WAEC SSCE - Marketing - 2019 (Objective)

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A market with many buyers compared to suppliers is an example of a buyer's market. In a buyer's market, there are more buyers than suppliers, which gives buyers greater bargaining power. This means that buyers can negotiate lower prices, better terms, and higher quality products or services. In contrast, a seller's market is a market with many suppliers compared to buyers. In a seller's market, suppliers have greater bargaining power, which means that they can negotiate higher prices, better terms, and lower quality products or services. For example, in a buyer's market for housing, there are more houses for sale than there are buyers. This gives buyers greater bargaining power to negotiate a lower price or better terms from the seller. In a seller's market for housing, there are more buyers than houses for sale, which gives sellers greater bargaining power to negotiate a higher price or better terms from the buyer. Therefore, understanding whether a market is a buyer's or seller's market is important for businesses and individuals looking to buy or sell products or services in that market.

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The pricing approach that is based on what rival companies are charging is the "Competitors-oriented approach." In this approach, the price of a product or service is set based on the prices of similar products or services offered by competitors. The aim is to remain competitive in the market and not price themselves out of the market by charging too much or losing sales by charging too little. The "Cost-oriented approach" sets prices based on the cost of producing a product or delivering a service, including materials, labor, and overhead. The "Demand-oriented approach" sets prices based on the level of consumer demand for a product or service, and the "Value-oriented approach" sets prices based on the perceived value that the customer receives from the product or service.

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Demand is the need and ability to pay for a product. In other words, demand refers to the quantity of a good or service that consumers are willing and able to purchase at a given price. Think of it this way: if you are hungry and have the money to buy a sandwich, you have the demand for a sandwich. If there is a store nearby that sells sandwiches, then the supply of sandwiches is available to meet your demand. The transaction occurs when you exchange your money for the sandwich. So, demand is the first step in the process of buying and selling goods and services. It drives the market and determines the price of products.

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The importance of marketing research is that it reduces the risk involved in decision making. Marketing research provides businesses with valuable information about their target market, customers, and competitors. This information can be used to make informed decisions about product development, pricing, advertising, and distribution. By conducting marketing research, businesses can better understand their customers' needs and preferences, as well as identify potential opportunities and threats in the market. With this information, businesses can reduce the risk of making decisions based on assumptions or incomplete information. They can make more informed decisions that are more likely to result in successful outcomes, such as increased sales or market share. In contrast, not conducting marketing research can increase the risk involved in decision making. Without reliable information about the market and customers, businesses may make decisions based on assumptions or incomplete information, which can lead to costly mistakes, such as investing in a product that has no demand or pricing a product too high for the target market. Therefore, marketing research is an important tool for businesses to reduce risk and make informed decisions that can lead to success in the market.

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The disadvantage of warehousing is that it can encourage hoarding of goods to create scarcity. This happens because some individuals or companies may deliberately withhold or limit the supply of goods stored in a warehouse to create an artificial shortage in the market, which can drive up prices and increase their profits. However, this can harm consumers and lead to market inefficiencies, as well as negatively impact the economy as a whole.

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The function of a warehouse is "keeping and making goods available when required". A warehouse is a facility used for the storage and handling of goods, where products are kept until they are needed for sale or distribution. The primary function of a warehouse is to ensure that products are available when required by customers or retailers. This means that the warehouse must maintain adequate inventory levels and be able to quickly retrieve and deliver products as needed. In addition, warehouses can also perform other functions such as product sorting, order fulfillment, and packaging. However, hoarding of goods to increase price is not a function of a warehouse, as it goes against the basic principles of supply and demand. Similarly, making goods available to final consumers is not a direct function of a warehouse, although it can be a part of the overall supply chain process. Finally, storing of small units of products can be a function of a warehouse, but it is just one aspect of its overall function of keeping and making goods available when required.

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A short-term incentive used to encourage consumers to buy a product is called a "sales promotion". Sales promotions are temporary marketing strategies designed to persuade customers to purchase a product or service by offering a limited-time discount, free gift, or other special deal. The purpose of a sales promotion is to increase sales in the short term, usually over a few days or weeks, and to encourage customers to make a purchase immediately. Examples of sales promotions include buy-one-get-one-free offers, coupons, contests, and loyalty programs.

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A market where specialists are needed before a purchase decision is made is the "industrial market". The industrial market, also known as the business-to-business (B2B) market, consists of businesses that buy products or services to use in their own operations or to resell to others. In the industrial market, purchases are often made by a team of specialists who have expertise in the specific products or services being purchased. Because the products and services purchased in the industrial market are often complex and expensive, the purchase decision-making process can be lengthy and require significant research and evaluation. This is why specialists are needed to assess the technical requirements, specifications, and other factors that impact the purchase decision. In contrast, the consumer market is made up of individual consumers who buy products or services for personal use, and the purchase decision-making process is generally simpler and less specialized.

