WAEC SSCE - Marketing - 2022 (Essay)

Maelezo ya Majibu

a)

(i) Entrepreneurship refers to the process of creating, developing, and managing a business venture in order to make a profit. An entrepreneur is an individual who takes on risks and challenges to start and run a business.

(ii) Four sources of fund to an entrepreneur include:

1. Personal savings: An entrepreneur can use their own savings to fund their business venture.
2. Friends and family: An entrepreneur can also get funds from friends and family who are willing to invest in their business.
3. Bank loans: Banks provide loans to entrepreneurs to finance their business activities. However, the entrepreneur must provide collateral and meet the bank's requirements to obtain the loan.
4. Venture capital: Venture capitalists are investors who provide capital to start-up businesses that have high growth potential. They typically take a share of the business in exchange for their investment.

b)

Six factors influencing the choice of location of a market outlet are:

1. Accessibility: The location of a market outlet should be easily accessible to customers. This will make it easy for customers to find the outlet and purchase goods or services.
2. Competition: The level of competition in the area should be considered before selecting a location. If there are many similar businesses in the area, it may be difficult for the new business to attract customers.
3. Cost: The cost of renting or buying a property in the area should be considered. The cost should be affordable and within the budget of the entrepreneur.
4. Infrastructure: The quality of infrastructure such as roads, electricity, water, and telecommunications should be considered. The infrastructure should be reliable to support the business activities.
5. Target market: The location should be suitable for the target market. The entrepreneur should consider the demographics, needs, and preferences of the target market before selecting a location.
6. Government regulations: The entrepreneur should consider the government regulations in the area before selecting a location. The regulations may affect the business operations and profitability.

Maelezo ya Majibu

(a) Marketing Terms:
(i) Needs - These are basic requirements that people must have to survive, such as food, clothing, and shelter.
(ii) Wants - These are things that people desire or wish to have, but are not essential for survival. Examples of wants include luxury goods, vacations, and entertainment.
(iii) Exchange - This is the act of trading one item or service for another. In marketing, exchange refers to the exchange of goods or services for money or other goods or services.
(iv) Demand - This refers to the willingness and ability of a customer to purchase a particular product or service at a given price and time.
(v) Transaction - This is the exchange of goods or services between a buyer and a seller, which involves a transfer of value between the two parties.

(b) Sample Handbill Design:

[Company Logo]

Okon Enterprises Ltd
Retail Outlet
No. 4 Okeke Adamu Street, Lagos
Telephone No. 06012345678

[Product Images]

Newly introduced Blenders, Television and Radio sets

[Advertising Message]

"Get 15% off on our newly introduced Blenders, Television and Radio sets! Upgrade your home entertainment system with the latest appliances from Okon Enterprises. Limited time offer, so hurry and visit us today!"

[Company Contact Information]

Visit us at our retail outlet or call us at 06012345678 for more information.

[Disclaimer]

*Offer subject to availability and while stocks last. Terms and conditions apply.

Maelezo ya Majibu

(a)

(i) Marketing is the process of identifying and satisfying the needs and wants of customers through the creation, promotion, distribution, and pricing of goods and services.

(ii) Six functions of marketing are:

1. Market research: Collecting and analyzing data about customers, competitors, and market trends to identify opportunities and challenges.
2. Product development: Creating and improving products or services that meet the needs and wants of customers.
3. Promotion: Communicating with customers through advertising, sales promotion, personal selling, and public relations to create awareness and generate demand for products and services.
4. Distribution: Delivering products and services to customers through channels such as retail stores, online marketplaces, and direct sales.
5. Pricing: Setting prices that are competitive and profitable based on factors such as production costs, competition, and customer demand.
6. Selling: Convincing customers to buy products or services through personal selling, sales promotions, and other tactics.

