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 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
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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