Commerce Questions and Answers

The marketing concept is the philosophy that firms should analyze the needs of their customers and then make decisions to satisfy those needs, better than the competition.

The marketing concept is the strategy that firms implement to satisfy customer’s needs, increase sales, maximize profit and beat the competition.

The balance of payments is a summary of all monetary transactions between a country and rest of the world. These transactions are made by individuals, firms and government bodies. Thus the balance of payments includes all external visible and non-visible transactions of a country.

PLACE In the marketing mix, the process of moving products from the producer to the intended user is called place. In other words, it is how your product is bought and where it is bought. This movement could be through a combination of intermediaries such as distributors, wholesalers and retailers.

What is a Dishonored Cheque? A cheque is said to be honored, if the banks give the amount to the payee. While, if the bank refuses to pay the amount to the payee, the cheque is said to be dishonored. In other words, dishonor of cheque is a condition in which bank refuses to pay the amount of cheque to the payee. The cheque should have been returned or dishonored because of insufficient funds in the drawer's account

insufficient funds in the account is a major reason for dishonoring a cheque

Hire purchase is an arrangement for buying expensive consumer goods on credit, where the buyer makes an initial down payment, with the balance being paid in installments plus interest, ownership of the merchandise is not officially transferred to the buyer until all the payments have been made.

ownership is transferred when all installments have been paid