WAEC Marketing Questions and Answers 2023/2024 (Theory and Objectives)

WAEC Marketing Questions and Answers. I will be showing you WAEC Marketing objective and theory repeated questions for free. You will also understand how WAEC Marketing questions are set and many more examination details.

The West African Examination Council is an examination body that set questions yearly from areas students should, after their studies in senior secondary school, be able to write and pass without stress.

WAEC 2023/2024 Marketing Answers to Questions (Expo)

WAEC Marketing Questions and Answers 2023/2024 to OBJ/ESSAY will be posted here today 22nd June during the examination

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WAEC Marketing Answers:

Obj answers

1-10: AACBAAADAC
11-20: DACBABDBAC
21-30: BCADCBAABB
31-40: ACDCDDDCBB

(1a)
(PICK ANY FIVE)
(i) They purchase goods in large quantities from manufacturers and store them in warehouses.
(ii) Wholesalers provide warehousing facilities to store goods and maintain inventory and ensure the availability of products to meet the demands of retailers
(iii) Wholesalers often assemble a variety of products from different manufacturers and create assortments that cater to the needs of retailers.
(iv) Wholesalers break down bulk quantities into smaller units suitable for retailers.
(v) Wholesalers take responsibility for transporting goods from manufacturers to retailers by organizing and coordinating the logistics involved in delivering products efficiently and timely.
(vi) They extend credit to retailers, allowing them to purchase goods on credit and pay later, which helps retailers manage their cash flow.
(vii) They provide valuable market insights to manufacturers, helping them make informed decisions
(viii) Wholesalers engage in promotional activities to create awareness and stimulate demand for products.

(1b)
(PICK ANY FIVE)
(i) The nature of the product, such as its perishability, fragility, or complexity, can influence the choice of distribution channel
(ii) Size of the market, geographical spread, and target customers’ preferences play a role in selecting the distribution channel
(iii) The cost of distribution is a critical factor because the producers need to evaluate the expenses associated with each distribution channel option, including transportation, storage, handling, and commissions
(iv) The size and weight of product influences the choice a distribution channel
(v) Legal and Regulatory Factors is essential in choosing a distribution channel.
(vi) Customer reach and service can affect choice of distribution channel because it must align with the target customers’ preferences and provide adequate reach and service
(vii) The capital available to the manufacturer will determiner the type of channel to adopt.
(viii) The level of control desired by the manufacturer will affect the choice of channel to be used .(2a)
(i)Need Identification: Mr. Oke recognized the need to purchase a television set for his family. This step involves identifying the requirements, preferences, and specifications of the product to meet his family’s entertainment needs.

(ii) Research and Evaluation: After identifying the need, Mr. Oke conducted thorough research on different television models, brands, features, and prices. He gathered information from various sources

(iii)Decision Making: Once Mr. Oke had gathered sufficient information, he analyzed the available options and compared them against his requirements and budget.

(iv)Purchase and Post-Purchase Evaluation: After finalizing his decision, Mr. Oke proceeded with the actual purchase of the chosen television set. He identified the most reliable retailer and made payment.

2a)
(i)Need Identification: Mr. Oke recognized the need to purchase a television set for his family. This step involves identifying the requirements, preferences, and specifications of the product to meet his family’s entertainment needs.

(ii) Research and Evaluation: After identifying the need, Mr. Oke conducted thorough research on different television models, brands, features, and prices. He gathered information from various sources

(iii)Decision Making: Once Mr. Oke had gathered sufficient information, he analyzed the available options and compared them against his requirements and budget.

(iv)Purchase and Post-Purchase Evaluation: After finalizing his decision, Mr. Oke proceeded with the actual purchase of the chosen television set. He identified the most reliable retailer and made payment.

(2b)
(PICK ANY FIVE)

(i)Organizational goals and objectives: The committee’s buying behavior is influenced by the goals and objectives of the organization.

(ii)Budget and financial considerations: The financial resources available to the committee can greatly influence their buying behavior.

(iii)Organizational policies and procedures: Committees often have to adhere to specific organizational policies and procedures when making purchasing decisions.

