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2022 NECO Sure Marketing Answers
NECO Marketing Objective Answers 2022
2022 NECO Marketing Essay Answers
Marketing Mix means putting the right product in the right place, at the right time.
(i) Demography: Includes institutions and other forces that affect the basic values, behaviours and preferences of the society all of which have an effect on consumer marketing decision.
(ii) Economic Environment: Consists of all factors such as salary levels, credit trends and pricing patterns that affect consumer spending habits and purchasing power. This refers to the purchasing power of potential customers and their ways in which people spend their money.
(iii) Technological Environment: Is perhaps one of the fastest changing factors in the macro environment. This includes all developments from antibiotics and surgery to nuclear missiles and chemical weapons to automobiles and credit cards.
(iv) Political-Legal Environment: This includes all laws, government agencies and lobbying groups that influence or restrict Individuals or organizations. It is important for marketers to be aware of these restrictions as they can be complex.
2022 NECO Marketing answer (4a)
Organizational markets are markets in which companies and individuals purchase goods for purposes other than personal consumption.
(i) Producer markets: Producers buy goods and services and transform them into a sellable product, which they sell to their customers for the purpose of making a profit. Examples of producers are farmers, manufacturers and construction companies.
(ii) reseller market: Resellers buy finished products and resell them to their customers for the purpose of making a profit. Resellers do not modify the products they buy. Resellers can be wholesalers who sell their products to other resellers or retailers who sell their products to end users.
(iii) institutional market: Institutions are non-government organizations that buy goods and services to support their internal operations. The function of institutions is to better their communities, not to make a profit. Examples of institutional markets are churches, hospitals, and colleges.
(iv) government market: Governments buy goods and services to support their internal operations; they do not transform the goods and services or resell them to make a profit. Government markets usually buy their goods through a bidding process and include federal, state, county, and local governments.
(i) Intensive Distribution: In intensive distribution, the product is sold to as many appropriate retailers or wholesalers as possible. Intensive distribution is appropriate for products such as chewing gum, candy bars, soft drinks, bread, film and cigarettes where the primary factor influencing the purchase decision is convenience.
(ii) Selective Distribution: In Selective Distribution, the number of outlets that may carry a product is limited, but not to the extent of exclusive dealing. Selective Distribution may be used for product categories such as clothing, appliances, televisions etc.
(iii) Exclusive Distribution: When a single outlet is given an exclusive franchise to sell the product in a geographical area. Products such as special automobiles, some major appliances, certain brands of furniture.
(iv) Direct Channel of Distribution:
(v) Indirect Channel of Distribution:
NECO 2022 Marketing Answers 8
Price is the sum or amount of money at which a thing is valued, or the value which a seller sets on his goods in the market; that for which something is bought or sold, or offered for sale; equivalent in money or other means of exchange; current value or rate paid or demanded in the market or barter; cost.
(CHOOSE ANY BEST 4)
(i) Cost-plus Pricing.
(ii) Price Skimming.
(iii) Premium Pricing.
(iv) Penetration Pricing.
(v) Geographical Pricing.
(i) Cost-plus Pricing: This is the simplest pricing method. The firm calculates the cost of producing the product and adds a percentage (profit) to that price to give the selling price. The term cost-plus pricing is widely used in retaining, where the retailer wants to know with some certainty what the gross profit margin of each sale will be.
(ii) Price Skimming: Skimming involves setting a high price before other competitors come into the market. This is often used for the launch of a new product that faces little or no competition usually due to some technological features.
(iii) Premium Pricing: Premium Pricing is the practice of keeping the price of a product or service artificially high in order to encourage favorable perceptions among buyers, based solely on the price.
(iv) Penetration Pricing: Penetration Pricing is when you set a relatively low initial entry price, hoping people will switch from a higher-priced vendor.
(v) Geographical Pricing: Geographical Pricing sees variations in price in different parts of the world. For example rarity value, or where transportation costs increase price. In some countries, there is more tax on certain types that sometimes goods are mich cheaper or expensive.
NECO 2022 Marketing answer (9a)
Marketing Research is, therefore, the systematic gathering, recording and analyzing of data about problems relating to the marketing of goods and services.
(CHOOSE ANY BEST 4)
(i) Introduction of New Product or Service.
(ii) Customer Development.
(iii) Competition Analysis.
(iv) Marketing Advertising/Development.
(v) Customer Satisfaction.
(i) Market Research: Identification of a specific market and measurement of its size and other characteristics.
(ii) Product Research: Identification of a need or want and the characteristics of the good of service that will satisfy it.
(iii) Consumer Research: Identification pf the preferences, motivations, and buying behaviour of the targeted customers.
(iv) Information: Information for marketing research is collected from direct observation of the customers (such as in retail stores), mail surveys, interviews etc.
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