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Question 1 Report
The channel member who does not take title to goods is the
Answer Details
The channel member who does not take title to goods is an agent. In the distribution channel, there are different types of intermediaries or channel members, such as retailers, wholesalers, agents, and distributors. These intermediaries help to move goods from manufacturers to end-users or customers. An agent is a channel member who acts as a middleman between the manufacturer and the end-user but does not take ownership or title to the goods. The agent represents the manufacturer and sells the goods on their behalf to the end-user. In return, the agent receives a commission or a percentage of the sale price as compensation for their services. An agent may also provide other services such as marketing, advertising, and customer service. They can help to reduce the cost of distribution for manufacturers, as they do not have to invest in their own sales force or distribution network. Instead, they can rely on the agent's expertise and established network to reach the target market. In summary, an agent is a channel member who facilitates the sale of goods on behalf of the manufacturer without taking title or ownership of the goods.
Question 2 Report
The document that shows the details of goods being transported is the
Answer Details
The document that shows the details of goods being transported is the waybill. A waybill is a document that accompanies a shipment of goods and contains important information about the shipment, such as the origin and destination of the goods, the type and quantity of goods being transported, and the carrier or shipping company responsible for transporting the goods. The waybill serves as a receipt of goods and is used by the carrier as proof of delivery to the recipient. It is an essential document in the transportation and logistics industry, as it helps to ensure that goods are transported efficiently and accurately, and that all parties involved in the shipment are aware of the details of the transaction.
Question 3 Report
An example of merchandising activity is
Answer Details
An example of merchandising activity is displaying a product at the retail store. Merchandising is a marketing activity that involves promoting and selling products or services to customers. It involves a series of activities that starts from selecting the right products, procuring them, pricing them, and then displaying them in a way that attracts customers to buy them. One of the essential activities of merchandising is displaying products at the retail store. It involves creating an attractive visual display of the products in a way that showcases their unique features, benefits, and pricing information. Retailers use various techniques, such as color schemes, lighting, and store layout, to make the product stand out and draw the attention of customers. The purpose of displaying products is to increase their visibility, generate interest among potential customers, and encourage them to make a purchase. For example, a clothing store may display a new collection of dresses on a mannequin or a display stand near the entrance, where it is easily visible to customers. This kind of visual merchandising helps to showcase the latest styles and trends, create a desire among customers to buy them, and ultimately increase sales. Therefore, the correct answer to the question is that an example of merchandising activity is displaying a product at the retail store, as it is an essential part of promoting and selling products to customers.
Question 4 Report
At what stage in the buying process does a consumer consider product attributes of valuable brands?
Answer Details
The stage in the buying process when a consumer considers product attributes of valuable brands is the "Alternative Evaluation" stage. At this stage, the consumer has identified a set of possible products and evaluates them based on various criteria, such as product features, quality, price, and brand reputation. The consumer compares the attributes of different brands and assesses their ability to satisfy their needs and wants. Ultimately, the consumer will choose the brand that they perceive as offering the best value for their money.
Question 5 Report
Milk, sugar and bread bought by Amaka for her children's breakfast is an example of
Answer Details
The purchase of milk, sugar and bread by Amaka for her children's breakfast is an example of convenience goods. Convenience goods are goods that are frequently purchased and require minimal effort to obtain. They are everyday products that are easily accessible and usually low in price. In this case, milk, sugar and bread are items that are commonly found in grocery stores and supermarkets and are purchased frequently by consumers without much thought or effort.
Question 6 Report
Coupon is used as a sale promotional tool targeted at
Answer Details
A coupon is a promotional tool used by companies to encourage customers to purchase their products. Coupons are targeted at consumers as they are the end-users of the product. Coupons offer discounts, free samples or gifts with the purchase of a particular product or service. By using coupons, companies aim to increase their sales and attract new customers. Customers can redeem coupons at the store or online when purchasing the product.
