Neco Marketing Answers 2022 3rd August 2022

Neco Questions and Answers 2022
Neco Questions and Answers 2022

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Wednesday 3rd August 2022

  • Paper III & II: Objective & Essay – Marketing – 10:00am – 12:40pm

MARKETING-OBJ
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11-20: BEADDADAED
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31-40: BAABAEEAAC
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51-60: DDEEBBADDE
COMPLETED

(NO 3)
(3a)
Marketing Mix means putting the right product in the right place, at the right time.

(3b)
(i) Demography: Includes institutions and other forces that affect the basic values, behaviours and preferences of the society all of which have an effect on consumer marketing decision.

(ii) Economic Environment: Consists of all factors such as salary levels, credit trends and pricing patterns that affect consumer spending habits and purchasing power. This refers to the purchasing power of potential customers and their ways in which people spend their money.

(iii) Technological Environment: Is perhaps one of the fastest changing factors in the macro environment. This includes all developments from antibiotics and surgery to nuclear missiles and chemical weapons to automobiles and credit cards.

(iv) Political-Legal Environment: This includes all laws, government agencies and lobbying groups that influence or restrict Individuals or organizations. It is important for marketers to be aware of these restrictions as they can be complex.

(NO 4)
(4a)
Organizational markets are markets in which companies and individuals purchase goods for purposes other than personal consumption.

(4b)
(i) Producer markets: Producers buy goods and services and transform them into a sellable product, which they sell to their customers for the purpose of making a profit. Examples of producers are farmers, manufacturers and construction companies.

(ii) reseller market: Resellers buy finished products and resell them to their customers for the purpose of making a profit. Resellers do not modify the products they buy. Resellers can be wholesalers who sell their products to other resellers or retailers who sell their products to end users.

(iii) institutional market: Institutions are non-government organizations that buy goods and services to support their internal operations. The function of institutions is to better their communities, not to make a profit. Examples of institutional markets are churches, hospitals, and colleges.

(iv) government market: Governments buy goods and services to support their internal operations; they do not transform the goods and services or resell them to make a profit. Government markets usually buy their goods through a bidding process and include federal, state, county, and local governments.

(NO 5)
(5a)
International Marketing can be define as the exchange of goods and services across national borders to meet the requirements of the customers. It includes customer analysis in foreign countries and identifying the target market.

(5b)
(i) Market Selection Decision: Once a firm has decided to enter the international market, the next important marketing decision is market selection. As per company’s present product mix, production capacity, and proposed expansion strategy, it selects one or more countries to operate in. In the same way, it has to decide on type of foreign buyers to be served.

(ii) Market Entry Decision: A firm has selected international markets to operate in. Now, the next imperative marketing decision is market entry, i.e., how to enter the market; which of the options to be used for foreign market entry.

(iii) Organisation Decision:
Organisation for global marketing is an important decision. In order to implement, direct, and control international marketing efforts, a company must adopt an appropriate organization structure. The organisation is responsible to regulate foreign trade.

(iv) International Markets Decision: The first few important questions a firm has to answer are should a company go for international market? Why should a company prefer to enter global market? Does company capable to transact in international markets? Obviously, answers come from company’s current domestic market position and types of opportunities available in the foreign markets. When international markets seem to more attractive and the company is capable to exploit these markets, the company decides to enter the international markets.

(NO 6)
(6)
(i) Intensive Distribution: In intensive distribution, the product is sold to as many appropriate retailers or wholesalers as possible. Intensive distribution is appropriate for products such as chewing gum, candy bars, soft drinks, bread, film and cigarettes where the primary factor influencing the purchase decision is convenience.

(ii) Selective Distribution: In Selective Distribution, the number of outlets that may carry a product is limited, but not to the extent of exclusive dealing. Selective Distribution may be used for product categories such as clothing, appliances, televisions etc.

(iii) Exclusive Distribution: When a single outlet is given an exclusive franchise to sell the product in a geographical area. Products such as special automobiles, some major appliances, certain brands of furniture.

(iv) Direct Channel of Distribution:

(v) Indirect Channel of Distribution:

(NO 7)
(7a)
(i) Problem Recognition: This is also called the awareness of need. Need infact is the catalyst which triggers the buying decision of individuals.

(ii) Information Search: In consumer buying decision process, information search comes second. In this stage consumer searches the information about the products either from family, advertisement or by examining or using the product.

(iii) Evaluation of Alternatives: This is where consumers start cutting down the possible options by comparing it with their criteria and what they want from the product/service.

(iv) Purchase Decision: The purchase of a product or service is the fourth step in the consumer buying process. At this point, the consumer has considered all the factors relating to the product, and has shopped around for the best deal or option.

(v) Post Purchase Behavior: The last phase of the buying process is an evaluation process, during which consumer determine if their purchasing decision was the right one.

(7b)
(i) The psychology of how consumers think, feel, reason and select between different alternatives (eg. Brands, Products and Retailers).

(ii) The psychology of how the consumer is influenced by his or her environment (eg. Culture, Family, signs, media).

(iii) The behaviour of consumers while shopping or making other marketing decisions.

(iv) How consumer motivation and decision strategies differ between products that differ I’m their level of importance or interest that they entail for the consumer.

(7c)
(CHOOSE ANY BEST 3)
(i) Cultural Factor.
(ii) Social Factor.
(iii) Personal Factor.

(iv) Psychological Factor.

(NO 8)
(8a)
Price is the sum or amount of money at which a thing is valued, or the value which a seller sets on his goods in the market; that for which something is bought or sold, or offered for sale; equivalent in money or other means of exchange; current value or rate paid or demanded in the market or barter; cost.

(8b)
(CHOOSE ANY BEST 4)
(i) Cost-plus Pricing.
(ii) Price Skimming.
(iii) Premium Pricing.
(iv) Penetration Pricing.
(v) Geographical Pricing.

(EXPLANATION)
(i) Cost-plus Pricing: This is the simplest pricing method. The firm calculates the cost of producing the product and adds a percentage (profit) to that price to give the selling price. The term cost-plus pricing is widely used in retaining, where the retailer wants to know with some certainty what the gross profit margin of each sale will be.

(ii) Price Skimming: Skimming involves setting a high price before other competitors come into the market. This is often used for the launch of a new product which faces little or no competition usually due to some technological features.

(iii) Premium Pricing: Premium Pricing is the practice of keeping the price of a product or service artificially high in order to encourage favorable perceptions among buyers, based solely on the price.

(iv) Penetration Pricing: Penetration Pricing is when you set a relatively low initial entry price, hoping people will switch from a higher priced vendor.

(v) Geographical Pricing: Geographical Pricing sees variations in price in different parts of the world. For example rarity value, or where transportation costs increase price. In some countries there is more tax on certain types that sometimes goods are mich cheaper or expensive.

(NO 9)
(9a)
Marketing Research is therefore the systematic gathering, recording and analyzing of data about problem relating to marketing of goods and services.

(9b)
(CHOOSE ANY BEST 4)
(i) Introduction of New Product or Service.
(ii) Customer Development.
(iii) Competition Analysis.
(iv) Marketing Advertising/Development.
(v) Customer Satisfaction.

(9c)
(i) Market Research: Identification of a specific market and measurement of its size and other characteristics.

(ii) Product Research: Identification of a need or want and the characteristics of the good of service that will satisfy it.

(iii) Consumer Research: Identification pf the preferences, motivations, and buying behaviour of the targeted customers.

(iv) Information: Information for marketing research is collected from direct observation of the customers (such as in retail stores), mail surveys, interviews etc.

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