(iv)Stakeholder input and influence: Committees are composed of multiple individuals representing various departments or functions within the organization

(v)Product specifications and quality: The specifications and quality of the product or service being considered will impact the committee’s buying behavior.

(vi)Vendor reputation and relationships: The reputation and relationships with potential vendors can influence the committee’s buying behavior.

(vii)Market trends and external factors: Committees also consider market trends, industry developments, and external factors that could impact their buying decision.

(3a)
(i) South Africa offers a potentially lucrative market with a sizable population and a growing economy.

(ii)JK Ltd may possess a competitive advantage in its industry or product offering, which it believes can be successfully leveraged in the South Africa market.

(iii)Expanding into a new market like South Africa allows JK Ltd to diversify its business operations, reducing dependence on a single market (Nigeria).

(iv) JK Ltd may have strategic objectives, such as global expansion, increased market presence, or access to resources, which align with entering the South Africa market.

(3b)
(i)Exporting: JK Ltd can choose to export its products from Nigeria to South Africa. It is relatively low-cost and allows the company to test the market before making larger investments.

(ii)Licensing or Franchising: JK Ltd could enter the South Africa market by licensing its products, technologies, or brand to local partners or franchising its business model.

(iii)Joint Venture: JK Ltd can form a joint venture with a South African company, creating a new entity that combines the resources, expertise, and market knowledge of both partners.

(iv)Direct Investment: JK Ltd could opt for direct investment by establishing a wholly-owned subsidiary or acquiring an existing company in South Africa.

(4a)
PRODUCT:
(PICK ANY TWO)
(i) Product Design
(ii) Product Variety
(iii) Product Development
(iv) Product Life Cycle
(v) Product Differentiation

PRICE:
(PICK ANY TWO)
(i) Pricing Strategy
(ii) Price Adjustment
(iii) Price Elasticity
(iv) Price Positioning
(v) Price Skimming

PROMOTION:
(PICK ANY TWO)
(i) Advertising
(ii) Personal Selling
(iii) Sales Promotion
(iv) Public Relations
(v) Publicity

PLACE (Distribution):
(PICK ANY TWO)
(i) Distribution Channels
(ii) Channel Intensity
(iii) Logistics and Transportation
(iv) Channel Conflict
(v) Physical Distribution

(4b)
(PICK ANY FOUR)
(i) Economic Factors: Economic factors include elements such as inflation, interest rates, economic growth, etc. During periods of economic recession, consumers tend to reduce their spending, which can affect the demand for products and services.

(ii) Technological Factors: Technological factors refer to advancements and innovations in technology that can influence the marketing environment.

(iii) Social Factors: Social factors encompass societal trends, cultural norms and consumer attitudes and behaviors. These factors shape consumer preferences and influence their buying decisions.

(iv) Legal and Regulatory Factors: Legal and regulatory factors involves laws, regulations, and government policies that impact the marketing environment.

(v) Competitive Factors: Competitive factors include the actions and strategies of competing firms within the industry.

(vi) Environmental Factors: Environmental factors pertain to the physical and ecological conditions that can impact marketing activities. Increasingly, consumers are becoming more environmentally conscious, leading to a growing demand for sustainable and eco-friendly products.(5a)
(PICK ANY FIVE)
(i) Jo-Bo should ensure a different variety of products are available in his retail outlet to cater to different customer preferences and needs.
(ii) Jo-Bo should focus on providing high-quality products that meet or exceed customers expectations.
(iii) Jo-Bo should offer competitive prices for his products compared to other retailers in the area.
(iv) Jo- Bo should Provide excellent customer service for customer retention.
(v) Implementing a loyalty program or offering incentives such as discounts or reward points, for repeat customers.
(vi) Jo-Bo should ensure his retail outlet is visually appealing and well-organized.
(vii) Jo-Bo should engage in effective marketing strategies to create awareness and attract new customers.
(viii) Jo-Bo should actively seek feedback from customers to understand their needs and preferences better.

