WAEC SSCE - Marketing - 2018

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In marketing, the market refers to a set of all actual and potential buyers of a product. It is a group of individuals or organizations who are interested in purchasing a particular product or service. The market is not just limited to a physical area or location, but can also be online or global in nature. By understanding the market, a company can identify who their target customers are, what their needs and wants are, and how to effectively communicate with them. This helps companies create products and services that meet the needs of their target market, and also develop marketing strategies that effectively reach and persuade potential customers to purchase their products. The other options listed - an area where buyers and sellers interact, a collection of profit and non-profit organizations, and a collection of people with similar interests - do not accurately describe the meaning of the term 'market' in the context of marketing.

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The pricing strategy adopted by the company is Geographic pricing. This means that the company is charging different prices for the same product in different geographic regions. In this case, the price of the 50kg bag of cement is higher in Kano than in Lagos, which could be due to factors such as transportation costs, local demand, and competition. Geographic pricing is a common strategy used by companies to tailor their prices to specific markets or regions. It allows companies to take into account local factors that can affect the cost of producing or delivering their products, and adjust their prices accordingly. This can help companies remain competitive and profitable in different regions, while also meeting the needs of local customers.

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An advantage of electronic marketing is that time restriction is non-existent. This means that electronic marketing can reach potential customers at any time, day or night. Unlike traditional marketing methods, such as print ads or TV commercials, electronic marketing is not limited by specific times when the audience is most likely to be watching or reading. With electronic marketing, businesses can reach customers whenever they are online or using their devices, making it a more convenient and accessible way to promote their products or services.

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A company's program of "buy one product and get one free" is an example of sales promotion. Sales promotion is a short-term marketing tactic that is used to encourage the purchase of a product. It can include discounts, coupons, buy one get one free offers, and other incentives. In this case, the "buy one product and get one free" offer is a type of sales promotion that is designed to encourage consumers to purchase more products.

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An institution that enhances the distribution and sales of goods is a market facilitator. A market facilitator is an entity or individual that helps to make market transactions more efficient by providing a range of services and support. Market facilitators can be intermediaries such as wholesalers or retailers, or they can be third-party service providers such as logistics companies, advertising agencies, or payment processors. Market facilitators can provide a range of services to help enhance the distribution and sales of goods. For example, a market facilitator might provide information on market trends, buyer behavior, and demand patterns, which can help businesses to better understand and respond to their customers' needs. A market facilitator might also provide logistical support such as transportation, storage, and distribution services, which can help businesses to reach new markets and expand their customer base. Overall, market facilitators play an important role in helping businesses to connect with customers and reach new markets, which can ultimately lead to increased sales and revenue.

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The source of funds for Mr. John is his personal savings. He invested his own money, which he had saved and deposited in the bank, to start his business. In other words, he did not take a loan from the bank or receive funds from the plough-back profit of his business. Additionally, he did not obtain an overdraft from the bank. Instead, he used his own savings as the initial capital for his business.

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The provision of government subsidies to foreign investors would facilitate the successful operation of a company in the international market. Government subsidies can help foreign investors to reduce their costs and improve their competitiveness in the international market. By providing financial assistance, the government can encourage foreign investors to enter the local market, create jobs, and increase economic growth. This can help the company to achieve economies of scale and be more competitive in the international market. Differences in domestic and foreign cultures, the existence of companies producing similar products, and availability of local currencies are also important factors to consider when operating in the international market, but they do not necessarily facilitate success. Differences in domestic and foreign cultures can create communication and marketing challenges. The existence of companies producing similar products can increase competition and reduce market share. Availability of local currencies can affect exchange rates and financial risks. However, the provision of government subsidies is a positive factor that can facilitate the successful operation of a company in the international market.

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The factor to be considered irrespective of the choice of a mode of transporting goods is the "Nature of the goods". The nature of the goods refers to the characteristics of the product being transported, such as its size, weight, fragility, perishability, and hazardousness. Regardless of the mode of transportation chosen, these characteristics must be taken into account to ensure that the goods arrive at their destination safely and in good condition. For example, if the goods are perishable, they may require refrigerated transportation to prevent spoilage. If the goods are hazardous, they may require special handling and transportation to comply with safety regulations. If the goods are fragile, they may require special packaging and handling to prevent damage during transportation. Therefore, the nature of the goods is an important factor to consider when choosing a mode of transportation, as it affects the cost, time, and logistics of transporting the goods. Additionally, it also affects the packaging, labeling, and handling requirements of the goods.

