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?
LEN ACADEMY SMART SCHOOL SOFTWARE
Click here to read more on its smart academic features. Please kindly recommend to your school
Please click here to kindly support education
We have three types of production in commerce; they are:
The focus of primary production are on raw materials.
Any activity that involves the acquisition of material(s) from the surface of the earth with the intention of satisfying human needs or want is referred to as primary production.
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.
Another example of primary production is seen in a miner who 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.
The point is:
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.
Any activity that turns raw materials or intermediate material or materials from primary production into a finished product is referred to as secondary production.
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; and it's the finished product in this instance).
In short, secondary production involves the assembly and manufacturing processes.
Note: 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).
Any activity that puts finished goods or services into the hands of the final consumer is termed tertiary production.
Tertiary production include the commercial services that support the distribution processes of production.
Examples of tertiary production are activities carried out by the distributive sales person or marketer, advertising company, bank, transporter, teacher in a classroom and so on.
If You are a Student, Teacher or Lover of Education, please click here to follow LEN ACADEMY on Google News
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.
CONTRIBUTE TO THIS TOPIC | ASK A QUESTION
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