We find a superfluous and interchangeable use of terms especially in the case of Assumption/Hypothesis, Law/Theory, and Axiom/facts. Are these terminologies same as we tend to believe. Unfortunately they are not!

Assumptions are the core, bedrock on which lies the theory. They are the foundational premises (FP) and act as guidelines for application of a theory. Sample this; most of the present marketing theories have been built on the foundational premise supposedly based on “Goods Idea” born out of Industrial Economics. In the recent past, this FP was challenged by Vargo and Lusch (2010); who claimed that marketing was more of service and less of goods.  Thus, while proposing a service orientation, they conceived six FP’s deployed to develop Service Eco System based on logic which was dominated by the idea of service and not goods. This is assumption for you!

Now, let us examine Hypothesis.  The role of hypothesis is to test the Theory. It is an all possible explanation about how the theory works (whether is it working?) based on empirical evidence (data). Normally in thesis work, hypothesis gets an explicit mention, whereas assumptions remain implicit. But it is a good practice to mention assumptions too, since they play a vital role in building and applying theories. Mention of assumptions explicitly might actually help to objectively explain the essence of theory to diverse audience.

A Law that is explained becomes theory. In other words, an unexplained phenomenon remains a law. Any number of human observations does not change a law. For example, two molecules of hydrogen combine with one molecule of Oxygen to produce water (H2O). This is a firm law of nature. However, the drawback of law is that, it simply expresses and does not explain. We now build a theory around this phenomena (law) by bringing questions of why, when, how etc and provide this law its explanatory power. This is theory. Further theory also explores relationship between two or more phenomena in similar domains.

Coming to Axiom, Proof of existence is irrelevant for a phenomenon.  It has simply existed there for ages, and thus beyond change. Take for example; the numeral zero always precedes one. It is a mathematical axiom. It has always been there, unquestioned presence. Similarly, the Sun rises in the east direction and sets in the west. No question.  But as far as theory is concerned evidence in terms of “facts” are needed to establish a phenomenon. “Axiomatic Theory” is theory derived on axioms,

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