COMMERCE O LEVEL(FORM THREE) NOTES – MARKETING

MARKETING

When goods are produced and ready for use, producers must reach the people who need the goods. There is a need to transport the goods to a common place where final consumers can easily access them. Such a place where traders or sellers meet buyers or consumers is called a market.

Definition of Marketing

Marketing can be defined in various ways:

Marketing is the process of identifying and anticipating consumer demand for a product and satisfying their demand more efficiently and profitably. This means that before producers engage in production of a certain commodity, they should first find out what the consumers need so that they can produce according to the consumer’s needs.
Marketing can also be defined as a system of interrelated activities designed to plan, price, promote, and distribute goods and services to groups of customers with the aim of satisfying their demand.

Conditions for Marketing

A way for these parties to communicate; the buyer will not buy unless he knows the existence of a product, and the seller will not sell unless he knows the market.
Desire and ability to satisfy these wants and needs.
Something of value to contribute in the exchange.

Objectives of Marketing

Some of the objectives of marketing include:

To increase sales volume through aggressive selling techniques.
To achieve profit.
To face competition.
To give quality assurance to customers.

Types of Marketing

There are mainly three types of marketing determined by the type of products concerned. They include:

Primary marketing
Secondary marketing
Service marketing

Primary Marketing

This type of marketing deals with identification and anticipation of consumer demand for primary products (raw materials) and finding a way to satisfy this demand. All agricultural marketing boards are concerned with this type of marketing since they handle the distribution of primary products.

Secondary Marketing

Secondary marketing is concerned with knowing the requirements of the market. It aims at satisfying the demand for manufactured goods.

Service Marketing

This type of marketing deals with identifying and satisfying consumer demands for services. Services include banking, insurance, transport, warehousing, teaching, and medication.

Importance of Marketing to Consumers

Marketing enables consumers to know the sources of supply for what they demand.
Marketing improves the standard of living by making goods needed by consumers available in the market.
Through marketing, consumers can determine the price of goods, reducing exploitation.
Marketing enhances the variety of choice due to the wide range of goods supplied in the market.

Importance of Marketing to Producers

Marketing enables producers to know the demand of their consumers, including the quality and quantity of goods needed.
It enables producers to know their competitors and improve their goods to fit the competitive market.
Marketing helps producers fix the price at which they will sell their products.
Marketing increases sales volume.
Marketing helps producers know the best means of communication with their consumers to complete transactions.

Importance of Marketing to the Nation

Through marketing, a country can get surplus, which can be stored as buffer stock to be used during calamities.
Marketing leads to improvement in production and export, thus earning foreign exchange.
Marketing is a source of employment, reducing unemployment and related risks such as crime.

Market

There are various definitions of a market:

An area or place where buyers and sellers meet to transact. A market is always a designated place authorized by the government through local authorities.
A situation in which buyers and sellers transact or exchange goods and services, for example, buying goods through the internet.

The word marketing comes from the word market. A market can mean demand for a commodity; for instance, an increase or decrease in demand leads to an increase or decrease in the market for the commodity.

Conditions for the Existence of a Market

Existence of goods and services: There must be willing goods such as foodstuffs and stationery and services such as hairdressing to be exchanged.
Existence of buyers and sellers: There must be willing buyers and sellers. Sellers must be willing to supply their goods and services for buyers to purchase them.
An area where a market is located: There must be a specific area designated for people to bring their goods and meet willing buyers. Sometimes there are set days when goods and services are sold in a given market.
Contact between sellers and buyers: The willing seller and buyer must be in contact for the exchange to take place. Communication may be physical or through telephone.
Price of commodities: There is always a prevailing market price as a result of the interaction of demand and supply forces. For example, during mango season, prices are low; out of season, prices are higher.

Function of a Market

The main functions of a market are:

Source of supply: A market is a source of supply of goods and raw materials to consumers and manufacturers.
Facilitation of transaction: A market facilitates buying and selling by providing a place where buyers and sellers can meet or contact each other.
Contact between buyers and sellers: A market provides a ground for buyers and sellers to have contact during exchange.
Price stability: Prices are determined by demand and supply forces, helping stabilize prices.
Increase in production: Demand in a market encourages suppliers to supply more goods, increasing production.

