NECO GCE 2023 MARKETING (ESSAY & OBJ) ANSWERS(7th December)

(1b)
(i)Ideation: This is where ideas for new products are generated. It involves brainstorming, market research, and identifying opportunities for innovation.

(ii)Concept Development and Testing: Once ideas are generated, they are refined into concepts. These concepts are then tested with target consumers to gather feedback and assess their viability.

(iii)Product Development: In this stage, the chosen concept is transformed into a tangible product or service. It involves designing, prototyping, and testing the product to ensure it meets quality standards and consumer expectations.

(iv) Launch and Commercialization: After the product is developed, it is ready to be introduced to the market. This stage involves creating marketing strategies, setting prices, establishing distribution channels, and executing a successful launch to attract customers.
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(2a)
(i) Advertising is a paid form of communication used to promote products or services, while promotion can include both paid and unpaid strategies to increase sales and create awareness.
(ii) Advertising focuses on reaching a wide audience through various media channels, while promotion involves a combination of activities such as sales promotions, public relations, personal selling, and direct marketing to target specific customer groups.

(2b)
=ADVANTAGES=
(i) Wide reach: Radio has a broad audience, allowing advertisers to reach a large and diverse market.
(ii) Cost-effective: Compared to other forms of advertising such as television or print media, radio advertising is generally more affordable, making it accessible to small businesses with limited budgets.
(iii) Targeted marketing: Radio stations often cater to specific demographics or interests, enabling advertisers to tailor their message to a particular audience.
(iv) High frequency: Radio advertisements can be played multiple times throughout the day, reinforcing the message and increasing brand recall among listeners.

=DISADVANTAGES=
(i) Lack of visuals: Unlike television or print media, radio is an audio-only medium, which limits the ability to convey visual information or showcase products.
(ii) Less attention: With the rise of multi-tasking and digital distractions, listeners may not always give full attention to radio advertisements, reducing their impact.
(iii) Limited audience segmentation: While some radio stations cater to specific demographics, it can be challenging to reach very niche markets or target highly specific consumer groups.
(iv) Fleetingly transient: Radio advertisements are fleeting and ephemeral, as they disappear once aired, making it difficult for consumers to revisit the message or act upon it at a later time.

(2c)
(i) Target Audience: Consider the characteristics and preferences of your target audience. Different promotion methods are more effective with specific demographics and customer segments. Identify the platforms or channels your audience uses the most.
(ii) Budget: Evaluate your available budget for promotions. Some methods, such as television advertising or large-scale events, can be expensive, while others, like social media advertising or email campaigns, may be more cost-effective.
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(3a)
A facilitator is someone who helps to make a process or activity easier or smoother. They assist in coordinating and guiding the participants to achieve a specific goal or outcome.

(3b)
-roles of facilitators in food processing industries-
(i)Quality Control: Facilitators ensure that strict quality control measures are in place to maintain the safety and quality of food products. They oversee inspections, implement food safety regulations, and ensure compliance with industry standards.

(ii)Supply Chain Management: Facilitators help in managing the supply chain by coordinating the movement of raw materials, ingredients, and finished products.

(iii)Process Improvement: Facilitators identify areas for process improvement within the food processing industry. They analyze workflows, identify bottlenecks, and implement strategies to enhance efficiency, reduce waste, and optimize production processes.

(iv)Training and Development: Facilitators provide training and development programs for employees in the food processing industry. They conduct workshops, seminars, and hands-on training sessions to enhance skills.

-roles of facilitators in banks-
(i)Customer Service: Facilitators in banks provide excellent customer service by assisting customers with their banking needs. They handle inquiries, resolve issues, and provide guidance on various banking products and services.

(ii)Financial Advisory: Facilitators in banks offer financial advice and guidance to customers. They help customers make informed decisions about investments, loans, savings, and other financial matters based on their individual needs and goals.

(iii)Risk Management: Facilitators in banks play a crucial role in managing and mitigating risks. They assess and analyze potential risks, implement risk management strategies.

(iv)Digital Banking Support: With the increasing shift towards digital banking, facilitators assist customers in navigating and utilizing digital banking platforms. They provide guidance on online banking, mobile banking apps.
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(4)
(i)Distance: The distance between the origin and destination plays a significant role in determining the choice of transportation. For shorter distances, road transportation may be more cost-effective, while for longer distances, air or sea transportation may be more efficient.

(ii) Speed: The urgency of delivering the products can impact the choice of transportation. If time is critical, air transportation is often chosen due to its speed. On the other hand, if speed is not a priority, slower modes like sea or rail transportation may be more economical.

(iii) Cost: The cost of transportation is a major factor in decision-making. Different modes of transportation have varying costs associated with them, including fuel, maintenance, tolls, and fees. Balancing cost and value is crucial in choosing the most cost-effective option.

(iv) Nature of the Products: The type of products being transported also influences the choice of transportation. Perishable goods may require refrigerated trucks or air transportation to maintain freshness. Fragile or high-value items may necessitate more secure and specialized modes of transportation.

(v) Infrastructure: The availability and quality of transportation infrastructure, such as roads, railways, ports, and airports, can impact the choice of transportation. The accessibility and reliability of these infrastructures play a crucial role in determining the most suitable mode of transportation.
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(5a)
(i)Marketing planning is the process of setting goals, identifying target markets, developing strategies, and outlining specific actions to achieve marketing objectives within a specified timeframe.

