Commerce

Inbound Marketing explained

len Alfred Ajibola - Thu, 16th January, 2020 @ 22:17: PM

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 Trade

Academic Questions in Commerce

Please check out our Test Your Knowledge page to see all Questions and Answers

One of the following is a form of division of labour.

  • A. Agonistic division of labour

  • B. Antagonistic division of labour

  • C. Mutualistic division of Labour

  • D. Advanced division of labour

  • E. Solitary division of labour

  • F. Occupational 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

The followings are disadvantages of division of labour except _____.

  • A. It becomes difficult to hold any of the workers accountable for poor sales

  • B. A worker may face the risk of unemployment

  • C. Limitation in the size of the market will affect division of labour

  • D. It can lead to loss of lives

  • E. All of the above

  • F. None of the above

The followings are principles of marketing mix except _____.

  • A. People

  • B. Positioning

  • C. Pressure group

  • D. Packaging

  • E. Promotion

  • F. Product

The followings are advantages of division of labour EXCEPT _____.

  • A. It promotes the use of machines in production industries

  • B. There is an increase in profit

  • C. It saves time and expenses of training

  • D. It fosters the spirit of division

  • E. It increases the production of quality goods and services in the market

  • F. It increases a country's economic growth

Which of the following statement is incorrect concerning division of labour?

  • A. It is the specialization of works

  • B. It can become monotonous

  • C. It is the specialization of processes

  • D. The nature of a job is not a condition for division of labour

  • E. A person performs only a part of the job

  • F. Division of labour has some of its drawbacks

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Inbound Marketing:

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:

  1. Inbound Marketing

  2. Outbound Marketing
    Please read on Outbound Marketing here.

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 can read on our Motivational Quotes for Students 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:

  1. Attract the curiosity of Visitors: Visitors can be attracted by placing targeted adverts on various digital platforms. For instance, adverts may be placed on various websites in order to attract visitors. In addition, certain keywords can be used on a website's nitch to improve its SEO on various search engines.
    Please read on the Concepts of Business and Business Studies here.

  2. Converts your Visitors into Leads: This can be achieved by creating a "register or contact us" page on your website corroborated with great user interface and experience. Always understand that the potential customers will only utilize your register or contact page if they found your product useful via the contents on your website.
    Please register to Len Academy here so that Your valuable contributions on our Academic Articles (via our comment sections) can be read by others.

  3. Follow up the Leads: The main goal of following up leads is to convert visitors into customers. This can be achieved by sending targeted emails, in addition to offering discounts on your quality products to your new customers.
    Please read on the Introduction and Scope Commerce here.

  4. Satisfy the Customers Demand: The demand of customers can be satisfied by serving them with quality products accompanied with a great sense of customer service. Both actions can indeed make them your promoters. In this regard, you may also send a weekly or monthly newsletter to your new customers, updating them about new products and promotion.
    Please read on the Concept and Examples of Production here.

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

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The brewery, Sankt Gallen in Japan, produces a beer called Un Kono Kuro from 🐘 elephant's 🐘 dung

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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 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

Please read more on marketing here

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:

  1. Commerce facilitates the exchange of goods and services which everyone can enjoy, regardless their location or whether the goods is produced within or outside their country.

  2. Commerce creates an awareness of the existence of goods and services through advertising.

  3. Commerce offers employment to a very large number of people in a Nation.

  4. Commerce promotes rapid transfer of both oral and written messages through communication.

  5. Commerce determines the standard of living in a Nation. This is because the extent of commercial activities is crucial to wealth of  a nation.

  6. Commerce makes for the protection against risk in day to day business operations.

  7. Through commerce, there is a steady supply of goods in a Nation. This is because commerce ensures that goods produced are stored until needed.

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:

  1. A public company must receive it’s training certificate to commence business.

  2. The minimum membership is two while the maximum membership is limitless.

  3. A public company has a legal status. It can sue and be sued.

  4. A public company files and publishes its annual reports, including its accounts.

  5. The liability of its members is limited.

  6. The shares are easily transferrable through the stock market.

  7. A public company can issue debentures to be secured as its assets.

Please read on Limited Liability Company, Its Advantages and Disadvantages here

There are seven elements of the marketing mix. These are:

  1. Product: Anything thing that satisfies a consumer’s need is referred to as a product. Product may come in the form of manufactured goods, raw materials or services.

  2. Price: Price is defined as the exchange value of goods and services supplied. In simple terms, it serves as a mechanism of exchange.

  3. Promotion: It involves all the processes that concerns with how business organizations should inform their customers about its product. If done properly, the demand of product will be increased. Promotions can take the form of advertising, search engine optimization, social media marketing, trade fairs exhibition and so on.

  4. Place: The place as a marketing mix concerns variables such as location and transport facility where the distribution of goods and services take place.

  5. Packaging

  6. Positioning

  7. People

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

Please read on the Principles of Marketing Mix here