Waec Marketing Answers 2022
1ai.*Entrepreneurship refers to the process of creating a new enterprise and bearing any of its risks, with the view of making the profit.*
(2a)Marketing is the process of getting potential clients or customers interested in your products and services. The keyword in this definition is “process.” Marketing involves researching, promoting, selling, and distributing your products or services.
(2a) Marketing refers to activities a company undertakes to promote the buying or selling of a product or service.
It is core of marketing. It is concerned with the prospective buyers to actually complete the purchase of an article. It involves transfer of ownership of goods to the buyer.
– Buying and Assembling:
It involves what to buy, of what quality, how much from whom, when and at what price. People in business buy to increase sales or to decrease costs.
Transportation is the physical means by which goods are moved from the places where they are produced to those places where they are needed for consumption. It creates place, utility.
It involves holding of goods in proper (i.e., usable or saleable) condition from the time they are produced until they are needed by customers (in case of finished products) or by the production department (in case of raw materials and stores); storing protects the goods from deterioration and helps in carrying over surplus for future consumption or use in production.
– Standardization and Grading:
The other activities that facilitate marketing are standardisation and grading. Standardisation means establishment of certain standards or specifications for products based on intrinsic physical qualities of any commodity.
It involves the use of capital to meet financial requirements of agencies dealing with various activities of marketing.
1. 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.
2. Angels investors
Angels are generally wealthy individuals or retired company executives who invest directly in small firms owned by others.
3. Government grants and subsidies Government agencies provide financing such as grants and subsidies that may be available to your business.
4. Bank loan: Bank loans are the most commonly used source of funding for small and medium-sized businesses. Consider the fact that all banks offer different advantages, whether it’s personalized service or customized repayment. It’s a good idea to shop around and find the bank that meets your specific needs.
(Pick any four)
(i)Marketing planning provides direction for all organization marketing effort
(ii)Marketing planning help organization to raise finance for capital expenditure.
(iii)Marketing planning prevents time wasting on ineffectual marketing activities.
(iv)It save money by helping to ensure that the marketing budget is spent effectively
(v)It helps to identify. prerequisites to planned activities.
(vi)It helps to generate more clients by communicating effectively.
(i)overseeing trade agreement
(ii)Reducing trade barriers
(iii)Reducing worldwide tariffs
(Pick any Four)
(ii)High concentration of production
(iii)Direct channel of distribution
(iv)Few Buyers And Large Volume.
(i)Industrial market: It involves set of all individuals and organizations that acquire goods and services that enter into the production of other products or services that are sold, rented, or supplied to others.
(ii)Reseller market:A market consisting of wholesalers and retailers who buy products for resale purposes.Resellers buy finished goods and resell them to the next level in a given distribution channel.
(iii)Government market: A government market is a market where the main buyers are federal, state, and local governmental organizations. They purchase goods or services from private businesses.