Free Neco 2017 Marketing Obj And Theory Answers – June/July Expo

Neco 2017 Marketing Obj And Theory QUESTION AND ANSWERS.


MARKETING

MARKET-OBJ
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1a)
Warehousing is the act of storing goods that will be sold or distributed later.

1b)
i)Storage
ii)Price Stabilization
iii)Risk bearing
iv)Financing
1bi)
-Storage:
This is the basic function of warehousing. Surplus commodities which are not needed immediately can be stored in warehouses.
1bii)
-Price Stabilization:
Warehouses play an important role in the process of price stabilization. It is achieved by the creation of time utility by warehousing.
1biii)
-Risk bearing:
When the goods are stored in warehouses they are exposed to many risks in the form of theft, deterioration, exploration, fire etc.
1biv)
-Financing:
Loans can be raised from the warehouse keeper against the goods stored by the owner. Goods act as security for the warehouse keeper.
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3ai)
-NEEDS
Therefore being the marketers you need not go for inventing these needs. Rather you should try to understand it. The needs are in-built in human nature itself and thus naturally existed in the composition of human biology and human condition.
3aii)
-WANTS
Human wants are desires for specific satisfaction of deeper needs that means the needs become wants when they are directed to specific object that might satisfy the need.
3aiii)
-DEMANDS
People may have almost unlimited wants. But resources are limited in compare to the wants they have. Therefore they have to choose the products that are likely to provide the most value and satisfaction for their money.
3aiv)
-PRODUCTS
To satisfy the wants and needs of people the company must offer their products in the market. That means people purchase the products to satisfy their needs and wants. Specifically, a product can be defined as an object, service, activity, person, place, organisation or idea.
3aiv)
-EXCHANGE
We have already got that marketing takes place only when people decide to satisfy needs and wants through exchange. So in the process of marketing there is exchange value between the two party’s.
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5ai)
psychological pricing is a pricing/marketing strategybased on the theory that certain prices have a psychological impact. Retail prices are often expressed as “odd prices”: a little less than a round number
5aii)
Cost-plus pricingis a pricing strategyin which the selling price is determined by adding a specific dollar amount markupto a product’s unit cost. An alternative pricing method is value-based pricing.
5aiii)
dynamic pricing is a pricing strategyin which businesses set flexible prices for productsor servicebased on current market demands.
5aiv)
haggling pricing is a type of negotiationin which the buyer and seller of a good or service debate the price and exact nature of a transaction.
5av)
competition based pricing
is pricing methodin which a selleruses prices of competingproductsas abenchmarkinstead of considering own costsor the customer demand.
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6a)
transportation is the movement of goods from the place of production to the place of consumption. Goods can be moved from the factories to the wholesalers and to the retailers where the consumers come to buy them.

6b)
i)it increases the economic value of the products by creating time and place utilities and promoting possession utility.
ii)The wholesaler transports goods from the warehouse or distribution centers to retailers.
iii)The retailers transport merchandise from his warehouse to his store and to final consumers.
vi)Consumers also benefit from transportation because some retailers deliver goods directly to them.
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8a)
Advertisingis an audio or visual form of marketing communicationthat employs an openly sponsored, nonpersonal message to promoteor sell a product, service or idea.

8b)
i)Awareness
ii)Information
iii)persuasion
iv)Attitudes
8bi)
-Awareness:
creating awareness of the product or services such as brand name and price. The awareness of the product or services can be created through highlighting the unique features of the brand.
8bii)
-Information:
information is the target audience about the product. Providing information is closely related to creating awareness of the product.
8biii)
-Persuasion:
When business firms offer similar products, the firm must not only inform the customers about the product’s availability, but also persuade them to buy it.
8biv)
-Attitudes:
Promotion is required to build or reinforce attitudes in the minds of target audience. The marketers expect the target audience to develop a favourable attitude towards their brands. Positive attitude towards the brand helps to increase its sales.
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