Topics in CommerceContract 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
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.
Which of the following is not a branch of marketing?
D. Search Media Optimization
E. Social Media Optimization
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 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
Have you wondered why most companies are always in search of marketers?
The simple reason is because they need someone to create awareness about their products and services (and also sell such product).
Any activity or process aimed at getting people interested in a company’s product or service is termed marketing.
Marketing processes can take place through posters, public relations campaigns, handbills, on social media, radio and television, in a bus, on the streets, on the internet or just anywhere.
The art of marketing a product require skills, techniques and knowledge of the product to be marketed. For this reason, marketing may also be defined as the science of meeting the needs of customers or consumers.
The consumer or customer targeted through marketing can be an individual user, clients, partners, a company, several people or the entire society. The product marketed can be virtual, (for instance, a software), hard goods, an idea/concept or a variety of services. The point is:
Marketing is a data driven science in the sense that the marketer or company gathers the necessary data relevant to customers' need.
From the collected data, a company will be able to manufacture or create a quality and valuable product, while also delivering them in an effective manner; and at an appreciable price (with regards to the customer’s value and the desired profit to the producer).
It is noteworthy to state that marketing involves inbound and outbound activities
Inbound activities of marketing covers the aspect of making discoveries on the wants and needs of potential or target customers.
The result of inbound marketing is the fact that the customers (or potential customers) are automatically segmented, and that’s a good thing.
Segmentation of customers will help increase the product’s focus (since the target customers are already segmented or known), which in most cases provide quality and value for the marketed product.
You can also analyze your competitors, while also using the information obtained from this analysis to your own advantage.
Note: Most inbound activities are not seen by the public.
Outbound marketing activities include all the activities that provide information to the market. The information provided to the market include the availability of products/services and their prices.
Outbound marketing also includes those activities that will put the product into the market (which is always competitive); thus encouraging people to buy such product(s).
Activities that may promote the purchase of such product include:
The principles or (P's) of marketing is a term that explains how marketing interacts with each stage of a business. We have seven of such principles. They include:
Below are some the branches within the broad field of marketing:
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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
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.
Balance of Payments is defined as a record showing the relationship between a country’s total payment made to other countries and the total money received from other countries within a time period.
The balance of payments is a guide that tells a country whether it has enough savings to pay for all its imports. It will also show the economic output of a country.
Needs are things considered necessary for an individual or a group of persons. Personally, they may be referred to your required goods and services. Your needs are necessary and you consider them very important for your well-being. Examples are food, clothes and shelter.
Wants are always desired. They are not necessarily required and you can absolutely do without them. Examples of wants are expensive cars and watches.
According to Parkinson and Bates, Production is defined as an organized activity of transforming resources into finished products in the form of goods and services.
From the above definition, the objective of production is therefore to satisfy the demand for goods and services.
It is worthy of note to state that whenever services are rendered, such rendered services are also considered as production. This is true because the rendered services satisfy the needs or wants of the recipient or consumer.
Therefore, people who provide services like hairdressers, security men and public bus drivers are considered productive; and whatever service had been rendered can appropriately be referred to as production.
A 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.