WAEC SSCE - Marketing - 2022 (Objective)

Question 1 Report

A factor to be considered in extending credit facilities to a customer is the

nature of products to be sold

cost of producing the product

individual's total purchases in a given period

number of channel member involved in distribution

Markets

Products

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Question 2 Report

Milk, sugar and bread bought by Amaka for her children's breakfast is an example of

shopping goods

convenience goods

specialty goods

unsought goods

Answer Details

The purchase of milk, sugar and bread by Amaka for her children's breakfast is an example of convenience goods. Convenience goods are goods that are frequently purchased and require minimal effort to obtain. They are everyday products that are easily accessible and usually low in price. In this case, milk, sugar and bread are items that are commonly found in grocery stores and supermarkets and are purchased frequently by consumers without much thought or effort.

Read lesson note on Products (WAEC)

Products

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Question 3 Report

Which of the following activities is not a function of advertising? It

informs the audience about a product

reminds the audience about a product

is used in place of personal selling

encourages middlemen to stock a product desired

Advertising

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Question 4 Report

The creation of awareness for product at the point of sale is

sales promotion

sampling

personal selling

merchandising

Sales Promotion

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Question 5 Report

The process of collecting and analyzing relevant information to solve a marketing problem is marketing

intelligence

research

audit

planning

Marketing Planning And Research

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Question 6 Report

The last stage in the consumer buying decision process is

information search

evaluation of alternatives

problem recognition

post-purchase decision

Answer Details

The last stage in the consumer buying decision process is the post-purchase decision stage. This stage occurs after the consumer has made the purchase and used the product or service. At this stage, the consumer evaluates their purchase decision based on their actual experience with the product or service. During the post-purchase decision stage, the consumer may experience either cognitive dissonance or satisfaction. Cognitive dissonance is a feeling of discomfort or anxiety that a consumer may experience after making a purchase, which can lead to second-guessing their decision. On the other hand, satisfaction is a feeling of contentment or pleasure that a consumer experiences when their expectations have been met or exceeded. In this stage, the marketer has the opportunity to reinforce the consumer's decision by providing excellent customer service, support, and communication. This can help to minimize cognitive dissonance and increase customer loyalty and repeat purchases. Therefore, it is essential for marketers to pay close attention to this stage and address any concerns or issues that may arise to ensure customer satisfaction and retention. In summary, the post-purchase decision stage is the last stage in the consumer buying decision process, where the consumer evaluates their purchase decision based on their actual experience with the product or service. It is important for marketers to provide excellent customer service and support at this stage to reinforce the consumer's decision and increase customer loyalty.

Read lesson note on Consumer And Organizational (WAEC)

Consumer And Organizational

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Question 7 Report

At what stage in the buying process does a consumer consider product attributes of valuable brands?

Alternative search

Alternative evaluation

Purchase decision

Post-purchase decision

Answer Details

The stage in the buying process when a consumer considers product attributes of valuable brands is the "Alternative Evaluation" stage. At this stage, the consumer has identified a set of possible products and evaluates them based on various criteria, such as product features, quality, price, and brand reputation. The consumer compares the attributes of different brands and assesses their ability to satisfy their needs and wants. Ultimately, the consumer will choose the brand that they perceive as offering the best value for their money.

Read lesson note on Consumer And Organizational (WAEC)

Consumer And Organizational

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Question 8 Report

The first institution to introduce a degree programme in marketing in Nigeria is University of

Ibadan

Nigeria, Nsukka

Lagos

Jos

Answer Details

The first institution to introduce a degree programme in marketing in Nigeria is the University of Nigeria, Nsukka (UNN). The university introduced the programme in the Faculty of Business Administration in 1963.

