All 40 questions from the West African Examinations Council (WAEC) Marketing 2023 Objective paper, with the correct answer and a full explanation for each. Free, no signup needed.
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The need for an item backed by the ability to pay by a consumer is
Demand is defined as the need for/coupled with the ability to pay for a product, unlike a mere 'want'.
An orientation that holds that a company's decision should include consumer satisfaction and community development is
The societal marketing concept holds that firms should consider consumer satisfaction and the wellbeing of the community/society in their decisions.
The concept applied by XYZ Ltd that uses aggressive promotional efforts to attract customers to buy its brand of cosmetics is
The selling concept emphasizes aggressive promotion/persuasion to get consumers to buy, since firms following it are product-oriented and push sales.
The process of bringing products to the attention of prospective customers is
Promotion is the marketing function concerned with communicating and bringing products to the attention of prospective customers.
The factors that influence the performance of marketing activities of a firm is marketing
The marketing environment (economic, social, political, technological, etc.) is the set of external/internal factors that influence a firm's marketing performance.
Which of the following factors would influence a company's decision to change its production process?
Technological factors (advances in devices, equipment, processes) directly drive changes in a firm's production process.
The set of variables a confectionery company uses to execute its marketing strategy is marketing
The marketing mix (the 4Ps: Product, Price, Place, Promotion) is the set of variables used to execute marketing strategy.
Iron ore is classified as
Iron ore is a natural resource extracted directly from the earth, making it a primary product.
Which of the following items is an example of primary produce?
Cotton is a primary product obtained directly from farming, unprocessed.
A product that is bought frequently on impulse at lower prices is
Convenience goods are bought frequently, at low effort/price and often on impulse.
OJ Ltd is an example of A. a consumer market. B. an industrial market. C. a government market. D. a reseller market.
OJ Ltd uses inputs (raw materials) to produce output (bread/confectioneries), which is what industrial markets are about.
Ernest Super Market is classified as
Ernest Super Market is a wholesaler because it is the direct link between the producer and other resellers, though it may also serve as retailer in some cases.
The last stage in the buying decision process is the
After purchase, the buyer engages in post-purchase behaviour, evaluating whether the product met expectations — the final stage.
An organizational factor that influences a manager's decision to buy raw materials from a particular source is company's
Company procedures can mandate that a manager not have freedom to contract any supplier except one stated in company procedure.
The systematic process of obtaining and analyzing data to provide information for marketing decision making is
Marketing research is the systematic process of gathering, recording and analyzing data for marketing decisions.
A source of primary data for marketing research is
Customer feedback is a primary (first-hand) source of data for marketing research; the others are internal secondary sources.
Which of the following factors is not a price determinant?
Consumer's culture (norms/values) generally does not determine price in real terms; cost, competition and demand are direct determinants.
Which pricing strategy is adopted by a company that sells its product for #200 when the prevailing market price for same product is #150?
Setting a price higher than the prevailing market price (to maximize returns early) is price skimming.
Which of the following pricing strategies is used by wholesalers of industrial goods?
Wholesalers of industrial goods, being uncommon/non-standard goods, typically set price at cost plus a percentage of profit (cost-plus pricing).
ABC Foods has recently expanded its production capacity and is searching for a medium for advertising its products at a lower cost. Which of the following advertising media would be suitable for the company?
Newspaper is generally the cheapest advertising medium, suiting a company seeking lower-cost advertising.
A benefit the company would derive from advertising the product is a
Effective advertising increases brand awareness and sales, thereby increasing the firm's market share.
Sales promotion is important because it enables a business to
Sales promotions (discounts, loyalty schemes etc.) are used to stimulate consumer demand for products.
A form of sales promotion that rewards customers for consistently purchasing a company's product is
A loyalty scheme rewards customers who consistently/repeatedly purchase a firm's product.
A person who carries out point-of-sales promotion is
The retailer, being in direct contact with final consumers, is best placed to carry out point-of-sale promotion.
Which of the following institutions is not a marketing intermediary?
Financial firms assist in funding production, not in marketing/distribution, so they are not marketing intermediaries.
Which of the following means would be used by the company to make the service available to the target market?
To market a health-related service directly to the public, direct marketing (involving personal selling) would be the suitable means.
Which of the following illustrations would be used to distribute the application?
Because direct marketing is being used, the chain of distribution is Producer straight to Consumer, without intermediaries.
Air transport is preferred to other modes because it is a
Air transport's main advantage over other modes is its speed in transporting goods, especially over long distances.
Which of the following factors would not be considered by a cement manufacturing firm in the choice of transportation mode for its goods?
Government policies generally do not determine the mode of transportation a firm chooses, so it is not considered by any business choosing means of transporting goods.
An activity performed in a warehouse is
In a warehouse, goods are sometimes sorted and labelled as part of storage operations.
A specialised facility used for the storage of fruits and vegetables is a
A refrigerator is used to store perishable goods like fruits and vegetables to prevent spoilage.
The type of organization formed by the yam sellers is a
Since people in the same line of business formed a body to promote their mutual interest, it is referred to as a voluntary trade association.
Which of the following functions would be performed by the organization?
One of the key functions of a trade association is to disseminate information to its members, to protect their interests.
Which of the following reasons would have informed the formation of the association?
Formation of trade associations is chiefly to protect the interest of members, not to render insurance or advertising services.
Muyi is regarded as
Since Muyi is the one funding (investing his own capital in) the poultry business, he is an entrepreneur.
Which of the following factors would have influenced the choice of the location of the poultry business?
Accessibility to good roads at the outskirts of Oshogbo would influence the location choice for the poultry business.
A source of financing option available to a provision store owner is
As a sole trader, a provision store owner's available source of finance is typically personal savings, not shares or debentures.
A delivery note that accompanies goods to the buyer shows
A delivery note shows the list and respective quantities of goods delivered to the buyer.
The inscription V-Cough on the product is an example of A. a trademark. B. brand name. C. patent. D. copyright.
V-Cough, as the distinguishing name given to a product, is an example of a brand name.
The part represented by the letter Z is A. the brand. B. package. C. label. D. copyright.
In the diagram, Z represents the outer container/box holding the product — the package.
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