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See NECO May/June 2016/2017 Marketing Objectives & Theory Answers Posted Here [02/06/2016]


CURRENT EXAMINATION:

NECO May/June Marketing Questions & Answers;
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MARKETING OBJECTIVES
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NECO MARKETING ANSWERS
1a)Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

1b)
i)Research function: the research function of marketing is that function of marketing that enables you to generate adequate information regarding your particular market of target.

ii)Buying function: the function of buying isperformed in order to acquire quality materials for production. When you design a good product concept, you should also ensure you're buying the essential materials for the product.

iii)Product development and management: product development is an essential function of marketing since it was the duties of the marketing department to identify what the market need or want and then design effective product based on the identified need and want of the market.

iv)Production function: production is the function performs by the production department. Though, this is interrelated to the department of marketing, because your product must possess the essential characteristics that can meet the target market needs and want as identified during your market research, such characteristics as in your product Test, Form, Packaging etc.

1c)
i)it makes product to be adequately handled against damaging
ii)it involves creating opportunity for losses
iii)it aids product planning and development
iv)it collects analysis and interprinting relevant and reliable data 

3a)
Selling is the act of providing a way to give the customers what they want
3b)
-Selling directly to the customer through hawking or the customers come to your shop
-Selling at the warehouse where those who needs the products come to your store/warehouse to buy
-Selling at wholesale price to retailers who come to buy in large quantities and sell to consumer/customers
-Selling products for other business when you deal with other companies and sells goods to them that is useful for their own further production

(4)
TABULATE:
Production concept:
-It assumes that consumers will favour those
products that offer the most quality for the price
-It lay emphasis on the production of quality
products and several brands of products
Marketing concept:
-It is concerned with the marketing management
with the aim of customers orientation is to be on
marketing and not selling
-It lay emphasis on what the customers really
wants,how to satisfy them and how to develop on it

5a)
Formulating the Marketing Research
Problem Formulating a problem is the first step in the research process.ns developed.

5b)
Method of Inquiry The scientific method is the standard pattern for investigation. It provides an opportunity for you to use existing knowledge as a starting point and proceed impartially.

5c)
Method In addition to selecting a method of inquiry (objective or
subjective), you must select a research method.

5d)
Research Design The research design is a plan or framework for conducting the study and collecting data.

5e)Data Collection Techniques Your research design will develop as you select
techniques to use.

7a) A government market is a group of consumers that consists of local, state and federal authorities.
7b) i)Idea Generation The development of a product will start with the concept. The rest of the process will ensure that ideas are tested for their viability, so in the beginning all ideas are good ideas
ii)Idea Screening This step is crucial to ensure that unsuitable ideas, for whatever reason, are rejected as soon as possible. Ideas need to be considered objectively, ideally by a group or committee.
iii)Concept Development & Testing You have an idea and it’s passed the screening stage. However, internal opinion isn’t the most important. iv)Business Analysis Once the concept has been tested and finalized, a business case needs to be put together to assess whether the new product/service will be profitable. 

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