WAEC Marketing Past Questions & Answers

Marketing mix is a collection of controllable factors that can be used to influence the bahaviour of customers or consumers. The elements are: price, place, promotion or product.

Sales promotion is important because it enables a business to stimulate demand for its products. Sales promotion activities are designed to attract customers, increase sales, and create interest in a company's products or services. By offering incentives, discounts, special deals, or other promotional activities, businesses can encourage customers to make purchases, try new products, or become repeat buyers. Sales promotion helps create a sense of urgency or excitement around a product, which can lead to increased customer interest and demand. Ultimately, sales promotion helps businesses generate sales, boost revenue, and build customer loyalty.

Accessibility to good roads: Muyi would want the poultry business to be located in an area with good road infrastructure. This would facilitate the transportation of poultry products to the market and ensure efficient delivery and distribution. Good roads would also make it easier for customers, suppliers, and employees to access the business.

Based on the information provided, Muyi, who sets up a poultry business upon retirement from the civil service, can be considered an entrepreneur. An entrepreneur is an individual who takes the initiative to start and operate a new business venture, assuming the associated risks and rewards. Muyi's decision to start a poultry business demonstrates his entrepreneurial spirit and willingness to invest his time and resources in a new venture.

The source of financing options available to a provision store owner include:

Personal Savings: The owner can use their personal savings to invest in or expand their provision store. This option allows them to have full control over the business without taking on any external debt or diluting ownership.

Bank Loans: The provision store owner can approach a bank or financial institution to secure a loan. They can use the loan funds to meet various business needs such as purchasing inventory, expanding the store, or covering operating expenses. The terms and conditions of the loan, including interest rates and repayment terms, will depend on the store owner's creditworthiness and the policies of the lending institution.

Trade Credit: The store owner can negotiate favorable credit terms with suppliers. This means that they can purchase inventory on credit and pay for it at a later date, which helps improve cash flow and working capital. Negotiating longer payment terms can provide temporary financing for the store's operations.

Leasing: The provision store owner can consider leasing equipment, such as refrigerators, shelving units, or point-of-sale systems, instead of purchasing them outright. Leasing allows the owner to conserve their capital and make regular lease payments over a specified period. It can be a more cost-effective option in terms of upfront expenses.

Crowdfunding: The owner can explore crowdfunding platforms where individuals contribute small amounts of money to support a business idea or venture. Crowdfunding can be an effective way to raise funds and generate interest in the provision store. However, it requires a compelling pitch and marketing effort to attract potential backers.