(5b)
(PICK ANY FIVE)
(i) By starting his own retail outlet, Jo-Bo can become financially independent.
(ii) Running a business allows Jo-Bo to gain valuable entrepreneurial experience.
(iii) By establishing his retail outlet, Jo-Bo contributes to job creation in his neighborhood.
(iv) As the owner of his business, Jo-Bo has the freedom to set his own working hours and make decisions independently.
(v) He will be able to learn continously and experience personal growth.
(vi) Establishing a retail outlet in his neighborhood can earn Jo-Bo recognition and respect from the community.
(vii) If Jo-Bo’s retail outlet proves successful, he can consider expanding his business.
(viii) Building a successful business can potentially lead to long-term wealth creation for Jo-Bo.

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Note: The answers below are for 2022

OBJ Answers:

01-10 ABBDBBBCDD

11-20 ABDDCDCCBA

21-30 ACDABBBCAD

31-40 ACDABBBCBA

————1ai)
Entrepreneurship is the act of coordinating the factors of production in a manner that makes a business venture profitable.

(1aii)
(i) Personal savings.
(ii) Loan and overdraft
(iii) Trade credit
(iv) Loan from cooperatives society

EXPLANATIONS:
(i) Personal savings: This is the funds put together by the entrepreneur.
(ii) Loan and overdraft: This is the funds from commercial banks.
(iii) Trade credit: This is the arrangement to receive goods and make payment in future date.
(iv) Loan from cooperatives society: This is the funds contributed via cooperative societies

(1b)
(PICK ANY SIX)
(i) Availability of customers.
(ii) Nearness to targeted customers.
(iii) Availability of road network.
(iv) The size of population.
(v) Availability and nearness to manufacturing plant.
(vi) Nearness to wholesaler and retailers.
(vii) Availabilty of raw materials
(viii) Availability of basic infrastructure
(ix) Economic policy

No 2 (a)

Marketing can be defined as the process of communicating the value of a product or services to customers. It is also a process by which companies create customer interest in products or services.

(2aii)
(Pick Any Six)

(i)Risk bearing
(ii)financing
(iii)storage/warehousing
(iv)Buying/selling/Exchange
(v)Grading and standardizing
(vi) Marketing information Research
(vii) Transportation

(2b)
(i)Production concept: The production concept is the idea that a firm should focus on in relation to those products that it could product most efficiently. This concept focusses more on solving the problems l of production and little concern for the public satisfaction.

(ii) Product concept: This concept assumes that customers will favour those products that offer the most quality for the price and therefore it is important for companies to produce quality products. It explains that customers are primarily interested in product quality.

(iii)The selling concept: Production of goods does not mean assure sales most times. The sales concept paid little attention to whether if the product was actually needed; the goal simply was to beat the competition to the sale with little regard to customer satisfaction

(iv) Marketing concept: Marketing concept focusses on increasing a company’s ability to compete and achieve maximum profits by marketing the ways in which it offer better value to customers than its competitors. This concept lay emphasis on marketing management with the twin goals of customer orientation and profitable sales volumes. 

(4ai)
Need: These are basic human requirements. They are the basic forces that motivate a person to think about and do something/take action.

(4aii)
Wants: These are things which you wish to have but they are not above your need.  wants also refers to a wish or desire to own goods and services that give satisfaction

(4aiii)
Exchange:This means the act of obtaining a needed/wanted object by offering something in return. It is a value of creating process.

(4aiv)
Demand: This is the want for a specific product backed by an ability to pay. It’s also consumer’s desire to purchase goods and services and willingness to pay a price for a specific good

(4av)
Transaction: Transaction us an exchange between two things of value on agreed conditions and time and place of agreement.

(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.

(6b)

(i)Industrial market: It involves set of all

individuals and organizations that acqu

goods and services that enter into the

production of other products or service

that are sold, rented, or supplied to oth

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

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

(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 next level in a given distribution chart

More Answers loading…

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Note: The answers below are for 2021. The 2022 Answers will be posted soon.

(1a)

(Choose Any Five)

(i)Rent Rates & Taxes.

(ii)Workforce Availability, Labor Skills & Costs.

(iii)Roads, Highways & Traffic Flow.

