2019 NECO GCE NOV/DEC COMMERCE OBJ & THEORY ANSWERS
E-commerce is referred to the buying and selling of goods or services using the internet, and the transfer of money and data to execute these transactions.
(i) Lower Costs
(ii) Eliminate Travel Time and Cost
(iii) Provide Comparison Shopping
(iv) Provide Abundant Information
(i) Lower Costs: One of the most tangible positives of e-commerce is the lowered cost. A part of these lowered costs could be passed on to customers in the form of discounted prices
(ii) Eliminate Travel Time and Cost: It is not unusual for customers to travel long distances to reach their preferred physical store. E-commerce allows them to visit the same store virtually, with just a few mouse clicks
(iii) Provide Comparison Shopping: E-commerce facilitates comparison shopping. There are several online services that allow customers to browse multiple e-commerce merchants and find the best prices.
(iv) Provide Abundant Information: The amount of information that can be displayed in a physical store. It is difficult to equip employees to respond to customers who require information across product lines
(i) Tribunal of the Community
(ii) Technical and Specialized Commission
(iii) Authority of Heads of State and Government
(iv) Council of Ministers
(i) To promote cooperation among members.
(ii) Abolition of trade restrictions and Customs Duties
(iii) To maintain and enhance economic stability among it members.
(iv) Harmonization of Agricultural, Economic, Monetary and Industrial Policies
(v) Foster relations among Member States
(vi) Contribute to the progress of members state.
(vii) Integration of members state
(viii) Harmonization of Agricultural, Economic, Monetary and Industrial Policies.
Discount House: Is a firm that buys, sells, discounts, and negotiates bills of exchange or promissory notes. This is generally performed on a large scale with transactions that also include government bonds and Treasury bills.
Franchising: Is a form of business by which the owner (franchisor) of a product, service or method obtains distribution through affiliated dealers (franchisees).
Kiosk: Is a small, stand-alone booth typically placed in high-traffic areas for business purposes. It typically provides information and applications on education etc.
Mobile Shop: Is a large vehicle that travels from place to place and from which goods are sold.
Variety Store: Is a retail store that sells a wide range of inexpensive household goods. Variety stores often have product lines including food and drink, personal hygiene products.
Market segmentation is the activity of dividing a broad consumer or business market, normally consisting of existing and potential customers, into sub-groups of consumers based on some type of shared characteristics
(i) Product: This is what you are offering to the market. It is a very important part of the marketing mix as it is what you will use to attract the customers. When developing a product, it is imperative that you come up with a product that solves a certain problem for your target market.
(ii) Price: There are quite a number of factors that go into determining the price of a product including the operation costs and distribution costs incurred while availing the product to the market. One very important factor that you should never forget though is your target market.
(iii) Place: Place is a very important factor in the marketing mix. Marketing is all about getting customers for your product. It is thus imperative that you reach out to these customers. To do so, you have to get to where they are.
(iv) Promoting: The product is all about selling your idea to the customer; showing your customer how the product will be of benefit to them and that it will be good value for their money.