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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You may have heard someone being referred to as “Jack of all trade and Master of none”. Funny enough, it will be somewhat right to say Jack is hardworking but the truth is, he may never achieve professionalism on whatever job he does.
Consider the instance below:
As you may have imagined, it is almost certain that Jack may not be specialized in each of the above phases of shoe production; and as a result he might end up not delivering the best of quality shoes to his customers.
Division of labour can be defined as the act of splitting job process into a number of different processes such that each process is done by a different person or group of persons.
With Division of labour, a person or group of persons perform only a part of the job.
Through the process of division of labour, one worker may constantly perform a specific aspect of the job and as a result, may become specialized in that area.
The result of specialization in the different department of a job will imply the production of goods with the highest quality.
Note: Some notable scholars did come up with their own definitions of division of labour. Below are some of their definitions:
When starting a business, one may begin small; and without any form of division of labour as a result of little capital. As the business grows, the entrepreneur will likely hire professionals so as to further increase his/her production output.
The point is: the growth of a business is one of the conditions or prerequisites why entrepreneurs embark on division of Labour.
Note: We have various conditions or factors that are necessary for division of Labour.
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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