WAEC 2019 Marketing Obj & Essay Answer Now Available.

WAEC 2019 MARKETING ANSWER

1a) Entrepreneurship refers to the concept of developing and managing a business venture in order to gain profit by taking several risks in the corporate world. Simply put, entrepreneurship is the willingness to start a new business.

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 3ai) 

product concept" is based upon the idea that customers prefer

products that have the most quality, performance, and features, some customers prefer a product that is simpler and easier to use.

3aii) 

The Selling Concept proposes that customers, be individual or organizations will not buy enough of the organization's products unless they are persuaded to do so through selling effort. So organizations should undertake selling and promotion of their products for marketing success.

3aiii) 

Production Concept is a belief that states that the customers would always acquire products which are cheaper and more readily available (or widely available). The production concept advocates that more the products or

production, more would be the sales.

3aiv) 

The societal marketing concept holds that the organization's task is to determine the needs, wants, and interests of a target

market and to deliver the desired satisfactions more effectively and efficiently than competitors in a way that preserves or enhances the well being of both the individual consumer and society

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5a. Advertising is a marketing communication that employs an openly sponsored, non-personal message to promote or sell a product, service or idea. Sponsors of advertising are typically businesses wishing to promote their products or services. 

5b. Advertising media 

i. Radio advertising 

II. Television advertising 

iii. Newspapers ad

iv. Magazines ad

v. Internet ad

vi. Mobile advertising 

C. Disadvantage of Advertising 

a. Advertising leads to unnecessary rise in prices. An organisation has to spend large amount on advertising. It increases the cost of the products.

b. Undermines Social Values: Advertisement is a sort of day-dreaming for the people. These days it is taking the people away from reality and into the realm of artificiality.

C. Confuses the Buyers:

They come to realise later that the information given in the advertisement was something else whereas the actual product was quite different from it.

D. Some Advertisement is in Bad Taste: Many times, foul language and objectionable pictures are used in advertising in order to attract a particular class. They may be insulting to a particular class. It causes decay of social values.

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6a) 

1. Storage:

This is the basic function of warehousing. Surplus commodities which are not needed immediately can be stored in warehouses. They can be supplied as and when needed by the customers.

2. Price Stabilization:

Warehouses play an important role in the process of price stabilization. It is achieved by the creation of time utility by warehousing. Fall in the prices of goods when their supply is in abundance and rise in their prices during the slack season are avoided.

3. Risk bearing:

When the goods are stored in warehouses they are exposed to many risks in the form of theft, deterioration, exploration, fire etc. Warehouses are constructed in such a way as to minimise these risks. Contract of bailment operates when the goods are stored in wave-houses.

4. Financing:

Loans can be raised from the warehouse keeper against the goods stored by the owner. Goods act as security for the warehouse keeper. Similarly, banks and other financial institutions also advance loans against warehouse receipts. In this manner, warehousing acts as a source of finance for the businessmen for meeting business operations.

6Bii

1. A waybill is a document issued by a

carrier giving details and instructions relating to the shipment of a consignment of goods. Typically it will show the names of the

consignor and consignee , the point of origin of the consignment, its destination, and route .

6bii

2

consignment note

A shipping agreement between the consignor of a shipment and the carrier of the shipment, which records the receipt of goods for shipment to a specified destination. The consignment note also specifies the

consignee of the shipment and the fee for shipment, but unlike a bill of lading, is not a document of title.

3. A delivery note is a document sent with a shipment of goods that describes the goods and the quantities being delivered. A delivery note is crucial in the shipment of goods. It will list the products that are contained within the package. Delivery notes generally don't include the prices of the goods being shipped.

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(8ai)

Demand: is the total amount of

goods and services that all

consumers are willing and able

to purchase at a specific price in

a marketplace. In other words, it

represents how much

consumers can and will buy from

suppliers at a given price level in

a market.

(8aii)

Need: is a consumer's desire for

a product's or service's specific

benefit, whether that be

functional or emotional.

(8aiii)

Exchange: process is simply

when an individual or an

organisation decides to satisfy a

need or want by offering some

money or goods or services in

exchange.

(8aiv)

Market: is the exchange of goods

and services takes place as a

result of buyers and sellers being

in contact with one another,

either directly or through

mediating agents or institutions

(8av)

Transaction: is an activity in

which goods, services or money

is passed from one account or

person to another; and act of

doing business; an agreement,

exchange, contract that takes

place between two parties and

establishes a legal obligation.