2023 WAEC Marketing (Essay & OBJ) Questions & Answers [22nd June]
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WAEC May/June 2023 FREE MARKETING QUESTION AND ANSWER ROOM [School Candidates]

Thursday 22nd June, 2023
Marketing 2 (Essay): 09:30am – 11:30am
Marketing 1 (Objective): 11:30am – 12:20pm


WAEC 2023 MARKETING OBJECTIVES (OBJ) ANSWERS

1-10: AACBAAADAC
11-20: DACBABDBAC
21-30: BCADCBAABB
31-40: ACDCDDDCBB

2023 WAEC MARKETING ESSAY (THEORY) ANSWERS:

(1a)
(PICK ANY FIVE)
(i) They purchase goods in large quantities from manufacturers and store them in warehouses.
(ii) Wholesalers provide warehousing facilities to store goods and maintain inventory and ensure the availability of products to meet the demands of retailers
(iii) Wholesalers often assemble a variety of products from different manufacturers and create assortments that cater to the needs of retailers.
(iv) Wholesalers break down bulk quantities into smaller units suitable for retailers.
(v) Wholesalers take responsibility for transporting goods from manufacturers to retailers by organizing and coordinating the logistics involved in delivering products efficiently and timely.
(vi) They extend credit to retailers, allowing them to purchase goods on credit and pay later, which helps retailers manage their cash flow.
(vii) They provide valuable market insights to manufacturers, helping them make informed decisions
(viii) Wholesalers engage in promotional activities to create awareness and stimulate demand for products.

(1b)
(PICK ANY FIVE)
(i) The nature of the product, such as its perishability, fragility, or complexity, can influence the choice of distribution channel
(ii) Size of the market, geographical spread, and target customers' preferences play a role in selecting the distribution channel
(iii) The cost of distribution is a critical factor because the producers need to evaluate the expenses associated with each distribution channel option, including transportation, storage, handling, and commissions
(iv) The size and weight of product influences the choice a distribution channel
(v) Legal and Regulatory Factors is essential in choosing a distribution channel.
(vi) Customer reach and service can affect choice of distribution channel because it must align with the target customers' preferences and provide adequate reach and service
(vii) The capital available to the manufacturer will determiner the type of channel to adopt.
(viii) The level of control desired by the manufacturer will affect the choice of channel to be used .

(2a)
(i)Need Identification: Mr. Oke recognized the need to purchase a television set for his family. This step involves identifying the requirements, preferences, and specifications of the product to meet his family's entertainment needs.

(ii) Research and Evaluation: After identifying the need, Mr. Oke conducted thorough research on different television models, brands, features, and prices. He gathered information from various sources

(iii)Decision Making: Once Mr. Oke had gathered sufficient information, he analyzed the available options and compared them against his requirements and budget.

(iv)Purchase and Post-Purchase Evaluation: After finalizing his decision, Mr. Oke proceeded with the actual purchase of the chosen television set. He identified the most reliable retailer and made payment.

(2b)
(PICK ANY FIVE)

(i)Organizational goals and objectives: The committee's buying behavior is influenced by the goals and objectives of the organization.

(ii)Budget and financial considerations: The financial resources available to the committee can greatly influence their buying behavior.

(iii)Organizational policies and procedures: Committees often have to adhere to specific organizational policies and procedures when making purchasing decisions.

(iv)Stakeholder input and influence: Committees are composed of multiple individuals representing various departments or functions within the organization

(v)Product specifications and quality: The specifications and quality of the product or service being considered will impact the committee's buying behavior.

(vi)Vendor reputation and relationships: The reputation and relationships with potential vendors can influence the committee's buying behavior.

(vii)Market trends and external factors: Committees also consider market trends, industry developments, and external factors that could impact their buying decision.

(3a)
(i) South Africa offers a potentially lucrative market with a sizable population and a growing economy.

(ii)JK Ltd may possess a competitive advantage in its industry or product offering, which it believes can be successfully leveraged in the South Africa market.

