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WAEC

Waec 2022 Marketing Questions And Answer (Objectives and Theory)

Waec 2022 Marketing Questions And Answer: This year Waec Marketing Questions will mostly be like other years because most at times, the Waec examination body do repeat questions and so they may be likely to repeat questions that may have been in existence since last four to five years from the Waec Marketing Past Questions And Answers.

Waec 2022 Recommended Books For Marketing

Few of these textbooks are mostly recommended by the Waec examination body where most of their questions are likely to come from and it is most advisable for students to get hold of these books and study with them so as to come out in flying colours.

  1. O. O. Shokan – Fundamentals of Marketing. MAM Education Limited, Lagos.
  2. G. A. Saka and Nnabuko J. O. — Commerce Textbook. Emiola Publisher Ltd
  3. B. A. Agbonifoh, O. E Ogwo, D. A. Nnolim, and A. D. Nkamnebe, (2007). — Marketing in Nigeria: Concepts, Principles and Decisions, 2nd Edition. Afritowers Limited Publisher.

Waec 2022 Marketing Syllabus

WAEC syllabus for Marketing 2022 is the best material that will entail all the necessary topics that WAEC candidates should read for the exam.

Also See: Waec 2022 Insurance Essay And Objectives Answers

And those topics are the topics that WAEC will set the 2021 WAEC Marketing exam questions from. They are:

1. The Introduction to Marketing

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The breakdown of this topic include:

  • Introduction
  • History
  • Meaning
  • Scope
  • Advantages and disadvantages and functions of marketing

Important terms to note: Know the definition of the following marketing terms;

  • Markets
  • Exchange
  • Demands
  • Needs
  • Products
  • Sales
  • Goods
  • Wants
  • Transactions
  • Adverting
  • Societal marketing
  • Marketing
  • Product
  • Manufacturing
  • Production
  • Pricing
  • Packaging
  • Selling

2. Marketing Mix: Candidates should study everything under the marketing mix.

At the end of your study, you should be able to give a good explanation of the marketing environment and how environmental factors like politics, culture, religion, economic, technology, and the social system affect marketing.

3. Products: At the end of this topic, candidates should be able to give a detailed explanation of products, how to classify them, and the differences between the different classes of products.

Note: Products can be classified into:

  • Industrial goods
  • Consumer goods
  • Mineral products-oil/non-oil
  • Services
  • Primary/secondary products

4. Market: Study all the concepts of a market. Also, know the meaning and classification of markets

5. The Consumer: Cover up everything on this topic including the decision process in a logical order and the consumers influencing factors.

6. Marketing Planning: Study all the procedures, steps, and the process involved in marketing planning

  • Study the importance and marketing research skills and techniques
  • Know the basic elements in marketing planning.
  • Also, study the Information required and the reasons for marketing planning and research.

7. Pricing: Study everything under this topic, make sure to digest them.

8. Advertising: Know the meaning, functions, uses, advantages, disadvantages, means, and types of advertisement.

9. Sales Promotion: Know the definition and functions of sales promotion.

  • Study and know the following important terms in sales promotion:
  • Merchandise incentives
  • Coupons
  • Price-off
  • Salesmen competition
  • Premium offers
  • Loyalty schemes
  • Trade-in-allowance
  • Training schemes
  • Sampling
  • Merchandising
  • Distribution
  • Transportation
  • Market Unions
  • International Marketing/Trade
  • Technology in Marketing (ICT)
  • Entrepreneurship

Why is the WAEC Marketing syllabus 2022 important for all candidates?

WAEC candidates who wish to study effectively for the WAEC Marketing exam must not do without the WAEC Marketing syllabus for 2022.

The WAEC 2022 syllabus for Marketing is a simple PDF downloadable material that contains all the topics that WAEC will set Marketing exam questions from.

Additionally, the material also contains the WAEC Marketing area of concentration for 2022 and the WAEC Marketing recommended textbooks for 2022.

2022 WAEC MARKETING ANSWERS

(1ai) Entrepreneurship refers to the concept of developing and managing a business venture in order to gain profit by taking several risks in the corporate world.

(1aii)

(i)Retained Earnings Businesses aim to maximize profits by selling a product or rendering service for a price higher than what it costs them to produce the goods. It is the most primitive source of funding for any company.

(ii) Debt Capital Companies obtain debt financing privately through bank loans. They can also source new funds by issuing debt to the public.

(iii)Equity Capital Companies can raise funds from the public in exchange for a proportionate ownership stake in the company in the form of shares issued to investors who become shareholders after purchasing the shares.

(iv)Personal investment

When starting a business, your first investor should be yourself either with your own cash or with collateral on your assets. This proves to investors and bankers that you have a long-term commitment to your project and that you are ready to take risks.

(1b)

(i)Availability of raw materials

(ii)Nearness to market

(iii)Availability of basic infrastructure

(iv)Economic policy

(v)Demographics

(vi)Psychographics

(2a) Marketing is the process of exploring, creating, and delivering value to meet the needs of a target market in terms of goods and services.

(2aii)

  • Promotion.
  • Selling.
  • Product/service
  • management.
  • Marketing information management.
  • Pricing.

(2b)

(i)The Production Concept: The production concept is focused on operations and is based on the assumption that customers will be more attracted to products that are readily available and can be purchased for less than competing products of the same kind.

(ii)The Product Concept: The product concept is the opposite of the production concept in that it assumes that availability and price don’t have a role in customer buying habits and that people generally prefer quality, innovation, and performance over low cost.

(iii)The Selling Concept

Marketing on the selling concept entails a focus on getting the consumer to the actual transaction without regard for the customer’s needs or the product quality a costly tactic.

(iv)The Marketing Concept; The marketing concept is based on increasing a company’s ability to compete and achieve maximum profits by marketing the ways in which it offers better value to customers than its competitors.

(4ai) Need is a consumer ‘s desire for a product ‘s or service ‘s specific benefit, whether that be functional or emotional.

(4aii)  Want is the desire for products or services that are not necessary, but which consumers wish for.

(4aiii)  Exchange is a marketplace where securities, commodities, derivatives and other financial instruments are traded.

(4iv) Demand is the total quantity demanded across all consumers in a market for a given good.

(4v) Transaction is a completed agreement between a buyer and a seller to exchange goods, services, or financial assets in return for money.

(4b)

Coming soon!!!!

(5a)

(Pick any four)

(i)Marketing planning provides direction for all organization marketing effort

(ii)Marketing planning help organization to raise finance for capital expenditure.

(iii)Marketing planning prevents time wasting on ineffectual marketing activities.

(iv)It save money by helping to ensure that the marketing budget is spent effectively

(v)It helps to identify. prerequisites to planned activities.

(vi)It helps to generate more clients by communicating effectively.

(5b)

(5bii)

(i)overseeing trade agreement

(ii)Reducing trade barriers

(iii)Reducing worldwide tariffs

(iv)Mediating dispute

(6a)

(Pick any Four)

(i)Derived Demand.

(ii)High concentration of production

(iii)Direct channel of distribution

(iv)Few Buyers And Large Volume.

(v)Professional buying

(6b)

(i)Industrial market: It involves set of all individuals and organizations that acquire goods and services that enter into the production of other products or services that are sold, rented, or supplied to others.

(ii)Reseller market: A market consisting of wholesalers and retailers who buy products for resale purposes. Resellers buy finished goods and resell them to the next level in a given distribution channel.

(iii)Government market: A government market is a market where the main buyers are federal, state, and local governmental organizations. They purchase goods or services from private businesses.

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