WAEC 2023 MARKETING THEORY AND OBJ ANSWERS
WAEC 2023 MARKETING INSTRUCTIONS
ANSWER FOUR QUESTIONS ONLY
QUESTION 1
QUESTION 2
QUESTION 3
QUESTION 4
QUESTION 5
COMPLETED
(5a)
(i) Jo-Bo should ensure a different variety of products are available in his retail outlet to cater to different customer preferences and needs.
(ii) Jo-Bo should focus on providing high-quality products that meet or exceed customers expectations.
(iii) Jo-Bo should offer competitive prices for his products compared to other retailers in the area.
(iv) Jo- Bo should Provide excellent customer service for customer retention.
(v) Implementing a loyalty program or offering incentives such as discounts or reward points, for repeat customers.
(vi) Jo-Bo should ensure his retail outlet is visually appealing and well-organized.
(vii) Jo-Bo should engage in effective marketing strategies to create awareness and attract new customers.
(viii) Jo-Bo should actively seek feedback from customers to understand their needs and preferences better.
(5b).
(i) By starting his own retail outlet, Jo-Bo can become financially independent.
(ii) Running a business allows Jo-Bo to gain valuable entrepreneurial experience.
(iii) By establishing his retail outlet, Jo-Bo contributes to job creation in his neighborhood.
(iv) As the owner of his business, Jo-Bo
(1a).
(i)Wholesalers act as intermediaries between manufacturers or producers and retailers.
(ii)Wholesalers purchase goods in large volumes and break them down into smaller quantities suitable for retailers or other businesses.
(iii)Wholesalers are responsible for arranging the transportation of goods from manufacturers to their warehouses and subsequently to retailers or other customers
(iv)Wholesalers may engage in repackaging or relabeling of products to suit the requirements of different retailers or customers.
(v)Wholesalers often inspect the quality of products they receive from manufacturers to ensure they meet the required standards
(vi)Wholesalers may provide credit or financing options to retailers, enabling them to purchase goods on flexible payment terms.
(vii)Wholesalers are closely connected to the market and have insights into consumer trends, demands, and preferences.
(viii)Wholesalers often provide support services such as handling product returns, warranties, or repairs on behalf of the manufacturer.
(1b).
(i)Nature of product: Nature of product has influence on the selection of a channel of distribution. In the case of industrial goods like machinery etc ,the manufacturer sells directly to industrial user, but in the case of tools, sales take place through middlemen.
(ii)Nature of market: Choice of suitable channel of distribution also depends on the nature of market. Location of the market and the buying habits of buyers are also analysed.
(iii)Distribution expenses: If the producer makes direct selling, he will have to spend on distribution. But, if the product gets good response from the dealers, a producer will prefer to sell through them to reduce his distribution expenses.
(iv)Natural cooperation: Choice of channel of distribution on the mutual cooperation between the manufacturer and the dealers
(v) Company consideration: The character of the company also influences the selection of channel. If the management lacks marketing know how, it may prefer to depend on middleman.
(vi)Prompt payment: A producer may not like to sell to retailers or big consumers because they insist to make purchase on credit. Therefore he will prefer to sell to a wholesaler who purchases usually on ready cash
(vii)Popularity of goods: If the goods are popular among the consumer, the dealers themselves come forward to buy. Then the producer may not like to open his own shops to sell the goods
(viii)Price and Profit: Where the price of the goods is low and the profit margin is small, the producer sells through middle man. It is profitable for the producer to sell through the dealers.
(2a)
(i)Need Identification: Mr. Oke recognized the need to purchase a television set for his family. This step involves identifying the requirements, preferences, and specifications of the product to meet his family's entertainment needs.
(ii) Research and Evaluation: After identifying the need, Mr. Oke conducted thorough research on different television models, brands, features, and prices. He gathered information from various sources
(iii)Decision Making: Once Mr. Oke had gathered sufficient information, he analyzed the available options and compared them against his requirements and budget.
