2019 Waec Marketing Obj And Theory Answers Now Available

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2019 Waec Marketing Obj And Theory Answers Now Available

 

 

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MARKETING OBJ ANSWER

 

MARKETING OBJ:
1-10: DCAADBADCA
11-20: ADCABAACBB
21-30: BCCACCADAC
31-40: AACCBCACBC

 

WAEC MARKETING THEORY

(1a)
(i)Color
(ii)Landscaping
(iii)Texture
(iv)Communication

(1b)
(i)Planning
(ii)Directing
(iii)Coordinating
(iv)Analysing past sales figures/trends to anticipate future product needs.
(v)Devising a merchandise plan using the above techniques.
(vi)Relaying the merchandise plan to the buyer who, in turn, can decide on what products, styles, colours etc

======================

No 2b

1. Finding the Best Distribution Channels
Distribution is about deciding how you’ll get the goods or services you want to sell to the people who want to buy them. Having an idea for a product is great, but if you aren’t able to get that product to the customers you aren’t going to make money. Distribution can be as easy as setting up shop in the part of a city where your target customers are – but in an increasingly interconnected world, distribution more often than not now means that you’ll need to take your products or services to the customers.

2. Financing an Enterprise
It takes money to make money. As a business owner, an important function of marketing a product is finding the money through investments, loans, or your personal capital to finance the creation and advertising of your goods or services.

3. Deep Market Research
Market research is about gathering information concerning your target customers. Who are the people you want to sell to? Why should they buy from you as opposed to a rival business? Answering these questions requires that you do some on-the-ground observation of the market trends and competing products.

4. Setting Prices
Setting the correct price for your product or service can be a challenge. If you price it too high, you might lose customers – but if you price it too low you might be robbing yourself of profits. The “right” price normally comes through trial and error and doing some market research.

5. Product and Service Management
Once you’ve determined the target market and set the price of your product or service, the goal becomes to effectively manage the product or service. This involves listening to customers, responding to their wants and needs, and keeping your products and services fresh and up to date.

 

 

5a)
problem recognition The acknowledgement and
definition of an issue that does or may arise during the
performance of a process.
5b)
Information Search is a stage in the Consumer
Decision Process during which a consumer searches
for internal or external information.

 

 

No 2b

1. Finding the Best Distribution Channels
Distribution is about deciding how you’ll get the goods or services you want to sell to the people who want to buy them. Having an idea for a product is great, but if you aren’t able to get that product to the customers you aren’t going to make money. Distribution can be as easy as setting up shop in the part of a city where your target customers are – but in an increasingly interconnected world, distribution more often than not now means that you’ll need to take your products or services to the customers.

2. Financing an Enterprise
It takes money to make money. As a business owner, an important function of marketing a product is finding the money through investments, loans, or your personal capital to finance the creation and advertising of your goods or services.

3. Deep Market Research
Market research is about gathering information concerning your target customers. Who are the people you want to sell to? Why should they buy from you as opposed to a rival business? Answering these questions requires that you do some on-the-ground observation of the market trends and competing products.

4. Setting Prices
Setting the correct price for your product or service can be a challenge. If you price it too high, you might lose customers – but if you price it too low you might be robbing yourself of profits. The “right” price normally comes through trial and error and doing some market research.

5. Product and Service Management
Once you’ve determined the target market and set the price of your product or service, the goal becomes to effectively manage the product or service. This involves listening to customers, responding to their wants and needs, and keeping your products and services fresh and up to date.
Waec 2019

 

