Answer to Question #198304 in Marketing for Suvha Shree

Question

Differentiate between trade and commerce. Describe about agribusiness incubator and its importance in agribusiness activities?

Answer 1

Trade is referred to as a basic economic activity that involves buying and selling of different goods and services between two or more parties involved in the transaction. Commerce involves all the activities that aid in promoting the exchange of goods and services from the manufacturer to the last customers.

The Agri-Business Incubation (ABI) program is an initiative of ICRISAT under the Agribusiness and Innovation Platform (AIP) in partnership with the Department of Science and Technology (DST), Government of India, to promote public-private partnerships.

Incubators provide resources and services to entrepreneurs, including working space and offices, technical expertise, management mentoring, assistance in compiling an effective business plan, shared administrative services, technical support, business networking, and advice on intellectual property etc..

• They guide startups/ventures on how to compete with established industry players.
• Business incubators help with the basics of business.
• They provide networking activities.
• They help startups save on operating costs.
• Incubators provide marketing assistance.
• Incubators help with market research.
• They provide high-speed internet access.
• They create long-lasting jobs for new graduates, experienced mid-career personnel, and veteran executives.
• Incubators help with accounting/financial management.
• They provide access to bank loans, loan funds, and guarantee programs.
• Incubators bring credibility to the company. This helps the company receive loans and credit facilities from financial institutions.