NECO 2022 MARKETING ESSAY AND OBJ ANSWERS

NECO 2022 MARKETING ESSAY AND OBJ ANSWERS ANSWERS-EXAMKING.NET
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MARKETING-OBJ
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MARKETING ESSAY-ANSWERS
(3a)
Marketing mix is a collection of controllable factors that can be used to influence the behaviour of customers . In other words, marketing mix is a combination of controllable variables such as price,product, distribution place and promotion which spells out the marketers strategy to satisfy the needs of the consumers and to increase the sales of the goods.

(3bi)
Demography:Demography in marketing is the study of human populations in terms of size, density, location, age, sex, race and occupation. Demographic environment is a term used by marketers to describe the characteristics of a population that can be used to influence the success of a business or commercial venture. The most important demographic factors for businesses include age, sex, income, education level, and occupation

(3bii)
Economic environment: Economic environment consists of all factors such as salary levels, credit trends and pricing patterns that affect consumer spending habit and purchasing power. This refers to the purchasing power of potential customers and the ways in which people spend their money. The four stages of the Economic cycles are prosperity, recession,depression and recovery.

(3biii)
Technological environment : Technological environment is the fastest changing factors in the economic macro marketing environment. This includes all development from antibiotics and surgery to nuclear missiles and chemical weapons to automobiles and credit cards. It also requires a company to stay ahead of others and update their own technology as it becomes outdated.

(3biv)
Political legal environment: Political legal environment in includes all laws, government agencies and lobbying groups that influence or restrict individuals or organisations. It is important for marketers to be aware of these restrictions as they can be complex. Some products are regulated by both state and federal laws. As laws and regulations change opt n, this is a very important aspect for a marketer to monitor
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(8a)
Price is the sum or amount of money at which a thing is valued, or the value which a seller sets on his goods in the market. In other word price is the value placed on a product which includes price level, discount and payment terms.

(8b)
(Pick Any Four)
(i)cost plus pricing
(ii) price skimming
(iii) premium pricing
(iv) penetrating pricing

EXPLANATION:
(i) Cost plus pricing: This is the simplest pricing strategy. The firm calculates the cost of producing the product and adds a percentage (profit) to that price to give the selling price.An advantage of this Approach is that the business will know that it’s cost are being converted. The main disadvantage is that cost plus pricing may lead to products that are priced un- competitively.
(ii)price skimming: Price skimming involves setting a high p before other competitors come into the market. This is often used for the launch of a new product which faces little or no competition- usually due to some Technological features. Good example of price skimming include innovative electronic products such as the Apple iPad and Sony Playstation 3.

(iii) Premium pricing: Premium pricing is the practice of keeping the price of a product or services artificially high in order to encourage favourable perceptions among buyers, based solely on the price. The practice is intended to exploit the tendency for buyers to assume that expensive items enjoy an exceptional reputation ,are more reliable or desirable or represent exceptional quality and distinction

(iv)Penetration pricing: Penetrating pricing is when you set a relatively low initial entry price, hoping people will switch from a higher priced vendor. Companies working on how to gain market share tend to use penetration pricing. Penetration pricing has been a popular pricing model for internet companies, reasoning if they build the audience, they will figure out how to make money later.

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