WhatsApp: 09069072051 Neco 2023 Marketing Essay & Objective Answers
Schedule Time;
Friday, 4th August 2023
Marketing (Objective & Essay) 10:00am – 12:40pm
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MARKETING OBJ
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COMPLETED
*2023 NECO MARKETING ANSWERS*
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THEORY PART
INSTRUCTIONS:- ANSWER ONLY FIVE (5) QUESTIONS IN ALL
(1a) A product is a tangible or intangible item that is offered to customers in the marketplace for consumption or use. It can be a physical object, such as a car or a smartphone, or it can be a service, such as a haircut or a software application.
(1b)
(i)Consumer products: These are products that are purchased by individuals for personal use and satisfaction. Consumer products can be further divided into four subcategories: convenience products (low-priced items that consumers buy frequently and with little effort, such as snacks), shopping products (products that consumers compare and evaluate before purchasing, such as clothing), specialty products (unique products that consumers are willing to go out of their way to find, such as luxury watches), and unsought products (products that consumers may not actively seek out, such as emergency medical services).
(ii)Industrial products: These are products that are used by businesses to produce other goods or services. Industrial products can be categorized as materials and parts (raw materials or components used in the production process, such as steel or computer chips), capital items (long-lasting goods that are used in the production of other goods or services, such as machinery or buildings), and supplies and services (consumable items or activities used in the production process, such as office supplies or maintenance services)
(1c)
(i)Lack of market demand: One of the main reasons for the failure of new products is a lack of demand in the market. This can occur if the product does not meet the needs or wants of the target customers, or if there is insufficient consumer interest or awareness about the product. Conducting thorough market research and understanding the needs and preferences of the target market is crucial to avoid this failure.
(ii)Poor marketing and promotion: Another reason for new product failure is poor marketing and promotion efforts. Even if a product has a strong demand, if it is not effectively marketed and communicated to the target audience, it may not gain traction in the market. Inadequate advertising, improper positioning, or a lack of effective distribution channels can hinder the success of a new product. It is essential to develop a comprehensive marketing strategy and allocate sufficient resources towards promoting the new product to maximize its chances of success.
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(2)
(i) MOBILIZATION OF WORKFORCE: Before marketing their products, firms need to mobilize their workforce by recruiting, training, and organizing employees. This involves identifying the necessary skills and competencies required for marketing activities and ensuring that the right employees are in place. Mobilizing the workforce also includes assigning roles and responsibilities, setting goals, and providing necessary resources to enable effective marketing efforts.
(ii) UTILIZATION OF FEEDBACK: Firms need to collect and utilize feedback from various sources to improve their marketing strategies. This can include feedback from customers, sales representatives, market research, and social media platforms. By analyzing feedback, firms can gain insights into customer preferences, identify areas for improvement, and make necessary adjustments to their marketing plans.
(iii) PRODUCTION OF QUALITY GOODS AND SERVICES: Producing high-quality goods and services is crucial for successful marketing. Firms need to ensure that their products meet or exceed customer expectations in terms of functionality, durability, and aesthetics. Quality control processes are implemented to ensure consistency and reliability, which helps build a positive brand image and customer satisfaction.
(iv) MANAGING DISTRIBUTION NETWORK: Firms need to establish and manage an efficient distribution network to ensure their products reach the target market effectively. This involves selecting appropriate distribution channels, such as wholesalers, retailers, or online platforms, and managing relationships with distributors. Firms also need to monitor inventory levels, logistics, and transportation to ensure timely and cost-effective product delivery.
(v) ADVERTISEMENT AND PROMOTION: Advertisement and promotion activities are essential for creating awareness and generating demand for the firm’s products. This can include various marketing techniques such as print and digital advertising, social media marketing, public relations, and sales promotions. Firms need to develop compelling marketing messages, select appropriate communication channels, and allocate budgets to effectively reach their target audience and create a strong brand presence.
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(3)
(i) GLOBAL REACH: Internet marketing allows businesses to reach a vast and diverse audience worldwide, transcending geographical boundaries and time zones.
