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 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 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
Marketing is defined as any activity or process aimed at getting people interested in a product. The marketed product will always be in the form of goods and services.
Please read on the concept of marketing here.
The process of marketing can be effectively achieved in two ways. These are:
Always understand that outbound marketing is quite different from inbound marketing in the sense that all its procedures are done outside the organization.
In outbound marketing, your customers don't search for you; instead, you take all necessary steps to locate and find them.
Outbound activities are always carried out outside the organization. It include all the activities that provide information to the market. The main information provided to the market include the availability of products, reasons why such products are of best quality and their prices.
You always seek your customers in outbound marketing.
Outbound marketing also includes those activities that will put a product into the competitive market in an attempt to encourage consumers towards buying such product.
Please read on consumer right and protection here.
In reality, outbound marketing is quite difficult to track and will likely yield lesser profits; (when compared to inbound marketing). It had always been long used as a marketing strategy even before the evolution of the internet. To this end, various organizations allocate funds (which can be quite huge) to accomplish outbound marketing.
Please read on the elements of management here.
When you see or listen to advertisments on your favorite television and radio programs, then that's outbound marketing because you didn't search for it. As a result, your chances of being disinterested in the advertisments can be significantly high.
Please read on the elements of management here.
The various traditional means of marketing are typical examples of outbound marketing. They include:
It is important to state that the advertisments on websites and social media platforms is considered a modern means of advertising. It falls under inbound and outbound marketing depending on how you look at it. In this case. It is considered as outbound marketing if the advertisment search isn't initiated by the user or from the online activity on the user. To this end, you may see different kinds of advertisment on various website which may not be of interest to you since you didn't initiate them.
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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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