording of the information. In the past times the records were kept in a book and this is why this financial tool is called bookkeeping. In the modern days the books got substituted with modern bookkeeping software which run on personal  computer. These kind of software is very sophisticated and it can tremendously help the job of the bookkeeper.

Basically the process of bookkeeping consists the recording of the incoming transactions ( received payments in form of money or cheques from customers, etc. ) and the recording of the outgoing transactions ( paying for specific bills in the correct time, etc. ).

There are two basic kinds of bookkeeping : single entry bookkeeping and double entry bookkeeping. In the case of the single entry bookkeeping we can find each transaction carried to the debit column or the credit column. On the contrary, in the case of double entry bookkeeping we can find two entries for each transactions carried to the ledger. One entry is carried to the credit side and the other to the debit side. This is done in the way that the two entries can be checked.

Accounting is also the systematic recording of business transactions but it includes additional reports and further financial analysis of the transactions. This basically means that bookkeeping is the part of the accounting process. Accounting beside the recording of the financial transactions also does the preparation of statements, liabilities of the assets and the various results of the whole business. Basically, accounting is using the bookkeeping information, interprets the data and compiles it into reports and presents it in a form of reports to the management.

Accounting is used in every business from small companies to large corporations. In the smaller companies, one person can perform both the accounting and bookkeeping. But in large companies and corporations a whole department of people is needed to successfully perform the accounting and bookkeeping tasks. Smaller businesses with a small number of transaction do not provide too much work for the bookkeeper, so he can perform the tasks of the accountant too.

The important part of accounting is the analysis of the business transactions and the delivering of the business results to the management of the company. The business results are usually delivered in forms of reports. The management from these reports can see whether the company is successful or not and with the help of the analysis they can see where do the problems come from in case of negative results.

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Difference Between Accounting and Finance

Here is a detailed definition that helps you to know everything about accounting and finance.

Accounting is the methodical or precise recording, reporting, and assessment of financial deals and transactions of a business. Accounting also involves the preparation of statements or declarations concerning assets, liabilities, and outcomes of operations of a business. Personal finance is a management of assets and liabilities in an efficient way. In a way, they are related to each other and yet they also have differences between each other.

What is the connection between accounting and finance? Accounting is an essential part of finance. It is a sub-function of finance. Accounting produces information about the operations of a business. The end-product of accounting is composed of financial declarations such as balance sheets, income declarations which include the profit and loss accounts, and the declaration of changes in financial position which includes sources and uses of funds declaration. The data kept in these declarations and reports aids financial directors in analyzing the previous performance and future inclinations of the company and in satisfying certain legal duties and responsibilities, such as payment of taxes and many more. Therefore, accounting and finance are practically closely connected.

One difference is associated with the treatment of funds and the other is associated with decision making. In accounting, the system of determination of funds; that is, income and expenditures, is based on the accrual system. Revenue is acknowledged at the point of sale and not when it was collected. Expenses are acknowledged when they are incurred than when they are paid. However, in finance, the system of determination of funds is based on cash flows. The revenues are acknowledged during the actual receipt in cash as in cash flow and the expenses are acknowledged when the actual payment is made as in cash outflow.

Another difference between accounting and finance is with respect to their purposes. With accounting, it aims to collect and present financial information. It furnishes constantly improved and easily interpreted previous data, present and future inclinations of the company. Meanwhile, financial director’s prime duty and responsibility associates to financial strategy, managing and controlling, and decision making. Therefore, in a sense, finance starts where accounting ends.

Difference between TDS and Income Tax


Tax Deducted At Source (TDS) vs Income Tax

Income tax is imposed by the state on an individual, a firm or a corporate house when income of the individual or the business entity exceeds a particular basic limit exempted by income tax law of the country. Income tax is the income of the state required to meet its expenditure on defense, development programs, salaries of state employees and various other plan and non-plan expenditures.

Income tax is calculated on the basis of annual income of the concerned individual or business enterprise. However, although income tax is calculated on annual income basis, the tax is deducted at source periodically over the accounting year for which income tax is payable. In case of salary payable to an employee, the employer has the duty to deduct income tax from the salary every month. In case of distribution of prizes of lottery and gambling, a certain percentage of such winning is deducted at source from the amount payable to such winner. There are scores of other individuals whose income is taxed at source by the person making payment to such individuals.

Therefore the term ‘Income tax’ and ‘Tax deducted at source’ may be confusing to a layman. A comparison is given below to clear such confusion.

1. While Income tax is calculated on the annual income and is a definite amount, the TDS is a sort of tax deducted periodically in anticipation of a deemed annual income, the sum total of such periodic deduction is supposed to be equal or near equal to the actual income tax calculated at the end of the accounting year.