Question 7 Report
One of the benefits of e-marketing is that it
Answer Details
One of the benefits of e-marketing is that it broadens a company's customer base. E-marketing is a form of marketing that utilizes electronic communication technologies, such as the internet, social media, and email, to promote a company's products or services. By utilizing these technologies, a company can reach a larger audience and attract customers from different geographical locations. This is because e-marketing allows a company to communicate with potential customers who are not limited by physical proximity or time zone differences. Therefore, a company that engages in e-marketing has the potential to reach a wider customer base and increase its market share.
Question 8 Report
A form of engaging in international marketing that involves the pooling of resources between local and foreign firms is
Answer Details
A form of engaging in international marketing that involves the pooling of resources between local and foreign firms is known as a "joint venture". In a joint venture, two or more companies agree to form a new entity to undertake a specific business enterprise or project. The parties involved contribute capital, resources, and expertise to the venture, and share the risks and rewards of the venture. Joint ventures are often used to enter new markets, combine complementary skills and knowledge, and gain access to new technologies or distribution channels. They are a way for firms to share the costs and risks of entering a new market, while also benefiting from the local knowledge and expertise of their partners.
Question 9 Report
Which marketing mix element is applicable when a firm provides parking space for it's customers?
Question 10 Report
A body that comprises sellers of onions in an area is an example of a
Answer Details
A body that comprises sellers of onions in an area is an example of a market union. A market union is a group of sellers of a particular product or service that come together to protect their interests. The main objective of a market union is to provide a common platform for its members to share information, promote their products, and work together to improve their business prospects. In this case, the body comprising of sellers of onions would be a market union as they are coming together to represent their collective interests in the onion market.
Question 11 Report
An example of a government warehouse is
Answer Details
An example of a government warehouse is a bonded warehouse. A bonded warehouse is a type of warehouse that is authorized by the government to store imported goods before they are released into the country. Bonded warehouses are used to store goods that are subject to customs duties and taxes until these fees are paid and the goods are released for distribution or sale. Because bonded warehouses are authorized by the government, they are subject to strict regulations and oversight to ensure that the goods stored there are handled properly and that customs fees are paid in a timely manner. This makes bonded warehouses a trusted and secure option for storing imported goods, and they are commonly used by companies that import large quantities of goods into a country.
Question 15 Report
A company's orientation that concentrates on mass distribution and low cost of it's products is a
Answer Details
The company's orientation that concentrates on mass distribution and low cost of its products is called the "production concept." This means that the company is primarily focused on producing large quantities of its products at a low cost in order to make them widely available to consumers. The company is not necessarily concerned with meeting specific customer needs or wants, but rather with maximizing efficiency in its production processes. This orientation is often associated with companies that produce standardized or commodity-type products, and it may be less effective for companies that operate in highly competitive or rapidly changing markets.
Question 16 Report
The first institution to introduce a degree programme in marketing in Nigeria is University of
Answer Details
The first institution to introduce a degree programme in marketing in Nigeria is the University of Nigeria, Nsukka (UNN). The university introduced the programme in the Faculty of Business Administration in 1963.
Question 17 Report
An information required for marketing planning is
Answer Details
An information required for marketing planning is the previous year's sales volume. Marketing planning is the process of creating a roadmap for achieving a company's marketing objectives. It involves identifying the target audience, determining the product or service to offer, setting prices, deciding on distribution channels, and developing promotional campaigns. One crucial piece of information required for marketing planning is the previous year's sales volume. This information provides insights into the current market share of the company, the growth or decline trends in sales, and the factors that contributed to the sales performance. By analyzing the sales volume, a company can determine the effectiveness of its previous marketing strategies, identify areas that require improvement, and make informed decisions about future marketing plans. For instance, if the sales volume has been declining, the company may need to revise its product offering, adjust the prices, or adopt new marketing channels or tactics to reach a wider audience. Therefore, the correct answer to the question is that an information required for marketing planning is the previous year's sales volume, as it provides valuable insights into a company's past performance and helps in making informed decisions about future marketing strategies.
Question 18 Report
An entrepreneur who intends to establish a frozen fish shop will need a
Answer Details
An entrepreneur who intends to establish a frozen fish shop will need a reliable power supply. This is because frozen fish requires a constant low temperature to prevent it from getting spoiled. Therefore, a stable and reliable power supply is essential to keep the temperature of the storage facility at the desired level. A power outage or fluctuation could result in the thawing of the frozen fish, which could render the stock unsellable. While a good communication network, a good network of roads, and reliable skilled labour are also important factors for business success, a reliable power supply is a critical factor for the survival of a frozen fish shop.
