GCE UPDATES

NECO GCE MARKETING ANSWERS

(8a)
marketing mix’ is a foundation model for businesses, historically centered around product, price, place, and promotion.

(8b)
(i) Product
Product refers to a good or service that a company offers to customers. Ideally, a product should fulfill existing consumer demand.

(ii) Price
Price is the cost consumers pay for a product. Marketers must link the price to the product’s real and perceived value, but they also must consider supply costs, seasonal discounts, and competitors’ prices.

(iii) Place
When a company makes decisions regarding place, they are trying to determine where they should sell a product and how to deliver the product to the market.

(iv) Promotion
Promotion includes advertising, public relations, and promotional strategy. The goal of promoting a product is to reveal to consumers why they need it and why they should pay a certain price for it.

(Number 4a) Market research is an organized effort to gather information about target markets and customers: know about them, starting with who they are. It is a very important component of business strategy and a major factor in maintaining competitiveness.

(2)
(i) Transaction is an activity in which goods, services or money is passed from one account or person to another; n act of doing business; an agreement, exchange, contract that takes place between two parties and establishes a legal obligation.

(ii)Mass marketing is a market strategy in which a firm decides to ignore market segment differences and appeal the whole market with one offer or one strategy, which supports the idea of broadcasting a message that will reach the largest number of people possible

(iii) Demand is an economic principle referring to a consumer’s desire to purchase goods and services and willingness to pay a price for a specific good or service.

(iv) Impulse goods are those products or goods which are bought by a customers on impulse or without significant thought process as opposed to staple or essential goods.

(v) Shopping goods are consumer goods that are usually purchased only after the customer has compared price, quality, and style in more than one store

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(8a)
marketing mix’ is a foundation model for businesses, historically centered around product, price, place, and promotion.

(8b)
(i) Product
Product refers to a good or service that a company offers to customers. Ideally, a product should fulfill an existing consumer demand.

(iii) Place
When a company makes decisions regarding place, they are trying to determine where they should sell a product and how to deliver the product to the market.

MARKETING ANSWERS*

(i) Transaction is an activity in which goods, services or money is passed from one account or person to another; n act of doing business; an agreement, exchange, contract that takes place between two parties and establishes a legal obligation.

(iii) Demand is an economic principle referring to a consumer’s desire to purchase goods and services and willingness to pay a price for a specific good or service.

(iv) Impulse goods are those products or goods which are bought by a customers on impulse or without significant thought process as opposed to staple or essential goods.

(v) Shopping goods are consumer goods that are usually purchased only after the customer has compared price, quality, and style in more than one store

(iii) Demand is an economic principle referring to a consumer’s desire to purchase goods and services and willingness to pay a price for a specific good or service.

(iv) Impulse goods are those products or goods which are bought by a customers on impulse or without significant thought process as opposed to staple or essential goods.

(v) Shopping goods are consumer goods that are usually purchased only after the customer has compared price, quality, and style in more than one store

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(8a)
marketing mix’ is a foundation model for businesses, historically centered around product, price, place, and promotion.

(8b)
(i) Product
Product refers to a good or service that a company offers to customers. Ideally, a product should fulfill an existing consumer demand.

(iii) Place
When a company makes decisions regarding place, they are trying to determine where they should sell a product and how to deliver the product to the market.

: (7a)
Selling is a transaction where a good or service is being exchanged for money. It also refers to the process of persuading a person or organization to buy something.

(7b)
[Pick any four]
(i) The Assumptive Close.
(ii) The Puppy Dog Close.
(iii) The Backwards Close.
(iv) The Hard Close.
(v) The Take Away Close.
(vi) The Now or Never Close

(7c)
[pick any three]
(i) Teamwork
As the popular saying goes, two heads are better than one.

(ii) Communication
Communication is the foundation of success in business, negotiation and relationships.

(iii) Problem-solving
When carrying out negotiations, there will always be problems to be solved.

(iv) Patience
It can take time before you arrive at a conclusion that is beneficial to both parties.
(9a)
(i) Convenience Products:
Convenience Products are usually low priced, easily available products that customer buys frequently, without any planning or search effort and with minimum comparison and buying effort.

Example : salt, sugar, milk

(ii) Shopping Products:
Shopping products are high priced (compared to the convenience product), less frequently purchased consumer products and services.

Example : Cars, air conditioners, cars, furniture,

(iii) Speciality Products:
Speciality Products are high priced branded product and services with unique features and the customers are convinced that this product is superior to all other competing brands with regard to its features, quality and hence are willing to pay a high price for the product.

(iv) Unsought Products:
Unsought product is consumer products that the consumer either does not know about or knows about but does not normally think of buying.

Example : cemetery plots, blood donation to Red Cross,
(4a)
Market research is defined as the process of evaluating the feasibility of a new product or service, through research conducted directly with potential consumers.

(4b)
(i)Identification and Defining the Problem
(ii)Statement of Research Objectives
(iii)Planning the Research Design
(iv)Planning the Sample
(v)Data Collection

(4c)
– Importance –
(i)It helps businesses strengthen their position.
(ii) It minimises any investment risk.
(iii)It identifies potential threats and opportunities.
(iv) It assists businesses to stay ahead of the competition.
(v) It provides revenue projections.
(vi)It focuses on customer needs and demands.

– Limitation –
(i)Effect of Extraneous Factors
(ii)Cost Consideration
(iii)Problem of Trust and Accuracy
(iv)Time Gap Makes Research Irrelevant
(v)
(4a)
Market research is defined as the process of evaluating the feasibility of a new product or service, through research conducted directly with potential consumers.

(4b)
(i)Identification and Defining the Problem
(ii)Statement of Research Objectives
(iii)Planning the Research Design
(iv)Planning the Sample
(v)Data Collection

– Limitation –
(i)
(ii)
(iii)
(iv)
(v)
(6a) International Marketing is the multinational process of planning and executing the conception,pricing, promotion,and distribution of ideas,goods and services to create exchanges that satisfy individual and organizational objectives.

(6b)
(i) Promotion of invention and innovation globally.
(ii) Technological Transmission among countries of the world is easily possible
(iii) It also helps in balancing unequal distribution of natural resources.
(iv) It is important for controlling inflation and achieving price moderation.

(6c)
(i) It involves two or more nations.
(ii) Tailor-made marketing mix is necessary for each of the nations.
(iii) It is more complex and, hence, difficult.
(iv) Role of international trade agencies seem very critical in marketing products in other countries.
*(NUMBER 1)*