2025 NECO Marketing (OBJ & Essay) Answers [25th June]

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NECO JUNE/JULY 2025 FREE MARKETING OBJ & ESSAY (MRKT) QUESTION AND ANSWER ROOM 

 

Thursday 25th June, 2025

Marketing (Objective & Essay)
10:00am – 12:40pm

 

A. 2025 NECO MARKETING (OBJECTIVES) ANSWERS:

1-10: EBBCCBAAAB
11-20: BBBDEDBEAD
21-30: CBEACBAEED
31-40: AEBEBDBAAA
41-50: EEBCBEAEAD
51-60: BBCCDBDDAE

 

B. 2025 NECO MARKETING (THEORY) ANSWERS:

(1)

(2a)
(PICK ANY ONE)
Marketing environment refers to all the external and internal factors that influence a company’s ability to develop and maintain successful relationships with its customers. It includes everything that can affect marketing decisions, directly or indirectly.

OR

The marketing environment refers to all the external and internal factors that influence a company’s ability to develop, promote, and deliver its products or services to customers. These factors affect how businesses operate, make decisions, and interact with their target market.

(2b)
(i) Product:
(PICK ANY ONE)
A product is the actual good or service offered by a business to satisfy the needs or desires of consumers. It includes both tangible and intangible features such as design, quality, performance, packaging, and branding. A product also covers after-sale support, warranty, and how well it meets the expectations of its target market.
OR

A product refers to anything that can be offered to the market for attention, use, or consumption to meet a customer’s need or desire. It may be physical (like electronics) or intangible (like software or services). The product includes its design, appearance, functionality, labeling, and support services that add value and attract customer interest.

(ii) Price:
(PICK ANY ONE)
Price refers to the amount of money a customer is required to pay to acquire a product or service. It plays a key role in influencing demand, sales volume, and profit margins. Price also reflects the perceived value or quality of the product and affects how it competes with similar offerings in the market.

OR

Price is the monetary value placed on a product or service by a seller. It determines how much the buyer must pay to own or use the item. Price affects customer perception, company revenue, and overall market competition. A well-set price can attract buyers, improve brand image, and help a business achieve its financial goals.

(iii) Place:
(PICK ANY ONE)
Place refers to how and where a product is made available to the final consumer. It includes the various distribution channels such as wholesalers, retailers, online platforms, and logistics systems. The goal is to ensure that the product is easily accessible to the right customers, in the right quantity, at the right time and location.

OR

Place is the process of getting a product from the producer to the consumer. It covers the selection of distribution channels, storage, transportation, and location of sales outlets. This ensures the product is available where and when customers need it. Examples include supermarkets, websites, delivery agents, and direct sales points like company shops or kiosks.

(iv) Promotion:
(PICK ANY ONE)
Promotion includes all marketing activities used to inform, persuade, and remind customers about a product or service. It aims to boost sales and brand recognition. These activities include advertising on TV or radio, public relations, personal selling, and sales promotions such as discounts or free samples to encourage more people to buy the product.

OR

Promotion refers to the methods businesses use to communicate with customers and attract them to their products. It involves advertising, direct marketing, public relations, personal selling, and special sales offers. The goal is to create awareness, influence buying decisions, and build a positive image of the brand in the minds of current and potential customers.


(3a)
(PICK ANY ONE)
A market is a system or arrangement where buyers and sellers interact to exchange goods, services, or resources, usually at an agreed price. It can be a physical location, like a marketplace, or a virtual space, such as online platforms. Markets help determine prices through the forces of demand and supply and are essential for facilitating trade and economic activity.

OR

Market is a place or system where buyers and sellers come together to exchange goods and services, either physically or through electronic means. It includes all activities involved in buying and selling, such as pricing, negotiation, and distribution.

(3bi) Consumer Market:
(PICK ANY TWO)
(i) Large number of buyers: The consumer market consists of many individuals and households, making it highly populated. This creates high demand and competition among producers and sellers.

(ii) Small quantity purchases: Consumers usually buy goods in small or moderate quantities. For example, a household may buy two loaves of bread, not truckloads.

