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(iv)Analysing past sales figures/trends to anticipate future product needs.
(v)Devising a merchandise plan using the above techniques.
(vi)Relaying the merchandise plan to the buyer who, in turn, can decide on what products, styles, colours etc
(i) This era gave rise to marketing departments
(ii) The era gave rise to marketing companies.
(iii) It led the relationship marketing and social media
(iv )mobile marketing was introduced
(v) The use of technology in marketing
(i) Buying: It involves what to buy, what quality, how much, from whom, when and at what price. People in business buy to increase sales or decrease cost.
(ii) Selling: This is providing a way to give your customers what he wants. You can sell your product direct to customer or sell it at wholesale price to retailers.
(iii) Storage: It involves the keeping of goods in proper condition from the time they are produced until they are needed by customers.
(iv) Financing: This refers to how your business will. Obtain the money it needs to start operations and stay operable.
(v) Transportation: This is the physical means whereby goods are moved from the place where they are produced to where they are needed for consumption.
(vi) Processing: This involves turning a raw product like wheat into something the consumer can use. Eg bread
(vii) Promoting: A product or service is useless to your business if no one knows about it
(i) Product concept: This is a marketing concept that assumes that customers will favour those products that offer the most quality for the price and therefore it is paramount for companies and industries to produce quality products. Customers will always go for quality brands and products as it is easy for them to distinguish them.
(ii) Selling concept: Selling concept ensures that once a product is produced, it is backed up by some strategies on how to make it sell. For instance advertising and personal selling methods are used hence any strategy that will beat the competition in the market is adopted.
(iii) Production concept: This focuses on the idea that’s firm should focus more on those products that it can produce more efficiently; and as well the production of low-cost products. The concept focuses more on the ability to produces and less on the customer’s satisfaction, it assumes that customers will favour those products that are available and affordable. Hence, the major focus is production and distribution.
(iv) Social Marketing concept : This concept ensures that for a company to only focus on exchange relationship with customers might not be to sustain long term success. Hence the strategy works to deliver values to customers in a way to improve the customer’s and societal well being. Hence, social and ethnical considerations are maintained in production.
(i) Initial price of product = N4000
Selling price = N6000
Mark up = N6000 – N4000 = N2000
(iii) Percentage markup on selling price =
Mark up/selling price × 100/1
= 2000/6000 × 100/1
An entrepreneur is an individual who, rather than working as an employee, founds and runs a small business, assuming all the risks and rewards of the venture.
(i)Basic human psychology.
(i)Establishing a Daily Routine: Many successful entrepreneurs develop, grow and maintain their business in different ways. Even though they have different methods that contribute to their success.
(ii)Exercising: Daily exercise is definitely something that you should include in your routine. Exercise is beneficial for both your physical and mental health, and taking time out of your day to run on a treadmill will boost your productivity.
(iii)Eating a Healthy Diet Food: acts as fuel for your body. What you eat has a significant impact on how you feel throughout the day. It’s important that you maintain a healthy diet if you want to be alert and productive all day long.
(iv)Hiring an Assistant: Most entrepreneurs are on a very tight budget when they get started, and hiring a staff is probably not a viable option. However, you should hire an assistant as soon as your company starts making a profit.
(v)Finding a Mentor: Mentors are extremely beneficial for young entrepreneurs. Even though the world of entrepreneurship may be new to you, there are people who have already gone through what you are going through.
Advertising is any form of non-personal communication through the mass media that is paid by an identified sponsor with the target to inform people about an idea, product or service.
(i) It is deceptive, in that the product may not actually possess the qualities it purports to have on the media.
(ii) It manipulates people to spend outside their purchasing will or ambulance.
(iii) It reduces small business employment.
(iv) It raises the cost of products and services as the cost of advertising are added up.
(v) It encourages monopolistic control.
See the Previous WAEC Theory and Objective answers below
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
-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.
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
reseller market buyers who purchase with the intent of selling those products to others. The reseller market includes wholesalers, retailers, and distributors
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
problem recognition The acknowledgement and definition of an issue that does or may arise during the performance of a process
Information Search is a stage in the Consumer Decision Process during which a consumer searches for internal or external information
Evaluating Alternatives During the evaluation of alternatives stage, the consumer evaluates all the products available on a scale of particular attributes
Purchase decision is the thought process that leads a consumer from identifying need, generating options, and choosing a specific product and brand
Post-purchase behavior is when the customer assesses whether he is satisfied or dissatisfied with a purchase.
Political:Legislations,laws,economic policies made at all levels bring a great influence on the marketing activities of an organisation than any other indices
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
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
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
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