NECO Marketing OBJ
- B — Marketing
- B — Industrial and consumer
- C — Car
- B — Consumer
- C — Marketing mix
- C — Marketing budget
- D — Penetration pricing
- E — Target market
- A — Cash discount
- A — Convenience goods
- A — Brand
- B — Hierarchical organisational chart
- B — Economic feature
- D — Legal feature
- A — Bonded warehouse
- D — Exchange
- E — Selling concept
- B — Fabricating materials
- D — Education
- B — Decline stage
- E — Trade association
- A — Consumer market
- B — Industrial market
- D — Lifestyle
- B — Personal factors
- D — Involves huge financial resources
- C — It is inexpensive
- A — Opportunity
- E — Want
- D — Persuasive
- B — Growth stage
- D — Post-purchase behaviour
- B — Brand
- C — Core product
- C — Delivery note
- C — Price
- C — Public warehouse
- B — Decreases demand and supply
- A — Demand
- D — Product
- D — Scrambled merchandising
- B — Consumer decision process
- A — Buyers can easily access a variety of products
- B — Government grant
- B — Merchandisers
- C — Production concept
- E — Packaging
- A — Adapted marketing mix
- D — Institutional market
- A — Evaluation of alternatives
- A — Opportunity
- B — Geographical pricing
- E — Transaction
- B — Brand name
- C — Needs
- D — State warehouse
- A — Direct exporting
- A — Hacker
- E — Price
- A — Advertising
COMPLETED!!!
NECO Marketing Essay
Number 1
(i) Mass marketing: Mass marketing is a strategy in which a firm produces and promotes one product to a large number of consumers without dividing the market into separate groups. It uses the same product, price, promotion and distribution approach for the entire market.
(ii) Referral marketing: Referral marketing is a promotional method in which existing customers recommend a product or business to other people. It depends on word-of-mouth communication and may involve incentives such as discounts, commissions or rewards for successful referrals.
(iii) Market: A market is any place or arrangement where buyers and sellers meet or communicate for the purpose of exchanging goods and services. It may be a physical location, such as a shop, or an online platform.
(iv) Transaction: A transaction is an exchange between two or more parties in which goods, services or money are transferred. It takes place when a buyer gives something of value in return for a product or service.
(v) Need: A need is a basic state of deprivation or a feeling that something essential is lacking. Human needs include food, clothing, shelter, security and social acceptance, and they motivate consumers to seek products that can satisfy them.
Number 2
(2a)
Advantages of television advertising:
(PICK ANY FOUR)
(i) Wide coverage: Television advertisements can reach a large number of people in different towns, states and countries.
(ii) Use of sound and pictures: Television combines sound, colour, motion and images, making advertisements attractive and easy to understand.
(iii) Product demonstration: Mobile phones and their features can be demonstrated to viewers, making the products more convincing.
(iv) Strong impact: Television advertisements easily attract attention and remain in the minds of viewers for a long time.
(v) Targeting of audiences: The advertisement can be placed during programmes watched by the intended customers.
(vi) Builds business image: Regular television advertising can improve the reputation and public image of Jonas Mobile Ltd.
Disadvantages of television advertising:
(PICK ANY FOUR)
(i) High cost: Producing and broadcasting television advertisements is expensive, especially during popular programmes.
(ii) Short exposure: Television advertisements usually last for only a few seconds and may be forgotten quickly.
(iii) Lack of permanent reference: Viewers cannot keep the advertisement for future reference unless they record it.
(iv) Limited detailed information: It may be difficult to provide complete information about all the mobile phones within a short advertisement.
(v) Wastage of audience: The advertisement may reach many people who have no interest in buying mobile phones.
(vi) Message may be missed: Viewers may leave the television, change the channel or ignore the advertisement when it is shown.
(2b)
(PICK ANY THREE)
(i) Internet advertising: Jonas Mobile Ltd can advertise through websites, search engines, blogs and online marketplaces. This medium reaches customers worldwide and allows pictures, videos, prices and product details to be displayed.
(ii) Social media advertising: The company can use platforms such as Facebook, Instagram, TikTok and X to promote its mobile phones. Customers can view products, ask questions, share posts and place orders online.
