2018 waec marketing answer
MARKETING OBJECTIVE ANSWER
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3b.
1. Pricing at a Premium
With premium pricing, businesses set costs higher than their competitors. Premium pricing is often most effective in the early days of a product’s life cycle, and ideal for small businesses that sell unique goods.
2. Pricing for Market Penetration
Penetration strategies aim to attract buyers by offering lower prices on goods and services. While many new companies use this technique to draw attention away from their competition, penetration pricing does tend to result in an initial loss of income for the business.
3. Economy Pricing
Used by a wide range of businesses including generic food suppliers and discount retailers, economy pricing aims to attract the most price-conscious of consumers. With this strategy, businesses minimize the costs associated with marketing and production in order to keep product prices down. As a result, customers can purchase the products they need without frills.
4. Price Skimming
Designed to help businesses maximize sales on new products and services, price skimming involves setting rates high during the introductory phase. The company then lowers prices gradually as competitor goods appear on the market.
(4a)
Transportation is the physical carriage or movements of finished products from the place of manufacturing to the place where it would be accessible and available to the largest audience either wholesalers, sales, agent, retailers and ultimately the final consumers.
(4b)
-Nearness to market
-Cost advantage
-Nature of the product
-Availabilty
-Handling
-Local conditions
(i) Nearness to market: When the market or the location of the ultimate consumer is very close to the producer, this most often determine the mode of transportation to use.
(ii) Cost advantage: Marketing firms also consider cost variables as to cheapness of carrying a product. It is a major factor that determines the selling price of a product
(iii) Nature of the product: Perishability, durability, storage, frangibility of the product. It is difficult to transport vehicles, heavy plants or machinery by air. Therefore consideration should be given to heaviness.
(iv) Availability: A choice of transportation may also depend on availability. Some mode of transport are not Available in some area. In that kind of area, the product need to key into the available means of transport by either repackaging goods or by re-modifying the transporting strategy.
(v) Handling: Some forms of transport can involve rough handling. For example, products transported by ship may be hauled aboard the vessel in a net or sling, stacked beneath dozens of other goods and subjected to moisture condensation.
(vi) Local conditions : Take a look at the country you are shipping to. Are there many risks and weaknesses in its transport infrastructure? If the local ports have a bad reputation, or the road network isn't upto standards, You'll need to tailor yout strategy accordingly.
No 2
1. Marketing Research
keeps you focused on
your target consumers or
customers.
2. Marketing Research
helps you prioritize, so
you can focus on what
important.
3. Marketing Research
helps you determine
which options will be
most lucrative.
4. Marketing Research
gives you a competitive
advantage.
5. Marketing Research
helps you make better
decisions and reduces risk.
6. Marketing Research
keeps you relevant and
future focused.
1a)
industrial product is a good used by a company for business consumption. It is distinct from a consumable good, which is purchased by individuals for personal and family consumption.
-Example-
i)Natural product
ii)Farm Product
Marketing
1b. Consumer goods are products that are purchased for consumption by the average consumer. Alternatively called final goods, consumer goods are the end result of production and manufacturing and are what a consumer will see on the store shelf.
Examples: I. Cornflakes II. milk
1c. Primary products are natural raw materials that are “extracted” from the land or ocean. They include products of mining, agriculture, forestry and fisheries.
1d. Secondary products are Product processed from raw materials that is not a primary product of the company or industry.
*no5*
Market Union is an organization whose membership consists of workers and union leaders, united to protect and promote their common interests. ... Also called house union, a company union is often a bogus one and generally illegal.
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===========================
1DBABDDCDCB
11BBBCCADAAD
21DADBBAACAC
31CBDABDBABB
3b.
1. Pricing at a Premium
With premium pricing, businesses set costs higher than their competitors. Premium pricing is often most effective in the early days of a product’s life cycle, and ideal for small businesses that sell unique goods.
2. Pricing for Market Penetration
Penetration strategies aim to attract buyers by offering lower prices on goods and services. While many new companies use this technique to draw attention away from their competition, penetration pricing does tend to result in an initial loss of income for the business.
3. Economy Pricing
Used by a wide range of businesses including generic food suppliers and discount retailers, economy pricing aims to attract the most price-conscious of consumers. With this strategy, businesses minimize the costs associated with marketing and production in order to keep product prices down. As a result, customers can purchase the products they need without frills.
4. Price Skimming
Designed to help businesses maximize sales on new products and services, price skimming involves setting rates high during the introductory phase. The company then lowers prices gradually as competitor goods appear on the market.
(4a)
Transportation is the physical carriage or movements of finished products from the place of manufacturing to the place where it would be accessible and available to the largest audience either wholesalers, sales, agent, retailers and ultimately the final consumers.
(4b)
-Nearness to market
-Cost advantage
-Nature of the product
-Availabilty
-Handling
-Local conditions
(i) Nearness to market: When the market or the location of the ultimate consumer is very close to the producer, this most often determine the mode of transportation to use.
(ii) Cost advantage: Marketing firms also consider cost variables as to cheapness of carrying a product. It is a major factor that determines the selling price of a product
(iii) Nature of the product: Perishability, durability, storage, frangibility of the product. It is difficult to transport vehicles, heavy plants or machinery by air. Therefore consideration should be given to heaviness.
(iv) Availability: A choice of transportation may also depend on availability. Some mode of transport are not Available in some area. In that kind of area, the product need to key into the available means of transport by either repackaging goods or by re-modifying the transporting strategy.
(v) Handling: Some forms of transport can involve rough handling. For example, products transported by ship may be hauled aboard the vessel in a net or sling, stacked beneath dozens of other goods and subjected to moisture condensation.
(vi) Local conditions : Take a look at the country you are shipping to. Are there many risks and weaknesses in its transport infrastructure? If the local ports have a bad reputation, or the road network isn't upto standards, You'll need to tailor yout strategy accordingly.
No 2
1. Marketing Research
keeps you focused on
your target consumers or
customers.
2. Marketing Research
helps you prioritize, so
you can focus on what
important.
3. Marketing Research
helps you determine
which options will be
most lucrative.
4. Marketing Research
gives you a competitive
advantage.
5. Marketing Research
helps you make better
decisions and reduces risk.
6. Marketing Research
keeps you relevant and
future focused.
1a)
industrial product is a good used by a company for business consumption. It is distinct from a consumable good, which is purchased by individuals for personal and family consumption.
-Example-
i)Natural product
ii)Farm Product
Marketing
1b. Consumer goods are products that are purchased for consumption by the average consumer. Alternatively called final goods, consumer goods are the end result of production and manufacturing and are what a consumer will see on the store shelf.
Examples: I. Cornflakes II. milk
1c. Primary products are natural raw materials that are “extracted” from the land or ocean. They include products of mining, agriculture, forestry and fisheries.
1d. Secondary products are Product processed from raw materials that is not a primary product of the company or industry.
*no5*
Market Union is an organization whose membership consists of workers and union leaders, united to protect and promote their common interests. ... Also called house union, a company union is often a bogus one and generally illegal.
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We are now working on the question
Please,
Staytune!
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