WAEC SSCE - Marketing - 2015 (Objective)

Question 1 Report

The stage in buyers decision process at which customer satisfaction occurs is____________

Need recognition. Correct answer

Information search.

Evaluation of alternatives.

Post purchase behaviour

Answer Details

Read lesson note on Consumer And Organizational (WAEC)

Consumer And Organizational

View Answer

Question 2 Report

A need that is sufficiently pressing to direct a consumer to seek satisfaction is____________

Motive.

Fancy

Want Correct answer

Requirement

Answer Details

Read lesson note on Consumer And Organizational (WAEC)

Consumer And Organizational

View Answer

Question 3 Report

Marketing is defined as_____________

Buying and selling to customers.

Selling and distribution customers.

Meeting customers need profitably. Correct answer

Advertising and promotion to customers

Answer Details

Marketing can be defined as the process of identifying and satisfying customers' needs profitably. It involves activities such as market research, product design and development, pricing, promotion, and distribution. The aim of marketing is to create value for customers and build strong relationships with them, leading to increased sales and profitability for the business. Marketing involves understanding customer needs and wants, creating products and services that satisfy those needs, communicating the value of those products and services to customers, and delivering them in a way that meets their expectations.

Read lesson note on Marketing Mix And Marketing Environment (WAEC)

Read lesson note on Consumer And Organizational (WAEC)

Read lesson note on Introduction To Marketing (WAEC)

Marketing Mix And Marketing Environment

Consumer And Organizational

Introduction To Marketing

View Answer

Question 4 Report

The way in which a product is delivered to meet the customers need is_____________

New, product concepts.

Selling concepts.

Advertising activities.

Distribution activities. Correct answer

Answer Details

The way in which a product is delivered to meet the customers need is known as distribution activities. This refers to the process of making a product or service available to customers through different channels, such as retail stores, online marketplaces, and direct sales. Distribution activities involve managing the flow of goods and services from the manufacturer to the end customer, ensuring that the right product is in the right place at the right time. The goal of distribution is to ensure that customers have easy access to the product or service they want, while also minimizing the cost and time involved in getting it to them.

Read lesson note on Distribution (WAEC)

Distribution

View Answer

Question 5 Report

The grouping of sellers of common product in the local market place is____________

Market union. Correct answer

Trade union.

Manufacturers' association.

Employers' union

Answer Details

Read lesson note on Market Unions And Facilitators (WAEC)

Market Unions And Facilitators

View Answer

Question 6 Report

A storage facility that uses advanced material handling system under the control of a central computer is___________

A public warehouse.

An automated warehouse. Correct answer

A distribution warehouse.

A storage warehouse.

Answer Details

An automated warehouse is a storage facility that uses advanced material handling systems under the control of a central computer. This type of warehouse uses advanced technology such as conveyor belts, automated storage and retrieval systems (AS/RS), and robotics to move and store products. The central computer controls the movement of the products and ensures that they are stored in the correct locations. This type of warehouse is highly efficient and can handle a large volume of products in a short amount of time. Automated warehouses are commonly used in industries such as e-commerce, manufacturing, and logistics.

Read lesson note on Marketing Mix And Marketing Environment (WAEC)

Read lesson note on Warehousing (WAEC)

Marketing Mix And Marketing Environment

Warehousing

View Answer

Question 7 Report

A distinction between advertising and publicity is that___________

Advertising is paid for while publicity is not. Correct answer

Publicity is more readily believed than advertising.

Publicity is more thoroughly read than advertising.

Advertising is usually done through an agency while publicity is not.

Answer Details

The correct answer is: "Advertising is paid for while publicity is not." Advertising refers to the process of promoting or selling a product or service through paid channels, such as television, radio, print media, or online advertising. Publicity, on the other hand, is the practice of getting attention for a product or service through non-paid or earned media, such as news articles, press releases, or social media posts. Unlike advertising, publicity is not paid for and is often seen as more credible since it is not directly controlled by the company.

Read lesson note on Advertising (WAEC)

Advertising

View Answer

Question 8 Report

Business risks in foreign market is higher in__________

Licensing.

Joint venture.

Exporting.

Direct investment. Correct answer

Answer Details

The business risks in a foreign market are higher in direct investment. Direct investment is a form of foreign market entry where a company fully owns and controls a business in a foreign country. This type of investment involves a significant amount of capital, time, and effort. The business risks are higher because the company is exposed to political, economic, and social risks in the foreign market. For example, changes in government policies, foreign exchange rates, and cultural differences can affect the success of the investment. In contrast, licensing, joint ventures, and exporting are less risky because they involve lower capital requirements and allow companies to partner with local businesses that have a better understanding of the market.

