The 2023 WAEC Answer Key for the Marketing Exam. In this post, I’ll give you a free look at the Marketing theory and goals multiple choice tests of the past. You will also gain insight into the structure and format of the WAEC Marketing examination.
In Nigeria, the Senior Secondary Certificate Examination is given in June/July, and the General Certificate in Education is given in December/January, both by the National Examinations Council (WAEC).
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WAEC Marketing Objectives and Essay answers 2023 (Expo)
The 2023 WAEC Marketing expo will be posted here during the WAEC Marketing examination. Keep checking and reloading this page for the answers.
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The aforementioned questions are likely WAEC Marketing repeated questions and answers rather than the 2023 Further Mathematics questions and answers.
These are practise questions. On the day of the WAEC Marketing examination, the 2023 WAEC Marketing questions and answers will be available on this page. Continue to check and refresh/reload this page for latest answers.
WAEC Marketing 2022 Answers
Note: The answers below are for 2022 WAEC exam.
1-10 : EDBAEEABEC
11-20 : CBBEDBAEEB
21-30 : BCBCECCCBC
31-40 : BAABDDBAAE
41-50 : BDAAAAEDCA
51-60 : DEAEBCADDE
(3a)
The term “marketing mix” refers to the strategic distribution of a product across appropriate channels.
(3b)
Consumer marketing decisions are influenced by a wide range of demographic factors. (i) Demography includes institutions and other influences that shape fundamental societal values, habits, and preferences.
(ii) Economic Environment — This includes things like wage and income levels, credit availability, and price stability, all of which have an impact on people’s ability to make purchases. Consumers’ disposable income and spending habits are at the heart of this concept.
(iii) The pace of change in the technological environment is among the highest of any macroenvironmental component. This encompasses everything from vehicles and credit cards to nuclear missiles and chemical weapons.
(iv) The political and legal climate encompasses all governing bodies, regulatory agencies, and lobbying groups that have an impact on the activities of private citizens or public institutions. Marketers should be cognizant of these limitations because of their complexity.
(4a)
Businesses and consumers who are not buying for personal use are participating in organisational markets.
(4b)
Producer markets (i) are those in which products and services are purchased by businesses, who then change them into a marketable product before selling it to consumers for a profit. Farmers, factories, and building enterprises are all examples of producers.
(ii) The market for resellers, who purchase finished goods from manufacturers and resale them to end users for a profit. Products that are purchased by resellers are sold as is. Distributors who sell to other distributors and retailers who sell to consumers are both examples of resellers.
The third type of market is made up of institutions, which are non-governmental organisations that make purchases to sustain their own operations. Institutions should not be run for financial gain, but rather to serve the public good. Churches, hospitals, and universities are all examples of institutional marketplaces.
(iv) the government market: the government purchases goods and services for its own use, but does not alter or resell them for a profit. Federal, state, county, and municipal governments all operate government markets where commodities are typically acquired through competitive bidding.
(5a)
To suit the needs of consumers in different countries, businesses engage in what is known as “international marketing.” Targeting the right market requires researching potential clients in other nations.
(5b)
Once a company has chosen to enter the global market, the next crucial marketing decision is which markets to focus on. The corporation decides which country or nations to operate in based on its current product lineup, production capabilities, and anticipated expansion strategy. Similarly, it must determine what kinds of international customers it will target.
(ii) The company has decided to enter some foreign markets. The second crucial marketing choice is how to join the market, or which foreign market entry strategy to choose.
Organisational Determination (iii)
Setting up a system for international advertising is crucial. A corporation needs to adopt the right organisational structure in order to successfully develop, direct, and control its worldwide marketing initiatives. The group is charged with controlling international trade.
(iv) Deciding to Enter Global Markets First and foremost, a business must decide whether or not to enter global markets. For what reasons should a business choose to expand internationally? Is the company equipped to do business on a global scale? The company’s current standing in the domestic market and the prospects present in international markets are obvious starting points for answering this question. When domestic markets are saturated and expansion seems unlikely, a corporation may decide to expand into foreign markets.
(6)
In (i) Intensive Distribution, as many retailers and wholesalers as possible are targeted for product sales. Products like chewing gum, candy bars, soft drinks, bread, film, and cigarettes, where convenience is the major factor affecting the purchase choice, are good candidates for intensive distribution.
In selective distribution, the number of stores that carry a product is restricted, but not to the point of exclusive dealing. Clothing, home electronics, and other similar products can all benefit from selective distribution.
When only one store has the rights to sell a product in a certain area, this is known as “exclusive distribution” (iii). Items like rare autos, specific major appliance models, and named-brand furniture.
