WAEC SSCE - Marketing - 2017

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The source of finance available to a young school leaver who wants to start a small retail outlet is personal savings. Personal savings refer to the money that an individual has saved from their earnings or received from gifts, inheritances, or other sources. It is a common source of financing for small businesses, particularly those just starting out. A young school leaver who wants to start a small retail outlet may not have a credit history or collateral to obtain loans from banks or other financial institutions. Therefore, personal savings would be the most viable source of financing for them. Using personal savings to finance a business can have several advantages, such as retaining full ownership and control of the business and avoiding the costs associated with interest payments on loans. However, it can also be risky if the business does not generate enough revenue to sustain itself. Overall, personal savings can be a good starting point for young entrepreneurs who want to start their own businesses and may not have access to other sources of financing.

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The study of how individuals and organizations select and buy products to satisfy their needs is called consumer behavior. Consumer behavior is the process by which people make decisions about what products to buy, where to buy them, how much to pay for them, and how they use and dispose of them. It is a broad field that encompasses a range of factors, including psychological, social, and cultural influences, as well as individual and organizational decision-making processes. Understanding consumer behavior is essential for businesses and marketers to develop effective marketing strategies and improve customer satisfaction.

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A market facilitator is an entity that helps to ease the buying and selling of goods and services between buyers and sellers. Out of the options listed, a bank can be considered a market facilitator as it provides financial services that can facilitate the buying and selling of goods and services. Banks can offer loans to businesses to help them purchase inventory, provide payment services to buyers and sellers, and offer trade financing services to help businesses finance international trade transactions. By providing these services, banks can help to facilitate the flow of goods and services between buyers and sellers, making them a market facilitator.

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The systematic design, collection and analysis of data about problems relating to the marketing of goods and services is marketing research. Marketing research is the process of gathering and analyzing information about market trends, consumer behavior, and competitor activity. It involves collecting data through surveys, focus groups, and other research methods, and using that data to make informed business decisions. Marketing research helps companies to better understand their target audience, identify potential opportunities for growth, and develop effective marketing strategies. It can also provide valuable insights into customer satisfaction, brand perception, and product performance. By systematically collecting and analyzing data, marketing research helps companies to make informed decisions about how to market their products or services. This can lead to increased sales, improved customer satisfaction, and a stronger competitive position in the marketplace. Therefore, the correct option is "research".

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The term "merchandisers" is not an alternative name of middlemen. Middlemen, also known as intermediaries, are individuals or businesses that help to facilitate the exchange of products or services between producers and consumers. They can be wholesalers, retailers, agents, brokers, or any other entity that helps to move the product from the manufacturer to the end user. The terms "channel members," "marketing intermediaries," and "resellers" are all alternative names for middlemen. Channel members refer to any individual or organization involved in moving a product from the manufacturer to the end user, while marketing intermediaries are entities that help to promote or distribute a product. Resellers, on the other hand, are businesses that purchase a product from a manufacturer or wholesaler and then sell it to end users. Overall, middlemen play an important role in the distribution and promotion of products and services, helping to bridge the gap between producers and consumers and ensuring that goods are available to customers in a convenient and accessible way.

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An internet connection is required for electronic marketing operations. Electronic marketing refers to the use of digital channels such as email, social media, and websites to promote and sell products or services. These channels rely on the internet to function, which means that an internet connection is essential for conducting electronic marketing operations. Without an internet connection, it would be impossible to create and maintain a website, send email campaigns, or engage with customers on social media. While warehousing and transportation facilities are important for physical product distribution, they are not essential for electronic marketing. Similarly, promotional tools such as advertising and sales promotions can be used in electronic marketing, but they are not the only requirement for conducting these operations.

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The promotional method that involves delivering free products to pre-selected households is called home sampling. This is a marketing strategy in which companies offer free product samples to targeted households in order to increase awareness and generate interest in their products. The samples can be delivered via mail, through a door-to-door campaign, or at specific locations such as supermarkets or events. Home sampling is an effective way to allow potential customers to experience the product and get a feel for its quality, taste, or usefulness. This can lead to increased sales and brand loyalty in the long run.

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The activity that is not carried out in a warehouse is the display of products. Warehouses are designed to store goods until they are ready to be shipped or distributed to customers. They are not typically used as retail spaces where customers can browse and purchase products. Instead, warehouses are used for activities such as receiving, storing, packaging, and shipping goods. Packaging of goods involves preparing items for shipment by placing them in appropriate containers and labeling them with relevant information. Grading of goods involves inspecting and categorizing items based on quality, size, and other factors. Inventory record keeping involves maintaining accurate records of the goods stored in the warehouse, including their quantity and location. All of these activities are essential for the efficient operation of a warehouse and ensuring that goods are delivered to customers in a timely and organized manner.

