Commerce

Principles of Marketing: The seven principles of marketing mix

len Alfred Ajibola - Mon, 24th February, 2020 @ 10:57 AM

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 trade


Academic Questions in Commerce

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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. Agonistic division of labour
  • B. Antagonistic division of labour
  • C. Mutualistic division of Labour
  • D. Advanced division of labour
  • E. Solitary division of labour
  • F. Occupational 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


Principles of Marketing:

Marketing is defined as any activity or process aimed at getting people (or consumers) interested in a product or service. For an organization to become successful in business, it must adhere to all or some of the principles of marketing.


The principles of marketing are classified into seven. They are referred to the principles of marketing mix.

Please read on the concept of marketing here.


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 product sales and services.

Meanwhile, understand that marketing mix is a fundamental business model used by various companies to grow their customers' database.

You can read on outbound marketing here.


The seven principles of marketing mix include:

  1. Product
  2. Price
    Please read on price as a marketing Mix here.
  3. Place
    Please read on place as a marketing mix here.
  4. Promotion
    Please read on promotion as a marketing mix here.
  5. Packaging
    Please read on packaging as a marketing mix here.
  6. Positioning
    Please read on positioning as a marketing mix here.
  7. People
    Please read on people as a marketing mix here.

The seven 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.

Please read on the concept of market in economics here.


In this article, we will explain the details of the first marketing mix; and that's product.


Product as a Marketing Mix

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.

Please read on the concept of business here.


The product to be marketed will usually come in two forms. These are:

  1. Tangible Product: These are products that can be seen and touched. They are generally referred to as goods. Goods are always produced from agricultural activities and production factories or companies. Examples of goods include computer, foodstuffs, phones, console games, books, pencils and so on.
    Please read on the types of production here.

  2. Intangible Product: These are products that cannot be seen and touched. They are generally referred to as services. Services are usually rendered from one person or organization to another. An instance of a rendered service is this article you are reading via Len Academy.

At Len Academy, we render free educational and academic services to all students and teachers.

You can attempt Len Academy questions on various subjects here.


It is worthy of note to state that after a person conceives an idea on the desired product intended to be created, he or she will require a marketing team to carry out the product’s survey. The following questions concerning such product would be addressed:

  • Who are the target audience?
  • Is there a market for this product in this society?
  • Who are my competitors?
  • How can I fit this product specifically for my intended customers?
  • What can I do to increase the sales of this products?
    Please read on advertising here.

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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

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.

Please read more on deferred payment here

For an item to be considered a commodity, it must satisfy three conditions. These are:

  1. It must be standardized. In the case of agricultural commodities, they must be in their unprocessed state.

  2. It must be usable upon delivery

  3. 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.

Please read more n commodity market here

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

Please read more on marketing here