Branches of commerce Or Branches of Business

Branches of commerce Or Branches of Business

PROFESSION: According to Oxford Dictionary, It is a paid occupation, especially one that Requires advanced education and Training for example; architecture, doctor, teacher, singing, dancer etc.Chambers dictionary defines profession as follows:
• “An employment not mechanicals and requiring some degree of learning”
• “The collective body of persons engaged in any profession” Profession is also referred to as a calling, vocation or line to earn occupation Requiring advanced education and training & involving intellectual skills, as medicines, law engineering, teaching etc, 

INDUSTRY: Industry has been defined as all those business and economic activities, which result in the creation of goods and services. For example in Pakistan there are 15 sugar miles so that 15 miles are the industry of sugar in Pakistan. Industry has been defined as follows:
• Industry is any branch of manufacture and trade.

• An industry is a commercial undertaking that provides services as catering, hotel, tourist, and entertainment etc. 

TRADE: Trade is buying and selling. It is exchanged of goods and services. It is the first part of marketing function. (Function of exchanged), second and third being distribution and facilitating functions respectively. In the process of buying, the businessman considers price, quality, variety, discount, guarantee, packing and brands. In selling, he has to select the type of customer and his purchasing power, likes, dislikes, preferences, are to be determined.

INSURANCE: Insurance is the means of protecting business from possible losses / risks. Some risks are fall in prices; changes in fashion, death of a key employee are uninsurable. Other risks like fire, theft, life etc. are insurable. The insurable field is managing by specialized institution called insurance companies that charge fee known as a premium for insurance from the insured.

WAREHOUSING: Warehousing may also be referred to as the process of storing the main objective of which is to hold goods for safety till the time they are sold. On the other hand, warehousing is the stores of place where goods are kept for safety, aging, price, rise, weather conditions of seasons etc. They are of various kinds as bonded warehousing, public warehousing, private warehouse, and cold storage. The details of warehousing are given in a separate chapter on it. 

MARKETING: Marketing is a total system of business activities designed to plan, price, promote, and distribute want – Satisfying products , services, and ideas to target markers in order to achieve organization objectives. It may be defined as under. * Marketing is the process by which goods and services move from the point of production to the point of consumption. * Marketing covers all business activities necessary to affect the transfer in the ownership of goods and services to provide for their distribution. * Marketing embraces all those activities that start up immediately after the production and end up with the consumption.

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