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The correct answer is "Primary product." A primary product is a raw material or commodity that is produced by nature and has not undergone any substantial processing or manufacturing. In this case, the tubers of yam offered by the farmer for sale are a raw product that has not undergone any significant processing. Yam is a root vegetable that is grown in many parts of the world, and the tubers are harvested from the ground. Once harvested, the yam tubers are washed, sorted, and packaged for sale. However, these processes are considered minor compared to the initial production of the tubers themselves. On the other hand, a manufactured product is one that has been made from raw materials through a process of manufacturing, such as a car or a piece of furniture. A processed product is a primary product that has undergone some degree of processing, such as canned fruits or vegetables. Therefore, the yam tubers offered by the farmer for sale are an example of a primary product because they are a raw material that has not undergone substantial processing or manufacturing.

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The reward for an entrepreneur is profit. An entrepreneur is a person who takes the risk of starting and running a business. The goal of an entrepreneur is to create a profitable and sustainable business that generates income for themselves and their stakeholders. The profit is the amount of money left over after deducting all the expenses of running the business. It is the reward for the entrepreneur's hard work, creativity, and risk-taking. Profit is crucial for the survival and growth of the business, and it also provides the entrepreneur with financial rewards for their efforts. Therefore, profit is the main reward for an entrepreneur.

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An element in the marketing mix is "product". The marketing mix is a set of tools and strategies that businesses use to promote their products or services to customers. It consists of four key elements, which are also known as the "4 Ps" of marketing: product, price, promotion, and place. Product refers to the goods or services that a business offers to its customers. This includes the physical attributes of the product, such as its design, features, and packaging, as well as its intangible benefits, such as its quality, reliability, and reputation. In order for a business to successfully market its products or services, it must have a clear understanding of its target customers and what they want and need. The product must be designed and positioned in a way that meets these needs and stands out from the competition. Other elements in the marketing mix include price, which refers to the cost of the product or service; promotion, which includes advertising, sales promotion, and other methods used to promote the product; and place, which refers to the distribution channels used to get the product to customers.

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When determining the price of a product, a manufacturer considers the "quality of the goods". The quality of the goods refers to the level of excellence or superiority of a product or service. Manufacturers know that customers are willing to pay more for higher quality products, so they take the quality of their goods into consideration when setting prices. If a product has a high quality, the manufacturer may charge a premium price. On the other hand, if the quality is lower, the manufacturer may have to charge a lower price to attract customers. Other factors like after-sales services, stock turnover, and channels of distribution can also impact pricing decisions, but the quality of the goods is typically the most important factor. By producing high-quality goods, a manufacturer can charge a premium price and establish a reputation for excellence, which can lead to long-term success and profitability.

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The importance of transportation to a marketer is that it reduces the distribution cost. Transportation plays a crucial role in getting products from the manufacturer to the end consumer. Without transportation, the cost of distributing products would be much higher, which would ultimately increase the price of goods. By using efficient transportation methods, such as trucks, trains, or planes, marketers can reduce the cost of distributing their products and ensure that they reach their customers in a timely and cost-effective manner. This, in turn, can help businesses increase their profitability by reducing their overall operating costs.

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Advertising aimed only at giving facts about a product is called "Informative advertising." Informative advertising aims to educate potential customers about a product's features, benefits, and specifications without persuading or convincing them to buy it. The purpose of informative advertising is to provide accurate and objective information to the target audience, allowing them to make an informed decision. Examples of informative advertising include product demonstrations, comparison charts, and technical specifications. This type of advertising is commonly used for products that require explanation or have complex features, such as electronics, automobiles, and appliances. Overall, informative advertising helps consumers make informed purchasing decisions by providing them with all the necessary information about a product. It is an essential aspect of marketing, and its effectiveness can be measured by the level of understanding and knowledge that consumers gain from the advertising.

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An attribute of marketing concept is that consumers are considered to always be right. This means that companies that embrace the marketing concept view their customers as the primary focus of their business, and they believe that customer satisfaction is key to long-term success. By putting customers first, companies strive to understand their needs and wants, and then develop products and services that meet those needs and exceed their expectations. By doing this, companies can build strong relationships with their customers, which can lead to increased loyalty, repeat business, and positive word-of-mouth advertising. However, it's important to note that while customers are considered to be always right, it doesn't mean that they will always be happy or satisfied with a company's products or services. It simply means that the company's goal is to understand and meet their needs to the best of their ability.

