The National Examination Council (NECO) Has Scheduled NECO GCE Marketing 2022 Paper to Kick off today 19th December 2023 by 2:00pm.
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(1a) Marketing is defined as the performance of business activities which direct the flow of goods and services from the producers to the consumers to satisfy customer needs and wants and to accomplish organisational goals.
(1bi) Transaction is a completed agreement between a buyer and a seller to exchange goods, services, or financial assets in return for money.
(1bii) Referral marketing is a strategy where a company rewards current customers for successfully bringing new consumers into the business.
(1biii) Mass marketing is a business marketing approach that seeks to advertise to the widest possible customer base, up to and including the entire market available.
(1biv) Need are the basic human requirements that are needed to survive. These necessities include shelter, clothes, food and water.
(3a) Advertising is a marketing tactic involving paying for space to promote a product, service, or cause.
(3bi) -ADVANTAGE OF ONLINE- (i)You Can Target Effectively (ii)You Can Closely Monitor Spending (iii)You Can Track Your Results (iv)Your Customers Are on the Internet
-DISADVANTAGE OF ONLINE- (i)Hard to comprehend (ii)Estimation issues (iii)Ad Fatigue Is Common (iv)Mistakes Can Be Costly
(3bii) -ADVANTAGE OF NEWSPAPER- (i)Newspapers reach every nook and corner, so his or her coverage is high (ii)They reach the public at a lower cost than any other medium. (iii)High frequency enables speedy preparation and publication of advertisement. (iv)Visual appeals could be created.
-DISADVANTAGE OF NEWSPAPER- (i)Illiterate people cannot understand newspaper advertisements. (ii)Often the persons expected to read the message miss to read the advertisement (iii)If prospects are limited in number, advertising in the newspaper may be ineffective. (iv)Only colour advertisements are more effective, but they are very limited and costly.
(4a) Merchandiser is the marketing and promotion of a product, good, or service within a distribution chain.
(4b) (i)Ability to Create a Halo Effect (ii)Ability to Calculate Fast and Accurate (iii)Decision Making Business (iv)Communication Skill
(i)Ability to create a halo effect; Halo effect is the first impression a person creates for others. A positive impression help to bring the outcome easily, but there is a huge negative effect of the negative impression.
(ii)Ability to calculate; As a merchandiser, you need to calculate several measurement and consumption which will help you to find the result easily and make a quick decision.
(iii)Quick Decision making; When dealing with clients sometimes merchandiser may require taking an important decision, this should be quick enough so that normal flow of conversion not interrupt.
(iv)Communication Skills; This one is the most important skills of all types of merchandising jobs. Every merchandiser must have this communication skill because most of the time they need to contact the clients or suppliers.
(5a) (i)Market research is the study of customers and the market, whereas marketing research is the study of all aspects of marketing. (ii) Market research is reliant, whereas marketing research is autonomous.
(5b) (i) Risk bearing: This involves anticipating business risks and taking appropriate measures to reduce their impact by taking the necessary insurance cover.
(ii) Financing: This covers the provision of funds throughout the period of production to the point of selling through loans and credit facilities.
(iii) Storage/Warehousing: This makes it possible for goods to be produced ahead of demand so that they can be available when needed.
(iv) Buying/Selling/Exchange: This covers purchase of raw materials and goods from so many sources and transfer of ownership of such goods to the consumer at the right quality.
(9a) Self-employment refers to working for oneself rather than working for a specific employer who pays them a salary.
(9b) (i)Demographics; demographics plays a crucial role in your product as it can have a big influence on your choice of business location. You always need to keep in mind the type of product or service your business offers.
(ii)Nearness to Market and Foot Traffic; For any retail businesses, foot traffic and nearest to market is extremely important as you don’t want to be tucked away in a corner where shoppers are likely to pass you and your store.
(iii)Accessibility and Basic Infrastructure; accessibility of your business location, it should keep everything in mind and not just the customers. Your business location should easily be accessible to customers, employees , and even your suppliers.
(iv)Competition; Always keep in mind that you are not the only one in that business and would always have competition in one form or other. Similarly, other businesses will also keep the above-mentioned points in mind when looking for their perfect business location.