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Thursday 26th June, 2025

Marketing (Objective & Essay) 10:00 am – 12:40 pm

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NECO MARKETING OBJECTIVE

1-10: EBBCCBAAAB

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51-60: BBCCDBDDCE

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2025 NECO MARKETING THEORY ANSWER

(1a)
(i)Needs are essential for survival, while wants are discretionary.

(ii)Needs take priority over wants, as they are crucial for well-being.

(iii) Not fulfilling needs can have severe consequences, while not fulfilling wants may lead to disappointment.

(iv)Needs include food, water, shelter, while wants include luxury goods, entertainment.

(v)Needs are universal, while wants vary across individuals and cultures.

(1b)
(i) Value :
Value refers to the worth or importance of something, often measured in terms of monetary value or utility. It represents the benefit or satisfaction derived from a product, service, or experience.

(ii) Exchange :
Exchange refers to the act of trading something of value, such as goods, services, or money, between two or more parties. It involves giving up something in return for something else.

(iii) Service :
A service is an intangible offering that provides value to customers without transferring ownership of physical goods. Examples include healthcare, education, and consulting.

(iv) Transaction :
A transaction is a single instance of exchange, where something of value is traded between two or more parties. It can involve goods, services, or money, and is often recorded for accounting or record-keeping purposes.

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(2a)
The marketing environment refers to the internal and external factors that affect a company’s ability to create, communicate, and deliver value to its customers.

(2b)
(i) Product :
A product is a tangible or intangible offering that meets customer needs or wants. It can be a physical good, service, idea, or experience.

(ii) Price :
Price is the amount of money customers pay for a product or service. It’s a critical marketing mix element that affects revenue, profitability, and customer demand.

(iii) Place :
Place refers to the channels or distribution methods used to make products or services available to customers. It includes physical locations, online platforms, and logistics.

(iv) Promotion :
Promotion includes all marketing activities that communicate the value of a product or service to customers. Examples include advertising, sales promotions, public relations, and personal selling.

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(3a)
A market is a platform or setting where buyers and sellers interact to exchange goods, services, or ideas. It can be physical (e.g., store) or virtual (e.g., online marketplace).

(3bi)
(i)Large number of buyers : Many individual consumers make purchasing decisions based on personal preferences, needs, and budget.

(ii) Diverse demographics : Consumers vary in age, income, education, and lifestyle, influencing their buying behavior.

(3bii) Organizational Market
(i)Derived demand : Demand for products or services is driven by the demand for the organization’s own products or services.

(ii) Professional purchasing: Buying decisions are typically made by trained professionals who evaluate options based on factors like quality, price, and reliability.

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(4a)
Consumer behavior refers to the study of how individuals, groups, and organizations select, purchase, use, and dispose of goods, services, ideas, or experiences to satisfy their needs and wants.

(4b)
(i) Cultural Factors : Culture, subculture, and social class influence consumer behavior, shaping values, preferences, and purchasing decisions.

(ii) Social Factors : Family, friends, reference groups, and social media influencers can impact consumer behavior, as individuals seek social approval and validation.

(iii) Personal Factors : Age, income, occupation, lifestyle, and personality traits influence consumer behavior, as individuals’ needs and preferences change over time.

(iv)Psychological Factors : Motivation, perception, learning, and attitudes shape consumer behavior, as individuals process information, form opinions, and make purchasing decisions.

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(5)
(i) Market Demand : If demand for my product is high, I may be able to charge a premium price. Conversely, if demand is low, I may need to lower my price to stimulate sales.

(ii)Competition : If there are many similar products in the market, I’ll need to price my product competitively to attract customers. If I’m the only supplier, I may have more flexibility to set a higher price.

(iii) Government Regulations : Government policies, taxes, and regulations can impact my pricing strategy. For example, if there’s a tax on my product, I may need to factor that into my pricing.

(iv) Economic Conditions : Economic factors like inflation, recession, or changes in consumer spending power can influence my pricing. During a recession, I may need to lower prices to maintain sales volume.

(v) Supplier Costs : If the cost of raw materials or supplies increases, I may need to adjust my pricing to maintain profitability. Conversely, if supplier costs decrease, I may be able to pass the savings on to customers.

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(6a)
Distribution refers to the process of making products or services available to customers through various channels, such as wholesalers, retailers, or online platforms. It involves planning, implementing, and controlling the flow of goods, services, and information from the producer to the end-user.

(6b)
(i)Product Characteristics : Perishability, fragility, complexity, and value of the product influence the choice of distribution channel. For example, perishable goods require faster distribution channels.