Read lesson note on International Marketing (WAEC)

International Marketing

View Answer

Question 9 Report

The process of encouraging consumers to buy products at retail outlets is_________

Advertising. Correct answer

Publicity.

Merchandising.

Distribution.

Answer Details

View Answer

Question 10 Report

A product by an organization for use in carrying out a business is_____________

An industrial product. Correct answer

A specialty product.

A consumer product.

A convenience product.

Answer Details

A product by an organization for use in carrying out a business is called an "industrial product". Industrial products are goods that are used to produce other goods or services or for resale to other businesses. They are often more complex and expensive than consumer products and may require more technical knowledge to use. Examples of industrial products include machinery, raw materials, and supplies.

Read lesson note on Consumer And Organizational (WAEC)

Consumer And Organizational

View Answer

Question 11 Report

The environmental factor that comprises of inflation, employment income level and interest rate is described as____________

Political.

Economic. Correct answer

Legal.

Social.

Answer Details

The environmental factor that comprises of inflation, employment income level and interest rate is described as economic. This is because the economic environment refers to the overall economic conditions in a country or region, including factors that influence the production, distribution, and consumption of goods and services. These factors can have a significant impact on businesses, as they affect consumer behavior, purchasing power, and overall market conditions. Therefore, factors such as inflation, employment income level and interest rate are considered economic factors as they directly impact the economic conditions of a region or country.

Read lesson note on Marketing Mix And Marketing Environment (WAEC)

Read lesson note on Marketing Concepts (WAEC)

Marketing Mix And Marketing Environment

Marketing Concepts

View Answer

Question 12 Report

The environmental factor that focuses on governmental action on the minimum wage is___________

Economic. Correct answer

Political.

Social.

Technological

Answer Details

Read lesson note on Marketing Mix And Marketing Environment (WAEC)

Marketing Mix And Marketing Environment

View Answer

Question 13 Report

A reason for granting cash discount is to___________

Minimize bookkeeping work.

Encourage prompt payment. Correct answer

Encourage bulk buying.

Enable the buyer make more profit.

Answer Details

The reason for granting cash discount is to encourage prompt payment. Cash discount is a reduction in the amount to be paid by a customer in exchange for prompt payment of an invoice. By offering a cash discount, a seller encourages the customer to pay the invoice earlier than the agreed upon payment terms, thus improving the seller's cash flow. This benefit outweighs the loss of profit from the discount. Additionally, it reduces the risk of bad debts and minimizes the need for bookkeeping work, making it easier to manage the accounts receivable.

Read lesson note on Pricing (WAEC)

Pricing

View Answer

Question 14 Report

A company that offers storage facility to a seller is___________

A marketing intermediary.

A market facilitator. Correct answer

A buyer

A seller

Answer Details

A company that offers storage facility to a seller is a "market facilitator". Market facilitators are entities that aid in the functioning of markets by providing various services such as storage facilities, transportation, and financial services to both buyers and sellers. In this case, the company is providing storage facilities to the seller, which facilitates the seller's ability to manage their inventory and meet their customers' needs. This allows the seller to focus on other aspects of their business, such as production or sales, while the market facilitator takes care of the storage and logistics.

Read lesson note on Distribution (WAEC)

Distribution

View Answer

Question 15 Report

Competitive price in marketing is arrived at by__________

Considering competitive demand for the product.

Adding mark-up to the cost price.

Setting price in relation to competitors' price. Correct answer

Adding margin to the best price.

Answer Details

Competitive price in marketing is arrived at by setting the price in relation to competitors' price. This means that a company will consider the prices of its competitors for the same or similar products, and then set its price accordingly. The aim is to ensure that the company's price is competitive and attractive to customers while still allowing for a reasonable profit margin. By setting the price in relation to competitors' price, a company can avoid pricing its products too high or too low and can remain competitive in the market. This approach is common in industries with high competition, where customers have a lot of options to choose from, and price is an essential factor in their purchase decision.

Read lesson note on Pricing (WAEC)

Pricing

View Answer

Question 16 Report

A document that accompanies goods in transit is a__________

Manifest.

Waybill. Correct answer

Bill of sight.

Credit note.

