2019 WAEC MARKETING QUESTIONS AND ANSWERS

*Marketing*👇

MARKETING ANSWER

1-10: DECABAAACB
11-20: BDEBBBAEED
21-30: BCACABDCBC
31-40: ADEEEBABAB
41-50: CAAAAEAEEB
51-60: DADECAEECA

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MARKETING-ANSWERS

(1a)
(i)Color
(ii)Landscaping
(iii)Texture
(iv)Communication
(1b)
(i)Planning
(ii)Directing
(iii)Coordinating
(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
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(2a)
(i)This era gave rise to marketing departments
(ii)The era gave rise to marketing companies.
(iii)It led the relationship marketing and social media
(iv)mobile marketing was introduced
(v)The use of technology in marketing
(2b)
(i)Marketing creates employment
(ii)Marketing creates utilities.
(iii)Increases awareness of goods and services
(iv)Increases sales of company
(v)Marketing Helps in Transfer, Exchange and Movement of Goods
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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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(3b)
(i) Initial price of product = N4000
Selling price = N6000
Mark up = N6000 – N4000 = N2000
(ii)
(iii) Percentage markup on selling price = Mark up/selling price × 100/1
= 2000/6000 × 100/1
=33.3%
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(4a)
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.
(4bi)
(i)Basic human psychology.
(ii)Listening skills.
(iii)Prospect filtering.
(iv)Strategic positioning.
(4c)
(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, there is one thing that all entrepreneurs have in common: A daily routine.
(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.
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5a Advertising is any communication, usually paid-for, specifically intended to inform and or influence one or more people.

5b
(1) direct mail
(2) newspapers and magazines
(3) radio advertising
(4) television advertising (5) film advertising
(6) outdoor advertising

(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.

(2a)
(i)This era gave rise to marketing departments
(ii)The era gave rise to marketing companies.
(iii)It led the relationship marketing and social media
(iv)mobile marketing was introduced
(v)The use of technology in marketing
(2b)
(i)Marketing creates employment
(ii)Marketing creates utilities.
(iii)Increases awareness of goods and services
(iv)Increases sales of company
(v)Marketing Helps in Transfer, Exchange and Movement of Goods

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.

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