(b)

Four marketing concepts are:

1. Production concept: This concept assumes that customers will favor products that are available and affordable. Therefore, the focus is on maximizing production efficiency and reducing costs to offer products at lower prices.
2. Product concept: This concept assumes that customers will favor products that offer the highest quality, performance, or innovative features. Therefore, the focus is on designing and developing superior products.
3. Selling concept: This concept assumes that customers will not buy enough of the products unless they are persuaded to do so through aggressive selling and promotion. Therefore, the focus is on creating high sales volume through advertising and other promotional activities.
4. Marketing concept: This concept assumes that the key to achieving organizational goals is to meet the needs and wants of customers. Therefore, the focus is on understanding customer needs and wants, and then delivering superior value through a combination of product quality, service, and price.

Maelezo ya Majibu

(a) Four external marketing environmental factors that would affect Mr. Okon's noodle manufacturing company include:

1. Economic factors: Changes in the economy, such as inflation and recession, can affect the demand for the product and the ability of consumers to purchase it.
2. Competition: The number and strength of competitors in the market can affect the company's market share and profitability.
3. Technological factors: Advancements in technology can impact the production process and efficiency, as well as the ability to market and distribute the product.
4. Legal and regulatory factors: Regulations and laws related to food safety, labeling, and advertising can affect the company's operations and marketing strategies.

(b) Four sales promotional tools that Mr. Okon can use to introduce his new noodle products to the market include:

1. Samples: Offering free samples of the product to potential customers can increase awareness and trial of the product.
2. Coupons: Providing coupons for discounts or special offers can incentivize customers to purchase the product.
3. Contests and giveaways: Holding contests or giveaways can generate buzz and excitement around the product and encourage customer engagement.
4. Point-of-purchase displays: Placing attractive displays of the product in stores can draw the attention of customers and increase the likelihood of purchase.

Maelezo ya Majibu

(a)

1. Acquiring a suitable warehouse or storage facility.
2. Hiring staff for managing the warehouse operations.
3. Implementing inventory management systems for tracking goods.
4. Ensuring proper security measures to safeguard the stored goods.
5. Establishing good relationships with suppliers and customers.

(b)

1. Respecting customers' privacy and confidentiality of their personal information.
2. Providing accurate and truthful information about the products and services offered.
3. Avoiding spamming and unsolicited emails or messages to customers.
4. Adhering to fair competition practices and not engaging in unethical marketing strategies to gain an unfair advantage.
5. Taking measures to protect customers' financial information and ensuring secure payment processes.

Adopting these ethical practices can help Amaka build trust and credibility with her customers, and establish a positive reputation for her warehousing business in the market.

Maelezo ya Majibu

(a) Factors Affecting Choice of Transportation Mode:
(i) Perishability of the goods: This will determine the mode of transportation to be used, since Mr Adamu deals in frozen foods which are perishable, he would use the fastest means of transportation mode.
(ii) Cost of transportation: The cost of various modes of transportation available would influence the choice of the modes to be used.

(ili) Type of transportation mode available from Lagos to the Northern part will determine the choice of transportation mode

(iv) Quality/volume/bulkiness of goods: The quantity of goods will determine the choice of transportation mode:

(v) Distance: The journey from Lagos to Northern Nigeria is longer on road, therefore, Adamu would rather use the fastest transportation mode.

(vi) Degree of urgency: Customers that require urgent delivery of the frozen foods are better handled by the fastest mode of transportation.

(vii) The value of the frozen foods is considered since the cost of transporting it would increase the price of the product.

(b) Transportation Documents Mr. Adamu would use to Deliver the Goods to his Customers: (i) Consignment note (ii) Waybill (iii) Certificate of insurance (iv) Manifest (v) Delivery note

Explanations of transportation documents: (i) Consignment note: It is a document sent by 'the sender of the goods and handed-over to the carrier and counter- signed on delivery as a proof that the goods were delivered. It is used when the seller is not using his/her own transportation to dispatch the goods to the seller.

(ii) Waybill: It is a document that describes goods- in-transit and handed over to the carrier by the supplier.

(ili) Certificate of insurance: It is a document that shows that the goods have been insured against risks or losses that may arise in the course of moving the goods to the buyer.

(iv) Manifest: It is a document that shows the list of goods and passengers on board. (v) Delivery note: It is a document that accompanies the goods to the buyer as an evidence of delivery