INDUSTRIAL COMBINATION Industrial combination (or integration) is the coming together of two or more firms in order to form one large economically stable firm. REASONS FOR INDUSTRIAL COMBINATION Firms may integrate in order to fight economic recession The desire to reap the advantage of monopoly To obtain stable prices. To obtain raw materials from direct […]
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TRADE ASSOCIATIONS 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 business. Examples are M.O.A.L.S (Motorcycle Operators Association of Lagos State) FEATURES OF TRADE ASSOCIATION Membership is voluntary They are regionally
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PUBLIC ENTERPRISES Public Enterprises are business organizations established, owned, managed and controlled by the government. They are also referred to as Public Corporations or Statutory Corporations. Examples of Public Enterprises in Nigeria are PHCN, NNPC, NRC, NPA e.t.c. METHODS OF FORMATION OF PUBLIC ENTERPRISES Creation by Act of Legislature or a Decree Nationalization of private
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A co-operative society is a voluntary association of persons, businessmen, traders or organization with common needs and interests. The resources of members of are pooled together to promote the economic and welfare interest of the members. PRINCIPLES OF CO-OPERATIVE SOCIETIES Co-operative societies are based on the following principles. Open and Voluntary membership Democratic management and
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Data Processing is the process of producing meaningful information from raw data. It describes the series of actions taken to produce useful information by collecting all items of data together and performing operations on them. The aim of data processing is to convert raw data into information. Data: Data represent the raw unprocessed input element
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This refers to the various ways by which government controls the activities of business organization to ensure social and economic order in the society. REASONS FOR GOVERNMENT REGULATION OF BUSINESS To raise money through taxes e.g. V.A.T. Education tax etc To protect consumers against exploitation by producers and middle-men eg by ensuring quality products or
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DUTIES OF THE EMPLOYER To pay wages – i.e. enumeration To provide work which the employee will handle To give holidays to the employee Duty to take reasonable care for his employee’s safety Indemnity – The employee must reimburse the employee for any expense / loss incurred on behalf of the employee. Duty to provide
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SALE OF GOODS A contract of sale of goods is a contract whereby the seller transfer the property in goods to the buyer for a money consideration called the price. The parties to this contract are known as the seller (vendor or transferor) and the buyer (vendee or transferee). The seller must be either the
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An agent could belong to one of the following classification: Universal Agent – An agent given unlimited or unrestricted power to enter into any type of business contract on behalf of the principal. General Agent – An agent that has authority to act in all matters relating to a particular business. A Commissioned Agent –
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What is an agency? An agency is a relationship which arises whenever one person (the agent) acts on behalf of another person (the principal) and has the power to affect the principal’s legal position with regard to a third party. In practice, the two most important functions of an agent are: Making contracts on his
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A Contract is an agreement between two or more parties which creates legal rights and obligations as between the parties involved. Parties to a Contract This is the identity given to the persons who have made an agreement that is recognized by law as a valid contract e.g. Landlord and Tenant Insurer and Insured Bank
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Public relation is the image building done by an organization to give the public favourable impression about its aims and policies. FUNCTIONS OR IMPORTANCE OF PUBLIC RELATIONS It ensures the maintenance of a favourable relationship between an organisation and the general public It helps to increase the goodwill of a company or business It is
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Advertising is the branch of commerce which deals with promoting sales of goods, services or ideas through messages that are meant to inform, educate and persuade the general public by means of various methods such as newspaper, radio, television. FUNCTIONS OF ADVERTISING Creation of demand for goods and services Informing customers about the existence of
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Marketing may be defined as the process of assessing consumer needs, wants, preferences and demand; designing and producing goods and services that will satisfy such wants and moving such gods and services to the final consumer at a profit to an organisation. Importance of Marketing to the Economy It encourages mass- production which leads to
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What is Citizenship? Citizenship is the state of being a citizen. It also means the state of having rights and duties of a citizen. A citizen is a legal member of a state or country. The citizenship of Nigeria can be acquired through the following ways: Citizenship by birth Citizenship by registration or marriage Citizenship
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Warehousing is the act of storing goods produced or bought in a place until they are needed. Warehousing ensures that there is a regular and steady supply of goods. A warehouse is a place where goods are kept until they are needed. IMPORTANCE OF WAREHOUSING It provides protection and security for goods. It encourages
Wholesale trade (wholesaling) involves the buying of goods in large quantities from the producers or manufacturing and re-selling in small quantities to retailer. A wholesaler is a trader who purchases goods in large quantities from the manufacturing and sell in small quantities to the retailers. FUNCTIONS OF THE WHOLESALER To the Manufacturer He gives
Self-service: This is a method that allows customers to do their shopping in a shop with little or no assistance from sales attendants. The goods are conspicuously displayed and arranged on the shelves of shops with price tags. The customers goes about in the shop, examines the good displayed, compares them, tries them on, where
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TYPES OF LARGE SCALE RETAILING A MULTIPLE SHOPS OR CHAIN STORES These are large scale retail businesses consisting of a number of similar shops or branches spread or located in different towns/ cities all over a country. They sell the same type of goods and all the shops are controlled from the head office e.g.
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There are several types of size of retail outlets which for easy analysis can be grouped into two, namely: Small scale and Large scale retailing TYPES OF SMALL SCALE RETAILING Itinerant Traders: The common feature of itinerant traders is that they move from place to place to sell, thereby making goods handy for customers
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