(ii) COST-EFFECTIVENESS: Compared to traditional marketing channels, internet marketing is often more affordable, making it accessible to businesses of all sizes.
(iii) TARGETED ADVERTISING: Internet marketing enables precise targeting, allowing businesses to focus their efforts on specific demographics, interests, and behaviors, increasing the effectiveness of their campaigns.
(iv) MEASURABLE RESULTS: Online marketing provides real-time analytics and data tracking, allowing businesses to measure the success of their campaigns and make data-driven decisions for optimization.
(v) INTERACTIVITY AND ENGAGEMENT: Internet marketing facilitates direct and immediate interaction with customers, fostering engagement through social media, email marketing, and interactive content.
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(5a) Sales Promotion is a set of short-term marketing activities and incentives designed to stimulate immediate sales and encourage customer engagement. It involves the use of various promotional techniques, such as discounts, coupons, free samples, contests, to create a sense of urgency and entice customers to make a purchase or take a specific action.
(5b)
(i) INCREASE SALES VOLUME: The primary objective of sales promotion is to boost sales and generate a short-term increase in product demand.
(ii) ATTRACT NEW CUSTOMERS: Sales promotions aim to attract new customers to try a product or service by offering incentives that create curiosity and encourage trial.
(iii) ENCOURAGE REPEAT PURCHASES: Sales promotion techniques can foster customer loyalty and repeat purchases by rewarding loyal customers or offering incentives for multiple purchases.
(iv) CLEAR INVENTORY: Sales promotions help in clearing excess inventory, especially for seasonal or perishable goods, by offering discounts or special deals.
(v) INTRODUCE NEW PRODUCTS: Sales promotions can be used to create awareness and interest in newly launched products, thereby facilitating their market entry.
(vi) ENHANCE BRAND AWARENESS: Sales promotions with creative and engaging elements can increase brand visibility and awareness among the target audience.
(5c)
(i) INFORMATIVE ROLE: Advertising serves to inform the target audience about a product or service, its features, benefits, and how it addresses consumers’ needs or problems.
(ii) PERSUASIVE ROLE: Advertising aims to persuade and influence consumers’ perceptions, attitudes, and buying behavior by highlighting the unique selling propositions and competitive advantages of the product or service.
(iii) REMINDER ROLE: Advertising plays a crucial role in reminding consumers about a brand or product regularly, reinforcing brand loyalty, and maintaining top-of-mind awareness.
(iv) BRAND BUILDING ROLE: Advertising contributes to building and enhancing the brand image and equity by establishing a consistent brand identity and associating positive emotions and values with the brand.
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(7a) consumer market refers to a marketplace where final goods or services are traded between sellers and individuals who purchase these goods and services for personal consumption. It doesn’t include entities that buy goods for resale or for further production and manufacturing.
(b)
CHOOSE ANY FOUR (4)
(I) Identify Opportunities: Through research, firms can spot potential markets and customer needs that they can cater to.
(ii) Understand Customers: It helps them understand consumer behavior, preferences, and trends.
(iii) Competitor Analysis: Research can reveal what competitors are doing, enabling firms to strategize accordingly.
(iv) Risk Management: It reduces the risks associated with new product launches.
(v) Improve Sales: Research helps companies improve their sales efforts by providing insights into what works and what doesn’t.
(vi) Product Development: Feedback from market research can be used to improve products or services.
(vii) Establish Performance Metrics: Firms can establish performance goals based on market research.
(viii) Facilitate Decision Making: It provides data and insights that help firms make informed decisions.
(c)
CHOOSE ANY FOUR (4)
(I) Sets Direction: Marketing planning defines the direction for marketing efforts.
(ii) Resource Allocation: It helps in effective allocation of resources to achieve marketing goals.
(iii) Coordination: Marketing planning ensures that all marketing activities are coordinated and aligned with the business’s overall goals.
(iv) Risk Management: It helps identify potential risks and devise strategies to mitigate them.