Classification of Markets

Markets are classified according to the type of goods and services offered. There are two main ways of classifying markets:

Market types
Market structure

Market Types

This classification is based on the type of goods and services bought and sold in the market. Examples include:

Commodity market: Buying and selling of final goods and services ready for consumption, e.g., clothes and foodstuffs.
Input market: Selling goods used in production, like machines and raw materials. Examples include:

Labour market: Buying and selling of labour at a given wage rate.
Capital market: Buying and selling of capital goods like machines.
Land market: Buying and selling of land at a given price or rent.

Financial market: Buying and selling of financial assets such as securities, bonds, and treasury bills. Subdivided into:

Security market: Selling and buying government securities and company shares. Example: Dar es Salaam Stock Exchange (D.S.E).
Foreign exchange market: Buying and selling foreign currencies. Example: Bureau de Change.

Market Structure

This classification considers the conditions, characteristics, and behavior of the market, including the degree of competition. Market structure is subdivided into:

Perfect competition
Monopoly
Monopolistic competition
Oligopoly
Duopoly

Perfect Competition

An ideal situation where many firms each produce a small fraction of total output, and none can influence the market price.

Characteristics or Assumptions of Perfect Competition

Many buyers and sellers: Many firms sell similar commodities in small quantities; no single seller can influence price. Buyers are many and disorganized.
Homogeneous commodity: The commodity sold is identical and cannot be differentiated by size, quality, color, or texture.
Free entry and exit: Sellers and buyers can enter or leave the market freely.
Perfect knowledge: Buyers and sellers have adequate knowledge about market conditions and prices.
No government interference: No external intervention such as price or quantity controls.
No transport cost: Buyers and sellers are assumed to be in the same place.
Perfect mobility of factors of production: Resources like land, labour, and capital can be easily moved.

Pure competition is a market structure with many buyers and sellers, homogeneous commodities, and free entry and exit.

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Monopoly Market Structure

A market structure with only one supplier who sells a product with no close substitutes. A market with only one buyer is called monopsony.

Characteristics or Assumptions of Monopoly

Single supplier: One seller provides total supply and can influence the market by reducing quantity supplied.
No close substitutes: The product has no close substitutes, so the firm faces no competition.
No entry: Barriers prevent other firms from entering the industry, such as control over raw materials, government policy, and technical knowledge.

Sources of Monopoly Power

High initial investment costs
Control of resources
Ownership of production rights (patents, copyrights, royalties)
Small market size
Technology control
Amalgamation (mergers, cartels, takeovers)
Internal economies of scale

Monopolistic Competition

A market structure between perfect competition and monopoly.

Characteristics or Assumptions

Large number of independent sellers and buyers.
No barriers to entry or exit.
Product differentiation through color, packaging, and advertising.
Perfect knowledge of the market.
Firms are price determinants due to product uniqueness.

Oligopoly

A market dominated by few firms selling close substitutes. Firms are large and dominate substantial market parts. Two firms form a duopoly.

Characteristics

Few sellers producing large-scale commodities; products may be identical or differentiated.
Price is determined by firms, with interdependence shown by:

Price wars
Collusion
Cartels
Price leadership

The Concept of Marketing Mix

Marketing mix is a set of controllable variables a firm uses to influence buyer response. It includes product, price, promotion, and place (4Ps) to satisfy target market needs and achieve marketing objectives.

Product

A product is anything offered in a market for attention, acquisition, use, or consumption, including goods, services, and ideas.

Features of a Product

Branding

The process of designing a name, sign, symbol, or combination to identify and differentiate a product from competitors.

Terms Used in Branding

Brand: Name, mark, symbol, or sign identifying a product.
Brand Name: Pronounceable part of a brand, e.g., Uhai, Fanta, Omo, Pepsi.
Brand Mark: Recognizable part by sight but not pronounceable, e.g., symbol or sign.
Trade Mark: Legally protected part of a brand, exclusive to the owner, marked with ®.

Copyrights

Exclusive legal rights to reproduce, publish, and sell literary, musical, or artistic works.

Advantages of Branding

A. Advantages to Manufacturers

Branded goods are preferred by wholesalers and retailers for easier sales.
Manufacturers can control product prices.
Manufacturers can eliminate wholesalers and sell directly to retailers or customers.
Product individuality is established, differentiating from competitors.
Advertising costs may be reduced due to brand popularity.

