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 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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Forms of division of labour relates the various ways through which division of labour may be carried out.
Take for instance, in a country like America, one state may choose to specialize in the production of a cars while another state specializes in another area, lets say agriculture.
The above instance presents some sort of division of labour with regards to both states.
Before we delve into the forms of division of labour, an understanding on the concept of division of labour will prove useful.
Below are some explanations on the Forms of Division of Labour:
This form of division of labour relates to process specialization.
Process specialization implies that the work done by an organization will be divided into different and specific processes, with a person or group of persons handling each process.
An instance of process specialization is seen in a bottled water company. The processes involved can be divided as follows:
Note: Mass production industries will always embark on this form of division of labour.
Occupational division of labour relates to the various occupation available in a society, country or state.
As an instance, in every society, we have teachers, bankers, doctors, lawyers, architects, drivers and so on. Each of these are professionals in their respective fields.
Occupational division of labour therefore requires that the societal jobs are shared among people who are experts in regards to their respective occupation. As a result, teachers will be dedicated towards the training and teaching of pupils and students while the doctors are specialize in saving lives.
Note: The various functions of each of the aforementioned professionals stabilizes a country's economy. If a strike action is embarked by an occupational segment of the society, for instance, the medical department (doctors), lives will be lost.
The geographical location of industries will affect this form of division of labour.
The instance below explains the geographic division of labour:
Similarly, another region or state specializes in the conversion of petroleum into its various fractions like petrol and kerosene. They export these fractions to Nigeria and other countries.
Please read on the Fractions of Petroleum and it's Separation Technique here.
Another good reference to geographical division of labour is the city of Bombay and Democratic Republic of Congo.
Bombay is distinguished for its cotton production, while the Democratic Republic of Congo is widely know for cobalt mining.
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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 very important to the life of any Nation for the following reasons:
A public company is not owned by an individual. Usually, it is owned by groups or a very 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
The four elements of the marketing mix are usually referred to as the 4 “P”. 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