NECO 2018 MARKETING OBJ & ESSAY ANSWERS NOW AVAILABLE HERE – June/July


MARKETING OBJ:
1-10: EBBDBAAACB
11-20: BDEBBBAEED
21-30: BCACABDCBC
31-40: ADEEEBABAB
41-50: CAAAAEAEEB
51-60: DADEAADDAD

2a)
The marketing concept is the strategy that firms implement to satisfy customers needs, increase sales, maximize profit and beat the competition.

2b
(i) *The Production Concept*
This concept is the oldest of the concepts in business.  It holds that consumers will prefer products that are widely available and inexpensive.  Managers focusing on this concept concentrate on achieving high production efficiency, low costs, and mass distribution.  They assume that consumers are primarily interested in product availability and low prices.  This orientation makes sense in developing countries, where consumers are more interested in obtaining the product than in its features.

(ii) *The Societal Marketing Concept.*
This concept holds that the organization’s task is to determine the needs, wants, and interests of target markets and to deliver the desired satisfactions more effectively and efficiently than competitors (this is the original Marketing Concept).  Additionally, it holds that this all must be done in a way that preserves or enhances the consumer’s and the society’s well-being.

(iii) *Consumer orientation concept*
A service offered by companies that focuses on the internal and external needs of a business’s customers. Consumer orientation establishes and monitors standards of customer satisfaction and strives to meet the clientele’s needs and expectations related to the product or service sold by the business.

(Iv) *integrated organisational effort*

Integrated Organizational Effort in today’s business world is particularly significant in the sense that it helps in

i) developing new products

ii) improving the quality of the existing products

iii) understanding and reacting to changes in the consumer buying pattern.

The concept is also used with ecommerce, virtual teams, virtual organizations, enterprise resource planning implementation etc.

5a
Marketing
Communication
Economic
Societal Role

5b
Advantages of Radio Advertising
-Selectivity
-Cost efficiency
-Flexibility
-Mental Imagery

Disadvantages of Radio Advertising
-Lack of a Visual Element
-Audience Fragmentation
-Limited Listener Attention
-Limited Research Data

6a
marketing plan is a comprehensive document that outlines a company’s overall marketing effort. It is a blueprint that that outlines how a company will implement its marketing strategy, and use a combination of resources to achieve business objectives including sales targets or customer acquisition.

7a
distribution channel is a chain of businesses or intermediaries through which a good or service passes until it reaches the end consumer. It can include wholesalers, retailers, distributors and even the internet itself.

7b
-Creating sales
-Marketing research
-Product planning
-Financial support

7c
(1) The Nature of the Product:
These factors include physical characteristics of a product and their impact on the selection of a particular channel of distribution.

(2) The Nature of the market:
This is another factor influencing the choice of a proper channel of distribution. In the words of Lazo and Corbin “Marketing managements select channels on the basis of customer wants-how, where and under what circumstances. The number of buyers of the product affects the choice of a f channel of distribution.

(3) Government Regulations and Policies:
Government policies and regulations also influence the choice of distribution channels. The Government may impose certain restrictions on the wholesale trade of a particular product arid takeover the distribution of certain products. All these restrictions have a direct impact in selecting the channel of distribution.

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