B. Advantages to Consumers

Consumers are protected from higher prices as branded goods prices are known.
Branded goods are easily available at preferred points.
Quality is protected as branded goods are usually sealed.
Manufacturers do not easily change branded goods prices.

C. Advantages to Wholesalers and Retailers

Helps in quality standardization for stock selection.
Assists in display programs in retail stores.
Reduces price comparison and stabilizes prices.
Less risk due to steady demand for branded goods.

Disadvantages of Branding

Creates opportunities for fake goods production.
Creates monopoly as non-branded manufacturers may leave the market.
Branded goods tend to be highly priced due to working and advertising costs.

Packaging and Packing

Packaging

Designing a producer’s container or wrapper for goods, e.g., paper, bottle, or box.

Packing

The process of putting or arranging goods in a package.

Factors to Consider When Designing a Package

Size and weight of goods: Large and heavy goods require strong packaging.
Shape: Should be attractive and easy to handle.
Nature of goods: Perishable or durable, liquid or solid.
Promotional policies and strategies: Attractive packaging influences buying decisions.
Cost: Packaging materials should not be expensive to avoid raising product cost.

Reasons for Packaging and Packing

Protect goods from damage.
Facilitate branding and labeling.
Make handling convenient.
Make products attractive.
Protect quality against atmospheric conditions.
Prevent loss by evaporation (e.g., petroleum, gas).

Advantages of Packaging and Packing

Packages can be reused (e.g., plastic bottles for water storage).
Facilitates branding and advertising.
Ensures hygiene for food products.
Convenient to handle.
Protects goods during transportation.

Disadvantages of Packaging and Packing

Increases production cost.
Packed goods are more expensive due to packaging costs.
Consumers cannot inspect quality and quantity easily.
Improper opening may damage goods.

Standardizing and Grading

Standardization establishes standards based on physical properties or quality. Grading sorts products into classes with similar characteristics like size, quality, color, and shape.

Types of Grading

Fixed grading: Same standards used year after year (e.g., wheat, cotton).
Variable grading: Specifications change according to quality produced each year (e.g., fruits, vegetables).

Advantages of Grading

Reduces advertising and marketing costs.
Wider market reach as buyers can order by grade.
Speeds up customer selection and price negotiation.
Helps in future grading and transactions.
Facilitates cheaper financing as graded goods can be used as loan collateral.

Pricing

Pricing is the process of setting a price for a commodity offered for sale. Price is the amount of money a customer pays for a product, idea, or service.

Promotion

Promotion is the marketing communication process using personal means to remind, inform, and persuade buyers to purchase products. It includes advertising, sales promotion, personal selling, and publicity.

Place (Distribution)

After manufacturing, goods must be taken closer to customers. Distribution involves moving goods and services from suppliers to customers through channels and physical distribution.

Product Development

Product development refers to creating products with new or different characteristics offering new or additional benefits. It may involve modifying existing products or creating entirely new ones.

Note: The above are the 4Ps of the marketing mix: product, price, promotion, and place.

Market Research

Market research is an investigative activity to establish consumer demand for a product. It involves systematic collection and analysis of market-related information, especially advertising, product, and sales data. It is undertaken before production launch.

Aims of Market Research

To find out if there is a market for the goods to be produced.
To establish suitable methods and channels of distribution.
To determine the most attractive product presentation (packaging).
To assist in choosing effective, cheap, and convenient promotion methods.
To determine the best product price for consumer advantage.

Methods of Carrying Out Market Research

Field investigations: Personal interviews or questionnaires to collect information.
Statistical data collection: Obtaining information from government, trade organizations, and chambers of commerce.
Testing the market: Supplying a small amount of a new product to a limited area to test customer response.
Feedback from distributors: Collecting customer opinions through distributors to improve products.

Steps in Market Research

Definition of the problem: Clarify objectives and research problems.
Source of secondary data: Data from internal and external documents.
Source of primary data: Data collected directly from the field via observation, surveys, and experiments.
Compiling and analyzing data: Summarize data, compile reports, and make conclusions for management action.

Advantages of Market Research

Helps producers find new markets.
Contributes to price reduction through appealing packing methods.
Improves product quality.
Eliminates wasteful advertising and improves effective campaigns.

Disadvantages of Market Research

Results may be unreliable if methods are inappropriate.
Market research can be expensive.
Information depends on respondent honesty and mood.
Small sample sizes may cause biased information.

