The long-awaited and highly anticipated 2022 WAEC Marketing (Obj & Essay) Solution Expo Questions and Answer to be written in May/June is around the corner for all West African Senior School Certificate Examination.
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You need to understand the WAEC Marketing Answer marking scheme before attempting any question so as to present your answers in such a way that it will look attractive to the examiner to earn you big marks, Bear in mind that every single procedure is awarded marks. Check out WAEC ANIMAL HUSBANDRY PRACTICAL ANSWERS & WAEC FISHERIES PRACTICAL ANSWERS Solution here.
RECOMMENDED: 2022 WAEC Timetable for School Candidates [9th May – 24th June].
Entrepreneurship is the act of coordinating the factors of production in a manner that makes a business venture profitable.
(i) Personal savings.
(ii) Loan and overdraft
(iii) Trade credit
(iv) Loan from cooperatives society
(i) Personal savings: This is the funds put together by the entrepreneur.
(ii) Loan and overdraft: This is the funds from commercial banks.
(iii) Trade credit: This is the arrangement to receive goods and make payment in future date.
(iv) Loan from cooperatives society: This is the funds contributed via cooperative societies
(PICK ANY SIX)
(i) Availability of customers.
(ii) Nearness to targeted customers.
(iii) Availability of road network.
(iv) The size of population.
(v) Availability and nearness to manufacturing plant.
(vi) Nearness to wholesaler and retailers.
(vii) Availabilty of raw materials
(viii) Availability of basic infrastructure
(ix) Economic policy
Marketing is the process of exploring, creating, and delivering value to meet the needs of a target market in terms of goods and services.
(v)Marketing information management.
(i)The Production Concept; The production concept is focused on operations and is based on the assumption that customers will be more attracted to products that are readily available and can be purchased for less than competing products of the same kind.
(ii)The Product Concept; The product concept is the opposite of the production concept in that it assumes that availability and price don’t have a role in customer buying habits and that people generally prefer quality, innovation, and performance over low cost.
(iii)The Selling Concept
Marketing on the selling concept entails a focus on getting the consumer to the actual transaction without regard for the customer’s needs or the product quality a costly tactic.
(iv)The Marketing Concept; The marketing concept is based on increasing a company’s ability to compete and achieve maximum profits by marketing the ways in which it offers better value to customers than its competitors.
(i) Receiving: operations that involve the assignment of trucks to docks, the scheduling and execution of unloading activities
(ii) Storing: material’s movement from unloading area to its designated place in inventory
(iii) Order Picking: the process of obtaining the right amount of the right products for a set of customer orders. This is the main and the most labour- intensive activity of warehouses
(iv) Shipping: execution of packing and truck’s loading after picking, involving also the assignment of trucks to docks
(v) Delivery: the transit time for transportation from the warehouse to the customer.
(ii) Storing: Material’s movement from unloading area to its designated place in inventory
(iii) Order Picking: This is the main and the most labour-intensive activity of warehouses. Amaka will be obtaining the right amount of the right products for a set of customer orders.
(iv) Shipping: Execution of packing and truck’s loading after picking, involving also the assignment of trucks to docks
(v) Delivery: The transit time for transportation from the warehouse to the customer is part of the activities that is carried out in Amaka’s warehouse.
(i) She must accept responsibility for the consequences of their activities and make every effort to ensure that their decisions, recommendations, and actions function to identify, serve, and satisfy all relevant public
(ii) Amaka should give a maximum privacy to every customer on internet by not bombarding potential customers with unwanted solicitations and information Provide customers
(iii) She should have a good customer service or commitment by notifying the customer immediately of items that are out of stock, have been discontinued, or other updates.
(iv) She should avoid copyright issues by asking for permission before using someone’s site or material.
(v) She should ensure the security of her customers, making sure their personal information is not be traded or sold without permission.
need is a consumer ‘s desire for a product ‘s or service ‘s specific benefit, whether that be functional or emotional.
want is the desire for products or services that are not necessary, but which consumers wish for.
exchange is a marketplace where securities, commodities, derivatives and other financial instruments are traded.
demand is the total quantity demanded across all consumers in a market for a given good.
transaction is a completed agreement between a buyer and a seller to exchange goods, services, or financial assets in return for money.
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(Pick any four)
(i)Marketing planning provides direction for all organization marketing effort
(ii)Marketing planning help organization to raise finance for capital expenditure.
(iii)Marketing planning prevents time wasting on ineffectual marketing activities.
(iv)It save money by helping to ensure that the marketing budget is spent effectively
(v)It helps to identify. prerequisites to planned activities.
(vi)It helps to generate more clients by communicating effectively.
(i)overseeing trade agreement
(ii)Reducing trade barriers
(iii)Reducing worldwide tariffs
(i)Suppliers include all the parties which provide resources needed by the organisation.
(ii)Market intermediaries include parties involved in distributing the product or service of the organisation. And Public is made up of any other group that has an actual or potential interest or affects the company’s ability to serve its customers
(iii)Partners are all the separate entities like advertising agencies, market research organisations, banking and insurance companies, transportation companies, brokers, etc. which conduct business with the organisation.
(iv)Customers comprise of the target group of the organisation. and competitors are the players in the same market who targets similar customers as that of the organisation.
(i)loyal customers; Offer loyal customers an exclusive preview Your loyal customers are a key part of how to promote your product, because they are most likely to not only buy it, but also promote it to their networks.
(ii)special introductory; Use a special introductory offer
Rather than just announcing your new product or service, you can make it available as a part of a special introductory deal.
(iii)Run a social media contest; Social media contests are a fun, easy way of connecting with customers and bringing in more fans/followers and prospects for your business.
(iv)Host an event; Events not only get customers excited about your new product or service, but can also get new prospects personally engaging with you or other employees of your business a great way to win them over as customers.
WAEC Marketing EXAMINATION HAS BEEN SCHEDULED TO TAKE PLACE ON
Tuesday, 17th May 2022
- Marketing 2 (Essay)** › 08:30 hrs. – 10:30 hrs.
- Marketing 1 (Objective)** › 10:30 hrs. – 11:20 hrs.
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