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See also: NECO GCE Timetable 2020 (SSCE External) [8th Feb. – 10th Mar. 2021].
NECO GCE MARKETING ANSWERS
Marketing is the process by which firm or companies create customer awareness or interest in product or services
Market is a set up where two or more parties engage in exchange of goods, services and information
(i) Production concept: The production concept is the idea that a firm should focus on in relation to those products that it could produce most efficiently and that the creation of a supply of low cost products would in and of itself create the demand for the product
(ii) Product concept: This concept assumes that customers will favor those products that offer the most quality for the price and therefore it is important for companies to produce quality products
(iii) selling concept : Under selling concept, companies would not only produce the products, but they would also try to convince customers to buy them through advertising and personal selling. The goals simply was to beat the competition to the sale with little regard to customer satisfaction
(iv) Marketing concept : This concept lays emphasis on marketing management with the twin goals of customer orientation and profitable sales volume. The marketing concept relies upon marketing research to define market segment, their size and their needs.
Market research is defined as the process of evaluating the feasibility of a new product or service, through research conducted directly with potential consumers.
(i)Identification and Defining the Problem
(ii)Statement of Research Objectives
(iii)Planning the Research Design
(iv)Planning the Sample
– Importance –
(i)It helps businesses strengthen their position.
(ii) It minimises any investment risk.
(iii)It identifies potential threats and opportunities.
(iv) It assists businesses to stay ahead of the competition.
(v) It provides revenue projections.
(vi)It focuses on customer needs and demands.
- Limitation –
(i)Problem of Trust and Accuracy
(ii)Problem of Rapid Change and today’s market is characterized by tremendous changes
(iii)To conduct marketing research systematically is a luxury.
(iv)Systematic marketing research project needs more time
(v)Extraneous means external and uncontrollable factors.
International Marketing is the application of marketing principles to satisfy the varied needs and wants of different people residing across the national borders.
(i) Utilize productivity capacity
(ii) Synergies between domestic and over sea operation
(iii) entering market before competitor
(iv) it creates employment opportunity
[Pick any three]
(i) Involves high risk and challenges:
International marketing with its own advantages is also prone to different and tangible risks and challenges.
(ii) Large-scale operation
Large-scale operations involve relative amount of labor and capital to cater to the needs such as transportation, and warehousing.
(iii) International restrictions
The international market needs to abide by different tariff and non-tariff constraints.
(iv) Requires broader competence
International market requires more expertise and special management skills and wider competence to deal with various circumstances and handle different situations like changes in the strategies of the government, the mindset of the people and many other such factors.
(v) uncontrollable variables
By uncontrollable variables, we mean the geographical factors, political factors prevailing in different countries.
Selling is a transaction where a good or service is being exchanged for money. It also refers to the process of persuading a person or organization to buy something.
[Pick any four]
(i) The Assumptive Close.
(ii) The Puppy Dog Close.
(iii) The Backwards Close.
(iv) The Hard Close.
(v) The Take Away Close.
(vi) The Now or Never Close
[pick any three]
As the popular saying goes, two heads are better than one.
Communication is the foundation of success in business, negotiation and relationships.
When carrying out negotiations, there will always be problems to be solved.
It can take time before you arrive at a conclusion that is beneficial to both parties.
marketing mix’ is a foundation model for businesses, historically centered around product, price, place, and promotion.
Product refers to a good or service that a company offers to customers. Ideally, a product should fulfill an existing consumer demand.
Price is the cost consumers pay for a product. Marketers must link the price to the product’s real and perceived value, but they also must consider supply costs, seasonal discounts, and competitors’ prices.
When a company makes decisions regarding place, they are trying to determine where they should sell a product and how to deliver the product to the market.
Promotion includes advertising, public relations, and promotional strategy. The goal of promoting a product is to reveal to consumers why they need it and why they should pay a certain price for it.
NECO GCE Marketing EXAMINATION HAS BEEN SCHEDULED TO TAKE PLACE ON
Thursday 18th February 2021
Marketing Paper III & II (Objective & Essay) 2.00pm – 5.00pm
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