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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Despite the many advantages that foreign trade (or international trade) has shown, it still has some of its setbacks.
Below are some disadvantages of foreign trade:
An infant Industry is defined as a new industry (in its developmental stage); and is likely to experience difficulties especially against established competitors abroad.
When goods, products and services are imported from abroad, infant industries will become suppressed and may eventually fold up.
Note: Infant industries are crucial for the development of a nation.
Many people have died because of the drugs they had taken. This results because the importers of these substandard drugs care only about making money, thus importing them into the country.
Note: Similarly, importers bring in substandard car accessories like break pads and tyres. These has lead to the death of innocent citizens
An excessive export of natural resources to other countries will result to a gradual reduction of the natural resources until it becomes exhausted.
For instance, Nigeria is a major exporter of petroleum.
The current volume of petroleum in Nigeria is much lesser compared to what was present during its discovery. This is a result of constant exportation of petroleum.
Note: The money generated from exportation should be used judiciously utilized (by countries) in order to sail through the rainy days.
Too much importation of goods from other countries will negatively affect the economy of the importing countries. As a result, their currencies have little or no value.
Unemployment will persist in a nation that constantly import goods and services. This is true because these countries lack industries. As a result unemployment rate is increased.
Those who make huge amount of money from importation may deliberately work against national growth by supressing the necessary facilities like constant power supply and good road network.
Note: The above facilities are necessary if a country intends to attract more investors into their land.
Countries that depend on importation will suffer during the times of war. This is true because supplies to such countries will be cut off by enemies thus making them vulnerable.
Countries that export raw materials and import the finished products of their raw materials are actually cheated in a foreign trade.
For instance, Nigeria is an exporter of petroleum but ironically, she buys the products of petroleum like petrol and kerosene.
The Nigerian government understood the burden this would cause on her people; and as a result, they constantly subsidize these products especially petrol.
Note: The money spent on subsidies could have gone into capital projects. This will be more beneficial to the masses.
Some of the wars that happened in the past are considered to be caused by countries trying to secure international markets from their products.
Note: Foreign trade can also foster hatred and cold war between countries.
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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