in this blog post, we are going to be looking at the meaning and Importance communication in commerce.
Meaning and importance of Communication
Meaning: Communication is the process of exchange or transmission of meaningful information, feelings, opinions and ideas from one person to another or from one place to another. It is a two-way process which involves sending and receiving of messages.
Communication has played important roles in commerce by enhancing all forms of business activities. Communication is a vital aspect of Commerce because it is the means by which buyers and sellers are able to get in contacts to transact business.
The development of communication system has also eased and hastened contact between people in Commercial centers.
Importance of Communication
- Promotion of commercial activities: Communication promote commercial activities as the whole world is connected together as a global village.
- Enhances settlement of International indebtedness: The use of telecommunication has enhanced the settlement of debt through telegraphic money transfer, e.g, Western Union money transfer.
- Reduction in cost and risk of traveling: Through communication, the cost and risk involved in traveling long distances for business transactions can be greatly reduced.
- Creation of awareness for Goods and Services: Communication helps in creating awareness for good and services in order to induce customers to buy.
- Facilitate contact between businessman: It provides and facilitate Good and efficient means of maintaining close contact between businessmen.
- Communication enhances International Trade: Foreign trade transactions can be facilitated through modern means of communication as various markets are linked together. To join my class on types of international trade [Click Here]
- Facilitate mail order business: Another importance of communication is mail order business. The use of poster system has greatly enhanced mail order business.
- Provides information for Government policies: Information about economic and commercial policies of a government are transmitted through communication to the businessmen.
- Enhances air and sea transport: Another importance of communication is that it enhances air and sea transportation, transportation by air and sea are made possible by communication. The use of radio, telegram and other means have made contact between the ship offshore and ports possible
- Good and fast means of spreading information: Communication facilitates the dissemination of information about the market situation of goods and services.
- Ensures quick and fast delivery of Documents: Documents and parcels are easily, quickly and safely moved from one place to another.
This is the end of this blog post on meaning and importance of communication.
Looking forward to see you in our next class as we go deeper on Types and forms of communication. To join the class [Click Here].