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?
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.
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.
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.
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.
Note: 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.
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.
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 products.
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.
Note: A business may also be managed successful without a physical location. In this case, the internet provides a virtual marketplace.
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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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 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