(iii) Radio advertising: Radio can be used to inform listeners about available phones, prices, discounts and business location. It is relatively affordable and reaches people in both urban and rural areas.
(iv) Newspaper advertising: The business can place advertisements in local, national or international newspapers. This enables readers to study the product details, prices and contact information at their convenience.
(v) Magazine advertising: Mobile phone advertisements can be placed in technology, business and lifestyle magazines. Magazines provide quality pictures and can reach specific groups of consumers.
(vi) Outdoor advertising: The firm can use billboards, posters, banners and electronic display boards in busy locations. These provide repeated exposure to motorists and pedestrians.
Number 3
(3a)
Pricing is the process of determining the amount of money a customer must pay to obtain a product or service.
(3b)
(PICK ANY THREE)
(i) Level of competition: The prices charged by competing firms influence the price of a product. A business may reduce its price when competitors offer similar products at lower prices.
(ii) Government policies: Government may influence prices through taxes, subsidies, price controls, import duties and other regulations. An increase in tax or duty may lead to a higher selling price.
(iii) Demand for the product: When demand is high and supply is limited, the price may increase. When demand is low, the firm may reduce the price to attract customers.
(iv) Economic conditions: Inflation, recession, unemployment and changes in consumers’ income affect product prices. During inflation, rising production costs may force firms to increase prices.
(v) Activities of distributors: Wholesalers, retailers and other middlemen add transportation, storage and profit margins to the product. These charges affect the final price paid by consumers.
(vi) Availability of substitutes: The presence of many substitute products may prevent a firm from charging a high price because customers can easily switch to alternatives.
(vii) Exchange rate: Changes in the value of the local currency affect the cost of imported raw materials and finished goods. Currency depreciation may lead to higher product prices.
(viii) Market conditions: The size, location and nature of the target market may influence pricing. Prices may differ between urban and rural markets because of purchasing power and distribution costs.
(3c)
Importance of price to customers:
(PICK ANY TWO)
(i) It helps customers to compare similar products and choose the one they can afford.
(ii) It indicates the amount of money a customer must give up to obtain a product.
(iii) It may help customers to judge the quality or value of a product.
(iv) It assists customers in preparing and controlling their budgets.
Importance of price to an organisation:
(PICK ANY TWO)
(i) It generates revenue for the organisation.
(ii) It helps the organisation to recover production and operating costs.
(iii) It determines the amount of profit earned by the organisation.
(iv) It can be used to attract customers and compete with other firms.
(v) It influences the market position and image of the organisation.
Number 4
(4a)
Distribution is the process of moving goods and services from the producer to the final consumer at the right place, time and quantity through appropriate marketing channels.
(4b)
(i) Intensive distribution: This involves making a product available through as many outlets as possible. It is suitable for frequently purchased consumer goods such as soap, soft drinks and toothpaste.
(ii) Selective distribution: This involves using a limited number of carefully chosen wholesalers or retailers in a particular market. It is suitable for products such as furniture, electronics and household appliances.
(iii) Exclusive distribution: This involves granting only one distributor or a very small number of distributors the right to sell a product within a particular geographical area. It is commonly used for expensive or specialised products such as luxury cars and industrial equipment.
(4c)
(PICK ANY FOUR)
(i) Distribution channels move goods from producers to consumers.
(ii) They provide storage and warehousing facilities.
(iii) They break bulk into smaller quantities suitable for consumers.
(iv) They provide market information to producers and buyers.
(v) They promote and advertise products.
(vi) They bear risks associated with damage, theft and changes in price.
(vii) They provide credit facilities to buyers.
(viii) They help in grading, sorting and packaging products.
Number 5
(5a)
Reasons for selling yam tubers abroad:
(PICK ANY FOUR)
(i) Larger market: Exporting enables Bala Farms Ltd. to sell its yam tubers to more customers outside Nigeria.
(ii) Foreign exchange earnings: The company can earn foreign currency from the sale of its products abroad.
(iii) Higher profit: Yam tubers may command higher prices in foreign markets, thereby increasing the company’s profit.
(iv) Disposal of surplus production: Exporting provides an outlet for excess yam tubers that cannot be sold in the local market.
(v) Reduction of business risk: Selling in both local and foreign markets prevents the company from depending entirely on one market.
