Understanding Commerce Structure

What is the primary function of commerce?

• Facilitating the exchange of goods and services.

• Manufacturing products for retail sales.

• Providing financial advice to consumers.

• Regulating the prices of goods and services.

Name two main branches of commerce.

• Finance and investment

• Manufacturing and distribution

• Retail and marketing

• Trade and auxiliary services

What role does marketing play in commerce?

• Marketing drives awareness, demand, and customer engagement in commerce.

• Marketing eliminates the need for customer feedback.

• Marketing focuses solely on product pricing.

• Marketing is only about advertising and promotions.

How does e-commerce differ from traditional commerce?

• E-commerce differs from traditional commerce in that it is conducted online, while traditional commerce occurs in physical locations.

• E-commerce requires a physical store, whereas traditional commerce can be done online.

• E-commerce is limited to local transactions, while traditional commerce can be global.

• E-commerce is only for digital products, while traditional commerce sells physical goods.

What is the significance of supply chain management?

• Supply chain management is only important for large corporations.

• Supply chain management has no impact on customer relationships.

• Supply chain management is crucial for improving efficiency, reducing costs, and enhancing customer satisfaction.

• Supply chain management focuses solely on marketing strategies.

Identify a key responsibility of a sales manager.

• Conduct market research for new products.

• Set pricing strategies for products.

• Manage inventory and supply chain logistics.

• Lead and motivate the sales team.

What is the purpose of market research in commerce?

• To eliminate competition in the market.

• To increase product prices without consumer feedback.

• To create advertisements without understanding the target audience.

• The purpose of market research in commerce is to gather insights about consumer behavior and market conditions to inform business decisions.

Explain the term 'B2B' in the context of commerce.

• B2B is a model where businesses trade stocks and shares.

• B2B refers to businesses selling directly to consumers.

• B2B is a commerce model where businesses sell products or services to other businesses.

• B2B involves businesses providing services to government agencies.

What are the benefits of digital marketing for businesses?

• The benefits of digital marketing for businesses include cost-effectiveness, targeted advertising, measurable results, enhanced customer engagement, and improved brand visibility.

• Limited customer feedback

• Higher employee turnover

• Increased physical store traffic

How does customer service impact a company's reputation?

• Customer service has no effect on a company's reputation.

• Customer service significantly impacts a company's reputation by affecting customer satisfaction and influencing public perception.

• Customer service is irrelevant to customer satisfaction.

• Customer service only matters for large corporations.