WAEC Marketing Questions and Answers 2023/2024 (Theory/Objectives)

Is 2023/2024 WAEC marketing questions and answers for marketing out? Yes, the WAEC marketing questions and answers for 2023 are out. All free answers on this particular paper are available. The West African Examination Council (WAEC) examination paper for marketing is now out. All marketing students can now access the full answers on this website for free. WAEC is an examination body that set questions yearly from areas students should, after their studies in senior secondary school, be able to write and pass without stress.

In this content below, we will provide you some of the correct, likely and past questions which will you help in writing your marketing WAEC Examination. Past question will help you to understand the nature of the examination you’re about to write and give you more knowledge which will enable you to pass with high grades.

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WAEC 2023/2024 Marketing Answers to Questions (Expo)

WAEC Marketing Questions and Answers 2023/2024 to OBJ/ESSAY will be posted here a night before your exams.

WAEC Marketing Answers 2023 Loading…

WAEC Marketing Obj Questions and Answers

Today’s WAEC Marketing Answers:

OBJ Answers:

01-10 ABBDBBBCDD

11-20 ABDDCDCCBA

21-30 ACDABBBCAD

31-40 ACDABBBCBA

WAEC Marketing Theory Questions and Answers 2023

———1ai)
Entrepreneurship is the act of coordinating the factors of production in a manner that makes a business venture profitable.

(1aii)
(i) Personal savings.
(ii) Loan and overdraft
(iii) Trade credit
(iv) Loan from cooperatives society

EXPLANATIONS:
(i) Personal savings: This is the funds put together by the entrepreneur.
(ii) Loan and overdraft: This is the funds from commercial banks.
(iii) Trade credit: This is the arrangement to receive goods and make payment in future date.
(iv) Loan from cooperatives society: This is the funds contributed via cooperative societies

(1b)
(PICK ANY SIX)
(i) Availability of customers.
(ii) Nearness to targeted customers.
(iii) Availability of road network.
(iv) The size of population.
(v) Availability and nearness to manufacturing plant.
(vi) Nearness to wholesaler and retailers.
(vii) Availabilty of raw materials
(viii) Availability of basic infrastructure
(ix) Economic policy

No 2 (a)

Marketing can be defined as the process of communicating the value of a product or services to customers. It is also a process by which companies create customer interest in products or services.

(2aii)
(Pick Any Six)

(i)Risk bearing
(ii)financing
(iii)storage/warehousing
(iv)Buying/selling/Exchange
(v)Grading and standardizing
(vi) Marketing information Research
(vii) Transportation.

(2b)
(i)Production concept: The production concept is the idea that a firm should focus on in relation to those products that it could product most efficiently. This concept focusses more on solving the problems l of production and little concern for the public satisfaction.

(ii) Product concept: This concept assumes that customers will favour those products that offer the most quality for the price and therefore it is important for companies to produce quality products. It explains that customers are primarily interested in product quality.

(iii)The selling concept: Production of goods does not mean assure sales most times. The sales concept paid little attention to whether if the product was actually needed; the goal simply was to beat the competition to the sale with little regard to customer satisfaction.

(iv) Marketing concept: Marketing concept focusses on increasing a company’s ability to compete and achieve maximum profits by marketing the ways in which it offer better value to customers than its competitors. This concept lay emphasis on marketing management with the twin goals of customer orientation and profitable sales volumes.

(4ai)
Need: These are basic human requirements. They are the basic forces that motivate a person to think about and do something/take action.

(4aii)
Wants: These are things which you wish to have but they are not above your need.  wants also refers to a wish or desire to own goods and services that give satisfaction

(4aiii)
Exchange:This means the act of obtaining a needed/wanted object by offering something in return. It is a value of creating process.

(4aiv)
Demand: This is the want for a specific product backed by an ability to pay. It’s also consumer’s desire to purchase goods and services and willingness to pay a price for a specific good.

