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Waec Marketing Obj & Essay 2022
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Entrepreneurship refers to the concept of developing and managing a business venture in order to gain profit by taking several risks in the corporate world.
(i)Retained Earnings Businesses aim to maximize profits by selling a product or rendering service for a price higher than what it costs them to produce the goods. It is the most primitive source of funding for any company.
(ii) Debt Capital Companies obtain debt financing privately through bank loans. They can also source new funds by issuing debt to the public.
(iii)Equity Capital Companies can raise funds from the public in exchange for a proportionate ownership stake in the company in the form of shares issued to investors who become shareholders after purchasing the shares.
When starting a business, your first investor should be yourself either with your own cash or with collateral on your assets. This proves to investors and bankers that you have a long-term commitment to your project and that you are ready to take risks.
(i)Availability of raw materials
(ii)Nearness to market
(iii)Availability of basic infrastructure
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.
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Marketing Obj & Essay Answers 2022
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MARKETING OBJ: 1-10: CACCBBDCAB 11-20: CACDCCDCDC 21-30: BDCAABABCD 31-40: CABBCCDCCB
Marketing(4a) (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 (4b) (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. ===========================
(1ai) (i) Television (ii) Radio (iii) Newspaper (iv) Billboard (v) Magazine (vi) Cinema
(1b) (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
(1c) (i) Nature of the product (ii) Cost of the service (iii) Speed of Transport (iv) Safety and security of the products ==============================
(2ai) Primary products are goods that are available from cultivating raw materials without a manufacturing process while secondary products are Product processed from raw materials.
(2aii) 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. (2c) (i)advertising agencies (ii)market research firms (iii)transportation firms (iv)Financial companies -Functions- (Pick 1) (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. ===========================
(5a) (i) Name of product (ii) Expiry date (iii) Ingredients (iv) Weight (v) Manufacturer’s contact details (vi) Direction/Instruction for usage
(5b) (i) It gets consumer attention quickly (ii) It helps for brand recognition (iii) It creates a unique identity of the product
(5c) (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 ===========================
(6a) (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.
(6b) (i)Organizational Factors (ii)Inter-personal factors (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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THEORY-ANSWERS! (1) (i)Customers (ii)Competition (iii)Suppliers (iv)Resellers (v)Technological
(i)Customers; The success of marketing strategy also depends on the customers of company’s product. The nature of customer such as b2c, b2b, international or local and the reason for buying the product will play a role in establishing the marketing strategy of company and how they approach the customers and serve them. The satisfaction of general public is a duty of organization.
(ii)Competition; Market competition exists when two or more firms sell same or similar products and services. The companies must take into account the way they approach the customers and sell their products to the customer, what price and product differentiation they have for their customer. These factors can be taken into account to get edge over their competitors.
(iii)Suppliers;Business success depends on the suppliers when they enjoy an authority. The supplier of a company holds the power when they are the only one in the market or when they are the largest supplier of the goods. The buyer is not essential to the suppliers business, as the supplier’s good is the core ingredient of the finished product of buyer.
(iv)Resellers; The success of companies marketing strategy also depends on resellers if the finished goods of a company is taken to market by market intermediaries or any other third party. These forces include wholesaler, retailers etc. For example, If the retail seller holds a reputable name in the market then their reputation can impact the marketing of company’s product.
(v)Technological; The organization must consider the technological factors as the knowledge and skills used in production of goods. The technology and materials used in production of goods and services helps in smoothing the process of business.
(2a) Marketing refers to activities a company undertakes to promote the buying or selling of a product or service. Marketing includes advertising, selling, and delivering products to consumers or other businesses. In other words Some marketing is done by affiliates on behalf of a company. And it can be used to describe efforts to produce, promote, package, and reclaim products in a manner that is sensitive or responsive.
(2b) (i)Outbound Marketing (ii)Inbound Marketing (iii)Online Marketing (iv)Offline Marketing
(i)Outbound Marketing; Outbound marketing, also referred to as traditional marketing, has been the most common approach for businesses in the past. Outbound marketing includes tactics such as cold calling, cold mailing, tv ads, etc. This strategy typically sees less return-on-investment or ROI due to the lack of context for the customer.
(ii)Inbound Marketing;Inbound marketing is a relatively new tactic that was brought to life largely by HubSpot. Inbound marketing is based off of the concept of attracting business by being helpful and relevant to your audience rather than being interruptive. Inbound marketing makes use of tactics like email marketing, content marketing, search engine optimization etc.
(iii)Online Marketing; refers to any of the various marketing strategies that a business may use to promote themselves on the internet. Online marketing, sometimes referred to as digital marketing, is a fairly catch-all term and includes web tactics such as social media marketing, search engine marketing, blogging, and more.