Read lesson note on Introduction To Marketing (WAEC)

Introduction To Marketing

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Question 9 Report

A reason for granting quantity discount is to

encourage prompt payment

encourage bulk purchases

make sales outlet popular

encourage competitions

Answer Details

A reason for granting quantity discount is to encourage bulk purchases. When a customer purchases a large quantity of a product, the seller may offer a discount on the total price of the goods. This discount is called a quantity discount, and it's intended to encourage the customer to buy more items at once. By offering quantity discounts, the seller can increase sales volume, reduce inventory costs, and create stronger relationships with customers who are buying in large quantities. Thus, the main purpose of a quantity discount is to incentivize customers to buy more products at once, which benefits both the buyer and the seller.

Read lesson note on Marketing Concepts (WAEC)

Marketing Concepts

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Question 10 Report

A company's orientation that concentrates on mass distribution and low cost of it's products is a

product concept

production concept

marketing concept

selling concept

Answer Details

The company's orientation that concentrates on mass distribution and low cost of its products is called the "production concept." This means that the company is primarily focused on producing large quantities of its products at a low cost in order to make them widely available to consumers. The company is not necessarily concerned with meeting specific customer needs or wants, but rather with maximizing efficiency in its production processes. This orientation is often associated with companies that produce standardized or commodity-type products, and it may be less effective for companies that operate in highly competitive or rapidly changing markets.

Read lesson note on Markets (WAEC)

Read lesson note on Marketing Concepts (WAEC)

Markets

Marketing Concepts

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Question 11 Report

An example of market facilitator is

transportation companies

manufacturing companies

manufacturers' association

textile sellers association

Market Unions And Facilitators

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Question 12 Report

One of the benefits of e-marketing is that it

distributes company's goods

enhances product quality

broadens a company's customer base

prevents pilferage of company's goods

Answer Details

One of the benefits of e-marketing is that it broadens a company's customer base. E-marketing is a form of marketing that utilizes electronic communication technologies, such as the internet, social media, and email, to promote a company's products or services. By utilizing these technologies, a company can reach a larger audience and attract customers from different geographical locations. This is because e-marketing allows a company to communicate with potential customers who are not limited by physical proximity or time zone differences. Therefore, a company that engages in e-marketing has the potential to reach a wider customer base and increase its market share.

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

Marketing Mix And Marketing Environment

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Question 13 Report

An example of a government warehouse is

co-operative warehouse

bonded warehouse

manufacturer's warehouse

private warehouse

Answer Details

An example of a government warehouse is a bonded warehouse. A bonded warehouse is a type of warehouse that is authorized by the government to store imported goods before they are released into the country. Bonded warehouses are used to store goods that are subject to customs duties and taxes until these fees are paid and the goods are released for distribution or sale. Because bonded warehouses are authorized by the government, they are subject to strict regulations and oversight to ensure that the goods stored there are handled properly and that customs fees are paid in a timely manner. This makes bonded warehouses a trusted and secure option for storing imported goods, and they are commonly used by companies that import large quantities of goods into a country.

Read lesson note on Warehousing (WAEC)

Warehousing

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Question 14 Report

Companies that purchase goods for further processing is an example of

a consumer market

an industrial market

a reseller market

a government market

Answer Details

Companies that purchase goods for further processing are an example of an industrial market. Industrial markets are made up of businesses that buy products for use in their own operations or for resale to other businesses. In this case, the companies are buying goods to use in their production processes, which will be used to create other products or services that they sell to other businesses or to end consumers.

Read lesson note on Consumer And Organizational (WAEC)

Consumer And Organizational

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Question 15 Report

The document that shows the details of goods being transported is the

bill of exchange

invoice

waybill

Certificate or Origin

Answer Details

The document that shows the details of goods being transported is the waybill. A waybill is a document that accompanies a shipment of goods and contains important information about the shipment, such as the origin and destination of the goods, the type and quantity of goods being transported, and the carrier or shipping company responsible for transporting the goods. The waybill serves as a receipt of goods and is used by the carrier as proof of delivery to the recipient. It is an essential document in the transportation and logistics industry, as it helps to ensure that goods are transported efficiently and accurately, and that all parties involved in the shipment are aware of the details of the transaction.

