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WAEC 2019/2020 EXPO: Marketing Objective and Theory Questions And Answers

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(iv)Analysing past sales figures/trends to anticipate future product needs.
(v)Devising a merchandise plan using the above techniques.
(vi)Relaying the merchandise plan to the buyer who, in turn, can decide on what products, styles, colours etc
(i)This era gave rise to marketing departments
(ii)The era gave rise to marketing companies.
(iii)It led the relationship marketing and social media
(iv)mobile marketing was introduced
(v)The use of technology in marketing
(i)Marketing creates employment
(ii)Marketing creates utilities.
(iii)Increases awareness of goods and services
(iv)Increases sales of company
(v)Marketing Helps in Transfer, Exchange and Movement of Goods
product concept” is based upon the idea that customers prefer
products that have the most quality, performance, and features, some customers prefer a product that is simpler and easier to use.
The Selling Concept proposes that customers, be individual or organizations will not buy enough of the organization’s products unless they are persuaded to do so through selling effort. So organizations should undertake selling and promotion of their products for marketing success.
Production Concept is a belief that states that the customers would always acquire products which are cheaper and more readily available (or widely available). The production concept advocates that more the products or
production, more would be the sales.
The societal marketing concept holds that the organization’s task is to determine the needs, wants, and interests of a target market and to deliver the desired satisfactions more effectively and efficiently than competitors in a way that preserves or enhances the well being of both the individual consumer and society
(i) Initial price of product = N4000
Selling price = N6000
Mark up = N6000 – N4000 = N2000
(iii) Percentage markup on selling price = Mark up/selling price × 100/1
= 2000/6000 × 100/1

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