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[8/18, 11:01 AM] Donprosper: *2021 WAEC MARKETING VERIFIED ANSWERS*
(i) It provides an edge for the company’s product in the competitive market
(iii) It boosts the business image of the company and strengthen the quality of its brand
(iv) It stimulates the company’s sales thereby increasing profit
(i) Nature of the product
(ii) Cost of the service
iii) Speed of Transport
(iv) Safety and security of the products
(i) To identify the problem areas in the company.
(ii) To understand the needs of existing customers and why they choose the services of the
company over competitors.
(iii) To identify new business opportunities and changing market trends.
(iv) To recognize new areas for expansion, and increase customer base.
(v) To develop new, effective strategies by understanding the market based on market research
(i) Define the Problem or Opportunity
(ii) Develop The Marketing Research Plan.
(iii) Collect Relevant Data and Information.
(iv) Analyze Data and Report Findings
(v) Put The Research Results into Action
(i) Name of product
(ii) Expiry date
(v) Manufacturer’s contact details
(vi) Direction/Instruction for usage
(i) It gets consumer attention quickly
(ii) It helps for brand recognition
(iii) It creates a unique identity of the product
(i) It reaches a wide audience
(ii) It grabs attention by combining sight and sound
(iii) It allow advertisers to create a long lasting and memorable brand and corporate image
(iv) It generate emotional responses from the viewer thereby increasing viewer trust for the product
(i) Organizational buying behaviour involves purchasing goods and services to produce another
good with the intention of reselling it while Consumer buying behaviour is where the final consumer
buys goods and services for the personal consumption
(ii) In organizational buying behaviour, decisions are frequently made by several people while
decisions are usually made by individuals in consumer buying behaviour
(iii) In Organizational buying behaviour, it may engage in lengthy decision process while in
Consumer buying behaviour, Individual may make quick decision in purchasing.
iv) In Organizational buying behaviour, the buying is done in large quantity while in Consumer
buying behaviour, individuals buys only the necessary quantity of goods which is usually small.
(i) Technological factors
(iii) Organizational structure
(i) Technological factors:Technological factors also affect organizational behavior. This includes
level of technology, pace of technology,technology transfer etc. E-commerce as well as
information technology has got revolutionary change. It has directly affected organizational buying
(ii) Policies:Purchasing or buying policy also effects organizational buying behavior. Goods should
be purchased according to buying policy of the organization. If the organization has the policy of
buying indigenous goods, the buyer cannot buy foreign goods. If the purchasing policy is silent in
this matter, whichever goods, foreign or indigenous, can be purchased as desired
(iii) Organizational structure: Organizational structure defines authority and relations which directly
affects buying behavior. In some organizations, goods or services are purchased by direct order of
chief executive while in some other organizations, goods or services are bought through purchase
department. So, buying behavior is affected by organizational structure.
[8/18, 2:27 PM] Donprosper: Bookkeeping-THEORY
expense is the cost of operations that a company incurs to
generate revenue. As the popular saying goes, “it costs
money to make money.
Revenue generated from normal business operations and
includes discounts and deductions for returned
merchandise. It is the top line or gross income figure from
which costs are subtracted to determine net income
loss is a decrease in net income that is outside the normal
operations of the business. In other Words losses can
result from a number of activities such as; sale of an asset
for less than its carrying amount, the write-down of assets,
or a loss from lawsuits.
Capital is the value of the investment in the business by
the owner(s). It is that part of the business that belongs to
the owner; hence it is often described as the owner’s
Stock valuation is the process of determining the current
(or projected) worth of a stock at a given time period.
-CHARACTERS OF FIFO-
(i)it is easy to apply
(ii)the assumed flow of costs corresponds with the normal
physical flow of goods.
-CHARACTERISTICS OF LIFO-
(i)It is used to account for inventory that records the most
recently produced items as sold first.
(ii)The cost of the most recent products purchased (or
produced) are the first to be expensed as cost of goods