Question 19 Report
Which of the following distribution channels would be used to sell tractors and cranes?
Answer Details
Tractors and cranes are capital goods and expensive products, hence their distribution channels usually involve a more direct and specialized approach. The most appropriate distribution channel for selling tractors and cranes is the Producer>Agent>Consumer channel. In this channel, the producer (manufacturer) of the tractors and cranes will sell directly to the agent who specializes in selling such heavy-duty equipment. The agent in turn sells to the final consumer (usually a company or organization that needs the equipment for industrial or agricultural purposes). This distribution channel is more direct and specialized, with a focus on meeting the specific needs of the consumer.
Question 20 Report
Which of the following goods are kept in bonded warehouse?
Answer Details
Dutiable goods are the goods that are kept in a bonded warehouse. These goods are subject to customs duties and taxes, but they are not released until the duties and taxes are paid. A bonded warehouse is a secured storage facility where goods can be stored without payment of customs duties and taxes until they are either exported or released into the local market. Dutiable goods are often stored in bonded warehouses to defer the payment of customs duties and taxes until they are needed, which can help businesses reduce their cash flow needs. They can also be stored in bonded warehouses if they are being re-exported, as they can be stored without payment of duties and taxes until they are shipped out of the country. In summary, bonded warehouses are used to store dutiable goods until they are either released into the local market or exported out of the country. By storing these goods in a bonded warehouse, businesses can defer payment of customs duties and taxes until they are needed, which can help them manage their cash flow more effectively.
Question 21 Report
Companies that purchase goods for further processing is an example of
Answer Details
Companies that purchase goods for further processing are an example of an industrial market. Industrial markets are made up of businesses that buy products for use in their own operations or for resale to other businesses. In this case, the companies are buying goods to use in their production processes, which will be used to create other products or services that they sell to other businesses or to end consumers.
Question 22 Report
One of the uses of e-marketing platform is to
Answer Details
One of the uses of an e-marketing platform is to promote goods and services. E-marketing platform is an online marketing tool that helps businesses to promote their goods and services using various digital channels such as social media, email, search engines, and websites. It offers a cost-effective and efficient way for businesses to reach their target audience and create brand awareness. One of the primary goals of e-marketing is to promote goods and services to potential customers. This is achieved through various digital marketing techniques such as email marketing, social media advertising, search engine optimization (SEO), and content marketing. These techniques help businesses to create engaging and informative content that attracts potential customers and encourages them to take action, such as making a purchase or signing up for a service. E-marketing platforms also provide businesses with the ability to measure and track the performance of their marketing campaigns in real-time. This helps them to make data-driven decisions and optimize their marketing strategies for better results. In summary, the correct answer to the question is that one of the uses of an e-marketing platform is to promote goods and services, as it offers businesses an efficient and cost-effective way to reach their target audience and create brand awareness.
Question 23 Report
One of the reasons transportation is important is that it
Answer Details
Transportation is important because it facilitates the distribution of goods. Without transportation, it would be difficult to move products from the point of production to the point of consumption. Transportation enables goods to be moved efficiently and cost-effectively from one location to another, regardless of the distance between the points. This makes it possible for businesses to reach a wider market and for consumers to have access to a greater variety of goods. Additionally, transportation ensures that products are delivered to customers in a timely and reliable manner, which is crucial for ensuring customer satisfaction. Furthermore, transportation plays a vital role in the economy by connecting markets, enabling trade, and creating job opportunities. It allows businesses to access new markets and customers, and enables them to reduce their production costs through economies of scale. Therefore, transportation is crucial for the distribution of goods, which is essential for the growth and stability of businesses, markets, and economies.
Question 24 Report
A set of controllable variables that a firm uses to pursue it's objectives is
Answer Details
Question 25 Report
A skill a sales personnel should possess to enable him handle aggressive customer in a market outlet is
Answer Details
Question 26 Report
A retailer's cost and selling price for a bag of rice are N10,000 and N14,000 respectively.
