NECO 2021 Marketing Obj And Essay Answer – July/August Expo

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MARKETING OBJ

1-10: BAEDACAAAB

11-20: DEBEBCCCAE

21-30: EBDDABCCCC

31-40: EBBDBCBBDA

41-50: DAAADAAAEE

51-60: CABCBADBEB

MARKETING ANSWER

(1b)

(i) Nature of Product.

(ii) Nature of Market.

(iii) Distribution Expenses.

(iv) Popularity of Goods.

(v) Price and Profit.

[Explanation] 

(i) Nature of Product: Nature of product has influence on the selection of channel of distribution. In the case of industrial goods like machinery and equipment the manufacturer sells directly to industrial user, but in the case of tools, sales take place through middlemen.

(ii) Nature of Market: Choice of suitable channel of distribution also depends on the nature of market. Location of the market and the buying habits of buyers are also analysed.

(iii) Distribution Expenses: It the producer makes direct selling, he will have to spend on distribution. But, if the product gets good response from the dealers, a producer will prefer to sell through them to reduce his distribution expenses.

(iv) Popularity of Goods: If the goods are popular among the consumers, the dealers themselves come forward to buy. Then the producer may not like to open his own shops to sell the goods.

(v) Price and Profit: Where the price of goods is low and the profit margin is small, the producer sells through a middle man. It is profitable for the producer to sell through the dealers.

Choose any Best Four

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*QUESTION 2*

 2(a)

Market union are group of people that are responsible of coordinating and maintaining peace and order in the markets.

2(b)

Primary products are the least- processed form of biological material that humans harvest for use e.g potatoes .

          WHILE

Secondary products are product that are bought often in a routine manner without much though on regular basis e.g clothes

2(c)

(1) They are responsible for settlement of disputes through negotiations,joint consultant and voluntary arbitration

(2)They prevent market union from exploitation of personal and political interest

(3)They also ensure availability of goods and services

(4)They englighten customers about products and services

(5) They facilities communication between unions and its members

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*QUESTION 3*

3(a)

(1) Enhancing marketing efficiency and performance

(2) It determine who will get the goods

(3)It determine what goods are to be produced and in what quantities

(4)It determine  how the goods are to be produced

3(b)

(1)Cost -plus pricing

(2) price skimming

(3) premium pricing

(1) Cost -plus pricing: This is the simplest pricing method.The firm calculates the cost of producing the product and adds a percentage (profit) to that price to give the selling price .This method although simple has two flaws;it takes no account of demand and there is no way of determining if potential customers will purchase the product at the calculated price. After all , customers are not too bothered on what it cost to make the product , they are interested in what value they drive from the product.

(2)price skimming: skimming involves setting a high price before other competitors

 come into the markets.This is often used for the launch of a new product which faces little or no competition- usually due to some technological features.Such products are often bought by"early adopters" who are prepared to pay a higher price to have the latest or best product in the market.Good example of price skimming include innovative electronic products ,such as the Apple ipad and sony playstation 3.

(3) Premium pricing: This  is the practice of keeping the price of a product or service artificially high in order to encourage favourable perceptions among buyers , based solely on the price.The practice is intended to exploit the (not necessarily justifiable) tendency for buyers to assume that expensive items enjoy an exceptional reputation, are more reliable or desirable, or represent exceptional quality and distinction.

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*(NUMBER 6)*

Bargaining  is a type of negotiation in which the buyer and seller of a good or service dispute the price and the exact nature of the transaction with the goal of coming to an agreement.

*(6b)*

(i) Communication:

Essential communication skills include identifying nonverbal cues and verbal skills to express yourself in an engaging way. Skilled negotiators can change their communication styles to meet the listener’s needs

(ii) Active listening:

Active listening skills are also crucial for understanding another’s opinion in negotiation. Unlike passive listening, which is the act of hearing a speaker without retaining their message, active listening ensures you’re able to engage and later recall specific details without needing information repeated.

(iii) Emotional intelligence:

Emotional intelligence is the ability to control your own emotions and recognize others' feelings, Being conscious of the emotional dynamics during negotiation can allow you to remain calm and focused on the core issues. If you're unsatisfied with the current negotiation, express the need for a break so you and the other party can return later with refreshed perspectives.

(iv) Patience

Some negotiations can take a long time to complete, occasionally involving renegotiation and counteroffers. Rather than seeking a quick conclusion, negotiators often practice patience to properly assess a situation and reach the best conclusion for their clients.

