2024 NECO GCE MARKETING: Marketing (Market) NECO GCE Authentic Answer 2025 (6156)

(1a)

Foreign Products:

(PICK ANY FIVE)

(i) Salt  

(ii) Guns  

(iii) Mirrors  

(iv) Cloth  

(v) Umbrellas  

(vi) Spices  

(vii) Beads  

Nigerian Products:

(i) Palm oil  

(ii) Kola nuts  

(iii) Slaves  

(iv) Ivory  

(v) Gold  

(vi) Leather

(vii) Agricultural produce like yams, millet, and cassava

(1b)

(PICK ANY FIVE)

(i) Marketing creates awareness of goods and services, ensuring they reach the intended consumers.  

(ii) It facilitates trade and commerce, boosting the overall economic activities of a nation.  

(iii) Marketing supports the growth of industries by increasing demand for their products.  

(iv) It promotes competition, leading to innovation and improved product quality.  

(v) Marketing generates employment opportunities in sectors like advertising, sales, and distribution.  

(vi) It enhances international trade by promoting exports and attracting foreign investment.  

(vii) Marketing contributes to government revenue through taxes and levies on marketed goods and services.

(2a)

A warehouse refers to a facility or storage space used to hold goods and products until they are needed for distribution, sale, or further processing. It plays a key role in the supply chain by ensuring that inventory is readily available to meet customer demand, helping businesses manage stock levels, reduce costs, and improve delivery times.

(2b)

(PICK FOUR ONLY)

(i) Private Warehouses: Private warehouses are owned and operated by companies for storing their own products. These warehouses are typically used by large businesses that require significant storage capacity and have the resources to manage their own logistics.

(ii) Public Warehouses: Public warehouses are facilities that are available for rent to multiple businesses. They are operated as independent entities and provide storage and other services like inventory management for companies that don't want to own or operate their own warehouses.

(iii) Bonded Warehouses: Bonded warehouses are facilities where imported goods can be stored without having to pay customs duties until the goods are removed. These warehouses are regulated by customs authorities to ensure that import duties are paid when necessary.

(iv) Distribution Centers: Distribution centers are warehouses used for the purpose of storing goods temporarily before they are distributed to retailers, wholesalers, or customers. They play a key role in 'copied from e x a m p l a z a . c o m free' managing the supply chain and ensuring that products reach their final destination efficiently.

(v) Climate-Controlled Warehouses: These warehouses are designed to maintain a specific temperature and humidity level to store goods that require special conditions, such as food, pharmaceuticals, and delicate electronics. They help in preserving the quality of sensitive products.

(vi) Automated Warehouses: Automated warehouses use advanced technologies like robotics, conveyors, and computerized systems to manage the storage and retrieval of goods. These warehouses increase efficiency and reduce the need for manual labor, making the process faster and more accurate.

(vii) Mezzanine Warehouses: Mezzanine warehouses make use of vertical space by adding additional floors or mezzanine levels for storage. They are commonly used in facilities where there is limited space but additional storage capacity is needed.

(viii) Cold Storage Warehouses: Cold storage warehouses are specialized facilities that store perishable goods at low temperatures. These warehouses are crucial for items such as fruits, vegetables, meats, and pharmaceuticals, helping to extend the shelf life of perishable products.

(3a)

(PICK ANY ONE)

A mineral product is any substance that is derived from minerals and is used for various purposes. These products are usually obtained through the extraction and processing of naturally occurring mineral resources from the Earth.

OR

A mineral product is a material that is produced from the mining and processing of minerals found in the Earth's crust. These products can be raw materials or refined substances used in different industries, including construction, manufacturing, and energy production. 

(3b)

(PICK ANY FOUR)

(i) Gold

(ii) Diamond

(iii) Coal

(iv) Tin

(v) Salt

(vi) Limestone

(vii) Gypsum

(3c)

(PICK ANY SIX)

(i) Market Union acts as a collective voice for traders and market vendors, representing their interests and addressing concerns with local authorities or government bodies.