(iv)Proximity to Airport, Railway Stations & Ports.

(v)Markets & Local – Environment Factors.

(vi)Building Availability & Utility Costs.

(1b)

(i)Receiving: operations that involve the assignment of trucks to docks, the scheduling and execution of unloading activities.

(ii)Storing: material’s movement from unloading area to its designated place in inventory.

(iii)Order Picking: the process of obtaining the right amount of the right products for a set of customer orders.

(iv)Shipping: execution of packing and truck’s loading after picking, involving also the assignment of trucks to docks

(v)Delivery: the transit time for transportation from the warehouse to the customer.

(2a)

(i) By chatting with unknown people

(ii)By sending and receiving pornography

(iii)By using bad language for e marketing

(iv)By pretending to be someone else

(v)By changing the internet address

(vi)By changing the voice mode while chatting

(2b)

(i) It will help to reduces the code of advertisement to Ajax LTD

(ii)It will helps the company to track the rate of return on their investment

(iii)It will helps to research on many customers at the same time

(iv)It will enables Ajax LTD to personalize messages effectively

(v)It will helps the company to know the number of their customers effectively.

No 5 (a)

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.

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(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.

___________________________________________________

1. The performance of business activities that direct the flow of goods and services from producer to consumer is
A. distribution.
B. marketing.
C. advertising.
D. promotion.

2. Goods produced for immediate use by a household is classified as
A. industrial goods.
B. market goods.
C. durable goods.
D. consumer goods.

3. Which of the following is not a component of marketing mix?
A. Price
B. Product
C. Profit
D. Promotion

4. Which of the following is not influenced by consumer behavior?
A. Life style
B. Culture
C. Religion
D. Distribution

5. In Nigeria, the body that ensures that its members operate according to their professional ethics is the

A. SON

B. NPF

C. MAN

D. NAFDAC

6. The current highest decision-making body on privatization and commercialization of public enterprises in Nigeria is the

A National Council on Privatization

B Securities and Exchange Commission

C Nigeria Investment Promotion Commission

D Bureau of Public Enterprises

7. The principle of indemnity is NOT applicable to

A. Life assurance

B. Accident insurance

C. Fire insurance

D. Marine insurance

See: WAEC Data Processing Answers

8. The advertising medium which combines sight and sound is the

A. Radio

B. Television

C. Print media

D. posters

Show Answer

9. The closure of the unregistered patent medicine stores is geared towards sound

A. economic environment

B. social environment

C. physical environment

D. legal environment

1O. The recommendation made by the Central Bank to the commercial banks in respect of their lending policy is known as

A. directives

B. moral suasions

C. advisory notes

D. consolidation

11. Waybill is a document driving details of goods sent by

A. public vehicle, train and air

B. train ad ship

C. ship alone

D. air alone

12. An association of the principal business concerns in an area is referred to as

A. Article of association

B. Memorandum of Association

C. Chambers of Commerce

D. Chambers of Companies

13. Commission salesman include the following except

A. Factors

B. Brokers

C. Del credere agents

D. Partners

14. Into which of the following two broad areas can trade be divided

A. home and foreign trade

B. wholesale and retail trade

C. imports and exports

D. visible and invisible trade

15. Which of the following is not true of sole proprietorship?

A. It has a separate legal entity

B. It has unlimited liability

C. It has slim chances of expansion

D. It can convert into a company

16. Commerce means

A. The creation of utility

B. Exchange of goods and services

C. Exchange and distribution of goods and services

D. Exchange and distribution of goods

17. The most common means of transport in the riverine area is

A. Bus

B. Canoe

C. Train

D. helicopter

18. Which of the following cheques could not be cashed across the counter?

A. Crossed cheque

B. Order cheque

C. Certified cheque

D. Bearer cheque

See: WAEC Government Questions and Answers

19. In marketing, any good or service that satisfies the consumer is called a

A. Place

B. Product

C. Promotion

D. price

2O. Which of the following is a non-consumable item in the office?

