Welcome to “Naijaclass Academy” For Neco 2024 Marketing Answers

 

Date: Friday, 19th July 2024
Marketing (Objective & Essay) 10:00am – 12:40pm

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MARKETING OBJ
01-10: DCDECCBBBC
11-20: ACCDCDDCEB
21-30: CBAEEDDBCB
31-40: EACCAEBCEE
41-50: DDEBDABBDE
51-60: ADBCCCDBCB

2024 MARKETING ANSWER (ANSWER ANY 5)

1(a) The marketing environment consists of external forces that directly or indirectly influence an organization’s acquisition of inputs and generation of outputs, comprising internal and external environments. The internal environment includes factors within the organization, such as employees, management, and corporate culture. The external environment is divided into the microenvironment (customers, suppliers, competitors, intermediaries, and the public) and the macro environment (demographic, economic, natural, technological, political, and cultural forces).

(1b) i. Economic Growth:- Marketing stimulates economic growth by creating demand for goods and services. This leads to increased production and sales, contributing to GDP growth.

ii. Employment Creation:- The marketing industry provides numerous job opportunities in various sectors, including advertising, sales, market research, and logistics.

iii. Consumer Awareness:- Marketing educates consumers about available products and services, helping them make informed purchasing decisions and enhancing their standard of living.

iv. Attraction of Foreign Investment:- Effective marketing strategies can attract foreign investors by showcasing Nigeria’s market potential, contributing to economic development and infrastructure improvement.
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(2a) i. Focus:- The selling concept focuses on the needs of the seller, aiming to convert products into cash through aggressive sales techniques. The marketing concept, on the other hand, focuses on the needs of the consumer, aiming to meet these needs through tailored products and services.

ii. Approach: The selling concept employs a push approach, emphasizing promotion and sales to achieve profit. The marketing concept employs a pull approach, emphasizing understanding and satisfying customer needs to build long-term relationships and ensure repeat business.

(b)
i. Product:- Refers to what the company is offering to the consumer, which could be a tangible good or an intangible service. It involves decisions about product design, features, quality, brand name, and packaging.

ii. Price:- Refers to the amount of money consumers have to pay to acquire the product. It involves pricing strategies, discounting, payment terms, and financing options to attract the target market.

iii. Place:- Refers to how the product is distributed and made available to the consumer. It involves decisions about distribution channels, locations, inventory management, and logistics.

iv. Promotion:- Refers to the various ways of communicating with the target market to persuade them to buy the product. It involves advertising, sales promotion, public relations, and personal selling.
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(3)(i) Government market:- This consists of government agencies and institutions that purchase goods and services for public use or for providing services to citizens. These markets are characterized by formal procurement processes and significant purchasing power.

(ii) Institutional market:- This includes entities such as schools, hospitals, and non-profit organizations that purchase goods and services to support their operations. These markets focus on quality and cost-efficiency.

(iii) Reseller market:- This consists of intermediaries such as wholesalers and retailers who purchase goods to resell them at a profit. They focus on buying products that will appeal to their customers and yield high sales volume.

(iv) Product development:- This refers to the process of creating new products or improving existing ones to meet customer needs better. It involves idea generation, product design, prototype testing, and market introduction.

(v) Raw materials:- These are the basic materials that are processed or transformed into finished goods. They are essential for manufacturing and production processes in various industries.
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(4a) i. Buying Behavior:- Consumer market involves individual or household purchases for personal use, characterized by emotional buying decisions. Organizational market involves purchases by businesses for operational needs, characterized by rational and strategic buying decisions.

ii. Volume of Purchase:- Consumer market purchases are typically small in volume and frequency. Organizational market purchases are often large in volume and less frequent, involving bulk buying and long-term contracts.

(b)
i. Identifying Market Opportunities:- To discover new markets or segments and assess their potential.

ii. Understanding Consumer Needs:- To gather insights into customer preferences, behaviors, and motivations.

iii. Reducing Risk:- To make informed decisions and reduce the risk of product failure.

iv. Improving Product Offerings:- To enhance product features and ensure they meet customer expectations.

v. Competitive Analysis:- To analyze competitors’ strategies and market positioning.

vi. Evaluating Marketing Performance:- To assess the effectiveness of marketing campaigns and strategies.

