2024 WAEC MARKETING: 2024 WAEC MARKETING MIDNIGHT QUESTIONS AND ANSWERS (8616)

(1ai)
Entrepreneurship is the act of coordinating the factors of production in a manner that makes a business venture profitable.

(1aii)
(i) Personal savings.
(ii) Loan and overdraft
(iii) Trade credit
(iv) Loan from cooperatives society

EXPLANATIONS:
(i) Personal savings: This is the funds put together by the entrepreneur.
(ii) Loan and overdraft: This is the funds from commercial banks.
(iii) Trade credit: This is the arrangement to receive goods and make payment in future date.
(iv) Loan from cooperatives society: This is the funds contributed via cooperative societies

(1b)
(PICK ANY SIX)
(i) Availability of customers.
(ii) Nearness to targeted customers.
(iii) Availability of road network.
(iv) The size of population.
(v) Availability and nearness to manufacturing plant.
(vi) Nearness to wholesaler and retailers.
(vii) Availability of raw materials
(viii) Availability of basic infrastructure
(ix) Economic policy

(1ai)
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.

(1aii)
(i)Retained Earnings Businesses aim to maximize profits by selling a product or rendering service for a price higher than what it costs them to produce the goods. It is the most primitive source of funding for any company.
(ii) Debt Capital Companies obtain debt financing privately through bank loans. They can also source new funds by issuing debt to the public.
(iii)Equity Capital Companies can raise funds from the public in exchange for a proportionate ownership stake in the company in the form of shares issued to investors who become shareholders after purchasing the shares.
(iv)Personal investment
When starting a business, your first investor should be yourself either with your own cash or with collateral on your assets. This proves to investors and bankers that you have a long-term commitment to your project and that you are ready to take risks.

(1b)
(i)Availability of raw materials
(ii)Nearness to market
(iii)Availability of basic infrastructure
(iv)Economic policy
(v)Demographics
(vi)Psychographics

(2ai)
(Pick one)
Marketing consists of the performance of business activities that direct the flow of goods and services from the producer to the consumer or users in order to satisfy customers and accomplish the company's objectives.

OR

Marketing can be defined as the process of communicating the value of a product or services to customers. It is also a process by which companies create customer interest in products or services.

(2aii)
(Pick Any Six)

(i)Risk bearing
(ii)financing
(iii)storage/warehousing
(iv)Buying/selling/Exchange
(v)Grading and standardizing
(vi) Marketing information Research
(vii) Transportation


(2b)
(i) Production concept: The production concept is the idea that a firm should focus on in relation to those products that it could product most efficiently. This concept focuses more on solving the problems l of production and little concern for the public satisfaction.

(ii) Product concept: This concept assumes that customers will favour those products that offer the most quality for the price and therefore it is important for companies to produce quality products. It explains that customers are primarily interested in product quality.

(iii) The 'copied from e x p o c o d e . n e t free' selling concept: Production of goods does not mean assure sales most times. The sales concept paid little attention to whether if the product was actually needed; the goal simply was to beat the competition to the sale with little regard to customer satisfaction

(iv) Marketing concept: Marketing concept focusses on increasing a company's ability to compete and achieve maximum profits by marketing the ways in which it offer better value to customers than its competitors. This concept lay emphasis on marketing management with the twin goals of customer orientation and profitable sales volumes.

(2a)
Marketing is the process of exploring, creating, and delivering value to meet the needs of a target market in terms of goods and services.

(2aii)
(i)Promotion.
(ii)Selling.
(iii)Product/service
(iv)management.
(v)Marketing information management.
(vi)Pricing.

(2b)
(i)The Production Concept; The production concept is focused on operations and is based on the assumption that customers will be more attracted to products that are readily available and can be purchased for less than competing products of the same kind.

(ii)The Product Concept; The product concept is the opposite of the production concept in that it assumes that availability and price don’t have a role in customer buying habits and that people generally prefer quality, innovation, and performance over low cost.

(iii)The Selling Concept
Marketing on the selling concept entails a focus on getting the consumer to the actual transaction without regard for the customer’s needs or the product quality a costly tactic.