(v) Competitive Advantage: With a good marketing plan, a business can gain an edge over its competitors.
(vi) Defines Goals and Objectives: It sets measurable goals and objectives for the marketing team.
(vii) Evaluation: A marketing plan provides a basis for evaluating marketing performance.
(viii) Efficiency: With a clear marketing plan, companies can operate more efficiently by avoiding wasteful spending and focusing on what works.
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(9)
CHOOSE ANY FIVE(5)
(I) Cost of Production: This includes all the costs involved in producing a product such as raw materials, labor, and overhead costs. If the cost of production rises, the price of the product usually increases.
(ii) Demand and Supply: If the demand for a product exceeds its supply, the price often increases. Conversely, if the supply is greater than the demand, the price typically decreases.
(iii) Competition: In a competitive market, businesses often lower prices to attract more customers. The price may also depend on the quality, features, and benefits compared to competing products.
(iv) Quality: High-quality products usually come at a higher price due to the costs associated with superior materials, skilled labor, and rigorous quality assurance processes.
(v) Brand Image: A strong brand can command higher prices because consumers perceive their products as superior and are willing to pay extra for the brand value.
(vi) Target Market: The characteristics and purchasing power of the target audience can greatly influence the price. If a product is aimed at luxury consumers, it can be priced higher.
(vii) Marketing and Distribution Costs: These include the costs of advertising, promoting, and distributing the product. If these costs are high, the product’s price might be increased to compensate.
(viii) Government Policies: Taxes, tariffs, and regulations can affect the cost of production or sale of a product, influencing its price.
(ix) Economic Conditions: In times of economic prosperity, people are willing to spend more, allowing companies to charge higher prices. Conversely, in economic downturns, prices might have to be lowered to stimulate sales.
(x) Technological Advancements: If a product incorporates the latest technology or innovation, it can often be priced higher due to the unique features or capabilities it offers.
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COMPLETED
ANOTHER SOLUTION
(1a) A product is a tangible or intangible item that is offered to customers in the marketplace for consumption or use. It can be a physical object, such as a car or a smartphone, or it can be a service, such as a haircut or a software application.
(1b)
(i)Consumer products: These are products that are purchased by individuals for personal use and satisfaction. Consumer products can be further divided into four subcategories: convenience products (low-priced items that consumers buy frequently and with little effort, such as snacks), shopping products (products that consumers compare and evaluate before purchasing, such as clothing), specialty products (unique products that consumers are willing to go out of their way to find, such as luxury watches), and unsought products (products that consumers may not actively seek out, such as emergency medical services).
(ii)Industrial products: These are products that are used by businesses to produce other goods or services. Industrial products can be categorized as materials and parts (raw materials or components used in the production process, such as steel or computer chips), capital items (long-lasting goods that are used in the production of other goods or services, such as machinery or buildings), and supplies and services (consumable items or activities used in the production process, such as office supplies or maintenance services)
(1c)
(i)Lack of market demand: One of the main reasons for the failure of new products is a lack of demand in the market. This can occur if the product does not meet the needs or wants of the target customers, or if there is insufficient consumer interest or awareness about the product. Conducting thorough market research and understanding the needs and preferences of the target market is crucial to avoid this failure.
(ii)Poor marketing and promotion: Another reason for new product failure is poor marketing and promotion efforts. Even if a product has a strong demand, if it is not effectively marketed and communicated to the target audience, it may not gain traction in the market. Inadequate advertising, improper positioning, or a lack of effective distribution channels can hinder the success of a new product. It is essential to develop a comprehensive marketing strategy and allocate sufficient resources towards promoting the new product to maximize its chances of success.
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NUMBER 2
2 (i) Mobilization of Workforce: Before marketing their products, firms need to mobilize their workforce by recruiting, training, and organizing employees. This involves identifying the necessary skills and competencies required for marketing activities and ensuring that the right employees are in place. Mobilizing the workforce also includes assigning roles and responsibilities, setting goals, and providing necessary resources to enable effective marketing efforts.
