Alfred Ajibola
- Mon, 02nd March, 2020 @ 10:36 AM
Topics in Commerce
Types of specialization Specialization and Exchange Historical background of commerce in Nigeria Disadvantages of barter system 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 CommerceAcademic Questions in Commerce
In commerce, the concept of paying in advanced is termed _____.
A. Advanced payment
B. Up payment
C. Forward payment
D. Prepayment
E. Uphill payment
F. Adpayment
In commerce, the concept of 'buy now, pay later' is termed _____.
A. Unadventurous payment
B. Buy on credit payment
C. Deferred payment
D. Postponed payment
E. Owed payment
F. Future payment
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.
Place as an element of marketing mix may also be referred to as placement, location or distribution. Place is considered an important element of marketing because the goal of production is the product's reachability to the final consumers.
Please read on the concept of production here.
It is possible for a producer to have the best of product(s) (in terms of quality) but yet, lack an appropriate place, location or platform where such product can be marketed. This will imply that an appropriate number of consumers will not get such product. For this reason, every business person prefers to locate his or her business in strategic places and locations.
Please read on the branches of marketing here.
The distribution channels (wholesalers and retailers) play an important role towards the availability and reachability of a product. For instance, a wholesaler may purchase a product from another country (e.g America) and sell it at various locations (places) in Nigeria. Through this process, the final consumers located in different places within Nigeria are able to get the products.
Please read on wholesale market and the wholesaler here.
Similarly, the retailers are often located around the final consumers. In fact, some may even peddle or hawk their product(s) to the place where the final consumers are located.
Please read more on the retail market here.
In today's world, the internet has now become a market place where almost every kind of goods are sold and services rendered. To this end, business owners may own physical locations and online platforms where they sell goods and render services simultaneously.
Please read on promotion as a marketing mix here.
We live in a digital age where every product can be purchased from the comfort of our homes. This implies that products located (or placed) online will likely have a global audience if properly managed. This is probably why we see numerous e-commerce stores and web adverts on the internet. As an instance, you may see some web advertisments on Len Academy and other web applications.
Please read on the internet of things (IoT) here.
Recall that the process of inbound marketing requires that consumers search for their needs and wants until they eventually find their product of choice (if it falls along their search). Therefore, the processes that effectively accomplishes inbound marketing activity will require an appropriate place, placement or location. This is extremely important towards achieving an increase in the sale of a manufacturer's product.
Please read more on inbound marketing here.
You can read on scale of preference and opportunity cost here.
It is important to state that physical locations (structures) are crucial factors often required for successful marketing. This is true because those whose shop(s) are located in a densely populated area will likely make more sales when compared to another in a less populated area.
Please read on the concept of business here.
Meanwhile, understand that a business may also be managed successfully without a physical location. In this case, the internet provides a virtual marketplace.
Please read on the characteristics of business here.
Finally, the marketing executives will provide the best points of sale for their organization's products in order to maximize profit.
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Amazing facts in Commerce
According to research, the problem isn't the amount of food produced; the actual problem is the distribution of these foods. In this regard, we actually produce enough food to feed everyone on earth, but their distribution remains an underlying problem
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
The theory of international trade is guided by the principle of comparative cost. This principle was propounded by David Richards.
The principle of comparative cost states that a country should specialize in the production of goods and services in which they have a greater comparative advantage or the least comparative disadvantage.
Below is an instance on the principle of comparative cost.
Now, let us assume we have two countries producing and exporting rice and beans respectively.
From the above instance, it can also be said that country B is at a disadvantage with regards to the production of rice and beans. Infact, it has a bigger comparative disadvantage with regards to beans production.
The point to note here is this: A country utilizing the principle of comparative cost will always produce quality goods and services at a cheaper cost.
No single country manufactures all the goods and services in our world. This implies that every country of the world relies on certain goods and services imported (or brought in) from other countries.
Foreign trade is defined as the exchange of goods, services and capital between two or more countries.
Foreign trade is also termed as international trade.
Division of labour can be defined as the act of splitting job process into a number of different processes such that each process is done by a different person or group of persons.
Through the process of division of labour, one worker may constantly perform a specific aspect of the job and as a result, may become specialized in that area.
The result of specialization in the different department of a job will imply the production of goods with better quality.
Forms of division of labour relates the various ways through which division of labour may be carried out.
Take for instance, within a country, one state may choose to specialize in the production of a cars while another specializes in a different area, let's say agriculture.
Below are the forms of division of labour
Complex division of labour
Occupational division of labour
Geographical division of labour
Balance of Trade can be defined as the total value of goods imported and exported by a country during a specific period; usually yearly or annually.
Balance of trade can be either positive, negative or zero
A positive balance of trade implies that a country exports more goods than its imports. China as a country is likely to have a positive balance of trade since it exports a variety of goods to other countries.
A negative balance of trade is often considered as an unfavorable balance of trade since the country's importation exceeds its exportation. Nigeria (as at 2018) is likely to have a negative balance of trade.
A zero balance of trade is reached when imports equal exports.
Please read on balance of trade and balance of payments here.
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