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SECTION A: ANSWER ALL QUESTIONS
(1)
Micro-environment refers to the immediate, small-scale external factors or elements that directly influence an organization’s operations, performance, and decision-making processes.
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(2)
Market segmentation is the process of dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors that might require separate marketing strategies or approaches.
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(3)
(PICK FOUR ONLY)
(i) Internal environment
(ii) Microenvironment
(iii) Macroenvironment
(iv) Market environment
(v) Economic environment
(vi) Technological environment
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(4)
(PICK FOUR ONLY)
(i) Product
(ii) Price
(iii) Place
(iv) Promotion
(v) People
(vi) Process
(vii) Physical evidence
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(5)
Consumer goods refer to products purchased by individuals for personal use or consumption. They are produced and marketed for the general population, targeting individual consumers rather than businesses. Consumer goods can be further classified into durable goods, nondurable goods, and services. Their demand is influenced by factors like consumer preferences, income levels, and advertising strategies.
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(6)
(PICK FOUR ONLY)
(i) Demographic segmentation: This involves dividing the market based on variables such as age, gender, income, education, occupation, and more.
(ii) Psychographic segmentation: This segmentation is based on factors like lifestyle, attitudes, values, interests, and personality traits of the consumers.
(iii) Behavioral segmentation: This segmentation strategy divides consumers based on their behavior towards a product, including usage rate, benefits sought, loyalty status, and occasion of use.
(iv) Geographic segmentation: Market division based on geographic boundaries such as regions, countries, cities, or climate zones.
(v) Occasion segmentation: Dividing the market based on occasions when consumers may purchase or use a product, such as holidays, events, or specific times of the year.
(vi) Benefit segmentation: Segmenting the market based on the specific benefits or solutions that customers seek from a product or service.
(vii) Usage rate segmentation: Dividing customers based on the frequency or amount of product usage, distinguishing between heavy users, moderate users, and light users.
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(7)
(PICK FOUR ONLY)
(i) Cultural factors: Cultural background, subculture, social class, and cultural norms influence buyer behavior.
(ii) Social factors: Reference groups, family, social status, and roles impact how individuals make purchasing decisions.
(iii) Personal factors: Age, occupation, lifestyle, personality, and self-concept play a role in shaping buyer behavior.
(iv) Psychological factors: Motivation, perception, beliefs, attitudes, and emotions can influence consumer choices.
(v) Economic factors: Income level, price perception, economic conditions, and spending habits affect purchasing behavior.
(vi) Marketing mix: Product, price, place, and promotion strategies employed by businesses can greatly influence buyer behavior.
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(8)
(PICK FOUR ONLY)
(i) Direct Sales: Selling products directly to customers without any intermediaries.
(ii) Retailers: Products sold through physical or online retail stores.
(iii) Wholesalers: Selling in bulk quantities to retailers or other businesses.
(iv) Distributors: Independent agents that sell products on behalf of the firm.
(v) Online Marketplaces: Utilizing platforms like Amazon or eBay to reach customers.
(vi) Agents and Brokers: Independent entities that facilitate sales transactions.
(vii) Franchising: Partnering with individuals or businesses to distribute products under the firm’s brand.
(viii) Direct Marketing: Selling products through catalogs, telemarketing, or direct mail.
(9)
(PICK FOUR ONLY)
(i) Providing financial and technical assistance to developing countries for development projects.
(ii) Conducting research and analysis on economic and social issues affecting developing countries.
(iii) Offering advice and policy recommendations to governments on poverty reduction and sustainable development.
(iv) Supporting capacity building and institution building in developing countries.
(v) Promoting investments in infrastructure and human capital development.
(vi) Assisting countries in managing risks and addressing crisis situations.
(vii) Monitoring and evaluating the impact of development projects and programs.
(10)
(PICK FOUR ONLY)
(i) Right to Safety
(ii) Right to be Informed
(iii) Right to Choose
(iv) Right to be Heard
(v) Right to Seek Redressal
(vi) Right to Consumer Education
(vii) Right to a Healthy Environment.
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SECTION B: ANSWER FIVE QUESTIONS FROM THIS SECTION, CHOOSING AT LEAST ONE QUESTION FROM EACH PART.
