2024 WAEC Marketing (Obj/Essay) Questions And Answers

WAEC MARKETING ESSAY ANSWERS 2024-2025

NUMBER 1

(1a)

(i) Needs: These are the fundamental necessities that individuals must have to live and function. Examples include food, water, shelter, clothing, and healthcare.

(ii) Wants: Wants are specific forms of needs shaped by culture, society, and individual personality.

(1b)

(Pick any four)

(i) Marketing helps a company conduct market research, gathering, analyzing, and interpreting information about the market, consumers, and competitors.

(ii) It is involved in product planning and development, which includes designing, creating, and managing products to meet customer needs and preferences.

(iii) Marketing is responsible for selling the company’s products and driving sales.

(iv) Marketing determines product pricing, balancing profitability with customer satisfaction.

(v) It identifies the most effective channels of distribution to ensure products are available to consumers at the right time and place.

(vi) Marketing engages in advertising and promotional activities to boost brand awareness and sales.

(1c)

(i) Product Concept: This orientation assumes that customers will favor products that are of high quality.

(ii) Selling Concept: This concept is based on the assumption that even when products are of high quality, consumers may not buy unless they are persuaded through sales efforts.

(iii) Production Concept: It assumes that consumers will buy products that are widely available and affordable, prompting companies to focus on mass production.

(iv) Marketing Concept: This concept emphasizes meeting the needs and wants of target markets more effectively than competitors.

NUMBER 3

(3a)

(Pick any eight)

(i) Discounts
(ii) Coupons
(iii) Contests
(iv) Free Samples
(v) Buy One, Get One (BOGO) Offers
(vi) Loyalty Programs
(vii) Bundle Deals
(viii) Flash Sales
(ix) Product Demonstrations
(x) Referral Programs
(xi) Patronage Awards
(xii) Salesmen Competitions

(3b)

(Pick any six)

(i) Sales promotional tools can stimulate demand and lead to increased sales revenue.

(ii) Promotions can attract new customers who may be enticed by special offers.

(iii) They help retain existing customers by offering incentives for repeat purchases.

(iv) Promotional tools can raise brand and product awareness among consumers.

(v) Effective promotions can differentiate a company from its competitors, attracting new customers.

(vi) They can help clear excess inventory or slow-moving products, freeing up space and capital.

(vii) Promotions provide opportunities to gather customer feedback, helping the company understand their preferences and needs.

(viii) Effective use of promotions can foster loyalty among customers who appreciate the value and savings offered.

NUMBER 4

(4a)

(Pick any four)

(i) The association would help regulate and stabilize yam prices to ensure fair pricing for sellers and buyers.

(ii) It can negotiate better prices from suppliers, reducing costs for members who buy yams in bulk.

(iii) The association would gather and share market information, such as demand trends, price changes, and market opportunities.

(iv) It can represent yam sellers’ interests in discussions with local authorities and policymakers, advocating for better market conditions.

(v) The association would offer training sessions and workshops on best practices in yam storage, handling, and marketing.

(vi) It could establish a cooperative credit facility, providing members access to loans or credit to invest in their businesses.

(vii) The association would mediate disputes among members or between members and customers, ensuring a harmonious business environment.

(4b)

(Pick any four)

(i) Transport Companies: They help yam sellers transport their goods from farms to the market efficiently, reducing spoilage and ensuring timely delivery.

(ii) Storage Facilities: They offer proper storage solutions to extend the shelf life of yams, allowing sellers to store excess stock until prices are favorable.

(iii) Financial Institutions: They provide loans and other financial products that help yam sellers manage cash flow, invest in their businesses, and expand operations.

(iv) Advertising Agencies: They assist yam sellers in creating advertisements and marketing campaigns to attract more customers, increase sales, and build brand recognition.

(v) Market Research Firms: They offer valuable insights into consumer behavior, market trends, and competition, helping yam sellers make informed business decisions.

(vi) Packaging Companies: They provide attractive and functional packaging that protects yams during transport and storage, enhancing product appeal to customers.

(vii) Legal Advisors: They help the association and its members with legal matters, such as drafting contracts, resolving disputes, and ensuring compliance with local regulations.

NUMBER 5

(5a)

(Pick any four)

(i) Personal Savings: This is the money Adamu has saved over time from his personal income. It does not involve any debt or repayment.

(ii) Bank Loans: Adamu can obtain loans from banks, which are repayable over a fixed period with interest.

(iii) Venture Capital: Venture capitalists provide capital to startups with high growth potential in exchange for equity.

(iv) Family and Friends: Adamu can seek financial assistance from family members and friends who believe in his business idea. This source of funding is often more flexible and may have favorable terms.

(v) Government Grants: Adamu might qualify for government grants aimed at supporting small businesses. These funds do not need to be repaid but often come with specific conditions.

(5b)

(Pick any four)

(i) Nearness to Market: The location should be easily accessible to Adamu’s target market.

(ii) Cost of Rent and Utilities: Adamu should consider costs to ensure the business remains profitable.

(iii) Presence of Competitors: The level of competition in the area should be evaluated.

(iv) Proximity to Suppliers: Being close to suppliers can reduce transportation costs and ensure a steady supply of products.

(v) Safety and Security: A secure location is essential for protecting inventory and ensuring the safety of customers and employees.

(vi) Availability of Infrastructure: Good roads, reliable power supply, water, and internet connectivity can improve operational efficiency.

(vii) Availability of Support Services: Proximity to banking and telecommunication services is beneficial.

(viii) Government Policy: Adamu should consider government regulations related to the establishment and operation of the store.

NUMBER 6

(6a)

(i) Demand: The quantity of OJ Ltd’s products that consumers are willing and able to purchase at a given price level.

(ii) Products: The goods manufactured by OJ Ltd, such as consumer goods, that meet the needs and wants of target customers.

(iii) Market: The group of consumers and organizations that OJ Ltd aims to serve, including retail outlets and end-users.

(6b)

(i) Wholesalers
(ii) Retailers

(6ci)

(Functions of Wholesalers)

(i) Buying and storing products in bulk.
(ii) Breaking bulk and selling to retailers.
(iii) Providing market information to manufacturers.

(6cii)

(Functions of Retailers)

(i) Buying products from wholesalers or manufacturers.
(ii) Displaying and promoting products to customers.
(iii) Providing customer service and support.l