MONEY AND BANKING

Money is anything or any commodity chosen by a community to be used as a measure of value and medium of exchange.

Or, money is anything acceptable as a medium of exchange.

Money is not wanted for itself but for what it can be exchanged for. In the modern world, exchange must take place, which may not be possible without money.

Evolution of Money

Before money, trade was by barter, exchanging goods for goods. Due to problems with barter, monetary trade was introduced. The evolution of money occurred in five stages:

Barter trade
Commodity money
Cowries
Precious metals
Coins and notes

Problems of Barter Trade

Lack of double coincidence of wants: Difficult to find two people with matching wants.
Lack of measure of value: Difficult to decide exchange quantities.
Lack of store of value: Difficult to store perishable goods for future exchange.
Indivisibility of commodities: Commodities cannot be divided into smaller parts.
Difficulty of transporting some commodities: Lack of modern transport and immobility of items.

Advantages of Barter Trade

Involves few documents.
Removes currency differences.
Allows knowing exact quality of exchanged goods.
Promotes social understanding.
Eliminates risk of carrying money.
Simple and fast system.
Accessible to illiterates.
Cheating is difficult as exchange is physical.

Functions of Money

Medium of exchange: Solves double coincidence of wants problem.
Unit of account: Assigns value to goods and services.
Store of value: Money can be stored and used later.
Standard for future payments: Enables obligations to be made in the future.

Features or Qualities of Good Money

Generally acceptable
Easy and light to carry
Durable
Homogeneous
Not easy to forge or counterfeit
Scarce
Stable in value
Divisible into standard units
Cheap and convenient to print
Easy to recognize authenticity

Legal Tender

Any means of payment that people are compelled by law to accept in settlement of obligations. All banknotes and coins are legal tender in their countries of issue.

Currency

The nationally acceptable money for exchange of goods and services. Strong economies have convertible currencies, e.g., US dollar and pound sterling.

Money and Capital

Money is generally acceptable as a means of exchange, while capital is anything invested for production. Money may act as capital, but not all capital is money.

Forms of Money

Commodity money: Goods used as money, e.g., cattle, bark-cloth, cowrie shells.
Coins: Metallic money, either standard (face value equals metal value) or token (face value differs from metal value).
Bank notes: Paper money issued by central banks, originally backed by gold but now fiat money.
Bank deposits: Money deposited in banks, protected under savings, current, and fixed deposit accounts.
Fiat money: Not backed by gold but by government securities.
Cheque: Written order by a bank customer to pay a specified sum to a named person; not legal tender.

Demand for Money

People hold money for various motives:

Transaction motive: To buy and maintain daily expenditures.
Precautionary motive: To cater for unforeseen future expenses.
Speculation motive: To hold money anticipating future economic changes.

Bank

An institution involved in financial transactions such as mobilizing savings, providing credit, accepting deposits, and advising customers.

Evolution of Banking in Tanzania

During colonial days, banking was controlled by the East Africa Currency Board. After independence, each country established its own central bank, e.g., Bank of Uganda in 1968.

Banking Services

Bank Loan

Money lent by a bank to a customer upon presenting collateral security, with fixed interest.

Conditions Before Giving a Loan

Creditworthiness
Loan objective
Loan period
Customer status
Economic integrity
Value of security
Loan amount
Government policy

Types of Bank Loans

Types of loans	Duration of loan	Possible uses
Short-term	Up to one year	Finance cash flow shortfalls; buy assets with life less than 1 year; accommodate seasonal fluctuations.
Medium-term	1-10 years	Finance small-scale expansion; purchase assets with life 1-10 years; overcome cash flow deficits.
Long-term	Over 10 years	Buy assets with more than 10 years life; finance startup.

Bank Overdraft

Money lent by a bank to a prominent customer exceeding the amount in his account. Interest is paid on the overdrawn amount.

Bank Draft (Banker’s Draft)

A cheque by which a bank pays money to a named person, guaranteed by the bank.

Standing Orders (S.O.)

Customer authorizes bank to pay a fixed amount to a named person or company at regular intervals.

Direct Debit (D.D.)

Payee requests the bank to deduct fixed sums from the holder’s account.

Credit Transfer System (C.T.S.)

Customer authorizes bank to pay money into the account of a named person or company.