Read lesson note on Distribution (WAEC)

Distribution

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Question 16 Report

Coupon is used as a sale promotional tool targeted at

wholesalers

consumers

retailers

salesmen

Answer Details

A coupon is a promotional tool used by companies to encourage customers to purchase their products. Coupons are targeted at consumers as they are the end-users of the product. Coupons offer discounts, free samples or gifts with the purchase of a particular product or service. By using coupons, companies aim to increase their sales and attract new customers. Customers can redeem coupons at the store or online when purchasing the product.

Read lesson note on Sales Promotion (WAEC)

Sales Promotion

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Question 17 Report

A set of controllable variables that a firm uses to pursue it's objectives is

product mix

product concept

selling concept

marketing mix

Marketing Mix And Marketing Environment

Marketing Concepts

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Question 18 Report

A form of engaging in international marketing that involves the pooling of resources between local and foreign firms is

joint venture

direct investment

franchising

licencing

Answer Details

A form of engaging in international marketing that involves the pooling of resources between local and foreign firms is known as a "joint venture". In a joint venture, two or more companies agree to form a new entity to undertake a specific business enterprise or project. The parties involved contribute capital, resources, and expertise to the venture, and share the risks and rewards of the venture. Joint ventures are often used to enter new markets, combine complementary skills and knowledge, and gain access to new technologies or distribution channels. They are a way for firms to share the costs and risks of entering a new market, while also benefiting from the local knowledge and expertise of their partners.

Read lesson note on International Marketing (WAEC)

International Marketing

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Question 19 Report

A method of engaging in international marketing with the lowest business risk is

agency

exporting

joint venture

direct investment

Marketing Planning And Research

International Marketing

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Question 20 Report

An information required for marketing planning is

product quality control mechanism

company's recruitment policy

previous year's sales volume

company's finacial policy

Answer Details

An information required for marketing planning is the previous year's sales volume. Marketing planning is the process of creating a roadmap for achieving a company's marketing objectives. It involves identifying the target audience, determining the product or service to offer, setting prices, deciding on distribution channels, and developing promotional campaigns. One crucial piece of information required for marketing planning is the previous year's sales volume. This information provides insights into the current market share of the company, the growth or decline trends in sales, and the factors that contributed to the sales performance. By analyzing the sales volume, a company can determine the effectiveness of its previous marketing strategies, identify areas that require improvement, and make informed decisions about future marketing plans. For instance, if the sales volume has been declining, the company may need to revise its product offering, adjust the prices, or adopt new marketing channels or tactics to reach a wider audience. Therefore, the correct answer to the question is that an information required for marketing planning is the previous year's sales volume, as it provides valuable insights into a company's past performance and helps in making informed decisions about future marketing strategies.

Read lesson note on Marketing Planning And Research (WAEC)

Marketing Planning And Research

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Question 21 Report

In marketing, the term product refers to

any item that can be seen or touched

anything that can be offered for consumption

goods and ideas

packages' design and warranty

Products

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Question 22 Report

A retailer's cost and selling price for a bag of rice are N10,000 and N14,000 respectively.

What is the company's mark-up on cost?

28.6%

35%

40%

71.4%

Answer Details

The mark-up on cost is the percentage increase in selling price over cost price. In this case, the cost of the bag of rice is N10,000 and the selling price is N14,000. To calculate the mark-up on cost, we need to find the difference between the selling price and the cost price, and then express it as a percentage of the cost price. The difference between the selling price and the cost price is N14,000 - N10,000 = N4,000. To express this as a percentage of the cost price, we divide the difference by the cost price and multiply by 100: (mark-up on cost) = (selling price - cost price) / cost price x 100% = (N4,000 / N10,000) x 100% = 40% Therefore, the company's mark-up on cost is 40%. The correct answer is.

