Topics in CommercePrinciple 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 7 Ps of Marketing Mix Factors necessary for Division of Labour Disadvantages of Division of Labour Advantages of Division of Labour Outbound Marketing explained Inbound Marketing explained Production - Types of Production 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 Trade What is Foreign Trade? Types of Foreign Trade
Academic Questions in Commerce
The followings are principles of marketing mix except _____.
C. Pressure group
The followings are advantages of division of labour EXCEPT _____.
Which of the following statement is incorrect concerning division of labour?
What does a bearer cheque mean?
What is an order cheque?
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Let’s explain the concept of production using the analogy below:
There is something you probably would like. It could be a phone, car, console game, movie or something else. All of these things would have underwent a series of transformation processes before you could enjoy them. To this end, the goal of production is to indeed satisfy your demand for these transformed things.
According to Parkinson and Bates,
Production is defined as an organized activity of transforming resources into finished products in the form of goods and services.
From the above definition, the objective of production is therefore to satisfy the demand for goods and services. The transformed resources of production could be a car, phone or something else.
Note: When a service is rendered, such rendered service is also considered as production because it satisfies the needs or wants of the recipient or consumer.
Therefore, people who provide services like hair dressers, security men and public bus drivers are considered productive; and whatever service had been rendered can appropriately be referred to as production.
It is important to state that consumers will always pay for the end product of production (which are goods and services).
Once again, the main purpose of production is to satisfy human needs and wants.
The point is: "anything made or created that isn't wanted nor needed is not considered as production".
From what had been written above, we can further defined production thus:
Production is any activity carried out to satisfy the needs and wants of humans; who would make payments or a form of exchange in return.
An exchange is always involved in production; and such exchange will involve a form of monetary exchange with goods or rendered services.
Note: When a person renders a service for free or satisfies human needs/wants for free, such is not considered as production.
In conclusion, production is always an economic activity. This means that it involves money earning and money spending.
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Alfred Ajibola is a Medical Biochemist, a passionate Academician with over 7 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
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
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:
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:
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