Waec Marketing Answers 2022 – Tuesday 17th May 2022
Waec Marketing Answers 2022 Objective and Essay questions and answers for today Tuesday 17th May 2022, 100% verified questions and answers complete from verified Expobite answer sources.
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Waec Marketing Answers 2022 for Tuesday 17th May 2022
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(6a)
(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.(6b)
(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.
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(4ai)
need is a consumer ‘s desire for a product ‘s or service ‘s specific benefit, whether that be functional or emotional.
(4aii)
want is the desire for products or services that are not necessary, but which consumers wish for.
(4aiii)
exchange is a marketplace where securities, commodities, derivatives and other financial instruments are traded.
(4iv)
demand is the total quantity demanded across all consumers in a market for a given good.
(4v)
transaction is a completed agreement between a buyer and a seller to exchange goods, services, or financial assets in return for money.
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.(1aii)
(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.
(iv)Personal investment
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.(1b)
(i)Availability of raw materials
(ii)Nearness to market
(iii)Availability of basic infrastructure
(iv)Economic policy
(v)Demographics
(vi)Psychographics
=============================(2a)
Marketing is the process of exploring, creating, and delivering value to meet the needs of a target market in terms of goods and services.(2aii)
(i)Promotion.
(ii)Selling.
(iii)Product/service
(iv)management.
(v)Marketing information management.
(vi)Pricing.
(2b)
(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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WAEC Marketing Questions 2022 and How to Check OBJ & Theory Answers
Waec 2022 Marketing Obj And Theory Questions and Answers – May/June Expo
Waec Marketing Past Answers
Below is WAEC marketing Obj/theory 2021 questions and answers
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1a) 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. Simply put, entrepreneurship is the willingness to start a new business.
3ai)
product concept” is based upon the idea that customers prefer
products that have the most quality, performance, and features, some customers prefer a product that is simpler and easier to use.
3aii)
The Selling Concept proposes that customers, be individual or organizations will not buy enough of the organization’s products unless they are persuaded to do so through selling effort. So organizations should undertake selling and promotion of their products for marketing success.
3aiii)
Production Concept is a belief that states that the customers would always acquire products which are cheaper and more readily available (or widely available). The production concept advocates that more the products or
production, more would be the sales.
3aiv)
The societal marketing concept holds that the organization’s task is to determine the needs, wants, and interests of a target
market and to deliver the desired satisfactions more effectively and efficiently than competitors in a way that preserves or enhances the well being of both the individual consumer and society
5a Advertising is any communication, usually paid-for, specifically intended to inform and or influence one or more people.
5b
(1) direct mail
(2) newspapers and magazines
(3) radio advertising
(4) television advertising (5) film advertising
(6) outdoor advertising
5c
1. It Is a Costly Function
One strong objection to advertising is that it is a very costly function. Many studies have proved that the cost of ads exceeds that of sales by a small but significant percent. In theory, the high cost of advertising is covered by increased sales of the advertised product, but this usually is not the case.
Advertising is an indirect cost which is added into distribution expenses. When expenses increase, the selling price of products does too. With large advertisers spending thousands of dollars a week solely on ads and marketing, advertising costs make up a significant part of the price of an advertised product. Thus, consumers have to pay higher prices for products.
Advertising is an economic waste because unbalanced advertising causes certain goods to cost more than they should.
Misleading Claims About Products
Some advertisers cleverly create misleading impressions of their goods—they present a very rosy picture of their products with the object of increasing their sales. In reality, their item is of inferior quality
Encouragement of Monopoly
Advertisement restricts competition among products. Big industrialists and manufacturers can use advertising to increase their monopolistic control over the market against the public interest. Advertising increases awareness about a few products but causes all other options to be overlooked.
Confusion About Characteristics of Products
Many similar products are advertised on the market, but producers put great emphasis on minor differences in the formula, technique, or make of advertised goods. For example, there are many brands of shaving creams which perform the same function but are advertised as dramatically different products. Due to misinformation disseminated by advertising, it has become impossible for the average buyer to judge with any certainty the quality of the product they are buying.