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The reason why the label of a product must contain the ingredients and uses of the product is to inform consumers. Providing information on the label helps consumers make informed decisions about whether the product is suitable for their needs or not. The ingredients list informs consumers of what the product is made of and whether it contains any allergens or ingredients they may want to avoid. The uses of the product help consumers understand what the product is intended for, how to use it, and what benefits they can expect to receive. By providing this information, the label enables consumers to make informed choices that meet their needs and preferences, leading to greater satisfaction with the product.

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The element of the marketing mix that involves creating awareness for goods is promotion. Promotion refers to the communication strategies used by companies to inform, persuade, and remind potential customers about their products or services. Promotion can take many forms, including advertising, personal selling, sales promotions, and public relations. The main goal of promotion is to create awareness, generate interest, and ultimately lead to sales. By using various promotional strategies, companies can reach their target audience and inform them about their products or services. For example, advertising on social media or television can help to create awareness and generate interest among a large audience. Personal selling, such as sales representatives meeting with potential customers face-to-face, can be used to provide more detailed information and answer any questions that customers may have. Sales promotions, such as discounts or free samples, can be used to encourage customers to try a product and ultimately make a purchase. Therefore, promotion is the element of the marketing mix that involves creating awareness for goods.

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The pricing method that involves negotiation between the seller and potential buyer in determining the price for a product is haggling pricing. In this method, the seller and buyer engage in a back-and-forth discussion to reach a mutually agreed-upon price for the product. This type of pricing is common in situations such as flea markets, car dealerships, and even in online marketplaces where buyers can make offers or negotiate with sellers. The final price is determined by how well the buyer and seller are able to negotiate and come to an agreement.

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'Place' as an element of the marketing mix can also be referred to as distribution. Distribution refers to the process of getting a product from the manufacturer or seller to the end user or customer. This includes the channels and methods used to transport, store, and deliver the product, such as trucks, warehouses, and retail stores. The 'Place' element of the marketing mix is concerned with making sure that the product is available to the target customers in the right place and at the right time. This involves selecting appropriate distribution channels, such as online or brick-and-mortar stores, and determining the most effective ways to get the product to the end user. It also involves managing inventory levels, ensuring that the product is stocked in the right quantities in the right locations, and managing logistics and transportation. Overall, the 'Place' element of the marketing mix is essential for ensuring that the product is available to the target customers in a convenient and accessible way, which can help to increase sales and customer satisfaction.

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Packaging refers to all activities involved in planning, designing, and producing the container of a product. This includes selecting the appropriate materials, designing the packaging to be attractive and informative, creating labels and instructions, and ensuring that the packaging meets safety and regulatory requirements. Packaging is an essential component of the marketing mix, as it plays a key role in attracting and retaining customers. Good packaging can enhance the perceived value of a product and differentiate it from competitors. It can also provide important information about the product, such as its ingredients, nutritional information, and usage instructions. Additionally, packaging can help to protect the product during transportation and storage, which can reduce waste and improve customer satisfaction.

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The products that are purchased for use in the production of goods for resale are called "industrial goods." Industrial goods, also known as business-to-business (B2B) goods, are products that are used by businesses in the production of other goods or services. Industrial goods include raw materials, machinery, tools, equipment, and other products that are not intended for sale to end consumers but are used in the production process. For example, a manufacturer of furniture may purchase wood, screws, nails, and other raw materials as industrial goods to produce finished products for sale to consumers. Similarly, a construction company may purchase heavy machinery and tools as industrial goods to build homes and buildings for sale to consumers. In contrast, consumer goods are products that are purchased by individuals for personal use, such as food, clothing, and electronics. Specialty goods are consumer goods that are unique and often expensive, such as luxury cars or designer clothing. Unsought goods are consumer goods that consumers do not actively seek out, such as life insurance or funeral services.

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Promoting and offering a company's products and services for sale over the internet is electronic commerce. Electronic commerce, also known as e-commerce, is the buying and selling of goods and services over the internet. This includes a range of activities, such as online shopping, electronic payments, and online auctions. E-commerce allows companies to reach a global audience, reduce the cost of sales, and provide customers with a convenient and accessible way to purchase products and services. It also enables companies to gather data on customer behavior and preferences, which can be used to develop more effective marketing strategies and improve customer satisfaction.