(2a)
Electronic marketing is a process
of planning and executing the
conception, distribution,
promotion, and pricing of
products and services in a
computerized, networked
environment, such as the
Internet and the World Wide
Web, to facilitate exchanges and
satisfy customer demands.
(2b)
(i)Reduction in costs through
automation and use of electronic
media
(ii)Faster response to both
marketers and the end user
(iii)Increased ability to measure
and collect data
(iv)Opens the possibility to a
market of one through
personalisation
(3)
(i)Long term marketing planning
(ii)Lengthy and Time-consuming
(iii)International forums
(iv)Large scale operations
(v)International marketing
research.
(i)Long term marketing planning:
International marketing needs
long term marketing planning.
The need for long term planning
in international markets is
because the marketing situation
in different countries changes
due to social, economic and
political factors.
(ii)Lengthy and Time-consuming:
International marketing is
lengthy and time consuming due
to long distances, restrictions
imposed by different countries,
payment difficulties because of
the use of different currencies,
and lengthy procedural
formalities.
(iii)International Forums:
International trade is regulated
by international forums like WTO
and UNCTAD. International
marketers should have a deep
knowledge of the forums rules
and regulations
(iv)Large Scale Operations:
International marketing is always
conducted on a large scale. It is
done on a wholesale basis and
not on a retail basis, to get the
advantage of large scale
operations regarding
transportation, handling and
warehousing.
(v)International Marketing
Research: In international
markets, it is required to know
about customers, dealers and
competitors. In international
marketing, marketing research is
a must due to different social,
cultural, economic and political
environment of far off markets.

 

(4a)
New product: is the process by
which development of an item to
compete with a particular
product/service or may be done
to improve an already
established product.
(4b)
(i) Idea generation: company has
to generate many ideas in order
to find one that is worth
pursuing. The Major sources of
new product ideas include
internal sources, customers,
competitors, distributors and
suppliers.
(ii)Idea Screening: The purpose
of this stage is to pare these
down to those that are genuinely
worth pursuing. Companies have
different methods for doing this
from product review committees
to formal market research.
(iii)Concept Development and
Testing: As opposed to a product
idea that is an idea for a product
that the company can see itself
marketing to customers, a
product concept is a detailed
version of the idea stated in
meaningful consumer terms.
(iv)Marketing Strategy
Development: The strategy
statement consists of three parts:
the first part describes the target
market, the planned product
positioning and the sales, market
share and profit goals for the
first few years.

 

(5ai)
Physical Evidence: While offering
your services, you can either do it
without adding a personal touch
or by differentiating your
offerings by adding an element
of delight to the customer. For
example, would you prefer to
visit a bookstore that only has a
stack of books with a cashier
nearby.
(5aii)
Productivity: A service is
intangible and cannot be
measured in terms of look, feel
and other qualities present in a
commodity. However, it can be
customized to suit the user
requirements and give a
personal touch. In other words
needs to be designed with the
utmost care to increase customer
satisfaction.
(5aiii)
Process: How efficiently your
services are delivered to the
customer is an important aspect
of your service blueprint and you
need to emphasize on setting up
a process for doing so. You need
to ask yourself “Do I want to
have a process in place that is
quick, reliable and easy to
monitor.
(5aiv)
professionalism: identify the
strategies and techniques of
service used to attract customers
to a business. In other words
They determine pricing based on
product demand and supply, help
maximize a firm’s profits, and
grow market share for a
business and services.
(5av)
Pro-activeness: is a form of
service that allows for marketers
to be agile, real-time, data-driven,
and adaptable to the ever-
changing space of what their
customers could be seeking to
render.
(8ai)
Demand: is the total amount of
goods and services that all
consumers are willing and able
to purchase at a specific price in
a marketplace. In other words, it
represents how much
consumers can and will buy from
suppliers at a given price level in
a market.

 

(8aii)
Need: is a consumer’s desire for
a product’s or service’s specific
benefit, whether that be
functional or emotional.
(8aiii)
Exchange: process is simply
when an individual or an
organisation decides to satisfy a
need or want by offering some
money or goods or services in
exchange.
(8aiv)
Market: is the exchange of goods
and services takes place as a
result of buyers and sellers being
in contact with one another,
either directly or through
mediating agents or institutions
(8av)
Transaction: is an activity in
which goods, services or money
is passed from one account or
person to another; and act of
doing business; an agreement,
exchange, contract that takes
place between two parties and
establishes a legal obligation.

 

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