All 40 questions from the West African Examinations Council (WAEC) Marketing 2022 Objective paper, with the correct answer and a full explanation for each. Free, no signup needed.
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Which of the following items is an example of industrial goods?
Industrial goods are goods that require rigorous processing and special industry setting before they can be produced/used further; cassava tuber (a raw material input) is an example, unlike the other finished consumer goods listed.
The first institution to introduce a degree programme in marketing in Nigeria is
The University of Nigeria, Nsukka was the first Nigerian university to introduce the department of marketing as a degree course.
Which of the following marketing terms is applied to a buyer that obtains a desired product by offering something in return?
Exchange occurs when a buyer gets what they want by giving something (e.g. money) in return for it.
A company's orientation that concentrates on mass distribution and low cost of its product is a
The production concept is a marketing philosophy where a business focuses on producing more goods in such a way as to drive prices down, achieved through mass distribution and low cost.
Which of the following business orientations stresses that promotional efforts are necessary before customers buy a product?
The selling concept is based on the idea that aggressive selling and large-scale promotional activities are necessary to sell the company's products.
A set of controllable variables that a firm uses to pursue its objectives is
Marketing mix is a combination of controllable variables (product, price, place, promotion, etc.) that a firm uses to pursue its marketing objectives.
A feature of product as a marketing mix element is
Warranty is a feature associated with the product element of the marketing mix; credit terms, cash discount and allowances relate more to price.
Which marketing mix element is applicable when a firm provides parking space for its customers?
By providing parking space for customers, a firm has taken this into consideration as part of the cost/value proposition, associated with the price element.
In marketing, the term product refers to
In marketing, a product can be tangible or intangible, as long as it can be offered to the market for consumption, use, or acquisition.
Milk, sugar and bread bought by Amaka for her children's breakfast are examples of
Convenience goods are consumer goods purchased frequently, immediately, and with minimal comparison/buying effort — like milk, sugar and bread for daily use.
Companies that purchase goods for further processing is an example of
It is only industry (industrial market buyers) that purchase goods for further processing.
Which of the following statements explains an organizational market?
In an organizational market, everything is orderly and formal, so purchasing is typically done by trained procurement personnel.
At what stage in the buying process does a consumer consider product attributes of available brands?
At the alternative evaluation stage, the consumer is comparing available brands and will consider product attributes.
The last stage in the consumer buying decision process is
Post-purchase decision/behaviour is the final stage of the consumer buying process, occurring after the purchase has been made.
The process of collecting and analyzing relevant information to solve a marketing problem is marketing
Marketing research is the systematic process of collecting and analyzing marketing information to solve a specific marketing problem.
An information required for marketing planning is
Previous year's sales volume assists an organization in developing a sound marketing plan for the coming period.
The purpose of feedback from customers who use a company's product is to
Customer feedback about a product helps the organization know the areas that need improvement, thereby improving product quality.
A retailer's cost and selling price for a bag of rice are #10,000 and #14,000 respectively. What is the company's mark-up on cost?
Mark-up = profit/cost = (14,000−10,000)/10,000 = 4,000/10,000 = 0.4 = 40%.
Using the same figures, what is the retailer's profit per bag of rice if he incurs an additional cost of #500 on each bag of rice?
Profit = selling price − cost = 14,000−10,000 = 4,000. Accounting for the additional #500 cost: 4,000−500 = #3,500.
Which of the following activities is not a function of advertising?
Advertising cannot fully replace personal selling; it complements other promotional efforts rather than substituting for direct personal selling.
An example of a non-personal means of reaching the target audience by an identified sponsor is
A billboard is a non-personal (mass, impersonal) means of advertising sponsored by an identified company, reaching a broad audience without direct personal contact.
A reason for granting quantity discount is to
Quantity discount is given to encourage buyers to purchase larger quantities.
Coupon is used as a sales promotional tool targeted at
Coupons are issued to consumers as a way of discounting a product to encourage purchase.
The creation of awareness for products at the point of sale is
Sampling is a way of creating product awareness right at the point of sale, by giving consumers a trial amount of the product.
An example of merchandising activities is
Merchandising involves the distribution and display of goods to customers, such as displaying products attractively at the retail store.
The channel member who does not take title to goods is the
An agent does not take title to the goods they handle; their function is simply to create a link between the producer and the consumer/buyer.
Which of the following distribution channels would be used to sell tractors and cranes?
Heavy-duty/specialized goods like tractors and cranes are best sold through the shortest channel: producer directly to an agent, who then looks for the buyer.
The document that shows the details of goods being transported is the
A waybill is the document that shows the details of goods being transported.
One of the reasons transportation is important is that it
Transportation is an aid to trade that facilitates the distribution of goods from one location to another.
An example of a government warehouse is
A bonded warehouse is operated by the government to keep goods on which duties are yet to be paid, until cleared by the authorities.
Which of the following goods are kept in bonded warehouse?
Dutiable goods (goods on which import duty is yet to be paid) are stored in the bonded warehouse.
A body that comprises sellers of onions in an area is an example of a
A market union is a union of sellers of the same product, such as onion sellers in an area.
An example of a market facilitator is
Transportation companies (like other aids to trade providers) facilitate the market by supporting the movement/distribution of goods.
A method of engaging in international marketing with the lowest business risk is
Exporting carries the lowest risk among the listed methods of engaging in international marketing, since it doesn't require major direct investment abroad.
A form of engaging in international marketing that involves the pooling of resources between local and foreign firms is
Joint venture involves two or more firms (local and foreign) pooling resources together to run a business.
One of the benefits of e-marketing is that it
E-marketing broadens a company's customer base since many more people can be reached online.
One of the uses of e-marketing platform is to
E-marketing can easily provide after-sales service, since the supplier can be reached and contacted easily online.
A skill a sales personnel should possess to enable him handle aggressive customers in a market outlet is
A sales personnel needs a calm, level-headed (calculative) skill set to manage and de-escalate interactions with aggressive customers effectively.
A factor to be considered in extending credit facilities to a customer is the
For perishable goods particularly, it is usually better to extend credit to move stock quickly and prevent spoilage; the nature of the product is thus a key factor.
An entrepreneur who intends to establish a frozen fish shop will need a
Frozen fish requires a constant/reliable supply of electricity to keep it frozen, making reliable power supply essential.
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