Neco 2017 Marketing Obj And Theory Answers – May/June Expo

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Market-obj
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1a)
Warehousing is the act of storing goods that will be
sold or distributed later.
1b)
i)Storage
ii)Price Stabilization
iii)Risk bearing
iv)Financing
1bi)
-Storage:
This is the basic function of warehousing. Surplus
commodities which are not needed immediately can
be stored in warehouses.
1bii)
-Price Stabilization:
Warehouses play an important role in the process of
price stabilization. It is achieved by the creation of
time utility by warehousing.
1biii)
-Risk bearing:
When the goods are stored in warehouses they are
exposed to many risks in the form of theft,
deterioration, exploration, fire etc.
1biv)
-Financing:
Loans can be raised from the warehouse keeper
against the goods stored by the owner. Goods act as

security for the warehouse keeper.

3ai)
-NEEDS
Therefore being the marketers you need not go for
inventing these needs. Rather you should try to
understand it. The needs are in-built in human nature
itself and thus naturally existed in the composition of
human biology and human condition.
3aii)
-WANTS
Human wants are desires for specific satisfaction of
deeper needs that means the needs become wants
when they are directed to specific object that might
satisfy the need.
3aiii)
-DEMANDS
People may have almost unlimited wants. But
resources are limited in compare to the wants they
have. Therefore they have to choose the products
that are likely to provide the most value and
satisfaction for their money.
3aiv)
-PRODUCTS
To satisfy the wants and needs of people the
company must offer their products in the market.
That means people purchase the products to satisfy
their needs and wants. Specifically, a product can be
defined as an object, service, activity, person, place,
organisation or idea.
3aiv)
-EXCHANGE
We have already got that marketing takes place only
when people decide to satisfy needs and wants
through exchange. So in the process of marketing

there is exchange value between the two party’s.

5ai)
psychological pricing is a pricing/marketing
strategybased on the theory that certain prices have
a psychological impact. Retail prices are often
expressed as “odd prices”: a little less than a round
number
5aii)
Cost-plus pricingis a pricing strategyin which the
selling price is determined by adding a specific dollar
amount markupto a product’s unit cost. An alternative
pricing method is value-based pricing.
5aiii)
dynamic pricing is a pricing strategyin which
businesses set flexible prices for productsor
servicebased on current market demands.
5aiv)
haggling pricing is a type of negotiationin which the
buyer and seller of a good or service debate the
price and exact nature of a transaction.
5av)
competition based pricing
is pricing methodin which a selleruses prices of
competingproductsas abenchmarkinstead of

considering own costsor the customer demand.

6a)
transportation is the movement of goods from the
place of production to the place of consumption.
Goods can be moved from the factories to the
wholesalers and to the retailers where the
consumers come to buy them.
6b)
i)it increases the economic value of the products by
creating time and place utilities and promoting
possession utility.
ii)The wholesaler transports goods from the
warehouse or distribution centers to retailers.
iii)The retailers transport merchandise from his
warehouse to his store and to final consumers.
vi)Consumers also benefit from transportation
because some retailers deliver goods directly to

them.

8a)
Advertisingis an audio or visual form of marketing
communicationthat employs an openly sponsored,
nonpersonal message to promoteor sell a product,
service or idea.
8b)
i)Awareness
ii)Information
iii)persuasion
iv)Attitudes
8bi)
-Awareness:
creating awareness of the product or services such
as brand name and price. The awareness of the
product or services can be created through
highlighting the unique features of the brand.
8bii)
-Information:
information is the target audience about the product.
Providing information is closely related to creating
awareness of the product.
8biii)
-Persuasion:
When business firms offer similar products, the firm
must not only inform the customers about the
product’s availability, but also persuade them to buy
it.
8biv)
-Attitudes:
Promotion is required to build or reinforce attitudes
in the minds of target audience. The marketers
expect the target audience to develop a favourable
attitude towards their brands. Positive attitude
towards the brand helps to increase its sales.

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