WAEC (Marketing) Answer Obj & Essay – June/July Runz
WAEC 2022 MARKETING ANSWERS.
VERIFIED MARKETING OBJ:
An entrepreneur is an individual who creates a new business, bearing most of the risks and enjoying most of the rewards. The process of setting up a business is known as entrepreneurship. The entrepreneur is commonly seen as an innovator, a source of new ideas, goods, services, and business/or procedures.
1. Personal investment
When starting a business, your first investor should be yourself—either with your own cash or with collateral on your assets. This proves to investors and bankers that you have a long-term commitment to your project and that you are ready to take risks.
2. Angels investors
Angels are generally wealthy individuals or retired company executives who invest directly in small firms owned by others.
3. Government grants and subsidies Government agencies provide financing such as grants and subsidies that may be available to your business.
4. Bank loan: Bank loans are the most commonly used source of funding for small and medium-sized businesses. Consider the fact that all banks offer different advantages, whether it’s personalized service or customized repayment. It’s a good idea to shop around and find the bank that meets your specific needs.
2a)Marketing is the process of getting potential clients or customers interested in your products and services. The keyword in this definition is “process.” Marketing involves researching, promoting, selling, and distributing your products or services.
Marketing Information Management
1. Target market
First company segmented the total market according to some effective basis. No company can operate in every market and satisfy every need. Nor can it always do a good job within one broad market. Companies do the best when they choose their target market’s carefully and get ready tailored marketing program.
2. Customer needs
Marketing is about meeting the needs of target markets profitably. The key to professional marketing is to understand their customers’ real needs and meet them better than any competitor can. Some marketers draw a distinction between responsive marketing and creative marketing. A company can carefully define its target market yet fail to correctly understand the customer’s needs. A responsive marketer finds a stated need and fills it. A creative marketer discovers latent needs (needs not stated but observed or inferred) and produces solutions that customer did not ask for but to which they enthusiastically respond. Customer-oriented philosophy requires the company to define client needs from the client point of view. Customer maintenance is more significant than customer attraction. The key to professional marketing is to meet the customer’s real needs better than other competitors.
3. Integrated Marketing
When all the company’s department’s work together to serve the customer’s interests, the result is integrated marketing. Integrated marketing takes on two levels. First, the various marketing functions-sales force, advertising, product management, marketing research, and so on – must work together. Second, the marketing department must be well coordinated with other company departments. When all of the company’s departments work together to serve the customer’ interests, the result us integrated marketing. It makes no sense to assure exceptional service before the company’s employees are prepared to provide it.
The ultimate purpose of the marketing concept is to help organizations achieve their goals. In the case of private firms, the major goal is profit. Marketing managers have to provide value to the customer and profits to the organization. Marketing managers have to evaluate the profitability of all alternative marketing strategies and decisions and choose the most profitable decisions for long-term survival and growth of the firm. Private firms should plan to accomplish profits as an outcome of creating better customer assessment, by satisfying customer needs better than competitors. In the case of non – profit or public organizations, it is surviving and attracting enough funds to execute useful work.
(i) Receiving: Operations that involve the assignment of trucks to docks, the scheduling and execution of unloading activities
(ii) Storing: Material’s movement from unloading area to its designated place in inventory
(iii) Order Picking: This is the main and the most labour-intensive activity of warehouses. Amaka will be obtaining the right amount of the right products for a set of customer orders.
(iv) Shipping: Execution of packing and truck’s loading after picking, involving also the assignment of trucks to docks
(v) Delivery: The transit time for transportation from the warehouse to the customer is part of the activities that is carried out in Amaka’s warehouse.
(i) She must accept responsibility for the consequences of their activities and make every effort to ensure that their decisions, recommendations, and actions function to identify, serve, and satisfy all relevant public
(ii) Amaka should give a maximum privacy to every customer on internet by not bombarding potential customers with unwanted solicitations and information Provide customers
(iii) She should have a good customer service or commitmentment by notifying the customer immediately of items that are out of stock, have been discontinued, or other updates.
(iv) She should avoid copyright issues by asking for permission before using someone’s site or material.
(v) She should ensure the security of her customers, making sure their personal information is not be traded or sold without permission.
Need: is something necessary to live and function. Needs are the basic requirements or necessities that are essential for your survival.
Exchange: An exchange is a marketplace where securities, commodities, derivatives and other financial instruments are traded.
Demand: demand is the quantity of a good that consumers are willing and able to purchase at various prices during a given period of time.
Wants: refers to a wish or desire to own goods and services that give satisfaction.
Transaction: an occurrence in which goods, services, or money are passed from one person, account, etc., to another
No 5 (a)
Pick any four)
(i)Marketing planning provides direction for all organization marketing effort
(ii)Marketing planning help organization to raise finance for capital expenditure.
(iii)Marketing planning prevents time wasting on ineffectual marketing activities.
(iv)It save money by helping to ensure that the marketing budget is spent effectively
(v)It helps to identify. prerequisites to planned activities.
(vi)It helps to generate more clients by communicating effectively.
(i)overseeing trade agreement
(ii)Reducing trade barriers
(iii)Reducing worldwide tariffs
(i)Suppliers include all the parties which provide resources needed by the organization.
(ii)Market intermediaries include parties involved in distributing the product or service of the organization. And Public is made up of any other group that has an actual or potential interest or affects the company’s ability to serve its customers
(iii)Partners are all the separate entities like advertising agencies, market research organizations, banking and insurance companies, transportation companies, brokers, etc. which conduct business with the organization.
(iv)Customers comprise of the target group of the organization. and competitors are the players in the same market who targets similar customers as that of the organization.
(i)Industrial market: It involves set of all individuals and organizations that acquire goods and services that enter into the production of other products or services that are sold, rented, or supplied to others.
(ii)Reseller market:A market consisting of wholesalers and retailers who buy products for resale purposes.Resellers buy finished goods and resell them to the next level in a given distribution channel.
(iii)Government market: A government market is a market where the main buyers are federal, state, and local governmental organizations. They purchase goods or services from private businesses.
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