Verified neco 2017 marketing answer

2017 REAL AND VERIFIED NECO MARKETING ANSWERS
Marketing obj:

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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. =-=-=-=-=-=-=-=-=-=-=-=-==-=-=-=-=-=-=-
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(2a)
i)To promote the good image of an
organization.
ii)To inform the public about the existence of a
product.
iii) To educate the public about the benefit of a
product
iv)To entertain the public in its presentation
and packaging
(2b)
Advantages
i) It’s very convenient and flexible means of
advertising.
ii) To ensure that their msg is strong and
persensive
iii) It’s capable to reach lot of ppl i.e mass
coverage.
Disadvantages
I)Television advertising cost more than others
from of media
ii)lack of regular power supply can discourage
the media
iii)Different technological immunisation enable
customers to block advertisement all together
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4a)
Political is attracting increasing interest and
utility in public and media discussion
4b)
Cultural offers a unique shopping experience
for locals and visitors alike. Nowhere else in
Fredericton can you experience a traditional
4c)
technological the tools and platforms used by
sales and marketing organizations to
effectively complete their duties.
4d)
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
4e)
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 The acknowledgement
and definition of an issue that does or may
arise during the performance of a process.
5b)
Information Search is a stage in the
Consumer Decision Process during which
a consumer searches for internal or
external information.
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.
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6a)
i)Buying:
A retailer buys a wide variety of goods from
different wholesalers after estimating customer
demand.
(ii)Storage:
A retailer maintains a ready stock of goods
and displays them in his shop.
(iii) Selling:
The retailer sells goods in small quantities
according to the demand and choice of
consumers. He employs efficient methods of
selling to increase his sales turnover.
(iv) Grading and Packing:
The retailer grades the goods which are not
graded by manufacturers and wholesalers. He
packs goods in small lots for the convenience
of consumers.
(v) Financing:
Some retailers grant credit to customers and
provide the facility of return or exchange of
goods. In some cases, home delivery and after
sale service are provided by retailers.
(6b)
i)Provides manufacturers with market
information on consumer want and competitor
activities.
ii)Advertises goods on behalf of
manufacturers.
iii) Provides a ready market manufacturers.
iv)Blends, packages, grades , bleaches, dyes
and brands goods.
v) Clears manufacturer’s production lines thus
allowing manufacturers and producers to
concentrate on manufacturing and production.

8a)

Advertising is an audio or visual form of marketing communication that employs an openly sponsored, nonpersonal message to promote or sell a product, service or idea.



8b)

i) Awareness:

One of the important roles of advertising is to create awareness of the product or services such as brand name and price. The awareness of the product or services can be created through highlighting the unique features of the brand. Nowadays, due to intense competition it is not just enough to create awareness, but top of mind awareness is needed.



ii)
 Information:

Advertising helps to inform the target audience about the product. Providing information is closely related to creating awareness of the product. Potential customers must know about a product, such as product features and uses.
Product information is very much required, especially when the product is introduced in the market, or when product modification is undertaken. Proper product information can help the consumers in their purchase decision.



iii)
 Persuasion:

When business firms offer similar products, the firm must not only inform the customers about the product’s availability, but also persuade them to buy it. Through persuasive messages, the marketers try to provide reasons regarding the superiority of their products as compared to others available in the market. Persuasion can be undertaken through creative advertising messages, product demonstration at trade fairs, offering free gifts, premium offers and organizing contests.



iv)
 Attitudes:

Promotion is required to build or reinforce attitudes in the minds of target audience. The marketers expect the target audience to develop a favourable attitude towards their brands. Positive attitude towards the brand helps to increase its sales. Through promotional techniques like advertising, the mar­keter can correct negative attitude towards the product, if any. Negative attitude can also be corrected through public relations and advertising.



v)
 Reminder:

If target customers already have a positive attitude towards a firm’s product or service, then a reminder objective may be necessary. The reminder objective is necessary because the satisfied customers can be targets for competitors’ appeals. Well-established brands need to remind the customers about their presence in the market. For instance, ‘Raymond – the complete man’ campaign is designed to remind the customers.




vi)
 Brand Loyalty:

Advertising helps to develop brand loyalty. Brand loyalty results in repeat purchases and favourable recommendations to others by existing customers. Sales promotion, effective personal selling, timely and efficient direct marketing, and other techniques help to develop brand loyalty.



vii)
Brand Image:

An advertiser helps to develop a good image of the brand in the minds of target audience. There are several factors that can be of help to audience. There are several factors, such as the character of the personality that endorses the brand, the content of the advertising message, the nature and type of pack­aging and the type of programmes or events sponsored, that can help to develop brand image in the minds of target audience.



viii) Counter Competitors’ Claims:

The marketer may counter the claims made by the major competitors. For instance, competitive advertising is undertaken to counter the claims made by competitors either directly or indirectly. With the help of creative advertising, the marketers can claim the superiority of their brand. The marketer may also undertake aggressive sales promotion to counter the competition in the market.



ix) Expansion of Markets:

Successful ads results in expansion of the markets. A marketer may intend to expand markets from the local level to the regional level, from the regional level to the national level, and from the national level to the international level. For this purpose, the marketer may undertake various techniques of promotion.



x)
Educating the Customers:

Promotion may be undertaken to educate the customers. For instance, some of the advertising is undertaken to educate the audience regarding the use of the product, handling operations, and so on.

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