Commerce

Outbound Marketing explained

len Alfred Ajibola - Thu, 16th January, 2020 @ 22:18: PM

Topics in Commerce

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 What is Foreign Trade? Types of Foreign Trade


Academic Questions in Commerce

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

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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Outbound Marketing:

Marketing is defined as any activity or process aimed at getting people interested in a product. The marketed products will always be in the form of goods and services.

Please read on the Concept of Marketing and Branches of Marketing here.

The process of marketing can be effectively achieved in 2 ways. These are:

  1. Inbound Marketing
    Please read on Inbound Marketing here.
  2. Outbound Marketing

Note: Outbound Marketing is the opposite of Inbound Marketing.

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.

Please read on Supply, Supply Curve and Law of Supply here.

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.

For instance, when you see or listen to advertisments on your favorite television and radio programs, 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:

  • Commercials on Television.
  • Commercials on Radio.
  • Posters and Handbills.
  • Advertisments on Newspapers and Tabloids.

    Please read more on Advertising and Types of Advertising here.

  • Spam Emails.
  • Public Relations Campaigns (PRC).
  • Print adverts on cars, clothes and so on.
  • Advertisments on websites and social media platforms.

Note: 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's 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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len

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

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

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