WAEC Marketing 2023 Theory — Question 4

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.)