WAEC 2023 Marketing Exam Question and Answer
The WAEC Marketing Exam is an examination conducted by the West African Examinations Council (WAEC) for students studying marketing-related subjects in West African countries. This exam assesses the knowledge, understanding, and application of marketing principles and concepts.
1b)
1. Cost: Cost is a major factor in choosing a distribution channel. The producer must consider the cost of the channel, including the cost of transportation, storage, and any other associated costs.
2. Reach: The producer must consider the reach of the distribution channel. The producer must determine how far the channel can reach, and if it can reach the target market.
3. Speed: The producer must consider the speed of the distribution channel. The producer must determine if the channel can deliver the product quickly and efficiently to the target market.
4. Control: The producer must consider the control of the distribution channel. The producer must determine if they have control over the channel and can manage it effectively.
5. Quality: The producer must consider the quality of the distribution channel. The producer must determine if the channel can provide a high-quality product to the target market.
Marketing
2a)
The first four steps Mr Oke took in buying the television were:
1. Need recognition: Mr Oke identified a need for a television set for his family.
2. Information search: Mr Oke researched different brands and models of television sets through various sources such as online reviews, word-of-mouth recommendations, and visiting different electronics stores.
3. Evaluation of alternatives: Mr Oke compared the features, prices, and warranties of different television sets to determine which one would best meet his family’s needs.
4. Purchase decision: Mr Oke made the decision to purchase a specific television set based on his research and evaluation.
2b)
Four factors that would influence the committee’s buying behaviour are:
1. Budget: The committee will consider their budget when making purchasing decisions and may choose products that are more affordable or offer better value for money.
2. Quality: The committee will prioritize quality when making purchasing decisions to ensure that the products meet their standards and expectations.
3. Brand reputation: The committee may be influenced by the reputation of the brand and choose products from well-known and trusted brands.
4. Availability: The committee may consider the availability of the product and choose products that are readily available or have shorter lead times to avoid delays in their operations.
*USE THIS MARKETING THEORY *
(1b)
(i) Nature of products: Nature of product has influence on the selection of a channel of distribution. In the case of industrial goods like machinery and equipment, the manufacturer sells directly to industrial user but in the case of tools, sales take place through middlemen.
(ii) Nature of the Market: Choice of suitable channel of distribution also depends on the nature of the market. Location of the market and the buying habits of buyers are also analysed.
(iii) Distribution expenses: If the producers makes direct selling, he will have to spend on distribution. But if the product get good response from the dealers, a producer will prefer to sell through them to reduce his distribution expenses.
(iv) Manual Cooperation: Choice of distribution depends on the mutual cooperation between the manufacturer and the dealers.
(v) Prompt Payment: A producer may not like to sell to retailers or big consumers because they insist to make purchase on credit. He therefore, prefers to sell to a wholesaler who purchases usually on ready cash.
*MARKETING*
(3a)
(i) Access to new customers and markets
(ii). Diversifying its business to reduce risk
(iii). Taking advantage of new opportunities in South Africa
(iv). Increasing profitability through economies of scale.
(3b)
(i) exporting
(ii) franchising
(iii) joint venture
(iv) wholly owned subsidiary
(i). Exporting: This mode of entry is suitable for JK Ltd. as it requires low investment and allows the company to test the market with minimal risk. The main disadvantage is that it may be difficult to maintain quality control.
(ii) Franchising: This mode of entry allows JK Ltd. to expand quickly and takes advantage of an already established business with knowledge of the South African market. However, it may be difficult to maintain control over the franchisee.
(iii). Joint Venture: This mode of entry allows JK Ltd. to share the risks and expenses of entering the South African market with a local company. However, JK Ltd. may lose some control over the operations of the joint venture company.
(iv) Wholly owned subsidiary: This mode of entry gives JK Ltd. complete control over its operations in South Africa. However, it requires significant investment and may take longer to establish a presence in the market.
*BOOK KEEPING*
*NUMBER 4*
(4a)
control account is an account which contains the debit and credit totals of other accounts, and is used to prepare financial statements.
(4b)
(i) Debtors control account
(ii) Creditors control account
(4c)
(i) It helps in locating errors.
(ii) It saves time.
(iii) It can be used to detect missing figures.
(iv) Fraud becomes difficult when control accounts are prepared.
(v) It is used to check the accuracy of balance of the ledgers.
(vi) The total debtors and creditors can be easily calculated.
*USE THIS MARKETING THEORY *
(2b)
(i) Cultural Factor.
(ii) Social Factor.
(iii) Personal Factor.
(iv) Psychological Factor.
{EXPLANATIONS}
(i) Cultural Factor: Culture conveys values, ideals and attitudes that help individuals communicate with each other and evaluate situations. Cultural factors comprises set of values and ideologies of a particular community or group of individuals. Cultural factors have a significant effect on an individual’s buying decision.
(ii) Social Factor: A consumers behavior also is influenced by social factors such as the groups, family and roles and status.
(a) Group: Two or more people who interact to accomplish individual or mutual goals.
(b) Family: Family members can strongly influence buyers behavior.
(c) Roles and Status: A person belongs to many groups, family, clubs, organizations.
(iii) Personal Factor: Consumer behavior deals with why and why not an individual purchases particular products and services. Personal factors play an important role in affecting consumers buying behavior through; Occupation, Age and Life Cycle Stage, Economic situation and personality.
(iv) Psychological Factor: It includes these factors Motivation, Perception, Learning, Beliefs and Attitudes.
(a) Learning: Changes in an individuals behavior arising from experience.
(b) Perception l: The process by which people select, organize and interpret information to form a meaningful picture to the world.
MARKETING OBJ
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