WAEC SSCE - Marketing - 2016

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The term "exchange" in marketing means "buying and selling of goods." In marketing, an exchange is the process of obtaining a desired product or service from someone by offering something in return. It involves two or more parties who engage in a transaction to satisfy their needs or wants. For example, a customer may exchange money for a product, while a business may exchange goods or services for money. The exchange process in marketing involves four elements: two or more parties with something of value to exchange, a desire and ability to exchange, a way to communicate with each other, and something to exchange. These elements are essential for the exchange process to take place. For example, in a typical retail transaction, a customer exchanges money for a product. The customer has something of value (money), and the business has something of value (the product). Both parties have a desire and ability to exchange, and they communicate with each other through the transaction process. Once the transaction is complete, both parties have exchanged something of value and satisfied their needs or wants. In summary, the term "exchange" in marketing means "buying and selling of goods." It is a process of obtaining a desired product or service from someone by offering something in return, involving two or more parties who engage in a transaction to satisfy their needs or wants.

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A type of retail outlet where goods are sold through the use of catalogues is a mail order business. A mail order business is a type of retail business that allows customers to shop for products from the comfort of their own homes by browsing through catalogues, selecting items they wish to purchase, and placing orders by mail, phone, or online. The retailer then ships the ordered products directly to the customer's address. Mail order businesses typically offer a wide range of products, including clothing, electronics, home goods, and other items. They are popular among consumers who prefer to shop from home and avoid the hassle of going to physical stores. Mail order businesses can also offer competitive pricing since they do not have to maintain a physical storefront. This type of retail outlet has been around for a long time, but has become more prevalent with the growth of the internet and e-commerce.

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A pricing system that relies on a customer's location to charge different prices is called geographical pricing. This means that the price of a product or service can vary depending on where the customer is located. Geographical pricing is commonly used to account for differences in costs, taxes, and market demand across different regions or countries. For example, companies may charge higher prices for their products in areas where there is higher demand, or where the cost of doing business is higher due to taxes, shipping costs, or other factors. Conversely, companies may charge lower prices in areas with lower demand or where the cost of doing business is lower. Geographical pricing can be an effective way to maximize profits by tailoring prices to local market conditions. However, it can also be controversial if customers perceive it as unfair or discriminatory.

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A store that sells a single product supplied and produced by one manufacturer is called a "tied shop." A tied shop is a type of retail store that only sells one brand or product line, which is produced and supplied by a specific manufacturer or supplier. The term "tied" refers to the fact that the store is tied to the manufacturer or supplier, as it cannot sell any other brands or products. Tied shops are usually found in industries where the manufacturer or supplier has a strong brand presence and wants to ensure that their products are sold in a specific way or location. Examples of tied shops include Apple stores that sell only Apple products, or Nike stores that sell only Nike products. Therefore, a store that sells a single product supplied and produced by one manufacturer is a tied shop because it is tied to the manufacturer or supplier, and cannot sell any other brands or products. It is not a chain store, mobile shop, or unit shop because these terms do not specifically refer to a store that sells only one product from a single manufacturer.

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An entrepreneur is primarily engaged in "innovation". An entrepreneur is a person who identifies a business opportunity and takes the necessary risks and actions to start and grow a new business venture. They are often associated with innovation, as they develop new ideas, products, or services that are different or better than existing ones, or create new markets where none existed before. Entrepreneurs are motivated by the desire to solve problems, create value, and make a difference in the world. They take calculated risks, are willing to learn from failures, and have a strong drive to succeed. While transportation, distribution, and promotion are important aspects of running a business, they are not the primary focus of an entrepreneur. Instead, entrepreneurs are focused on creating something new and innovative that will meet the needs and wants of customers in a unique and compelling way.

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The practice of overstating the feature of a product to lure buyers to a store is called "deceptive advertising." Deceptive advertising is a marketing strategy that uses false or misleading statements to persuade customers to buy a product or service. It is a type of advertising that is designed to deceive or mislead the audience, leading them to make a purchase based on false or exaggerated claims. Examples of deceptive advertising include making false claims about a product's performance, safety, or benefits. For instance, a company may overstate the effectiveness of a weight loss supplement or exaggerate the capabilities of a smartphone. Deceptive advertising is considered unethical and illegal in many countries, as it can harm consumers and undermine fair competition. It can lead to legal action, loss of reputation, and financial penalties for the company engaging in such practices. Therefore, the practice of overstating the feature of a product to lure buyers to a store is deceptive advertising, and it is an unethical and illegal marketing practice. It is not wrong packaging, deceptive pricing, or illegal business, although these practices can also be unethical and illegal in certain circumstances.

