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Get Free Live 2023 NECO GCE Marketing (MRKT) OBJ & THEORY Questions and Answers Free of Charge | NECO Nov/Dec Free MARKETING (Objectives and Theory) Questions and Answers EXPO Room (7th December, 2023).
Marketing Paper III & II (Objective & Essay) 2.00 pm – 4.00pm
NECO GCE MARKETING (ESSAY) ANSWERS 2023:
(3a)
Facilitators refer to individuals, tools, or systems that
help streamline communication, collaborations, decision-making, or
problem-solving within marketing teams or processes. They assist in
enabling discussions, guiding meetings, fostering creativity, or
simplifying complex tasks to achieve marketing objectives more
efficiently.
(3b)
Functions of Facilitators in food processing Industries
(PICK FOUR)
(i)Process
Optimization: Facilitators in food processing industries focus on
improving and streamlining production processes to enhance efficiency
and quality while reducing waste.
(ii)Quality Assurance: They
ensure compliance with safety and quality standards, implementing
measures to maintain high food safety levels throughout the production
chain.
(iii)Innovation and Development: Facilitators encourage
innovation by identifying new technologies, methods, or ingredients that
can improve food processing techniques or create new products.
(iv)Supply
Chain Coordination: They facilitate coordination between suppliers,
manufacturers, and distributors, ensuring smooth operations within the
supply chain for timely delivery and production.
(v)Regulatory
Compliance: Facilitators navigate regulatory requirements and standards
in the food industry, ensuring that all processes and products meet
legal and safety criteria.
Functions of Facilitators in Banks
(PICK ANY FOUR)
(i)Customer
Service Enhancement: Facilitators in banks aim to improve customer
service by streamlining processes, training staff, and implementing
customer-centric policies and procedures.
(ii)Operational
Efficiency: They focus on optimizing internal operations, suggesting
improvements in workflows, systems, and technologies to enhance
efficiency and reduce operational costs.
(iii)Risk Management:
Facilitators help banks identify, assess, and mitigate risks by
implementing robust risk management strategies and ensuring compliance
with regulatory standards.
(iv)Financial Planning and Strategy:
They assist in financial planning by analyzing market trends, suggesting
investment strategies, and contributing to the development of business
plans and growth strategies.
(v)Training and Development:
Facilitators conduct training programs for staff to enhance their skills
and knowledge, ensuring that employees are updated on banking
regulations, products, and services to serve customers effectively
(4)
(PICK ANY FIVE)
(i)Distance:
Longer distances often favor faster modes like air transport due to
reduced travel time. However, for shorter distances, road or rail
transport might be more cost-effective and efficient.
(ii)Cost:
The overall expenses associated with transportation play a significant
role. Air freight tends to be more expensive compared to sea or land
transport for bulk shipments. Factors like fuel costs, handling charges,
and infrastructure expenses influence the decision.
(iii)Time
Sensitivity: Time-critical products, such as perishable goods or
high-demand items, require faster transportation modes like air freight
or express shipping to meet delivery deadlines and maintain product
quality.
(iv)Nature of Goods: The characteristics of the goods
being transported impact the mode of transportation. Perishable items
might require refrigerated trucks or air cargo with temperature control
to prevent spoilage, while fragile items might need specialized handling
and packaging
(v)Reliability: Consistency and reliability in
delivery schedules and transit times are crucial. Some industries, like
pharmaceuticals or automotive manufacturing, demand reliable
transportation to ensure production schedules are met without delays.
(vi)Infrastructure
and Accessibility: The quality and accessibility of transport
infrastructure, such as roads, ports, airports, and railways, can
significantly influence the choice of transportation mode. Areas with
well-developed infrastructure may favor specific modes over others.
(vii)Regulations
and Compliance: Different transportation modes are subject to distinct
regulations and compliance standards. Factors such as customs
procedures, safety regulations, environmental standards, and
international trade agreements can affect the choice of transportation
mode, especially for cross-border shipments.
(5a)
(PICK ONE)
(i)Marketing
planning is the process of setting goals, identifying target markets,
developing strategies, and outlining specific actions to achieve
marketing objectives within a specified timeframe.
(ii)
Marketing planning involves analyzing market conditions, consumer
behavior, competition, and internal capabilities to create a
comprehensive plan that guides the allocation of resources and execution
of marketing activities.
(5b)
(PICK ANY FIVE)
(i)Understanding
Customer Needs: Research helps in comprehending customer preferences,
behavior, and expectations, aiding in the development of products or
services that better align with market demands.
(ii)Market
Segmentation: Research helps in dividing the market into distinct
segments based on characteristics, allowing businesses to target
specific groups effectively with tailored marketing strategies.
(iii)Competitive
Analysis: Researching competitors provides insights into their
strategies, strengths, weaknesses, and market positioning, aiding in the
formulation of competitive advantages
(iv)Product Development
and Improvement: Research guides the creation of new products or
enhancements to existing ones, ensuring they meet consumer needs and
stay ahead in the market.
