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WAEC 2016/2017 Marketing Objectives & Theory Answers Posted Here [06/05/2016]

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Pricing can be defined as the amount/anything that
is being used to facilitate change

Marketing concept is premised on the
identification and determination of the needs and
wants of the prospective clients or
customers,therefore the business firm must adapt
to the 4ps of the marketing mix ie
price,product,place and promotion to ensure
efficiency and effectiveness of meeting and
satisfying the needs and wants of the customers


-Product:This connotes the broad concept that
encompasses the satisfaction of all consumer
needs in relation to a good,service or idea.It
includes making decisions about customer
service,package design,brand
development,quality, feature and packaging

-Price:Price is the amount that is used to facilitate
exchange.Price is the most sensitive one because
customer sensitive marketing mix because
customer respond more to price strategy.

-Place:This is otherwise refers to as
distribution,time utilities and they conditions that
enable consumers and business users to have
product available for use when and where they
want them.

-Promotion:This relates to all marketing activities
made to convince potential customers that the
right product is available at the right place and at
the right price through
publicity,advertisement,sales promotion, and other
promotion techniques

A product is defined as a good,services or idea
consisting of tangible and intangible
attributes that satisfies consumers and is
  receivedin exchange for money and some
offer units of values

Product is used in marketing strategy
discussion while production concepts is used
for manufacturing

-Failure to understand customer needs and
-Fixing a non-existent problem
-Targeting of wrong market
-Incorrect pricing
-Weak teams and internal capabilities
-Prolonged development
-Delayed entry
-Poor execution

Sale promotion may be defined as methods
which last for specified period adopted by
manufacturers aimed at bringing the
existence of goods or introduction of new ones
to the knowledge of consumers and to boost

-To inform the public of the places prices and
method of obtaining the goods advertised
-It is also aimed at increasing sales and profits
of firm
-It is also used to informs the customers of the
benefits of goods advertised
-It informs the public about the existence of
new goods or service
-It is also used to create demand

-It arouses the interest of the buyers
-It creates product awareness
-It gives rooms for demonstration
-It allows the buyers to negotiate for better
prices and other favourable terms


i)Conducting Market Research: Marketing managers carry out market research to gain a clear understanding of what an organization’s customers really want.

ii)Developing the Marketing Strategy Marketing managers are responsible for developing marketing strategies for their organizations.

iii)Customer Relationship Management:The marketing manager performs the function of championing customer relationship management in the organization.

iv)Employee Management:Marketing managers are in charge of the marketing department and therefore are responsible for employees within their department.

v)Identifying New Business Opportunities: Marketing managers analyze market trends with an aim of identifying unexploited or new markets for the organization’s products and services.

i)Respond as quickly as possible:One of the biggest factors in good customer service is speed, especially when a client is requesting something that’s time sensitive.

ii)Know your customers: Great interactions begin with knowing your customers wants and needs.Customers love personalization.Get to know your customers, remember their names and previous conversations.

iii)Fix your mistakes: Not taking responsibility of your mistakes is a sure fire way to getting a bad reputation. Transparency is important in business and customer service is no different.

iv)Go the extra mile: Going the extra mile will not only result in an indebted and happy customer, it can also go a long way in terms of keeping yourself on their radar for future business.

v)Think long term – A customer is for life: Think long term when dealing with customers. By keeping customers happy, they will be loyal and through word of mouth, will do the marketing for you.

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