2024 NECO MARKETING: Marketing (Market) NECO Authentic Questions and Answer 2024 (6116)

(1a)

Product refers to the item actually being sold and any item that intends to satisfy the needs and wants of a target customer. It can be a tangible good, such as a clothing item or piece of software, or intangible, like services, experience or ideas.

(1b)

(i) Consumer Products: These are products that are purchased by individuals for personal use and consumption. Consumer products can be further categorized into four types based on consumer behavior and buying habits. They include Convenience Products which are everyday items that consumers buy frequently with minimal effort, often without much comparison or consideration, e.g, snacks, toiletries, and newspapers; Shopping Products which are Products that consumers compare and evaluate before making a purchase decision, e.g, clothing, electronics, and furniture; Specialty Products which are unique or high-end products for which consumers show strong brand loyalty and are willing to go out of their way to obtain, e.g, luxury cars, designer fashion, and premium electronics; Unsought Products which are products that consumers are not actively seeking or may not even be aware of. These products usually require strong marketing efforts to generate demand, e.g, life insurance or funeral services.

(ii) Industrial Products: These are goods and services that are used by organizations and businesses in the production of other goods and services. Industrial products can be 'copied from e x a m p l a z a . c o m free' further categorized into Materials and Parts which Products used in the production process of other goodse.g, raw materials, components, and sub-assemblies; Capital Items which are long-lasting goods used by businesses to produce other products, e.g machinery, equipment, and buildings; Supplies and Services which are products that are used in day-to-day operations but do not become part of the final product, eg,  office supplies, maintenance services, and business consultancy.

(1c)

(PICK ANY TWO)

(i) Poor Market Research: When businesses fail to thoroughly research and understand their target audience's preferences, pain points, and demands, they risk introducing a product that does not address real customer needs. Without a clear understanding of the market, the product may not gain traction or generate sufficient demand, leading to failure.

(ii) Inadequate Product Differentiation: In a competitive marketplace, a new product needs a clear differentiation from existing alternatives. If the new product lacks distinctive features, benefits, or advantages compared to competitors, consumers may not see a compelling reason to switch or adopt it. Successful products often offer innovative solutions or unique features that resonate with customers and set them apart from the competition.

(iii) Poor Marketing and Positioning: Even if a product has potential, inadequate marketing efforts can lead to failure. Poorly 'copied from e x a m p l a z a . c o m free' executed marketing campaigns, unclear positioning, or insufficient promotion can result in low brand awareness, limited visibility, and a failure to communicate the product's value to the target audience. Effective marketing strategies are essential to create buzz, educate consumers, and build demand for the new product.

(iv) Quality Issues: Products that suffer from  poor quality control can quickly lead to failure. Consumers expect products to function as promised and provide a satisfactory experience. A product that is unreliable, difficult to use, or prone to defects can damage the brand's reputation and lead to negative reviews and returns. Quality assurance and rigorous testing are crucial to ensure a product meets or exceeds customer expectations.

(v) Insufficient Resources: Launching a new product requires adequate resources, including funding, skilled personnel, and time. Insufficient resources or poor execution can result in rushed development, incomplete features, or a lack of support. A product that is not fully developed, tested, or supported may lead to dissatisfaction among early adopters and hinder its success.

(2)

(i) Mobilization of Workforce: Before firms market their products, they need to mobilize their workforce, which involves preparing and organizing the human resources required for various tasks. This includes hiring, training, and allocating responsibilities to employees. Mobilization ensures that the team is adequately equipped to execute marketing strategies, manage customer interactions, and handle operational aspects effectively.

(ii) Utilization of Feedback: Utilizing feedback is a crucial step for firms to improve their products and services. This involves actively seeking input from customers, analyzing their opinions, suggestions, and complaints, and using this information to make necessary adjustments. Feedback helps companies understand customer preferences, identify areas for improvement, and enhance the overall customer experience.

(iii) Production of Quality Goods and Services: Producing quality goods and services is fundamental for a successful marketing effort. Firms must ensure that their products meet or exceed customer expectations. Quality control measures, adherence to industry standards, and continuous improvement efforts contribute to building a reputation for reliability and customer satisfaction.

(iv) Managing Distribution Network: A well-managed distribution network is essential to ensure products reach customers efficiently and on time. Firms need to establish effective channels for 'copied from e x a m p l a z a . c o m free' product distribution, which may include wholesalers, retailers, e-commerce platforms, and direct sales. Managing the distribution network involves logistics, inventory management, order fulfillment, and maintaining strong relationships with intermediaries.

(v) Advertisement and Promotion:

Advertisement and promotion are vital to create awareness, attract potential customers, and communicate the value of products. Firms develop strategic advertising campaigns across various media channels to reach their target audience effectively. Promotion efforts may involve discounts, special offers, contests, and public relations activities to generate interest and encourage purchases.