6a)
1. Storage:
This is the basic function of warehousing. Surplus commodities which are not needed immediately can be stored in warehouses. They can be supplied as and when needed by the customers.
Price Stabilization:
Warehouses play an important role in the process of price stabilization. It is achieved by the creation of time utility by warehousing. Fall in the prices of goods when their supply is in abundance and rise in their prices during the slack season are avoided.
Risk bearing:
When the goods are stored in warehouses they are exposed to many risks in the form of theft, deterioration, exploration, fire etc. Warehouses are constructed in such a way as to minimise these risks. Contract of bailment operates when the goods are stored in wave-houses.
Financing:
Loans can be raised from the warehouse keeper against the goods stored by the owner. Goods act as security for the warehouse keeper. Similarly, banks and other financial institutions also advance loans against warehouse receipts. In this manner, warehousing acts as a source of finance for the businessmen for meeting business operations.
(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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MARKETING OBJ ANSWERS 2019
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WAEC Marketing Questions and Answers 2022
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2019 MARKETING THEORY ANSWERS
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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
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3ai)
product concept” is based upon the idea that customers prefer
products that have the most quality, performance, and features, some customers prefer a product that is simpler and easier to use.
3aii)
The Selling Concept proposes that customers, be individual or organizations will not buy enough of the organization’s products unless they are persuaded to do so through selling effort. So organizations should undertake selling and promotion of their products for marketing success.
3aiii)
Production Concept is a belief that states that the customers would always acquire products which are cheaper and more readily available (or widely available). The production concept advocates that more the products or
production, more would be the sales.
3aiv)
The societal marketing concept holds that the organization’s task is to determine the needs, wants, and interests of a target
market and to deliver the desired satisfactions more effectively and efficiently than competitors in a way that preserves or enhances the well being of both the individual consumer and society.
(3b)
(i) Initial price of product = N4000
Selling price = N6000
Mark up = N6000 – N4000 = N2000
(ii)
(iii) Percentage markup on selling price = Mark up/selling price × 100/1
= 2000/6000 × 100/1
=33.3%
WAEC Marketing 2022 Answers (Free OBJ Questions)
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(4a)
An entrepreneur is an individual who, rather than working as an employee, founds and runs a small business, assuming all the risks and rewards of the venture.
(4bi)
(i)Basic human psychology.
(ii)Listening skills.
(iii)Prospect filtering.
(iv)Strategic positioning.
(4c)
(i)Establishing a Daily Routine: Many successful entrepreneurs develop, grow and maintain their business in different ways. Even though they have different methods that contribute to their success.
(ii)Exercising: Daily exercise is definitely something that you should include in your routine. Exercise is beneficial for both your physical and mental health, and taking time out of your day to run on a treadmill will boost your productivity.
(iii)Eating a Healthy Diet Food: acts as fuel for your body. What you eat has a significant impact on how you feel throughout the day. It’s important that you maintain a healthy diet if you want to be alert and productive all day long.
(iv)Hiring an Assistant: Most entrepreneurs are on a very tight budget when they get started, and hiring a staff is probably not a viable option. However, you should hire an assistant as soon as your company starts making a profit.
(v)Finding a Mentor: Mentors are extremely beneficial for young entrepreneurs. Even though the world of entrepreneurship may be new to you, there are people who have already gone through what you are going through.
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(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.
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6a)
1. Storage:
This is the basic function of warehousing. Surplus commodities which are not needed immediately can be stored in warehouses. They can be supplied as and when needed by the customers.
