2019 Neco Gce Marketing Obj And Theory Answers

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2019 NECO GCE MARKETING ANSWERS
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Market-Obj
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THEORY:

(1a)
Product life cycle (PLC) is the cycle through which every product goes through from introduction to withdrawal or eventual demise.

(1b)
(i) Development
The product development stage is often referred to as “the valley of death.” At this stage, costs are accumulating with no corresponding revenue. Some products require years and large capital investment to develop and then test their effectiveness. Since risk is high, outside funding sources are limited. While existing companies often fund research and development from revenue generated by current products, in startup businesses, this stage is typically funded by the entrepreneur from their own personal resources.

(ii) Introduction
The introduction stage is about developing a market for the product and building product awareness. Marketing costs are high at this stage, as it is necessary to reach out to potential customers. This is also the stage where intellectual property rights protection is obtained. Product pricing may be high to recover costs associated with the development stage of the product life cycle, and funding for this stage is typically through investors or lenders.

(iii) Growth
In the growth stage, the product has been accepted by customers, and companies are striving to increase market share. For innovative products there is limited competition at this stage, so pricing can remain at a higher level. Both product demand and profits are increasing, and marketing is aimed at a broad audience. Funding for this stage is generally still through lenders, or through increasing sales revenue.

(iv) Maturity
At the mature stage, sales will level off. Competition increases, so product features may need to be enhanced to maintain market share. While unit sales are at their highest at this stage, prices tend to decline to stay competitive. Production costs also tend to decline at this stage because of more efficiency in the manufacturing process. Companies usually do not need additional funding at this stage.
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(4a)
Promotion Mix refers to the blend of several promotional tools used by the business to create, maintain and increase the demand for goods and services.

(4b)
(i)Advertising
(ii)Personal Selling
(iii)Sales promotion
(iv)Public relations

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(i)Advertising: The advertising is any paid form of non-personal presentation and promotion of goods and services by the identified sponsor in the exchange of a fee. Through advertising, the marketer tries to build a pull strategy; wherein the customer is instigated to try the product at least once.

(ii)Personal Selling: This is one of the traditional forms of promotional tool wherein the salesman interacts with the customer directly by visiting them.

(iii)Sales Promotion: The sales promotion is the short term incentives given to the customers to have an increased sale for a given period.Generally, the sales promotion schemes are floated in the market at the time of festivals or the end of the season.

(iv)Public Relations: The marketers try to build a favourable image in the market by creating relations with the general public. The companies carry out several public relations campaigns with the objective to have a support of all the people associated with it either directly or indirectly.
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(number 5)

(5a)
(i)Tariff: Tariff is a tax on imports or exports between sovereign states. It is a form of regulation of foreign trade and a policy that taxes foreign products to encourage or safeguard domestic industry. Traditionally, states have used them as a source of income.

(ii)quota: quota is a government imposed trade restriction that limits the number or monetary value of goods that a country can import or export during a particular period. Countries use quotas in international trade to help regulate the volume of trade between them and other countries.

(iii)Embargo:embargo is a government order that restricts commerce with a specified country or the exchange of specific goods. An embargo is usually created as a result of unfavorable political or economic circumstances between nations.

(5b)
(i)Polycentric approach: Polycentric Approach is the international recruitment method wherein the HR recruits the personnel for the international businesses. In Polycentric Approach, the nationals of the host country are recruited for the managerial positions to carry out the operations of the subsidiary company.

(ii)Ethnocentric Approach: Ethnocentric Approach is one of the methods of international recruitment wherein, the HR recruits the right person for the right job for the international businesses, on the basis of the skills required and the willingness of the candidate to mix with the organization’s culture.

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(7a)
Societal marketing is a marketing concept that holds that a company should make marketing decisions not only by considering consumers’ wants, the company’s requirements, but also society’s long-term interests While profit-orientation is pricing strategy involves setting prices for your products that will guarantee you’ll make money on each sale.

(7b)
(i) Exchange: An exchange process is simply when an individual or an organisation decides to satisfy a need or want by offering some money or goods or services. In marketing theory, every exchange is supposed to produce “utility,” which means the value of what you trade is less than the value of what you receive from the trade.

(ii) Transaction: oint of sale” transactions. The emphasis is on maximizing the efficiency and volume of individual sales rather than developing a relationship with the buyer.

(iii) Product: This is the marketplace where final goods or services are sold to businesses and the public sector. Focusing on the sale of finished goods, it does not include trading in raw or other intermediate materials.

(iv) Marketing intermediaries: These are independent firms which assist in the flow of goods and services from producers to end-users; they include agents, wholesalers and retailers.
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(8a)
Consumer behaviour is the study of individuals, groups, or organizations and all the activities associated with the purchase, use and disposal of goods and services, including the consumer’s emotional, mental and behavioural responses that precede or follow these activities.

(8b)
(i)Decrease in distribution cost:
Second important liability of marketing is control the cost of distribution. Through effective marketing the companies can reduce their distribution costs to a great extent.

(ii)Protection against business slump:
Business slump cause unemployment, slackness in the success of business and great loss to economy.

(iii)Increasing employment opportunities: Marketing comprises of advertising, sales, distribution, branding and many more activities. So the development of marketing automatically gives rise to a need for people to work in several areas of marketing.

(iv)Delivery of standard of living to the society:
A society is a mixture of diverse people with diverse tastes and preferences. Modern marketing always aims for customer satisfaction. So, main liability of marketing is to produce goods and services for the society according to their needs and tastes at reasonable price.
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(9a)
Transportation is the process of conveying goods and people from one place to another either through water,road,rail or air. It is simply the movement of goods and people from one place to another.

(9b)
{choose any four}
(i)Nature of goods:The nature of goods to be transported will determine the means of transportation to be used.perishable and fragile goods for example are better handled by fast means of transportation like aircraft while bulky goods are better handled by ship or rail

(ii)cost of transport: The overall cost of transport does determine the choice of means of transportation.Air transport is costly while rail is cheap over a long distance and this will determine the choice of either of the two to use.

(iii)weighty/bulky goods:Goods that are heavy and bulky are better moved by road,rail and sea while light goods are best suited for air transport

(iv)The value of the goods: commodities with high values like jewellery are better transported by air so as to reduce pilferage.

(v)Distance involved: When the distance is long ,the best means of transportation are water and air ,irrespective of the cost while road transportation is goof over short distance
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