Read lesson note on Pricing (WAEC)

Pricing

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Question 23 Report

The purpose of feedback from customers who use a company's product is to

train marketing staff

improve the quality of products

determine distribution channel to adopt

determine the promotional tool to adopt

Answer Details

The purpose of feedback from customers who use a company's product is to improve the quality of the product. When customers provide feedback on a product, they are providing valuable information about their experience using the product. This feedback can be used by the company to identify any areas where the product could be improved, such as by fixing bugs or adding new features. By incorporating customer feedback into their product development process, companies can create products that better meet the needs and expectations of their customers, which can lead to increased customer satisfaction and loyalty. While feedback from customers can also be used to inform marketing decisions, such as which distribution channels or promotional tools to use, the primary purpose of customer feedback is to improve the quality of the product itself.

Read lesson note on Products (WAEC)

Products

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Question 24 Report

One of the reasons transportation is important is that it

ensures customers' satisfaction

ensures profit maximization

facilitates the distribution of goods

ensures stabilization of product price

Answer Details

Transportation is important because it facilitates the distribution of goods. Without transportation, it would be difficult to move products from the point of production to the point of consumption. Transportation enables goods to be moved efficiently and cost-effectively from one location to another, regardless of the distance between the points. This makes it possible for businesses to reach a wider market and for consumers to have access to a greater variety of goods. Additionally, transportation ensures that products are delivered to customers in a timely and reliable manner, which is crucial for ensuring customer satisfaction. Furthermore, transportation plays a vital role in the economy by connecting markets, enabling trade, and creating job opportunities. It allows businesses to access new markets and customers, and enables them to reduce their production costs through economies of scale. Therefore, transportation is crucial for the distribution of goods, which is essential for the growth and stability of businesses, markets, and economies.

Read lesson note on Distribution (WAEC)

Read lesson note on Transportation (WAEC)

Distribution

Transportation

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Question 25 Report

A feature of product as a maketing mix element is

credit terms

warranty

cash discount

allowances

Products

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Question 26 Report

A skill a sales personnel should possess to enable him handle aggressive customer in a market outlet is

calculative skill

managerial skill

bargaining skill

technical skill

Marketing Mix And Marketing Environment

Consumer And Organizational

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Question 27 Report

A body that comprises sellers of onions in an area is an example of a

labour union

market union

employers' association

producers' association

Answer Details

A body that comprises sellers of onions in an area is an example of a market union. A market union is a group of sellers of a particular product or service that come together to protect their interests. The main objective of a market union is to provide a common platform for its members to share information, promote their products, and work together to improve their business prospects. In this case, the body comprising of sellers of onions would be a market union as they are coming together to represent their collective interests in the onion market.

Read lesson note on Market Unions And Facilitators (WAEC)

Market Unions And Facilitators

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Question 28 Report

An example of a non-personal means of reaching the target audience by an identified sponsor is

personal selling

coupon

sales promption

billboard

Answer Details

The answer is billboard. A billboard is an example of a non-personal means of reaching the target audience by an identified sponsor. It is a form of advertising where a large printed poster or billboard is placed in a public location to promote a product or service. The sponsor of the billboard is identified, and the message is targeted towards a specific audience. Unlike personal selling, which involves face-to-face interaction, or sales promotion, which involves short-term incentives to increase sales, a billboard is a long-term advertising strategy that aims to create brand awareness and capture the attention of potential customers. A coupon, on the other hand, is a form of sales promotion that offers a discount to customers who present it at the point of purchase.

Read lesson note on Sales Promotion (WAEC)

Read lesson note on Marketing Concepts (WAEC)

Sales Promotion

Marketing Concepts

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Question 29 Report

Which marketing mix element is applicable when a firm provides parking space for it's customers?

process

people

price

promotion

Marketing Mix And Marketing Environment

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Question 30 Report

An entrepreneur who intends to establish a frozen fish shop will need a

reliable power supply

good communication network

good network of road

reliable skilled labour

Answer Details

An entrepreneur who intends to establish a frozen fish shop will need a reliable power supply. This is because frozen fish requires a constant low temperature to prevent it from getting spoiled. Therefore, a stable and reliable power supply is essential to keep the temperature of the storage facility at the desired level. A power outage or fluctuation could result in the thawing of the frozen fish, which could render the stock unsellable. While a good communication network, a good network of roads, and reliable skilled labour are also important factors for business success, a reliable power supply is a critical factor for the survival of a frozen fish shop.