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The correct answer is a market union. A market union is an organization that represents the interests of individuals or businesses that operate in a particular market or industry. The Palm Oil Sellers Association is an example of a market union because it represents the interests of palm oil sellers and works to promote and protect their interests. Market unions aim to improve the conditions and competitiveness of the market for their members, and can provide support, information, and advocacy for their members. They can also negotiate with government and other stakeholders to influence policies that affect the market.

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A sales target for a marketing manager can be found in the marketing plan. The marketing plan is a comprehensive document that outlines an organization's marketing strategy and objectives, including sales targets. It is developed based on market research and analysis of market trends and opportunities. The sales target is usually set as a specific, measurable, achievable, relevant, and time-bound (SMART) objective in the marketing plan, with the aim of guiding the marketing team towards achieving the organization's overall sales goal. Marketing intelligence, audit, and research are related to the collection and analysis of information about the market, competitors, and customer behavior, but they are not directly related to setting sales targets. Marketing intelligence involves gathering and analyzing information about the market and competitors to inform decision-making. Marketing audit involves assessing the effectiveness of an organization's marketing strategies and activities. Marketing research involves conducting studies to gather information about customers' needs, preferences, and behavior.

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Product brand is not a price determinant. Price determination is a complex process that involves considering several factors. The cost of production, cost of research, and expected profit are some of the significant determinants of the price of a product or service. The cost of production involves the total expenses incurred in producing a product, such as raw material, labor, and manufacturing overheads. The cost of research refers to the expenses incurred in developing new products or improving existing ones. Expected profit is the amount of profit a company expects to make after selling its products or services. It is the difference between the total revenue generated from sales and the total expenses incurred in producing and selling the products. However, product brand is not a price determinant because it is a factor that influences the consumer's perception of the product rather than the actual cost of producing it. A well-known and established brand may have a higher perceived value, which may allow the company to charge more for its products, but it is not a direct factor in the cost of production or profit margin.

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The best mode of transportation for transporting gas from Nigeria to Ghana would be a pipeline. A pipeline is a long, underground pipe that is used to transport liquids or gases over long distances. Pipelines are ideal for transporting gas because they are safe, efficient, and cost-effective. Additionally, pipelines do not require frequent reloading, which minimizes the chances of spillage or leaks. This makes pipelines the most environmentally friendly option for transporting gas over long distances.

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The suitable distribution channel for the sale of a tractor is "Manufacturer Æ dealer Æ user." In this distribution channel, the manufacturer sells the tractors directly to authorized dealers, who then sell the tractors to the end-users. This distribution channel is appropriate for high-value and complex products such as tractors, which require specialized knowledge and expertise to sell and maintain. Dealers can provide additional services such as financing, delivery, and after-sales support to the end-users. Therefore, the answer is Manufacturer Æ dealer Æ user.

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The basic human requirements are referred to as needs. Needs are the fundamental things that are essential for human survival, growth, and development. These are things that every person must have in order to live a healthy and fulfilling life. Some examples of basic human needs include food, water, shelter, clothing, healthcare, and education. Needs are different from wants, which are desires or preferences that are not necessary for survival, but can enhance a person's quality of life. Demands refer to the willingness and ability of consumers to purchase a particular product or service, while values are beliefs or principles that a person holds dear and guide their behavior and decision-making.

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The stage in the marketing research process being referred to is problem definition. This is the first and arguably the most important stage in the process. It involves identifying and defining the problem or issue that the research is aimed at solving. Before any research can be conducted, it is important to clearly define the problem or opportunity that the research is intended to address. This involves gathering information on the issue, understanding the context in which it arises, and identifying the key questions that need to be answered. Without a clear problem definition, the research may not be focused, relevant, or useful, and may not lead to actionable insights. Therefore, it is crucial to spend sufficient time and effort in defining the problem or issue before proceeding with the rest of the marketing research process.

