WAEC Marketing 2023 Theory Past Questions

Model answer

1. The wholesaler buys products in large quantities and sells in smaller quantities to retailers. 2. He provides funds in the form of pre-payment to the producer to meet customer orders. 3. He provides warehousing facilities to producers. 4. He provides advice to retailers. 5. He bears the risk of product obsolescence from the producer. (Other acceptable: he relays marketing intelligence received from retailers to producers; he offers credit facilities to retailers.)

Model answer

1. Nature of the products in terms of perishability. 2. The financial resources of the producer. 3. The degree of control desired by the producer over distribution. 4. Government policies in the distribution of goods. 5. The unit value of the product. (Other acceptable: the nature/structure of the market in terms of concentration; the channel of distribution used by competitors in the industry.)

Model answer

1. Need recognition - Mr. Oke recognises that his family has an urgent need for a television. 2. Information and alternative search - he embarks on searching for information (e.g. through television, adverts) to decide on the actual brand and size of television to buy. 3. Evaluation of alternatives - he weighs the features of different television brands to determine which best satisfies his desires amongst the alternatives. 4. Purchase decision - he decides to buy the particular television that best satisfies his requirements.

Model answer

1. Economic conditions - the inflation/deflation, investment, production and spending levels of the country's economy influence buying decisions. 2. Political conditions - business regulatory policies developed by the government could restrain or influence a company's purchasing efforts. 3. Technological factor - the company could prioritise suppliers/products with better innovative standards over those with lower standards. 4. Competitive factors - the company would choose suppliers offering lower prices without compromising product standards. (Other acceptable: cultural factors - the customs of the community may influence supplier selection; social factors - suppliers may form trade unions/cartels influencing allocation of territories; the company's own objectives regarding payment terms and supplier credibility.)

Model answer

1. To provide a market for excess production capacity in the organisation. 2. To avoid intense competition in the domestic market. 3. To meet the needs of customers in the foreign market. 4. To explore profit potentials available in the foreign market. (Other acceptable: to enjoy the benefits of globalization; to enhance the company's brand/prestige in the global market; to extend product life.)

Model answer

1. Exporting - the company sells its products directly to foreign customers from Nigeria. 2. Licensing - the company grants a licence by entering into a contractual agreement with a South African firm to manufacture and sell its products. 3. Joint Venture - the company collaborates with other companies to manufacture and sell its products in South Africa. 4. Direct Investment/wholly owned subsidiary - the company establishes factories in South Africa to produce and sell its products directly. (Other acceptable: Franchising - allowing a South African company to use its trademark to sell its products for a fee.)

Model answer

Product: size, package, brand, label, colour, quality, content (product design), return inward/outward, after-sales service (any two). Promotion: advertising, sales promotion, personal selling, publicity, propaganda, public relations (any two). Place: location, assembling, delivery, inventory/restocking, distribution channel, coverage, assortment, transportation/repositioning (any two). Price: discount, payment terms, credit terms/levels, allowances, prepayment, price list/tag (any two).

Model answer

1. Political - this refers to the rules, practices, policies and tax rates which affect business operations. 2. Economic - the purchasing power, disposable income, interest rates, inflation and employment levels in a country, and how they affect a marketing organisation's operations. 3. Social - the norms, values and attributes of a group of people in a particular area/country that affect marketing practices. 4. Culture - the beliefs and way of life of a particular group of people and how these attributes affect their consumption patterns and reaction to a company's products/policies. (Other acceptable: Technological - changes and advancement in devices, equipment and processes used in production; Ecological - changes in climatic conditions, availability of natural resources, pollution and natural disasters; Demographic - changes in population size, age, distribution and mobility of people in a location.)

Model answer

1. He should offer product variety to meet the purchasing needs of different customers. 2. He should ensure the availability of products in his retail outlet at all times/restocking. 3. He should price his products moderately to entice different kinds of customers to patronize his business/effective pricing strategy. 4. He should also offer periodic price reductions to buyers/sales promotion. 5. He should treat customers with respect and go the extra mile to meet their needs/advise customers on product brands that suit them. (Other acceptable: he should promote his retail outlet through social media; he should offer credit facilities to loyal customers.)

Model answer

1. Jo-Bo would enjoy flexibility of operations. 2. He would gain self-fulfillment by being a boss working for himself. 3. He would earn more money from his retail business by way of profit. 4. He would enjoy job security. 5. He would enjoy the prestige of being his own boss.

Model answer

1. Demand for the product - the manufacturer would consider the demand for the product before setting the price. 2. Cost of production - the total cost incurred in producing a product would determine the price of the product. 3. The nature of the product - the characteristics of the product in terms of fragility and perishability would influence the final price of the product. 4. Competition - the producer would examine its rivals'/competitors' product prices before setting its own prices. 5. Expected profit - the profit a manufacturer expects to make on its products would be considered before setting the price for its products. (Other acceptable: Company's objectives - the objectives a manufacturer intends to establish for the business or with its pricing strategy would determine the price it sets; Product quality - products with high quality are set at high prices to cover the cost of innovation.)

Model answer

1. Television combines audio and visual effects while an electronic billboard has only visual effects. 2. Television has wider geographical coverage/reach than electronic billboard. 3. Television has mass audience coverage than electronic billboard. 4. Television has greater audience selection than electronic billboard. 5. Television has higher impact of messages because messages can be explained, while messages on electronic billboards cannot be explained.