Essay/Objectives NECO Marketing Questions and Answers 2022/2023
NECO Marketing 2022 Exam Questions and Solutions. In this piece, I’ll provide you access to previous Marketing Objectives and Theory Questions. Additionally, you will comprehend how to respond to and how the NECO Marketing questions are structured.Geography NECO Questions and Answers 2022/2023
The Senior Secondary Certificate Examination and the General Certificate in Education are administered by Nigeria’s National Examinations Council (NECO) every June/July and December/January, respectively.
2022 NECO Marketing Objectives and Essay Answers
During the NECO Marketing exam, a link to the 2022 NECO Marketing Expo will be posted here. For the solutions, keep checking and refreshing this page.NECO Economics 2022/2023 Exam Questions and Answers (Theory and Objectives)
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The marketing mix refers to placing the ideal product in the ideal environment at the ideal time.
(i)Demography: Consists of institutions and other forces that influence society’s fundamental beliefs, customs, and preferences, all of which have an impact on consumer marketing choices.
(ii) Economic Environment: Consists of all elements that influence consumer spending patterns and purchasing power, such as wage levels, credit trends, and price patterns. This refers to the potential customers’ purchasing power and the manner in which they spend their money.
(iii) Technological Environment: This aspect of the macro environment may be evolving the fastest. This covers all advancements, from surgery and antibiotics to chemical and nuclear weapons to automobiles and credit cards.
(iv) Political and legal environment: This refers to all rules, regulations, and advocacy groups that affect or impose restrictions on people or organizations. The fact that these limitations might be complicated makes it crucial for marketers to be aware of them.
Organizational markets are those markets where businesses and people buy products for uses other than their own consumption.
(i) Producer markets: Producers purchase products and services, change them into marketable items, and then sell those goods to consumers in order to turn a profit. Farmers, factories, and construction firms are some examples of producers.
(ii) Reseller market: To turn a profit, resellers purchase finished goods to resale to their clients. Resellers don’t alter the goods they purchase. Wholesalers who sell can be resellers.Wholesalers that sell their goods to other wholesalers might be considered resellers, as can retailers who sell their goods directly to consumers.
(iii)Institutional market: Institutions are private, non-profit organizations that purchase commodities and services to support their internal operations. Institutions are there to serve their communities, not to turn a profit. Churches, hospitals, and colleges are a few examples of institutional markets.
(iv) Government market: Governments purchase goods and services to aid in internal operations; they do not alter the commodities and services or resell them in an effort to generate revenue. Government markets, which include federal, state, and local governments, typically purchase their goods through a competitive bidding procedure.
The interchange of products and services across international borders to satisfy consumer demand is known as international marketing.the client’s requirements. It also entails determining the target market and conducting customer research abroad.
(i)Market Selection Decision: After a company decides to enter a foreign market, choosing a market is a crucial marketing choice. The company chooses one or more countries to operate in based on its current product mix, production capabilities, and anticipated expansion strategy. The type of international buyers it will service must also be determined.
(ii) Market Entry Choice: A company has decided which overseas markets it will enter. The next crucial marketing choice is market entry, or how to enter the market and which strategy to utilize for entering a foreign market.
An essential component of global marketing organization is decision. A business needs to choose the right organizational structure if it wants to launch, lead, and manage international marketing initiatives. Foreign trade regulation falls under the purview of the organization.
(iv) International Markets Decision: One of the first crucial concerns a business must address is whether to enter an international market. Why would a business choose to go global? Does the business have the ability to conduct business internationally? Answers naturally stem from the company’s current position in the domestic market and the kinds of prospects present in the international markets. The company decides to enter the overseas markets when those markets appear to be more alluring and when it is able to take advantage of those markets.
(i)Intensive Distribution: During intensive distribution, the item is offered to as many suitable retailers or many wholesalers as you can. When convenience is the main deciding factor in the purchasing of a product, such as chewing gum, candy bars, soft drinks, bread, movies, and cigarettes, intensive distribution is acceptable.
(ii) Selective Distribution: In Selective Distribution, the number of outlets that may carry a product is limited, but not to the level of exclusive dealing. Selective distribution can be utilized for product categories like apparel, electronics, and televisions, among others.
(iii) Exclusive Distribution: When a single retailer receives a franchise to sell the goods only in a specific region.
(iv)Direct Channel of Distribution
(v) Distribution Through an Indirect Channel:
Price is the amount of money charged for anything. it is valued, or the price a market seller sets for his or her goods; the amount for which anything is purchased, offered for sale, or exchanged for it; the equivalent in cash or another form of payment.
(CHOOSE ANY BEST 4)
(i) Cost-plus Pricing.
(ii) Price Skimming.
(iii) Premium Pricing.
(iv) Penetration Pricing.
(v) Geographical Pricing.
(i)COST-PLUS PRICING:The company determines the price of the product by adding a percentage (profit) to the cost of production. When a merchant wishes to know with some certainty what the gross profit margin of each sale will be, the “cost-plus pricing” is sometimes employed.
(ii) PRICE SKIMMING: Setting a high price before rival businesses enter the market is known as skimming. This is frequently utilized for the introduction of new products that, typically because of technological features, face little to no competition.
(iii) PREMIUM PRICING: Premium pricing is the practice of maintaining an artificially high price for a good or service in order to promote favorable perceptions among customers purely on the basis of the cost.
(iv) PENETRATION PRICING: With penetration pricing, you establish a low initial entry price in the hopes that customers will migrate from a more expensive vendor.
(v)GEOGRAPHICAL PRICING:Geographical pricing considers price fluctuations around the globe. For instance, where the price increases due to transportation costs. Some nations have higher taxes on specific items, making them occasionally more affordable or more expensive.
Marketing research is the methodical gathering, recording, and analysis of data regarding issues related to the marketing of goods and services.
(CHOOSE ANY BEST 4)
(i) Introduction of New Product or Service.
(ii) Customer Development.
(iii) Competition Analysis.
(iv) Marketing Advertising/Development.
(v) Customer Satisfaction.
(i) MARKET RESEARCH: Identifying a certain market and determining its size and other details.
(ii) PRODUCT RESEARCH: Determining the qualities of the good or service that will satisfy a need or want.
(iii)CONSUMER RESEARCH: identifies the preferences, driving forces, and purchasing patterns of the targeted customers.
(iv) INFORMATION: Direct customer observation (such as in retail stores), postal surveys, interviews, etc. are all used to gather information for marketing research.
The NECO prior questions and answers listed below can assist you with your 2022 Neco Marketing.neco-marketing-questions/
The NECO 2022 Marketing Practice Questions are shown here. Go through them to prepare for the NECO 2022 Marketing Examination, and you’ll do well.
1. —– is regarded as the performance of business activities that direct the flow of goods and services from producer to consumer.
2. The production of goods for immediate use by a household is classified as
A. industrial goods.
B. market goods.
C. durable goods.
D. consumer goods.
3. Which of the following is not a component of marketing mix?
4. Which of the following is not influenced by consumer behavior?
5. In Nigeria, the body that ensures that its members operate according to their professional ethics is the
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