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One of the main objectives of a small retailer is to sell goods to the final consumers. Retailers are businesses that purchase goods from wholesalers or manufacturers and then sell those goods to the end-users, which are the consumers. Small retailers typically operate on a smaller scale compared to larger retailers, but their main goal is still to sell goods to consumers in order to make a profit. This can be done through various sales channels, such as brick-and-mortar stores, online stores, or a combination of both. By selling goods to consumers, small retailers play an important role in connecting manufacturers and wholesalers with the end-users and helping to bring products to market.

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An individual or organization that enhances business activities but does not participate in the business is a facilitator. A facilitator is someone who assists in the smooth operation of a business or process by providing support services such as logistics, financial services, legal services, marketing, and other specialized services. Facilitators help businesses by providing necessary services to enhance the efficiency and effectiveness of their operations. For instance, a logistics company can help a business transport goods from one location to another, while a legal firm can help a business handle legal matters. Distributors, sellers, and marketers, on the other hand, are more directly involved in the business activities. A distributor is responsible for delivering goods from the manufacturer to the retailer or end-user. A seller is someone who sells goods or services to customers, and a marketer is someone who promotes or advertises goods or services to potential customers.

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Merchandising is best suited for consumer goods. Merchandising refers to the activities involved in promoting and selling products, including advertising, display, and pricing. Consumer goods are products that are purchased by individuals for personal use or consumption, such as clothing, electronics, and food. Consumer goods are generally sold through retail channels, such as department stores, supermarkets, and online marketplaces. Merchandising is an important aspect of retail sales, as it helps to attract customers, highlight product features, and encourage purchasing decisions. Merchandising techniques for consumer goods can include creating eye-catching displays, offering promotional discounts, and using persuasive advertising. These strategies are often tailored to appeal to the specific target market for the product, such as young adults, families, or seniors. In contrast, primary products such as raw materials, industrial services, and organizational products such as software or consulting services are typically sold through B2B channels and require different marketing and sales strategies than consumer goods. In summary, merchandising is best suited for consumer goods, which are products purchased by individuals for personal use or consumption and sold through retail channels.

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The missing word in the sentence is "Research." Marketing research is a systematic process of gathering, analyzing, and interpreting information about a market, product or service to be offered in the market, and customers' behavior and preferences. In this case, the focus of the research is on sales and decision-making related to sales. Marketing research is an essential tool for improving decision making related to sales because it provides important insights into the market, the competition, and customer behavior. By conducting research, a company can gain a better understanding of its customers' needs and preferences, identify areas where it can improve its products or services, and make informed decisions about pricing, promotion, and distribution strategies. Marketing research can be conducted using a variety of methods, including surveys, focus groups, interviews, and observation. The results of the research can then be used to develop marketing strategies that are tailored to the needs of the target market, resulting in more effective sales and improved business performance. Therefore, marketing research plays a vital role in improving decision making related to sales in marketing.

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The rule that guides international marketing is "import restriction". Import restrictions are regulations and policies implemented by governments to limit or control the importation of goods and services into their country. They can take various forms, such as tariffs, quotas, embargoes, or product standards, and can be used to protect domestic industries, promote national security, or safeguard public health and the environment. In international marketing, import restrictions can have a significant impact on the ability of companies to enter foreign markets and compete effectively. Companies need to be aware of the import restrictions in each country they are targeting and adapt their marketing strategies accordingly. For example, they may need to modify their product design or packaging to comply with local regulations or adjust their pricing strategy to account for tariffs or other import taxes. Therefore, understanding and complying with import restrictions is a crucial rule that guides international marketing.

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The influencing factor that includes age and occupation is a Personal factor. Personal factors refer to individual characteristics such as age, gender, occupation, income, education, and personal values that influence a person's buying decisions. These factors help shape a person's lifestyle and purchasing habits and can affect what they are looking for in a product, how much they are willing to spend, and what brand they prefer. For example, a person's age and occupation can influence their purchasing decisions by affecting their income, their personal values, and the types of products they need or want.

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Savings and loans companies provide financial services. Savings and loans companies are financial institutions that offer savings and loan services to their customers. They accept deposits from customers, pay interest on those deposits, and use the funds to provide loans to customers. These loans can be used for various purposes, such as buying a home or a car, starting a business, or paying for education. Savings and loans companies also offer other financial services, such as investment advice, insurance, and credit cards. In contrast, advertising agencies provide advertising and promotional services, clearing and forwarding companies provide logistics services, and legal firms provide legal services. While these facilitators may be important in supporting the marketing process, they do not provide financial services.

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Electronic marketing is made possible through a network of computers. Electronic marketing refers to the use of digital channels such as the internet, social media, email, and mobile devices to promote products and services. These digital channels rely on computers to connect users and transmit information across the network. For example, a business can use a computer to create an advertisement, which can then be uploaded to a website or social media platform. When a user accesses the website or social media platform on their own computer or mobile device, they can view the advertisement and potentially make a purchase. Similarly, email marketing involves the use of computers to send promotional messages to a list of subscribers. The email message is composed and sent from a computer, and then transmitted through the network to the recipient's computer or mobile device. In summary, electronic marketing relies on a network of computers to connect businesses and consumers and facilitate the promotion and sale of products and services through digital channels.

