WAEC GCE Commerce Answer 2024
WAEC GCE COMMERCE 2024
(1)
(i) Bills of Exchange: A bill of exchange is a written order from one person (the drawer) to another person (the drawee) to pay a certain amount of money to a third person (the payee) at a specified time. Bills of exchange have contributed to the growth of commerce by providing a convenient and secure method of payment for goods and services traded over long distances.
(ii) Letters of Credit: A letter of credit is a document issued by a bank or other financial institution that guarantees payment to a seller upon presentation of specified documents. Letters of credit have contributed to the growth of commerce by reducing the risk of non-payment for goods and services traded internationally.
(iii) Insurance: Insurance is a contract between an individual or business (the policyholder) and an insurance company, where the insurance company agrees to compensate the policyholder for losses or damages incurred as a result of specified risks. Insurance has contributed to the growth of commerce by providing protection against risks such as loss or damage to goods during transportation, and enabling businesses to operate with greater confidence.
(iv) Warehousing: Warehousing involves the storage of goods in a secure and controlled environment, often for a fee. Warehousing has contributed to the growth of commerce by providing a safe and secure place for goods to be stored while they are being transported or awaiting sale.
(v) Transportation: Transportation involves the movement of goods from one place to another, using various modes of transport such as roads, railways, air, and sea. Transportation has contributed to the growth of commerce by enabling goods to be moved quickly and efficiently over long distances, and facilitating international trade.
NUMBER FIVE
(5ai)
Persuasive advertising: This type of advertising aims to convince the target audience to purchase the energy drink. It could highlight the product’s unique features, such as its high-energy formula, fast-acting ingredients, and ability to enhance athletic performance. The messaging could emphasize how the energy drink can give sportsmen a competitive edge.
(5aii)
Informative advertising: This approach focuses on providing detailed information about the product’s benefits, ingredients, and how it can help sportsmen achieve their fitness goals. It could include facts about the drink’s nutritional value, caffeine content, and scientific research supporting its effectiveness.
(5aiii)
Competitive advertising: This involves directly comparing the energy drink to rival products, highlighting its superior quality, taste, or performance-enhancing abilities. It could showcase testimonials from athletes or fitness experts praising the product’s effectiveness.
(5aiv)
Mass advertising: This refers to using large-scale media channels, such as television, radio, or billboards, to reach a broad audience of sportsmen and fitness enthusiasts. It can create widespread brand awareness and foster a sense of desirability for the product.
(5av)
Direct advertising: This involves targeted communication with the target audience, such as email campaigns, direct mail, or social media advertising. It allows for personalized messaging and the ability to track the effectiveness of the marketing efforts.
(5b)
=MERITS=
(PICK ANY THREE)
(i) Increased brand awareness and visibility
(ii) Ability to reach a large, targeted audience
(iii) Enhanced customer engagement and loyalty
(iv) Differentiation from competitors
(v) Increased sales and revenue
(vi) Improved brand reputation and positioning
=DEMERITS=
(PICK ANY TWO)
(i) High costs associated with advertising campaigns
(ii) Potential for ad fatigue and decreased effectiveness over time
(iii) Risk of message misinterpretation or negative perception
(iv) Difficulty in measuring the exact impact on sales and ROI
(v) Potential legal or ethical concerns with certain advertising practices
(vi) Increased competition and market saturation, making it harder to stand out.
