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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Marketing is a vital part of any business because entrepreneurs and business owners will constantly manufacture goods or render services, both of which are expected to be marketed in a bid to make more sales and profit.
The various activities needed to effectively implement marketing can be generally achieved in 2 ways. These are via:
In inbound marketing, the customers (or consumers) will always carry out searches for their needs or wants until they eventually find your product or that of a competitor (if its in line with their needs or wants).
For instance, you are on Len Academy right now because you probably searched for this article and eventually found it here.
You are here as a result of the inbound marketing done by Len Academy. The act of getting you here (through inbound marketing) may be as a result of a link you deliberately clicked on via another article of ours or through your search query on a search engine like Goggle, Bing or others. To this end, Len Academy had created links within its various articles. In addition, Len Academy had also optimized certain keywords for this article on various search engines such that it appears on their respective "first search page". This technique is referred to as Search Engine Optimization (SEO) and it's an example of inbound marketing.
Any marketing technique aimed at attracting customers to a product or service via concepts like SEO, social media marketing, web advertisments like Google adverts (adSense and adMob) and so on is regarded as an inbound marketing.
Note: It is important to state that Google adverts (AdSense and adMob) may use your activity on the internet to display adverts to you via various websites and blogging platforms. In another case, you may see adverts that aren't related to your internet activity.
Based on the above paragraph, Google adverts can therefore be considered as both inbound and outbound marketing. It's inbound if you initiated the search for the advertisment or if the advertisment displays the contents of your previous searches on your internet.
The focus of inbound marketing is to satisfy the curiosity of customers. This is so because potential customers are always in search of their needed products. To this end, the quality of a product alongside its packaging and branding will go a long way during inbound marketing.
Note: Inbound activities cover the aspect of making discoveries on the wants and needs of the potential or target customers.
The result of inbound marketing is an automatic segmentation of customers (or potential customers), and that's a good thing. For, instance, the brand "Len Academy" is being marketed to attract some specific set (or segment) of people which will include all students, teachers and lovers of education.
Segmentation of customers will help increase the product’s focus (since the target customers are already segmented or known), which in most cases provides quality and value for the marketed product.
The segmentation of customers can be achieved through the following procedures:
Note: Most inbound activities are always carried out within the organization.
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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