What is the company's mark-up on cost?
Answer Details
The mark-up on cost is the percentage increase in selling price over cost price. In this case, the cost of the bag of rice is N10,000 and the selling price is N14,000. To calculate the mark-up on cost, we need to find the difference between the selling price and the cost price, and then express it as a percentage of the cost price. The difference between the selling price and the cost price is N14,000 - N10,000 = N4,000. To express this as a percentage of the cost price, we divide the difference by the cost price and multiply by 100: (mark-up on cost) = (selling price - cost price) / cost price x 100% = (N4,000 / N10,000) x 100% = 40% Therefore, the company's mark-up on cost is 40%. The correct answer is.
Question 27 Report
A reason for granting quantity discount is to
Answer Details
A reason for granting quantity discount is to encourage bulk purchases. When a customer purchases a large quantity of a product, the seller may offer a discount on the total price of the goods. This discount is called a quantity discount, and it's intended to encourage the customer to buy more items at once. By offering quantity discounts, the seller can increase sales volume, reduce inventory costs, and create stronger relationships with customers who are buying in large quantities. Thus, the main purpose of a quantity discount is to incentivize customers to buy more products at once, which benefits both the buyer and the seller.
Question 28 Report
Which of the following statements explains an organizational market
Answer Details
Question 29 Report
The last stage in the consumer buying decision process is
Answer Details
The last stage in the consumer buying decision process is the post-purchase decision stage. This stage occurs after the consumer has made the purchase and used the product or service. At this stage, the consumer evaluates their purchase decision based on their actual experience with the product or service. During the post-purchase decision stage, the consumer may experience either cognitive dissonance or satisfaction. Cognitive dissonance is a feeling of discomfort or anxiety that a consumer may experience after making a purchase, which can lead to second-guessing their decision. On the other hand, satisfaction is a feeling of contentment or pleasure that a consumer experiences when their expectations have been met or exceeded. In this stage, the marketer has the opportunity to reinforce the consumer's decision by providing excellent customer service, support, and communication. This can help to minimize cognitive dissonance and increase customer loyalty and repeat purchases. Therefore, it is essential for marketers to pay close attention to this stage and address any concerns or issues that may arise to ensure customer satisfaction and retention. In summary, the post-purchase decision stage is the last stage in the consumer buying decision process, where the consumer evaluates their purchase decision based on their actual experience with the product or service. It is important for marketers to provide excellent customer service and support at this stage to reinforce the consumer's decision and increase customer loyalty.
Question 30 Report
A method of engaging in international marketing with the lowest business risk is
Answer Details
Question 32 Report
Which of the following business orientations stresses that promotional efforts are necessary before customers buy a product?
Answer Details
The business orientation that stresses that promotional efforts are necessary before customers buy a product is the selling concept. This concept focuses on aggressive selling and promotion of a product, assuming that customers will not buy a product unless they are aggressively persuaded to do so. This concept places a lot of emphasis on advertising, personal selling, and other promotional efforts to persuade customers to buy a product. This orientation assumes that customers are not aware of their needs or the products available in the market, and that the company must create demand for its products through aggressive selling and promotion.
Question 34 Report
The process of collecting and analyzing relevant information to solve a marketing problem is marketing
Answer Details
Question 35 Report
Which of the following marketing terms is applied to a buyer that obtains a desired product by offering something in return?
Answer Details
The marketing term applied to a buyer that obtains a desired product by offering something in return is "Exchange". In marketing, exchange refers to the process of obtaining a desired product from someone by offering something in return. This can be money, goods, services, or any other form of value that the other party considers acceptable. The concept of exchange is fundamental to the study of marketing, as it is the basis for all economic transactions. It involves both the buyer and seller, who must agree on the terms of exchange, such as price, quality, and delivery.
Question 36 Report
A retailer's cost and selling price for a bag of rice are N10,000 and N14,000 respectively.
What is the retailer's profit per bag of rice if he incurs an additional cost of N500 on each bag of rice?
