![2023 WAEC GCE Commerce (Essay & OBJ) Answers [5th December]](https://4.bp.blogspot.com/-T024q_medCM/WnP5kDhgOJI/AAAAAAAAAio/eU-2YkbTJWMs3FuqR_2ZRBp928Xor7-EQCPcBGAYYCw/s1600/WAEC%2BLOGO.png "2023 WAEC GCE Commerce (Essay & OBJ) Answers [5th December]")
Tuesday, 5th December, 2023
A. 2023 WAEC GCE COMMERCE ESSAY (THEORY) ANSWERS | 5TH DECEMBER, 2023
(3a)
(PICK ANY FOUR)
(i)Chain
stores have numerous outlets or branches, often spread across different
geographical locations or areas, allowing them to cater to a wider
customer base.
(ii)There's a consistent branding, layout, product
offerings, and operational procedures across all their stores. This
uniformity ensures a similar customer experience regardless of the
store's location.
(iii)Chain stores are usually managed
centrally, with decisions regarding purchasing, marketing strategies,
inventory control, and other key aspects made at a headquarters or
central office, then implemented across all locations.
(iv)They
benefit from economies of scale due to bulk purchasing, centralized
distribution, and standardized operations, which often lead to cost
savings and increased efficiency compared to independent retailers.
(v)Chain
stores often have a strong and recognizable brand image. They invest in
advertising, marketing, and branding efforts to create a consistent
identity that customers can easily recognize and trust across all their
outlets.
(vi)Chain stores aim for market dominance in their
industry by expanding their presence continuously. This expansion
strategy involves opening new stores in strategic locations, entering
new markets, or acquiring existing businesses to strengthen their market
position and reach.
(3bi)
(PICK ANY THREE)
(i)Eliminating
middlemen could potentially reduce costs associated with distribution.
Direct sales from producers to consumers might cut intermediary fees and
markups, making products more affordable.
(ii)By removing
middlemen, producers have more control over their distribution channels,
allowing them to dictate pricing strategies, manage inventory better,
and maintain direct relationships with customers.
(iii)Direct
interactions between producers and consumers can lead to clearer
communication regarding product specifications, quality expectations,
and consumer preferences, potentially reducing misunderstandings or
misinterpretations.
(iv)Without intermediaries, the supply chain
might become more transparent. Consumers could have better visibility
into the origin, quality, and pricing of products, fostering trust and
confidence in the producer.
(v)Direct sales can enable producers
to respond more quickly to market changes, adapt product offerings, and
implement marketing strategies based on real-time feedback and trends.
(3bii)
(PICK ANY THREE)
(i)Middlemen
often have extensive knowledge of local markets, consumer preferences,
and distribution channels. They facilitate access to diverse markets
that producers might not reach efficiently on their own.
(ii)They
streamline the distribution process, handling tasks like warehousing,
transportation, and inventory management, which can be complex and
costly for producers to manage independently.
(iii)Middlemen can
absorb certain risks associated with fluctuations in demand, market
uncertainties, or changes in consumer preferences. They often buy
products in bulk from producers, taking on the risk of unsold inventory.
(iv)They
provide specialized services like marketing, promotion, and after-sales
support, enhancing the visibility and market reach of products. This
allows producers to focus on their core competencies.
(v)Middlemen
help in reducing transaction costs and time for producers by
efficiently connecting them to the market, allowing them to concentrate
on production rather than distribution and sales.
(4a)
(i)Facilitating Stock Trading: The primary function of a stock exchange is to provide a platform for buying and selling stocks.
(ii)Price
Discovery: Stock exchanges play a crucial role in determining the
prices of securities. Through the continuous buying and selling of
stocks.
(iii)Providing Market Information: Stock exchanges
provide real-time information about stock prices, trading volumes, and
other relevant data.
(iv)Facilitating Capital Formation: Stock exchanges enable companies to raise capital by issuing shares to the public.
(4b)
(i)Press
Releases: Press releases are written statements provided to the media
to announce news or updates about a company, product, or event. They are
designed to capture the attention of journalists and provide them with
information that can be used in news articles or broadcasts.
