2021 NECO GCE Marketing (Essay & OBJ) Answers [24th November]

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NECO NOV/DEC 2021 FREE MARKETING (MRKT) QUESTION AND ANSWER ROOM

Marketing Paper III & II (Objective & Essay) 2.00 pm – 4.40 pm

NECO GCE MARKETING (ESSAY) ANSWERS 2021:

(2a)
Consumer products, also referred to as final goods, are products that are bought by individuals or households for personal use. In other words, consumer products are goods that are bought for consumption by the average consumer. Consumer behavior reveals how to appeal to people with different habits.

(2b)
(i) Convenience Products: They refers to those that require little trouble or effort to purchase. They are both easy to access and frequently purchased. Examples include: food, drink, laundry detergent, toilet paper, deodorant, and toothpaste.

(ii) Shopping Products:
Shopping goods contrast with convenience products in the fact that they are brought less frequently and are not so easily available. Consumers take more time to decide on what to buy and take a more deliberate effort before making a decision.

(iii) Speciality: Speciality products are goods that consumers do not take long when deciding to purchase. They have unique characteristics like being rare, or being an original design, so are largely incomparable to other products. For example, speciality products include: sports cars, rare paintings, high-spec laptops, rare ornaments, or designer clothing

(iv) Unsought: Unsought products can range from new innovations to old goods. They are simply goods that consumers do not know about or would think to buy. Equally, they are not necessarily goods that the consumer would want to buy.
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(3a)
Marketing mix refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market.

(3b)
(i) Price
(ii) Product
(iii) Promotion
(iv) Place

(i) Price: Price refers to the pricing strategy for products and services and how it will affect customers. Pricing decisions do not include just the selling price, but also discounts, payment arrangements, credit terms, and any price-matching services offered.

(ii) Promotion: Promotion refers to the activities that make the business more known to consumers. It includes items such as sponsorships, advertising, and public relations activities.

(iii) Place: Place refers to where the product/service of the business is seen, made, sold, or distributed. In essence, place decisions are associated with distribution channels and ways of getting the product to targeted key customers.

(iv) Product: Product refers to the products and services offered by a business. Product decisions include function, packaging, appearance, warranty, quality, etc.
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(4a)
An organizational market refers to the practice by consumers and companies purchase commodities for other purposes rather than personal consumption. These markets have fewer buyers, but purchasing in bulk is common in comparison to consumer markets WHILE Consumer market refers to the market where people purchase products/services for consumption and are not meant for further sale. This market is dominated by the products which consumers use in their daily life.

(4b)
(i) Industrial market: It includes individuals and companies that buy goods and services in order to produce other goods and services

(ii) Resellers market: It consists of individuals or companies that purchase goods and services produced by others for resale to consumers

(iii) Government market: It consists of government agencies at all levels that purchase goods and services for carrying out the functions of government

(iv) Institutional market: It consists of individuals and companies such as schools or hospitals that purchase goods and services for the benefit or use of persons cared for by the institution.


NECO GCE MARKETING (OBJECTIVE) ANSWERS 2021:

1-10: CEEEBDAACC
11-20: BADBCCCACD
21-30: CEAAEEBCAB
31-40: ABBBAADECA
41-50: CDAACEECEA
51-60: CABDAAACAB

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