(iv)Offline Marketing; refers to any marketing strategy a business uses outside of the internet. This marketing type contains more of the traditional, or outbound, marketing tactics. With offline marketing, businesses will use platforms like television, radio, word-of-mouth, mail, flyers, and more. This type of marketing doesn’t have nearly the reach as online marketing but like any marketing strategy, can still be a viable option depending on the situation, who you are trying to reach, and what you are trying to accomplish.
(3i) situational analysis; is the potential customers, evaluates projected growth, assesses competitors and makes a realistic assessment of your business. It involves targeting the specific objectives in the business and identifying the factors that support or hinder those objectives. In other words is a set of methods used to thoroughly examine both internal and external factors of any business and their impacts
(3ii) Marketing objectives; are a brand’s defined goals. They outline the intentions of the marketing team, provide clear direction for team members to follow, and offer information for executives to review and support. Marketing objectives are a pivotal part of a marketing strategy.
(3iii) marketing strategy; refers to a business’s overall game plan for reaching prospective consumers and turning them into customers of the products or services the business provides. A marketing strategy contains the company’s value proposition, key brand messaging, data on target customer demographics, and other high-level elements. In other words it specific on the types of marketing activities a company conducts and contains timetables for rolling out various marketing initiatives.
(3iv) Budget; is an estimation of revenue and expenses over a specified future period of time and is usually compiled and re-evaluated on a periodic basis. Budgets can be made for a person, a group of people, a business, a government, or just about anything else that makes and spends money. in other words is a financial document used to project future income and expenses.
marketing plan is a detailed road map that outlines your marketing strategies, tactics, costs and projected results over a period of time. In other words marketing plan contains a list of actions, without a sound strategic foundation, it is of little use to a business. And is an operational document that outlines an advertising strategy that an organization will implement to generate leads and reach its target market.
(4a) promotion refers to any type of marketing communication used to inform or persuade target audiences of the relative merits of a product, service, brand or issue. … The aim of promotion is to increase awareness, create interest, generate sales or create brand loyalty.
(4b) (i)Advertising (ii)Public Relations (iii)Sales Promotion (iv)Public Relations
(i)Advertising; is any form of impersonal (one-way) paid communication in which the company is identified. Fun Town realized that it needed to have a good advertising campaign because this would allow the company to reach a large number of people effectively. Fun Town used television, radio, newspaper, social media and Internet ads to introduce the target market to a grand opening of the amusement park. The park also used giant billboards and e-mails to reach other local customers.
(ii)Public Relations; it helps build a positive public image for a company, supports new product launches and sales, helps a company to evaluate public attitudes and communicates the overall goals of the company. Fun Town has multiple days throughout the year where they donate a percentage of ticket sales to local charities. They also have days where they close the park down and invite disadvantaged youths to enjoy the rides for free.
(iii)Sales Promotion; is another tool in the promotional mix. It contains methods of stimulating consumer purchase and is usually based on a short-term or immediate goal. Examples of sales promotion items are contests, sweepstakes, giveaways, free samples or coupons. Fun Town has invested heavily in sales promotion. They have had contests, like the first 1,000 people in the park would get a prize. They also had giveaways of free Fun Town water bottles, t-shirts, hats and canvas bags.
(iv)Public Relations; Most firms in today’s environment are also concerned about the effect of their actions on people outside their target markets although it may include them. It is a planned effort by an organization to influence the attitudes and opinions of a specific group by developing a long term relationship. The target may be customers, stock holders, a government agency or a special interest group.
(6i) Service product; is when a business offers a service and a product or a good together as its practice. This is also called service-good mix, and it can refer to many different types of businesses in all different industries. in other words it takes place in inter-action between the customer and service employees and/or physical resources or goods and/or systems of the service provider,
(6ii) Consumer product; also referred to as final goods, are products that are bought by individuals or households for personal use. In other words, consumer products are goods that are bought for consumption by the average consumer. From a marketing perspective, there are four types of consumer products, each with different marketing considerations.
(6iii) Shopping product; refer to items that the consumers purchase less frequently and compare with available alternatives in the market. Consumers need time, planning and efforts to take the final decision whether to buy the product or not. In other words Consumers don’t buy these products very often but whenever buy they keep in mind different consideration like cost, time and efforts to take the final decision.
(6iv) Industrial product; the goods are based on the demand for the consumer goods they help to produce. Industrial product are classified as either production goods or support goods. In other words higher purchase value Industrial product typically come with a higher price tag because of their complex nature and limited target market.
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