Answer Details

A document that accompanies goods in transit is a Waybill. A waybill is a document that lists and details the goods being transported, their origin, destination, and the carrier responsible for their transportation. It serves as a contract between the shipper and the carrier and contains all necessary information to ensure the goods are transported to the correct destination. The waybill also acts as a receipt for the goods being transported, allowing the recipient to verify that they have received the correct goods.

Read lesson note on Distribution (WAEC)

Distribution

View Answer

Question 17 Report

Which of the following is not an element of the marketing mix?

Place

Packaging Correct answer

Price

Product

Answer Details

Read lesson note on Marketing Mix And Marketing Environment (WAEC)

Marketing Mix And Marketing Environment

View Answer

Question 18 Report

The process of dividing a market into homogenous groups of buyers is_____________

Product differentiation.

Target marketing, market.

Segmentation. Correct answer

Product positioning.

Answer Details

The process of dividing a market into homogenous groups of buyers is known as segmentation. In this process, the market is divided into smaller groups of consumers who have similar needs or characteristics. These groups are called market segments. The purpose of segmentation is to identify groups of customers that are most likely to be interested in a particular product or service. By understanding the needs and characteristics of each segment, companies can tailor their marketing efforts and product offerings to better meet the needs of each group. This can help companies to be more efficient and effective in their marketing, leading to increased sales and profits.

Read lesson note on Markets (WAEC)

Markets

View Answer

Question 19 Report

Which of the following is not a stage in product development?

Idea generation

Concept development

Product differentiation. Correct answer

Market analysis

Answer Details

The stage of "Product differentiation" is not a stage in product development. Product differentiation refers to the process of making a product more attractive by differentiating it from competitors' products in some way, such as through unique features, design, or branding. However, the actual development of the product would have already taken place during earlier stages such as idea generation, concept development, and market analysis. Therefore, product differentiation is more of a marketing strategy than a stage in the product development process.

Read lesson note on Products (WAEC)

Products

View Answer

Question 20 Report

Which of the following channels of distribution will be used by a company that wants to have control over its price?

Manufacturer - Consumer Correct answer

Manufacturer - Agent - Consumer

Manufacturer - Wholesaler - Retailer Consumer

Manufacturer -Agent- Retailer- Consumer

Answer Details

The channel of distribution that will be used by a company that wants to have control over its price is the "Manufacturer - Consumer" channel. This is because in this channel, the manufacturer sells directly to the end consumer without the involvement of intermediaries such as wholesalers, agents, or retailers who may influence the price of the product. By having direct contact with the consumer, the manufacturer can set and control the price of the product. This is in contrast to other channels of distribution where intermediaries may mark up the price of the product to cover their own costs and make a profit.

Read lesson note on Distribution (WAEC)

Distribution

View Answer

Question 21 Report

The process of selling a product in international marketing with agreement to pay with another product is________

Draw back.

Counter trade.

Barter trade. Correct answer

Buy-back.

Answer Details

Read lesson note on International Marketing (WAEC)

International Marketing

View Answer

Question 22 Report

Another term for e-marketing is__________

Direct marketing.

Internet marketing. Correct answer

Electronic marketing.

Electronic purchasing

Answer Details

Another term for e-marketing is "Internet marketing". E-marketing or Internet marketing is a marketing approach that uses the internet and digital technologies such as search engines, social media, email, and websites to reach and engage with potential customers. It involves a variety of tactics such as content marketing, search engine optimization, online advertising, email marketing, and social media marketing. The goal of e-marketing is to build brand awareness, generate leads, and drive sales through digital channels.

Read lesson note on Products (WAEC)

Read lesson note on Introduction To Marketing (WAEC)

Products

Introduction To Marketing

View Answer

Question 23 Report

Which of the following is a source of fund that a limited liability company will not pay back?

Debenture

Ordinary shares Correct answer

Overdraft

Bank loans

Answer Details

A source of funds that a limited liability company will not pay back is known as equity financing. This is where the company raises funds by issuing shares to investors in exchange for a stake in the company. Unlike debt financing, equity financing does not have to be repaid, and the investors do not have a legal right to demand repayment. Instead, they share in the company's profits and losses and may benefit if the company performs well. Therefore, the correct option is "Ordinary shares".

Read lesson note on Marketing Mix And Marketing Environment (WAEC)

Marketing Mix And Marketing Environment

View Answer

Question 24 Report

Marketing concept means________

Buying and selling to customers.

Selling and distribution to customers.