Answer Details
The additional cost of N500 on each bag of rice increases the retailer's total cost to N10,500 per bag of rice. To calculate the profit per bag of rice, we subtract the total cost from the selling price. Profit = Selling Price - Total Cost Profit = N14,000 - N10,500 Profit = N3,500 Therefore, the retailer's profit per bag of rice is N3,500. The correct option is (b) N3,500.
Question 37 Report
Which of the following activities is not a function of advertising? It
Answer Details
Question 38 Report
The purpose of feedback from customers who use a company's product is to
Answer Details
The purpose of feedback from customers who use a company's product is to improve the quality of the product. When customers provide feedback on a product, they are providing valuable information about their experience using the product. This feedback can be used by the company to identify any areas where the product could be improved, such as by fixing bugs or adding new features. By incorporating customer feedback into their product development process, companies can create products that better meet the needs and expectations of their customers, which can lead to increased customer satisfaction and loyalty. While feedback from customers can also be used to inform marketing decisions, such as which distribution channels or promotional tools to use, the primary purpose of customer feedback is to improve the quality of the product itself.
Question 39 Report
An example of a non-personal means of reaching the target audience by an identified sponsor is
Answer Details
The answer is billboard. A billboard is an example of a non-personal means of reaching the target audience by an identified sponsor. It is a form of advertising where a large printed poster or billboard is placed in a public location to promote a product or service. The sponsor of the billboard is identified, and the message is targeted towards a specific audience. Unlike personal selling, which involves face-to-face interaction, or sales promotion, which involves short-term incentives to increase sales, a billboard is a long-term advertising strategy that aims to create brand awareness and capture the attention of potential customers. A coupon, on the other hand, is a form of sales promotion that offers a discount to customers who present it at the point of purchase.
Question 40 Report
A factor to be considered in extending credit facilities to a customer is the
Question 41 Report
Adamu a wholesaler in Lagos, who deals in frozen foods has customers in the northern parts of the country
(a) State four factors that would affect the choice of the mode of transporting the goods to his customer.
(b) List and explain four transportation documents he would use in the course of delivering the goods to his customers.
(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
Answer Details
(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
Question 42 Report
Amaka decided to establish a warehousing business.
(a) State five activities Amaka is expected to carry out in the business.
(b) State five e-marketing ethics Amaka could adopt for her warehousing business.
(a)
(b)
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.
Answer Details
(a)
(b)
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.
Question 43 Report
Mr. Okon is planning to establish a noodle manufacturing company. He observed that the market for the product is large with many competitors.
(a) List and explain four external marketing environmental factors that would affect his business.
(b) Explain four sales promotional tools he would use to introduce his new products to the market.
(a) Four external marketing environmental factors that would affect Mr. Okon's noodle manufacturing company include:
(b) Four sales promotional tools that Mr. Okon can use to introduce his new noodle products to the market include:
Answer Details
(a) Four external marketing environmental factors that would affect Mr. Okon's noodle manufacturing company include:
(b) Four sales promotional tools that Mr. Okon can use to introduce his new noodle products to the market include:
Question 44 Report
a) (i) What is entrepreneurship?
(ii) List and explain four sources of fund to an entrepreneur.
(b) Outline six factors influencing the choice of location of a market outlet.
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:
b)
Six factors influencing the choice of location of a market outlet are:
Answer Details
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:
b)
Six factors influencing the choice of location of a market outlet are:
Question 45 Report
(a) Explain the following terms in marketing: (i) needs; (ii) wants; (iii) exchange; (iv) demand (v) transaction.
(b) Okon Enterprises Ltd sells electronic appliances at his retail
outlet at No. 4 Okeke Adamu Street, Lagos. Telephone No. 06012345678. He intends to offer 15% discount to encourage the sales of his newly introduced Blenders, Television and Radio sets. You are
required to design a sample of a handbill showing the products with the advertising message.
(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.
Answer Details
(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.
Question 46 Report
(a)(i) What is marketing? (ii) Outline six functions of marketing.
(b) List and explain four marketing concepts.
(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:
(b)
Four marketing concepts are:
Answer Details
(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:
(b)
Four marketing concepts are:
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