NECO Marketing Questions and Answers 2022
The National Council of Examinations or NECO is an examination body which conducts the Senior Secondary Certificate Examination and General Certificate in Education in June or July and November or December respectively. NECO 2022 June/July Exam has started. Now all the candidates want NECO Marketing Question and Answer 2022. Read this article to know about NECO Marketing Questions and Answers 2022.
NECO Marketing Questions and Answers 2022
Here are the NECO Marketing Questions and Answers.
Marketing mix means placing the right product at the right place, at the right time.
(i) Demography: It includes the institutions and other forces that influence the core values, behaviors and preferences of the society, which have an impact on consumer marketing decisions.
(ii) Economic environment: Consists of all the factors like wage level, credit trends and pricing patterns which influence consumer spending habits and purchasing power. It refers to the purchasing power of potential customers and the ways in which they spend their money.
(iii) Technological Environment: The macro environment is probably one of the fastest changing factors. This includes everything from antibiotics and surgery to nuclear missiles and chemical weapons to automobiles and credit cards.
(iv) Politico-Legal Environment: This includes all laws, government agencies and lobbying groups that influence or prohibit individuals or organizations. It is important for marketers to be aware of these restrictions as they can be complicated.
Organizational markets are markets in which companies and individuals buy goods for purposes other than personal consumption.
(i) Producer Market: Producers buy goods and services and convert them into a salable product, which they sell to their customers with the aim of earning profit. Examples of producers are farmers, manufacturers and construction companies.
(ii) Reseller Market: Resellers buy finished products and sell them to their customers with the aim of earning profit. Resellers do not modify the products they have purchased. Resellers can be wholesalers who sell their products to other resellers or retailers who sell their products to end users.
(iii) Institutional Market: Institutions are non-governmental organizations that buy goods and services to support their internal operations. The job of organizations is to improve their communities, not to make a profit. Examples of institutional markets are churches, hospitals, and colleges.
(iv) Government Market: Governments buy goods and services to support their internal operations; They do not convert goods and services or resell them to make a profit. Government markets typically purchase their goods through a bidding process and include federal, state, county and local governments.
International marketing can be defined as the exchange of goods and services across national borders to satisfy the needs of customers. This includes customer analysis overseas and identifying the target market.
(i) Market Selection Decision: Once a firm has decided to enter the international market, the next important marketing decision is market selection. According to the company’s current product mix, production capacity and proposed expansion strategy, it selects one or more countries to operate in. In the same way, it has to decide about the type of foreign buyers.
(ii) Decision to enter the market: A firm has selected international markets for operations. Now, the next imperative marketing decision is market entry, i.e. how to enter the market; Which option is to be used for entering the foreign market?
(iii) Organization Decisions:
Organization is an important decision for global marketing. To implement, direct and control international marketing efforts, a company must adopt an appropriate organization structure. The organization is responsible for regulating foreign trade.
(iv) International Market Decisions: A firm has to first answer some important questions whether a company should go into the international market? Why should a company choose to enter the global market? Is the company capable of transacting in international markets? Obviously, the answers come from the company’s current domestic market position and the types of opportunities available in overseas markets. When the international markets become more attractive and the company is able to take advantage of these markets, the company decides to enter the international markets.
(i) Intensive Distribution: In intensive distribution, the product is sold to as many suitable retailers or wholesalers as possible. Intensive distribution is appropriate for products such as chewing gum, candy bars, soft drinks, bread, films and cigarettes where the primary factor influencing the purchase decision is convenience.
(ii) Selective Distribution: In selective distribution, the number of outlets carrying a product is limited but not to the extent of the exclusive deal. Selective distribution can be used for product categories such as clothing, appliances, TVs, etc.
(iii) Exclusive Distribution: When a single outlet is granted exclusive franchise to sell the product in a geographic area. Products like specialty automobiles, some major appliances, some brands of furniture.
(iv) Direct channel of distribution
(v) Indirect channel of distribution
Price is the amount or amount at which something is priced, or the price a seller sets on its goods in the market; for which something is bought or sold, or is offered for sale; Equivalent to money or other means of exchange; the present price or rate paid or demanded in the market or barter; cost.
(choose any best 4)
(i) Cost-plus pricing.
(ii) Price skimming.
(iii) Premium pricing.
(iv) Admission pricing.
(v) Geographical pricing.
(i) Cost-plus pricing: This is the simplest pricing method. The firm calculates the cost of producing the product and adds a percentage (profit) to that price to give the selling price. The term cost-plus pricing is widely used in retaining, where the retailer wants to know with some certainty what the gross profit margin of each sale will be.
(ii) Price Skimming: Skimming involves setting a higher price before other competitors enter the market. It is often used for the launch of a new product, which usually faces little or no competition due to certain technical features.
(iii) Premium Pricing: Premium pricing is the practice of keeping the price of a product or service artificially high, so as to encourage favorable perception among buyers, on the basis of price alone.
(iv) Entry Pricing: Entry pricing is when you set a relatively low initial entry price, hoping that people will switch from a seller with a higher price.
(v) Geographical Pricing: Geographical pricing sees the variation in prices in different parts of the world. For example rarity value, or where transportation costs increase in value. Certain types of goods are taxed more in some countries that sometimes the goods are too cheap or expensive.
Therefore marketing research is the systematic collection, recording and analysis of data about a problem relating to the marketing of goods and services.
(choose any best 4)
(i) Introduction of new product or service.
(ii) Customer Development.
(iii) Competition Analysis.
(iv) Marketing Advertisement/Development.
(v) Customer satisfaction.
(i) Market Research: Identification of a specific market and measurement of its size and other characteristics.
(ii) Product Research: Identification of a need or need and the characteristics of the good of the service that it will satisfy.
(iii) Consumer Research: Identification of preferences, motivations and buying behavior of target customers.
(iv) Information: Information for marketing research is collected from direct observation of customers (eg in retail stores), mail surveys, interviews etc.
NECO Marketing Questions and Answers
NECO is on August 3, 2022. NECO Marketing Exam consists of Objective and Essay type and the exam timing is from 10:00 AM to 12:40 PM. As per the NECO 2022 timetable, the exams will start on June 27 and end on August 12, 2022.
NECO Marketing Exam
NECO Marketing Questions and Answers 2022 will be updated soon. NECO Marketing Exam is on 3rd August, 2022. Here is the program.
|Marketing||Objective and Essay||Paper III & II||10:00 am – 12:40 pm|
NECO Exam 2022
The NECO exam is scheduled to begin on June 27 and end on August 12, 2022. Candidates in the final year of secondary school will take the NECO June/July exam. SSCE is divided into 2 categories: SSCE Internal and SSCE External. SSCE is for candidates in their third and final year of internal senior secondary education. SSCE is for external candidates who are not in the school system, i.e., private candidates.
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