(3)

(PICK ANY FIVE)

(i) Global Reach: Internet marketing allows businesses to reach a global audience without the limitations of geographical boundaries. 

(ii) Audience Targeting: Through various online channels, businesses can target specific demographics, interests, and behaviors, ensuring that their marketing efforts are directed at the most relevant and potential customers.

(iii) Cost-Effectiveness: Internet marketing often proves to be more cost-effective than traditional forms of advertising, such as print or TV ads. Online platforms, such as social media and search engines, offer cost-efficient advertising options with flexible budgets, allowing businesses of all sizes to allocate their resources effectively.

(iv) Enhanced Customer Engagement: Online marketing facilitates direct interaction with customers through social media, email, and other channels. Engaging with customers in real-time creates a sense of community and trust, fostering brand loyalty and encouraging repeat business.

(v) 24/7 Availability and Convenience: Internet marketing ensures that products and services are available to customers 24/7. This convenience allows customers to make purchases, access information, and engage with businesses at their preferred time and pace.

(vi) Diverse Content Formats: Internet marketing supports a wide range of content formats, including text, images, videos, 'copied from e x a m p l a z a . c o m free' infographics, and interactive elements. This versatility enables businesses to convey their messages creatively and engage audiences through various media, catering to different learning styles and preferences.

(vii) Measurable and Data-Driven Insights: Internet marketing provides extensive analytics and data tracking tools that enable businesses to measure the effectiveness of their campaigns in real-time. Marketers can gather data on website traffic, conversion rates, click-through rates, and more, allowing for informed decisions and continuous optimization.

(4a)

In-store Promoter

(4b) 

(PICK ANY THREE)

(i) Promoting the Coca cola Brand

(ii) Providing information about the Coca cola product

(iii) Engaging in conversations with customers to create a positive customer experience.

(iv) Distributing samples and promotional materials.

(v) Encouraging purchases

(vi) Gathering insights and opinions from customers

(4c) 

(i) Product Promotion: Jane Uche promotes Coca-Cola products by wearing branded attire and engaging with customers, creating brand visibility and generating interest.

(ii) Customer Interaction: Jane Uche interacts with customers, answering queries and providing information, enhancing the shopping experience and building a positive brand image.

(iii) Sampling and Trial Generation: Jane Uche offers product samples to shoppers, encouraging them to try Coca-Cola products and potentially make purchase decisions.

(iv) Influence and Purchase Encouragement: Jane Uche's presence and interactions influence customer decisions, potentially leading to increased sales of Coca-Cola products through her engaging and informative approach.

(5a)

Sales promotion refers to a set of marketing activities and strategies designed to stimulate short-term customer interest, engagement, and purchase of products or services. It involves various promotional techniques aimed at incentivizing potential customers to take immediate action, such as making a purchase, trying a product, or visiting a store.

(5b) 

(PICK ANY SIX)

(i) Increasing Sales Volume: Boosting sales and achieving higher revenue within a specific time frame.

(ii) Encouraging Repeat Purchases: Motivating existing customers to make multiple purchases, leading to increased loyalty.

(iii) Attracting New Customers: Drawing new customers to the brand or product through special offers or incentives.

(iv) Clearing Excess Inventory: Selling off surplus or outdated inventory to make room for new products.

(v) Introducing New Products: Generating interest and trial for new products entering the market.

(vi) Creating Brand Awareness: Enhancing brand visibility and recognition through promotional activities.

(vii) Building Customer Loyalty: Strengthening the relationship between the brand and its customers, fostering loyalty.

(viii) Gaining Market Share: Capturing a larger portion of the market by enticing customers away from competitors.

(5c)

(PICK ANY FOUR)

(i) The provision of information about the products and services.

(ii) Stimulation of demand 'copied from e x a m p l a z a . c o m free' for goods and services.

(iii) Differentiation of products of different manufacturers thereby assist customers to make choices

(iv) Maintenance of quality of product since the goods must match the standard claimed by the advertisement.

(v) Introduction of new product or services.

(vi) It can be used to achieve monopoly

(vii) It is used to maintain the market share of a product

(vii) It is used to persuade customers to buy a particular product

(ix) It is used to educate the consumers on the use of the product.

(6)

(7a)

Consumer market refers to the group of individuals or households who purchase products or services for their personal consumption and use. It encompasses the transactions and interactions between businesses and individual consumers in the marketplace. Consumer market activities involve a wide range of goods and services, from everyday essentials to luxury items.

(7b)

(PICK ANY FOUR)

(i) Research helps firms gain insights into customer preferences, behaviors, and needs, enabling them to tailor products and services accordingly.

(ii) Research helps identify distinct consumer segments based on demographics, psychographics, and behaviors, allowing firms to target their marketing efforts effectively.