PART I
(11a)
International marketing refers to the process of planning and executing the conception, pricing, promotion, and distribution of goods, services, and ideas across national borders to satisfy the needs of individuals or organizations in different countries.
(11b)
(PICK FOUR ONLY)
(i) Cultural Differences: International marketers must understand the cultural diversity of different countries, which can impact consumer behavior, communication, and product preferences. Misunderstanding or overlooking cultural norms can result in marketing blunders or failures.
(ii) Legal and Regulatory Barriers:Each country has its own legal framework, regulations, and trade restrictions, which can vary greatly. International marketers face challenges in navigating these laws, including tariffs, import or export restrictions, intellectual property laws, and local business practices.
(iii) Economic Factors: Economic conditions such as income levels, inflation rates, currency exchange rates, and economic stability can vary between countries. These factors influence consumer purchasing power and demand, requiring marketers to adjust their strategies accordingly.
(iv) Political Instability: Political factors, such as changes in government, civil unrest, or political instability, can disrupt business operations and trade in foreign markets. Marketers must be prepared for the risks posed by unstable political environments in some regions.
(v) Logistical and Distribution Issues: Managing the movement of goods across borders can be complicated by transportation issues, customs procedures, supply chain management, and varying standards of infrastructure.
(vi) Currency Exchange Risk: Fluctuations in currency exchange rates can affect pricing, profitability, and financial planning for international marketers. Currency risk can lead to losses if exchange rates move unfavorably during a transaction or throughout the business cycle.
(vii) Competitive Pressures: Global competition can be intense, especially in markets where local and international players compete for market share. Marketers must constantly adapt to the actions of competitors, both domestic and international, and differentiate their products effectively to maintain a competitive advantage.
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(12a)
Distribution refers to the process of making a product or service available to consumers or business users. It involves a series of steps and activities through which goods or services move from the producer to the final customer, including the management of logistics, transportation, and sales channels.
(12b)
(PICK FOUR ONLY)
(i) Market Coverage
(ii) Cost
(iii) Control
(iv) Speed of Delivery
(v) Product Characteristics
(vi) Target Market Preferences
(vii) Channel Relationships
(12c)
(PICK FOUR ONLY)
(i) Market Coverage: This criterion focuses on how well the distribution channel reaches the intended market. It involves deciding whether to use intensive, selective, or exclusive distribution based on the geographic reach and target audience size.
(ii) Cost: The financial implications of each distribution channel, including transportation, storage, and intermediary commissions, must be considered. Companies choose a distribution channel that aligns with their budget and cost-efficiency objectives.
(iii) Control: Businesses may want to maintain control over the marketing and distribution process. Some channels allow direct control, while others may involve third-party distributors, which could limit control over branding and customer interaction.
(iv) Speed of Delivery: The ability to quickly deliver products to the market is important, especially for time-sensitive goods. The choice of distribution channel will affect how fast products can be transported and delivered to the consumer.
(v) Product Characteristics: The nature of the product influences channel selection. For example, perishable goods may require fast, direct channels, while durable products might be distributed through longer or more complex supply chains.
(vi) Target Market Preferences: The preferences of the target market regarding convenience, service levels, and buying experience must be considered. Some customers may prefer shopping online, while others prefer physical stores or a combination of both.
(vii) Channel Relationships: Building strong, reliable relationships with intermediaries is essential for smooth operations. These relationships can affect the channel’s effectiveness in reaching customers and maintaining brand value.
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(13a)
Labeling refers to the process of attaching or printing information about a product on its packaging or container. It provides consumers with essential details such as the product’s name, ingredients, instructions for use, warnings, expiration dates, and the manufacturer’s information.
(13b)
(PICK FOUR ONLY)
(i) Identification: Branding helps in identifying a product or company, making it recognizable in the marketplace. A strong brand stands out and allows customers to easily identify the product among competitors.
(ii) Differentiation: A well-established brand differentiates its products from competitors, highlighting unique features or qualities that attract specific customer segments.
(iii) Quality Assurance: Brands often signify a certain level of quality, reassuring customers that they can expect consistency and reliability in the product or service offered.
(iv) Customer Loyalty: Strong branding creates emotional connections with consumers, which can lead to repeat purchases and long-term customer loyalty. Customers tend to return to brands they trust and identify with.