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

Read lesson note on Transportation (WAEC)

Read lesson note on Warehousing (WAEC)

Marketing Mix And Marketing Environment

Transportation

Warehousing

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Question 31 Report

Which of the following goods are kept in bonded warehouse?

Semi-finished goods

Dutiable goods

Consumer goods

Finished goods

Answer Details

Dutiable goods are the goods that are kept in a bonded warehouse. These goods are subject to customs duties and taxes, but they are not released until the duties and taxes are paid. A bonded warehouse is a secured storage facility where goods can be stored without payment of customs duties and taxes until they are either exported or released into the local market. Dutiable goods are often stored in bonded warehouses to defer the payment of customs duties and taxes until they are needed, which can help businesses reduce their cash flow needs. They can also be stored in bonded warehouses if they are being re-exported, as they can be stored without payment of duties and taxes until they are shipped out of the country. In summary, bonded warehouses are used to store dutiable goods until they are either released into the local market or exported out of the country. By storing these goods in a bonded warehouse, businesses can defer payment of customs duties and taxes until they are needed, which can help them manage their cash flow more effectively.

Read lesson note on Distribution (WAEC)

Distribution

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Question 32 Report

A retailer's cost and selling price for a bag of rice are N10,000 and N14,000 respectively.

What is the retailer's profit per bag of rice if he incurs an additional cost of N500 on each bag of rice?

N3,000

N3,500

N4,000

N4,500

Answer Details

The additional cost of N500 on each bag of rice increases the retailer's total cost to N10,500 per bag of rice. To calculate the profit per bag of rice, we subtract the total cost from the selling price. Profit = Selling Price - Total Cost Profit = N14,000 - N10,500 Profit = N3,500 Therefore, the retailer's profit per bag of rice is N3,500. The correct option is (b) N3,500.

Read lesson note on Pricing (WAEC)

Pricing

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Question 33 Report

Which of the following statements explains an organizational market

Buyers are widespread

Buyers are price conscious

Purchasing is on first-come, first-serve basis

Purchasing is done by trained personnel

Consumer And Organizational

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Question 34 Report

Which of the following items is an example of industrial goods?

Cassava tuber

Toothpaste

Bread

Cake

Consumer And Organizational

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Question 35 Report

Which of the following distribution channels would be used to sell tractors and cranes?

Producer>Agent>Consumer

Producer>Agent>Retailer>Consumers

Producer>Agent>Wholesaler>Retailer>Consumer

Producer>Agent>Wholesaler>Consumer

Answer Details

Tractors and cranes are capital goods and expensive products, hence their distribution channels usually involve a more direct and specialized approach. The most appropriate distribution channel for selling tractors and cranes is the Producer>Agent>Consumer channel. In this channel, the producer (manufacturer) of the tractors and cranes will sell directly to the agent who specializes in selling such heavy-duty equipment. The agent in turn sells to the final consumer (usually a company or organization that needs the equipment for industrial or agricultural purposes). This distribution channel is more direct and specialized, with a focus on meeting the specific needs of the consumer.

Read lesson note on Distribution (WAEC)

Distribution

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Question 36 Report

Which of the following business orientations stresses that promotional efforts are necessary before customers buy a product?

production concept

product concept

selling concept

marketing concept

Answer Details

The business orientation that stresses that promotional efforts are necessary before customers buy a product is the selling concept. This concept focuses on aggressive selling and promotion of a product, assuming that customers will not buy a product unless they are aggressively persuaded to do so. This concept places a lot of emphasis on advertising, personal selling, and other promotional efforts to persuade customers to buy a product. This orientation assumes that customers are not aware of their needs or the products available in the market, and that the company must create demand for its products through aggressive selling and promotion.

Read lesson note on Marketing Concepts (WAEC)

Marketing Concepts

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Question 37 Report

Which of the following marketing terms is applied to a buyer that obtains a desired product by offering something in return?

