Commerce Questions and Answers

The Marketing Concept. 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.

Market penetration is a measure of the amount of sales or adoption of a product or service compared to the total theoretical market for that product or service. In addition, market penetration can also include the activities that are used to increase the market share of a particular product or service.

The purpose of segmentation is the concentration of marketing energy and force on the subdivision (or the market segment) to gain a competitive advantage within the segment.

consumer orientation. a business philosophy of a company which emphasizes the provision of GOODS and SERVICES that have been specially designed to satisfy the needs of its customers.

No explanation has been provided for this answer.

Uberrimae fidei means utmost good faith. This is an insurance principle used in insurance contracts, legally obliging all parties to reveal to the others any information that might influence the others' decision to enter into the contract. If Mr P over valued his property, that means he wasn't honest and have violated the principle of utmost good faith,

Average clause: A clause in a policy requiring that, where assets are insured for less than their full value, the insured is required to bear a proportion of any loss.

The actual amount of claim is determined by the formula:

Claim = Loss Suffered x Insured Value/Total Cost

30,000 x 25,000 = 750,000000
750,000000 /100,000 = 7,500

Non-indemnity insurance tends to cover things with no real replacement value.

Indemnity means that the insured is entitled to a specific amount of compensation for a loss that is tied to a replacement, reimbursement, or fair-market value