(iii) Research helps firms analyze competitors' strengths, weaknesses, strategies, and market positioning, aiding in developing competitive advantages.

(iv) Research informs the creation of new products or improvements to existing ones, aligning offerings with consumer demands.

(v) Research helps determine optimal pricing by assessing customer willingness to pay and evaluating price sensitivity.

(vi) Research assesses the effectiveness of marketing campaigns, helping firms allocate resources efficiently and refine strategies.

(7c)

(PICK ANY FOUR)

(i) Marketing planning provides a clear roadmap, guiding firms on how to 'copied from e x a m p l a z a . c o m free' achieve their marketing objectives and goals.

(ii) It helps allocate resources efficiently by identifying key priorities, ensuring optimal use of budget, time, and personnel.

(iii) Planning identifies potential challenges and opportunities, enabling firms to proactively address risks and adapt to changes in the market.

(iv) Marketing planning ensures consistent messaging and branding across various channels, enhancing brand recognition and consumer trust.

(v) Clear objectives in the plan enable firms to track progress, measure success, and make informed adjustments as needed.

(vi) Planning provides a framework for informed decision-making, reducing guesswork and promoting strategic thinking.

(8a)

Intensive distribution is a distribution strategy where a product is made available through as many retail outlets as possible within a given market area. This strategy is commonly used for convenience products that consumers buy frequently and prefer to purchase conveniently. Examples include soft drinks, snacks, and toiletries. 

  Whereas, Exclusive distribution is a distribution strategy in which a manufacturer grants exclusive rights to a single distributor or a limited number of distributors to sell its products in a specific geographic area or market segment. This approach is often used for specialty or luxury products that require a certain level of exclusivity or personalized service. Examples include high-end fashion brands and luxury cars.

(8b)

(PICK ANY FOUR) 

(i) Product Distribution and Availability:

Distribution channels ensure that products are efficiently transported from manufacturers to retailers or end consumers, ensuring widespread availability and accessibility.

(ii) Market Coverage and Expansion:

Distribution channels help expand market reach by enabling products to be offered in various geographical locations and reaching diverse customer segments.

(iii) Inventory Management:

Distribution channels facilitate proper inventory management by ensuring the right quantity of products is available at different points in the supply 'copied from e x a m p l a z a . c o m free' chain, minimizing stockouts and excess inventory.

(iv) Order Fulfillment and Logistics:

Distribution channels manage the logistics of order processing, packaging, shipping, and delivery, ensuring that products reach customers accurately and in a timely manner.

(v) Information Flow and Communication:

Channels of distribution provide a means for communication between manufacturers, distributors, retailers, and customers, conveying product information, promotions, and feedback.

(vi) Market Feedback and Customer Insights:

Distribution channels collect valuable feedback from intermediaries and customers, providing insights into market trends, consumer preferences, and areas for improvement.

(vii) Promotion and Marketing Support:

Distribution channels can contribute to promotional efforts by displaying and marketing products effectively, enhancing brand visibility and customer engagement.

(viii) Risk Management:

Channels help manage risks associated with transportation, storage, and market fluctuations, contributing to a more stable and secure supply chain.

(9)

(PICK ANY FIVE)

(i) Cost of Production: The cost of producing a product, including raw materials, labor, overhead, and other expenses, forms the basis for pricing. Businesses typically aim to set prices that cover production costs while allowing for a reasonable profit margin.

(ii) Competitor Pricing: The pricing strategies of competitors play a significant role in determining a product's price. Businesses may choose to price their products competitively, aiming to match or undercut rival prices, or differentiate themselves with premium pricing.

(iii) Market Demand: The level of demand for a product within the target market influences its price. If demand is high and supply is limited, prices may increase. Conversely, if demand is low, prices may decrease to stimulate sales.

(iv) Perceived Value: Customers' perception of a product's value influences their willingness to pay. Products with strong brand reputation, unique features, or perceived quality can command higher prices based on perceived value.

(v) Economic Conditions: Economic factors such as inflation, recession, and changes in consumers' purchasing power can impact pricing decisions. During economic downturns, businesses may adjust prices to remain competitive and maintain sales.

(vi) Government Regulation: If the price of the commodity and services is to be fixed as per the regulation of the 'copied from e x a m p l a z a . c o m free' government, it should also be borne in mind.

(vii) Distribution and Channel Strategy: The distribution channels used to deliver products to customers can affect pricing. If a product passes through multiple intermediaries, each adding their margin, the final price may be higher.

(viii) Marketing Method Used: Price is also influenced by the marketing method used by the company, e.g., commission which is to be paid to the middlemen for sale of the goods is also added to the price. Similarly, if the customers are to be provided “after sale service” facility, then those expenses are also added to the price.