2024 NECO Marketing Questions and Answers: Free Expo Now Available

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NECO Marketing Theory (Essay) Answers

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QUESTION 1

MARKETING OBJ

01-10: DCDECCBBBC

11-20: ACCDCDDCEB

21-30: CBAEEDDBCB

31-40: EACCAEBCEE

41-50: DDEBDABBDE

51-60: ADBCCCDBCB

COMPLETED

Theory

1(a) The marketing environment consists

of external forces that directly or indirectly

influence an organization’s acquisition of

inputs and generation of outputs,

comprising internal and external

environments. The internal environment

includes factors within the organization,

such as employees, management, and

corporate culture. The external

environment is divided into the

microenvironment (customers, suppliers,

competitors, intermediaries, and the

public) and the macro environment

(demographic, economic, natural,

technological, political, and cultural

forces).

(b)

i. Economic Growth:- Marketing stimulates

economic growth by creating demand for

goods and services. This leads to

increased production and sales,

contributing to GDP growth.

ii. Employment Creation:- The marketing

industry provides numerous job

opportunities in various sectors, including

advertising, sales, market research, and

logistics.

ii. Consumer Awareness:- Marketing

educates consumers about available

products and services, helping them make

informed purchasing decisions and

enhancing their standard of living.

İv. Attraction of Foreign Investment:-

Effective marketing strategies can attract

foreign investors by showcasing Nigeria’s

market potential, contributing to economic

development and infrastructure

improvement.

(2a)

i. Focus:- The selling concept focuses on

the needs of the seller, aiming to convert

products into cash through aggressive

sales techniques. The marketing concept,

on the other hand, focuses on the needs of

the consumer, aiming to meet these needs

through tailored products and services.

ii. Approach: The selling concept employs

a push approach, emphasizing promotion

and sales to achieve profit. The marketing

concept employs a pull approach,

emphasizing understanding and satisfying

customer needs to build long-term

relationships and ensure repeat business.

(b)

i. Product:- Refers to what the company is

offering to the consumer, which could be a

tangible good or an intangible service. It

involves decisions about product design,

features, quality, brand name, and

packaging.

i. Price:- Refers to the amount of money

consumers have to pay to acquire the

product. It involves pricing strategies,

discounting, payment terms, and financing

options to attract the target market.

ii. Place:- Refers to how the product is

distributed and made available to the

consumer. It involves decisions about

distribution channels, locations, inventory

management, and logistics.

iv. Promotion:- Refers to the various ways

of communicating with the target market

to persuade them to buy the product. It

involves advertising, sales promotion,

public relations, and personal selling.

(3)

() Government market:- This consists of

government agencies and institutions that

purchase goods and services for public

use or for providing services to citizens.

These markets are characterized by formal

procurement processes and significant

purchasing power.

(ii) Institutional market:- This includes

entities such as schools, hospitals, and

non-profit organizations that purchase

goods and services to support their

operations. These markets focus on quality

and cost-efficiency.

(i) Reseller market:- This consists of

intermediaries such as wholesalers and

retailers who purchase goods to resell

them at a profit. They focus on buying

products that will appeal to their

customers and yield high sales volume.

(iv) Product development:- This refers to

the process of creating new products or

improving existing ones to meet customer

needs better. It involves idea generation,

product design, prototype testing, and

market introduction.

(v) Raw materials:- These are the basic

materials that are processed or

transformed into finished goods. They are

essential for manufacturing and

production processes in various industries.

(4a)

i. Buying Behavior:- Consumer market

involves individual or household purchases

for personal use, characterized by

emotional buying decisions. Organizational

market involves purchases by businesses

for operational needs, characterized by

rational and strategic buying decisions.

ii. Volume of Purchase:- Consumer market

purchases are typically small in volume

and frequency. Organizational market

purchases are often large in volume and

less frequent, involving bulk buying and

long-term contracts.

(b)

i. Identifying Market Opportunities:- To

discover new markets or segments and

assess their potential.

i. Understanding Consumer Needs:-To

gather insights into customer preferences,

behaviors, and motivations.

ii. Reducing Risk:- To make informed

decisions and reduce the risk of product

failure.

iv. Improving Product Offerings:- To

enhance product features and ensure they

meet customer expectations.

v. Competitive Analysis:- To analyze

competitors’ strategies and market

positioning.

vi. Evaluating Marketing Performance:- To

assess the effectiveness of marketing

campaigns and strategies.

