WAEC Marketing 2022 Theory Past Questions

Model answer

(a)(i) Entrepreneurship can be defined as all efforts concerned with setting up a business concern, taking on inherent risks of the business with the intention of making profit. (ii) Personal savings: the savings of the entrepreneur, from salary earned or from other sources of income, channeled to the business. Profit plough-back: putting some of the profit made from the business back into the business as another source of funding. Loan and borrowing: seeking loans from financial institutions and friends. Credit purchase: another salient source of funding to an entrepreneur. (b) Proximity of the market to residential areas; proximity of the market to its feeders (supply routes); availability of essential facilities such as electricity; government policy as to where a market outlet should be located; cost of a location; and general accessibility, which can also determine where a market outlet will be located.

Model answer

(a)(i) Marketing can be defined as all efforts channeled towards creating awareness about a product and promoting it in order to stimulate sales. (ii) Product design and development; gathering and analyzing market information; market planning for the introduction of a product; designing and implementing appropriate sales promotion; ensuring effective distribution of goods; conducting marketing research to know the status of a product. (b) Product concept: a marketing concept that emphasizes producing quality products at a cheaper rate. Production concept: a marketing concept in which the organization concentrates on the ability of its production processes. Selling concept: based on the idea of selling the company's products through large-scale marketing and promotional activities. Societal marketing concept: based on the idea that marketing should also consider the welfare of the entire society, examining broader strategy alongside the marketing concept.

Model answer

(a) Storage of goods for future consumption; stabilizing prices of goods; provision of work areas for loading and off-loading of goods; provision of office space for warehousing management and record keeping; provision of security for the safety of goods lodged in the warehouse. (b) Being honest and transparent in all product/service claims made online; protecting customers' personal data and privacy; avoiding false or misleading advertising; respecting consumers' right to fair dealing and not exploiting them; ensuring prompt and truthful responses to customer enquiries and complaints made through e-marketing platforms.

Model answer

(a)(i) Needs: basic necessities demanded for the sustenance of human life, such as oxygen. (ii) Wants: what a consumer desires but lacks the ability to pay for; a demand not backed by ability to pay is merely a want. (iii) Exchange: the act of giving and taking. Exchange occurs in marketing when a person gives out goods and the other pays money for it. (iv) Demand: a want that is backed by the ability to pay for it. Demand is said to take place if a consumer desires a good and also has the ability to pay for it. (v) Transaction: a unit of interaction between two or more persons. (b) See sample handbill in the Diagram column — showing Okon Enterprises Ltd's name, address and phone number, and the Blender, Television and Radio sets each advertised with their old price crossed out, a 15% discount, and new discounted price.

Model answer

(a) The cost of transporting the goods (the major determining factor); the nature of the goods being transported; the available facility (whether road or rail); government policy, which may also determine the mode of transportation. (b) Waybill: the document that contains the details of the goods being transported, issued by the seller to the carrier of the goods. Free on Board (FOB): terms of a sales document stating which party is liable for transportation costs, which party is in control of the movement of the goods, and when the title passes to the buyer. Carrier certificate: a document issued by the carrier to acknowledge the goods carried. Sales invoice: the invoice for the goods being transported, which must be handed to the carrier to be delivered to the buyer.

Model answer

(a) Demographic factors: includes the structure of the population, and its division according to sex, age group, marital status and profession. Ecology factor: involves the nature of the physical environment, important in distribution and marketing under the concept of intensive marketing. Social and cultural environment: the marketing management should prepare marketing plans according to the changing needs of society to satisfy new, growing needs. Public policy environment (legal and political forces): an uncontrollable factor that also affects the marketing environment. (b) Samples: offers to consumers of a small amount of a product for trial. Coupons: a certificate that fetches buyers savings when they purchase a specified product, generally issued along with the product. Demonstration: required when products are complex and technical, so customers are educated on how to make proper use of the product. Contests: promotion events that give consumers the chance to win something such as cash, trips or goods.