- Price Stabilization:
Warehouses play an important role in the process of price stabilization. It is achieved by the creation of time utility by warehousing. Fall in the prices of goods when their supply is in abundance and rise in their prices during the slack season are avoided. - Risk bearing:
When the goods are stored in warehouses they are exposed to many risks in the form of theft, deterioration, exploration, fire etc. Warehouses are constructed in such a way as to minimise these risks. Contract of bailment operates when the goods are stored in wave-houses. - Financing:
Loans can be raised from the warehouse keeper against the goods stored by the owner. Goods act as security for the warehouse keeper. Similarly, banks and other financial institutions also advance loans against warehouse receipts. In this manner, warehousing acts as a source of finance for the businessmen for meeting business operations.
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WAEC Marketing Questions and Answers 2022/2023 (Theory
EXAMINATION SCHEME
There will be two papers, Papers 1 and 2, both of which will constitute a composite paper to be taken at one sitting.
PAPER 1: will consist of forty multiple-choice objective questions which will cover the entire syllabus. Candidates are expected to answer all the questions in 50 minutes for 40 marks.
PAPER 2: will be a 2-hour paper consisting of six essay questions, out of which candidates will be expected to answer any four for 80 marks.
SAMPLE QUESTIONS
1. The performance of business activities that direct the flow of goods and services from producer to consumer is
A. distribution.
B. marketing.
C. advertising.
D. promotion.
2. Goods produced for immediate use by a household is classified as
A. industrial goods.
B. market goods.
C. durable goods.
D. consumer goods.
3. Which of the following is not a component of marketing mix?
A. Price
B. Product
C. Profit
D. Promotion
4. Which of the following is not influenced by consumer behavior?
A. Life style
B. Culture
C. Religion
D. Distribution
Explain the following:
(a) Consumer market
(b) Government
MORE MARKETING WAEC EXAMINATION QUESTIONS SAMPLES!!
OBJECTIVE
- In marketing demand means what the family A. Needs Wants
- Can sell D. Can afford
- A merchandizer is a person who is responsible for the A. Securing of the stove Quality of the goods C. Attractive display of products
- Storing of the products
- The exchange of goods and services in International marketing is A. Counter trade foreign trade C. Entreport trade D. Domestic trade
- The first marketing orientation is A. Product Concept Marketing concept C. Selling concept D. Production concept
- A company that offers storage facility to a seller is A. Marketing intermediary Insurer C. Buyer D. Market facilitator
- The banning of cigarette advertisement in a country is A. An economic influence on marketing A religious influence on marketing C.
A political influence on marketing D. A social influence on marketing
- One way to express marketing concept is A. customer is the servant Customer is the boss C. Seller is the boss D. Seller is the servant
- A function of market union in the local market is to A. Offer bank loans to members Establish common market price C. Defend members in law court D. Insure products of all members
- Which of the following stage is NOT in the buyers decision making process? A. Need recognition Brand identification C. Information search D. Purchase decision
- A commercial building for the storage of good is A. Cash and Carry store Mobile store C. Merchanize D. Clearing house
- Which of the following goods can be stored in a state warehouse?
- Commodities owned by the state indigenes B. Grains and liquid substances C. Goods struggled into the country D. Vehicles whose custom duties have been paid
- Activities aimed at stimulating the purchases of a product or service at the point of state is called A. Advertising Exchange
- Merchandizing D. Strategy
- The “P” in the marketing mix that manages the distribution of the product is A. Packaging Place C. Price D. Promotion
- A manufacturer who distributes his products through a large number of retailers is involved in ______ distribution A. Exclusive Intensive C. Selective D. Market
- Which of the following is an advantage of road transport?