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The combination of product, price, promotion, and place that a marketer uses to reach a specific group of people is called the marketing mix. It's a set of tactics and strategies that a marketer uses to promote and sell a product or service. The product is what the marketer is trying to sell, the price is what the customer pays for it, promotion is how the marketer communicates about the product to potential customers, and place is where the customer can buy the product. Marketing research is the process of gathering information about a target market to inform the marketing mix. Uncontrollable variables are external factors that can impact the success of a marketing campaign, such as economic conditions, competition, and changing consumer preferences. Product mix refers to the range of products that a company offers. It's related to the marketing mix, but it's not the same thing. While the marketing mix focuses on a specific product or service, the product mix looks at the entire range of products that a company offers.

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The function of a label on goods is to provide information about the product. Labels on goods typically include important information about the product, such as the brand name, product name, ingredients or materials, nutritional information, manufacturer information, country of origin, and any safety warnings or instructions for use. This information is important for consumers to make informed decisions about the products they purchase and use. Labels can also include additional information that may be important to certain groups of consumers, such as eco-friendly or allergy-friendly certifications, fair trade or organic labels, or information about animal testing. While labels can sometimes include persuasive language or images to encourage customers to buy the product, their primary function is to provide information about the product. In some cases, labels may also provide instructions for how to use or store the product, or include warnings about potential hazards or risks associated with the product. Overall, the function of a label on goods is to provide important information to consumers about the product, so that they can make informed decisions about their purchases and use of the product.

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When choosing a means of transportation for goods, speed is an important consideration, especially when the goods are perishable. Perishable goods, such as fresh food items, flowers, and pharmaceutical products, have a limited lifespan and need to be transported quickly to maintain their quality and freshness. Other goods, such as fragile items, may also require speedy transportation to avoid damage during transit. In contrast, bulky and durable goods, such as furniture or construction materials, may be able to tolerate slower transportation methods, such as shipping by sea or rail. In general, the faster the transportation method, the higher the cost, so companies need to balance the speed of delivery with the cost of transportation to find the most efficient and effective means of transport for their goods.

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The first step in the marketing research process is problem definition. This involves identifying and defining the problem or issue that needs to be researched. It is important to clearly define the problem in order to ensure that the research is focused and relevant. The problem definition stage involves asking questions such as: What is the problem or issue? Why is it important to the organization? What information is needed to address the problem or issue? Once the problem is clearly defined, the research can move on to the next stage, which is typically situation analysis.

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A producer of beverages might sell their products internationally in order to access a wider market. By selling their beverages in other countries, they can reach more potential customers and increase their sales. This can help them generate more revenue and profits, which can then be used to invest in their business and improve the quality of their products. In addition, selling internationally can also provide opportunities for the company to expand their operations, create new partnerships, and build their brand awareness on a global scale. Ultimately, these factors can contribute to the success and growth of the company.

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An association of traders of food items is an example of a trade union. A trade union is an organization made up of workers or traders who come together to protect and promote their common interests. In the case of an association of traders of food items, the traders would come together to promote the interests of their businesses and the food industry as a whole. They may engage in activities such as lobbying the government for favorable policies, setting industry standards and regulations, providing training and support for members, and organizing marketing and promotional activities. By working together through a trade union, the traders can achieve more significant results than they would be able to individually, leading to a stronger and more vibrant food industry.

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One of the influencing factors in an organization's buying behavior is the company's policy. Company policies can dictate the criteria and standards that must be met before a purchase can be made, such as budget restrictions or requirements for certain certifications or warranties. These policies help ensure that purchases align with the company's overall goals and objectives. For example, a company may have a policy that all purchases must be made from sustainable and ethical suppliers. This policy would influence the buying behavior of the organization and could limit the options of suppliers they are willing to do business with. Additionally, company policies can help streamline the purchasing process and ensure that purchases are made efficiently and effectively. By providing clear guidelines and procedures for making purchases, organizations can avoid delays and mistakes in the buying process.

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Demand refers to the willingness and ability of a consumer to purchase a specific product. In other words, it is the desire for a particular product, backed by the ability to pay for it. A need, on the other hand, is a basic requirement for survival, such as food, shelter, and clothing. An exchange is a process that occurs when two parties agree to give up something of value in order to receive something else of value. A transaction is a specific type of exchange that involves the transfer of money or goods between two parties.

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Advertising is a paid form of non-personal presentation and promotion of products. It involves using various media channels, such as television, radio, print, or online platforms, to promote a product or service to a wide audience. Advertising is designed to create awareness, generate interest, and influence consumer behavior by conveying a persuasive message about the product or service. It is an important component of a company's marketing mix and can be used to reach a large number of consumers at once, regardless of their location.

