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 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 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
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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.
Please read on the Introduction to Marketing and Branches of Marketing here.
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.
Please read on Management and Importance of Management here.
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.
Please read more on Advertising and Types of Advertising here.
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.
Please read on the Concept of Demand and Law of Demand here.
Note: Inbound activities cover the aspect of making discoveries on the wants and needs of the potential or target customers.
You can read on Needs, Wants, Scale of Preference and Opportunity Cost here.
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.
You can Attempt LEN Academy's Questions and Answers on various Subjects here.
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 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
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