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Waec Store Keeping Obj & Essay 2022
Tuesday, 17th May 2022
Store Keeping 2 (Essay) 09:30am – 11:30am
Store Keeping 1 (Objective) 11:30am – 12:20pm
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Store Keeping Obj & Essay Answers 2022
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Monday 12th July 2021
Paper I: Test of Obj & Essay – Store Keeping 2:00 pm – 3:30 pm
Neco 2021 Store Keeping Test of Obj & Essay (Obj/Essay) Questions and Answers
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Store Keeping OBJ: 1-10: CACCBBDCAB 11-20: CACDCCDCDC 21-30: BDCAABABCD 31-40: CABBCCDCCB
(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 Store Keeping Research Plan.(iii) Collect Relevant Data and Information.(iv) Analyze Data and Report Findings(v) Put The Research Results into Action.===========================
(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 consultancyservices in the selection and implementation of the best financial strategy. While Market Union is the coming together of various traderswho 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.
(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 Store Keeping 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 Store Keeping 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 Store Keeping 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 Store Keeping 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) Store Keeping refers to activities a company undertakes to promote the buying or selling of a product or service. Store Keeping includes advertising, selling, and delivering products to consumers or other businesses. In other words Some Store Keeping 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 Store Keeping (ii)Inbound Store Keeping (iii)Online Store Keeping (iv)Offline Store Keeping
(i)Outbound Store Keeping; Outbound Store Keeping, also referred to as traditional Store Keeping, has been the most common approach for businesses in the past. Outbound Store Keeping 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 Store Keeping;Inbound Store Keeping is a relatively new tactic that was brought to life largely by HubSpot. Inbound Store Keeping is based off of the concept of attracting business by being helpful and relevant to your audience rather than being interruptive. Inbound Store Keeping makes use of tactics like email Store Keeping, content Store Keeping, search engine optimization etc.
(iii)Online Store Keeping; refers to any of the various Store Keeping strategies that a business may use to promote themselves on the internet. Online Store Keeping, sometimes referred to as digital Store Keeping, is a fairly catch-all term and includes web tactics such as social media Store Keeping, search engine Store Keeping, blogging, and more.
(iv)Offline Store Keeping; refers to any Store Keeping strategy a business uses outside of the internet. This Store Keeping type contains more of the traditional, or outbound, Store Keeping tactics. With offline Store Keeping, businesses will use platforms like television, radio, word-of-mouth, mail, flyers, and more. This type of Store Keeping doesn’t have nearly the reach as online Store Keeping but like any Store Keeping 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) Store Keeping objectives; are a brand’s defined goals. They outline the intentions of the Store Keeping team, provide clear direction for team members to follow, and offer information for executives to review and support. Store Keeping objectives are a pivotal part of a Store Keeping strategy.
(3iii) Store Keeping 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 Store Keeping 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 Store Keeping activities a company conducts and contains timetables for rolling out various Store Keeping 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.
Store Keeping plan is a detailed road map that outlines your Store Keeping strategies, tactics, costs and projected results over a period of time. In other words Store Keeping 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 Store Keeping 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 Store Keeping perspective, there are four types of consumer products, each with different Store Keeping 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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