_* MARKETING ANSWERS* *OBJ*

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Marketing Typed Answers_
1a.
i.Color
ii. Landscaping
iii. Texture
iv. Communication
1b.
i. Planning
ii. Directing
iii. Coordinating
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
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2a. 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

2b.
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
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3ai. 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.

3aii. 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.

3aiii. 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.

3aiv. 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
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5a Advertising is any communication, usually paid-for, specifically intended to inform and or influence one or more people.
5b 1. direct mail
2. newspapers and magazines
3. radio advertising
4. television advertising
5. film advertising
6. outdoor advertising
5c 1. It Is a Costly Function One strong objection to advertising is that it is a very costly function. Many studies have proved that the cost of ads exceeds that of sales by a small but significant percent. In theory, the high cost of advertising is covered by increased sales of the advertised product, but this usually is not the case. Advertising is an indirect cost which is added into distribution expenses. When expenses increase, the selling price of products does too. With large advertisers spending thousands of dollars a week solely on ads and marketing, advertising costs make up a significant part of the price of an advertised product. Thus, consumers have to pay higher prices for products. Advertising is an economic waste because unbalanced advertising causes certain goods to cost more than they should.
2. Misleading Claims About Products Some advertisers cleverly create misleading impressions of their goods—they present a very rosy picture of their products with the object of increasing their sales. In reality, their item is of inferior quality
3. Encouragement of Monopoly Advertisement restricts competition among products. Big industrialists and manufacturers can use advertising to increase their monopolistic control over the market against the public interest. Advertising increases awareness about a few products but causes all other options to be overlooked.
4. Confusion About Characteristics of Products Many similar products are advertised on the market, but producers put great emphasis on minor differences in the formula, technique, or make of advertised goods. For example, there are many brands of shaving creams which perform the same function but are advertised as dramatically different products. Due to misinformation disseminated by advertising, it has become impossible for the average buyer to judge with any certainty the quality of the product they are buying.


6a.
1. Storage: This is the basic function of warehousing. Surplus commodities which are not needed immediately can be stored in warehouses. They can be supplied as and when needed by the customers.
2. Price Stabilization: Warehouses play an important role in the process of price stabilization. It is achieved by the creation of time utility by warehousing. Fall in the prices of goods when their supply is in abundance and rise in their prices during the slack season are avoided.
3. Risk bearing: When the goods are stored in warehouses they are exposed to many risks in the form of theft, deterioration, exploration, fire etc. Warehouses are constructed in such a way as to minimise these risks. Contract of bailment operates when the goods are stored in wave-houses.
4. Financing: Loans can be raised from the warehouse keeper against the goods stored by the owner. Goods act as security for the warehouse keeper. Similarly, banks and other financial institutions also advance loans against warehouse receipts. In this manner, warehousing acts as a source of finance for the businessmen for meeting business operations.
6b.
i. the 3 mood of transportation are
a. By land e.g car or lorries or train
b. By air, e.g airplane
c. By sea e.g ship and canoe
6Bii 1. A waybill is a document issued by a carrier giving details and instructions relating to the shipment of a consignment of goods. Typically it will show the names of the consignor and consignee , the point of origin of the consignment, its destination, and route .
6bii 2 consignment note A shipping agreement between the consignor of a shipment and the carrier of the shipment, which records the receipt of goods for shipment to a specified destination. The consignment note also specifies the consignee of the shipment and the fee for shipment, but unlike a bill of lading, is not a document of title.
3. A delivery note is a document sent with a shipment of goods that describes the goods and the quantities being delivered. A delivery note is crucial in the shipment of goods. It will list the products that are contained within the package. Delivery notes generally don’t include the prices of the goods being shipped.
3b.
i. Initial price of product = N4000
Selling price = N6000
Mark up = N6000 – N4000 = N2000
ii. iii. Percentage markup on selling price = Mark up/selling price × 100/1
= 2000/6000 × 100/1
=33.3%
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4a. An entrepreneur is an individual who, rather than working as an employee, founds and runs a small business, assuming all the risks and rewards of the venture.

4bi.
i. Basic human psychology.
ii. Listening skills.
iii. Prospect filtering.
iv. Strategic positioning.

4c.
i. Establishing a Daily Routine: Many successful entrepreneurs develop, grow and maintain their business in different ways. Even though they have different methods that contribute to their success, there is one thing that all entrepreneurs have in common: A daily routine.
ii. Exercising: Daily exercise is definitely something that you should include in your routine. Exercise is beneficial for both your physical and mental health, and taking time out of your day to run on a treadmill will boost your productivity.
iii. Eating a Healthy Diet Food: acts as fuel for your body. What you eat has a significant impact on how you feel throughout the day. It’s important that you maintain a healthy diet if you want to be alert and productive all day long.

iv. Hiring an Assistant: Most entrepreneurs are on a very tight budget when they get started, and hiring a staff is probably not a viable option. However, you should hire an assistant as soon as your company starts making a profit.
v. Finding a Mentor: Mentors are extremely beneficial for young entrepreneurs. Even though the world of entrepreneurship may be new to you, there are people who have already gone through what you are going through.
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