Marketing Past Questions And Answers
The platform where buyers and sellers are brought together to assist in the transfer of goods and services is_____
- A. Transportation
- B. Advertising
- C. Distribution
- D. Market
A retailer's cost and selling price for a bag of rice are N10,000 and N14,000 respectively. What is the company's mark-up on cost?
- A. 28.6%
- B. 35%
- C. 40%
- D. 71.4%
(a)(i)Meaning of Marketing: Marketing refers to all business activities involved in identifying, analyzing and satisfying consumers' needs and wants at a profit. OR Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements at a profit.
(ii) Functions of marketing:
(i) Marketing planning
(ii) Demand forecasting
(iii) Choosing effective distribution channels for company's products
(iv) Marketing research/marketing information management.
(v) Customer support/Customer care/Customer relationship
(vi) Designing of product package
(vii) Choosing the right promotional mix
(viii) Selling of products or product sales
(ix) Setting product price or pricing of product
(x) Recruiting sales force for personal selling
(xi) Setting sales quota and commission for sales force
(xii) Developing new product ideas
(xiii) Segmenting geographical region for salesforce activities
(xiv) Training/Orientating salesforce for effective personal selling presentation
(xv) Engage in merchandising activities.
(xvi) Recommending product size, flavour and colour.
(b)Marketing Concepts:
(i)Production concept
(ii) Product concept
(iii) Selling concept
(iv) Marketing concept
(v) Societal marketing concept
(vi)Social marketing concept
Explanation of marketing concepts:
(i) Production concepts:This concept assumes the consumer would buy products that are available at lower price. The companies practicing these concepts are involved in mass production to sell at lower prices.
(ii) Product concept: This concept is based on the assumption that consumers would favour products that are of high quality with effective performance even with high price.
(iii) Selling Concept: This concept is based on the assumption that consumers would not buy enough of the company's products unless they are persuaded through aggressive promotional efforts consumers' resistance to buy
(iv) Societal marketing concept: This is based on the assumption that when a company is making marketing decisions, it considers consumers' needs, company's requirements and society's long term interest
(v) Marketing Concept: This concept is based on the assumption that the company would consider consumers' interest before producing a product that would satisfy the consumers better than irs competitors
(vi) Societal marketing concept: This concept is based on the assumption that the company's task is to determine the needs, wants and wants and interests of a target market and deliver the desired satisfaction more effectively than competitors in a way that preserves and enhances consumers' well-being.
View Discussion (0)WAEC 2022 THEORYThe grouping of sellers of common product in the local market place is____________
- A. Market union
- B. Trade union
- C. Manufacturers' association
- D. Employers' union
A company's programme of buy one product and get one Fee is an example of_____
- A. Advertising.
- B. Personal selling.
- C. Sales promotion.
- D. Publicity.
A form of sales promotion that rewards customers for consistently purchasing a company;s product is
- A. sales contest
- B. quantity discount
- C. loyalty scheme
- D. promotional allowance
A pricing method which involves negotiation between the seller and potential buyer in determining the price for a product is
- A. target pricing
- B. cost-plus pricing
- C. haggling pricing
- D. dynamic pricing
The form of non-personal communication whereby information about a company's product is transmitted and paid for through mass media is_____
- A. Personal selling
- B. Marketing
- C. Public relations
- D. Advertising
One of the stages in the marketing research process is________
- A. Problem definition.
- B. Market segmentation.
- C. Silk, quota allocation.
- D. Market share determination.
(a) What is transportation?
(b) List and explain six factors affecting the choice of transportation mode.
View Discussion (0)WAEC 2018 THEORY