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Importance of Commerce

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Commerce belongs to the branch of business. It is related to the process of trade and any kind of activity happening between two people and parties with the exchange of money.

The main role of commerce in business is distribution. Whatever the products are produced. If there is no availability of resources and raw material on time then there is no product ready for sale.

Commerce help in the distribution of all required resources by efficiently calculate and analyze the situation so that the consumption process will be completed on time.

According to James Stephenson: Commerce is the well-planned process for the exchange of goods and services between two parties in the industrial world.

In a wide way: Commerce is that part of a business that includes all directly and indirectly activities related to buying and selling of any product with the exchange of money.

Importance of Commerce

There is other importance of commerce which are mention below:

  • Satisfy human demand
  • Raise standards of living
  • Commerce generates link between producer and consumer
  • Increase employment opportunity
  • Increase the economy
  • Help in the expansion of trade and aids
  • Commerce help in growth in industrial development
  • Encourage international trade
  • Help underdeveloping country
  • Commerce help in emergencies.

Satisfy Human Demand

Human demands are increasing day by day. Scholars divide human demands into two-classes that are named as basic demands and secondary demands. Food, health, education, and a peaceful environment are included in basic needs while in secondary demand luxuries of life like electronics, vehicles, and easy means of communication are included.

Commerce help in the distribution of all required resources and raw material need for the consumption of product and goods on time. It also plays a vital role in trading which helps in the availability of any product and technology to the whole world. By this commerce somehow fulfills human never-ending desire and also promote social welfare.

Raise Standard of Living

The standard of living relates to the lifestyle of members of society. If the majority numbers of people can afford to consume more and advanced products than their standard of living is high. To raise the standard of living, commerce plays a significant role by making every product available for every person around the globe.

To consume expensive and advanced products, consumers should be able to secure it first. Commerce basically helps to manage the right thing at the right place and thus able to improve the standards of living of the human.

Commerce generate link between consumer and producer

Products are produced for means of consumption. Consumption of products is the ultimate goal of companies and manufacturers. Commerce creates a link between seller and buyer through wholesalers and retailers. So that the product can reach to their consumers on time.

Commerce helps to provide complete product information and specification to consumers through advertisement and salesmen. By conducting marketing research manufacture are well aware of the likes and dislikes of consumers.

This help to locate those specifications in a product to meet consumers need. By this commerce create a direct link between the manufacturer of product and consumer.

Increase employment opportunity

The growth of the commerce industry and trade increases the requirement of employees in their related corporate sectors like banks, transport, warehouse, and marketing.

The increase in their financial, marketing, and production process need more worker to handle it. It boosts the employment rate of the country by providing job opportunities to millions of people in it.

Increase the Economy

GDP of any country is directly related to production. Production and manufacturing contribute 80 percent in the net income of the country. Commerce helps in the growth of production and consumption of the product.

It also helps in export and imports of goods from other countries. If any country needs raw material for the production of any good then they can import it through effective commerce. Thus we can say that commerce has a major role in the growth of the economy.

Help in the Expansion of trade and Aid

With the growth in the trade and commerce sector. There is a need for expansion and modernization seems in aids of trade. Aids of trade are related to sectors like banking, transport, finance, and marketing. With the smooth and well organize commerce, these means of aid to trade can be modernized and expanded to meet with advanced world requirements.

Commerce help in growth in industrial development

Commerce helps in the smooth process of production and industrial development. Without efficient commerce, Keeping records and manage the data is very difficult. Commerce help to meet the consumer’s need by provide the desired product on time.

While on the other hand, it provides raw material and goods to the manufacturer so that the production process will not be delayed. Hence we can say that commerce help in an increase of the growth in industrial development and production in the country.

Encourage International Trade

Through commerce, countries can exchange their surplus goods and products with other countries. With easy transportation and communication, countries can buy and sell their products internationally and earn foreign money. Foreign trade has some laws and international standards that save the countries from any loss and fraud.

Help under developing country

Underdeveloping and developing countries can import skilled labor and technical information from developed countries while developed countries can import raw material from under developing countries. These exchanges help to make the financial condition of the undeveloped countries stable.

Commerce help in Emergencies

During emergencies like natural disasters, earthquakes, floods, and wars. Commerce help to locate the essential requirement like food, medicine, and other reliefs to those areas for help.

