WAEC SSCE - Marketing - 2020 (Objective)

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Unsought goods are products that consumers are not actively looking to purchase because they are not aware of the product or do not see a need for it. An example of an unsought good is a fire extinguisher. A fire extinguisher is a safety product that people may not think about until they need it. Consumers do not typically seek out fire extinguishers on a regular basis, but they may purchase one in response to a specific event or requirement, such as a building code or insurance requirement. Marketing unsought goods can be challenging because there is typically less demand for them, and consumers may not be receptive to advertising or other promotional efforts. However, companies that sell unsought goods can still find success by targeting specific markets, such as businesses or individuals with specialized needs or requirements. In summary, unsought goods are products that consumers are not actively seeking to purchase, and an example of an unsought good is a fire extinguisher. These products can be challenging to market, but companies can still find success by targeting specific markets or niches.

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The type of pricing where a buyer and a seller continue to bargain until an agreement is reached for the price of a product is called haggling. Haggling is a negotiation process where both parties try to come to an agreement on a price that is acceptable to both. It is common in markets where prices are not fixed and can be influenced by various factors such as supply and demand, competition, and quality of the product. Haggling can be used in various settings such as buying a car, negotiating a salary, or bargaining for a souvenir in a foreign market. In haggling, the final price is not determined until both parties agree to a mutually acceptable price.

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The factor that is not a price determinant is the "Standard of living". The standard of living refers to the quality of life and the level of material comfort that people enjoy in a particular society. While it can indirectly affect pricing, it is not considered a direct determinant of price. On the other hand, the other factors listed - level of market demand, economic trend, and competitor's price - all directly impact the price of goods or services. The level of market demand determines how much consumers are willing to pay for a product or service, while economic trends such as inflation, recession, or boom can affect the supply and demand balance, and ultimately influence prices. Additionally, competitor's prices are also a critical determinant of pricing decisions, as companies need to be able to price their products competitively to remain relevant in the market.

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The application of marketing activities beyond a country's national boundaries is called "International Marketing." This refers to the process of planning, producing, promoting, and distributing goods or services in multiple countries or regions, with the aim of expanding a business's reach and maximizing its profits. International marketing involves adapting a company's products and strategies to the local market conditions and cultural differences of different countries, as well as complying with trade regulations and customs requirements. It also involves researching and analyzing global market trends, identifying potential opportunities and threats, and developing effective communication channels to reach customers worldwide.

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The pricing strategy which involves the addition of a margin to the total amount spent on production by a company is called cost-plus pricing. Cost-plus pricing is a method where a company determines the cost of producing a product and then adds a markup or profit margin to set the selling price. The markup is typically a percentage of the total cost of production and is added to cover additional costs such as overhead expenses and to generate a profit for the company. This pricing strategy is commonly used in manufacturing and retail industries where the production costs are easily identifiable and can be accurately calculated. Cost-plus pricing provides a clear and transparent pricing structure for both the company and the customers.

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The "Societal Marketing Concept" is the concept that influenced the manufacturing of a low-smoke emission vehicle. The societal marketing concept is a philosophy that holds that a company should make marketing decisions not only by considering consumers' wants, the company's requirements, but also society's long-term interests. In this context, low-smoke emission vehicles were developed to address the issue of air pollution, which is a concern for society as a whole. This type of vehicle is designed to emit fewer harmful pollutants into the air, thereby helping to protect the environment and improve public health. The societal marketing concept emphasizes the importance of balancing the interests of the various stakeholders, including consumers, the company, and society, in order to create sustainable value for all.

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The route through which products flow from the producer to the ultimate consumers is a distribution channel. This refers to the series of intermediaries, such as wholesalers, retailers, and distributors, that a product passes through before it reaches the end consumer. The purpose of a distribution channel is to get the product from the producer to the consumer in an efficient and effective manner, while also helping to promote the product and increase sales. The choice of distribution channel depends on the type of product, the target market, and the goals of the producer, and can have a significant impact on the success of a product in the market.

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Activities or benefits offered for sale are called value. Value refers to the benefits or advantages that customers receive from a product or service in exchange for their money. When a business sells a product or service, it is offering value to the customer. This value could be in the form of a tangible item, such as a physical product, or it could be intangible, such as a service or experience. Customers purchase products or services because they perceive that the value they receive is greater than the price they pay, which makes the purchase worthwhile. Therefore, businesses need to focus on creating value for their customers in order to be successful. This could be done by customizing the product or service to meet specific needs, providing excellent customer service, or offering other benefits that differentiate the business from competitors. Ultimately, value is the key to attracting and retaining customers, and generating profits for the business.

