WAEC 2023 MARKETING ESSAY AND OBJ ANSWERS

(ii) Wholesalers maintain an inventory of goods to ensure a steady supply to retailers. They forecast demand, monitor market trends, and stock a wide range of products to meet the varied needs of retailers.

(iii) Wholesalers provide warehousing facilities to store and protect goods. They handle logistics, including receiving, storing, and organizing inventory efficiently.

(iv) Wholesalers may inspect, sort, and grade the products they receive from manufacturers. This ensures that the products meet certain quality standards and are appropriately categorized before being distributed to retailers.

(v) Wholesalers repackage products to make them suitable for retail sale. They may remove bulk packaging and repackage products into smaller units or create customized packaging solutions as per the requirements of retailers.

(vi) Wholesalers arrange for the transportation of goods from the manufacturer’s location to their own warehouses and subsequently to retailers. They coordinate with shipping companies, freight forwarders, and other logistics providers to ensure timely delivery.

(vii) Wholesalers may offer credit facilities to retailers, allowing them to purchase goods on credit terms and pay later. This helps retailers manage their cash flow and inventory levels.

(viii) Wholesalers gather market intelligence and provide valuable insights to manufacturers and retailers. They monitor consumer trends, competitor activities, and changing market conditions.

(1b)
(PICK FIVE ONLY)
(i) Nature of Product: The nature of the product has a bearing on the choice of distribution channel. The durability of the product, unit cost of product, type of product must be considered while determining the distribution channel.

(ii) Nature of Market: The geographical width of the market, number of potential buyer, nature of competition has a bearing on selection of distribution channel.

(iii) Size of Business: The size of the business, financial strength of the concern determines the channel of distribution. A small producer may sell his product directly. While a large producer may use a longer distribution channel.

(iv) Cost of Channel: Distribution process involves cost of transportation, warehousing, storage insurance, material handling, distribution personnel’s compensation and interest on inventory carried at different selling points. Higher cost of distribution will result in the increased cost of product.

(v) Nature of Middlemen: The producer must select those middlemen who provide the best marketing services like storage, transportation, credit and packing etc. At the same time the middlemen should ensure various services to customers.

(vi) Distribution Intensity: The selection of distribution channel depends upon the intensity of distribution. If the marketer intends to undertake extensive distribution will make his products available through all distribution outlets.

(vii) Time of Distribution: The selection of distribution channel depends upon time taken by the distribution channel. The producer needs to compare the time taken by different distribution channels and should select the one that takes minimum time for delivery of goods to customers.

(viii) Government Policy: Government policies and regulations also influence the choice of distribution channels. The Government may impose certain restrictions on distribution of certain products like wine, narcotic goods.
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(2a)
(i)Need Identification: Mr. Oke recognized the need to purchase a television set for his family. This step involves identifying the requirements, preferences, and specifications of the product to meet his family’s entertainment needs.

(ii) Research and Evaluation: After identifying the need, Mr. Oke conducted thorough research on different television models, brands, features, and prices. He gathered information from various sources

(iii)Decision Making: Once Mr. Oke had gathered sufficient information, he analyzed the available options and compared them against his requirements and budget.

(iv)Purchase and Post-Purchase Evaluation: After finalizing his decision, Mr. Oke proceeded with the actual purchase of the chosen television set. He identified the most reliable retailer and made payment.

(2b)
(PICK ANY FIVE)

(i)Organizational goals and objectives: The committee’s buying behavior is influenced by the goals and objectives of the organization.

(ii)Budget and financial considerations: The financial resources available to the committee can greatly influence their buying behavior.

(iii)Organizational policies and procedures: Committees often have to adhere to specific organizational policies and procedures when making purchasing decisions.

(iv)Stakeholder input and influence: Committees are composed of multiple individuals representing various departments or functions within the organization

(v)Product specifications and quality: The specifications and quality of the product or service being considered will impact the committee’s buying behavior.

(vi)Vendor reputation and relationships: The reputation and relationships with potential vendors can influence the committee’s buying behavior.

(vii)Market trends and external factors: Committees also consider market trends, industry developments, and external factors that could impact their buying decision
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(3a)
(i) Access to new customers and markets
(ii). Diversifying its business to reduce risk
(iii). Taking advantage of new opportunities in South Africa
(iv). Increasing profitability through economies of scale.

(3b)
(i) exporting
(ii) franchising
(iii) joint venture
(iv) wholly owned subsidiary

(i). Exporting: This mode of entry is suitable for JK Ltd. as it requires low investment and allows the company to test the market with minimal risk. The main disadvantage is that it may be difficult to maintain quality control.
(ii) Franchising: This mode of entry allows JK Ltd. to expand quickly and takes advantage of an already established business with knowledge of the South African market. However, it may be difficult to maintain control over the franchisee.
(iii). Joint Venture: This mode of entry allows JK Ltd. to share the risks and expenses of entering the South African market with a local company. However, JK Ltd. may lose some control over the operations of the joint venture company.
(iv) Wholly owned subsidiary: This mode of entry gives JK Ltd. complete control over its operations in South Africa. However, it requires significant investment and may take longer to establish a presence in the market.
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(4a)
(i)Product – Quality, Design
(i)Price – Cost, Value
(iii)Place – Distribution channels, Location
(iv)Promotion – Advertising, Public relations

(4b)
(i) economic factors
(ii) technological factor
(iii) political and legal factors
(iv) sociocultural factors

(i) Economic factors – Factors such as inflation, interest rates, and income levels can directly impact consumer spending habits and the overall demand for goods and services.

(ii). Technological factors Advances in technology can create new opportunities for marketers, while also rendering existing products and marketing strategies obsolete.

(iii). Political and legal factors – Changes in laws and regulations related to marketing, such as privacy laws, advertising regulations, and product safety requirements, can greatly impact marketing strategies.

(iv) Sociocultural factors – Cultural and social factors such as demographics, social trends, and consumer behaviors can influence consumer preferences and the success of marketing campaigns.
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