Topics in CommercePrinciple 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 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
Academic Questions in Commerce
One of the following is a form of 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 _____.
C. Financial Accounting
Which of the followings isn't a characteristics of commerce?
A. Commerce is solely aimed at making profit
B. Commerce is 100% business
C. Commerce is a discontinuous process because it eventually satisfies human needs
D. Commerce is accompanied by uncertainties
E. Transaction processes are always done in commerce
F. Commerce connects the processes of production and marketing
The followings are disadvantages of division of labour EXCEPT _____.
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?
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People are vital for the progress of any business and as such, they are highly considered as one of the 7 principles of marketing.
Recall that the principles of marketing mix refers to any process or activity carried out in business in order to gain more customers; thus making more sales or service delivery in the process.
Apart from people (as one of the 7 principles marketing mix), others include:
It is important to state that without people, the other principles of marketing mix will not yield the goal of marketing; which is the sale of products and delivery of services.
The above statement is asserted on the fact that the process of production, marketing, distribution, sales and eventual delivery of products and services must be done by one or more persons. In addition, customer support on products and services will also require people (and not robots).
Have you wondered why organizations tend to hire the best candidate for a position? The answer to this question is simply because they intend to deliver the best services or manufacture the best products. Infact, when qualified personnels (people) aren't hired by an organization; such organization will eventually fall.
Note: All the people involved in an organization's functioning are regarded as a part of the staff and management team of such organization.
In simple terms, people as a marketing mix refers to everyone that had directly or indirectly played a part in a product's manufacture (and its eventual sale); or a service provision (and its eventual delivery); alongside the customer service relationships before, during and after the sale or delivery of such product or service.
As an instance, in the process of reading this article on Len Academy, you may admire the structure of the website and the manner at which the articles are written. To this end, you may encourage students and teachers to visit the website by sharing this article with them.
Through the above action of yours, you have acted as part of the 'people' who promotes education through the sharing of this website and its academic articles (via various social media platforms). This is true because the ultimate goal of Len Academy is to promote education and that's exactly what you've done.
Without people, goods cannot be produced and services cannot be rendered.
Without people, the other elements of marketing will not exist. This is so because these elements of marketing mix must be carried out by people.
Please read on Packaging as a marketing mix here.
A good product does not guarantee sales when the appropriate marketing, sales and delivery personnels are absent.
People can help promote a product or service even without the knowledge of the producer or organization.
People serve as a reference point for consumer interaction and feedback.
Businesses are built on the qualifications and quality of people working with an organization.
Please read on the Concept and Characteristics of Business here.
At this point, it is safe to say that the overall experience of a customer or consumer is largely influenced by one or more person (people) in the product's production (or service delivery); along side the customer service personnels.
In summary, it is the action of people that keeps existing customer, while also yielding a turnover of new customers; hence bringing into completion the cycle of marketing.
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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
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
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