Topics in CommerceElements 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 Scheme of Work for Commerce, SS1, First Term Scheme of work for Commerce, SS1, Second Term
Academic Questions in Commerce
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?
Marketing is simply defined as any activity or process aimed at getting people (or consumers) interested in a product or service. For an organization to be successful, it must adhere to all or some of the principles of marketing.
The principles of marketing are 7 in number and are referred to the principles of marketing mix.
The term marketing mix refers to a combination of factors that can be appropriately controlled by a company such that consumers and customers become attracted towards buying their products. As a result, the company enjoys an overall increase in the sales of their products.
Note: Marketing mix is a fundamental business model used by various companies to grow their customers database.
The 7 principles of marketing mix include:
The 7 principles (or P's) of marketing explain how various marketing processes interacts with each stage of the business. These marketing principles have always proven to be effective (when used appropriately), be it in financial, legal, educational, political or any other institution you can think of.
In this article, we will explain the details of the first Marketing mix; and that's product.
This is the first criteria that is needed for marketing to occur. As a matter of fact, "something" must be marketed; and whatever is marketed is termed as the product.
The product to be marketed will usually come in 2 forms. These are:
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Note: Once you conceive an idea concerning the desired product you intend to create, you will require a marketing team to carry out the product’s survey.
The following questions concerning such product would be addressed:
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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 very important to the life of any Nation for the following reasons:
A public company is not owned by an individual. Usually, it is owned by groups or a very 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
The four elements of the marketing mix are usually referred to as the 4 “P”. 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