- Expensive for carrying bulky goods B. Indiscriminate charges on goods C. No time schedule D. Not suitable for fragile goods
- The fastest and most economical channel for the distribution of a perishable product is
- Producer consumer
- Producer Retailer Consumer
- Producer Retailer Consumer
- Producer Wholesaler Agent Consumer
- Distributing channels perform the following functions EXCEPT
- Financing production B. Price stabilization C. Promoting sales
- Taking management decision
- Goods and raw materials extracted in their natural form are generally referred to as ____ products Finished B. Manufactured
- Primary D. Secondary
- Binding as a form of transaction is common with ____ market
- Consumer B. Government C. Industrial D. Organizational
- A person who is skilled at helping farmer traders etc in achieving their set objective is called a/an A. Entrepreneur Facilitator C. Leader D. Marketer
- Assigning tasks and allocating resources to members of staff to enable them achieve the goals of the marketing outlet is known as
- Controlling B. Directing C. Organizing D. Planning
- The act of producing goods in one country and selling them to customers overseas is Comparative marketing B. Domestic trade C. Licensing
- The major mineral product that is traded at the international market by the Nigeria government is A. Columbite Crude oil C. Diesel D. kerosene
- The movement of goods and passenger from one country to another through waterways is called ____ transport Air B. Marine
- Pipeline D. Rail
- activities geared towards promoting proper display and sale of goods at retail price are known as _______ A. Advertising Distributing C. Merchandizing D. Packaging
- The channel through which information about products gets to the target audience is regarded as _____ media Advertising B. Audio C. Audio visual D. Broadcast
- Financial and non-financial rewards given to customers in appreciation of regular patronage of a firm’s product are known as
- Advertising B. Branding C. Discount D. Incentives
- In the consumer decision process, the stage at which a consumer buys the product is known as A. Compensatory model Evaluation of alternative C. Information search D. Purchase decision
- The monetary value of a production service is called A. Cash
- Commission C. finance D. Price
- A group of potential customers willing to engage in an exchange to satisfy their needs is referred to as A. Business distributions
- Franchise D. Market
- Words or number which give identity to products and services are known as A. Additional features Brand name C. Product D. Label
- Petroleum jelly is obtained from A. Coal Columbite C. Crude oil D. Iron ore
- Marketing functions include the following EXCEPT A. Financing
- International trade C. Production D. Promotion
- Price reduction given to buyers who settle their bills promptly is known as ____ discount Cash B. functional C. Trade
- Quantity
- Onions sellers Association is an example of A. Cooperative society
- Market Union C. Political party D. Trade association
- A set of activities organized to inform, attract and induce customers to buy a product in preference to other is known as A. Advertising
- Marketing C. promotion D. Publicity
- Mrs Asake Ornotosho plans to establish a cosmetics shop but has no capital what type of credit facility will you advice her to take and pay back in 5 years? A. Bank overdraft longterm loan C. Mortgage loan D. Short term loan
- Which of the following is NOT function of labeling? It A. Describes the product identifies the product C. Increases competition
- Increase sales
- Preparation of payment vouchers, staff wages and salaries is an organization and function of ___ department A. Finance Logistics C. Personal D. Production
- The type of transport a manufactuer will use will be influenced by A. Type of sales The taxon the goods C. The customer’s age D. Nature of goods
WAEC Marketing 2022 Questions and Answers Objective and essay theory
SECTION B: THEORY
ATTEMPT ANY 5 QUESTIONS
- Explain the FOUR classification of consumer products and give two example each.
2a. In a tabular form outline FOUR differences between consumer goods and industrial goods
- What is marketing mix?
- What is distribution channel
- Give four functions of distribution channel
- List and explain THREE factors to be considered in choosing a distribution channel
- Give FOUR reasons why firm should tag prices on their product
- Rotrix enterprises is a marketing company with the following officers
- Director
- Secretary
iii. Product manager
- Advertising manager
- Public relation manager
- Marketing manager
vii. A staff is attached to each manager
represent RoTRix enterprises in a hierarchical organizational chart
5a. State FIVE roles of facilitators in marketing Agricultural products
- State FIVE roles of facilitators in food processing industrial
6a. What is branding
- State THREE advantages of branding to each of the following
- manufacturer
- Retailer
iii. Consumer
7a. Differentiate between primary product and secondary product
- List six non-oil mineral products that can be found in Nigeria
- State FIVE problems of marketing petroleum products in Nigeria
2022 WAEC Marketing Questions And Answers Essay & Obj
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