Distribution Channel (iv) Direct Distribution
Distribution Channel (v) Indirect
(8a)
Price is the sum or amount of money at which something is valued or the value which a seller sets on his goods in the market. It is the sum or amount of money for which an item is purchased or offered for sale; its monetary or other equivalent; its current market value or rate; its cost.
(8b)
(PICK ONE OF THE TOP 4)
“(i) Cost-plus Pricing.”
(ii) The practise of “price skimming.”
Thirdly, Premium Costs.
In this regard, we have (iv) Penetration Pricing.
(v) Different rates for different areas.
(EXPLANATION)
(i) COST-PLUS PRICING is the simplest form of pricing. The retail price is arrived at by taking the company’s production costs and adding a certain percentage (the profit). Cost-plus pricing is commonly employed in retail because it allows the retailer to predict with some accuracy the gross profit margin of each sale.
(ii) PRICE SKIMMING: Skimming entails establishing a high price in anticipation of the entry of new competitors. Used frequently when introducing a new product that is unlikely to encounter significant competition, typically as a result of unique technological qualities.
(iii) PREMIUM PRICING: This refers to the strategy of maintaining an exorbitantly high pricing for a good or service in the hopes that consumers will view it favourably based simply on its cost.
(iv) Penetration Pricing is the practise of offering a low starting price in the hopes that customers will migrate from more expensive providers.
distinct parts of the world have distinct price points, as seen by Geographical Pricing (v). As in the case of shipping costs or a product’s scarcity, which drives up its price. Products might be much less expensive or more costly depending on the country of origin due to the varying tax policies in place.
(9a)
So, in a nutshell, marketing research is the process of systematically collecting, recording, and analysing information regarding issues associated with selling products and services.
(9b)
(PICK ONE OF THE TOP 4)
The Launch of a Brand-New Item or Service.
(ii) Creating New Clientele.
Evaluation of the Rivalry.
(iv) Promotional and new product growth marketing.
Satisfaction of the Customer (v).
(9c)
(i) MARKET RESEARCH: The process of defining and characterising a target market.
(ii) PRODUCT RESEARCH: The process of figuring out what people want or need and what qualities a product or service should have to meet those demands.
(iii) CUSTOMER RESEARCH: Discovering who your ideal customers are so you may cater to their tastes.
(iv) DATA: Data for marketing research can be gathered from a variety of sources, including face-to-face observation of customers (in places like stores), postal surveys, interviews, and so on.
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You can prepare for the 2023 WAEC Marketing Questions with the help of the WAEC sample questions and answers provided here.
The following are sample questions for the WAEC 2023 Marketing exam. Study them thoroughly to ensure success on the WAEC 2023 Marketing Exam.
How to Succeed in the WAEC Marketing Test
If you want to do well on the forthcoming WAEC Marketing exam, then you should follow the advice in this post.
A. distribution is the commercial practise of coordinating the delivery of goods and services from manufacturers to end users.
B. advertising.
Merchandising (C).
D. a better job.
The second category, A. industrial goods, does not include products made for direct use in the home.
Merchandise B.
The answer is (C) long-lasting products.
The correct answer is (D) retail merchandise.
Among the options given, which one does not belong to the marketing mix?
The Four P’s of Pricing: A, B, C, and D
Which of the following does NOT reflect customer preferences?
Choose one: A. Way of Life B. Societal Preferences C. Beliefs D. Disse
5. In Nigeria, the organisation whose members are held to the highest standards of professional ethics is the
A. SON
B. NPF
C. MAN
C. NAFDAC
Needs more theory loading and objective problems? We are still updating……
How To Easily Pass WAEC Marketing Exam in 2023
You have made up your mind to ace the WAEC Marketing exam in 2023. Goal-setting is the next step you should take.
You’ve told yourself things like, “I will get an A in WAEC Marketing in 2023.” To achieve a high score on the WAEC, you need prepare in advance. Develop a strategy and timeframe for reaching your objectives.
The Preferred Marketing Textbook for the 2023 WAEC Exam is Available Now!
The WAEC usually suggests books to study for the test. While there are required readings for the WAEC Literature in English exam, any decent Marketing textbook will do for the WAEC 2022 exam.
Not all textbooks are created equal. Obtaining a textbook on any subject that you are having trouble grasping will make your life much easier.
Avoid Skipping Exercises and Examples in Marketing Textbooks: Many students have a bad habit of skipping over examples and exercises in marketing textbooks. As a matter of fact, we enjoy notebooks so much that we might legitimately wonder, “Can I read my notebook and still pass WAEC Marketing in 2023?” Don’t be afraid to put yourself out there and try the Marketing exercises. Meet the difficulties head-on.
Keep in mind that the aforementioned is probably not the genuine questions but rather WAEC Marketing Questions and Answers.
Please use this comment section to ask any queries you may have concerning the WAEC Marketing queries and Answers 2023.
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