Explanation

(a) Marketing concept; refers to the principle which states that the consumer is sovereign, that is, that the satisfaction of the consumer's wants is to be emphasized at all stages of production and distribution.

(b) Four elements of market-ing mix are:

(i) Product: Product is anything that satisfies a consumer's need. The firm must make a decision as to what product it will sell. Other decisions are branding, packaging, labelling etc. Products include raw materials, manufactured goods, services, etc.

(ii) Price: Price is defined as the exchange value for the goods and services supplied. It determines the extent goods will be demanded and serves as the mechanism of exchange. The components of price mix include allowances, discount structure, financial services, and credit terms etc. It is the most important factor in the marketing mix. Pricing policies are demand and supply curve, product . line promotion, market skimming ,etc.

(iii) Promotion: This is the communications dimension of the marketing mix. It deals with how the business should inform their customers about its products. It stimulates demand and increase sales. Promotion includes advertising, trade fairs and exhibition, personal selling.

(iv) Place: This is concerned with the distribution of goods and services to consumers at required place, Distributed goods should be packaged in such a way as to create and maintain demand for the product. The place, as a marketing mix concerns such variables as location, channel strategy, transport facilities, etc.

Correct Answer: B. document specifying quantity, description, prices and total value of purchase

Correct Answer: D) Economic, Social and Legal

Explanation

To determine the correct answer, we need to understand what each set of factors means and how they relate to a business. Option A includes competition, industry, and product. Competition refers to other businesses that offer similar products or services and are in direct competition with the business. Industry refers to the overall market or sector that the business operates in. Product refers to the specific goods or services that the business produces and sells. While these factors can certainly affect a business operation, they do not encompass the full range of external environmental factors. Option B includes competition, labor, and political. Competition and labor are similar to the factors in option A. Political factors refer to government policies and regulations that can impact how a business operates. This can include things like taxes, trade policies, and labor laws. Political factors are indeed important external environmental factors that can affect a business operation. Option C includes political, cultural, and labor. We have already discussed political and labor factors. Cultural factors refer to the beliefs, values, and customs of a society or community. While cultural factors can certainly impact a business, they are not as comprehensive as the factors in option D. Option D includes economic, social, and legal factors. Economic factors refer to things like inflation, interest rates, and economic growth, which can impact a business's ability to sell products or services. Social factors refer to the demographics, lifestyles, and consumer behavior of the target market, which can influence demand for the business's offerings. Legal factors refer to laws and regulations that businesses must comply with. These include things like employment laws, consumer protection laws, and intellectual property laws. Option D covers a wide range of external environmental factors that can affect a business operation, making it the correct answer. In summary, the external environmental factors that can affect a business operation include economic, social, and legal factors. These factors can impact a business's ability to compete, its relationship with its employees, and its compliance with laws and regulations. It is important for businesses to consider these factors and adapt their strategies accordingly.

Correct Answer: A. exploration of minerals

Explanation

(a) Examples of trade associations are:

(i) Manufacturers Association of Nigeria.

(ii) Taxi Drivers' Association.

(iii) Garri Sellers Association.

(iv) Cement Dealers Association.

(v) Nigerian Union of Teachers.

(b) Function of Employers Association are:

(i) It collaborates with trade unions in settling disputes between employers and employees.

(ii) It also ensures health and welfare of workers.

(iii) It establishes satisfactory terms and conditions of employment.

(iv) It provides standards of safety for workers.

(v) It maintains standard and ensures that terms and conditions in the contract of employment are obeyed by the employers and employees.

(c) Objectives of Lake Chad Basin Commission are:

(i) To resettle the persons affected by the works and schemes stated under special resettlement schemes.

(ii) To enhance the agricultural potentials of Lake Chad Basin area for irrigation.

(iii) To undertake projects for control of flood and erosion.

(iv) To construct and maintain dams, wells, boreholes, drainages, irrigation systems.

(v) To control pollution of rivers and Lakes.

(vi) To teach farmers modern farming methods.

(vii) To foster economic co-operation and development among member nations.

Correct Answer: C. invisible exports

Correct Answer: D. cargo handling company

Correct Answer: D. called-up capital

Correct Answer: C. public relation

Explanation

Public relations (PR) is the practice of deliberately managing the spread of information between an individual or an organization (such as a business, government agency, or a nonprofit organization) and the public. Public relations specialists establish and maintain relationships with an organisation's target audience, the media, relevant trade media, and other opinion leaders. helping the organisation / individual maintain a good public outlook.

Correct Answer: B. rights of shareholders