WAEC 2016 MAY/JUNE 100% CORRECT MARKETING 1 (OBJ & EASSY) ,QUESTIONS AND ANSWERS OBJ AND THEORY

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MARKETING OBJ:

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(1a)
Pricing can be defined as the amount/anything that is being used to facilitate change

(1b)
Marketing concept is premised on the identification and determination of the needs and wants of the prospective clients or customers,therefore the business firm must adapt to the 4ps of the marketing mix ie price,product,place and promotion to ensure efficiency and effectiveness of meeting and satisfying the needs and wants of the customers

(1c)
-Product
-Price
-Place
-Promotion
-Product:This connotes the broad concept that encompasses the satisfaction of all consumer needs in relation to a good,service or idea.It includes making decisions about customer service,package design,brand names,trademarks,warranties,product development,quality, feature and packaging
-Price:Price is the amount that is used to facilitate exchange.Price is the most sensitive one because customer sensitive marketing mix because customer respond more to price strategy.
-Place:This is otherwise refers to as distribution,time utilities and they conditions that enable consumers and business users to have product available for use when and where they want them.
-Promotion:This relates to all marketing activities made to convince potential customers that the right product is available at the right place and at the right price through publicity,advertistment,sales promotion, and other promotion techniques
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(2a)
A product is defined as a good,services or idea consisting of tangible and intangible attributes that satisfies consumers and is recieved in exchange for money and some offer units of values

(2b)
Product is used in marketing strategy discussion while production concepts is used for manufacturing

(2c)
-Failure to understand customer needs and wants
-Fixing a non-existent problem
-Targeting of wrong market
-Incorrect pricing
-Weak teams and internal capabilities
-Prolonged development
-Delayed entry
-Poor execution

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(5a)
Sale promotion may be defined as methods which last for specified period adopted by manufacturers aimed at bringing the existence of goods or introduction of new ones to the knowledge of consumers and to boost sales

(5b)
-To inform the public of the places prices and method of obtaining the goods advertised
-It is also aimed at increasing sales and profits of firm
-It is also used to informs the customers of the benefits of goods advertised
-It informs the public about the existence of new goods or service
-It is also used to create demand

(5c)
-It arouses the interest of the buyers
-It creates product awareness
-It gives rooms for demonstration
-It allows the buyers to negotiate for better prices and other favourable terms

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(6a)
-He carries out market research
-He helps to develop marketing strategies
-He helps to perform mutual relationship between the management and consumer
-He assigns duties and set targets to other memebers of staff
-He evaluates the performance of the staff periodically
-He helps to analyse market trends with the aim of identifying new market for their product and services

6b)
-Product planning development:For a product to be sucessful marketed the needs of the consumers must be put into consideration when it is being designed and manufactured
-Standardizing and grading:Marketers should make the quality of goods and services to be marketed to confirm to certain standard and grade desired by the buyers
-Storage:Marketers also ensures goods produced ahead of demand to be stored until when they will be needed by the customers
-Marketing information and research:Marketers helps in the collection of market information which serves great function to the manufacturers
-Determining the level of production:Marketing techniques are used in determining what and how many goods should be produced when and for whom it should be produced

MARKETING OBJ:

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