(ii) Target Market : Understanding the target audience’s demographics, needs, and shopping habits helps determine the most effective distribution channel. For instance, online channels may be ideal for tech-savvy customers.

(iii) Cost and Profitability : Distribution costs, including transportation, storage, and intermediary fees, impact the business’s profitability. The chosen channel should balance costs with customer convenience.

(iv) Control and Service : The level of control over the distribution process and the service required by customers influence channel selection. For example, direct distribution channels may provide more control over customer service and product presentation.

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(7a)
A marketing intermediary is a business or individual that helps a company promote, sell, and distribute its products to final buyers. They include agents, wholesalers, retailers, and distributors who perform various marketing functions that make products more accessible and appealing to consumers.

(7b)
(PICK ANY FOUR)
(i) Facilitating Exchange: Middlemen bridge the gap between producers and consumers by ensuring goods are available where and when needed, making the buying and selling process easier.
(ii) Risk Bearing: They take on various risks such as spoilage, theft, price changes, and damage during storage and transportation.
(iii) Storage and Inventory Management: Middlemen store products until they are needed, helping to stabilize supply and prevent market shortages or gluts.
(iv) Financing: They often provide credit facilities to retailers or even buy goods in large quantities, easing the producer’s financial burden.
(v) Market Information: Middlemen gather and relay valuable information about market trends, customer preferences, and competitor activities to producers.
(vi) Promotion of Goods: They help in advertising, personal selling, and other promotional activities to increase product awareness and demand.
(vii) Bulk Breaking: Middlemen purchase goods in bulk from manufacturers and sell them in smaller quantities to retailers or end-users, making them more accessible.
(viii) After-Sales Services: They may provide services such as installation, warranty handling, repairs, and customer support to enhance customer satisfaction and loyalty.

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(8a)
Adaptation of marketing plans for international marketing refers to the process of modifying a company’s marketing strategy to fit the cultural, economic, legal, and political environment of the foreign market. This may include changes in product features, pricing, packaging, promotional strategies, or distribution channels to better appeal to local preferences.

(8b)
(PICK ANY FOUR)
(i) Exporting: Ogodo Enterprises can sell goods directly or through intermediaries to foreign markets. It’s the simplest and most cost-effective entry method.
(ii) Licensing: Ogodo can permit a foreign firm to produce and sell its product in exchange for royalties or fees. This reduces financial risk while expanding reach.
(iii) Franchising: Similar to licensing, but more structured, franchising allows Ogodo to grant the rights to operate under its brand and business model in foreign markets.
(iv) Joint Ventures: Ogodo can partner with a local business in another country to share resources, risks, and profits while benefiting from local knowledge and networks.
(v) Foreign Direct Investment (FDI): This involves setting up physical operations, such as a manufacturing plant or sales office, in the foreign country to gain full control of operations.
(vi) Online/Internet Marketing: Using digital platforms, Ogodo can market and sell products globally with lower operational costs and broader reach.
(vii) Piggyback Marketing: Ogodo can partner with another local or international firm already operating in foreign markets to include its products in their distribution channels.
(viii) Turnkey Projects: Ogodo may build and set up production or operational facilities for a foreign client and hand it over after completion, earning fees and expertise recognition.

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(9)
(i) Conduct Market Research: This is the first step and involves identifying your target market, understanding customer needs, preferences, income levels, and purchasing behavior. It also includes analyzing competitors and market trends. Market research helps in making informed decisions on what products or services to offer.

(ii) Develop a Business Plan: A well-prepared business plan outlines your business goals, target market, marketing strategies, financial projections, startup capital, and operations model. It acts as a roadmap for running the marketing outlet and is often required when seeking funding or investment.

(iii) Choose a Strategic Location: The location of your marketing outlet is crucial for visibility, accessibility, and customer traffic. A good location should be close to your target audience and should have necessary infrastructure like roads, electricity, and security. Consider foot traffic and nearby competition when selecting a site.

(iv) Obtain Licenses and Register the Business: Legalizing your business is essential. You must register your outlet with the appropriate government authorities and obtain necessary licenses or permits. This step helps build trust with customers and avoids legal complications.

(v) Stock and Equip the Outlet: Purchase the initial inventory and necessary equipment such as shelves, computers, point-of-sale systems, and signage. The store layout should be appealing and easy for customers to navigate. Establish relationships with reliable suppliers to maintain a steady flow of goods.

COMPLETED

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