JAMB Past Questions and Answers - Page 7

In the marketing mix, the process of moving products from the producer to the intended user is called place. In other words, it is how your product is bought and where it is bought. This movement could be through a combination of intermediaries such as distributors, wholesalers and retailers. In addition, a newer method is the internet which itself is a marketplace now.

A trade association is a voluntary organization of independent business units in the same branch of industry, which conducts co-operatively activities aimed at improving the welfare of the group, which does not deprive its members of the power to make essential managerial decisions.”Trade associations are formed by businesses which are engaged in same or similar trade. They are organized on a non-profit basis. Trade associations are formed for the protection and promotion of business interests of its members.

The basic difference is Industrial market (Factor Market) is the market which produces goods and services, with inputs like labour, land, and machinery and these goods are consumed by Consumers in Consumer Market (Product Market) .

 In Consumer Market , the buyer is always the end consumer of goods where as in Industrial Market , the buyer is not the end user of goods rather the one who will be procesisng it further to make it available for the end users .

 In a consumer market the consumer uses the product for personal use but in an industrial market the industry uses the products as supplys or/ and to do operations.

An underwriter is any party that evaluates and assumes another party's risk for a fee, such as a commission, premium, spread or interest. Underwriters operate in many aspects of the financial world, including the mortgage industry, insurance industry, equity markets, and common types of debt securities.

Excises are often associated with customs duties (which are levied on pre-existing goods when they cross a designated border in a specific direction); customs duties are levied on goods which come into existence – as taxable items – at the border, while excise is levied on goods which came into existence inland . That is to say, An excise duty is a type of tax charged on goods produced within the country (as opposed to customs duties, charged on goods from outside the country).