A. Furniture

B. Loose sheets

C. Office pins

D. File tags

21. One of the obstacles to achieving one objective of ECOWAS is

A. Lack of common currency

B. Colonial linkages

C. Sovereignty of states

D. Language differences

22. One of the main objectives of establishing the Niger River Basin Commission was to

A. Embark on a comprehensive survey of the available water resources

B. Carry out research for the development of fresh water fisheries

C. Develop infrastructures to facilitate economic activities

D. Promote trade among member-states to improve standards of living

23. The basic function of the Nigerian Port Authority is to

A. Ensure that the right caliber of personnel is employed at the ports

B. Coordinates and regulate the activities of shipping lines

C. Facilitate and control the movement of goods arid services into and out of the country

D. Coordinate the activities of all the seaports in the country

24. The practice by which an insurance company accepts a very large risk and later shares it with other insurance companies is called

A. subrogation

B. contribution

C. re-insurance

D. identity

25. Goods imported to a country for the purpose of re-exporting attracts a rebate known as

A) customers drawback

B) export royalty

C) incentive

D) export rebate

26. The nominal value of a share as specified in the memorandum of association and the share certified is the

A. discounted value

B. stock value

C. face value

D. par value

27. “Caveat emptor” as a commercial legal word means

A. Let the seller beware

B. Let the producer beware

C. Let the buyer be awarded

D. Let the buyer beware

28. The main feature of a supermarket is the sale of

A. Office equipment only

B. Food stuff only

C. General household goods

D. Building materials

29. The ship that is used as a sea taxi is called

A. Linens

B.Tramps

C. Tankers

D. coasters

30. Which of the following is not a reward for labour

A. Profits

B. salaries

C. Wages

D. allowances

31. The person who calculates premium, sums assured and surrenders value in insurance contract is called

A. accountant

B. actuary

C. valuer

D. auditor

32.In the contract of sale of goods, let the buyer beware’ is signified by

A. del credence

B. caveat vendetta

C. caveat emptor

D. res ipsaloquitor

33. The main purpose of establishing a public corporation is to

A. provide employment

B. provide essential services

C. make profit

D. establish monopoly

34. Factorizing is a trade debt term used when the agent buys all the trade debts of the

A. Importer

B. Exporter

C. Nations

D. customers

35. Stevedores as a term in foreign trade means men who

A. inspect goods in ships

B. import goods by ships

C. collect duties

D. load and unload ships

36. A close indent is an instruction to an agent to

A. Order goods from a particular manufacturer

B. Order goods from any manufacturer

C. Sell goods in any form

D. Sell goods to a certain firm

37. Profit expressed as a percentage of the goods sold is referred to as

A. Margin

B. Mark up

C. Gain percentage

D. Gross profit

38. The main advantage of a sole trader is its freedom to

A. Employ anyone he likes

B. Seek advice from any source

C. Take quick decisions

D. Plough all the profits back into the business

39. In the case of voluntary liquidation of a business is (lie receiver is appointed by

A. Creditors

B. Debtors

C. Directors

D. Shareholders

40. When a company was more of loans than equity to finance its business, the company is said to be