(v) Planning:

Negotiation requires planning to help you determine what you want. You should consider what’s the best possible outcome, what’s your least acceptable offer and what you will do if an agreement isn’t reached. The ability to prepare, plan and think ahead is crucial to a successful negotiation. Planning skills are necessary not only for the negotiation process but also for deciding how the terms will be carried out.

(vi) Problem-solving:

Negotiation requires the ability to see the problem and find a solution. If a price is too high, how can it be lowered? If a resource is in short supply, what can be done to increase it? Being able to find unique solutions to problems may be the determining factor in compromise.

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*QUESTION 7*

(7ai)

Market Environment is a term that is used to collectively identity all the elements that have some impact on the actual performance of a market. This includes events and factors that occur within the context of the market itself and also any elements that are based outside the market.

(7aii)

Marketing Mix is a general phrase used to describe the diifferent kinds of choices organizations have to make in the whole process of bringing a product or service to market. Marketing Mix simply means putting the right product in the right place, at the right price, at the right time. It is often synonymous with for Ps: Price, Product, Promotion and Place.

(7aiii)

Promotion Mix is the business of communicating with customers. It will provide information that will assist them in making a decision to purchase a product or service. Promotion Mix comprises elements such as: advertising, public relations, personal selling and sales promotion.

(7aiv)

Government Market: The government market consists of government units at federal, state and local levels. Agencies at all levels purchase goods and services used in performing critical governments functions. Government are huge customers of all kinds of products.

(7av)

Shopping Goods: These are goods/products consumers purchase and consume on a less frequent schedule compared to convenience products. Consumers are willing to spend more time locating these products since they are relatively more expensive than convenience goods. Examples are clothing products, personal services, electronic products and household furnishings.

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*QUESTION 8* 

8(a)

Consumer behavior is the study of the individuals, groups ,or organizations and the processes they use of select,secure ,use ,and dispose of products , services, experiences,or Ideas to satisfy needs and the impacts that these processes have on the consumer and society.

     WHILE

Organization behavior is the decision making process by which formal organization establish the need for purchased products and services and Identify , evaluate and choose among alternative brands and suppliers.

8(b) *[ pick 4* ]

(1) Family 

(2) personality

(3)Beliefs and attitudes

(4)Age and life cycle stage

(5) perception

(1) Family: Family members can strongly influence buyer behaviour.The family is the most important consumer buying organization society and it has been researched extensively.Marketers are interested in the roles ,and influence of the husband, wife and children on the purchase of different products and services.

(2) Personality:An individual's Personality also affects his buying behaviour .Every individual has his/her own characteristics personality traits which reflect in his/her buying behaviour.A fitness freak would always look for fitness equipment whereas a music lover would happily spend on musical instruments.CDs, concerts , musical shows,etc.

(3) Beliefs and attitudes: Belief is a descriptive thought that a person holds about something . Attitude,person's consistently favourable or unfavourable evaluations, feelings and tendencies towards an object or Idea.

(4)Age and life cycle stage: People change the goods and services they buy over their lifetimes.Tastes in food , clothes, furniture ,and recreation are often age related. Buying is also shaped by the stage of the family life cycle.A bachelor would prefer spending lavishly on items like beer, bikes, music,clothes,parties, clubs and so on. A young single would hardly be interested in buying a house, property, insurance policies,gold ,etc. An individual who has a family ,on the other hand would be more interested in buying something which would benefit his family and make their future secure

(5) Perception:The process by which people select , organize ,and interpret information to form a meaningful picture of the world.

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*QUESTION 9*

9(a)

A marketing plan is a document that outlines the marketing strategies, tactics and activities that a business intends to employ to support either a brand or product. It reflects the implementation and control of the marketing elements of a business, providing direction for individuals and teams so that they’re aligned. In this respect, it is both a strategic and operational document.

9(b)

(1)it helps in raising finance for capital expenditure

(2)it prevents time wasting on ineffectual marketing activities.

(3)It saves money by helping to ensure that the marketing budget is spent effectively

(4)It helps to identify prerequisites planned activities

(5)It provides direction for all marketing effort

(6)It gives insight into new markets that may have previously been overlooked

9(c)

(1)Wide scope

(2) Commercial intelligence

(3)Statical tools

(4) Applied research

              COMPLETED

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