(c)

i. Systematic Approach:- It followS a

structured and organized method for data

collection and analysis.

i. Objective Analysis:- It provides unbiased

and accurate information for decision-

making.

ii. Relevance:- It focuses on addressing

specific marketing problems and providing

actionable insights.

iv. Timeliness:- It ensures that the

information is collected and analyzed

promptly to support timely decisions.

(5a) Warehousing is the process of storing

goods in a large, organized facility

(warehouse) until they are needed for

distribution or sale. It involves managing

inventory, handling, and safeguarding

products to ensure they are available when

required.

(b)

i. Storage:- Warehouses provide space to

store raw materials, work-in-progress

items, and finished goods until they are

needed.

ii. Inventory Management:- They help

manage inventory levels, ensuring products

are available when required and reducing

the risk of stockouts.

ii. Order Fulfillment:- Warehouses facilitate

the picking, packing, and shipping of orders

to customers or retail outlets, enhancing

distribution efficiency.

iv. Value-Added Services:- They offer

additional services such as packaging,

labeling, and assembly, helping firms meet

specific customer requirements and

improving product readiness.

(6)

i. Cost-Plus Pricing:- Determine the total

cost of producing the product and add a

markup percentage to ensure a profit

margin.

ii. Value-Based Pricing:- Set prices based

on the perceived value of the product to the

customer, considering factors such as

quality, brand reputation, and unique

features.

ii. Competitive Pricing:- Analyze

competitors’ prices and set your prices at a

similar level, slightly lower or higher,

depending on your market positioning.

iv. Penetration Pricing:- Set a low initial

price to attract customers and gain market

share quickly, then gradually increase the

price as demand grows.

v. Price Skimming:- Set a high initial price

for a new or innovative product to

maximize profits from early adopters, then

lower the price over time to attract a

broader customer base.

(7)

() Joint ventures:- A business arrangement

where two or more parties collaborate ona

specific project or business activity,

sharing resources, risks, and profits while

retaining their separate legal identities.

(ii) Exporting:- Selling goods and services

produced in one country to customers in

another country. It involves cross-border

trade and can be direct (selling directly to

foreign buyers) or indirect (using

intermediaries).

(ii) Direct investment: Investing in foreign

markets by establishing business

operations or acquiring assets, such as

factories, offices, or entire companies, to

gain a long-term presence and control.

(iv) Tariffs: Taxes or duties imposed bya

government on imported or exported

goods. Tariffs are used to protect domestic

industries, generate revenue, and regulate

trade.

(v) Import quota: A limit set by a

government on the quantity of a specific

product that can be imported within a

given period. Quotas aim to protect

domestic industries from foreign

competition and manage trade balance.

(8a)

Market segmentation is the process of

dividinga broad consumer or business

market into smaller, more homogeneous

groups of customers with similar needs,

preferences, or characteristics. This

enables firms to tailor their marketing

efforts to specific segments for more

effective targeting.

(8b)

i. Product Selection: Choosing the right mix

of products to meet customer needs and

preferences, ensuring variety and

relevance.

ii. Pricing Strategy: Setting prices for

products to balance profitability and

competitiveness, considering factors such

aş cost, demand, and market conditions.

ii. Promotion: Planning and implementing

promotional activities, including

advertising, sales promotions, and in-store

displays, to attract and engage customers.

iv. Inventory Management: Monitoring and

managing stock levels to ensure product

availability, minimize stockouts, and reduce

excess inventory, optimizing sales and

profitability.

(9a) 

Marketing planning is the process of

developing and implementing strategies

and tactics to achieve marketing

objectives. It involves analyzing the market

environment, setting goals, and outlining

actions to reach target customers and

achieve business growth.

(9b)

i. Market Analysis: Conducting research to

understand market trends, customer

needs, and competitive landscape to

inform strategic decisions.

ii. Goal Setting: Defining specific,

measurable, achievable, relevant, and time-

bound (SMART) marketing objectives that

align with overall business goals.

ii. Strategy Development: Formulating

strategies to position the brand, target key

segments, and create a unique value

proposition.

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QUESTION 3

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QUESTION 4

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