(iv)Purchase and Post-Purchase Evaluation: After finalizing his decision, Mr. Oke proceeded with the actual purchase of the chosen television set. He identified the most reliable retailer and made payment.
(2b).
(i)Organizational goals and objectives: The committee's buying behavior is influenced by the goals and objectives of the organization.
(ii)Budget and financial considerations: The financial resources available to the committee can greatly influence their buying behavior.
(iii)Organizational policies and procedures: Committees often have to adhere to specific organizational policies and procedures when making purchasing decisions.
(iv)Stakeholder input and influence: Committees are composed of multiple individuals representing various departments or functions within the organization
(v)Product specifications and quality: The specifications and quality of the product or service being considered will impact the committee's buying behavior.
(vi)Vendor reputation and relationships: The reputation and relationships with potential vendors can influence the committee's buying behavior.
(vii)Market trends and external factors: Committees also consider market trends, industry developments, and external factors that could impact their buying decision.
(3a)
(i) South Africa offers a potentially lucrative market with a sizable population and a growing economy.
(ii)JK Ltd may possess a competitive advantage in its industry or product offering, which it believes can be successfully leveraged in the South Africa market.
(iii)Expanding into a new market like South Africa allows JK Ltd to diversify its business operations, reducing dependence on a single market (Nigeria).
(iv) JK Ltd may have strategic objectives, such as global expansion, increased market presence, or access to resources, which align with entering the South Africa market.
(3b)
(i)Exporting: JK Ltd can choose to export its products from Nigeria to South Africa. It is relatively low-cost and allows the company to test the market before making larger investments.
(ii)Licensing or Franchising: JK Ltd could enter the South Africa market by licensing its products, technologies, or brand to local partners or franchising its business model.
(iii)Joint Venture: JK Ltd can form a joint venture with a South African company, creating a new entity that combines the resources, expertise, and market knowledge of both partners.
(iv)Direct Investment: JK Ltd could opt for direct investment by establishing a wholly-owned subsidiary or acquiring an existing company in South Africa.
(4a)
PRODUCT:
(i) Product Design
(ii) Product Variety
(iii) Product Development
(iv) Product Life Cycle
(v) Product Differentiation
PRICE:
(i) Pricing Strategy
(ii) Price Adjustment
(iii) Price Elasticity
(iv) Price Positioning
(v) Price Skimming
PROMOTION:
(i) Advertising
(ii) Personal Selling
(iii) Sales Promotion
(iv) Public Relations
(v) Publicity
PLACE (Distribution):
(i) Distribution Channels
(ii) Channel Intensity
(iii) Logistics and Transportation
(iv) Channel Conflict
(v) Physical Distribution
(4b).
(i) Economic Factors: Economic factors include elements such as inflation, interest rates, economic growth, etc. During periods of economic recession, consumers tend to reduce their spending, which can affect the demand for products and services.
(ii) Technological Factors: Technological factors refer to advancements and innovations in technology that can influence the marketing environment.
(iii) Social Factors: Social factors encompass societal trends, cultural norms and consumer attitudes and behaviors. These factors shape consumer preferences and influence their buying decisions.
(iv) Legal and Regulatory Factors: Legal and regulatory factors involves laws, regulations, and government policies that impact the marketing environment.
(v) Competitive Factors: Competitive factors include the actions and strategies of competing firms within the industry.
(vi) Environmental Factors: Environmental factors pertain to the physical and ecological conditions that can impact marketing activities. Increasingly, consumers are becoming more environmentally conscious, leading to a growing demand for sustainable and eco-friendly products.
the freedom to set his own working hours and make decisions independently.
(v) He will be able to learn continously and experience personal growth.
(vi) Establishing a retail outlet in his neighborhood can earn Jo-Bo recognition and respect from the community.
(vii) If Jo-Bo's retail outlet proves successful, he can consider expanding his business.
(viii) Building a successful business can potentially lead to long-term wealth creation for Jo-Bo.
MARKETING OBJECTIVES ANSWERS
01-10: AACBAAADAC
11-20: DACBABDBAC
21-30: BCADCBAABB
31-40: AACBDDDABB
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