(iii) Emotion-based buying decisions: Consumers often make purchases based on taste, fashion, advertisement, or peer influence rather than logic or cost analysis.

(iv) widespread geographical distribution: Buyers in the consumer market are scattered across various towns, cities, and villages, making marketing and logistics important.

(v) High product variety: Producers must offer a wide range of products to meet the different tastes, income levels, and preferences of consumers.

(vi) Intense competition: There is serious competition among producers and sellers to win consumer attention through price, packaging, and promotion.


(3bii) Organisational market:
(PICK ANY TWO)
(i) Fewer but larger buyers: The number of buyers is small compared to the consumer market, but each buyer purchases in large quantities.

(ii) Bulk purchasing: Organisations buy in large volumes to meet production needs or to serve many people, e.g., a company buying hundreds of laptops for staff.

(iii) Rational buying decisions: Organisational buyers focus on quality, price, durability, and long-term value rather than emotional appeal.

(iv) Formal purchasing procedures: Procurement often involves official procedures like bidding, tendering, approvals, and written agreements.

(v) Long-term supplier relationships: Organisations often build strong, lasting relationships with trusted suppliers for reliability and better service.

(vi) Fewer product varieties: Businesses usually buy specific products related to their line of work and do not need as many different products as individual consumers do.


(4a)
(PICK ANY ONE)
Consumer behaviour refers to the actions and decisions that individuals or groups take when selecting, buying, using, or disposing of goods and services to satisfy their needs and wants.

OR

Consumer behaviour is the process and activities people engage in when searching for, evaluating, purchasing, and using products or services to satisfy their personal needs and desires.

(4b)
(PICK ANY FOUR)
(i) Personal factors: These are characteristics that relate to the individual consumer. They include age, occupation, income level, lifestyle, education, and personality.
For example, a low-income earner may go for cheaper products while a high-income earner may afford luxury goods.

(ii) Psychological factors: These are internal influences such as motivation, perception, learning, beliefs, and attitudes.
For example, a person may be motivated to buy a product because they believe it improves their status or solves a personal need.

(iii) Social factors: This includes the influence of family, friends, peer groups, and social class on the buying decisions of the consumer.
For example, a person may purchase a product because it is recommended or used by their social group or family members.

(iv) Cultural factors: These are the customs, values, traditions, and beliefs that a person grows up with, which shape their preferences and consumption habits.
For example, a consumer from a culture that prohibits alcohol will avoid buying alcoholic beverages.

(v) Economic factors: This refers to the financial situation of the consumer as well as the overall economic condition of the country.
For example, during inflation or economic hardship, people tend to buy only essential goods and avoid luxury items.

(vi) Marketing and promotional factors: These include advertising, product pricing, packaging, distribution, branding, and promotional offers.
For example, an attractive advert or discount may influence a consumer to choose one product over another.


(5)
(PICK ANY FIVE)
(i) Market Demand: When demand for a product is high and supply is limited, prices tend to rise because customers are willing to pay more. However, if demand is low, the business may need to reduce prices to attract buyers and remain competitive.

(ii) Competition: The presence of other businesses offering similar products affects pricing. If competitors offer lower prices, a small business may need to adjust its own prices to avoid losing customers. On the other hand, if the product is unique, the business can charge more.

(iii) Cost of Raw Materials: When the cost of materials used in production increases—such as packaging, ingredients, or tools—the business may raise its prices to cover expenses and maintain profit margins. If raw materials become cheaper, prices may be reduced.

(iv) Government Policies and Taxes: Taxes like VAT, import duties, or new regulations can increase the cost of doing business. These additional costs are often passed on to customers through higher prices to avoid losses.

(v) Economic Conditions: During inflation, the general rise in prices affects everything from transportation to electricity, forcing businesses to increase their prices. In contrast, during a recession, people have less money to spend, so businesses may lower prices to encourage sales.

(vi) Supplier Pricing and Availability: If suppliers increase their prices or if there is a shortage of materials, the small business may have no choice but to raise its own prices. Reliable and affordable suppliers help keep prices stable.

