Topics in Commerce
Contract of Employment: Terms of employment contract 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 tradeAcademic Questions in Commerce
In commerce, which of the following is false with regards to a commodity?
A. A commodity must always have a market value
B. Rendered services are also instances of commodities
C. Products applicable to commodities can be bought or sold with money
D. A commodity must be standardized
E. A commodity must be usable upon delivery
F. Commodities can be traded in the futures market
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
Marketing is a vital part of any business since entrepreneurs and business owners will constantly manufacture goods or render services which are expected to be marketed in a bid to make more sales and profit.
Please read on the introduction to marketing here.
The various activities needed to effectively implement marketing can be generally achieved in two 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 it is in line with their needs or wants). As an instance, you are on Len Academy right now because you probably searched for this article and eventually found it.
You can read on our motivational quotes here.
You are here (on this webpage) 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 its importance 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.
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 is 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 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 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 scale of preference here.
The result of inbound marketing is an automatic segmentation of customers (or potential customers), and that's a good thing. As an 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:
Meanwhile, understand that most inbound marketing activities are always carried out within the organization.
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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
A prepayment is somewhat an opposition to deferred payment. This is true because the concept of prepayment oversees that the buyer makes payment beforehand and must wait to enjoy whatever had been paid for after some significant time had elapse.
In short, you can think of a prepayment as 'paying in advance'. An example is when a tenant pays in advance to a landlord for an apartment yet to be used. Another example is an online payment for items yet to be received.
Deferred payment is defined as a future payment eventually made after a buyer receives goods and services without an initial payment. Think of it as the: 'buy now, pay later' type of transaction.
From the perspective of the seller, the money yet to be received after the supply of goods or services is called an accrued revenue, unrealized revenue or accrued assets.
According to the buyer, the money yet to be paid after the delivery of goods or services is called an accrued expense. For instance, a company that owes employees salary can be said to have an accrued expense.
For an item to be considered a commodity, it must satisfy three conditions. These are:
It must be standardized. In the case of agricultural commodities, they must be in their unprocessed state.
It must be usable upon delivery
The price of a commodity item must vary.
A commodity market can therefore be defined a place where people buy and sell homogenous goods in large quantities.
Homogeneous goods are products that essentially have the same physical characteristics (or qualities) as similar products from other brands.
It is noteworthy to state that foreign currencies, data and bandwidth have all been included as part of today's commodity markets. In this regard, a commodity market will always have it's own set of rules and regulations.
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
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