(iv)The Marketing Concept; The marketing concept is based on increasing a company’s ability to compete and achieve maximum profits by marketing the ways in which it offers better value to customers than its competitors.

(3a)
(i) Receiving: Operations that involve the assignment of trucks to docks, the scheduling and execution of unloading activities

(ii) Storing: Material’s movement from unloading area to its designated place in inventory

(iii) Order Picking: This is the main and the most labour-intensive activity of warehouses. Amaka will be obtaining the right amount of the right products for a set of customer orders.

(iv) Shipping: Execution of packing and truck’s loading after picking, involving also the assignment of trucks to docks

(v) Delivery: The transit time for transportation from the warehouse to the customer is part of the activities that is carried out in Amaka's warehouse.

(3b)
(i) She must accept responsibility for the consequences of their activities and make every effort to ensure that their decisions, recommendations, and actions function to identify, serve, and satisfy all relevant public
(ii) Amaka should give a maximum privacy to every customer on internet by not bombarding potential customers with unwanted solicitations and information Provide customers
(iii) She should have a good customer service or commitment by notifying the customer immediately of items that are out of stock, have been discontinued, or other updates.
(iv) She should avoid copyright issues by asking for 'copied from e x p o c o d e . n e t free' permission before using someone’s site or material.
(v) She should ensure the security of her customers, making sure their personal information is not be traded or sold without permission.

(4ai)
Need: These are basic human requirements. They are the basic forces that motivate a person to think about and do something/take action.

(4aii)
Wants: These are things which you wish to have but they are not above your need. wants also refers to a wish or desire to own goods and services that give satisfaction

(4aiii)
Exchange: This means the act of obtaining a needed/wanted object by offering something in return. It is a value of creating process.

(4aiv)
Demand: This is the want for a specific product backed by an ability to pay. It's also consumer's desire to purchase goods and services and willingness to pay a price for a specific good

(4av)
Transaction: Transaction us an exchange between two things of value on agreed conditions and time and place of agreement.


(4b)

(4ai)
need is a consumer 's desire for a product 's or service 's specific benefit, whether that be functional or emotional.

(4aii)
want is the desire for products or services that are not necessary, but which consumers wish for.

(4aiii)
exchange is a marketplace where securities, commodities, derivatives and other financial instruments are traded.

(4iv)
demand is the total quantity demanded across all consumers in a market for a given good.

(4v)
transaction is a completed agreement between a buyer and a seller to exchange goods, services, or financial assets in return for money.

(4b)

Special offer
Okon enterprises ltd
Dealers in top electronic appliances in Nigeria like LG, SAMSUNG, SONY, HISENSE, THERMOCOOL. We sell smart television, washing machine, Generator, Blenders, Microwave and lots more
STORE: No.4 Okeke Adamu street, Lagos
CONTACT L: 06012345678
15% AMAZING DISCOUNT.
YES, THAT RIGHT!
Enjoy this discount on our newly available blenders, Television and Radio sets
You can't beat the dial

(6a)
(i)Suppliers include all the parties which provide resources needed by the organisation.

(ii)Market intermediaries include parties involved in distributing the product or service of the organisation. And Public is made up of any other group that has an actual or potential interest or affects the company’s ability to serve its customers

(iii)Partners are all the separate entities like advertising agencies, market research organisations, banking and insurance companies, transportation companies, brokers, etc. which conduct business with the organisation.

(iv)Customers comprise of the target group of the organisation. and competitors are the players in the same market who targets similar customers as that of the organisation.

(6b)
(i)loyal customers; Offer loyal customers an exclusive preview Your loyal customers are a key part of how to promote your product, because they are most likely to not only buy it, but also promote it to their networks.

(ii)special introductory; Use a special introductory offer
Rather than just announcing your new product or service, you can make it available as a part of a special introductory deal.

(iii)Run a social media contest; Social media contests are a fun, easy way of connecting with customers and bringing in more fans/followers and prospects for your business.

(iv)Host an event; Events not only get customers excited about your new 'copied from e x p o c o d e . n e t free' product or service, but can also get new prospects personally engaging with you or other employees of your business a great way to win them over as customers.