2024/2024 WAEC/NECO Answers: WAEC GCE 2024. COMMERCE ANSWERS

(1a)
E-commerce is the buying and selling of goods and services, or the transmitting of funds or data, over an electronic network, primarily the internet.


(1b)
(i) Email
(ii) Electronic data interchange
(iii) Use of web browser


(1c)
(i) Banking: This makes trading possible by making funds available to assist traders.
(ii) Transportation: This provides the means of carrying raw materials, finished goods and people from one place to another
(iii) Advertising: This is the process of creating awareness in the minds of public about existence of a product
(iv) Warehousing: This process ensures that goods produced are stored until they are needed
(v) Communication: This helps in sending and receiving information from one place to another.

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(2a)
(i) Name of partners
(ii) The role of the partners
(iii) The amount of capitals contributed by each partner
(iv) The role of the partner in the business
(v) How profits and losses are to be shared


(2b)
(i) Sales of shares
(ii) Trade credit
(iii) Debentures
(iv) Hire purchases
(v) Bill of exchanges


(2c)
(i) The expiration date: The expiration date of the agreed life span of the partnership as stated on its partnership can bring business to an end 
(ii) The death of a partner: The death of a partner especially the active partner in the limited partnership can come to termination of partnership.
(iii) Mutual agreement: The parties can end the partnership through the mutual consent of all partners
(iv) Admission of a new partner: Admitting a new partner or partners can equally bring termination of the partnership
(v) Retirement of partners: This is another factor tha t can bring down partnership to an end as a limited liabilty company. When partners retire, their could not be any reason of continuity except they decide to pass it on to their generations.

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(3a)
(i) Price of Product:
A high priced product will have less middlemen because the number of buyers will be limited. On the other hand, a low priced product with large number of buyers will require more channels of middlemen to reach the customers. A manufacturer will not be able to deal directly with large number of buyers.

(ii) Competitors: Marketers closely watch the channels used by rivals. Many a time, similar channels may be desirables to bring about distribution of a company’s products. Sometimes, marketers deliberately avoid channels used by competitors.

(iii) Standardisation: When a product is standardised it will have universal clientele and may need more middlemen for reaching far off customers. If a product is non-standardised or is produced as per the specifications of the buyer then it cannot have more middlemen.

(iv) Product Nature: A product of perishable nature cannot have more middlemen because it will have to reach the consumer at the earliest. Bread manufacturers normally have a direct contact with retailers.

(v) Marketing Environment: During recession or depression, shorter and cheaper channel is preferred. During prosperity, we have a wider choice of channel alternatives. The distribution of perishable goods even in distant markets becomes a reality due to cold storage facilities in transport and warehousing.

(3b)
(i) By undertaking market studies in individual foreign countries on regular as well as an ad-hoc basis
(ii) By compiling statistics and other relevant information regarding international trade in Services.
(iii) Offering professional advise to members in areas such as technology upgradation, quality and design improving, standards and specifications of the products and Services
(iv) By organizing visits of delegations of members to explore opportunities for Services
(v) By Providing commercially useful information and assistance to members in developing and increasing export of Services.

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(5ai)
Personal selling is where businesses use people (the "sales force") to sell the product after meeting face-to-face with the customer.

(5aii)
Sales promotion is the process of persuading a potential customer to buy the product . Sales promotion is designed to be used as a short-term tactic to boost sales

(5b)
Merits of Advertising:
(i) Mass Reach - Advertising is a communication medium which can reach a wide range of people over a broad geological region.
(ii) Boosting customer contentment and confidence- It creates a sense of assurance amidst potential customers as they are contented and comforted about the quality of the product and thus feel more relaxed.
(iii) Expressiveness - As because of the progress of graphic designing, art and computer skills , advertisement has changed into one of the most aggressive weapon of communication.
(iv) Economy - Advertising by far is the most economic medium of communication for creating mass awareness.

Demerits of Advertising:
(i) Less Forceful - Being an impersonal medium of communication, it is less forceful when compared to personal selling.
(ii) Lack of feedback - It is not possible to study the efficiency of advertising message as it is not possible to gather immediate and precise feedback of the message communicated.
(iii) Inflexibility - Advertising is not very flexible because of non-standardization and is not custom made to meet the necessities of the various groups of customers.

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(6a)
(i) 
Motivation: Managers use communication to motivate workers to achieve peak performance. 
(ii) Control: A company uses communication as a way to maintain control over employees and their work environment. Written human resources policies and procedures dictate how employees are permitted to act in the workplace. 
(iii) Interaction: Communication allows employees to interact with customers and each other. A customer service department communicates with customers to help them resolve issues. 
(iv) Providing Information: Information is dispersed throughout an organization through written or verbal communication. A human resources representative or business owner may send out a memo explaining a change in the company's health plan.

(6b)
(i) Internal communication: The process of exchanging information between the persons within the organization is called internal communication. The information, ideas, facts etc. are transferred from sender to receiver in the same organization.
(ii) External communication: The process of exchanging information between the persons of various organizations is called the external communication. The information ideas, facts etc. are transferred from one organization to another organization.
(iii) Written Communication: The transformation of information through written words is called written communication. The information under written communication can be in the form of notes, memos, letters, forms, notices, invoices, reports, brochures, e-mail, fax etc.
(iv) Oral Communication: The exchange of information through words and sounds is called oral communication. The oral communication is done through mechanical devices such as telephone, intercom, dictating machine, loudspeakers, etc

Name: examplaza.com

Founded: 2010 (14 years)

Founder: Mr. Onuwa

Headquarters: Borno, Nigeria

Official Website: https://examplaza.com/

Official Contact: +2348108515604

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