Neco 2020 marketing questions and answers

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THEORY-ANSWERS!
(1)
(i)Customers
(ii)Competition
(iii)Suppliers
(iv)Resellers
(v)Technological
(i)Customers; The success of marketing
strategy also depends on the customers of
company’s product. The nature of customer
such as b2c, b2b, international or local and
the reason for buying the product will play
a role in establishing the marketing strategy
of company and how they approach the
customers and serve them. The satisfaction
of general public is a duty of organization.
(ii)Competition; Market competition exists
when two or more firms sell same or similar
products and services. The companies must
take into account the way they approach the
customers and sell their products to the
customer, what price and product
differentiation they have for their customer.
These factors can be taken into account to
get edge over their competitors.
(iii)Suppliers;Business success depends on
the suppliers when they enjoy an authority.
The supplier of a company holds the power
when they are the only one in the market or
when they are the largest supplier of the
goods. The buyer is not essential to the
suppliers business, as the supplier’s good
is the core ingredient of the finished
product of buyer.
(iv)Resellers; The success of companies
marketing strategy also depends on
resellers if the finished goods of a company
is taken to market by market intermediaries
or any other third party. These forces
include wholesaler, retailers etc. For
example, If the retail seller holds a
reputable name in the market then their
reputation can impact the marketing of
company’s product.
(v)Technological; The organization must
consider the technological factors as the
knowledge and skills used in production of
goods. The technology and materials used
in production of goods and services helps
in smoothing the process of business.
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(2a)
Marketing refers to activities a company
undertakes to promote the buying or selling
of a product or service. Marketing includes
advertising, selling, and delivering products
to consumers or other businesses. In other
words Some marketing is done by affiliates
on behalf of a company. And it can be used
to describe efforts to produce, promote,
package, and reclaim products in a manner
that is sensitive or responsive.
(2b)
(i)Outbound Marketing
(ii)Inbound Marketing
(iii)Online Marketing
(iv)Offline Marketing
(i)Outbound Marketing; Outbound
marketing, also referred to as traditional
marketing, has been the most common
approach for businesses in the past.
Outbound marketing includes tactics such
as cold calling, cold mailing, tv ads, etc.
This strategy typically sees less return-on-
investment or ROI due to the lack of context
for the customer.
(ii)Inbound Marketing;Inbound marketing is
a relatively new tactic that was brought to
life largely by HubSpot. Inbound marketing
is based off of the concept of attracting
business by being helpful and relevant to
your audience rather than being
interruptive. Inbound marketing makes use
of tactics like email marketing, content
marketing, search engine optimization etc.
(iii)Online Marketing; refers to any of the
various marketing strategies that a business
may use to promote themselves on the
internet. Online marketing, sometimes
referred to as digital marketing, is a fairly
catch-all term and includes web tactics
such as social media marketing, search
engine marketing, blogging, and more.
(iv)Offline Marketing; refers to any
marketing strategy a business uses outside
of the internet. This marketing type
contains more of the traditional, or
outbound, marketing tactics. With offline
marketing, businesses will use platforms
like television, radio, word-of-mouth, mail,
flyers, and more. This type of marketing
doesn't have nearly the reach as online
marketing but like any marketing strategy,
can still be a viable option depending on
the situation, who you are trying to reach,
and what you are trying to accomplish.
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(3i)
situational analysis; is the potential
customers, evaluates projected growth,
assesses competitors and makes a realistic
assessment of your business. It involves
targeting the specific objectives in the
business and identifying the factors that
support or hinder those objectives. In other
words is a set of methods used to
thoroughly examine both internal and
external factors of any business and their
impacts
(3ii)
Marketing objectives; are a brand's defined
goals. They outline the intentions of the
marketing team, provide clear direction for
team members to follow, and offer
information for executives to review and
support. Marketing objectives are a pivotal
part of a marketing strategy.
