Correct Answer: C. Quantity of the product

Explanation

The quantity of the product would not typically be considered by a cement manufacturing firm in the choice of transportation mode for its goods. The quantity of the product being transported is not a determining factor in selecting the mode of transportation. Instead, factors such as the cost of the mode, availability of the mode, and government policies (such as regulations or subsidies) regarding transportation modes would be more relevant considerations for the cement manufacturing firm. The firm would evaluate the cost-effectiveness of different transportation modes, the availability and reliability of those modes in meeting their shipping requirements, and any relevant government policies or regulations that may impact their choice of transportation.

Explanation

a.

• Specialists are bought for the purpose of further production
• The demand for the product does not respond to temporary changes in price
• Personal selling is usually adopted
• The relationship between buyers and sellers is mutual
• Organizations purchase goods in large quantities
• products are usually bought for resale
• The buyers are made up of traders, entrepreneur and heads of civil servants
• Buyers are geographically concentrated
• The purchase decision process takes longer time
• Transactions are usually done through competitive bidding

b).

• Industrial markets: These are Companies that buy goods for further production
• Government/Institutional Markets: These are government agencies, corporate bodies and other institutions that buy products to facilitate their productions
• Reseller markets: These consist of wholesalers and retailers that buy products for the purpose of selling to other firms, individuals and households.

Correct Answer: B. pipeline

Correct Answer: B. reduce competition

Correct Answer: C. geographical pricing.

Correct Answer: C. product

Correct Answer: B. consumer behaviour

Correct Answer: C. Retailers

Explanation

(a) (i) Entrepreneurship is the process of identifying opportunities, establishing, managing and bearing risk for the purpose of making profit.OREntrepreneurship is the process that an individual identifies a business opportunity, establishes and bears the risks operating the business at a profit.

(ii)List of sources of funds to an entrepreneur;

(a) Personal savings

(b) Borrowing from families and friends

(c) Government grant/subsidies

(d) Bank overdrafts

(e) Bank loans

(f) Ploughed back profits

(g) Leasing

(h) factoring

(i) Hire purchase

(j) Credit purchase

(k) Sales of personal properties

(l) Gifts from friends and relatives

(m) Sales of shares

Explanation of sources of funds to an entrepreneur:

(a)Personal savings:This i a self-funding source by an individual's savings from his personal income

(b)Borrowing from families and friends:This is where funds are obtained from an entrepreneur's family and friends without interest to start a business.

(c)Government grant/subsidies:These are financial assistance from government and its agencies to entrepreneurs to start their businesses.

(d)Bank overdrafts:This is where the entrepreneur is allowed to withdraw his/her account at the bank

(e)Bank loans : This is a facility granted by commercial banks with interest to an entrepreneur to operate their business

(f)Ploughed back profits:This is when an entrepreneur re-invests his previous profits into his/her new business

(g) Leasing:This is when a leasor allows an entrepreneur the use of a property and pays at an agreed date.

(h)factoring: This is the contractual arrangement between an entrepreneur and a factoring company whereby the factoring company buys the debt of an entrepreneur at a discount

(i)Hire purchase: This is the contractual arrangement between a company and an entrepreneur allowing the use of an equipment or property and pays in installments

(j)Credit purchase: This is the act of buying goods from the manufacturers or agents of a company to pay on a future date by the entrepreneur

(k) Sales of personal properties: This is when the entrepreneur sells his land or household properties to obtain capital for business

(l)Gifts from friends and relatives: This is when money is contributed by entrepreneur's friends and relatives to support the establishment of his business

(m)Sales of shares: The entrepreneur can sell his or her company shares and use the money from share holders to operate the business

(b)Factors Influencing the Choice or Market Outlet Location;

(i) Availability of constant power supply

(ii)Level of competition

(iii) Accessibility to land/store

(iv) Population density and customer's demand/nearest to market

(v) Types of business or product/nature of goods

(vi)Availability of capital/finance

(viii) Nearness to source of supply/raw materials

(ix)Availability of labour

(x) Location stability and security

(xi) Availability of good communication/internet network coverage

(xii) Availability of good roads

Explanation

(a) Problem Recognition: This is the stage at which a consumer identifies that he/she hasa need or want for a product. A purchase cannot take place without the recognition of a felt need. The need may have been necessitated by internal stimuli such as hunger, thirst or external stimuli Such as advertising or words of mouth.

(b) Information search: This is the buyer's efforts to search through the business environment in order identify and evaluate information sources related to the central buying decision.

(c) Evaluation of alternatives: At this stage the consumer undertakes a comprehensive assessment of available brands that satisfy his/her needs or wants

(d) Purchase decision: purchase of the product that he/she feels would satisfy his/her needs.

(e) Post-Purchase behaviour: After purchasing the product, (the Consumer will experience some level of satisfaction or dissatisfaction. This is a stage at which the consumer determines whether or not a repeat purchase would take place at a future date or not.