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2022/2023 WAEC Marketing OBJ & Theory/Essay Question And Answers is Out

Waec Marketing 2 (Essay)** – 09:30am – 11:30am


Waec Marketing 1 (Objective)** – 11:30am – 12:20pm





Waec 2022 marketing essay and objective 
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Marketing objective loading........

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Marketing Essay 

(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

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(2a)
*(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 focusses 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 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.
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(3)

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(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. 

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

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

(4b)
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(5)
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(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 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.

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Marketing OBJ: 2021
1-10:CBABAABCCD

11-20:ACBACCDAAD
21-30:DABDBABAAC

31-40:CCABAAAABB
41-50:ACCCDBAADB

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1a)

industrial product is a good used by a company for business consumption. It is distinct from a consumable goods, which is purchased by individuals for personal and family consumption.
-Example-

i)Natural product
ii)Farm Product

1b)
consumer product is a product bought by final consumers for personal consumption.

-Example-
i)Convenience product

ii)Shopping product
1c)

Primary products are goods that are available from cultivating raw materials without a manufacturing process.
-Example-

i)agriculture product
ii)fishing product

1d)
secondary product is Products processed from raw materials that are not a primary product of the company or industry.

-Example-
i)chemical product

ii)plant/natural product.


2a)

i) To solve a specific problem
ii) To identify the causes of a problem in an organisation

iii) To find out the need of the customer
iv) To help in appropriate project management

v) To help and assist the management in decision making

2b)

I) price off: this is when discount are given to customers for buying large quantity of a particular products
ii) salesman competition: when a company goods each sakes representative a target and at the end there is a benefit attached

iii) free gifts: this is a money of making customer purchase a particular products more by given them gifts.
iv) premium offer: is a scale promotion technique where the customer are given two or more products and they pay lower than the price of combine products

v) samples: this is the act of getting know of different products in market through careful design and analysis
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4a)
Transportation provides the physical means of carrying goods and persons from one place to another. In other words, it is concerned with carrying the goods from the places of production to the places of their consumption

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4b)

i)Comfort – This factor is at times ignored while some makes it priority depending upon the affordability. This is essential in case of travelling and ignored in case of transporting goods.
ii)Safety – Considering the increased cases of accidents safety becomes another important factor. Anyone will wish to ensure maximum available safety for their loved ones.

iii)Speed – This factor is another most important and deterministic factor depending upon the situation. Fastest mode may seem to be best
iv)Accessibility – This primarily deals with the ease of getting.boarding a vehicle. If a mode is not easily accessible then it loses its usefulness because of its unavailability in a certain condition.

v)Cost- It can also be linked to affordability of the user. This factor is one of the most dynamic as the willingness to pay changes on the basis or urgency and need to travel/transport.
vi)Integration with other modes – For long trips or trips which requires change of mode this factors becomes most significant for completion of the trip.

5a)
Market union is an organization whose membership consists of marketers and union leaders, united to protect and promote their common interests.

5b)
i)Standardization And Grading: Standardization and grading of products are the other important functions of marketing.

ii)Financing: Finance is as necessary in marketing as in production of goods or services.
iii)Risk-taking; Risk-taking is the other important facilitating functions of

marketing.
iv)To identify and source potentially successful products for the marketplace and then promote them by

differentiating them from similar products.
6a)

i) personal capital
ii) cooperative society

iii) loan from bank
iv) loan from friends and family

6b)
i) Nearest to the market; this can influence the location of new outlet considering the usefulness of the condemners

ii) site and land: the availability of land can influence the location of new outlet
iii) raw materials: the outlet must located close to where the raw materials can accessed easily

iv) labour; the availability of cheap labourers can influence the location of the outlet. Labourers can be decreased




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See the Previous WAEC Theory and Objective answers below

MARKETING OBJ

1-10CAABDDBBBC
11-20BDCCCBCAAB

21-30CBDCCBDAAA
31-40ADABDDADBA


1a)

market refers to the group of consumers or organizations that is interested in the product, has the resources to purchase the product, and is permitted by law and other regulations to acquire the product
1b)

-Market research- is about gathering information concerning your target customers
-Promotion; Most business owners are familiar with the idea of promotion

-Selling ;While we tend to think of selling and marketing as being closely linked, selling is last on the list of the seven functions of marketing
-Pricing; Setting the correct price for your product or service can be a challenge.


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1ci)
government market is a group of consumers that consists of local, state and federal authorities.the government market spends the most money of any other consuming group, and so presents an attractive marketing target for some businesses

1cii)
reseller market buyers who purchase with the intent of selling those products to others. The reseller market includes wholesalers, retailers, and distributors

1ciii)
Industrial marketing is the marketing of goods and services by one business to another. Industrial goods are those an industry uses to produce an end product from one or more raw materials.



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4a)
Political:Legislations,laws,economic policies made at all levels bring a great influence on the marketing activities of an organisation than any other indices

4b)
Cultural:It means that people and their socio-cultural customs and belief are fundamentally and basically what shape and determine the economy,political legal system and technology

4c)
Technological:This is the driving force for change in society and can be significant to marketer for a number of reasons.It can create better ways of satisfying existing needs and its identify latent needs

4d)
Economic:The existence of people of people has no meaning without money.Marketing programmes are affected by by economic growth interest rates.supply and demand for money price inflation and availability of credit

4e)
Social:This factor affect how and why people live behave as they do.It is essential factor because it has impact on the customer buying behaviour



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5a)

problem recognition The acknowledgement and definition of an issue that does or may arise during the performance of a process
5b)

Information Search is a stage in the Consumer Decision Process during which a consumer searches for internal or external information
5c)

Evaluating Alternatives During the evaluation of alternatives stage, the consumer evaluates all the products available on a scale of particular attributes
5d)

Purchase decision is the thought process that leads a consumer from identifying need, generating options, and choosing a specific product and brand.

5e)

Post-purchase behavior is when the customer assesses whether he is satisfied or dissatisfied with a purchase.

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