Satisfying customers needs and wants. Correct answer

Advertising and promotion to customers

Answer Details

The marketing concept is an approach that places the customer at the center of all marketing activities. It is a customer-centric approach that focuses on identifying and satisfying customer needs and wants. Instead of just promoting and selling products or services to customers, the marketing concept aims to build long-term relationships with customers by understanding their needs and providing products or services that meet those needs. By adopting the marketing concept, companies can create more value for customers and ultimately achieve greater success in the marketplace.

Read lesson note on Marketing Concepts (WAEC)

Marketing Concepts

View Answer

Question 25 Report

A method of selling goods through the use of catalogue is_________

Self service.

Mail order. Correct answer

Mobile shop.

Tied shop.

Answer Details

A method of selling goods through the use of a catalogue is called mail order. Mail order is a type of retailing in which customers place orders for goods by mail or online, rather than visiting a physical store. Customers typically browse through a catalogue, select the items they want to purchase, and then place an order by mail or online. The goods are then shipped to the customer's address. Mail order is a convenient way for customers to shop, as it allows them to order products from the comfort of their own homes.

Read lesson note on Distribution (WAEC)

Distribution

View Answer

Question 26 Report

The information obtained from carrying out marketing research is___________

Data.

Plan.

Turnover.

Feedback. Correct answer

Answer Details

Read lesson note on Marketing Planning And Research (WAEC)

Marketing Planning And Research

View Answer

Question 27 Report

Meeting customer expectation regarding the quality a product is____________

Customer satisfaction. Correct answer

Customer excellent.

Customer loyalty.

Customer value.

Answer Details

Meeting customer expectations regarding the quality of a product is called "customer satisfaction". Customer satisfaction refers to the extent to which a product or service meets or exceeds customer expectations. When customers are satisfied with a product, they are more likely to continue buying from the company, recommend it to others, and become loyal customers. Therefore, customer satisfaction is an important factor in maintaining a company's reputation, building customer loyalty, and achieving long-term success.

Read lesson note on Products (WAEC)

Products

View Answer

Question 28 Report

A warehouse where dutiable goods are kept is a________

Cooperative warehouse.

Public warehouse.

Bonded warehouse. Correct answer

Private warehouse.

Answer Details

A warehouse where dutiable goods are kept is called a "bonded warehouse". A bonded warehouse is a facility where imported goods are stored temporarily to defer payment of duties and taxes until the goods are removed. This type of warehouse is typically operated by private companies under strict government supervision and control. Bonded warehouses are commonly used to store goods that are subject to customs duty, excise tax, or other taxes and fees that must be paid before the goods can be released into the domestic market.

Read lesson note on Warehousing (WAEC)

Warehousing

View Answer

Question 29 Report

Which of the following cannot be used to identify a product?

Trade mark

Trade name

Pricing policy Correct answer

Package

Answer Details

Pricing policy cannot be used to identify a product. A pricing policy is a strategy used by businesses to set the price of their products or services based on various factors such as production cost, competition, and demand. On the other hand, a trade mark is a symbol, design, or word used to distinguish a product or service from those of other companies. A trade name is a name used to identify a company or business. A package is the physical container that holds the product.

Read lesson note on Products (WAEC)

Products

View Answer

Question 30 Report

Which of the following is not contained in a consignment note?

Name of the seller

Name of tile buyer

Cost of goods Correct answer

Description of good

Answer Details

The answer is: "Cost of goods." A consignment note is a document used in transportation to confirm the receipt or shipment of goods. It includes important information about the goods being transported, such as the name and address of the sender and recipient, the quantity and description of the goods, and any special handling requirements. However, the cost of goods is not typically included in a consignment note, as this information is usually handled through other documents such as invoices or receipts.

Read lesson note on Consumer And Organizational (WAEC)

Read lesson note on Introduction To Marketing (WAEC)

Consumer And Organizational

Introduction To Marketing

View Answer

Question 31 Report

Convenience and specialty goods are classified as__________

Consumer goods.

Organizational goods.

Agricultural goods.

Industrial goods. Correct answer

Answer Details

Read lesson note on Consumer And Organizational (WAEC)

Consumer And Organizational

View Answer

Question 32 Report

The information that can be accessed quickly and cheaply by the marketing manager is_______

Marketing intelligence.

Marketing research.

Supplier's profile.

Internal database. Correct answer

Answer Details

Read lesson note on Marketing Planning And Research (WAEC)

Marketing Planning And Research

View Answer

Question 33 Report

The selling of goods in small units is normally performed by_________

Distributors.

Wholesalers.

