Topics in Commerce
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 trade Advantages of foreign tradeAcademic Questions in Commerce
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
Which of the followings isn't a characteristics of commerce?
A. Commerce is solely aimed at making profit
B. Commerce is 100% business
C. Commerce is a discontinuous process because it eventually satisfies human needs
D. Commerce is accompanied by uncertainties
E. Transaction processes are always done in commerce
F. Commerce connects the processes of production and marketing
We have three types of production in commerce. These are:
The focus of primary production are on raw materials. Any activity that involves the acquisition of materials from the surface of the earth with the intention of satisfying human needs or want is referred to as primary production.
Please read the introduction to production here.
As an instance, primary production is said to occur when a farmer prepares a land for crop production, plants on the farmland and eventually harvests the agricultural produce.
You can read on the differences between plants and crops here.
Another example of primary production is seen when a miner goes down the earth in search of gold, diamond, iron or any other natural resources.
Also, a fisherman doing his job of catching fishes on the sea or ocean is considered to be involved in primary production.
Please read the processes involved in starting a home based fish farming here.
In primary production, the produce or products are derived in their raw form. As a result, the materials or products derived from primary production can be further processed during secondary production.
Please read on the functions and characteristics of commerce here.
Any activity that turns raw materials (or intermediate materials) from primary production into a finished product is referred to as secondary production.
You can read on the division of labour here.
As an instance, secondary production involves the conversion of iron ore (raw material) obtained from mining into a finished product like steel.
Another instance is seen when cassava (a raw material from agricultural produce) is processed into 'garri'. Garri is a local food in Nigeria. It is the finished product in this instance.
In simple terms, secondary production involves the assembly and manufacturing processes of production.
Meanwhile, understand that production industries will always obtain their raw materials from primary production in order to manufacture a variety of products. For instance, the plastic industry may obtain its raw materials from oil, natural gas and coal which are products derived from the fractional distillation of petroleum or crude oil.
Please read on fractional distillation of petroleum here.
Any activity that puts finished goods or services into the hands of the final consumer is termed tertiary production.
You can read on consumer right and protection here.
Tertiary production include the commercial services that support the distribution processes of production.
Please read on the principles of marketing here.
Examples of tertiary production include activities carried out by the distributive sales person or marketers, advertising companies, banks, transporters, teachers and so on.
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Alfred Ajibola is a Medical Biochemist, a passionate Academician with over 10 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
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
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
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:
Please read on the functions and characteristics of commerce here
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:
Please read on limited liability company, its advantages and disadvantages here
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