(iii)Expanding into a new market like South Africa allows JK Ltd to diversify its business operations, reducing dependence on a single market (Nigeria).

(iv) JK Ltd may have strategic objectives, such as global expansion, increased market presence, or access to resources, which align with entering the South Africa market.

(3b)
(i)Exporting: JK Ltd can choose to export its products from Nigeria to South Africa. It is relatively low-cost and allows the company to test the market before making larger investments.

(ii)Licensing or Franchising: JK Ltd could enter the South Africa market by licensing its products, technologies, or brand to local partners or franchising its business model.

(iii)Joint Venture: JK Ltd can form a joint venture with a South African company, creating a new entity that combines the resources, expertise, and market knowledge of both partners.

(iv)Direct Investment: JK Ltd could opt for direct investment by establishing a wholly-owned subsidiary or acquiring an existing company in South Africa.

(4a)
PRODUCT:
(PICK ANY TWO)
(i) Product Design
(ii) Product Variety
(iii) Product Development
(iv) Product Life Cycle
(v) Product Differentiation

PRICE:
(PICK ANY TWO)
(i) Pricing Strategy
(ii) Price Adjustment
(iii) Price Elasticity
(iv) Price Positioning
(v) Price Skimming

PROMOTION:
(PICK ANY TWO)
(i) Advertising
(ii) Personal Selling
(iii) Sales Promotion
(iv) Public Relations
(v) Publicity

PLACE (Distribution):
(PICK ANY TWO)
(i) Distribution Channels
(ii) Channel Intensity
(iii) Logistics and Transportation
(iv) Channel Conflict
(v) Physical Distribution

(4b)
(PICK ANY FOUR)
(i) Economic Factors: Economic factors include elements such as inflation, interest rates, economic growth, etc. During periods of economic recession, consumers tend to reduce their spending, which can affect the demand for products and services.

(ii) Technological Factors: Technological factors refer to advancements and innovations in technology that can influence the marketing environment.

(iii) Social Factors: Social factors encompass societal trends, cultural norms and consumer attitudes and behaviors. These factors shape consumer preferences and influence their buying decisions.

(iv) Legal and Regulatory Factors: Legal and regulatory factors involves laws, regulations, and government policies that impact the marketing environment.

(v) Competitive Factors: Competitive factors include the actions and strategies of competing firms within the industry.

(vi) Environmental Factors: Environmental factors pertain to the physical and ecological conditions that can impact marketing activities. Increasingly, consumers are becoming more environmentally conscious, leading to a growing demand for sustainable and eco-friendly products.(5a)
(PICK ANY FIVE)
(i) Jo-Bo should ensure a different variety of products are available in his retail outlet to cater to different customer preferences and needs.
(ii) Jo-Bo should focus on providing high-quality products that meet or exceed customers expectations.
(iii) Jo-Bo should offer competitive prices for his products compared to other retailers in the area.
(iv) Jo- Bo should Provide excellent customer service for customer retention.
(v) Implementing a loyalty program or offering incentives such as discounts or reward points, for repeat customers.
(vi) Jo-Bo should ensure his retail outlet is visually appealing and well-organized.
(vii) Jo-Bo should engage in effective marketing strategies to create awareness and attract new customers.
(viii) Jo-Bo should actively seek feedback from customers to understand their needs and preferences better.

(5b)
(PICK ANY FIVE)
(i) By starting his own retail outlet, Jo-Bo can become financially independent.
(ii) Running a business allows Jo-Bo to gain valuable entrepreneurial experience.
(iii) By establishing his retail outlet, Jo-Bo contributes to job creation in his neighborhood.
(iv) As the owner of his business, Jo-Bo has the freedom to set his own working hours and make decisions independently.
(v) He will be able to learn continously and experience personal growth.
(vi) Establishing a retail outlet in his neighborhood can earn Jo-Bo recognition and respect from the community.
(vii) If Jo-Bo's retail outlet proves successful, he can consider expanding his business.
(viii) Building a successful business can potentially lead to long-term wealth creation for Jo-Bo.

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