COMMERCE
HOME TRADE
Home trade is the act of buying and selling goods within a geographical area, usually a country. It can be referred to as domestic or internal trade. In home trade, the same currency is used for exchange (buying and selling)…
EXCHANGE
Exchange is the process of giving out value in order to have something of value in return. In the olden days, barter was the main system of exchange, i.e ., goods for goods. But nowadays, one can exchange money for…
MODERN TRENDS IN RETAILING
New trends have been introduced in retailing business because of the dynamic nature of commercial activities. In order to enhance and facilitate business activities, new ideas and techniques have been introduced. These include: Branding. Self-service. After sale services. Vending machines.…
RETAIL CO-OPERATIVE SOCIETY
Retail co-operative society is a form of co-operative in which many small independent retailers pool their resources together to enable them make bulk purchases and then sell the goods at lower prices to their members. The major purpose of co-operative…
DISCOUNT HOUSES, FRANCHISING AND VARIETY STORES
Discount Houses A discount house is a retailing business unit that features a large variety of products which they sell on a low price basis and operate on a low markup with minimum customer services. This system of retailing is…
MAIL ORDER
Mail Order Mail order is a form of large retailing in which buying and selling is carried out by post. They contact prospective customers by mail, receive their order by mail and make their deliveries by mail. It involves the…
SUPER MARKET AND HYPERMARKET
Super Market A super market is a large retailing business unit selling mainly food and household items on the basis of high turnover, wide variety and assortment, self-services with much emphasis on merchandise appeal. In order to stimulate store traffic,…
DEPARTMENTAL STORES
The departmental store is a collection of shops under one roof with ownership of each shop or department specialising in selling a special range of goods. Each department normally buys separately, exercise its own stock control and sets its own…
LARGE SCALE RETAILING
Large scale retailers achieve their growth by increasing the physical size of their units to cater for more customers. Large scale retailing could exist as: Chain or multiple stores. Departmental stores. Super markets. Mail order. Discount Houses. Franchising. Hyper market.…
OCCUPATION
MEANING OF OCCUPATION Occupation can be defined as any economic or productive activities which people engage in to create and procure goods and services in order to make a living. Today, people engage in various activities to earn a living…
CONSUMER PROTECTION
A consumer is an individual who makes the final use of goods and services provided by a firm. Therefore, consumer protection can be defined as the various ways and methods adopted by the government and private organisations to ensure that…
INTRODUCTION TO BUSINESS MANAGEMENT
MEANING OF BUSINESS Business can be defined as the sum total of all economic activities which people engage in to create, procure or provide desired goods and services to the consumers in proper quantities at suitable times and at satisfactory…
PUBLIC RELATIONS AND CUSTOMER SERVICES
MEANING OF PUBLIC RELATIONS The British Institute of Public Relations defines public relations as: “a planned and sustained effort to establish and maintain mutual understanding between an organisation and the public.” Public relations is the maintenance of a favourable relationship…
MEANING OF ADVERTISING
Advertising can be defined as any paid form of non-personal communication which is directed to the customers or target audience through various media in order to present and promote products, services and ideas. It is a branch of commerce which…
CONTRACT OF EMPLOYMENT AND GOVERNMENT REGULATION OF BUSINESS
THE EMPLOYER The employer is somebody or an institution that hires or provides work for another person called, employee for an agreed remuneration. The employer can hire anybody he pleases and relieve any of his employees of work if he…
NEGOTIABLE INSTRUMENT
DEFINITION OF NEGOTIABLE INSTRUMENT A negotiable instrument is a document evidencing an obligation which is transferable by mere delivery or by delivery and endorsement. Such delivery, operating to transfer all legal rights to the obligation evidenced, free from defects in…
CONTRACT OF SALE OF GOODS
DEFINITION OF SALE OF GOODS The Sale of Goods Act 1893 defines sale of goods as: ” A contract whereby the seller transfers or agrees to transfer the property in goods to the buyer for a money consideration called, the…
LAW OF AGENCY
DEFINITION OF AGENCY An agency can be defined as a legal relationship that exist between two parties, when one called the agent is employed by another called the principal to bring the principal into a legal relationship with the third…
LAW OF CONTRACT
DEFINITION OF CONTRACT A contract can be defined as: “An agreement between two or more parties which is intended by them to have legal backing.” It can also be defined as an agreement creating an obligation, i.e ., a legal…
TRADE ASSOCIATIONS AND OTHER ENTERPRISES
MEANING OF TRADE ASSOCIATION Trade association is an association of traders or producers engaged in the same line of trade, whose major aim is to protect and safeguard the interest of their members as well as their businesses. It is…
CARRIER, CONTAINERIZATION AND CHARTER PARTY
A carrier is a firm or organisation that specialises in transporting other people’s goods. Carriers can be classified into three, namely, private carrier, common carrier and contract carrier. 1) Common Carrier: A common carrier is a person or firm who…
