MARKETING WAEC 2020 OBJ/ESSAY QUESTIONS AND ANSWERS
Thursday, 10th September 2020
Marketing 2 (Essay) 9:30am – 11:30am
Marketing 1 (Objective) 11:30am – 12:30pm
(i) To identify the problem areas in the company.
(ii) To understand the needs of existing customers and why they choose the services of the company over competitors.
(iii) To identify new business opportunities and changing market trends.
(iv) To recognize new areas for expansion, and increase customer base.
(v) To develop new, effective strategies by understanding the market based on market research results
(i) Define the Problem or Opportunity
(ii) Develop The Marketing Research Plan.
(iii) Collect Relevant Data and Information.
(iv) Analyze Data and Report Findings
(v) Put The Research Results into Action.
(i) It provides an edge for the company’s product in the competitive market
(iii) It boosts the business image of the company and strengthen the quality of its brand
(iv) It stimulates the company’s sales thereby increasing profit
(i) Nature of the product
(ii) Cost of the service
(iii) Speed of Transport
(iv) Safety and security of the products
Primary products are goods that are available from cultivating raw materials without a manufacturing process while secondary products are Product processed from raw materials.
Market Facilitators provides consultancy
services in the selection and implementation of the best financial strategy. While Market Union is the coming together of various traders
who sell similar. commodities or products in a particular market to advance and protect the. interests of its members.
(ii)market research firms
(i)They advertise goods for producers.
(ii)They provide advisory and consultancy services.
(iii)They move goods from one place to another.
(iv)They give loans to market union members.
(i) Name of product
(ii) Expiry date
(v) Manufacturer’s contact details
(vi) Direction/Instruction for usage
(i) It gets consumer attention quickly
(ii) It helps for brand recognition
(iii) It creates a unique identity of the product
(i) It reaches a wide audience
(ii) It grabs attention by combining sight and sound
(iii) It allow advertisers to create a long lasting and memorable brand and corporate image
(iv) It generate emotional responses from the viewer thereby increasing viewer trust for the product
(i)Consumer buying is where the final consumer buys goods and services for the personal consumption. While organizational buying involves purchasing goods and services to produce another good with the intention of reselling it.
(ii)Decision usually made by individuals while organization decision frequently made by several people
(iii)individual purchase may make quick decision while organization purchase may engage in lengthy decision process
(iv)consumers purchase for individual or house hold consumption while organization purchase made for some purpose other than personal consumption.
(iii)Individual buyers characteristics/individual factors:
(i)Organizational Factors: Organizational factors are internal factor affecting buying decision. Every purchasing organization has certain objectives and goals, well accepted producer and system for purchasing, and an appropriate organizational structure. These factors directly and indirectly influence its purchase decision.
(ii)Inter-personal factors: Industrial buying decisions are normally collective and also as per the procedures decided. The buying center involves several individuals with different formal authority, status and persuasiveness. Buying center consists of individuals of the organization concerned with purchase decision process. They share the risk arising out of it. They also have a common goal.
(iii)Individual buyers characteristics/individual factors: In the final analysis, individual factors play an important role in buying decision. The other factors (environmental, organizational, etc.) are important but individuals concerned with purchase decision are equally important. A supplier needs to have complete details of all individuals involved in the purchase decision process.
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