Topics in CommercePrinciple 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
The followings are principles of marketing mix except _____.
C. Pressure group
The followings are advantages of division of labour EXCEPT _____.
Which of the following statement is incorrect concerning division of labour?
What does a bearer cheque mean?
What is an order cheque?
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Division of labour is defined as the act splitting a goal into a number of different processes such that each process is done by a different person or group of persons.
For a factory or company to effectively carry out division of labour, certain conditions must be met. Below are some of the needed conditions required for Division of labour:
A large pool of economists are of the opinion that division of labour will thrive where there is a big market for a product.
When the market for a product is small, a producer will make little sales or profit on such product. The producer will also find it difficult to pay other people to work for him.
Conversely, a large factory will embark on division of labour if there is a large market to sell their numerous products.
Division of labour is necessary for some jobs while it remains unrealistic for other jobs.
Consider the instance below:
A taxi driver will find it difficult to embark on division of labour while a water production company will likely require division of labour to achieve its business purposes.
An entrepreneur with little capital will find it difficult to embark on division of labour while another with a huge capital will likely embrace division of labour since there is enough money to pay the workers.
Also, availability of capital will influence the purchase of machineries for production; and as a compliment, division of labour and the use of machines or technology go hand in hand.
Producers who makes a good amount of money from the sale of their products will likely support the possibility of division of labour. This is true because producers will always further the production of their product to a larger scale when the opportunity arises. This is a concept of the law of supply.
Producers who also make good returns from the sale of their products may also choose to expand their business by establishing it in a different location or area.
There can only be division of labour where labour is available. Think of labour as those who are hired to work for a factory or company.
Note: Scarcity of labour will lead to scarcity of division of labour even when there is availability of capital.
An entrepreneur who lacks the skills and ability necessary to organize production on a large scale may find it difficult to manage and direct the workers, especially towards their fields of expertise. As a result, such entrepreneur may not be able to employ suitable persons to work in their organization.
When a staff or hired labour does not understand the specific job they are meant to perform, division of labour may not scale well. Such staff perform other duties outside their job specification.
Division of labour will flourish in a society where there is a good transport system.
A good transport system is a requirement for having a large market; and a large market on the other hand will encourage division of labour.
Note: Drivers who transport products for marketing are also a part of the team that makes up division of labour.
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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:
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:
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