JAMB Commerce Past Questions & Answers - Page 7

• Educational or trade/skill level - Certainly one is limited by his/her levels and areas of education or training when choosing a profession or avocation. After detection of one's aptitudes, one should channel him/herself into areas where there is both talent and skill in order to be qualified for a position. Choosing fields that are open to employment are also essential.
• Area where one lives or wishes to live - Individuals need to be aware of what job markets are available in the location where they live or where they wish to relocate.
• Demands/Requirements of the job - Individuals will want to consider what the position will entail, such as hours of work, clothing, equipment, travel, supplies, etc that one may have to purchase. Also, individuals may have to use their own vehicle for work assignments. 
• Work Schedule - Some fields, such as recreation and retail and other sales, require a person to work evenings and weekends. If a person has a family, such a schedule could be during the time that others in the family are at home. So, the absence of the member working can affect interpersonal relations.
• Benefits available - Insurance, 401K, retirement plans, profit sharing, vacations, day care for children are all things to consider when choosing an occupation.

Technological advances that improve production efficiency will shift a supply curve to the right. The cost of production goes down, and consumers will demand more of the product at lower prices. Computers, televisions and photographic equipment are good examples of the effects of technology on a supply curve. Changes in technology can affect the demand for different products or the demand for related products. It can increase the market for a product by increasing the demand for a new product and making an older product obsolete.

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. In addition, a newer method is the internet which itself is a marketplace now.

A trade association is a voluntary organization of independent business units in the same branch of industry, which conducts co-operatively activities aimed at improving the welfare of the group, which does not deprive its members of the power to make essential managerial decisions.”Trade associations are formed by businesses which are engaged in same or similar trade. They are organized on a non-profit basis. Trade associations are formed for the protection and promotion of business interests of its members.

The basic difference is Industrial market (Factor Market) is the market which produces goods and services, with inputs like labour, land, and machinery and these goods are consumed by Consumers in Consumer Market (Product Market) .

 In Consumer Market , the buyer is always the end consumer of goods where as in Industrial Market , the buyer is not the end user of goods rather the one who will be procesisng it further to make it available for the end users .

 In a consumer market the consumer uses the product for personal use but in an industrial market the industry uses the products as supplys or/ and to do operations.