(vii) Technological Changes: New technology can reduce production costs, allowing businesses to lower prices. However, adopting new systems or equipment may initially increase costs, which could lead to temporary price hikes.

(viii) Distribution Channels: The cost of getting the product to the customer—through wholesalers, retailers, or delivery services—affects pricing. If distribution becomes more expensive, the final product price may increase to cover those costs.


(6a)
(PICK ANY ONE)
Distribution refers to the process of making a product or service available to the end consumer. It involves the movement of goods from the producer or manufacturer to the final user, either directly or through intermediaries such as wholesalers, retailers, agents, or online platforms.

OR

Distribution is the process of moving goods and services from the producer or manufacturer to the final consumer through various channels such as wholesalers, retailers, and agents

(6b)
(PICK ANY FOUR)
(i) Nature of the product: Perishable or fragile goods (like food or glassware) require shorter or direct channels to avoid spoilage or damage, while durable goods can go through longer channels involving wholesalers and retailers.

(ii) Cost of distribution: The businessman must consider the total cost involved in using a particular channel. If the cost of transportation, warehousing, and commissions is too high, it may reduce profit. A cheaper but efficient channel is preferred.

(iii) Target market or location of customers: If customers are widely scattered, using wholesalers and retailers may be better. If they are close to the business, direct sales might be more effective. Urban areas may allow easier direct access to consumers.

(iv) Speed of delivery: When fast delivery is important (such as for newspapers or medicine), a shorter channel is best. The businessman should choose a channel that ensures quick delivery to avoid delays.

(v) Quantity and frequency of orders: Large and frequent orders may be handled better through direct channels, while small and occasional orders can be managed by retailers or agents.

(vi) Financial strength of the business: A financially strong business may afford to distribute directly to consumers or set up its own distribution network. A small business may have to rely on existing wholesalers and retailers.

(vii) Control over sales: If the businessman wants greater control over pricing, branding, and customer service, a shorter or direct channel is better. Long channels may reduce control over how products are sold and marketed.

(viii) Legal or government regulations: Some products, such as drugs, alcohol, or firearms, may require specific legal guidelines in distribution. The businessman must ensure the channel complies with the law.

(ix) Reputation and efficiency of middlemen: The reliability and honesty of the wholesalers, agents, or retailers matter. The businessman should select partners who are efficient, trusted, and able to promote the product well.

(7a)
(PICK ANY ONE)
A marketing intermediary is a business or individual that helps a company promote, sell, and distribute its products to final consumers. These intermediaries serve as a link between producers and customers and play a crucial role in the movement of goods through the marketing channel.

OR

Marketing intermediaries are independent firms or individuals who assist producers in getting their goods and services to the final consumer by performing functions such as selling, transporting, storing, and promoting the product. They help to bridge the gap between the manufacturer and the end user by making products available at the right time, place, and quantity

(7b)
(PICK ANY FOUR)
(i) Facilitating Distribution: Middlemen help move goods from producers to final consumers by bridging the gap between production and consumption. They ensure that products are available in the right place, at the right time, and in the right quantity.

(ii) Risk Bearing: They assume risks associated with storage, transportation, and price fluctuations. For example, if goods spoil or demand drops, the middleman often bears the loss—not the producer.

(iii) Financing: Middlemen often provide credit facilities to retailers or even buy goods in advance from producers. This helps manufacturers maintain cash flow and continue production.

(iv) Market Information: They gather and relay valuable feedback from consumers to producers, such as changes in taste, preferences, or competitor activity. This helps producers adjust their strategies accordingly.

(v) Promotion and Advertising: Middlemen, especially retailers, promote goods through in-store displays, discounts, and advertisements, helping to boost product awareness and sales.

(vi) Bulk Breaking: Wholesalers buy in large quantities from producers and sell in smaller units to retailers or consumers. This makes goods more affordable and accessible to end users.

(vii) Storage and Warehousing: They provide storage facilities that help maintain a steady supply of goods, especially during off-seasons or when demand spikes.