(ii) Market Union helps in regulating market operations to ensure fairness, maintain order, and prevent conflicts among traders.

(iii) Market Union provides training and workshops to improve the business skills of market members.

(iv) Market Union organizes events or marketing campaigns to help promote and increase the sales of products sold by market vendors.

(v) Market Union acts as an intermediary to resolve disputes between market members or between 'copied from e x a m p l a z a . c o m free' traders and customers, ensuring peaceful coexistence.

(vi) Market Union collaborates with local law enforcement to maintain safety and security within the market area, protecting traders and their goods.

(vii) Market Union assists members in accessing loans or credit facilities, often through partnerships with financial institutions, to support their businesses.

(viii) They advocates for policies and regulations that benefit market traders, such as reduced taxes or better infrastructure, contributing to the growth of the market and its members.

(6a)

E-marketing refers to the strategic use of digital tools and techniques to analyze, manage, and utilize data to market products or services online. It integrates data processing technologies to collect, process, and interpret customer and market data, enabling businesses to make informed marketing decisions and improve customer engagement.

(6b)

(PICK ANY FOUR)

(i)Global Reach and Market Access: ICT enables businesses to connect with audiences worldwide, eliminating geographical boundaries. Companies can market products and services to diverse regions simultaneously, facilitating entry into new markets and expanding their customer base.

(ii)Cost-Effectiveness: ICT significantly reduces the costs of international marketing by offering affordable digital tools and platforms. It eliminates the need for expensive traditional advertising and physical infrastructure, allowing businesses to allocate resources more efficiently.

(iii)Improved Communication and Collaboration: ICT provides tools for seamless communication across borders, ensuring real-time interactions between businesses, clients, and partners. This improves collaboration, enhances productivity, and speeds up decision-making in international marketing efforts.

(iv)Enhanced Market Research and Data Analysis:ICT enables the collection and processing of large amounts of data to analyze market 'copied from e x a m p l a z a . c o m free' trends, customer behavior, and competitive landscapes. This helps businesses make informed decisions and tailor their strategies for specific international markets.

(v)Efficient Supply Chain and Distribution Management: ICT streamlines supply chain and logistics processes by providing tools for tracking shipments, managing inventories, and coordinating with international distributors. This ensures timely delivery and efficient operations.

(vi)24/7 Availability and Automation: ICT allows businesses to operate around the clock through automated processes and digital platforms. Online stores and automated marketing campaigns ensure that businesses remain active and accessible to customers worldwide, regardless of time zones.

(9)

(PICK ANY FIVE)

(i) Lack of market research: Insufficient understanding of the target market, their needs, preferences, and buying behavior can lead to a product that fails to resonate with the intended audience.

(ii) Poor product quality: If the new product is of low quality, unreliable, or fails to meet the expected standards, it will likely be rejected by consumers.

(iii) Pricing issues: Pricing a product too high or too low can lead to failure. If the price is too high, it may be unaffordable for the target market, while a price that is too low may signal low quality or lack of value.

(iv) Inadequate promotion and marketing: Failing to effectively communicate the product's benefits, features, and unique selling points to the target audience can result in a lack of awareness and interest.

(v) Weak distribution and availability: If the product is not easily accessible or available to the target market, it will struggle to gain traction and make sales.

(vi) Competition and market saturation: If the market is already saturated with similar products, the new product may have difficulty standing out and gaining a foothold.

(vii) Lack of innovation or differentiation: If the new product does not offer unique features, benefits, or a distinct value proposition, it may be perceived as a "me-too" product and fail to attract 'copied from e x a m p l a z a . c o m free' consumers.

(viii) Failure to adapt to changing market trends and consumer preferences: Markets and consumer preferences can evolve rapidly, and a new product that fails to adapt to these changes may become obsolete or irrelevant.