(vi) Increased production: A wider market may encourage the company to expand production and enjoy economies of scale.
(vii) Improvement of business image: International marketing can improve the reputation and recognition of Bala Farms Ltd.
(viii) Prevention of wastage: Exporting surplus yam tubers helps to reduce spoilage and losses.
Barriers to marketing yam tubers in a foreign country:
(PICK ANY FOUR)
(i) Import duties and tariffs: The Canadian government may impose taxes on imported yam tubers, thereby increasing their selling price.
(ii) Government restrictions: Import quotas, licences, embargoes and other regulations may limit the quantity of yam tubers entering the country.
(iii) High transportation cost: The long distance between Nigeria and Canada may make shipping and insurance expensive.
(iv) Differences in language and culture: Differences in consumer preferences, customs and communication may affect marketing activities.
(v) Exchange-rate fluctuations: Changes in the value of currencies may reduce the amount of profit earned by the company.
(vi) Strict quality standards: The yam tubers may be required to meet health, packaging, grading and phytosanitary standards before entry.
(vii) Risk of spoilage: Yam tubers may deteriorate during transportation or storage if they are not properly handled.
(viii) Political and legal differences: Foreign laws and government policies may create difficulties for the exporter.
(ix) Strong competition: Bala Farms Ltd. may face competition from other suppliers of yam and substitute food products.
(x) Payment risk: Foreign buyers may delay or fail to make payment for goods supplied.
(5b)
(PICK ANY THREE)
(i) Overseas sales branch or subsidiary: Bala Farms Ltd. may establish a sales office or subsidiary in Canada. The branch will receive, store, promote and distribute the yam tubers directly to customers.
(ii) Travelling export sales representatives: The company may send its sales representatives to Canada to search for customers, negotiate contracts, take orders and promote the yam tubers.
(iii) Foreign-based agents or distributors: Bala Farms Ltd. may appoint agents or distributors in Canada to sell the yam tubers on its behalf. The agent receives a commission, while the distributor buys and resells the products.
(iv) Export department: The company may create a special department responsible for finding foreign buyers, processing export documents, arranging transportation and supervising overseas sales.
(v) Direct online selling: Bala Farms Ltd. may advertise and receive orders through its website, online marketplaces or electronic mail and then ship the yam tubers directly to foreign customers.
Number 6
(6a)
A facilitator is an individual or organisation that assists producers and marketers in carrying out marketing activities without taking ownership of the products.
Examples include banks, transport companies, insurance firms, warehouses, advertising agencies and market research organisations.
(6b)
Importance of primary and secondary products to a country:
(PICK ANY FOUR)
(i) Generation of employment: The production, processing, transportation and marketing of primary and secondary products create jobs for farmers, miners, factory workers, drivers, traders and other citizens.
(ii) Foreign exchange earnings: The exportation of agricultural produce, minerals and manufactured goods enables the country to earn foreign currency for international transactions.
(iii) Provision of raw materials: Primary products such as cotton, timber, crude oil, cocoa and hides provide raw materials required by manufacturing industries.
(iv) Industrial development: Processing primary products into secondary products encourages the establishment and expansion of industries within the country.
(v) Generation of government revenue: Government earns revenue through taxes, royalties, export duties and licence fees paid by producers and manufacturing firms.
(vi) Improvement in the standard of living: The availability of processed goods such as clothing, food products, furniture and household equipment helps to satisfy the needs of citizens.
(vii) Reduction of dependence on imports: Local production of secondary goods reduces the amount spent on importing finished products from other countries.
(viii) Promotion of economic growth: Increased production and sale of primary and secondary products raise national income and contribute to the development of the economy.
(ix) Development of infrastructure: Production activities may encourage government and private firms to provide roads, electricity, water, storage facilities and communication services.
(x) Improvement in the balance of payments: Export earnings from primary and secondary products help the country pay for imports and reduce balance-of-payments deficits.
Number 7
(7a)
Organisational market is a market made up of businesses, government agencies, institutions and other organisations that purchase goods and services for production, resale, further processing or use in their operations rather than for personal consumption.