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Brand identification is not a stage in the buyer's decision-making process. The buyer's decision-making process consists of several stages that a buyer goes through before making a purchase. These stages include need recognition, information search, evaluation of alternatives, purchase decision, and post-purchase evaluation. During the need recognition stage, the buyer recognizes that they have a problem or need that needs to be solved or fulfilled. In the information search stage, the buyer gathers information about the various options available to them to fulfill their need. In the evaluation of alternatives stage, the buyer compares and evaluates the different options they have identified. In the purchase decision stage, the buyer decides which option to purchase. Finally, in the post-purchase evaluation stage, the buyer evaluates their purchase decision and experiences with the product or service. Brand identification is not a stage in the buyer's decision-making process. However, it can be an important factor that influences the buyer's decision in the evaluation of alternatives stage. In this stage, the buyer evaluates different brands and considers factors such as brand reputation, brand image, and brand loyalty before making a purchase decision.

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The factor that does not determine the price of a product is "Customers ability to pay". The price of a product is determined by several factors, including the quality of the product, competition from suppliers, and the price of similar products in the market. However, the customers' ability to pay is not a direct factor that determines the price of a product. The customers' ability to pay can influence demand for a product, and thus indirectly affect its price. However, the price is ultimately determined by the production costs and the need for profitability. If a company sets a high price for a product that customers cannot afford, the demand will be low, and the company may have to adjust the price to make the product more affordable. Therefore, while customers' ability to pay can indirectly influence the price of a product, it is not a direct factor that determines the price.

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The closest channel member to the consumer is the retailer. A retailer is the final intermediary in the distribution channel who purchases products from wholesalers or directly from manufacturers and sells them to the end consumers. Retailers are responsible for managing inventory, displaying and promoting products, and handling transactions with customers. They are the closest channel member to the consumer because they are the ones who interact with the customers directly, and they play a crucial role in shaping the customer's perception of the product or service. Retailers can have a significant impact on the success of a product, and they are often targeted by manufacturers and wholesalers with promotions, incentives, and other strategies to encourage them to stock and sell their products.

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A merchandiser is a person who is responsible for the attractive display of products in a store. Their primary role is to create visually appealing displays that showcase products in the best possible way to attract customers and generate sales. This includes arranging products in an organized and visually pleasing manner, ensuring that they are clean and well-presented, and incorporating signage and other marketing materials to help promote the products. The ultimate goal of a merchandiser is to maximize sales and profits by making products as appealing as possible to the target audience. While they may also be responsible for ensuring the quality of the goods and storing them appropriately, their main focus is on presenting the products in the best possible light to encourage customers to buy them.

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Perishable products are better transported by air. Perishable products are those that are likely to spoil or deteriorate quickly, such as fresh produce, dairy products, and flowers. These products require quick transportation to ensure that they reach their destination before they spoil. Air transportation is the fastest mode of transportation and can deliver perishable products to their destination within a short period. Air transportation also allows for temperature-controlled cargo holds, which can maintain the required temperature and humidity levels for perishable products. This is important to preserve the quality and freshness of the products during transportation. Additionally, air transportation is highly reliable, with strict schedules that ensure that products arrive at their destination on time. This reduces the risk of spoilage and wastage, which is crucial for perishable products. Overall, air transportation is the best option for transporting perishable products due to its speed, reliability, and temperature-controlled cargo holds.

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A function or market union in the local market is to "establish a common market price." A market union is an organization formed by producers or sellers of a particular product or service to collaborate and promote their common interests. One of the key functions of a market union is to establish a common market price for the goods or services produced or sold by its members. By setting a common market price, the market union ensures that all members receive a fair and equitable price for their products or services. This helps to prevent undercutting and promotes healthy competition among members, as well as providing stability and predictability in the marketplace. For example, a group of farmers may form a market union to collaborate on the production and sale of their crops. By establishing a common market price for their produce, the farmers can ensure that they receive a fair price for their crops, and that their customers are not able to play one farmer off against another to drive down prices. In summary, the function of a market union in the local market is to establish a common market price for the goods or services produced or sold by its members. It is not to offer bank loans to members, defend members in law courts, or insure products of all members.