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The original data collected by a company for a study on consumer tastes and fashion is called primary data. Primary data is data that is collected firsthand by the researcher for a specific purpose. In this case, the company is conducting a study on consumer tastes and fashion, so they would collect primary data by conducting surveys, interviews, or other forms of research to gather information directly from their target audience. Primary data is typically more reliable and accurate than secondary data, which is data that has already been collected by someone else for a different purpose. By collecting primary data, the company can tailor their research to their specific needs and ensure that the data they collect is relevant and useful for their study. Overall, primary data is an essential tool for conducting research and making informed decisions in business.

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The channel member that sells in small quantities to customers is called a retailer. A retailer is a business or individual who buys goods or products from a wholesaler or manufacturer in bulk and then sells them in small quantities to individual customers for personal use or consumption. Retailers typically operate in physical stores, online marketplaces, or both, and their primary goal is to make a profit by selling goods at a higher price than they paid for them. For example, a grocery store is a retailer that buys food products from wholesalers and sells them in small quantities to customers who come into the store to buy groceries for their own consumption. Similarly, an online store like Amazon is also a retailer that buys products from manufacturers and sells them in small quantities to customers who shop on their website.

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The individual who buys goods for their own use is an example of a "Consumer Market." This refers to the group of individuals or households that purchase goods or services for their personal use or consumption rather than for resale or further processing. The consumer market can be further divided into different segments based on factors such as age, income, and lifestyle, which businesses can use to target their products and marketing strategies.

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A warehouse owned and operated by a company for its own use is called a private warehouse. Private warehouses are facilities owned by a company that are used to store their own goods and products, rather than being available to the general public for storage. These warehouses are often located on company-owned property, and they are used to store finished products, raw materials, and other goods that the company uses in its operations. The company has complete control over the operation of the warehouse and can use it as it sees fit, without having to worry about accommodating the needs of other customers. In summary, private warehouses are exclusive storage facilities owned and managed by a company for its own use, and they are not available for use by other businesses or the general public.

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The process that leads to the exchange of value between two or more parties is called a "Transaction." In simple terms, a transaction is a trade between two parties where one party provides something of value, such as goods or services, and the other party provides compensation in return, usually in the form of money. This exchange is voluntary and both parties must agree to the terms of the transaction for it to be completed. Transactions can take place in various settings, such as online or in-person, and involve different methods of payment, such as cash, credit cards, or cryptocurrency. Overall, transactions are essential to our economy as they enable the exchange of goods and services, allowing businesses and individuals to prosper.

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The correct sequence of steps followed in the process of buying by an individual is: II, I, III, IV, V 1. Problem Recognition: The first step is the recognition of the problem or need, which can be triggered by internal or external stimuli. 2. Information Search: Once the need is recognized, the individual will start searching for information about the product or service to satisfy the need. The information search can be done through personal sources, commercial sources, or public sources. 3. Evaluation of Alternatives: After gathering information, the individual will evaluate the available alternatives and select the one that best meets their needs and preferences. 4. Purchase Decision: Once the evaluation is completed, the individual will make the decision to purchase the chosen product or service. 5. Post-Purchase Behavior: Finally, after the purchase is made, the individual will evaluate their satisfaction with the product or service and their purchase decision. The post-purchase behavior can lead to repeat purchases, positive word-of-mouth recommendations, or even complaints and negative feedback. In summary, the correct sequence of steps followed in the process of buying by an individual is problem recognition, information search, evaluation of alternatives, purchase decision, and post-purchase behavior.

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An activity in the marketing research process is information gathering. This means that marketers collect data and information about their target market, competitors, and industry to better understand the needs and behaviors of their customers. This information can come from a variety of sources, such as surveys, focus groups, and sales data, and is used to inform marketing strategies and make informed decisions about product development, pricing, and advertising. The goal of information gathering is to gain a deeper understanding of the market and make informed decisions that will help a business succeed.

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The short-term incentive used to encourage the purchase of a product is called "Sales Promotion." It is a marketing strategy that offers consumers a temporary and immediate incentive to buy a product or service, such as discounts, coupons, rebates, or free samples. Sales promotions are often used to boost sales and attract new customers, as they create a sense of urgency and provide added value to the purchase. They are usually time-limited and aimed at increasing sales in the short term.

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Kano spare parts dealers association is an example of a market union. A market union, also known as a trade association, is an organization of businesses in the same industry or market. The Kano spare parts dealers association is a group of spare parts dealers in Kano, Nigeria, who have come together to promote their collective interests and to address common challenges faced by their industry. The association may provide a range of services to its members, such as training, networking opportunities, advocacy, and marketing support. By working together, the members of the market union can leverage their collective resources and expertise to achieve common goals, such as promoting their products or services, improving their working conditions, and influencing public policy. In summary, the Kano spare parts dealers association is an example of a market union, which is a type of trade association that represents businesses in a specific industry or market.