(7b)
| Consumer Market | Organisational Market |
|---|---|
| Buyers are mainly individuals and households. | Buyers are businesses, government agencies and institutions. |
| Goods are purchased for personal or family consumption. | Goods are purchased for production, resale or organisational use. |
| It has many buyers who usually purchase in small quantities. | It has fewer buyers who usually purchase in large quantities. |
| Demand is direct and arises from consumers’ personal needs. | Demand is derived from the demand for final consumer goods. |
| The buying process is usually simple and may involve one person. | The buying process is more formal and may involve several professionals. |
(7c)
(PICK ANY SIX)
(i) Measurability: The size, purchasing power and characteristics of each market segment should be capable of being measured.
(ii) Accessibility: The firm should be able to reach and serve the members of the segment through suitable promotional and distribution channels.
(iii) Substantiality: The segment should be large and profitable enough to justify the cost of developing a separate marketing programme for it.
(iv) Differentiability: Each segment should respond differently to changes in product, price, promotion and distribution.
(v) Actionability: The organisation should possess the resources and ability to develop effective marketing programmes for the segment.
(vi) Stability: The segment should remain reasonably stable for a sufficient period to enable the firm to recover its marketing expenses.
(vii) Homogeneity: Consumers within the same segment should have similar needs, characteristics and buying behaviour.
(viii) Identifiability: Members of each segment should be clearly recognised and distinguished from members of other segments.
Number 8
(8a)
Scrambled merchandising is the practice whereby a retailer adds product lines that are unrelated to its normal line of business in order to attract more customers and increase sales.
For example, a supermarket may sell electrical appliances, clothing and medicines in addition to food items.
(8b)
(PICK ANY FOUR)
(i) Selection of products: A merchandiser determines the types, quality, sizes, colours and brands of products that should be offered to customers based on their needs and preferences.
(ii) Purchasing of goods: The merchandiser buys goods from suitable suppliers at the right price, quality, quantity and time to ensure continuous availability of products.
(iii) Pricing of products: The merchandiser helps to fix appropriate selling prices by considering cost, demand, competition and the profit objective of the business.
(iv) Display of goods: Products are arranged attractively in the shop, showroom or display window to attract customers and encourage purchases.
(v) Stock control: The merchandiser monitors the quantity of goods available, prevents overstocking and understocking and ensures that damaged or obsolete goods are removed.
(vi) Sales promotion: The merchandiser plans promotional activities such as discounts, demonstrations, special offers and attractive displays to increase sales.
(vii) Market research: The merchandiser gathers information about customers’ tastes, competitors’ products, market trends and changes in demand to guide business decisions.
(viii) Liaison with suppliers: The merchandiser communicates with producers and suppliers concerning prices, delivery dates, product quality and availability of goods.
Number 9
(9a)
Internet ethics refers to the moral principles, rules and acceptable standards that guide the responsible use of the internet.
It requires users to respect other people’s privacy, rights, property and personal information while communicating or carrying out activities online.
(9b)
(PICK ANY FOUR)
(i) Hacking: This is gaining unauthorised access to another person’s computer, website, email or online account. Hackers may steal, alter or destroy information.
(ii) Cyberbullying: This involves using social media, messages or other online platforms to threaten, insult, embarrass or harass another person repeatedly.
(iii) Identity theft: This occurs when a person steals another user’s personal information, such as passwords, bank details or identification data, and uses it for fraudulent purposes.
(iv) Online fraud: This involves deceiving internet users in order to obtain money or valuable information. Examples include fake investment offers, false online shops and advance-fee scams.
(v) Spamming: This is the sending of large numbers of unwanted emails, messages or advertisements to internet users without their permission.
(vi) Piracy: This is the illegal copying, downloading, sharing or selling of copyrighted materials such as films, music, books and software without the owner’s permission.
(vii) Plagiarism: This involves copying another person’s online work, ideas or writing and presenting them as one’s own without proper acknowledgement.
(viii) Cyberstalking: This is the continuous monitoring, threatening or harassment of a person through social media, emails or other internet platforms.
(ix) Phishing: This involves sending fake emails, messages or websites that appear genuine in order to trick users into revealing passwords, bank details or other confidential information.
(x) Spreading false information: This is the deliberate publication or sharing of rumours, fabricated stories and misleading content that may damage reputations or cause confusion in society.
COMPLETED!!!