(v) Prestige and Image: Branding shapes a company’s image, influencing how it is perceived by the public. A strong, positive brand can enhance the prestige and reputation of the company or product.
(vi) Legal Protection: A brand can be legally protected through trademarks, ensuring that competitors cannot copy or use the brand’s name, logo, or distinctive features without permission.
(vii) Competitive Advantage: A well-managed brand provides a competitive edge in the market, making it harder for competitors to replicate or challenge the brand’s market position.
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(14)
(PICK SIX ONLY)
(i) Cost of Production: The cost of raw materials, labor, and overheads directly impacts the pricing strategy. A company needs to ensure the price covers production costs and includes a profit margin.
(ii) Demand for the Product: Higher demand allows businesses to set higher prices. When demand is low, businesses may reduce prices to stimulate sales or increase volume.
(iii) Competition: The pricing strategies of competitors play a major role. A company might adjust its prices to remain competitive or to differentiate its products from those of its rivals.
(iv) Market Conditions: General market conditions, including inflation, supply and demand imbalances, and economic stability, influence pricing decisions. In a strong economy, businesses may set higher prices, while in a recession, they may lower them.
(v) Consumer Perception of Value: How consumers perceive the value of a product influences how much they are willing to pay for it. If consumers see a product as high quality or unique, they may accept a higher price.
(vi) Economic Environment: Broader economic factors, such as inflation, interest rates, and income levels, impact pricing. Economic downturns often push companies to lower prices, while periods of growth may lead to higher prices.
(vii) Government Regulations and Policies: Government-imposed price controls, taxes, tariffs, or subsidies can affect how a company sets its prices. These regulations may limit how high or low prices can be set.
(viii) Distribution Costs: The cost of getting the product to consumers, such as transportation, warehousing, and retailer commissions, is an important factor in pricing. High distribution costs may lead to higher prices.
(ix) Branding and Positioning: Strong brands with a premium position in the market can often command higher prices due to customer loyalty and perceived quality. A company’s branding strategy can influence how much it can charge.
(x) Target Market: The characteristics and purchasing power of the target market significantly affect pricing. Luxury products targeted at affluent consumers can be priced higher, while mass-market products need to be priced more competitively.
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PART II
(15a)
(PICK FOUR ONLY)
(i) Commercial Banks
(ii) Central Banks
(iii) Savings and Loan Associations
(iv) Credit Unions
(v) Investment Banks
(vi) Insurance Companies
(vii) Microfinance Institutions
(15bi)
-COMMERCIAL BANKS-
(PICK TWO ONLY)
(i) Accepting Deposits: Commercial banks provide a safe place for individuals, businesses, and governments to deposit their money in various types of accounts such as savings, checking, and fixed deposits.
(ii) Providing Loans and Credit: Banks lend money to individuals, businesses, and governments for purposes such as personal loans, mortgages, and business expansion. They earn interest on these loans.
(iii) Facilitating Payments: Commercial banks facilitate the transfer of money between individuals and businesses through checks, debit cards, and online banking services.
(iv) Currency Exchange: Banks provide foreign exchange services, allowing customers to buy and sell foreign currencies for travel, trade, and investment purposes.
(v) Investment Services: Commercial banks offer various investment products such as mutual funds, retirement accounts, and wealth management services to help customers grow their savings.
(15bii)
-CENTRAL BANK=
(PICK TWO ONLY)
(i) Monetary Policy Implementation: The central bank regulates the money supply and interest rates to control inflation, stabilize the currency, and foster economic growth.
(ii) Issuer of Currency: The central bank is responsible for issuing and controlling the national currency, ensuring its stability and reliability as a medium of exchange.
(iii) Banker’s Bank: The central bank acts as a bank for commercial banks by providing them with loans, managing reserves, and settling interbank transactions.
(iv) Government’s Banker: The central bank manages the accounts of the government, including handling government transactions, managing national debt, and controlling public funds.
(v) Regulator of the Banking System: The central bank supervises and regulates commercial banks and financial institutions to maintain the stability of the financial system and prevent systemic risks.
