Topics in Commerce
Contract of Employment: Terms of employment contract 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 tradeAcademic Questions in Commerce
In commerce, which of the following is false with regards to a commodity?
A. A commodity must always have a market value
B. Rendered services are also instances of commodities
C. Products applicable to commodities can be bought or sold with money
D. A commodity must be standardized
E. A commodity must be usable upon delivery
F. Commodities can be traded in the futures market
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
Foreign or international trade can be divided into three. These are:
When a country bring in goods and services from other countries, then that's termed 'importation' or simply 'import'.
Import trade is seen or defined when a country purchases (or bring in) goods and services from other countries of the world.
Import trade can be divided into two. These are:
Visible imports: This is when a country purchases visible goods from other countries.
Visible goods are goods that can be seen and touched. They are also referred to as tangible goods.
The importation of petroleum is an example of visible import.
Invisible imports: They usually consists of services rendered by another country and thus cannot be seen or touched.
In invisible imports, the services are rendered by other countries to a country that requires such services.
Banking and insurance are examples of invisible imports.
When a country sell their goods and services to other countries, then that's termed 'exportation'.
Export trade is defined as the act of selling goods and services to other countries of the world.
Export trade can be divided two. These are:
Visible exports: This is seen when a country sells tangible goods; (that is, visible goods that can be seen and touched) to other countries.
The exportation of rice from India into Nigeria is an example of visible export.
Invisible exports: They consist of services rendered by one country to other countries of the world.
Services like banking and insurance are examples of invisible exports.
Entrepot trade refers to the buying (importation) of goods from one country and the subsequent selling (or exportation) of such goods to other countries after some additional processing had been made. For this reason, entrepot trade is often referred to as 're-export'.
Please read on production here.
The term re-export is used here because the original producers of the goods initially exported it to a country. This buying country may further process the goods and export it again to other countries.
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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
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.
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.
For an item to be considered a commodity, it must satisfy three conditions. These are:
It must be standardized. In the case of agricultural commodities, they must be in their unprocessed state.
It must be usable upon delivery
The price of a commodity item must vary.
A commodity market can therefore be defined a place where people buy and sell homogenous goods in large quantities.
Homogeneous goods are products that essentially have the same physical characteristics (or qualities) as similar products from other brands.
It is noteworthy to state that foreign currencies, data and bandwidth have all been included as part of today's commodity markets. In this regard, a commodity market will always have it's own set of rules and regulations.
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
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