(ii) Utilization of Feedback: Firms need to collect and utilize feedback from various sources to improve their marketing strategies. This can include feedback from customers, sales representatives, market research, and social media platforms. By analyzing feedback, firms can gain insights into customer preferences, identify areas for improvement, and make necessary adjustments to their marketing plans.
*(iii) Production of Quality Goods and Services:* Producing high-quality goods and services is crucial for successful marketing. Firms need to ensure that their products meet or exceed customer expectations in terms of functionality, durability, and aesthetics. Quality control processes are implemented to ensure consistency and reliability, which helps build a positive brand image and customer satisfaction.
*(iv) Managing Distribution Network:* Firms need to establish and manage an efficient distribution network to ensure their products reach the target market effectively. This involves selecting appropriate distribution channels, such as wholesalers, retailers, or online platforms, and managing relationships with distributors. Firms also need to monitor inventory levels, logistics, and transportation to ensure timely and cost-effective product delivery.
*(v) Advertisement and Promotion:* Advertisement and promotion activities are essential for creating awareness and generating demand for the firm’s products. This can include various marketing techniques such as print and digital advertising, social media marketing, public relations, and sales promotions. Firms need to develop compelling marketing messages, select appropriate communication channels, and allocate budgets to effectively reach their target audience and create a strong brand presence.
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*NUMBER 7 :
*(7a)*
A consumer market is one where retailers sell goods and services to customers for personal use or consumption.
*(7b)*
(PICK ANY FOUR)
(i) Pursue promising business opportunities.
(ii) Make informed business decisions.
(iii) Stay current and relevant to customers.
(iv) Develop new and effective marketing strategy.
(v) Identify avenue for growth.
(vi) Reduce risk and gain support from stakeholders.
(viii) Take sales to the next level.
(ix) Refine messaging during pivotal moments.
(x) Save time and money.
*(7c)*
(PICK ANY FOUR)
(i) To face future uncertainties.
(ii) Provides focus to marketing activities.
(iii) Best utilization of opportunities.
(iv) Determination of the right marketing mix.
(v) Satisfaction of the customer.
(vi) Best coordination.
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*NUMBER 8 :
*(8a)*
*(i) Definition :*
An intensive distribution involves selling a product in as many outlets as possible *WHILE* An exclusive distribution involves selling a product through one or very few outlets.
*(ii) Examples :*
Examples of Intensive distribution include groceries, household products and magazines *WHILE* examples of Exclusive distribution include automobiles, designer clothes and caviar.
*(iii) Major Disadvantages :*
In Intensive distribution, the major disadvantage is limited channel control *WHILE* in Exclusive distribution, the major disadvantage is limited sales potential.
*(8b)*
*(PICK ANY FOUR)*
(i) Sorting.
(ii) Accumulation.
(iii) Assorting.
(iv) Promotion.
(v) Negotiation.
(vi) Risk Taking.
(vii) Allocation/Packing.
*EXPLANATION :*
(PICK ANY FOUR YOU LISTED ABOVE)
*(i) Sorting :* Distribution channels can sort out large heterogeneous products produced by businesses into smaller and manageable homogenous units (i.e., according to quality, size and price). They aim at ensuring that varieties of products produced in large amounts are eventually converted into products / services consumed by their customers at targeted markets across different locations.
*(ii) Accumulation :* Accumulation is a significant function of distribution channels which involves recognising changes in demand for products/services across several markets. Accordingly, these channels accumulate inventories and/or unsold products to maintain quality and price stability in the market.
*(iii) Assorting: :* Distributors also assort various products by collecting different products in small volumes for retail distribution. Assorting by distributors directly caters to customers wants for variety of products but in small volume. For example, shampoos, toothpaste, soaps, detergents, etc., are produced in bulk but assorted in retail shops in small volumes for customers.
*(iv) Promotion :* As they have an advantage of being in proximity to the demand and supply forces of the market they can strategically contact and promote the products to the end-customers. Depending on the product, distribution channels can promote through special displays, sale or discount prices, inclusion in advertisements on television, Internet, etc.