(4av)
Transaction: Transaction us an exchange between two things of value on agreed conditions and time and place of agreement.

(5a)

(Pick any four)

(i)Marketing planning provides direction for all organization marketing effort

(ii)Marketing planning help organization to raise finance for capital expenditure

(iii)Marketing planning prevents time wasting on ineffectual marketing activities.

(iv)It save money by helping to ensure that the marketing budget is spent effectively

(5b)

(5bii)

(i)overseeing trade agreement

(ii)Reducing trade barriers

(iii)Reducing worldwide tariffs

(iv)Mediating dispute

(6a)

(Pick any Four)

(i)Derived Demand.

(ii)High concentration of production

(iii)Direct channel of distribution

(iv) Few Buyers And Large Volume.

(6b)

(i)Industrial market: It involves set of all

individuals and organizations that acqu

goods and services that enter into the

production of other products or service

that are sold, rented, or supplied to oth

(ii)Reseller market:A market consisting wholesalers and retailers who buy products for resale purposes.Resellers buy finished goods and resell them to next level in a given distribution chann

(iii)Government market: A government market is a market where the main buy are federal, state, and local governmen organizations. They purchase goods or services from private businesses.

(6b)

(i)Industrial market: It involves set of all individuals and organizations that acquire goods and services that enter into the production of other products or services that are sold, rented, or supplied to others.

(ii) Reseller market:A market consisting of wholesalers and retailers who buy products for resale purposes.Resellers buy finished goods and resell them to next level in a given distribution chart

WAEC Marketing Past Questions and Answesr

(1a)

(Choose Any Five)

(i)Rent Rates & Taxes.

(ii)Workforce Availability, Labor Skills & Costs.

(iii)Roads, Highways & Traffic Flow.

(iv)Proximity to Airport, Railway Stations & Ports.

(v)Markets & Local – Environment Factors.

(vi)Building Availability & Utility costs.

(1b)

(i)Receiving: operations that involve the assignment of trucks to docks, the scheduling and execution of unloading activities.

(ii)Storing: material’s movement from unloading area to its designated place in inventory.

(iii)Order Picking: the process of obtaining the right amount of the right products for a set of customer orders.

(iv)Shipping: execution of packing and truck’s loading after picking, involving also the assignment of trucks to docks

(v)Delivery: the transit time for transportation from the warehouse to the customer.

(2a)

(i) By chatting with unknown people

(ii)By sending and receiving pornography

(iii)By using bad language for e marketing

(iv)By pretending to be someone else

(v)By changing the internet address

(vi)By changing the voice mode while chatting

(2b)

(i) It will help to reduces the code of advertisement to Ajax LTD

(ii)It will helps the company to track the rate of return on their investment

(iii)It will helps to research on many customers at the same time

(iv)It will enables Ajax LTD to personalize messages effectively

(v)It will helps the company to know the number of their customers effectively.

No 5 (a)

Pick any four)
(i)Marketing planning provides direction for all organization marketing effort
(ii)Marketing planning help organization to raise finance for capital expenditure.
(iii)Marketing planning prevents time wasting on ineffectual marketing activities.
(iv)It save money by helping to ensure that the marketing budget is spent effectively
(v)It helps to identify. prerequisites to planned activities.
(vi)It helps to generate more clients by communicating effectively.

(5b)

(5bii)
(i)overseeing trade agreement
(ii)Reducing trade barriers
(iii)Reducing worldwide tariffs
(iv)Mediating dispute

(6a)

(Pick any Four)

(i)Derived Demand.

(ii)High concentration of production

(iii)Direct channel of distribution

(iv)Few Buyers And Large Volume.

(v)Professional buying.

(6b)

(i)Industrial market: It involves set of all individuals and organizations that acquire goods and services that enter into the production of other products or services that are sold, rented, or supplied to others.

(ii)Reseller market:A market consisting of wholesalers and retailers who buy products for resale purposes.Resellers buy finished goods and resell them to the next level in a given distribution channel.

