Waec marketing Answers Avaliable Now

1a)

market refers to the group of consumers or organizations that is interested in the product, has the resources to purchase the product, and is permitted by law and other regulations to acquire the product

1b)

i)Market research- is about gathering

information concerning your target

customers.

ii)Promotion Most business owners are familiar with the idea of promotion.

iii)Selling While we tend to think of selling and marketing as being closely linked, selling is last on the list of the seven functions of marketing.

iv)Pricing Setting the correct price for your product or service can be a challenge.
1ci)
government market is a group of consumers that consists of local, state and federal authorities.the government market spends the most money of any other consuming group, and so presents an attractive marketing target for some businesses.
1cii)
reseller market buyers who purchase with the intent of selling those products to others. The reseller market includes wholesalers, retailers, and distributors.
1ciii)
Industrial marketing is the marketing of goods and services by one business to another. Industrial goods are those an industry uses to produce an end product from one or more raw materials.


2 a )
i ) to promote the good image of an organisation
ii ) to informs the public about the existence of product
iii ) to educates the public about the benefit of a product
iv ) to entertain the public in its presentation and packaging.

2 b )
- Advantages -

i ) product to reach large number of people , both at regional as well as at national level.
ii ) helps in conveying the message or
advertisements with sound , visuals and
actions.
iii ) Itcan target large number of local people with local cable network channels and independent stations.

- Disadvantages -

i ) Cost is very high .
ii ) It short , thus they do not express much about the product
iii ) It involves complicated procedure .
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4 a )
Political is attracting increasing interest and utility in public and media discussion.

4 b )
Cultural offers a unique shopping experience for locals and visitors alike . Nowhere else in Fredericton can you experience a traditional.

4 c )
technological the tools and platforms used by sales and marketing organizations to effectively complete their duties.

4 d )
economic is where decisions regarding investment , production , and distribution are based on the interplay of supply and demand , which determines the prices of goods and services.

4 e )
social is sometimes seen only as using standard commercial marketing practices to achieve non-commercial goals , this is an oversimplification.
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5a). Problem recognition results when a consumer recognizes a substantial difference between what is perceived as the actual product and the product he/she wants to purchase, which directly impacts the decision making of the customer in the buying process.


B)nformation seeking is the process or activity of attempting to obtain information in both human and technological contexts. Information seeking is related to, but different from, information retrieval (IR).



5c)
Evaluating Alternatives During the evaluation of alternatives stage, the consumer evaluates all the products available on a scale of particular attributes.
5d)
Purchase decision is the thought process that leads a consumer from identifying need, generating options, and choosing a specific product and brand.
5e)
Post-purchase behavior is when the customer assesses whether he is satisfied or dissatisfied with a purchase.

6i)Market segmentation is the process of
dividing a broad consumer or business market ,
normally consisting of existing and potential
customers, into sub-groups of consumers (known
as segments) based on some type of shared
characteristics.
6ii)Age:
It is one of the most common demographic
variables used to segment markets. Some
companies offer different products, or use
different marketing approaches for different age
groups. For example, McDonald’s targets
children, teens, adults and seniors with different
ads and media. Markets that are commonly
segmented by age includes clothing, toys, music,
automobiles, soaps, shampoos and foods.
2. Gender:
Gender segmentation is used in clothing,
cosmetics and magazines.
3. Income:
Markets are also segmented on the basis of
income. Income is used to divide the markets
because it influences the people’s product
purchase. It affects a consumer’s buying power
and style of living. Income includes housing,
furniture, automobile, clothing, alcoholic,
beverages, food, sporting goods, luxury goods,
financial services and travel.
4. Family cycle:
Product needs vary according to age, number of
persons in the household, marital status, and
number and age of children. These variables can
be combined into a single variable called family
life cycle. Housing, home appliances, furniture,
food and automobile are few of the numerous
product markets segmented by the family cycle
stages. Social class can be divided into upper
class, middle class and lower class. Many
companies deal in clothing, home furnishing,
leisure activities, design products and services
for specific class

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