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 begin be defining what Balance of Trade and Balance of Payments are.
Balance of Trade can simply be defined as the import and export of goods only.
Balance of Payments is defined as the record showing the relationhip between a country's total payment made to other countries and the total money received by them from other countries within a time period.
Balance of Payments can be put into 2. These are:
Note: An understanding on the concept of Balance of Trade and Balance of Payments will give you a better insight into their differences.
Below are the Differences between a Balance of Trade and Balance of Payments:
Balance of Trade
Balance of Payments
It is the total value of goods imported and exported by a country during a specific period; usually yearly or annually
It is the record showing the relationship between a country’s total payment made to other countries and the total money received by them from other countries within a time period
It helps a country evaluate its net profit and net loss incurred only from the importation and exportation of goods
It gives us a proper accountability beyond the importation and exportation of goods
Unilateral and Capital transfers are not part of balance of trade
Unilateral and Capital transfers are part of balance of payments
It deals with the difference between the export and import of goods only
It deals with the differences between the inflow and outflow of foreign exchange
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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