(viii) Creating Utility: Middlemen add value by creating place, time, and possession utility—making goods available where, when, and how consumers want them.


(8a)
(PICK ANY ONE)
Adaptation of marketing plans for international marketing refers to the process of modifying a company’s marketing strategies, products, and promotional methods to suit the cultural, economic, legal, and consumer preferences of a foreign market.

OR

Adaptation of marketing plans for international marketing is the process of adjusting a company's marketing mix (product, price, place, and promotion) to meet the specific demands and conditions of a foreign market.

(8b)
(PICK ANY FOUR)
(i) Exporting: This involves selling goods produced in the home country to buyers in foreign countries. Ogodo Enterprises can manufacture its products locally and ship them abroad either directly to customers or through agents and distributors.

(ii) Licensing: Ogodo Enterprises can grant a foreign company the right to produce and sell its products using its brand name, technology, or processes in exchange for a fee or royalty. This reduces cost and risk while expanding market reach.

(iii) Franchising: This method allows foreign investors to use the business model, brand, and operating systems of Ogodo Enterprises in return for regular fees. It is suitable for businesses with a proven system, like food chains or retail.

(iv) Joint venture: Ogodo Enterprises can form a partnership with a foreign company where both share ownership, control, and profits. This helps in gaining local market knowledge, sharing costs, and reducing entry risks.

(v) Foreign direct investment (FDI): The business can establish or acquire physical facilities such as factories or branches in a foreign country. This gives full control over operations but involves high capital and risk.

(vi) E-commerce or online marketing: Ogodo Enterprises can use websites, social media, or online marketplaces to advertise and sell its products directly to international customers. This method is cost-effective and fast-growing.

(vii) Strategic alliances: The enterprise can form a collaboration with international firms to share marketing, distribution networks, or research, without merging or creating a new company. This helps in entering new markets smoothly.

(9)
(PICK ANY FIVE)
(i) Identifying the product or service to be offered: The first step is to decide what type of product or service the business will provide. This decision must be based on factors such as consumer needs, personal knowledge, market trends, and demand. Offering a product that solves a problem or satisfies a need increases the chance of business success.

(ii) Conducting market research: This involves studying the market environment to understand who the customers are, what they want, what price they are willing to pay, and who the competitors are. Proper market research helps the business owner make informed decisions about pricing, product quality, and promotion methods.

(iii) Choosing a suitable location: A good location is critical for business success. The outlet should be sited in an area that is accessible to the target customers, has high foot traffic, and offers visibility. Factors like security, rent cost, competition in the area, and proximity to suppliers should also be considered.

(iv) Determining startup capital and sources of finance: The business owner must calculate the capital required for the initial setup, including rent, equipment, inventory, licenses, staff, and promotion. Funding can be sourced from personal savings, loans, grants, partnerships, or support from family and friends.

(v) Business registration and licensing: To operate legally, the business must be registered with the appropriate government agency and obtain any required licenses or permits. This step ensures that the business is recognized by law and avoids future legal issues.

(vi) Procuring equipment and stock: Necessary equipment like shelves, chairs, tables, cash registers, and storage units must be purchased. Also, the business must stock up on goods or raw materials needed for sales. This step prepares the outlet for full operation.

(vii) Hiring and training staff (if needed): If the business requires employees, the right people should be hired and properly trained in customer service, inventory handling, and use of sales tools. Well-trained staff help to boost customer satisfaction and loyalty.

(viii) Advertising and promotional strategies: To attract customers, the business must promote itself through advertising and marketing. This can include flyers, posters, banners, social media, promotional discounts, and word of mouth. The goal is to create awareness and attract foot traffic to the outlet.

(ix) Opening the outlet: This involves officially launching the outlet and starting daily operations. The outlet must be arranged neatly, stocked with goods, and opened at convenient hours. A successful launch helps make a good first impression.

(x) Managing and monitoring operations: After launching, the business must be well-managed. This includes keeping records of sales, restocking goods, attending to customers, handling complaints, and tracking profit or loss. Continuous improvement and customer feedback help in growing the outlet. 

 

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