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👑 2019 NECO GCE MARKETING ANSWERS👑
100% VERIFIED MARKETING OBJ ANSWERS
100% VERIFIED MARKETING THEORY ANSWERS
Product life cycle (PLC) is the cycle through which every product goes through from introduction to withdrawal or eventual demise.
(i) Development: The product development stage is often referred to as “the valley of death.” At this stage, costs are accumulating with no corresponding revenue. Some products require years and large capital investment to develop and then test their effectiveness.
(ii) Introduction: The introduction stage is about developing a market for the product and building product awareness. Marketing costs are high at this stage, as it is necessary to reach out to potential customers.
(iii) Growth: In the growth stage, the product has been accepted by customers, and companies are striving to increase market share. For innovative products there is limited.
(iv) Maturity: At the mature stage, sales will level off. Competition increases, so product features may need to be enhanced to maintain market share.
Promotional mix describes a blend of promotional variables chosen by marketers to help a firm reach its goals. In other words It has been identified as a subset of the marketing mix.
(i)Advertising: Advertising is defined as any form of paid communication or promotion for product, service and idea. In other words Advertisement is not only used by companies but in many cases by museum, government and charitable organizations
(ii) Sales Promotion: Promotion is an incentive tool used to drive up short term sales. In other words Promotion can be launched directed at consumer or trade.
(iii) Public Relations: Companies cannot survive in isolation they need to have a constant interaction with customers, employees and different stakeholders. This servicing of relation is done by the public relation office.
(iv) Direct Marketing: The communication establishes through a direct channel without using any intermediaries is referred to as direct marketing. Direct marketing can be used to deliver message or service.
(i)Tariff: Tariff is a tax on imports or exports between sovereign states. It is a form of regulation of foreign trade and a policy that taxes foreign products to encourage or safeguard domestic industry. Traditionally, states have used them as a source of income.
(ii)quota: quota is a government imposed trade restriction that limits the number or monetary value of goods that a country can import or export during a particular period. Countries use quotas in international trade to help regulate the volume of trade between them and other countries.
(iii)Embargo:embargo is a government order that restricts commerce with a specified country or the exchange of specific goods. An embargo is usually created as a result of unfavorable political or economic circumstances between nations.
(i)Polycentric approach: Polycentric Approach is the international recruitment method wherein the HR recruits the personnel for the international businesses. In Polycentric Approach, the nationals of the host country are recruited for the managerial positions to carry out the operations of the subsidiary company.
(ii)Ethnocentric Approach: Ethnocentric Approach is one of the methods of international recruitment wherein, the HR recruits the right person for the right job for the international businesses, on the basis of the skills required and the willingness of the candidate to mix with the organization’s culture.
Societal marketing is a marketing concept that holds that a company should make marketing decisions not only by considering consumers’ wants, the company’s requirements, but also society’s long-term interests While profit-orientation is pricing strategy involves setting prices for your products that will guarantee you’ll make money on each sale.
(i) Exchange: An exchange process is simply when an individual or an organisation decides to satisfy a need or want by offering some money or goods or services. In marketing theory, every exchange is supposed to produce “utility,” which means the value of what you trade is less than the value of what you receive from the trade.
(ii) Transaction: This is any exchange of economic consideration that can be reasonably measured and affects the firm’s financial position. The emphasis is on maximizing the efficiency and volume of individual sales rather than developing a relationship with the buyer.
(iii) Product: This is the marketplace where final goods or services are sold to businesses and the public sector. Focusing on the sale of finished goods, it does not include trading in raw or other intermediate materials.
(iv) Marketing intermediaries: These are independent firms which assist in the flow of goods and services from producers to end-users; they include agents, wholesalers and retailers.
Transportation is the process of conveying goods and people from one place to another either through water,road,rail or air. It is simply the movement of goods and people from one place to another.
(Choose any four)
(i) Nature of goods: The nature of goods to be transported will determine the means of transportation to be used.perishable and fragile goods for example are better handled by fast means of transportation like aircraft while bulky goods are better handled by ship or rail
(ii) Cost of transport: The overall cost of transport does determine the choice of means of transportation.Air transport is costly while rail is cheap over a long distance and this will determine the choice of either of the two to use.
(iii) Weighty/bulky goods: Goods that are heavy and bulky are better moved by road,rail and sea while light goods are best suited for air transport
(iv) The value of the goods: commodities with high values like jewellery are better transported by air so as to reduce pilferage.
(v) Distance involved: When the distance is long ,the best means of transportation are water and air ,irrespective of the cost while road transportation is goof over short distance
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