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Amount of visitors doesn't really allow someone to guess on what type of hosting ya need as it depends on what type of site your hosting and what the users are doing. Is it minimal load activity or is everyone using up major resources.
2 companies offering the same product can vary as well as company A may put a reasonable amount of people on each server which leads to good performance. Where company B can oversell/overload their servers which leads to high server loads/slow sites etc... The cheaper the price the more people they have to jam on a server to turn a profit. Can also see a difference by the equipment they use. Company A could be using high quality loaded servers where company B could be using bottom of the barrel inferior servers with minimal specs.
If your with a host that offers Shared, VPS and Dedicated and your noticing slowdowns on shared then the natural progression would be to upgrade to a VPS first to see how that handles as it might be enough instead of jumping straight to a dedicated that ya might not need and wasting money.
Management depends on the type of VPS ya buy.
Self Managed= You do the work
Partially Managed= You do some of the work
Fully Managed= Best if you don't know what your doing as they handle most of it or ya can submit a support ticket to get shit done that might not be on auto pilot.
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