A. Bankrupt

B. Solvent

C. High geared

D. In a strong liquid position

41. Rights issue means the

A. Issue of shares to the directors of a company on favourable firms

B. Issue of shares of a company only to the founder of the company

C. Rights of shareholder to vote on any issue

D. Issue of shares to shareholders on favourable terms

42. A term which indicates that a share is temporary suspended is

A. Ex-dividend

B. Un-dividend

C. Bond

D. stock

43. Excise duties are paid on goods that are

A. imported into the country

B. manufactured within the country

C. exported to other countries

D. kept in bonded warehouses

44. The business in the stock exchange is characterized essentially by

A. dealing

B. brokerage

C. speculations

D. transactions

45. The insurance policy which provides full cover against all risks at seas is known as:

A. policy with particular average

B. policy free of particular average

C. marine freight insurance

D. marine voyage policy insurance

46. A major liability of a commercial bank arises form

A. customers deposit

B. loans and advances

C. overdrafts

D. staff allowances

47. In the channel of distribution, which of the following sets is entirely made up of middle men?

A. Wholesales, retailers and agents

B. Manufacturers, consumers and retailers

C. Wholesales, agents and consumers

D. Retailers, manufacturers and wholesales

48. Most foreign trade transactions are paid through the use of

A. Central Bank cheques

B. Bank drafts drawn by commercial banks on their foreign branches

C. Irrevocable and confirmed letters of credits

D. Letters of credit authenticated by the embassies of the respective countries

49. The merger of two companies producing same type of produce is an example of

A. Vertical integration

B. Horizontal integration

C. Internal merger

D. An acquisition

Given:
Opening stock: ₦40,000.00
Purchases: ₦115,000.00
Closing stock: ₦60,000.00
Sales: ₦250,000.00

50. Which is the cost of goods sold?

A. ₦155,000.00

B. ₦95.000.00

C. ₦50,000.00

D. ₦30,000.00

51. The business organization in which shareholders have equal votes is

A. Sole proprietorship

B. Partnership

C. Cooperative

D. Limited liability company

52. One type of investment that has a variable income is

A. Debentures

B. Preferred shares

C. Government bonds

D. Ordinary shares

53. A public limited company can raise long term loans through

A. The capital market

B. The money market

C. Bank overdraft

D. Discount houses

54. The selling of article from place to place on foot is

A. Mailorder

B. Itinerant trading

C. Barter

D. Self service

55. Which of the following is the safest way of sending important document s through the post?

A. Registered mail

B. Parcel post

C. Letter post

D. Segmenting

56. Which of the following is an advertising function?

A. Packaging

B. Persuading

C. Grading

D. Segmenting

57. Unlimited liability in business implies that the

A. Risk of the owner is limited only to the amount invested

B. Debts are paid with subventions

C. Property of the owners should not’ be used to secure loans

D. Owners private property can be used to settle business debt

58. The practice of selling a product below the cost price to attract customers to a shop is known as

A. Hedging

B. loss leader

C. Skimming

D. Under-invoicing

59. The business environment that takes into cognizance the age distribution, ethnic mix and educational level of the consumer is