Conclusion

Commerce is related to business. Effective commerce increases employment opportunities and demands of workers in its related sectors like banking, marketing, warehouses, and transport. Commerce helps to manage the record and data for efficient results.

It increases the industrial development and production level of the country. Commerce also plays a vital role in import and export and directly impact on countries’ GDP. So if countries pay interest in their commerce sector then it will give them benefits in different ways.

Why Management Sciences are better than Commerce

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A lot of students these days are opting for management sciences as a career, that’s because it’s becoming a very broad field with various job opportunities. By studying management, you’re able to help individuals, groups, institutions, and companies to achieve their full potentials. If you think you’re a good leader or aspire to become one, this field might just be your best fit.

When I say a broad field I mean broad-broad because there are hundreds of different fields affiliated with this one. In addition, there are also a number of fields that still haven’t set up this management part yet, but they may in the early future. That being said, let’s move to the question of what are management sciences? And why is it now considered to be a better career option than commerce?

Question # 1

What are Management Sciences?

The simplest answer could be that it is the art of management and the art of solving problems. Management science can also be defined as management work involving science. A person having a Management Science degree is mastered in the ability to provide an organization to grow its business in the most efficient way possible within the resources available.

These people are taught how to deal with any problems with discipline and how to provide the organization with alternate and effective policies that help them achieve their goals.

Question # 2

Why Management Science is considered a better career option than Commerce?

Commerce is a great field, usually opted by aspiring entrepreneurs, but the job options it provides; still remain within the commerce circle. While in the Management Sciences, the job options are spread evenly in the medical field. E.g. hospital management; where you provide your skills as a patient care manager or a hospital administrator, who manages an entire group of doctors and physicians of a hospital.

The link between Management Science and Commerce

  • Although these two fields are pretty much different from each other, in a certain way they’re also considered to be interdependent on each other. Like, commerce is the field related to the buying and selling of products or services for the predetermined cause; that’s revenue (profit). Where Management science deals with the planning and organizing those transactions with high management skills.
  • While commerce explains the theoretical characteristics of a business, Management Sciences provides the practical aspects of it.
  • Application of Management science in businesses can multiply the companies turnover to a high extent.

Course outline of Management Science

For a career in management science, what you need at least is a bachelor’s degree. The course outline is pretty simple and some of the subjects of management science are those of commerce.

  1. Communication skills
  2. Business communication
  3. Fundamentals of management
  4. Business mathematics
  5. Business ethics
  6. Ethical dimensions of engineering profession
  7. Principles of marketing
  8. Technology management
  9. Planning and control system
  10. Project management
  11. Maintenance management
  12. Industrial safety

Top 3 Reasons why Management Sciences is better than Commerce

Affiliated Fields

After completing the Management Science degree, a person gets mastered in many professional skills that help him/her find various managing jobs. These jobs aren’t necessarily bound to any one field, but to many. Progress in this field is really fast and usually takes 5-8 years to become a manager if you start off as an intern. List of affiliated fields:

  • Marketing
  • Public administration
  • Hospital management
  • School management
  • Aviation management
  • Disaster management
  • Research assistant
  • Supervisor and team leader
  • Data analyst
  • Actuarial analyst and much more.

Skills of a Professional Manager

Good management skills are very important for any organization to succeed. The basic skills are:

  1. Communication skills: Good communication skills are crucial for a manager. This quality will ensure how well a manager can deal with his employees and how they work as a unified force.
  2. Decision–making: A manager makes almost every decision. The success of the company depends on making the right decision at the right time.
  3. Taking responsibility: When a manager makes a certain decision, he takes responsibilities for every consequence it may cause.
  4. Time management: If a manager isn’t punctual or delays important work, which isn’t in any way professional, the employees might think its okay to delay work; which is bad for the business.  
  5. Planning: The advance planning of important tasks and achievable goals can make a big difference in a companies’ turnover. The next step after planning the objectives is to set tasks to achieve them with the resources available.

Importance of Management Science

Every field has its own importance and your best fit in the one you’ve your interest in. The beauty of this field lies in the infinite and vast boundary of the job option it provides. The fact that this field is growing fast, many students are opting for it and the more people are getting to know it, the faster it’s growing.