Alfred Ajibola
- Tue, 16th April, 2019 @ 8:24 PM
Topics in Commerce
Principle of Marketing: People as a marketing mix and their importance Principle of Marketing: Positioning as a marketing mix Principle of Marketing: Packaging as a marketing mix Elements of promotion in marketing mix Principle of Marketing: Promotion as a marketing mix Principle of Marketing: Place as a marketing mix Principle of Marketing: Price as a marketing mix Principles of Marketing: The seven principles of marketing mix Factors necessary for division of labour Disadvantages of division of labour Advantages of division of labour Concept of Outbound Marketing Inbound Marketing explained Types of production in commerce Commerce: Definitions and Scopes of Commerce Differences between balance of trade and balance of payments Balance of payment deficit and balance of payment surplus Disadvantages of foreign trade Divisions of foreign trade Advantages of foreign tradeAcademic Questions in Commerce
Whatever is being marketed must always provide value to its potential consumers.
A. True
B. False
Which of the following is not a branch of marketing?
A. Merchandising
B. Promotions
C. Forex
D. Search Media Optimization
E. Social Media Optimization
F. Copywriting
Which of the following is not a characteristics of commerce?
A. The only aim of commerce is to make profit
B. It is a discontinuous process after profit had been made
C. It is accompanied with challenges and uncertainties
D. It is 100% business and economic activity
E. Transaction processes are always involved in commerce
F. It connects the process of production and marketing
Which of the following is not a function of commerce?
A. Unnecessary in times of emergencies like earthquakes and wars
B. Facilitates mass production of goods
C. Influences transportation network within and outside a state
D. Attempts to satisfy human needs and wants
E. Improves the standard of living
F. Acts as an online business link between buyers and sellers
One of the following is a form of division of labour.
A place where people buy homogenous goods in large quantities is called _____.
A. Wholesaler's Market
B. Goods Market
C. Products Market
D. General Market
E. Commodity Market
F. Forex Market
Any activity aimed at getting people interested in a company's product or service is termed _____.
A. Commerce
B. Economics
C. Financial Accounting
D. Marketing
E. Production
F. Distribution
Which of the followings isn't a characteristics of commerce?
A. Commerce is solely aimed at making profit
B. Commerce is 100% business
C. Commerce is a discontinuous process because it eventually satisfies human needs
D. Commerce is accompanied by uncertainties
E. Transaction processes are always done in commerce
F. Commerce connects the processes of production and marketing
Have you ever made a business transaction such that you received goods or services without making an immediate payment?
If yes; and suppose you took some significant period of time before you were able to make the payment for what you initially received; then this delayed payment is known as deferred payment.
Please read on the methods of payment through commercial banks here.
Deferred payment is defined as a future payment eventually made after a buyer receives goods and services without an initial payment.
Think of it as the: 'buy now, pay later' type of transaction.
From the perspective of the seller, the money yet to be received after the supply of goods or services is called an accrued revenue, unrealized revenue or accrued assets.
According to the buyer, the money yet to be paid after the delivery of goods or services is called an accrued expense. For instance, a company that owes employees salary can be said to have an accrued expense.
Consequently, deferred payments are referred to accrued revenue from the perspective of the seller and accrued expense from the buyer's perspective.
You can read on the principle of double entry here.
Understand that a prepayment is somewhat an opposition to deferred payment. This is true because the concept of prepayment oversees that the buyer makes payment beforehand and must wait to enjoy whatever had been paid for after some significant time had elapse.
In short, you can think of a prepayment as 'paying in advance'. An example is when a tenant pays in advance to a landlord for an apartment yet to be used. Another example is an online payment for items yet to be received.
You can read on the agencies of consumer protection here.
Having a good understanding of deferred payment is important to accountants because they can act as a criteria in valuing an asset on a company’s record.
You can read on the differences between accountants and bookkeepers here.
Deferred payment can have positive outcomes in societies where they are properly implemented. Below are some advantages of deferred payment:
A student who is financially unstable may apply for a deferred payment scheme which comes in a variety of forms. As an instance, the student may be allowed to conclude his or her education for free and is only permitted to start making payments after he or she secures a job.
Deferred payment programs had presented opportunities to children of the financially unstable, aiding them to successfully complete their tertiary education instead of ending up as dropouts.
Please read on illiteracy here.
Farmers can now receive a non-interest loan to boost their agricultural activities; and all thanks to the concept of deferred payment. Some may use this money to purchase quality seeds, fertilizer, and agricultural machinery. They are expected to pay back from the profit that had been made.
You can read on agricultural tools and their uses here.
A country can significantly boost its export of agricultural produce in this way, especially when the necessary conditions of deferred payment are put in place.
Please read on how to start a home based fish farming here.
We see advertisements of varying opportunities given to potential customers towards buying landed properties while spreading its payment over a period of time. During, this time, the buyer acquires the property and maximizes it for whatever his or her intentions are.
It is important to state that the buyer may pay some additional interest during a stipulated time duration.
You can read on the meaning and scope of business studies here.
For those entrepreneurs with a great business vision but lack the capital to implement it, going through the deferred payment route is one of the best alternatives.
We have many financial institutions that are willing to lend out money to their customers over a period of time without a substancial interest rate.
Please read on the concept of business structure here.
To this end, numerous persons are now living independently through this very process.
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Alfred Ajibola is a Medical Biochemist, a passionate Academician with over 10 years of experience, a Versatile Writer, a Web Developer, a Cisco Certified Network Associate and a Cisco CyberOps Associate.
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Amazing facts in Commerce
With Amazon Smile, you can donate 0.5 percent of your purchases to a charity of your choosing
Check it out here
The brewery, Sankt Gallen in Japan, produces a beer called Un Kono Kuro from elephant's dung
North Korea and Cuba are the only countries in the world where you can't buy Coca-Cola
Amazon is an e-commerce website launched in 1995. It did not make any profit for its first seven years.
Amazon's first profit was in 2003. Its founder 'Jeff Bezos' is the richest man in the world as at 2018/2019
NOTABLE POINTS IN Commerce
Marketing is a broad field of study. Below are branches or divisions of marketing:
Advertising
Search Engine Optimization (SEO)
Merchandising
Branding
Promotions
Copywriting
Social Media Optimization (SMO)
Event planning
Customer Relationship Management (CRM)
Graphic Design
Internet Marketing
Marketing is defined as any activity or process aimed at getting people interested in a company’s product or service.
The processes utilized in marketing can take place via posters, public relations campaigns, handbills, social media, radio and television, buses, walls along the streets, the internet or just anywhere.
Below are some of the branches of marketing:
Advertising
Search Engine Optimization (SEO)
Merchandising
Branding
Promotions
Copywriting
Social Media Optimization (SMO)
Event planning
Customer Relationship Management (CRM)
Graphic Design
Internet Marketing
Commerce can be defined as the exchange of goods and services, usually for money and on a large scale that will require the transportation of such goods and services.
Commerce is crucial (important) to the life of any nation for the following reasons:
Please read on the functions and characteristics of commerce here
A public company is not owned by an individual; rather it's usually owned by groups or a large number of people.
The shares of a public company are traded freely on the stock exchange.
Below are some features of a public company:
Please read on limited liability company, its advantages and disadvantages here
There are seven elements of the marketing mix. These are:
Think of marketing mix as the set of marketing tools that an industry or company uses to drive or accomplish its marketing objectives in the target market
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