All 40 questions from the West African Examinations Council (WAEC) Marketing 2024 Objective paper, with the correct answer and a full explanation for each. Free, no signup needed.
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1. The process of identifying needs, delivering and exchanging products that have value for customers is A.
Marketing is the process of identifying needs, delivering and exchanging products that have value for customers.
2. Which of the following activities is a function of marketing?
Advertising is a function of marketing because it involves creating awareness for the product.
3. The business concept that states consumers would buy any item once it is of high quality is A.
Product concept has to do with concentrating on marketing the product top-notch. It assumes that people always wish for quality product.
4. The concept applied by ABC Lil if it analyses its customers' needs before providing goods to satisfy them is A.
Marketing concepts involves knowing what people need and producing it for them.
5. A component of place as a marketing mix element is A.
Warehouse is a component of place as a marketing mix element.
6. The environmental factor that influenced the relocation of a company from Lagos to Kano as a result of high taxes and levies is A.
Politicians determine taxes and levies that will be charged in their states. Thus, if Kano political policies are friendly with business, they tend to see factories relocating from Lagos to Kano.
7. An element of the marketing mix that deals with storage of goods is A.
Place has to do with making the goods available where it is needed. It needs to be stored there too.
8. A part of a product with a primary function of protecting the content is the A.
Container is the package in which a product is put. It protects the goods.
9. Which of the following categories of products is classified based on usage? A. Mineral and non-mineral products B. Consumer and industrial goods C. Oil and non-oil products D. Goods and services
Consumer and industrial goods tells who uses the product.
10. Lubricants purchased by a firm and used up in their cause of operations are classified as A.
Lubricant gets to the final users and used up. It is not for any further production.
11. Market is broadly classified as A. consumer and organizational markets. B. retail and wholesale markets. C. consumer and wholesale markets. D. industrial and government markets.
Basically, markets are classified into two: markets for consumers and market for organizations.
12. Which of the following buyers of products are classified as consumer market?
Households are buyers in consumer market.
13. Cognitive dissonance occurs when a customer A. is satisfied with a product. B. is dissatisfied with a product. C. re-buys a product. D. recommends a product.
Cognitive dissonance has to do with customer's satisfaction with a product even though the product may be harmful to him/her.
14. A consumer's buying behaviour is influenced by A.
One of the things that can shape a consumer buying habit/behaviour is the strategy adopted by the company.
15. The first step in the marketing research process is A.
In any research, the problem/issue that needs the research must first be identified and defined.
16. Which of the following would be relevant in marketing research for industrial goods? A. Consumption pattern B. Lifestyle of consumers C. Product life-cycle D. Size of the product (Use the following information to answer questions 17 to 19: KPKC Ltd bought 60 packs of beverages at #150 each and sold at a 20% mark-up.)
For industrial goods, they usually last longer than a year. Thus, one of the things that the market researcher for industrial good will look out for is the life-cycle of the product.
17. The pricing strategy adopted by KPKC Ltd is A.
KPKC used cost-plus pricing strategy because it uses mark-up. Cost=#150x60=#9000, Mark-up=20/100x9000=Profit=#1,800.
18. The total cost of the beverage is A.
Check calculated above; total cost = #150 x 60 = #9,000.
19. The selling price per pack is A.
Selling price = profit + cost = #1,800 + #9,000 = #10,800; per pack = #10,800/60 = #180.
20. An advantage of using radio as a medium of advertising is that it has A.
Radio network has more coverage than the television network.
21. Newspapers, magazines and pamphlets are examples of A.
Print media are media or medium of advertising that are put in paper such as magazines, newspaper etc.
22. (ABC Bakery has decided to implement an incentive scheme to encourage bulk buying due to low sales affecting the company.) The discount that is suitable for the company to achieve its objective is A.
Quantity discount is the discount given for buying some quantity of a product, say 10 units for instance. This will encourage people to always buy 10 units rather than less or units so as to enjoy the discount.
23. Another sales promotional incentive the company could adopt to stimulate sales is A.
Public relations will make the people to be aware of the company and this may motivate them to buy.
24. The process of designing and producing containers and wrappers for a product is A.
Packaging has to do with giving a product unique identity and protection.
25. A channel member responsible for bulk breaking is the A.
Wholesaler buy in large quantity from the producer and sell in small quantity.
26. A highly priced industrial product would be distributed using A.
When the price of a product is enormous, mostly the best channel of distribution is considered direct channel.
27. The use of private retail outlets in the sales and distribution of petroleum products in Nigeria is an example of A.
The filling stations for petroleum are indirect outlet because it goes through the retailer.
28. A document that contains information relating to goods being transported is A.
Waybill is the document issued to the transporter that gives information about the goods being transported.
29. Which of the following distribution methods is used by a sachet water company that sells its products to households?
Direct distribution involves distributing goods from the producer directly to the consumer (as with sachet water sold to households).
30. The process of attaching or printing information about a product on the package is A.
Branding is the process of differentiating a product from others by printing names and information about the product.
31. A function of marketing that deals with the movement of goods and salesmen from one location to another is A.
Transportation involves the movement of goods and sales person from one location to another. (Use the following information to answer questions 32 and 33: Saka Ltd has decided to engage in international marketing but wants to minimize the risk involved.)
32. Which of the following reasons would have influenced the company's decision? A.
It is regulation that contracts most companies.
33. The mode of entry that would be suitable for the company is A.
Export is easier to penetrate international market.
34. An association of traders belonging to the same line of business is a A.
When the members are in the same line, it is usually associated with when they are in different line; it is usually associated but when they are in different line of business it is usually union.
35. The process of entering a new market by paying a fee for using another company's brand name is A.
Licensing allows a person or business to use the brand or brand name of another person or business organization.
36. Ernest Ltd's efforts to promote and sell its fruit juice through the company's website is an example of A.
E-marketing involves using electronic means to sell a product or service.
37. Services offered to customers by a firm to encourage continuous patronage of the company's products is A.
After-sales service involves assisting the buyers after sales have been completed. It may include delivery or maintenance. This will enable the buyer to continue patronizing the business.
38. Mr John who identified people's need for pop-corn and met it at a profit is a A.
Marketing involves identifying people's need and trying to satisfy such need.
39. A factor that would be considered in the choice of transportation mode is A.
Location of customers is the main factor considered in choosing mode of transporting a good to the customers. If customers live near (sea) transportation is used.
40. One distinctive feature of a supermarket is A.
In most supermarkets, customers serve themselves; they are the ones who choose whatever they want.
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