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A producer of tomato paste in Kano would likely use the channel of distribution that involves the producer, wholesaler, retailer, and consumer to reach a target market in Asaba. This channel of distribution, also known as the traditional channel, is the most common way for products to reach consumers. In this channel, the producer sells the tomato paste to a wholesaler, who then sells it to a retailer. The retailer then sells the product to the final consumer in Asaba. Each step in the chain adds value to the product by providing distribution, marketing, and customer service, among other things. By using this channel of distribution, the producer of tomato paste in Kano can reach a large number of consumers in Asaba, who can purchase the product through a local retailer.

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The mode of transportation that ensures the supply of gas in all-weather conditions is the "pipeline". Pipelines are a safe, reliable, and efficient method of transporting oil and gas products from production areas to refineries and storage facilities. They are typically buried underground or under the seabed, which protects them from extreme weather conditions such as hurricanes, floods, and heavy snow. Unlike other modes of transportation such as trucks, trains, or ships, pipelines are not affected by road closures, traffic congestion, or port delays, which can cause disruptions to the supply chain. In addition, pipelines have a lower risk of accidents and spills compared to other modes of transportation, which makes them a preferred choice for transporting hazardous materials like gas. Overall, pipelines provide a cost-effective and dependable way to transport gas in all-weather conditions.

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The advertising medium that practically demonstrates the use of a product is Television. Television advertisements use visual and audio elements to show the product in action, demonstrating how it works and how it can benefit the consumer. Television ads can feature actors using the product, or show animated or computer-generated graphics to illustrate the product's features and benefits. By demonstrating the product in use, television advertisements can create a more engaging and memorable experience for the viewer, helping to increase brand awareness and encourage product sales. Additionally, television advertising can reach a large and diverse audience, making it a popular choice for many advertisers.

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The skill required by an entrepreneur for successful bargaining is interpersonal skill. This is because bargaining involves negotiating and communicating with other parties to reach a mutually beneficial agreement. An entrepreneur with strong interpersonal skills can build rapport, listen actively, and effectively persuade others. They can also manage conflicts and maintain positive relationships, which are essential for successful bargaining. While leadership, accounting, and administrative skills are important for running a business, they may not directly contribute to the ability to negotiate and bargain effectively.

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The orientation that assumes that consumers would only buy when persuaded with aggressive advertisement is called the "selling concept". This concept is a sales-oriented approach that assumes that consumers will not buy products or services unless they are aggressively persuaded to do so through advertising, personal selling, or other promotional methods. The selling concept focuses on the short-term goal of increasing sales volume and revenue, rather than on creating customer value or long-term customer relationships. Companies that follow the selling concept typically use high-pressure sales tactics, such as limited-time offers, price discounts, or persuasive language, to convince customers to buy their products. However, this approach may not always be effective in creating satisfied customers or building brand loyalty. Therefore, modern companies tend to adopt a more customer-oriented approach, such as the marketing concept, which focuses on understanding and fulfilling customer needs and wants through the creation of customer value and long-term relationships.

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The set of controllable variables used to influence consumers is the Marketing mix. The Marketing mix refers to the four key elements that make up a company's marketing strategy: product, price, place, and promotion. These elements are also known as the "Four Ps". Companies can control and manipulate these elements to influence consumer behavior and meet their marketing objectives. For example, a company may choose to offer a new product at a lower price, or to promote its product through advertising and sales promotions. By adjusting the marketing mix, companies can reach their target market, build brand awareness, and increase sales.

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The food item that is a primary product is "Fresh fish". Primary products are raw materials or natural resources that are extracted or harvested directly from nature without undergoing any significant processing. Fresh fish is caught directly from the sea or freshwater sources and is sold in its natural form without undergoing any significant processing or preservation. In contrast, frozen fish, smoked fish, and dry fish are all examples of processed fish products that have undergone some level of preservation or transformation to enhance their shelf-life, flavor, or texture. Therefore, fresh fish is considered a primary product because it is the raw material from which other fish products are derived.

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Feedback obtained from marketing research on consumers' needs would be used to change product features. Marketing research involves gathering data about consumers, their needs, and their preferences for products and services. This information can then be used by companies to make informed decisions about what to offer and how to offer it. For example, if the research reveals that consumers are looking for a certain type of product feature, the company may choose to modify or add that feature to their products in order to better meet consumer needs and preferences. By doing this, companies can improve the appeal of their products and potentially increase sales.