2. Whereas Income tax is a person’s total annual tax liability, the TDS represents a fraction of his total annual tax liability.

3. A person may not have to pay tax at source, but may have to pay income tax at the end of the year in certain cases. For example, if an individual has income from salary as well as income from house property. Tax may not be deducted from his income from salary if it is below taxable limit. But if his total income, including the income from house property, exceeds the exemption limit, he will have to pay tax on his annual taxable income in one lump sum at the end of the year.

4. Similarly, an individual may not have taxable income, but still may have to pay TDS. One case in example is income from dividends or income from bank interests. Such dividend or interest income is taxed at source. But on yearly basis he may not have taxable income. So he is eligible to get income tax refund after submitting annual return and
claiming refund of such TDS amoun

Summary:

1. Income tax is a tax on the total annual earning of an individual or a profit making business entity. TDS is a fraction of the total anticipated tax deducted monthly/ periodically or occasionally from the earning of an individual which may be of regular or irregular nature.

2. One may not have to pay tax at source but may have to pay income tax at the end of the year.

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Tax Credit vs Tax Deduction

Different countries have different tax laws and have different rate of ‘tax deduction’ and different rules for  ‘tax credit’ that reduces total annual tax payable, by the amount of ‘tax credit’ a person is eligible for. Tax deduction in effect reduces your total income whereas tax credit reduces your total tax burden. So we can differentiate between the two in many ways some of which are described below.

1. Tax deduction is done in a number of ways like tax deduction at source by way of deducting tax, prior to payment of salary, payment of winnings from lottery, gambling payment or payment to a contractor for his services etc. So the tax is essentially deducted by payment authority, which is paying you. A case in example is your employer. Tax credit is allowed only by the state through its income tax department as per income tax act of concern country

2. Tax deducted from your income automatically turns into a part of overall tax credit at your hands, which you are eligible to adjust as deduction from the total amount of tax payable in a particular financial year while submitting annual returns.

3. Taxes are deducted at various rates depending on income slabs, payment amount etc whereas tax credits are fixed amounts.

4. All the taxes deducted become tax credit at your hands while all the tax credits are not income deductible. For example if you donate a sizable amount to charity organizations which do not have profit motive, then a percentage of such donation may be claimed as tax credit in tax returns. So is the case with home loan interest, educational loans or expenditures etc.

5. Tax credit received as a consequence of lowering your annual gross total income for donations made, certain interests paid and even certain expenditures made, in effect increases your income by refunding you the amount of tax credit you get from such lowering of gross total income. This is a sort of state benefit you get back through the tax refund system of the state.

6. In most countries self employed professionals, businessmen have to pay advance taxes depending on their projected annual income. Once such advance tax is deposited with the treasury, the amount automatically becomes a tax credit at the hands of the individual making such payment.

7. Whereas tax deduction is not refundable, tax credit may become refundable. For example a bank deducts tax on interest payment made to an individual on his deposits and hands him over the tax credit certificate. If the individual does not have taxable income or his total tax payable is less than the tax credit, then he gets full or a part of the tax credit as refund, in effect increasing his total income.

Summary:

1)Tax deduction is that part of taxes which are already paid as tax deducted at source or deposited as advance tax. Tax credit is the tax already deposited with the state treasury plus state benefit to its citizen paid back through its tax assessment system.

2)Tax deduction lowers the income, the tax credit lowers the tax burden

3) Taxes are deducted at various rates depending on income slabs, payment amount etc whereas tax credits are fixed amounts

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Average Tax Rate vs Marginal Tax Rate

It is important to understand the difference between average tax rate and marginal tax rate so you can make an effective tax plan. If you know how to differentiate average tax rate with marginal tax rate, then you will have an easier time in making your payable taxes lower.

First of all, calculating average tax rate is simpler than calculating the marginal tax rate. That is because with average tax rate, you will only get the average between your tax liability and your total taxable income. In simple terms, it is represented as tax liability divided by taxable income. This is a
fairly straightforward tax calculation.

specific set of tax table. Your tax rate therefore will depend primarily on your current level of income. So the higher you earn, you will also belong to higher income tax bracket. But if your income is lower, your tax rate will be lower also.

Marginal tax rate may change overtime. As your income or consumption increases or decreases, the marginal tax rate will also be adjusted based on your final taxable income. On the other hand, average tax rate represent the actual percentage of your income that goes into taxes.

Obviously, calculations for average tax rate will be lower because it incorporates the amount of taxes you will pay at all levels of income. Marginal tax rate is generally used on progressive taxation. You will get different tax rates based on your current level of income.

It is important to grasp the essentials of average tax rate and marginal tax rate so you can make a good tax plan. With marginal tax rate, you will pay more taxes as your income increases. But you also pay less tax if your income is lower.