Welcome great EduPodian, here is your Second Term SS3 Commerce Lesson Note excerpt.
Scheme of Work
1. Introduction to marketing meaning, functions and importance of market.
– Types of market, marketing concept and marketing mix. (4ps)
2. Market Segmentation and types.
– Market research
– Advertising – Meaning, types and methods.
– Advertising, media, merits and demerits of each medium.
– Sales promotion, firms etc.
3. Meaning of Business Document
– Means of payment – Legal tender.
– Through the post office.
4. Privatization and commercialization.
– Meaning of privatization and commercialization.
– Merits and demerits of privatization and commercialization.
– Deregulation-meaning, Advantages and disadvantages.
5. Economic grouping in west Africa.
– Meaning of economic groupings
– ECOWAS- History, member countries, objective, Achievement, problems etc.
– NIGER BASIN COMMISSION (NBC) History, member countries, objectives, Achievements, Problems.
– LAKE CHAD BASIN COMMISSION (LCBC)
– History, member countries, objectives, Achievements, Problems.
6. ECONOMIC GROUPINGS IN WEST AFRICA (Continued).
– West Africa Clearing House (WACH)
– History, member countries, Objectives, Achievements, Problems.
7-8 MOCK EXAMINATION
9-13 WAEC EXAMINATION.
Week 1:
1.0. INTRODUCTION TO MARKETING
1.1. Meaning:
1. Marketing is a total system of business activities designed to plan, price, promote and distribute want. Satisfying goods and services to present and potential customers
2. It can also be defined as associated activities, which determine the customer’s demand for and the sale and distribution of goods and services.
3. Marketing is a combination of activities and process involved in moving goods and services from the producers to the customers.
1.2. FUNCTIONS OF MARKETING
Marketing is made up of the following specialized functions namely.
i. Advertising
ii. Buying
iii. Selling
iv. Storage/Warehousing
v. Transportation
vi. Financing
vii. Risk bearing
viii. Research and information
ix. Standardization and grading.
1.3. IMPORTANCE OF MARKETING
1. Improvement in standard of living.
2. Effective distribution of goods and services.
3. Provision of job opportunities.
4. Improvement in the productive capacity.
5. Linking of local communities to the world.
6. Ensures consumer’s satisfaction.
7. Export promotion.
8. Bridge gap between producers and consumers.
9. Reaction of demand.
10. Exchange of goods and services.
11. Creation of market for goods and services.
12. Contribution to profit.
1.4 TYPES OF MARKET
There are two types of market. These are explained below.
1. Consumer Markets: These consist of ultimate consumers who buy and use products or services for their own personal or household use. This market satisfies strictly non-business wants and the ultimate goal is not profit maximization. e.g a consumer who buys food and clothing materials.
2. Industrial Markets: These are… Click here to order the complete Commerce Lesson Note for SS3 second term
Week 2:
MARKET SEGMENTATION AND TYPES
Meaning: Busch and Houston (1985) defined market segmentation as the process by which an organization attempts to match a total marketing program to the unique manner in which one more customer groups behave in the market place.
Morden A.R (1987) saw market segmentation as the process of dividing the total, heterogeneous market for a product into several sub-markets or segments, each of which tends to be homogeneous in all significant aspects.
TYPES OF MARKET SEGMENTATION
1. MASS MARKET OR AN UNSEGMENTED MARKET: This type of market segment is very difficult to thrive in a competitive environment. Mass markets are usually seen in nations where the government or states are the only producers or providers of certain basis needs like water and electricity… Click here to order the complete second term Commerce Lesson Note for SS3
Week 3:
3.0 BUSINESS DOCUMENTS
3.1 MEANS OF PAYMENT
Meaning
It can be referred to as the various ways or methods by which settlement of transaction or debts can be affected between people who are engaged in financial or business transactions e.g Transactions between a debtor and a creditor. It also includes documents that acknowledge indebtedness e.g promissory notes. The various means of payment through banks and post office are explained below.
BANKING SYSTEM
a. Cheque: This is an order, written by the drawer to a bank to pay on demand a specified sum of money to the person named as payee on the cheque.
b. Bank drafts: These are issued by a commercial bank for payment to a specified payee at another bank and it is sure guarantee of payment. They are cheques paid by a bank to another bank or to a particular person or an organization.
Note: They are… Click here to order the complete Lesson Note on Commerce SS3 second term
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