*(v) Negotiation :* Negotiation among distribution channels is a unique way of maintaining relationships between vendors, distributors and producers. Relationships are maintained by mutually acceptable rules on pricing (tariffs), delivery time and methods, payment methods and schedules to avoid conflicts and maintain cost-effective costs of distribution.
*(vi) Risk Taking :* Distribution channels undertake risks by making advance payments to producers for products that have not been sold to customers. They undertake risks associated with possible damage during transportation, assortment, packaging, possibility of low demand, shortages in supply, etc. for products.
*(vii) Allocation/Packing :* The assorted products are again allocated into smaller packages and distributed to customers across different regions depending upon the demand for the assorted products.
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*NUMBER 9 :*
*(PICK ANY FIVE)*
(i) Product Cost.
(ii) The Utility and Demand.
(iii) Extent of Competition in the Market.
(iv) Government and Legal Regulations.
(v) Marketing Methods Used.
(vi) Economic Environment.
(vii) Marketing Position of the Company.
(viii) Buying Pattern of the Customer.
*EXPLANATION :*
(PICK ANY FIVE YOU LISTED ABOVE)
*(i) Product Cost :* The most important factor determining the price of a product is its cost. Product cost refers to the total of fixed costs, variable costs and semi variable costs incurred during the production, distribution and selling of the product. Fixed costs are those costs which remain fixed at all the levels of production or sales. The price for a commodity is determined on the basis of the total cost. So sometimes, while entering a new market or launching a new product, business firm has to keep its price below the cost level but in the long rim, it is necessary for a firm to cover more than its total cost if it wants to survive amidst cut-throat competition.
*(ii) The Utility and Demand :* Usually, consumers demand more units of a product when its price is low and vice versa. However, when the demand for a product is elastic, little variation in the price may result in large changes in quantity demanded. In case of inelastic demand, a change in the prices does not affect the demand significantly. Thus, a firm can charge higher profits in case of inelastic demand. Moreover, the buyer is ready to pay up to that point where he perceives utility from product to be at least equal to price paid. Thus, both utility and demand for a product affect its price.
*(iii) Extent of Competition in the Market :* The nature and degree of competition in the market is another important determinant. A firm can fix any price for its product if the degree of competition is low. However, when the level of competition is very high, the price of a product is determined on the basis of price of competitors’ products, their features and quality etc. For example, Michelin Tyre company cannot fix the prices of its Tyres without considering the prices of Bridgestone Tyre Company, Goodyear Tyre company etc.
*(iv) Government and Legal Regulations :* The firms which have monopoly in the market, usually charge high price for their products. In order to protect the interest of the public at large, the government intervenes and regulates the prices of the commodities for this purpose. For example, in case of essential commodities, the government can declare a maximum price that can be charged. Example, Life saving drugs.
*(v) Marketing Methods Used :* Methods of marketing used by the firm such as distribution, advertisement, customer services, branding quality of salesmen, type of packaging, etc. also affect the determination of prices. For example, if the firm uses intense advertising for the promotion of the product, then it would charge a higher price. On the same vein, a firm will charge high profit if it is using expensive material for packing its product,
*(vi) Economic Environment :* The economic environment of the country is an important factor affecting the pricing of a commodity. In the boom period, high prices may be fixed so as to cover the increasing cost of production. On the contrary, in the recession period, prices are reduced considerably is so as to maintain the level of turnover of the product.
*(vii) Market Position of the Company :* The market position of the company or the image of the company in minds of consumers as to Goodwill for the quality product etc may also influence the pricing decision of the company, such as Tata, Godrej, Apple, Google, Samsung, etc.
*(viii) Buying Pattern of the Consumer :* Buying the pattern of the consumer also plays an important role in the pricing of the product. If the Purchase frequency of the product is higher, lower prices may be fixed to have a lower profit per unit resulting in higher sales along with higher lower overall total profits. On the contrary, low-frequency products are sold at high margin profit and, therefore, at high prices, such as TV, Refrigerator, air conditioners, cars, etc.
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