(3iii)
marketing strategy; refers to a business's
overall game plan for reaching prospective
consumers and turning them into customers
of the products or services the business
provides. A marketing strategy contains the
company’s value proposition, key brand
messaging, data on target customer
demographics, and other high-level
elements. In other words it specific on the
types of marketing activities a company
conducts and contains timetables for rolling
out various marketing initiatives.
(3iv)
Budget; is an estimation of revenue and
expenses over a specified future period of
time and is usually compiled and re-
evaluated on a periodic basis. Budgets can
be made for a person, a group of people, a
business, a government, or just about
anything else that makes and spends
money. in other words is a financial
document used to project future income
and expenses.
(3v)
marketing plan is a detailed road map that
outlines your marketing strategies, tactics,
costs and projected results over a period of
time. In other words marketing plan
contains a list of actions, without a sound
strategic foundation, it is of little use to a
business. And is an operational document
that outlines an advertising strategy that an
organization will implement to generate
leads and reach its target market.
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(4a)
promotion refers to any type of marketing
communication used to inform or persuade
target audiences of the relative merits of a
product, service, brand or issue. ... The aim
of promotion is to increase awareness,
create interest, generate sales or create
brand loyalty.
(4b)
(i)Advertising
(ii)Public Relations
(iii)Sales Promotion
(iv)Public Relations
(i)Advertising; is any form of impersonal
(one-way) paid communication in which the
company is identified. Fun Town realized
that it needed to have a good advertising
campaign because this would allow the
company to reach a large number of people
effectively. Fun Town used television, radio,
newspaper, social media and Internet ads to
introduce the target market to a grand
opening of the amusement park. The park
also used giant billboards and e-mails to
reach other local customers.
(ii)Public Relations; it helps build a
positive public image for a company,
supports new product launches and sales,
helps a company to evaluate public
attitudes and communicates the overall
goals of the company. Fun Town has
multiple days throughout the year where
they donate a percentage of ticket sales to
local charities. They also have days where
they close the park down and invite
disadvantaged youths to enjoy the rides for
free.
(iii)Sales Promotion; is another tool in the
promotional mix. It contains methods of
stimulating consumer purchase and is
usually based on a short-term or immediate
goal. Examples of sales promotion items
are contests, sweepstakes, giveaways, free
samples or coupons. Fun Town has
invested heavily in sales promotion. They
have had contests, like the first 1,000
people in the park would get a prize. They
also had giveaways of free Fun Town water
bottles, t-shirts, hats and canvas bags.
(iv)Public Relations; Most firms in today’s
environment are also concerned about the
effect of their actions on people outside
their target markets although it may include
them. It is a planned effort by an
organization to influence the attitudes and
opinions of a specific group by developing
a long term relationship. The target may be
customers, stock holders, a government
agency or a special interest group.
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(6i)
Service product; is when a business offers a
service and a product or a good together as
its practice. This is also called service-good
mix, and it can refer to many different types
of businesses in all different industries. in
other words it takes place in inter-action
between the customer and service
employees and/or physical resources or
goods and/or systems of the service
provider,
(6ii)
Consumer product; also referred to as final
goods, are products that are bought by
individuals or households for personal use.
In other words, consumer products are
goods that are bought for consumption by
the average consumer. From a marketing
perspective, there are four types of
consumer products, each with different
marketing considerations.
(6iii)
Shopping product; refer to items that the
consumers purchase less frequently and
compare with available alternatives in the
market. Consumers need time, planning and
efforts to take the final decision whether to
buy the product or not. In other words
Consumers don’t buy these products very
often but whenever buy they keep in mind
different consideration like cost, time and
efforts to take the final decision.
(6iv)
Industrial product; the goods are based on
the demand for the consumer goods they
help to produce. Industrial product are
classified as either production goods or
support goods. In other words higher
purchase value Industrial product typically
come with a higher price tag because of
their complex nature and limited target
market.
(6v)
unsought product; is a product of which
consumers are unaware or are not that
interested in actively pursuing for purchase.
A high degree of marketing, including heavy
advertising and aggressive sales techniques,
is often necessary due to consumer
unawareness of the product or no real
desire to purchase it.
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