Needs

Wants

Demand

Exchange

Answer Details

The marketing term applied to a buyer that obtains a desired product by offering something in return is "Exchange". In marketing, exchange refers to the process of obtaining a desired product from someone by offering something in return. This can be money, goods, services, or any other form of value that the other party considers acceptable. The concept of exchange is fundamental to the study of marketing, as it is the basis for all economic transactions. It involves both the buyer and seller, who must agree on the terms of exchange, such as price, quality, and delivery.

Read lesson note on Consumer And Organizational (WAEC)

Consumer And Organizational

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Question 38 Report

An example of merchandising activity is

canvassing for customers by salesmen

displaying product at the retail store

distribution of goods to customers

sales call by salesmen

Answer Details

An example of merchandising activity is displaying a product at the retail store. Merchandising is a marketing activity that involves promoting and selling products or services to customers. It involves a series of activities that starts from selecting the right products, procuring them, pricing them, and then displaying them in a way that attracts customers to buy them. One of the essential activities of merchandising is displaying products at the retail store. It involves creating an attractive visual display of the products in a way that showcases their unique features, benefits, and pricing information. Retailers use various techniques, such as color schemes, lighting, and store layout, to make the product stand out and draw the attention of customers. The purpose of displaying products is to increase their visibility, generate interest among potential customers, and encourage them to make a purchase. For example, a clothing store may display a new collection of dresses on a mannequin or a display stand near the entrance, where it is easily visible to customers. This kind of visual merchandising helps to showcase the latest styles and trends, create a desire among customers to buy them, and ultimately increase sales. Therefore, the correct answer to the question is that an example of merchandising activity is displaying a product at the retail store, as it is an essential part of promoting and selling products to customers.

Read lesson note on Merchandising (WAEC)

Merchandising

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Question 39 Report

The channel member who does not take title to goods is the

retailer

wholesaler

agent

distributor

Answer Details

The channel member who does not take title to goods is an agent. In the distribution channel, there are different types of intermediaries or channel members, such as retailers, wholesalers, agents, and distributors. These intermediaries help to move goods from manufacturers to end-users or customers. An agent is a channel member who acts as a middleman between the manufacturer and the end-user but does not take ownership or title to the goods. The agent represents the manufacturer and sells the goods on their behalf to the end-user. In return, the agent receives a commission or a percentage of the sale price as compensation for their services. An agent may also provide other services such as marketing, advertising, and customer service. They can help to reduce the cost of distribution for manufacturers, as they do not have to invest in their own sales force or distribution network. Instead, they can rely on the agent's expertise and established network to reach the target market. In summary, an agent is a channel member who facilitates the sale of goods on behalf of the manufacturer without taking title or ownership of the goods.

Read lesson note on Market Unions And Facilitators (WAEC)

Read lesson note on Distribution (WAEC)

Market Unions And Facilitators

Distribution

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Question 40 Report

One of the uses of e-marketing platform is to

deliver goods ordered

provide after sales service

provide packaging for products

promote goods and services

Answer Details

One of the uses of an e-marketing platform is to promote goods and services. E-marketing platform is an online marketing tool that helps businesses to promote their goods and services using various digital channels such as social media, email, search engines, and websites. It offers a cost-effective and efficient way for businesses to reach their target audience and create brand awareness. One of the primary goals of e-marketing is to promote goods and services to potential customers. This is achieved through various digital marketing techniques such as email marketing, social media advertising, search engine optimization (SEO), and content marketing. These techniques help businesses to create engaging and informative content that attracts potential customers and encourages them to take action, such as making a purchase or signing up for a service. E-marketing platforms also provide businesses with the ability to measure and track the performance of their marketing campaigns in real-time. This helps them to make data-driven decisions and optimize their marketing strategies for better results. In summary, the correct answer to the question is that one of the uses of an e-marketing platform is to promote goods and services, as it offers businesses an efficient and cost-effective way to reach their target audience and create brand awareness.

Read lesson note on Introduction To Marketing (WAEC)

Introduction To Marketing

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