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A commercial building for the storage of goods is called a warehouse. It is a large building used by manufacturers, importers, exporters, wholesalers, and retailers to store products before they are distributed or sold. Warehouses may also have equipment for loading and unloading goods from trucks and trains, as well as facilities for packaging, labeling, and assembly. They play a crucial role in the supply chain and logistics of many businesses, providing a secure and organized space for inventory management.

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The answer is "Customer is the boss". The marketing concept is a customer-oriented philosophy that focuses on meeting the needs and wants of customers. It emphasizes that businesses should put the customer at the center of all their activities and make customer satisfaction their primary goal. This approach means that customers are seen as the most important factor in determining what products or services a business should offer, how they should be priced, and how they should be promoted. In other words, the customer is the boss, and their needs and wants should be the driving force behind all marketing decisions.

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The information obtained from a marketing plan is data. A marketing plan is a document that outlines a company's overall marketing efforts, including market research, advertising and promotion strategies, and sales forecasts. The data collected in a marketing plan provides valuable insights into the target market, customer needs and preferences, competitor activities, and other factors that affect the company's marketing success. By analyzing the data from a marketing plan, companies can make informed decisions about pricing, product development, distribution, and promotion strategies. The data collected in a marketing plan can help companies to better understand their customers and target their marketing efforts effectively, resulting in increased sales and profitability.

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The system of retailing operation used by supermarkets is self-service. This means that customers are able to select and purchase products on their own without the assistance of a salesperson. Supermarkets typically have a large selection of products displayed in aisles and shelves for customers to browse, and they often have pricing information and product details clearly marked for easy reference. This system allows for greater convenience and efficiency in the shopping experience, as customers can quickly find what they need and proceed to checkout. Additionally, it allows supermarkets to manage their inventory more effectively by minimizing the need for staff to constantly monitor and restock shelves.

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A brand is a name, term, symbol, design, or a combination of these elements that is used to identify and distinguish the products or services of a producer from those of its competitors. It is a unique identifier that represents the reputation, image, and values associated with a particular company or product. A brand can be made up of many elements, including a logo, color scheme, slogan, packaging, and overall design. The goal of a brand is to create a strong and memorable impression in the minds of consumers, to build trust and loyalty, and to differentiate the product from others in the market.

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The term "Marketing mix" refers to a blend of elements that a company uses to satisfy the specific needs and wants of its target market. It is a set of controllable marketing tools that a company can use to influence consumers' decision-making and achieve its marketing objectives. The marketing mix includes four main components, also known as the "four Ps": 1. Product: This refers to the physical or intangible goods and services that a company offers to its target market. This includes product design, packaging, branding, features, and benefits. 2. Price: This refers to the amount of money that a customer has to pay to purchase the product. Pricing decisions can be influenced by factors such as production costs, competition, and market demand. 3. Place: This refers to the channels through which a company delivers its product to its target market. This includes distribution channels, such as physical stores or online platforms, as well as the location and accessibility of these channels. 4. Promotion: This refers to the communication strategies that a company uses to inform and persuade its target market about its products. This includes advertising, public relations, personal selling, and sales promotion. By adjusting the elements of the marketing mix, a company can create a product offering that is tailored to the needs and wants of its target market and achieve its marketing objectives.

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The reward for an entrepreneur is profit. Profit is the difference between the revenue generated from the sale of goods or services and the costs associated with producing those goods or services. As an entrepreneur takes the risk of starting a business and investing time and resources, the profit is the ultimate reward for their efforts. Profit serves as an indicator of the success of the business and can be used to reinvest in the business, expand operations, or provide personal financial gain for the entrepreneur. Unlike wage or salary, profit is not guaranteed and is directly related to the success of the business.