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(16a)
A budget is a financial plan that outlines expected revenues and expenditures over a specific period, usually a year. It serves as a tool for managing finances by setting priorities, allocating resources, and ensuring that spending aligns with available income or funding.
(16b)
(PICK FOUR ONLY)
(i) Low Tax Revenue: Governments often face difficulties in financing expenditures when tax revenues are low due to either an inefficient tax system, a small tax base, or poor compliance. This limits available funds for public spending.
(ii) High Debt Levels: When a government has high levels of existing debt, it may be unable to raise additional funds through borrowing, or borrowing costs may be too high. Servicing existing debt can consume a significant portion of the budget, leaving less for other expenditures.
(iii) Inflation: Inflation can reduce the purchasing power of government funds. As prices rise, the cost of providing services and infrastructure increases, and if revenue doesn’t keep up with inflation, funding shortages can occur.
(iv) Political Instability: Political uncertainty and changes in government can affect financial decision-making and disrupt the allocation of funds. Frequent changes in policies or leadership can lead to delays in the approval and execution of budgets.
(v) Economic Recession: During economic downturns, government revenues often decline due to lower incomes and reduced business activity. At the same time, the need for government spending may rise, creating a financing gap.
(vi) Corruption and Mismanagement: Misuse or diversion of public funds through corruption or poor management can prevent the efficient use of available resources, exacerbating financial difficulties in government expenditure.
(vii) Foreign Exchange Shortages: Governments that rely on imports or foreign loans may face financing difficulties if there is a shortage of foreign currency. This can hinder the ability to pay for international obligations or acquire necessary goods and services from abroad.
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(17a)
International Monetary Fund (IMF): The IMF is an international financial institution that provides financial assistance and advice to member countries facing economic instability. It aims to promote global monetary cooperation, secure financial stability, facilitate international trade, and reduce poverty around the world.
(17b)
Nigerian Trust Fund (NTF): The Nigerian Trust Fund is a financial initiative established by the African Development Bank (AfDB) to provide concessional loans to Nigeria. It aims to support the country’s development projects, particularly in infrastructure and poverty reduction.
(17c)
International Finance Corporation (IFC): The IFC is a member of the World Bank Group that focuses on private sector development by providing investment and advisory services to businesses and industries. It aims to foster economic growth and reduce poverty through private investments, particularly in developing countries.
(17d) Commonwealth Development Corporation (CDC): The CDC, now known as British International Investment (BII), is the UK’s development finance institution. It invests in private enterprises and infrastructure projects in developing countries to promote sustainable economic development, reduce poverty, and improve living standards.
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PART III
(18a)
(PICK SIX ONLY)
(i) Bill of Lading
(ii) Commercial Invoice
(iii) Proforma Invoice
(iv) Packing List
(v) Certificate of Origin
(vi) Letter of Credit
(vii) Insurance Certificate
(viii) Import/Export License
(ix) Customs Declaration
(x) Health and Safety Certificate
(18b)
(PICK SIX ONLY)
(i) Bill of Lading: This is a contract between the seller and the carrier, providing proof of shipment and receipt of goods. It details the goods being transported, the shipper, and the consignee. It serves as a receipt for goods and a document of title for transfer of ownership.
(ii) Commercial Invoice: This is a bill provided by the seller to the buyer, detailing the goods or services sold, their quantity, price, and the terms of sale. It is used by customs authorities to assess duties and taxes.
(iii) Proforma Invoice: This is a preliminary invoice provided by the seller before the sale is completed, usually for customs or import licensing purposes. It outlines the goods or services to be delivered and their expected price.
(iv) Packing List: This document provides detailed information about the contents of a shipment, including the number of packages, their dimensions, weight, and description. It helps customs officials and buyers inspect the goods upon arrival.
(v) Certificate of Origin: This document certifies the country where the goods were manufactured or produced. It is required by customs authorities to determine tariffs or duties on imported goods.
(vi) Letter of Credit: This is a financial document issued by a bank on behalf of a buyer, guaranteeing payment to the seller provided certain terms and conditions are met. It reduces the risk of non-payment in international transactions.
(vii) Insurance Certificate: This document proves that the goods being shipped are insured against potential risks such as damage or loss during transit. It is typically required by the buyer or financial institutions to ensure the goods are protected.