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The activity performed in the warehouse is the grading and sorting of goods. This involves examining the products that are received into the warehouse, identifying their quality, and categorizing them into groups based on their similarities. Grading and sorting of goods help in ensuring that the products meet the required quality standards before being released to customers. This activity also helps to maintain the organization of the warehouse and enable easy access to goods for picking and dispatch. Stabilization of prices of goods, elimination of seasonal problems, and pricing of goods are not typically performed in the warehouse. Stabilization of prices of goods is related to controlling market prices, while elimination of seasonal problems is more related to production and sales planning. Pricing of goods is usually done at the point of sale, where the price of the product is determined based on various factors such as production costs, market demand, and competition.

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The goods used to produce and create wealth are called "Industrial goods." Industrial goods are products that are used by businesses to produce other goods or provide services. These goods can be classified into two categories: capital goods and intermediate goods. Capital goods are long-lasting goods such as machinery and equipment, while intermediate goods are used in the production process but are not part of the final product, such as raw materials and components. These goods are not meant for personal consumption and are instead used to generate revenue and profits for businesses. Therefore, the answer is Industrial goods.

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The correct answer is convenience goods. Convenience goods are products that consumers frequently buy and for which they do not require much comparison or decision-making. Toothpaste is an example of a convenience good because it is a product that is regularly used by consumers and is often purchased without much thought or consideration. Convenience goods are typically low-priced and widely available, making them easy and convenient for consumers to purchase. Other examples of convenience goods include household items such as bread, milk, and toilet paper.

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The arrangement whereby an organization charges a fee or royalty for the use of its technology in international marketing is called Licensing. This means that the licensor (the owner of the technology) allows the licensee (the user) to use the technology in exchange for a fee or royalty payment. Licensing can be a beneficial arrangement for both parties, as the licensor can earn revenue from the use of its technology without having to manufacture or market the product itself, while the licensee can benefit from the use of proven technology and established brand recognition. This type of arrangement is commonly used in industries such as software, pharmaceuticals, and manufacturing.

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The task of promoting and delivering goods and services to meet consumers' satisfaction is called marketing. Marketing involves identifying the needs and wants of potential customers and creating products or services that satisfy those needs. It also includes promoting and advertising those products or services to potential customers through various channels, such as social media, television, or print media. Additionally, marketing involves distributing the products or services to the customers in a way that is convenient and accessible to them, such as through retail stores or online marketplaces. Overall, marketing is essential for businesses to connect with their customers and provide them with the products and services they need or want.

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An idea or event offered for sale is a "Product". In business, a product is a tangible or intangible offering that is created or designed to satisfy a customer's need or want. It can be a physical object, a service, or an idea or event that is offered for sale to customers. In the case of an idea or event, it could be a product such as a webinar, seminar, conference, or a consulting service that offers expertise or advice. These products are designed to meet the customer's need for knowledge, skills, or entertainment and are marketed and sold in the same way as any other tangible product.

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The emphasis of marketing concept is to put consumers first. This means that the focus of a company's marketing efforts should be on understanding the needs and wants of its target audience, and creating products and services that meet those needs. The idea is that by putting the consumer first and making sure their needs are met, the company will be more successful in the long run. In other words, the success of a business should be measured by the satisfaction of its customers, rather than just by its sales or profits.

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The activity or process undertaken by a company to acquire raw materials is called "Organizational buying behaviour." Organizational buying behaviour refers to the actions and decisions made by businesses or organizations when purchasing goods or services to support their operations. In this case, the company is the buyer, and they are procuring raw materials to support their production process. The purchasing decision involves multiple stakeholders, such as procurement managers and engineers, who evaluate potential suppliers based on various factors such as price, quality, and delivery time. Therefore, the answer is Organizational buying behaviour.

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The process of obtaining a desired product by offering something in return is called "Exchange". Exchange occurs when two or more parties agree to trade goods, services, or money for something of value to them. In other words, exchange is a transaction in which both parties benefit by obtaining something they value more than what they gave up. For example, if you give someone money in exchange for a product you want, both parties benefit because you get the product you want, and the seller gets the money they want. Exchange is a fundamental concept in economics and is a key driver of the market economy.

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