WAEC 2023 Marketing Essays & Objective Answers Now Available

MARKETING OBJ

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MARKETING ESSAYS

(2a)
(i)Need Identification: Mr. Oke recognized the need to purchase a television set for his family. This step involves identifying the requirements, preferences, and specifications of the product to meet his family’s entertainment needs.

(ii) Research and Evaluation: After identifying the need, Mr. Oke conducted thorough research on different television models, brands, features, and prices. He gathered information from various sources

(iii)Decision Making: Once Mr. Oke had gathered sufficient information, he analyzed the available options and compared them against his requirements and budget.

(iv)Purchase and Post-Purchase Evaluation: After finalizing his decision, Mr. Oke proceeded with the actual purchase of the chosen television set. He identified the most reliable retailer and made payment.

(2b)
(PICK ANY FIVE)

(i)Organizational goals and objectives: The committee’s buying behavior is influenced by the goals and objectives of the organization.

(ii)Budget and financial considerations: The financial resources available to the committee can greatly influence their buying behavior.

(iii)Organizational policies and procedures: Committees often have to adhere to specific organizational policies and procedures when making purchasing decisions.

(iv)Stakeholder input and influence: Committees are composed of multiple individuals representing various departments or functions within the organization

(v)Product specifications and quality: The specifications and quality of the product or service being considered will impact the committee’s buying behavior.

(vi)Vendor reputation and relationships: The reputation and relationships with potential vendors can influence the committee’s buying behavior.

(vii)Market trends and external factors: Committees also consider market trends, industry developments, and external factors that could impact their buying decision

(3a)
(i) South Africa offers a potentially lucrative market with a sizable population and a growing economy.

(ii)JK Ltd may possess a competitive advantage in its industry or product offering, which it believes can be successfully leveraged in the South Africa market.

(iii)Expanding into a new market like South Africa allows JK Ltd to diversify its business operations, reducing dependence on a single market (Nigeria).

(iv) JK Ltd may have strategic objectives, such as global expansion, increased market presence, or access to resources, which align with entering the South Africa market.

(3b)
(i)Exporting: JK Ltd can choose to export its products from Nigeria to South Africa. It is relatively low-cost and allows the company to test the market before making larger investments.

(ii)Licensing or Franchising: JK Ltd could enter the South Africa market by licensing its products, technologies, or brand to local partners or franchising its business model.

(iii)Joint Venture: JK Ltd can form a joint venture with a South African company, creating a new entity that combines the resources, expertise, and market knowledge of both partners.

(iv)Direct Investment: JK Ltd could opt for direct investment by establishing a wholly-owned subsidiary or acquiring an existing company in South Africa.

(4a)
PRODUCT:
(PICK ANY TWO)
(i) Product Design
(ii) Product Variety
(iii) Product Development
(iv) Product Life Cycle
(v) Product Differentiation

PRICE:
(PICK ANY TWO)
(i) Pricing Strategy
(ii) Price Adjustment
(iii) Price Elasticity
(iv) Price Positioning
(v) Price Skimming

PROMOTION:
(PICK ANY TWO)
(i) Advertising
(ii) Personal Selling
(iii) Sales Promotion
(iv) Public Relations
(v) Publicity

PLACE (Distribution):
(PICK ANY TWO)
(i) Distribution Channels
(ii) Channel Intensity
(iii) Logistics and Transportation
(iv) Channel Conflict
(v) Physical Distribution

(4b)
(PICK ANY FOUR)
(i) Economic Factors: Economic factors include elements such as inflation, interest rates, economic growth, etc. During periods of economic recession, consumers tend to reduce their spending, which can affect the demand for products and services.

(ii) Technological Factors: Technological factors refer to advancements and innovations in technology that can influence the marketing environment.

(iii) Social Factors: Social factors encompass societal trends, cultural norms and consumer attitudes and behaviors. These factors shape consumer preferences and influence their buying decisions.

(iv) Legal and Regulatory Factors: Legal and regulatory factors involves laws, regulations, and government policies that impact the marketing environment.

(v) Competitive Factors: Competitive factors include the actions and strategies of competing firms within the industry.

(vi) Environmental Factors: Environmental factors pertain to the physical and ecological conditions that can impact marketing activities. Increasingly, consumers are becoming more environmentally conscious, leading to a growing demand for sustainable and eco-friendly products.

(5a)
(PICK ANY FIVE)
(i) Jo-Bo should ensure a different variety of products are available in his retail outlet to cater to different customer preferences and needs.
(ii) Jo-Bo should focus on providing high-quality products that meet or exceed customers expectations.
(iii) Jo-Bo should offer competitive prices for his products compared to other retailers in the area.
(iv) Jo- Bo should Provide excellent customer service for customer retention.
(v) Implementing a loyalty program or offering incentives such as discounts or reward points, for repeat customers.
(vi) Jo-Bo should ensure his retail outlet is visually appealing and well-organized.
(vii) Jo-Bo should engage in effective marketing strategies to create awareness and attract new customers.
(viii) Jo-Bo should actively seek feedback from customers to understand their needs and preferences better.

(5b)
(PICK ANY FIVE)
(i) By starting his own retail outlet, Jo-Bo can become financially independent.
(ii) Running a business allows Jo-Bo to gain valuable entrepreneurial experience.
(iii) By establishing his retail outlet, Jo-Bo contributes to job creation in his neighborhood.
(iv) As the owner of his business, Jo-Bo has the freedom to set his own working hours and make decisions independently.
(v) He will be able to learn continously and experience personal growth.
(vi) Establishing a retail outlet in his neighborhood can earn Jo-Bo recognition and respect from the community.
(vii) If Jo-Bo’s retail outlet proves successful, he can consider expanding his business.
(viii) Building a successful business can potentially lead to long-term wealth creation for Jo-Bo.

(6a)
-[PICK 5]-
(i). Cost of production and distribution
(ii). Competitor prices and market share
(iii). Customer demand and behavior
(iv). Product quality and differentiation
(v) Legal and ethical constraints
(vi). Brand image and reputation
(vii) Pricing objectives and strategy

(6b)
(i). Television offers a wider reach and audience compared to electronic billboards, allowing advertisers to target a broader demographic.
(ii). Television allows for more creative and engaging advertising, using techniques such as storytelling and visual effects to capture viewers’ attention.
(iii) Television offers the ability to schedule ads during popular shows and events, reaching a large number of viewers at once.
(iv). Television ads can be measured and evaluated through ratings, allowing advertisers to understand the effectiveness of their campaigns.
(v). Television provides a trusted and authoritative platform, which can lend credibility to the advertiser’s message.

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