Explanation

(a) Meaning of Market: A market can be defined as a collection of current and future individuals or organizations who buy or sell products. OR A market can be defined as the present and potential buyers of a product.

(b) Functions of Marketing include:

(i) Carrying ut marketing research.

(ii) Involving in product planning and development.

(iii) Selling the company's products.

(iv) Determining the price of products.

(V) Determining the channels of distribution.

(vi) Involving in personal selling.

(vii) Ensuring credit control.

(viii) Engaging in advertising.

(ix) Carrying out sales forecasting.

(x) Offering customer support services (After-sales services)

(xi) Involving in public relations.

(xii) Involving in merchandising.

(xiii) Carrying out packaging and labeling activities.

(xiv) Engaging in product branding.

(xv) Risk bearing.

(c) Explain the following:

(i) Government market: This market consists of local, state and federal governments that purchase goods and services to support their internal operations and to provide essential services for citizens.

(ii) Reseller market: This is a market that consists of distributors, dealers, wholesalers and retailers who buy raw materials and finished goods with the intention of selling the products at a profit.

(iii) Industrial market: This is a market that consists of individuals or organizations that buy products for direct use in manufacturing other products for resale or for use in the daily operations of the business

Correct Answer: C. previous year's sales volume

Correct Answer: C. research

Correct Answer: A. transportation companies

Correct Answer: B. a retailer

Explanation

Ernest Super Market, which buys products from OJ Ltd for resale, is classified as a retailer. Retailers are businesses that sell products directly to consumers, typically through physical stores or online platforms. In this case, Ernest Super Market acts as the intermediary between OJ Ltd (the producer) and the end consumers by purchasing bakery products from OJ Ltd and selling them to individual customers in its supermarket.

Explanation

(a)State five functions of Marketing Manager: Functions of a marketing manager:

(i) He/she develops marketing plans for the company.

(ii) He/she organized marketing research.

(iii) He/she establishes appropriate pricing strategy acceptable to customers.

(iv) He/she coordinates various selling activities of the sales personnel and offering helping hands in difficult situations.

(v) He/she ensures that the correct product mix and sizes are offered to the market.

(vi) He/she approves all marketing expenditures against marketing tasks, he/she wishes to accomplish during a financial period.

(vii) He/she ensures that the company's market share is increasing to improve its profitability.

(viii) He/she liaises with the human resources department in the areas of recruitment, selection, training, remuneration and motivation of marketing staff.

(ix) He/she ensures the development of customers relationship management.

(x) He/she identifies new business opportunities.

(xi) He/she carries out market analysis.

(xii) He/she carries out market forecast.

(xiii) He/she is responsible for product development and management.

(xiv) He/she directs other marketing staff.

(b) Explain five ways a marketer will assist his/her company to deliver high quality goods and services to the customer: Ways a market can assist a company to deliver high quality goods and services. A marketer can assist a company to deliver high quality product by

(i) Correctly identifying customers' needs and wants through constant research on the company's products.

(ii) Ensuring that customer orders are supplied correctly id on schedule.

(iii) Communicating consumer pectations properly to the production department.

(iv) Ensuring that customers receive proper instructions, training and technical assistance in the use of the product.

(v) Ensuring that customers are regularly contacted after the sales of goods to ensure that they are satisfied with the product purchased.

(vi) Receiving information from customers on product improvements.

Correct Answer: C. Marketing mix

Correct Answer: A. Needs

Correct Answer: C. goods and ideas

Correct Answer: A. Deceptive advertising.