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The term you're looking for is "Licensing." In licensing, a company allows another company to use its name and trademark in exchange for payment or royalties. The company that uses the name and trademark is called a licensee and the company that owns the name and trademark is called a licensor. For example, a clothing company might license its brand name to a manufacturer in another country to produce and sell its products there. The manufacturer would pay the clothing company for the right to use its name and trademark.

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A shift in the consumption pattern of consumers due to a change in interest rate is categorized under economic environmental factors. The economic environment includes all the factors related to the economy that may impact consumer behavior, such as interest rates, inflation, unemployment, and economic growth. A change in interest rates can affect consumer behavior in various ways. When interest rates increase, it becomes more expensive for consumers to borrow money, such as through credit cards or loans, which can lead to a decrease in spending. Consumers may also save more money to earn higher interest rates, which can further decrease spending. On the other hand, when interest rates decrease, it becomes cheaper for consumers to borrow money, which can lead to an increase in spending. Consumers may also earn less interest on their savings, which can encourage them to spend more. Therefore, a shift in the consumption pattern of consumers due to a change in interest rate is an example of how economic environmental factors can affect consumer behavior. In summary, the economic environment refers to factors related to the economy that can affect consumer behavior, and a shift in the consumption pattern of consumers due to a change in interest rate is an example of an economic environmental factor.

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The term that completes the sentence is "marketing environment". Marketing environment refers to the combination of various external and internal factors that impact the marketing practices of a business or organization. These factors may include economic, social, cultural, legal, technological, and political conditions, among others. The marketing environment determines the opportunities and threats that a business may face while conducting its marketing activities. By understanding the marketing environment, businesses can develop effective marketing strategies that align with the current conditions and events. Therefore, the marketing environment plays a crucial role in shaping the marketing practices of a business or organization.

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The person who owns and bears the risks of a business is called an entrepreneur. An entrepreneur is someone who takes on the risk of starting and managing a business venture in order to make a profit. They are responsible for organizing and managing resources, such as labor, capital, and materials, to produce goods or services that meet the needs of customers. Entrepreneurs are typically motivated by the potential rewards of success, such as financial gain, personal satisfaction, and the opportunity to create something new and innovative. They also face the risk of failure, which can result in financial loss and other negative consequences. Overall, an entrepreneur is a person who takes on the risks and rewards of starting and running a business.

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The systematic design, collection, analysis, and reporting of data for decision making is marketing research. Marketing research is the process of gathering and analyzing information about customers, competitors, and market trends to make informed business decisions. It involves the systematic design, collection, analysis, and reporting of data relevant to a specific marketing problem or opportunity. Marketing research can help companies understand their customers' needs and preferences, identify potential competitors, and develop effective marketing strategies. It can also help companies evaluate the effectiveness of their marketing campaigns and make adjustments as needed. For example, a company may conduct marketing research to determine the demand for a new product or service, the features customers are looking for, or the price they are willing to pay. The research may involve surveys, focus groups, or other data collection methods. The results of the research can help the company make informed decisions about product development, pricing, advertising, and other marketing strategies.

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A "Manifest" is a document used in domestic transportation. It is a list or schedule of goods or passengers being transported, along with details such as the origin and destination, quantity, and description of the goods being transported. The purpose of a manifest is to provide a complete and accurate record of what is being transported and to ensure that the goods are accounted for and delivered correctly. It is used by carriers, such as trucking companies or airlines, to keep track of shipments and to meet regulatory requirements.

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The reason why e-marketing is important is that it offers unlimited access to customers. E-marketing or digital marketing is the promotion of products or services through digital channels such as the internet, social media, email, or search engines. One of the main advantages of e-marketing is that it allows businesses to reach a vast and diverse audience without any geographical barriers or time constraints. Unlike traditional marketing methods such as print or TV ads, e-marketing provides 24/7 access to customers, meaning that businesses can promote their products or services to potential customers at any time. This unlimited access to customers enables businesses to generate more leads and conversions, increase their brand awareness, and ultimately boost their sales and revenue. By leveraging various digital channels and tools, businesses can also personalize their marketing messages and target specific audiences, which enhances the effectiveness of their marketing efforts. Therefore, e-marketing is a crucial strategy for any business that wants to succeed in the digital age.

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"Advertising" is the form of non-personal communication whereby information about a company's product is transmitted and paid for through mass media. It is a paid form of promotion that uses various media, such as television, radio, newspapers, magazines, the internet, and billboards, to reach a large audience and promote a product, service, or idea. The purpose of advertising is to inform and persuade potential customers to take a specific action, such as purchasing a product or using a service. It is a key component of a company's overall marketing strategy and helps to create brand awareness and increase sales.