(5b)
(i)Understanding Customer Needs: Research helps in comprehending customer preferences, behavior, and expectations, aiding in the development of products or services that better align with market demands.

(ii)Market Segmentation: Research helps in dividing the market into distinct segments based on characteristics, allowing businesses to target specific groups effectively with tailored marketing strategies.

(iii)Competitive Analysis: Researching competitors provides insights into their strategies, strengths, weaknesses, and market positioning, aiding in the formulation of competitive advantages

(iv)Product Development and Improvement: Research guides the creation of new products or enhancements to existing ones, ensuring they meet consumer needs and stay ahead in the market.

(v)Market Trends and Opportunities: Research uncovers emerging trends, market gaps, and potential opportunities, enabling businesses to adapt and capitalize on shifting market dynamics.

(5c)
(i)Surveys and Questionnaires
(ii)Secondary Data
(iii)Focus Groups
(iv)Direct customer Observation
(v)Interviews
(vi)Social Media and Online Analytics
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(6a)
market union refers to a form of economic integration where member countries agree to remove barriers to trade among themselves, adopt common trade policies toward non-member countries, and often establish common policies related to labor, agriculture, and other economic aspects.

(6b)
(i)Free movement of goods: Removal of barriers, such as tariffs or quotas, enabling goods to flow freely within the union, fostering trade.

(ii)Free movement of services: Facilitating the provision and consumption of services across member countries without restrictive regulations.

(iii)Free movement of capital: Allowing for the movement of investment funds and capital without significant barriers, encouraging investment within the union.

(iv)Free movement of labor: Granting citizens the ability to seek employment across member states without stringent work permit requirements.

(v)Common external trade policy: Implementing a joint approach towards trade agreements and negotiations with non-member countries.

(vi)Harmonization of regulations: Standardizing rules and regulations related to product standards, safety, and technical specifications to ease trade.

(vii)Unified competition policy: Ensuring fair competition within the market union to prevent monopolies or unfair market practices.

(viii)Common currency (in some cases): Adopting a single currency to facilitate transactions and enhance economic integration further (e.g., the Euro in the European Union).
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(7a)
Warehousing refers to the process of storing goods or merchandise in a designated location, known as a warehouse. These facilities are specifically designed to safely and efficiently store various types of products before they are distributed, sold, or used.

(7b)
(i)Private Warehouses: Owned and operated by individual companies to store their own goods. These warehouses offer complete control over
operations, customization, and management of inventory.
(ii)Public Warehouses: These are third-party facilities that offer storage and other related services to multiple businesses or individuals on a rental basis. Public warehouses provide storage space for short-term or seasonal needs without the long-term commitment of owning a warehouse.
(iii)Distribution Centers: Focused on efficient movement and distribution of products within the supply chain. They often handle large volumes of goods, serving as hubs for sorting, packaging, and redistributing products to various locations.
(iv)Climate-Controlled Warehouses: Specifically designed to maintain specific temperature or humidity levels suitable for storing perishable items, pharmaceuticals, electronics, or any goods sensitive to environmental conditions.
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(8a)
Internet marketing refers to promoting and selling products or services using the internet. It involves leveraging online channels such as websites, social media, email, search engines, and other digital platforms to reach potential customers.

(8b)
(i)Targeted Marketing: Precise targeting is possible through various online tools and analytics, allowing businesses to tailor their marketing efforts to specific demographics, interests, behaviors, and locations of their ideal customers.

(ii)Cost-Effectiveness: Compared to traditional marketing channels, online marketing often offers lower costs. For instance, social media advertising or email marketing can be more budget-friendly while still reaching a substantial audience

(iii)Measurable Results: Internet marketing provides extensive analytics and tracking tools, allowing businesses to measure the effectiveness of their campaigns in real-time. Metrics such as website traffic, conversions, click-through rates, and engagement can be monitored and analyzed to optimize strategies.

(iv)24/7 Availability: Online marketing enables businesses to be accessible to customers round the clock. Websites, social media pages, and online stores operate continuously, allowing customers to engage or make purchases at any time, enhancing convenience and accessibility.
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(9a)
International marketing refers to the process of planning, promoting, and selling products or services in multiple countries. It involves understanding the different cultures, preferences, and legal requirements of various markets and customizing marketing strategies accordingly.

(9bi)
Exporting: Exporting is a strategy where a company sells its products or services to customers in other countries. It is a common entry strategy for companies looking to expand internationally. Exporting can be done through direct sales to customers, or through intermediaries such as distributors or agents.

(9bii)
Joint venturing: Joint venturing is a strategy where two or more companies from different countries come together to form a partnership and jointly undertake a business venture. This strategy allows companies to share resources, knowledge, and risks in entering new markets.

(9biii)
Direct investment: Direct investment is a strategy where a company establishes a physical presence in a foreign country by setting up its own operations, such as manufacturing facilities, sales offices, or subsidiaries. This strategy gives companies greater control over their operations and allows them to tailor their products, services, and marketing strategies to the local market. Direct investment requires a higher level of commitment and investment compared to other strategies.

(9biv)
Standardized marketing mix: Standardized marketing mix is a strategy where a company uses the same marketing mix (product, price, place, and promotion) across different markets. This strategy assumes that consumer needs, preferences, and behavior are similar across countries, allowing companies to achieve economies of scale and cost savings by producing and promoting the same product or service globally.
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