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NECO Marketing Questions and Answers 2022. Objective and Essay answers (Expo), for the National examination council (June/July 2022. NECO Marketing Objective and Essay Answers. This post will provide you with repeated questions as well as the answers to your NECO Marketing Marketing exam. This post will help you understand the NECO Marketing objectives and answers.
How to Get NECO Marketing 2022 Answers
Marketing (Objective & Essay) – 10:00am – 12:40pm
Marketing mix is a collection of controllable factors that can be used to influence the behaviour of customers . In other words, marketing mix is a combination of controllable variables such as price,product, distribution place and promotion which spells out the marketers strategy to satisfy the needs of the consumers and to increase the sales of the goods.
Demography: Demography in marketing is the study of human populations in terms of size, density, location, age, sex, race and occupation. Demographic environment is a term used by marketers to describe the characteristics of a population that can be used to influence the success of a business or commercial venture. The most important demographic factors for businesses include age, sex, income, education level, and occupation
Economic environment: Economic environment consists of all factors such as salary levels, credit trends and pricing patterns that affect consumer spending habit and purchasing power. This refers to the purchasing power of potential customers and the ways in which people spend their money. The four stages of the Economic cycles are prosperity, recession,depression and recovery.
Technological environment : Technological environment is the fastest changing factors in the economic macro marketing environment. This includes all development from antibiotics and surgery to nuclear missiles and chemical weapons to automobiles and credit cards. It also requires a company to stay ahead of others and update their own technology as it becomes outdated.
Political legal environment: Political legal environment in includes all laws, government agencies and lobbying groups that influence or restrict individuals or organisations. It is important for marketers to be aware of these restrictions as they can be complex. Some products are regulated by both state and federal laws. As laws and regulations change opt n, this is a very important aspect for a marketer to monitor
Intensive distribution: In Intensive distribution, the product is sold to as many appropriate retailers or wholesalers as possible Intensive distribution is appropriate for products such as chewing gum,candy bars,soft drinks,breads, film and cigarette where the primary factor influencing the purchase decision is convenience. Industrial products that may require intensive distribution includes pencils,typing papers, transparency master’s am nails.
(6ii) Selective distribution: In selective distribution, the number of outlets that may carry a product is limited, but not to the extend of exclusive dealing. By carefully selecting wholesalers or retailers, the manufacturer can concentrate on potentially profitable accounts and develop solid working relationships to ensure that the product is properly mechanised. Selective distribution may be used for product categories such as clothing, appliances , televisions, stereo equipment and sports equipments.
(iii) Exclusive distribution: When a single outlet is given an exclusive franchise to sell the product in a geographic area,the arrangement is referred to as exclusive distribution. Products such as special automobiles, some major appliances, certain brands of furniture and lines of clothing that enjoy a high degree of brand loyalty are likely to be distributed on an exclusive basis. Exclusive distribution occurs more frequently at the wholesale level than at the retail level.
Direct channel of distribution: Direct channel of distribution is the means by which a company gets its product straight to the consumer without using any intermediaries. Some businesses may utilize structures that involve middlemen to handle the distribution of their goods. However, a company that is responsible for the sale, transportation and delivery of its products directly to the customer is using a direct channel of distribution. Direct channels of distribution also allow owners to maintain control over certain aspects of their business
Indirect distribution channel of distribution: Indirect Channel of distribution involves intermediaries that perform a company’s distribution functions. Indirect distribution frees the manufacturer from certain startup costs and responsibilities that can cut into the time it needs to spend on running the business.However, indirect distribution can also add new layers of cost and bureaucracy which can increase costs to the consumer, slow down delivery, and take control out of the manufacturer’s hands.
(i) Problem Recognition
(ii) Information Search
(iii) Evaluation of Alternatives
(v) post purchase behaviour
(Pick Any four)
(i)Influence by various factors : Consumer behaviour is influenced by a number of factors.The factors that influence consumers are : marketing, personal, psychological, situational, social, cultural etc.