(viii) Import/Export License: This is a government-issued document that allows a company to legally import or export goods. It ensures compliance with the regulations and restrictions of the importing or exporting country.
(ix) Customs Declaration: This is a statement required by customs authorities, detailing the nature of the goods being imported or exported. It helps customs assess tariffs and ensure the proper classification of goods for regulatory purposes.
(x) Health and Safety Certificate: This document certifies that the goods being traded, especially food, medicine, and chemicals, meet the health and safety standards of the importing country. It is required to ensure that products are safe for consumers.
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(19a)
=IMPORT TRADE=
(PICK TWO ONLY)
(i) Import trade involves bringing goods and services into a country from abroad.
(ii) It is primarily aimed at acquiring goods or services that are not available or are scarce within the domestic market.
(iii) Import trade results in the outflow of the domestic currency to foreign countries.
(iv) It can lead to a trade deficit if imports exceed exports.
(v) Domestic consumers benefit from imports due to product variety, lower prices, and access to goods not locally produced.
=EXPORT TRADE=
(PICK TWO ONLY)
(i) Export trade involves sending goods and services from one country to another for sale.
(ii) It is aimed at selling domestically produced goods to foreign markets for revenue generation.
(iii) Export trade results in the inflow of foreign currency into the domestic economy.
(iv) It can lead to a trade surplus if exports exceed imports.
(v) Domestic producers and manufacturers benefit from exports as it opens up international markets for their products and helps in generating foreign exchange.
(19b)
(i) Visible Trade: This refers to the trade of physical goods that can be seen, touched, and measured, such as raw materials, machinery, and finished products. It involves the import and export of tangible commodities.
(ii) Invisible Trade: This refers to the trade of services or intangible items that are not physically traded but involve economic transactions. Examples include banking services, tourism, insurance, royalties, and intellectual property.
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(20a)
(PICK SIX ONLY)
(i) Devaluation of Currency
(ii) Foreign Exchange Controls
(iii) Reducing Imports
(iv) Increasing Exports
(v) Imposing Tariffs and Quotas
(vi) Encouraging Foreign Direct Investment (FDI)
(vii) Tightening Monetary Policy
(viii) Increasing Interest Rates
(ix) Obtaining Foreign Loans
(x) Securing International Aid
(20b)
(PICK SIX ONLY)
(i) Devaluation of Currency: A country may devalue its currency to make its exports cheaper and more competitive in the global market, thus increasing export revenue. At the same time, it makes imports more expensive, which can reduce the import bill.
(ii) Foreign Exchange Controls: The government may impose restrictions on the availability or use of foreign currency to control capital outflows and stabilize the currency. This helps conserve foreign exchange reserves and address balance of payment issues.
(iii) Reducing Imports: To address a trade deficit, a country may reduce imports by limiting the number of goods entering the market, either by voluntary agreements, or through trade restrictions, in order to balance the outflow of funds.
(iv) Increasing Exports: A country can focus on boosting its export sector through incentives, subsidies, or improving product competitiveness. More exports help bring in foreign currency, improving the balance of payments.
(v) Imposing Tariffs and Quotas: The government can impose tariffs or quotas on imported goods to reduce the volume of imports, making foreign goods more expensive or limiting their availability in the domestic market.
(vi) Encouraging Foreign Direct Investment (FDI): By attracting foreign investors, a country can increase foreign capital inflows, which can help improve its balance of payments through investment in infrastructure, businesses, and industries.
(vii) Tightening Monetary Policy: Increasing the reserve requirements for banks or reducing money supply can help control inflation and stabilize the currency. This policy also encourages savings and reduces domestic consumption, which can improve the balance of payments.
(viii) Increasing Interest Rates: Raising interest rates can attract foreign capital inflows by offering higher returns on investments. This can help to increase foreign reserves and address balance of payment issues, though it may also reduce domestic spending.
(ix) Obtaining Foreign Loans: Countries facing a balance of payments problem may borrow money from international lenders to bridge the gap and stabilize their economy in the short term.
(x) Securing International Aid: A country can seek financial assistance or grants from international organizations or foreign governments. This aid can be used to stabilize the country’s economy, enhance foreign reserves, and address balance of payment problems.
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