Real 2023 NECO Marketing Answer
2023 NECO MARKETING ESSAY
NECO MARKETING ANSWERS
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Marketing-Obj
01-10: CABDAACCCA
11-20: DBDCDAAABA
21-30: BCADAEBEDE
31-40: ABDDCCDBAE
41-50: BADBACCACE
51-60: BEABDABBAC
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(1a)
A product refers to a tangible or intangible item that is offered for sale or use and that is capable of satisfying a customer’s needs or wants. It could be a physical good such as a car or a smartphone or it could be a service such as insurance or a haircut.
(1b)
(i) Consumer products: These are products that are purchased for personal use or consumption by individuals. Consumer products can be further classified into four categories:
– Convenience products: These are everyday products that are low-cost and frequently purchased with minimal effort. Examples include snacks toiletries and impulse-buy items.
– Shopping products: These are products that consumers spend more time and effort researching and comparing before purchasing. Examples include clothing electronics and furniture.
– Specialty products: These are unique or high-end products that have specific characteristics and are purchased with a specific purpose. Examples include luxury goods designer brands and customized products.
– Unsought products: These are products that consumers are not actively seeking out or aware of and often require marketing efforts to create demand. Examples include life insurance funeral services and some healthcare products.
(ii) Industrial products: These are products that are used in the production of other goods or services rather than being directly consumed by end-users. Industrial products can be further classified into two categories:
– Material and parts: These are raw materials components or sub-assemblies that are used in the manufacturing process. Examples include steel chemicals and electronic components.
– Capital items: These are long-lasting and expensive products that are used to run a business or facilitate production. Examples include machinery vehicles and buildings.
(1c)
(i) Lack of market demand or poor market understanding: It is important for companies to thoroughly research and understand the customer needs preferences and current market trends before launching a new product. Failure to accurately identify and assess market demand can result in a product that does not meet customer expectations or solve a real problem leading to low sales and eventual failure.
(ii) Inadequate product differentiation or competitive positioning: With intense competition in the market it is crucial for a new product to offer unique features or benefits that set it apart from existing alternatives. If a new product does not have a clear and compelling value proposition it may struggle to attract customers and face difficulty in gaining market share. Additionally poor positioning relative to competitors can also lead to the failure of a new product.
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(2)
(i) Mobilization of workforce: Before marketing their products firms need to mobilize their workforce. This involves the process of gathering and organizing a skilled and efficient team to carry out various tasks related to marketing. This includes hiring employees assigning roles and responsibilities providing training and development and ensuring that the workforce has the necessary resources and support to perform their tasks effectively.
(ii) Utilization of feedback: Feedback plays a crucial role in the marketing process. Firms need to gather feedback from customers stakeholders and other sources to understand their preferences needs and suggestions. This feedback is then analyzed and used to improve products services and marketing strategies. Utilizing feedback helps firms to stay responsive to customer demands and preferences and to make necessary adjustments to their marketing efforts.
(iii) Production of quality goods and services: Producing quality goods and services is vital for the success of any marketing campaign. Before marketing their products firms need to ensure that they have an efficient production process in place that delivers high-quality products or services. This involves setting quality standards implementing quality control measures and continuously monitoring and improving the production process to meet customer expectations.
(iv) Managing distribution network: An effective distribution network is essential for successful marketing. Firms need to establish a robust distribution network that ensures their products reach the target customers in a timely and efficient manner. This involves developing partnerships with distributors wholesalers retailers and other intermediaries managing inventory levels and coordinating logistics to ensure smooth product flow from production to consumption.
(v) Advertisement and promotion: Advertisement and promotion are crucial activities in marketing. Firms need to develop creative and compelling advertising and promotional campaigns to raise awareness about their products and persuade potential customers to make a purchase. This includes activities such as designing advertisements selecting appropriate media channels conducting market research identifying target audience and allocating budgets for advertising and promotion. Effective advertisement and promotion help firms to build brand recognition generate interest in their products and ultimately drive sales.
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(3)
(i)Global reach: Internet marketing allows businesses to reach a global audience, regardless of their geographic location. This opens up immense opportunities to target customers from different countries and expand the customer base.
(ii)Cost-effective: Internet marketing is generally more affordable compared to traditional marketing methods such as television or print advertising. It allows businesses to target specific audiences and measure the return on investment (ROI) accurately, minimizing unnecessary expenses.
(iii)Higher customer engagement: Internet marketing provides various channels to engage with customers, such as social media, email marketing, and blog posts. These channels offer businesses an opportunity to connect with their target audience on a more personal level, fostering trust and loyalty.
(iv)Targeted advertising: Internet marketing enables businesses to target specific demographics, interests, and behaviors of their potential customers. Through tools like Google AdWords or social media advertising platforms, businesses can narrow down their reach and concentrate efforts on those who are most likely to be interested in their products or services.
(v)Measurable results: Internet marketing offers various analytics and tracking tools that allow businesses to measure the success of their marketing campaigns accurately. This can include tracking website traffic, conversion rates, customer engagement, and many other metrics. These insights help businesses make data-driven decisions and optimize their marketing strategies for better results.
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(5a)
sales promotion is a marketing activity that is designed to increase sales, encourage customer loyalty, or generate brand awareness. It usually involves offering a discount or some other type of incentive for customers to buy your product or engage with your brand.
(5b)
(i) Increase sales: One of the primary objectives of sales promotion is to boost sales volume. By offering incentives, discounts, or limited-time promotions, companies aim to encourage customers to make immediate purchases and increase their overall sales revenue.
(ii) Create brand awareness: Sales promotion activities are often used to create awareness and generate interest in a brand or a specific product. By offering promotions, such as free samples or giveaways, companies can attract new customers and generate buzz around their brand.
(iii) Encourage trial purchases: Sales promotions can be used to motivate customers to try a new product or service. By offering trial incentives, such as free trials, money-back guarantees, or introductory offers, companies can encourage customers to take the first step and make a purchase.
(iv) Enhance brand loyalty: Sales promotion can help reinforce brand loyalty by rewarding existing customers for their repeat purchases. Loyalty programs, point systems, or exclusive offers targeted at loyal customers can help maintain a customer base and foster long-term relationships.
(v) Clear inventory or seasonal products: Sales promotions can be used to clear excess inventory or promote seasonal products. Discounts, special offers, or bundling can encourage customers to purchase these products, ensuring they don’t become deadstock and contributing to overall sales revenue.
(vi) Stimulate impulse buys: Sales promotion tactics, such as limited-time offers, flash sales, or attractive displays, can create a sense of urgency or desire for immediate purchase. By stimulating impulse buys, companies can increase their sales and capitalize on impulsive consumer behavior.
(5c)
(i)Awareness
(ii)Information
(iii)Brand Loyalty
(iv)Persuasion
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