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The marketing philosophy characterized by a stronger focus on consumer, organizational, and ethical concerns is known as the societal marketing concept. The societal marketing concept emphasizes the importance of meeting the needs and wants of consumers in a way that also benefits society as a whole. This means taking into account not only the economic considerations of producing and selling products, but also the ethical and social implications of marketing activities. Under the societal marketing concept, companies aim to create products and marketing campaigns that not only meet consumer needs, but also promote the well-being of society and the environment. This may involve incorporating sustainable practices into their operations, supporting social causes, or ensuring that their products are safe and ethical. In contrast, other marketing concepts such as the production concept, selling concept, and product concept tend to focus more on the company's internal goals and objectives, rather than taking a broader societal perspective.

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The first among the marketing orientation is the production concept. This concept is focused on the efficient production and distribution of products. The main goal is to produce goods in large quantities at low cost to meet consumer demand. The belief is that if the product is available and affordable, then consumers will purchase it. This concept works well in a seller's market where demand exceeds supply, but it can lead to a lack of focus on consumer needs and wants.

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The source of funds that a firm can use to address cash difficulties within one year is an overdraft. An overdraft is a type of short-term loan that a bank extends to its customers, allowing them to withdraw more money than they have in their account. The overdraft limit is typically based on the customer's creditworthiness and cash flow projections, and it must be repaid within a specific time frame, usually within a year. Overdrafts are a common source of funds for businesses that experience temporary cash flow difficulties or unexpected expenses, as they provide quick access to cash and can be repaid relatively quickly. However, overdrafts usually come with high-interest rates, so they should be used sparingly and only as a short-term solution to cash flow problems.

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The exchange of goods and services in international marketing is known as foreign trade. It refers to the buying and selling of goods and services between different countries. Foreign trade is an important aspect of international business and involves the exchange of goods and services for money or other goods and services. It helps countries to specialize in producing goods and services that they are good at and exchange them for the goods and services that they need from other countries.

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The correct answer is "Marketing intermediary." A marketing intermediary is a company that acts as a middleman between producers and buyers. One of the functions of a marketing intermediary is to provide storage facilities to sellers. This allows sellers to store their products before they are sold to customers. The intermediary takes care of the storage and makes sure that the products are kept in good condition until they are sold. The intermediary may charge a fee for this service, but it can be a valuable service to sellers who do not have the resources or infrastructure to store their products themselves.

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A price reduction to a buyer who buys in large volume is called a Quantity Discount. This is a common pricing strategy used by businesses to incentivize customers to buy larger quantities of their products. The discount is usually given as a percentage off the total purchase price, and the percentage discount may vary depending on the volume of the purchase. For example, a business may offer a 5% discount for purchases of 100 units or more, and a 10% discount for purchases of 200 units or more. This type of discount benefits both the buyer and the seller. The buyer can purchase products at a lower price per unit, and the seller can increase sales volume and potentially reduce their inventory costs. Quantity discounts are commonly used in industries such as manufacturing, wholesale, and retail, where large volume purchases are typical. It is important to note that quantity discounts are different from trade discounts, which are discounts offered to resellers or intermediaries in the distribution channel.

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The stage in a product life cycle where advertising is needed the most is the Introduction stage. This is the stage when a new product is introduced to the market, and the goal is to create awareness and generate interest among potential customers. Advertising plays a crucial role in this stage to communicate the features, benefits, and value proposition of the new product to the target audience. It helps to create a strong brand image and position the product in the market. As the product moves through the different stages of the product life cycle, the focus of advertising shifts from creating awareness to building preference and loyalty among customers.

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Data collected directly from the target market is called primary data. This type of data is gathered through methods such as surveys, interviews, and focus groups. Primary data is specific to the research question being investigated and is tailored to meet the needs of the research study. Primary data is usually more accurate and reliable than secondary data, which is data collected from other sources such as published reports or government statistics.

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Allowing pilfering of goods is not a function of a warehouse. A warehouse is a commercial building used to store goods, typically for a specified period of time. The primary functions of a warehouse include protecting goods from damage, providing security against theft, and helping to stabilize market prices by regulating the supply of goods. In addition to these functions, a warehouse may also provide insurance for goods, either through its own policies or by helping customers to obtain insurance. However, allowing pilfering of goods is not a function of a warehouse. Rather, it is the opposite of what a warehouse is intended to do, which is to provide a secure location for the storage and protection of goods.

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