JAMB Past Questions and Answers - Page 9

In the field of marketing, channels of distribution indicates routes or pathways through which goods and services flow, or more from producers to consumers. A channel of distribution is a path traced in the direct or indirect transfer of ownership of a product as it moves from producers to consumers. The transportation, retailing or wholesaling of goods wouldnt be possible without the manufacturing industry to actually transform this raw materials to consumables. 

In law, a liquidator is the officer appointed when a company goes into winding-up or liquidation who has responsibility for collecting in all of the assets under such circumstances of the company and settling all claims against the company before putting the company into dissolution. 

Sales Promotion is one of the elements of the promotional mix.. Sales promotion uses both media and non-media marketing communications for a pre-determined, limited time to increase consumer demand, stimulate market demand or improve product availability. it means taking a product to a particular location in order to ascertain people's reaction to it.

Consumer sovereignty is an economic concept which refers to the controlling power of consumers, over the custodians of scarce resources, in what final products should be produced. Sometimes the term consumer sovereignty is also used as a hypothesis that the production of goods and services is determined by the consumers' demand. The power of consumers to determine what goods and services are produced. The theory suggests that consumers, not producers, are the best judge of what products benefit them the most.

The chain of command within an organization that confers the power to order subordinates to perform a task within their job description. The line of authority within a business establishes who is in charge of giving who orders, and it contributes to the efficient attainment of the company's objectives when properly used.