A. Demographic environment

B. Economic environment

C. Cultural environment

D. Natural environment

60. An announcement of a person’s willingness to enter into a contract is referred to as

A. A proxy

B. An offer

C. A consideration

D. An acceptance

More WAEC questions and answers on Marketing

1. A major function of an entrepreneur is

A. Decision-making

B. Encouraging competition

C. Human-resource training

D. Motivating employees

2. Which of these is a form of sales promotion?

A. Advertising on radio

B. Offering free samples

C. Distributing printed materials

D. Advertising on radio

3.Which of the following has the shortest effect on the consumer

A. Fashion

B. Innovation

C. Fad

D. attribute

4. What is the lifespan of a cheque which is drawn but not presented immediately for payment?

A. 30days

B. 2 months

C. 6 months

D. 12 months

5. Which of the following is not a function of money?

A. a medium of exchange

B. serves as a store of value

C. easily recongnisable

D. makes deferred payment possible

6. Who among the following does not function in the stock exchange market?

A. Bull

B. Broker

C. Jobber

D. Promoter

7. Which of the following does not influence the choice of a means of transport?

A. Distance

B. value of goods

C. Urgency

D. Brand of vehicle

8. Which of the following types of cheque protect the holder against risk of loss

A. Open cheque

B. Bearer cheque

C. Post-dated cheque

D. Crossed cheque

9. Establishing and maintaining mutual understanding between an organization and its customers is known as

A. Marketing concept

B. Advertising

C. Public relations

D. Sales promotion

10. Which of the following is sent by a supplier who does not want to sell on credit?

A. Proforma invoice

B. Quotation

C. Consular invoice

D. Advice note

11. Which of the following features is common to all retailers?

A. Operating as sole proprietors

B. Selling to the final consumers

C. Operating with small capital

D. Selling on hire purchase to consumers

12. Which of the following are exclusively functions of marketing?

A. Buying, pricing, selling and promotion

B. Risk-bearing, storage, production and transporting

C. Organizing, risk-bearing, transporting and storage

D. Production, promotion, distribution and recruiting

13. Which of the following describes the reason for international trade?

A. Balance of payment

B. Comparative cost advantage

C. Absolute cost advantage

D. Balance of trade

14. Which of the following implies that the price quoted includes the cost of insurance and carriage?

A) F.O.B

B) FASC

C) O.D

D) C.I.F

15. Which of the following has no limit to its membership?

A) Ordinary partnership

B) Private L imited Company

C) Limited Partnership

D) Co-operative Society

16. Which of the following does not lead to the dissolution of a partnership?

A) absence of a deed of partnership

B) withdrawal of a partner

C) incapacity of any of the partners

D) completion of contractual term

17. Which of the following are features of a limited liability company?
i. Separate legal entity
ii. Right to sue but not be sued
iii. Has its own corporate name
iv. the inability of members is limited

A) I, II and III

B) II, III and IV

C) I, II and IV

D) I, III and IV

18. When shares are sold “EX-D1V”, it means that

A) No dividend is paid on the shares

B) The buyer receives the dividend

C) The seller receives the dividend

D) The stock exchange receives the dividend

19. A retail outlet meant to sell only a particular manufacturer’s product is known as a

A) Co-operative Shop

B) Chain store

C) Department store

D) Tied shop

20. An unfavorable balance of trade for a country means that her

A) Exports exceed import

B) Visible imports exceed visible exports

C) Invisible export exceeds visible imports

D) Import & exports are equal

Areas of Concentration on WAEC Marketing

1. Introduction to Marketing

(a) Meaning;

(b) Explanation of basic terms in marketing: needs, wants, demands,

product, exchange, transactions, and markets,

(c) Brief history of marketing in Nigeria;

(d) Functions of marketing.

1. Marketing Concepts

(a) Meaning;

(b) Various marketing concepts (production, product, selling, marketing and societal marketing).

1. Marketing Mix and Marketing Environment

(a) Meaning;

(b) Elements;

(c)i Explain Marketing Environment

(c)ii Factors affecting marketing environment:

– political;

– cultural;

– religious;

– economic;

– technological;

– social.

1. Products

(a) Meaning;

(b) Classification (Industrial goods, consumer goods,

services, primary and secondary products and mineral products-oil and non oil;

(c) Distinctions between classes of products.

(d) Product Design*

1. Markets

(a) Meaning;

(b) Classification:

– Consumer;

– Organization (industrial, reseller and government)

1. Consumer and Organizational Behaviour

(a) Meaning;

(b) Influencing factors;

(c) Decision process in logical order

1. Marketing Planning and Research

(a)i Meaning, process and importance;

ii Elements of marketing planning;

iii Information required for marketing planning

(b) Reasons for marketing planning and research.

(c) Utilization of feedback

1. Pricing

(a) Meaning;

(b) i Strategies (haggling, cost-plus, demand and

competition);

ii Application of strategies*

(c) Price determinants.

1. Advertising

(a) Definition;

(b) Functions;

(c) Media – meaning, types, advantages and disadvantages.

(d) Production of sample adverts*

1. Sales Promotion

(a) Meaning and Functions;

(b) Forms – price-off, coupons, salesmen competition,

loyalty schemes, premium offers, trade-in-allowance,

sampling, training schemes, and merchandising incentives.

1. Merchandising

(a) Meaning;

(b) Elements (packaging, branding and labeling)

(C) Influencing factors;

(d) Functions.

1. Distribution

(a) Definition;

(b) Channels of distribution (definition and types)

(c) Factors influencing choice of distribution channels

(d) Functions of channel members.

1. Transportation

(a) Meaning, mode, choice and importance

(b) Documents used in transportation;

(c) Factors affecting choice of transportation

1. Warehousing

(a) Meaning, types and functions.

(b) Activities in the warehouse

1. Market Unions and Facilitators

(a) Market Unions (Meaning and types)

(b) Roles of Market Unions in local markets;

(c) Market Facilitators – meaning, types and roles.

