2024 WAEC MARKETING: (7588)

Marketing-Objective

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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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(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)

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(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)

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.

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