Retailers. Correct answer

Brokers

Answer Details

The selling of goods in small units is normally performed by retailers. Retailers are businesses or individuals that sell products or services directly to consumers for personal or household use. They typically purchase goods from wholesalers or manufacturers and sell them to the end-user at a higher price to cover their expenses and make a profit. Retailers can operate in physical stores, online stores, or both, and they play a crucial role in the distribution chain by making products easily accessible to consumers. Examples of retailers include department stores, supermarkets, convenience stores, and e-commerce sites.

Read lesson note on Distribution (WAEC)

Distribution

View Answer

Question 34 Report

A policy where a manufacturer of a product contributes to a retailer's advertising cost of his product is_________

Institutional advertising

Promotional advertising. Correct answer

Informative advertising.

Cooperative advertising.

Answer Details

Read lesson note on Advertising (WAEC)

Advertising

View Answer

Question 35 Report

Marketing research studies are not undertaken in which of the following areas?

Media effectiveness

Product information

Market evaluation.

Quality Control. Correct answer

Answer Details

Marketing research studies are not typically undertaken in the area of quality control. Quality control refers to the measures taken to ensure that a product or service meets certain standards of quality. While quality control is important for ensuring customer satisfaction and loyalty, it is typically the responsibility of the operations or production department of a company rather than the marketing department. Marketing research studies are more likely to focus on areas such as media effectiveness, product information, and market evaluation in order to better understand consumer preferences and behavior, and to develop effective marketing strategies.

Read lesson note on Marketing Planning And Research (WAEC)

Marketing Planning And Research

View Answer

Question 36 Report

An offer of free sample of goods is a form of___________

Conditional sale.

Tied buying

After-sales service

Sales promotion. Correct answer

Answer Details

An offer of free sample of goods is a form of sales promotion. Sales promotion is a marketing technique that involves offering incentives to customers or potential customers to encourage them to buy a product or service. Offering free samples of goods is a common sales promotion strategy aimed at introducing potential customers to a product, increasing brand awareness and generating interest in the product. It is a low-risk way for customers to try out a product before deciding to buy, and can be an effective way for companies to attract new customers and retain existing ones.

Read lesson note on Sales Promotion (WAEC)

Sales Promotion

View Answer

Question 37 Report

An authorized person who accesses other people's information on the internet is a ________

Web designer.

Web owner

Web hacker Correct answer

Web provider

Answer Details

An authorized person who accesses other people's information on the internet is called a "web hacker." A web hacker is a person who uses unauthorized access to penetrate a computer system or network and obtain confidential or sensitive data. This type of activity is considered illegal and unethical because it violates the privacy and security of individuals and organizations. Web designers create websites, web owners own websites, and web providers offer internet services, but none of them involve accessing other people's information without permission.

Read lesson note on Consumer And Organizational (WAEC)

Consumer And Organizational

View Answer

Question 38 Report

Premium goods are offered either free or at low cost to_________

Improve customers' taste.

Give incentive to buyers. Correct answer

Enhance after-sales service.

Improve quality of product.

Answer Details

Premium goods are offered either free or at a low cost to give an incentive to buyers. This is a marketing strategy used to attract and retain customers by offering them something of value in addition to their purchase. By offering premium goods, companies can increase customer loyalty, encourage repeat purchases, and create a positive image of their brand. This strategy is commonly used in industries such as telecommunications, where companies offer free or discounted phones to customers who sign up for long-term contracts.

Read lesson note on Marketing Concepts (WAEC)

Marketing Concepts

View Answer

Question 39 Report

A bank loan obtained by Chief lbrahim to start a business is an example of ____________

Internal source of fund

Personal source of fund. Correct answer

Family source of fund.

External source of fund

Answer Details

Read lesson note on Consumer And Organizational (WAEC)

Consumer And Organizational

View Answer

Question 40 Report

A market that deals in soft drinks and cosmetics is a___________

Consumer market. Correct answer

Business market.

Government market.

Reseller market.

Answer Details

A market that deals in soft drinks and cosmetics is a consumer market. A consumer market is a type of market in which individuals or households purchase goods and services for their own use. The soft drinks and cosmetics are products that are primarily targeted towards individual consumers, rather than businesses or government organizations. Therefore, the market for these products is considered a consumer market.

Read lesson note on Consumer And Organizational (WAEC)

Read lesson note on Markets (WAEC)

Consumer And Organizational

Markets

View Answer






Press & Hold to Drag Around
Click Here to Close