(c)
i. Systematic Approach:- It follows a structured and organized method for data collection and analysis.

ii. Objective Analysis:- It provides unbiased and accurate information for decision-making.

iii. Relevance:- It focuses on addressing specific marketing problems and providing actionable insights.

iv. Timeliness:- It ensures that the information is collected and analyzed promptly to support timely decisions.
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(5a) Warehousing is the process of storing goods in a large, organized facility (warehouse) until they are needed for distribution or sale. It involves managing inventory, handling, and safeguarding products to ensure they are available when required.

(5b) i. Storage:- Warehouses provide space to store raw materials, work-in-progress items, and finished goods until they are needed.

ii. Inventory Management:- They help manage inventory levels, ensuring products are available when required and reducing the risk of stockouts.

iii. Order Fulfillment:- Warehouses facilitate the picking, packing, and shipping of orders to customers or retail outlets, enhancing distribution efficiency.

iv. Value-Added Services:- They offer additional services such as packaging, labeling, and assembly, helping firms meet specific customer requirements and improving product readiness.
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(6)
i. Cost-Plus Pricing:- Determine the total cost of producing the product and add a markup percentage to ensure a profit margin.

ii. Value-Based Pricing:- Set prices based on the perceived value of the product to the customer, considering factors such as quality, brand reputation, and unique features.

iii. Competitive Pricing:- Analyze competitors’ prices and set your prices at a similar level, slightly lower or higher, depending on your market positioning.

iv. Penetration Pricing:- Set a low initial price to attract customers and gain market share quickly, then gradually increase the price as demand grows.

v. Price Skimming:- Set a high initial price for a new or innovative product to maximize profits from early adopters, then lower the price over time to attract a broader customer base.
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( 7)
(i) Joint ventures:- A business arrangement where two or more parties collaborate on a specific project or business activity, sharing resources, risks, and profits while retaining their separate legal identities.

(ii) Exporting:- Selling goods and services produced in one country to customers in another country. It involves cross-border trade and can be direct (selling directly to foreign buyers) or indirect (using intermediaries).

(iii) Direct investment: Investing in foreign markets by establishing business operations or acquiring assets, such as factories, offices, or entire companies, to gain a long-term presence and control.

(iv) Tariffs: Taxes or duties imposed by a government on imported or exported goods. Tariffs are used to protect domestic industries, generate revenue, and regulate trade.

(v) Import quota: A limit set by a government on the quantity of a specific product that can be imported within a given period. Quotas aim to protect domestic industries from foreign competition and manage trade balance.

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(8a)Market segmentation is the process of dividing a broad consumer or business market into smaller, more homogeneous groups of customers with similar needs, preferences, or characteristics. This enables firms to tailor their marketing efforts to specific segments for more effective targeting.

(8b)
i. Product Selection: Choosing the right mix of products to meet customer needs and preferences, ensuring variety and relevance.

ii. Pricing Strategy: Setting prices for products to balance profitability and competitiveness, considering factors such as cost, demand, and market conditions.

iii. Promotion: Planning and implementing promotional activities, including advertising, sales promotions, and in-store displays, to attract and engage customers.

iv. Inventory Management: Monitoring and managing stock levels to ensure product availability, minimize stockouts, and reduce excess inventory, optimizing sales and profitability.
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(9a) Marketing planning is the process of developing and implementing strategies and tactics to achieve marketing objectives. It involves analyzing the market environment, setting goals, and outlining actions to reach target customers and achieve business growth.

(9b)
i. Market Analysis: Conducting research to understand market trends, customer needs, and competitive landscape to inform strategic decisions.

ii. Goal Setting: Defining specific, measurable, achievable, relevant, and time-bound (SMART) marketing objectives that align with overall business goals.

iii. Strategy Development: Formulating strategies to position the brand, target key segments, and create a unique value proposition