1. International Marketing

(a) Meaning, importance/reasons and methods of engaging in international marketing,

(b) Influencing factors;

(c) Guiding rules and regulations;

1. ICT in Marketing

(a) E-Marketing (electronic marketing) – meaning, ,importance, uses,ethics and abuses.

1. Entrepreneurship in Marketing

(a) Meaning of entrepreneurship and entrepreneur;

(b) Sources of funds;

(c) Factors affecting location of a market outlet;

(d) Management of market outlets – purchase and supply of goods and services;

(e) Selling and bargaining skills

Follow strictly the instruction on  the Marketing exam paper

Many candidates overlook the instructions given in the exams hall. They think the instructions are not important. this is not good, adhere to the instructions and you will come out the best in your WAEC marketing exams.

How to Pass WAEC Marketing Examination

1. Have a Positive Mindset:

It is obvious that until your mindset is positive, your life will not be positive. As you prepare for WAEC, you must develop a positive mindset towards your fate.

Don’t say, “WAEC is very hard I don’t know whether I will pass” and don’t believe anyone that says you cannot pass WAEC 2023 on your own.

Have the mentality, “If others passed WAEC 2023 in the past, then I will be like them. Refuse to be identified with failure or those that failed in the past.

Even if this year’s WAEC Exam is not your first time, it doesn’t mean that you cannot pass WAEC 2023 marketing this time around.

Sit for marketing 2023/2024 with a refined mindset. Nothing will make you fail WAEC 2022. Until your mindset is positive, your life will not be positive.

2. Avoid Bad Companies

If you are really serious about passing WAEC 2023 Marketing, try and avoid bad companies. They will discourage and engage you in activities that will not enhance your success. Remember that their mindset may not correspond to yours.

3. Set Good Targets and Plans:

If you have made up your mind to pass WAEC Marketing 2023, the next thing you should do is set targets. Write down the type of grades you want in WAEC 2023. If you want all As, zero Fs, and Zero Es then you should start planning it now.

Make sure you create a timetable and master plan to achieve your set goals. Remember, it takes nothing to dream but it takes everything to focus on your dream.

4. Get WAEC Marketing Recommended Textbooks 2023:

One of your plans should be getting the WAEC 2023 marketing recommended textbooks. Normally, the West African Examination Council recommends books for the examination.

But apart from WAEC 2023 literature in English where certain novels are compulsory, you are free to use any good textbook to prepare for WAEC 2023 marketing exam.

Some topics are more difficult to understand. If you have any topic you are finding difficult to understand, then get another textbook that will make things simple for you.

5. Get WAEC Marketing Past Question:

This is a very good plan. Since WAEC 2023 and WAEC 2023 are of the same standard, you could use the same past questions to study for both.

If you are confused about how to get WAECpast questions. They are sold in good bookshops around. It is possible that the school where you registered could offer to give you some current past questions that will help you in WAEC 2023.

6. Start Preparing for WAEC Marketing 2023 :

Stop wasting your time. Now that you have gotten textbooks and past questions, the next thing is to begin your reading. Early reading and practice are good for you; you will pass well on WAEC 2023.

7. Avoid Skipping Examples and Exercises:

It is very unfortunate that Secondary school students are fond of skipping exercises and even examples while studying textbooks.

They loved notebooks so much that they could ask, “can I read my Marketing, Mathematics, etc notebooks and pass WAEC 2023?”

Don’t be scared of attempting exercises; they are there to help you. Face it and overcome it!

8. Test Yourself on WAEC Marketing Questions and Answers

This is a good practice. Once in awhile, answer full one year Marketing past questions on your own without checking the answers. Then mark to see your score. This will help you in many aspects.

9. Do Constant Practice:

Don’t get discouraged when certain topics are annoying, keep on practicing until you master everything. Never give up and never say never. Keep on keeping on….

10. Create Time for Recreation

Create time for yourself where you play and ease off stress. Do not overwork yourself; it can make you waste time unnecessarily. Once you work more than necessary, you are not gaining anything.

If you have any questions about WAEC 2023 Marketing Questions and Answers, kindly let us know in the comment box.

Last Updated on June 22, 2023 by Admin