STEP-BY-STEP ANSWER:
Step 1: Identify that both processes allow energy production in the absence of oxygen.
Step 2: Note that anaerobic respiration utilizes alternative electron acceptors (other than oxygen) to produce energy, whereas fermentation involves substrate-level phosphorylation without an electron transport chain.
Step 3: Examine the efficiency differences; anaerobic respiration generally produces more ATP compared to fermentation.
Step 4: Compare the end products formed – anaerobic respiration produces a range of by-products depending on the electron acceptor, while fermentation typically results in products like lactic acid or ethanol.
Final Answer: Anaerobic respiration involves using alternative electron acceptors and produces higher energy yields compared to fermentation, which relies on substrate-level phosphorylation and yields specific metabolic by-products.