Differences Between Standing Order and Credit Transfer

Credit transfers are made by depositing money into an account; standing orders are made directly to payees.
Credit transfer payees must have accounts; standing orders do not require this.
Both involve regular payments.
Both are processed through banks.

Travellers Cheque (T.C.)

Cheques issued by commercial banks to travelers, available in local and foreign currencies, safer than cash.

Importance of Travellers Cheques

Accepted by some shops and hotels.
Available in various currencies.
Safer and easier to carry than cash.
Available in different denominations.

Cheque

A written order from an account holder to his bank to pay a specific amount to a named person. Cheques may be open or closed.

Open Cheques

Payable across the bank counter to the holder or named person. An open cheque without a named payee is a bearer cheque; with a named payee is an order cheque.

Bearer Cheque

Order Cheque

Crossed Cheque

A crossed cheque bears two parallel lines, usually on the top left corner. It cannot be cashed over the counter and must be deposited into a bank account, making it safer.

Types of Crossed Cheques

General crossing cheque
Special crossing cheque

General Crossing Cheque

Two parallel lines on the cheque face, possibly with “and company” or “not negotiable” or “account payee only” between them, restricting transferability and enhancing security.

Special Crossing

Includes the bank branch name, amount, and payee name in addition to general crossing features.

Types of Cheques

Stale cheques: Cheques older than six months, not honored by banks.
Post-dated cheques: Presented before the date on the cheque, not honored.
Stopped cheques: Drawer instructs bank not to pay (e.g., if lost or stolen).
Blank cheques: Completed except for amount; risky unless crossed.
Forged cheques: Used fraudulently; account holders should keep cheque books safe.
Lost cheques: Should be reported immediately to the bank and police.

Parties to a Cheque

Drawer: Person who writes and signs the cheque.
Drawee: Bank on which the cheque is drawn.
Payee: Person to whom the cheque is payable.
Endorser: Person who signs and transfers the cheque to another.
Endorsee: Person to whom the cheque is transferred.

Counterfoil

Tag remaining in the cheque book recording issued cheques, dates, and amounts; does not require signing.

Endorsement of a Cheque

Signing a cheque to evidence title; applies to negotiable instruments.

Advantages of Paying by Cheque

Convenience: Writing a cheque is faster than counting cash.
Safety: Cheques are safer than cash.
Proof of payment: Acts as evidence of payment.
Easy to carry: Easier than carrying cash.
Storage: Takes less space.
Easy to transfer: Large amounts can be safely transferred.
Reference: Counterfoil acts as a record.
Easy to pay many people: One cheque can pay multiple people.
Easy to send: Can be sent by post.
Security: Can be made person-specific by crossing.

Dishonouring a Cheque

When a bank refuses to pay due to reasons such as:

Insufficient funds
Drawer bankruptcy
Drawer death
Cheque presented before date
Errors in cheque
Stale cheque
Signature mismatch

Making a Cheque Secure

Crossing cheques to prevent cashing over the counter.
Avoid leaving gaps in cheque writing.
Avoid signing blank cheques.
Protect signature from exposure.
Report lost cheques immediately.
Keep cheque book securely locked.

Why Some People Are Reluctant to Accept Cheques

Lack of information: Many rural people are unaware of banking.
Limited bank spread: Banks concentrated in urban centers.
Loss of trust: Due to bank closures and inefficiency.
Lack of accounts: Bank policy requires accounts for cheque clearing.
Small amounts: Inconvenient for small purchases.
Time-consuming: Cheques take days to clear.

Tools of Monetary Policy

The central bank uses tools to control money circulation:

Bank Rate

Interest rate charged to commercial banks borrowing from the central bank. Increasing bank rate raises commercial bank rates, reducing loan demand and money supply.

Open Market Operation

Central bank sells securities to the public, reducing money in circulation.

Selective Credit Control

Central bank directs commercial banks to lend to priority sectors and withhold loans from others.

Reserve Requirement

Commercial banks must deposit a specified amount or percentage of customer deposits with the central bank to reduce money supply.

Inflation

Situation where too much money purchases few goods, causing persistent price rises. Monetary policies help control inflation.

Deflation

Opposite of inflation; aims to reduce money quantity to control inflation. Not favorable for investors and businessmen.

Co-operative Banks

Formed to cater to farmers’ needs, providing capital and services. Capital is obtained through farmers and co-operative societies.