(v)Market Trends and Opportunities:
Research uncovers emerging trends, market gaps, and potential
opportunities, enabling businesses to adapt and capitalize on shifting
market dynamics.
(vi)Effective Marketing Strategies: Research
informs the development of effective marketing campaigns, guiding
decisions on pricing, promotion, distribution, and branding strategies
based on consumer behavior and preferences.
(5c)
(PICK ANY SIX)
(i)Surveys and Questionnaires
(ii)Secondary Data
(iii)Focus Groups
(iv)Direct customer Observation
(v)Interviews
(vi)Social Media and Online Analytics
(vii)Sales and Customer Records
(6a)
Market
union refers to a form of economic integration where member countries
agree to remove barriers to trade among themselves, adopt common trade
policies toward non-member countries, and often establish common
policies related to labor, agriculture, and other economic aspects.
(6b)
(PICK ANY EIGHT)
(i)Free
movement of goods: Removal of barriers, such as tariffs or quotas,
enabling goods to flow freely within the union, fostering trade.
(ii)Free
movement of services: Facilitating the provision and consumption of
services across member countries without restrictive regulations.
(iii)Free
movement of capital: Allowing for the movement of investment funds and
capital without significant barriers, encouraging investment within the
union.
(iv)Free movement of labor: Granting citizens the ability
to seek employment across member states without stringent work permit
requirements.
(v)Common external trade policy: Implementing a
joint approach towards trade agreements and negotiations with non-member
countries.
(vi)Harmonization of regulations: Standardizing rules
and regulations related to product standards, safety, and technical
specifications to ease trade.
(vii)Unified competition policy:
Ensuring fair competition within the market union to prevent monopolies
or unfair market practices.
(viii)Common currency (in some
cases): Adopting a single currency to facilitate transactions and
enhance economic integration further (e.g., the Euro in the European
Union).
(ix)Economic and monetary union: Creating mechanisms for
coordinating economic policies, monetary stability, and fiscal
discipline across member nations to promote overall economic stability
and growth.
Warehousing refers to the process of storing goods or merchandise in a designated location, known as a warehouse. These facilities are specifically designed to safely and efficiently store various types of products before they are distributed, sold, or used.
(7b)
(PICK ANY FOUR)
(i)Private Warehouses: Owned and operated by individual companies to store their own goods. These warehouses offer complete control over operations, customization, and management of inventory.
(ii)Public Warehouses: These are third-party facilities that offer storage and other related services to multiple businesses or individuals on a rental basis. Public warehouses provide storage space for short-term or seasonal needs without the long-term commitment of owning a warehouse.
(iii)Distribution Centers: Focused on efficient movement and distribution of products within the supply chain. They often handle large volumes of goods, serving as hubs for sorting, packaging, and redistributing products to various locations.
(iv)Climate-Controlled Warehouses: Specifically designed to maintain specific temperature or humidity levels suitable for storing perishable items, pharmaceuticals, electronics, or any goods sensitive to environmental conditions.
(v)Automated Warehouses: These facilities use automated systems, robotics, and technology for various tasks such as inventory management, order picking, and transportation within the warehouse. They are highly efficient and often used in industries where speed and precision are crucial.
(8a)
Internet marketing refers to promoting and selling products or services using the internet. It involves leveraging online channels such as websites, social media, email, search engines, and other digital platforms to reach potential customers.
(8b)
(PICK ANY FOUR)
(i)Targeted Marketing: Precise targeting is possible through various online tools and analytics, allowing businesses to tailor their marketing efforts to specific demographics, interests, behaviors, and locations of their ideal customers.
(ii)Cost-Effectiveness: Compared to traditional marketing channels, online marketing often offers lower costs. For instance, social media advertising or email marketing can be more budget-friendly while still reaching a substantial audience
(iii)Measurable Results: Internet marketing provides extensive analytics and tracking tools, allowing businesses to measure the effectiveness of their campaigns in real-time. Metrics such as website traffic, conversions, click-through rates, and engagement can be monitored and analyzed to optimize strategies.
(iv)24/7 Availability: Online marketing enables businesses to be accessible to customers round the clock. Websites, social media pages, and online stores operate continuously, allowing customers to engage or make purchases at any time, enhancing convenience and accessibility.
(v)Global Reach: Internet marketing allows businesses to reach a global audience, breaking geographical barriers and enabling access to customers worldwide.This is one of the most important benefits of Internet marketing.
NECO GCE MARKETING (OBJECTIVE) ANSWERS 2023:
1-10: CABEBECBAE11-20: ECEDECBBED
21-30: BBACCDAAEE
31-40: CCAEBEDCAD
41-50: BCBAABBBDE
51-60: BBBBEABDCB
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