(ii)Social
Media: Social media platforms like Facebook, Twitter, Instagram, and
LinkedIn have become powerful tools for PR. They allow companies to
directly engage with their audience, share news and updates, and build
brand awareness. Social media also enables two-way communication,
allowing companies to respond to feedback and address customer concerns.
(iii)Media
Interviews: Media interviews provide an opportunity for companies or
individuals to share their expertise, opinions, or news with
journalists. These interviews can take place on television, radio, or in
print. By participating in media interviews, companies can enhance
their visibility, establish credibility, and shape public perception.
(iv)Events
and Sponsorships: PR professionals often organize events or
sponsorships to create positive associations with their brand. This can
include hosting press conferences, product launches, or participating in
industry conferences and trade shows. These events help generate media
coverage, attract attention, and foster relationships with stakeholders.
(6i)
Merger
is when two or more companies combine to form a new entity, often with
the aim of enhancing competitiveness, expanding market reach, or
achieving synergy. WHILE Acquisition involves one company buying another
company, gaining control by obtaining a significant portion or all of
its ownership. The acquired company might retain its identity or be
absorbed.
(6ii)
Consortium is a collaboration between multiple
companies or entities to work together on a project or a specific goal
while maintaining their individual identities and independence. WHILE
Trust refers to a legal arrangement where one party holds property or
assets for the benefit of another. It involves a trustee managing these
assets for the beneficiaries
(6iii)
Premium is the amount
paid periodically (usually monthly or annually) for an insurance policy
or financial product. WHILE Indemnity refers to compensation for losses
or damages suffered, usually under the terms of an insurance policy or a
contract.
(6iv)
Nominal Capital is total value of a company's
authorized shares. It's the maximum amount for which the company can
issue shares. WHILE Called-up Capital is the portion of the nominal
capital that the company has requested shareholders to pay or has been
legally called upon to pay.
(6v)
Gross Profit is the
difference between revenue/sales and the cost of goods sold. It
represents the earnings before deducting other expenses such as
operating expenses, taxes, etc. WHILE
Net Profit is the profit after
deducting all expenses, including operating expenses, taxes, interest,
and other costs from the gross profit.
Span of control refers to the number of subordinates or employees that a manager or supervisor can effectively oversee, direct, and manage. It defines the extent of authority and responsibility a manager has over a team or a group of individuals.
(7b)
(PICK ANY THREE)
(i)Ethical Sourcing and Labor Practices: Ensuring that raw materials like leather or textiles are ethically sourced, and promoting fair labor practices throughout the supply chain. This includes fair wages, safe working conditions, and compliance with labor regulations.
(ii)Environmentally Friendly Production: Implementing sustainable practices in manufacturing processes to reduce the environmental impact. This could involve using eco-friendly materials, minimizing waste, optimizing energy usage, and adopting recycling or upcycling initiatives.
(iii)Community Engagement and Philanthropy: Engaging with local communities by supporting social causes, investing in community development programs, or contributing to local charities. This involvement helps improve the quality of life in surrounding areas.
(iv)Product Safety and Quality Standards: Ensuring the safety and quality of products through rigorous testing and adhering to industry standards. This includes using non-toxic materials and providing clear product information to consumers.
(v)Employee Welfare: Prioritizing employee well-being by offering fair wages, benefits, training programs, and opportunities for professional growth. Creating a positive work environment fosters employee satisfaction and loyalty.
(7ci)
Authority : Authority refers to the legitimate power or right to give orders, make decisions, and control resources within an organization. It's a crucial aspect that defines the hierarchical structure within a company, determining who has the power to direct others, make decisions, and ensure that tasks are carried out effectively
(7cii)
Accountability: Accountability refers to the obligation of individuals or teams to accept responsibility for their actions, decisions, and performance. It involves answering for the outcomes of tasks or responsibilities assigned to them. This concept is essential for fostering transparency, trust, and effectiveness within an organization.
(7cii)
Delegation: Delegation in management within commerce refers to the process of entrusting authority, responsibility, and tasks to subordinates or lower-level employees by higher-level managers or supervisors. It involves assigning specific duties or decision-making power to others while retaining overall accountability.
B. 2023 WAEC GCE COMMERCE OBJECTIVES (OBJ) ANSWERS | 5TH DECEMBER, 2023
1-10: BCADCBCCDC
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