Functions of Co-operative Banks

Lend money to members.
Keep money for members.
Assist with farming advice.
Provide transport facilities.

Commercial Banks

Financial institutions helping businessmen and the public. Examples in Tanzania include Barclays Bank, CRDB Bank, and NMB Bank.

Functions of Commercial Banks

Store money and valuables.
Transfer money via cheques, drafts, standing orders, credit transfers, and travellers cheques.
Advise customers on business and investment.
Buy and sell stocks and shares.
Act as trustees.
Collect money for customers.
Provide financial advice.
Lend money via loans or overdrafts.
Issue informational booklets.
Assist in international trade.
Provide safe services.
Source foreign currency through exchange bureaus.

Bank Accounts

Types of accounts include current, savings, and fixed deposit accounts.

Current Account

Offered by commercial banks, preferred by businessmen. Features include:

Minimum initial balance required.
Withdrawals limited by account balance.
Deposits accepted anytime in various forms.
Cheque book provided.
Monthly bank statements issued.
No interest unless negotiated.
Overdraft facilities sometimes allowed.

Paying-in Slips

Documents used to deposit money into current accounts, recording depositor details, amount, denominations, date, and cheque details.

Opening a Current Account

Requirements include:

Name, address, and occupation.
Two referees (bank employees or customers) providing financial and credit information.
Specimen signature card.
Account number issuance.
Cheque book issuance.

Savings Account

Offered by savings and commercial banks. Features include:

Minimum initial deposit and balance required.
Deposits accepted anytime (e.g., post office savings).
Withdrawals allowed once a week.
Seven days’ notice required for large withdrawals.
Passbook provided; no cheque book.
Interest paid on deposits.
Account holder must be present for withdrawals.
Withdrawals possible from any post office (for post office savings).

Fixed Deposit Account

Account with fixed deposits for a specified period; no withdrawals or deposits allowed before maturity.

Minimum deposit required.
Fixed interest rate paid.
Suitable for large sums not needed soon.
Notice required before withdrawal.

Factors to Consider When Choosing a Bank Account

Interest offered: Fixed deposit accounts offer higher rates.
Ease of withdrawal: Current accounts allow easy withdrawals; fixed deposits restrict withdrawals.
Need to save: Savings accounts suit regular savers; restrict withdrawals.
Ability to transfer money: Current accounts facilitate easy transfers.
Security: Fixed deposits are secure; cheques can be forged unless crossed.
Loan possibilities: Current account holders can more easily obtain loans.
Amount involved: Savings accounts suit small amounts; current and fixed deposits suit larger sums.
Allowance for overdrafts: Available only for current accounts.
Paying many people: Current accounts allow multiple payments via one cheque.

Run on the Bank

Situation where many customers withdraw money simultaneously due to loss of confidence or high demand (e.g., school fees season).

Problems Facing Banking

Loss of confidence: Due to bank closures.
Lack of information: Especially in rural areas.
Poverty: Many are poor with no surplus for saving.
Lack of commitment: Shortage of qualified staff.
Moral decay: Staff collusion leading to losses.
Reluctance to repay loans: Borrowers defaulting.
Political instability: Discourages investment.
Inflation: Discourages saving.
High interest rates: Discourages borrowing.
Lack of modern equipment: Causes congestion.
Forgery: Leads to losses.
Concentration in urban centers: Neglects rural areas.

Means of Payments

Currency notes
Coins
Cheque

Registered Post

Sending cash, cheque, draft, or documents by specified envelopes with registration and compensation for loss.

Post Orders

Documents sold by post office for fixed denominations to send money safely, can be crossed like cheques.

Money Order

Sending money via post office with receipt for the sender and payment at the receiving post office.

Promissory Notes

Document where one person promises to pay another a sum at a certain date.

Bills of Exchange

Unconditional written order to pay on demand or at a certain time to a person or bearer.

Honouring a Bill

When the drawer pays the amount shown.

Dishonouring a Bill

When the drawer fails to pay.

Endorsing a Bill of Exchange

Signing back the bill to transfer the right to receive money to another person.

Discounting a Bill of Exchange

Selling the bill to a bank to receive money less interest for the unexpired period.

Negotiable Instruments

Bills of exchange
Cheque
Promissory notes
Travellers cheque
Bank draft