NECO Marketing Questions 2024

NECO Marketing Questions are pivotal for exam candidates, assessing their grasp of fundamental marketing concepts and their practical application. These questions delve into various aspects of marketing, including merchandising, historical context, marketing concepts, entrepreneurship, and advertising.

NECO Marketing Questions

(1) Miss Okon has just been employed by a consumer goods manufacturing company to merchandise its products at a retail outlet.

(a) State four elements that would qualify the company’s products to be merchandised at the retail outlet.

(b) State six functions Miss Okon would perform as a merchandiser.

(2a) State five features of the post-independence era and the history of marketing in Nigeria.

(b) Explain the five functions of marketing in Nigeria.

(3a) Explain the following concepts in marketing:

i. product concept;

ii. selling concept;

iii. production concept;

iv. societal marketing concepts.

(b) The product costs N4,000 to produce. The producer decided to sell the product for N6,000. Calculate the:

i. markup;

ii. percentage markup on cost;

iii. percentage markup on the selling price.

(4a) What is entrepreneurship?

(b) State four selling skills required by an entrepreneur.

(5a) What is advertising?

(b) Identify any six means of advertising.

Answers to NECO Marketing Questions

Answer One

(a) (i) Audience Relevance: The product has to be designed to fill the existing gap addressing the preferences and needs of the potential consumers of the retailer

(ii) Quality Assurance: The branded products (which are under the firm’s brand) need to have superior quality to ensure that can live up to the customer’s expectations.

(iii) Competitive Price: For the actual sale, a product should be priced lower than similar products in the market.

(iv) Packaging and Presentation: Instructive markings on the carton that highlight the product’s features, advantages, and use by marking the shelves and making it easy for customers to pick the product up.

(b) (i) Inventory Management: Monitor and regulate inventory to guarantee that stock-outs are avoided and overstocks are regulated, and in turn the availability of products to clients is ensured.

(ii) Visual Merchandising: Use of effective arrangement and illustration so that the products look exciting and attractive, and therefore clients feel like buying them.

(iii) Promotions and Discounts: Develop and execute strategic promotions, discounts, and special offers to increase sales and clear slow-moving inventory.

(iv) Market Research: Gather data on market trends, competitive activity, and customer preferences to develop product mix and merchandising strategies.

(v) Customer Interaction: Interact with customers to know what they want, to solve their problems, and to acquire their feedback to make the shopping experience better.

Answer Two

(2a) (i) Economic Diversification: The economy of Nigeria was diversified to some extent after independence, which generated new avenues for marketing different products via emerging industries.

(ii) Globalization Influence: International interactions enhanced competition within the country, changing the way marketers promoted products locally and internationally.

(iii) Technological Advancements: From the point of independence, technological developments brought marketing new communication, distribution, and data-driven strategies.

(iv) Urbanization and Population Growth: The speedy urbanization and population growth are the factors that have changed consumer behavior, and thus marketers need to pay attention to the needs of the people as they change.

(v) Government Policies and Regulations: The Nigerian government was the main force of marketing in the sense that it directed the policies concerning advertising, pricing, and market entry.

(b) (i) Product Development: Marketing in Nigeria is about creating products that would be useful in different areas and would suit the needs and tastes of the population.

(iii) Market Research: The knowledge of the Nigerian market through research allows marketers to detect the chance and to estimate the competition.

(iv) Distribution Management: In Nigeria with its geographical diversity, the efficient channels of distribution are important.

Answer Three

(3a) (i) Product Concept: Provides a generation process to produce things that are of top quality and which perfectly answer the customers’ needs and tastes.

(ii) Selling Concept: The narrowing of thought to only sell and promote the products has become the main goal.

(iii) Production Concept: It is a direct outcome of the basic concept to drive production and optimize the cost at the same time.

iv. Societal Marketing Concept: It leans back to the issues of the customers and the fact that the health of society cannot be compromised by the environment.

(b) (i) Markup: Selling Price – Cost Price = Markup

N6,000 – N4,000 = N2,000

(ii) Percentage Markup on Cost: (Markup / Cost Price) * 100

(N2,000 / N4,000) * 100 = 50%

(iii) Percentage Markup on Selling Price: (Markup / Selling Price) * 100

(N2,000 / N6,000) * 100 = 33.33%

Answer Four

(4a) Entrepreneurship is the start and run of a business knowing to overcome monetarily motivated risks.

It is a key aspect of business that combines innovative and creative efforts and also entails being conscious and decisive over the right opportunities to grab.

(b) (i) Communication skills

(ii) Negotiation skills

(iii) Customer relationship

(iv) Understanding customer needs

(c) (i) Market Research: They periodically perform research on the market to grasp what tendencies are in the focusing industry.

(ii) Financial Management: They do it by helping to create and implement budgets, cash flow management, financial planning, and so on.

(iii) Planning: They prepare and apply a business plan which emphasizes the overall strategy of the business operations.

(iv) Networking: They cultivate and make strong connections with professionals within their field.

Answer Five

(5a) Advertising is a promotional activity that involves creating and disseminating messages to a target audience through various media channels.

(b) (i) Television Advertising

(ii) Print Advertising

(iii) Online Advertising

(iv) Radio Advertising

(c) (i) Cost: Advertising can be expensive, especially for businesses with limited budgets, and there is no guaranteed return on investment.

(ii) Credibility Concerns: Consumers may view advertising with skepticism, as they recognize the promotional intent, leading to credibility challenges.

(iii) Potential for Misleading Information: Some advertisements may contain misleading or exaggerated information, leading to distrust among consumers.

Conclusion

NECO Marketing Questions assess candidates' understanding of core marketing principles and their ability to apply them in practical scenarios. A comprehensive grasp of merchandising, historical context, marketing concepts, entrepreneurship, and advertising is essential for success in the examination. By mastering these concepts and practicing real-world applications, candidates can approach the exam with confidence, paving the way for academic achievement.

NECO Marketing Questions 2024