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An orientation that assumes that consumers will prefer products that are widely available and inexpensive is the production concept. The production concept is a business philosophy that focuses on maximizing production efficiency and reducing costs in order to make products more affordable and widely available. This orientation assumes that consumers are primarily concerned with product availability and price, and that companies should focus on producing high volumes of products at low costs. Under the production concept, companies typically prioritize production and distribution activities over marketing and promotion. The goal is to produce large quantities of products and distribute them to as many customers as possible at the lowest possible cost. Companies may also focus on streamlining production processes, improving supply chain management, and reducing waste. While the production concept can be effective for businesses that operate in highly competitive markets, it may not be suitable for all industries or customer segments. Consumers today often prioritize quality, innovation, and customer experience over price and availability. Therefore, businesses must also consider other factors such as customer needs and preferences, market trends, and competitor activity to remain competitive. Therefore, the correct option is the "production concept".

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In general, an industrial market is made up of four main groups of buyers. These groups are: 1. Producers: These are businesses that buy raw materials, components, and other inputs to produce goods or services that are sold to other businesses or consumers. 2. Resellers: These are businesses that buy finished goods or components and then resell them to other businesses or consumers. Examples include wholesalers and distributors. 3. Governments: Government agencies at the local, state, and federal levels are often buyers in industrial markets, purchasing goods and services for a variety of purposes. 4. Institutions: Institutions such as hospitals, universities, and non-profit organizations are also significant buyers in industrial markets, purchasing goods and services to support their operations. While there may be additional subcategories within each of these groups, these four main groups make up the primary buyers in industrial markets.

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The advertising media that is interactive is the internet. Unlike other forms of advertising media such as magazines, television, and radio, the internet allows for two-way communication between the advertiser and the consumer. This means that consumers can actively engage with the content, clicking on links, filling out forms, and sharing their opinions and feedback with the advertiser. The internet also allows for a high level of targeting and personalization in advertising. Advertisers can use data on consumer behavior and interests to create highly targeted campaigns that are tailored to specific audiences. This can lead to higher levels of engagement and conversion, as consumers are more likely to respond positively to ads that are relevant and useful to them. In addition, the internet provides a range of interactive advertising formats, such as pop-up ads, banner ads, video ads, and social media ads. These formats allow for a variety of creative approaches to advertising that can engage consumers in different ways. Overall, the internet provides a highly interactive advertising medium that allows for two-way communication, personalization, and creative flexibility.

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Licensing is a method of engaging in international marketing by which a company gives another the right to use its patent and trademark for a fee. This means that the company allows another company (in a foreign market) to produce and sell its products, while using the original company's trademark and patent. The licensee company pays a fee or royalty to the original company for the right to use their intellectual property. Licensing is a way for companies to expand their business internationally without the need for large investments in foreign markets, as they can rely on the local knowledge and expertise of the licensee.

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(a) Four reasons for advertising the fruit juice product on television are:

1. Reach a large audience: Television advertising allows the company to reach a broad audience, including those who do not use social media or the internet.
2. Increase brand awareness: Advertising on television can increase brand awareness and make the product more recognizable to consumers.
3. Highlight product benefits: Television advertising allows the company to showcase the product's benefits, such as its taste, health benefits, and quality.
4. Drive sales: By advertising on television, the company can increase sales by encouraging consumers to buy the product.

(b) Three advantages and disadvantages of choosing television as a medium of advertising the product are:

Advantages:

1. High reach: Television advertising can reach a vast audience, including those who do not use social media or the internet, making it an effective medium for reaching a broad audience.
2. Visual impact: Television advertising allows companies to use visuals and audio to create an emotional connection with the audience, which can be more impactful than other mediums.
3. Targeting options: Television advertising offers targeting options such as time of day, program, and channel selection, allowing companies to target specific audiences.

Disadvantages:

1. High cost: Television advertising can be expensive, and production costs can also add up, making it a costly medium for small businesses.
2. Short lifespan: Television ads have a short lifespan and are often forgotten by viewers, meaning that multiple airings may be required to have a significant impact.
3. Low engagement: Viewers can easily tune out television ads or fast forward through them, making it a less engaging medium than others, such as social media or influencer marketing.

In summary, advertising on television offers the advantages of high reach, visual impact, and targeting options, but also has disadvantages such as high cost, short lifespan, and low engagement. Companies should carefully weigh the pros and cons before deciding to advertise on television.

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