(ii) Different for all customer: All consumers do not behave in the same manner. Different consumers behave differently. The difference in consumer behaviour is due to individual factors such as nature of the consumer’s life style, culture, etc.
(iii) Different for different products: Consumer behaviour is different for different products. There are some consumers who may buy more quantity of certain items and very low/no quantity of some other items.
(iv) Region bounded: The consumer behaviour varies across states, regions and countries. For instance, the behaviour of urban consumers is different from that of rural consumers. Normally, rural consumers are conservative (traditional) in their buying behaviour.
(v) Reflects status: Consumers buying behaviour is not only influenced by status of a consumer, but it also reflects it. Those consumers who own luxury cars, watches and other items are considered by others as persons of higher status.
(Pick Any Three)
(i) cultural factor
(ii) social factor
(iii) personal factor
(iv) psychological factor
Price is the sum or amount of money at which a thing is valued, or the value which a seller sets on his goods in the market. In other word price is the value placed on a product which includes price level, discount and payment terms.
(Pick Any Four)
(i)cost plus pricing
(ii) price skimming
(iii) premium pricing
(iv) penetrating pricing
(v) Geographical pricing
(i) Cost plus pricing: This is the simplest pricing strategy. The firm calculates the cost of producing the product and adds a percentage (profit) to that price to give the selling price.An advantage of this Approach is that the business will know that it’s cost are being converted. The main disadvantage is that cost plus pricing may lead to products that are priced un- competitively.
(ii)price skimming: Price skimming involves setting a high p before other competitors come into the market. This is often used for the launch of a new product which faces little or no competition- usually due to some Technological features. Good example of price skimming include innovative electronic products such as the Apple iPad and Sony Playstation 3.
(iii) Premium pricing: Premium pricing is the practice of keeping the price of a product or services artificially high in order to encourage favourable perceptions among buyers, based solely on the price. The practice is intended to exploit the tendency for buyers to assume that expensive items enjoy an exceptional reputation ,are more reliable or desirable or represent exceptional quality and distinction
(iv)Penetration pricing: Penetrating pricing is when you set a relatively low initial entry price, hoping people will switch from a higher priced vendor. Companies working on how to gain market share tend to use penetration pricing. Penetration pricing has been a popular pricing model for internet companies, reasoning if they build the audience, they will figure out how to make money later.
(v) Geographical pricing: Geographical pricing sees variations in price in different parts of the world. For example rarity value, or where transportation costs increase price. In some countries there is more tax on certain types of product which makes them more or less expensive, or legislation which limits how many products might be imported again raising price.
Marketing research is the study of consumers demand by a firm in order to assist it in expanding its output and the marketing of its products. It is also the systematic and objective search and analysis of information to guide managers in production and marketing
(Pick Any four)
(i) introduction of new products or services
(ii) customers development
(iii) competition analysis
(iv) marketing/Advertising development
(v) consumer satisfaction
(Pick Any Four)
(i)Wide and comprehensive scope: Marketing research has a very wide scope. It includes product research, packaging research, pricing research, market research, sales research, etc. It is used to solve marketing problems and to take marketing decisions. It is used to make marketing policies.
(ii)Systematic and scientific : Marketing research is conducted in a step-by-step manner. It is conducted in an orderly fashion. Therefore, it is systematic. Marketing research uses scientific methods. Thus, it is also scientific
(iii)Collects and analyzes data : Marketing research gathers data accurately and objectively. It first collects reliable data and then analyses it systematically and critically.
(iv)Continuous and dynamic process: The company faces marketing problems throughout the year. So, Marketing research is conducted continuously. It continuously collects up-to-date data for solving the marketing problems. Large companies have their own marketing research departments
(v) Tool for decision-making : The marketing manager has to take many decisions. For this, he requires a lot of data. Marketing research provides correct and up-to-date data to the marketing manager. This helps him to take quick and correct decisions
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