WAEC 2022/2023 Marketing 2&1 Real Questions And Answers Expo Runs Runz
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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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Waec 2022 marketing essay and objective
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Marketing Essay
(1ai)
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)
*(Pick one)*
Marketing consists of the performance of business activities that direct the flow of goods and services from the producer to the consumer or users in order to satisfy customers and accomplish the company's objectives.
*OR*
Marketing can be defined as the process of communicating the value of a product or services to customers. It is also a process by which companies create customer interest in products or services.
(2aii)
*(Pick Any Six)*
(i)Risk bearing
(ii)financing
(iii)storage/warehousing
(iv)Buying/selling/Exchange
(v)Grading and standardizing
(vi) Marketing information Research
(vii) Transportation
(2b)
(i)Production concept: The production concept is the idea that a firm should focus on in relation to those products that it could product most efficiently. This concept focusses more on solving the problems l of production and little concern for the public satisfaction.
(ii) Product concept: This concept assumes that customers will favour those products that offer the most quality for the price and therefore it is important for companies to produce quality products. It explains that customers are primarily interested in product quality.
(iii)The selling concept: Production of goods does not mean assure sales most times. The sales concept paid little attention to whether if the product was actually needed; the goal simply was to beat the competition to the sale with little regard to customer satisfaction
(iv) Marketing concept: Marketing concept focusses on increasing a company's ability to compete and achieve maximum profits by marketing the ways in which it offer better value to customers than its competitors. This concept lay emphasis on marketing management with the twin goals of customer orientation and profitable sales volumes.
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(3)
============================================
(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.
(4aiv)
demand is the total quantity demanded across all consumers in a market for a given good.
(4av)
transaction is a completed agreement between a buyer and a seller to exchange goods, services, or financial assets in return for money.
(4b)
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(5)
============================================
(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.
===========================================
MARKETING
No 5 (a)
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.
(5b)
(5bii)
(i)overseeing trade agreement
(ii)Reducing trade barriers
(iii)Reducing worldwide tariffs
(iv)Mediating dispute
(6a)
(Pick any Four)
(i)Derived Demand.
(ii)High concentration of production
(iii)Direct channel of distribution
(iv)Few Buyers And Large Volume.
(v)Professional buying
(6b)
(i)Industrial market: It involves set of all individuals and organizations that acquire goods and services that enter into the production of other products or services that are sold, rented, or supplied to others.
(ii)Reseller market:A market consisting of wholesalers and retailers who buy products for resale purposes.Resellers buy finished goods and resell them to the next level in a given distribution channel.
(iii)Government market: A government market is a market where the main buyers are federal, state, and local governmental organizations. They purchase goods or services from private businesses.
*MARKETING*
(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.
(4aiv)
demand is the total quantity demanded across all consumers in a market for a given good.
(4av)
transaction is a completed agreement between a buyer and a seller to exchange goods, services, or financial assets in return for money.
(4b)
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WAEC MARKETING ANSWER 2022
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Below is WAEC marketing Obj/theory 2021 questions and answeres
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01-10 DCAADBADCA
11-20 ADCABAACBB
21-30 BCCACCADAC
31-40 AACCBCACBC
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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