Neco 2018 Marketing (Objective and Essay) Answers – June/July Expo

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          MARKETING

(1)

(i)Convenience products

(ii)Shopping products

(iii)Speciality

(iv)Unsought products

(i) Convenience products: The convenience product is bought most frequently. A convenience product is a consumer product or service that customers normally buy frequently, immediately and without great comparison or buying effort

Example:-include articles

such as laundry detergents, fast food, sugar and magazines.

(ii) Shopping products: Shopping products are a consumer product that the customer usually compares on attributes such as quality, price and style in the process of selecting and purchasing.

Example:-Types of consumer products that fall within the category of shopping products are: furniture, clothing, used cars, airline services etc.

(iii) Speciality Product: Speciality products are consumer products and services with unique characteristics or brand identification for which a significant group of consumers is willing to make a special purchase effort.

Example:- include specific cars, professional and high prices photographic equipment, designer clothes etc.

(iv) Unsought products: Unsought products are those consumer products that a consumer either does not know about or knows about but does not consider buying under normal conditions.

Example:- invoices insurance, pre-planned funeral services etc.

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(2a)

Marketing concept is a marketing philosophy which sees the consumer or client as the central focus of all the activities of an organisation because no organisation can survive without the continued patronage of its consumer

2b)

i)Production concept:-The production concept is the idea that a firm should focus on in relation to those products that it could produce most efficiently and that the creation of a supply of low - cost products would in and of itself create the demand for the product

ii)Social Marketing Concept:-Social marketing concept embodies a higher and more enlightened plane of marketing thought and practice. The concept has an emphasis on social responsibility and suggest that for a company to only focus on exchange relationship with customers might not be in order to sustain long term success

iii)Consumer Orientation approach:-

Modern marketing concept is a concept that embraces understanding that marketing activities is consumer - oriented. This concept is very popular because the marketing activities of this concept is built on assumptions and application of thought like "More customers know what they need".

iv)Integrated Organization effort:-While an organization becomes larger and more complex, they tend to break functions into smaller units by assigning a group of staff to specialize in these activities. This allows the organization to manage the complexity of the organization. But with time, no decision maker can take good decisions with isolated information that they get from the information of the individual departments.

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4a)

promotion mix describes a blend of promotional variables chosen by marketers to help a firm

reach its goals

4b)

i)Geographical coverage of method.

A firm should choose promotion method

that is most accessible to its customers.

ii)Target market.a firm should choose a promotion method that addresses specific age or gender.

iii)Cost of advertising.

The promoter should consider if the chosen

method of promotion is within his/ her

financial ability.

iv)Nature of product.

For products that require demonstration of

how they have used choice of appropriate

promotion method is necessary.

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5a

Marketing

Communication

Economic

Societal Role

5b

Advantages of Radio Advertising

-Selectivity

-Cost efficiency

-Flexibility

-Mental Imagery

Disadvantages of Radio Advertising

-Lack of a Visual Element

-Audience Fragmentation

-Limited Listener Attention

-Limited Research Data

5bii)

Advantages

i)Television reaches very large audiences: usually much larger than the audience your local newspaper reaches, and it does so during a short period of time.

ii)Since there are fewer television stations than radio stations in a given area, each TV audience is divided into much larger segments, which enables you to reach a larger, yet, more diverse audience.

iii)It has the ability to convey your message with sight, sound and motion, and can give a product or service instant validity and prominence.

iv)You can easily reach targeted audiences. 

Disadvantages

i)When you advertise on TV, your commercial is not only competing with others, it is also competing with the viewer’s environment as well.

ii)Even if your commercial is being aired, viewers may never see it unless it is intrusive enough to capture their attention.

iii)A minimum amount of airtime provides limited length of exposure and ad clutter.

iv)The message comes and goes, and that’s it! Unless you buy additional time, the viewer doesn’t see your commercial again.

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6a 

marketing plan is a comprehensive document that outlines a company’s overall marketing effort. It is a blueprint that that outlines how a company will implement its marketing strategy, and use a combination of resources to achieve business objectives including sales targets or customer acquisition.

6B

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7a

distribution channel is a chain of businesses or intermediaries through which a good or service passes until it reaches the end consumer. It can include wholesalers, retailers, distributors and even the internet itself.

7b

-Creating sales

-Marketing research

-Product planning

-Financial support

7c

(1) The Nature of the Product:

These factors include physical characteristics of a product and their impact on the selection of a particular channel of distribution. 

(2) The Nature of the market: 

This is another factor influencing the choice of a proper channel of distribution. In the words of Lazo and Corbin “Marketing managements select channels on the basis of customer wants-how, where and under what circumstances. The number of buyers of the product affects the choice of a f channel of distribution. 

(3) Government Regulations and Policies:

Government policies and regulations also influence the choice of distribution channels. The Government may impose certain restrictions on the wholesale trade of a particular product arid takeover the distribution of certain products. All these restrictions have a direct impact in selecting the channel of distribution.

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