WAEC 2019 MAY/JUNE ANSWERS
WAEC 2019 MARKETING ANSWERS FROM EXAMCLASS.NET
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MARKETING OBJ ANSWERS
2019 MARKETING THEORY ANSWERS
(iv)Analysing past sales figures/trends to anticipate future product needs.
(v)Devising a merchandise plan using the above techniques.
(vi)Relaying the merchandise plan to the buyer who, in turn, can decide on what products, styles, colours etc
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.
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.
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.
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.
(i) Initial price of product = N4000
Selling price = N6000
Mark up = N6000 – N4000 = N2000
(iii) Percentage markup on selling price = Mark up/selling price × 100/1
= 2000/6000 × 100/1
An entrepreneur is an individual who, rather than working as an employee, founds and runs a small business, assuming all the risks and rewards of the venture.
(i)Basic human psychology.
(i)Establishing a Daily Routine: Many successful entrepreneurs develop, grow and maintain their business in different ways. Even though they have different methods that contribute to their success.
(ii)Exercising: Daily exercise is definitely something that you should include in your routine. Exercise is beneficial for both your physical and mental health, and taking time out of your day to run on a treadmill will boost your productivity.
(iii)Eating a Healthy Diet Food: acts as fuel for your body. What you eat has a significant impact on how you feel throughout the day. It’s important that you maintain a healthy diet if you want to be alert and productive all day long.
(iv)Hiring an Assistant: Most entrepreneurs are on a very tight budget when they get started, and hiring a staff is probably not a viable option. However, you should hire an assistant as soon as your company starts making a profit.
(v)Finding a Mentor: Mentors are extremely beneficial for young entrepreneurs. Even though the world of entrepreneurship may be new to you, there are people who have already gone through what you are going through.
Physical Evidence: While offering
your services, you can either do it
without adding a personal touch
or by differentiating your
offerings by adding an element
of delight to the customer. For
example, would you prefer to
visit a bookstore that only has a
stack of books with a cashier
Productivity: A service is
intangible and cannot be
measured in terms of look, feel
and other qualities present in a
commodity. However, it can be
customized to suit the user
requirements and give a
personal touch. In other words
needs to be designed with the
utmost care to increase customer
Process: How efficiently your
services are delivered to the
customer is an important aspect
of your service blueprint and you
need to emphasize on setting up
a process for doing so. You need
to ask yourself “Do I want to
have a process in place that is
quick, reliable and easy to
professionalism: identify the
strategies and techniques of
service used to attract customers
to a business. In other words
They determine pricing based on
product demand and supply, help
maximize a firm’s profits, and
grow market share for a
business and services.
Pro-activeness: is a form of
service that allows for marketers
to be agile, real-time, data-driven,
and adaptable to the ever-
changing space of what their
customers could be seeking to
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.
- 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.
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.
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.
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