WAEC Marketing Question and Answer 2022
Marketing Answers – WAEC 2022
Entrepreneurship refers to the process of creating a new enterprise and bearing any of its risks, with the view of making the profit.
1. Personal investment
When starting a business, your first investor should be yourself—either with your own cash or with collateral on your assets. This proves to investors and bankers that you have a long-term commitment to your project and that you are ready to take risks.
2. Angels investors
Angels are generally wealthy individuals or retired company executives who invest directly in small firms owned by others.
3. Government grants and subsidies Government agencies provide financing such as grants and subsidies that may be available to your business.
4. Bank loan: Bank loans are the most commonly used source of funding for small and medium-sized businesses. Consider the fact that all banks offer different advantages, whether it’s personalized service or customized repayment. It’s a good idea to shop around and find the bank that meets your specific needs.
Marketing is the process of exploring, creating, and delivering value to meet the needs of a target market in terms of goods and services.
(v)Marketing information management.
(i)The Production Concept; The production concept is focused on operations and is based on the assumption that customers will be more attracted to products that are readily available and can be purchased for less than competing products of the same kind.
(ii)The Product Concept; The product concept is the opposite of the production concept in that it assumes that availability and price don’t have a role in customer buying habits and that people generally prefer quality, innovation, and performance over low cost.
(iii)The Selling Concept
Marketing on the selling concept entails a focus on getting the consumer to the actual transaction without regard for the customer’s needs or the product quality a costly tactic.
(iv)The Marketing Concept; The marketing concept is based on increasing a company’s ability to compete and achieve maximum profits by marketing the ways in which it offers better value to customers than its competitors.
Need: is something necessary to live and function. Needs are the basic requirements or necessities that are essential for your survival.
Exchange: An exchange is a marketplace where securities, commodities, derivatives and other financial instruments are traded.
Demand: demand is the quantity of a good that consumers are willing and able to purchase at various prices during a given period of time.
Wants: refers to a wish or desire to own goods and services that give satisfaction.
Transaction: an occurrence in which goods, services, or money are passed from one person, account, etc., to another
No 5 (a)
Pick any four)
(i)Marketing planning provides direction for all organization marketing effort
(ii)Marketing planning help organization to raise finance for capital expenditure.
(iii)Marketing planning prevents time wasting on ineffectual marketing activities.
(iv)It save money by helping to ensure that the marketing budget is spent effectively
(v)It helps to identify. prerequisites to planned activities.
(vi)It helps to generate more clients by communicating effectively.
(i)overseeing trade agreement
(ii)Reducing trade barriers
(iii)Reducing worldwide tariffs
(Pick any Four)
(ii)High concentration of production
(iii)Direct channel of distribution
(iv)Few Buyers And Large Volume.
(i)Industrial market: It involves set of all individuals and organizations that acquire goods and services that enter into the production of other products or services that are sold, rented, or supplied to others.
(ii)Reseller market:A market consisting of wholesalers and retailers who buy products for resale purposes.Resellers buy finished goods and resell them to the next level in a given distribution channel.
(iii)Government market: A government market is a market where the main buyers are federal, state, and local governmental organizations. They purchase goods or services from private businesses.
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