Waec 2016 Marketing Obj And Theory Answers – May/June Expo - Gidifans

You Are Here: Home » Exam - Waec » Waec 2016 Marketing Obj And Theory Answers – May/June Expo - By Mr. Maraj On May 5, 2016 At 10:46 pm

use this Marketing obj

Pricing can be defined as the amount/
anything that is being used to facilitate change

Marketing concept is premised on the
identification and determination of the needs
and wants of the prospective clients or
customers,therefore the business firm must
adapt to the 4ps of the marketing mix ie
price,product,place and prom*tion to ensure
efficiency and effectiveness of meeting and
satisfying the needs and wants of the

-Product:This connotes the broad concept
that encompasses the satisfaction of all
consumer needs in relation to a good,service
or idea.It includes making decisions about
customer service,package design,brand
development,quality, feature and packaging
-Price:Price is the amount that is used to
facilitate exchange.Price is the most sensitive
one because customer sensitive marketing
mix because customer respond more to price
-Place:This is otherwise refers to as
distribution,time utilities and they conditions
that enable consumers and business users to
have product available for use when and
where they want them.
-Promotion:This relates to all marketing
activities made to convince potential
customers that the right product is available
at the right place and at the right price
through publicity,advertistment,sales
promotion, and other promotion techniques

Product are goods manufactured by organizations for the end-users.in other words product in a market place is something which a seller sells to the buyers in exchange of money.
product concepts
i)Quality orientation of the organization.
ii)Superior products at reasonable price.
iv)Quality improvements over time to attract customers.
-production Concept:
i)Production-orientation of the organization.
ii)High production efficiency through improved technology, standardization and mass production.
iii)Mass distribution of the product to facilitate wider availability.
iv)Low price to attract customers. Price is regarded as critical for marketing.
i)Marketers assess the marketing climate inadequately.
ii)The wrong group was targeted.
iii)A weak positioning strategy was used.
iv)A less-than-optimal “configuration” of
attributes and benefits was selected.
v)Bad pricing strategy was implemented.
vi)The advertisement generated an insufficient level of awareness.
vii)Cannibalization depressed corporate profits.

i)optional pricing
ii)competition pricing
i)it resembles what the buyer values the most
ii)it is required by law to pay the price of bargain
iii)to indentify how much profit you can make through cost of a production
iv)for price-targetting strategies
v)to allow trading to occure

Quality is a measure of excellence or state of being free from defects, deficiencies and significant variations
Intensive distribution is a marketing strategy under which a company sell through as many outlets as possible, so that the consumers encounter the products virtually everywhere they go; supermarket, drug store etc
In intensive distribution, the producers products are stocked in the majority of outlets. In selective distribution, the producer relies on a few intermediaries to carry their product
Exclusive distribution is an extreme form of selective distribution in which only one wholesaler, retailer or distributor is used in a specific geographical area. When a firm distributes its brand through just one or two major outlets in d market, which exclusively deal in it and not all competing brands, it is said that the firm is using exclusive distribution strategy
i) Not Keeping Promises
ii) Poor Customer Service
iii) Rude Staff
iv) No Omni-channel Customer Service
v) Not Listening to Customers
vi) Low Quality of Products or Services

Sale promotion may be defined as methods
which last for specified period adopted by
manufacturers aimed at bringing the
existence of goods or introduction of new
ones to the knowledge of consumers and to
boost sales

-To inform the public of the places prices and
method of obtaining the goods advertised
-It is also aimed at increasing sales and
profits of firm
-It is also used to informs the customers of
the benefits of goods advertised
-It informs the public about the existence of
new goods or service
-It is also used to create demand

-It arouses the interest of the buyers
-It creates product awareness
-It gives rooms for demonstration
-It allows the buyers to negotiate for better
prices and other favourable terms

i)Conducting Market Research: Marketing managers carry out market research to gain a clear understanding of what an organization’s customers really want.
ii)Developing the Marketing Strategy Marketing managers are responsible for
developing marketing strategies for their
iii)Customer Relationship Management:The marketing manager performs the function of championing customer relationship management in the organization.
iv)Employee Management:Marketing managers are in charge of the marketing department and therefore are responsible for employees within their department.
v)Identifying New Business Opportunities: Marketing managers analyze market trends with an aim of identifying unexploited or new markets for the organization’s products and services.
i)Respond as quickly as possible:One of the biggest factors in good customer service is speed, especially when a client is requesting something that’s time sensitive.
ii)Know your customers: Great interactions begin with knowing your customers wants and needs.Customers love personalization.Get to know your customers, remember their names and previous conversations.
iii)Fix your mistakes: Not taking responsibility of your mistakes is a sure fire way to getting a bad reputation. Transparency is important in business and customer service is no different.
iv)Go the extra mile: Going the extra mile will not only result in an indebted and happy customer, it can also go a long way in terms of keeping yourself on their radar for future business.
v)Think long term – A customer is for
life: Think long term when dealing with
customers. By keeping customers happy,
they will be loyal and through word of
mouth, will do the marketing for you.

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