(iii)Government market: A government market is a market where the main buyers are federal, state, and local governmental organizations. They purchase goods or services from private businesses.

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WACE Marketing Possible Questions and Answers 2023

1. The performance of business activities that direct the flow of goods and services from producer to consumer is
A. distribution.
B. marketing.
C. advertising.
D. promotion.

2. Goods produced for immediate use by a household is classified as
A. industrial goods.
B. market goods.
C. durable goods.
D. consumer goods.

3. Which of the following is not a component of marketing mix?
A. Price
B. Product
C. Profit
D. Promotion

4. Which of the following is not influenced by consumer behavior?
A. Life style
B. Culture
C. Religion
D. Distribution

5. In Nigeria, the body that ensures that its members operate according to their professional ethics is the.

A. SON

B. NPF

C. MAN

D. NAFDAC

6. The current highest decision-making body on privatization and commercialization of public enterprises in Nigeria is the

A National Council on Privatization

B Securities and Exchange Commission

C Nigeria Investment Promotion Commission.

D Bureau of Public Enterprises

7. The principle of indemnity is NOT applicable to

A. Life assurance

B. Accident insurance

C. Fire insurance

D. Marine insurance

8. The advertising medium which combines sight and sound is the

A. Radio

B. Television

C. Print media

D. posters

Show Answer

9. The closure of the unregistered patent medicine stores is geared towards sound

A. economic environment

B. social environment

C. physical environment

D. legal environment

1O. The recommendation made by the Central Bank to the commercial banks in respect of their lending policy is known as

A. directives

B. moral suasions

C. advisory notes

D. consolidation

11. Waybill is a document driving details of goods sent by

A. public vehicle, train

B. train ad ship

C. ship alone

D. air alone

12. An association of the principal business concerns in an area is referred to as

A. Article of association

B. Memorandum of Association

C. Chambers of Commerce

D. Chambers of Companies

13. Commission salesman include the following except

A. Factors

B. Brokers

C. Del credere agents

D. Partners

14. Into which of the following two broad areas can trade be divided

A. home and foreign trade

B. wholesale and retail trade

C. imports and exports

D. visible and invisible trade

15. Which of the following is not true of sole proprietorship?

A. It has a separate legal entity

B. It has unlimited liability

C. It has slim chances of expansion

D. It can convert into a company

16. Commerce means

A. The creation of utility

B. Exchange of goods and services

C. Exchange and distribution of goods and services

D. Exchange and distribution of goods

17. The most common means of transport in the riverine area is

A. Bus

B. Canoe

C. Train

D. helicopter

18. Which of the following cheques could not be cashed across the counter?

A. Crossed cheque

B. Order cheque

C. Certified cheque

D. Bearer cheque

19. In marketing, any good or service that satisfies the consumer is called a

A. Place

B. Product

C. Promotion

D. price

2O. Which of the following is a non-consumable item in the office?

A. Furniture

B. Loose sheets

C. Office pins

D. File tags

21. One of the obstacles to achieving one objective of ECOWAS is

A. Lack of common currency

B. Colonial linkages

C. Sovereignty of states

D. Language differences

22. One of the main objectives of establishing the Niger River Basin Commission was to

A. Embark on a comprehensive survey of the available water resources

B. Carry out research for the development of fresh water fisheries

C. Develop infrastructures to facilitate economic activities

D. Promote trade among member-states to improve standards of living

23. The basic function of the Nigerian Port Authority is to

A. Ensure that the right caliber of personnel is employed at the ports

B. Coordinates and regulate the activities of shipping lines

C. Facilitate and control the movement of goods arid services into and out of the country

D. Coordinate the activities of all the seaports in the country

24. The practice by which an insurance company accepts a very large risk and later shares it with other insurance companies is called

A. subrogation

B. contribution

C. re-insurance

D. identity

25. Goods imported to a country for the purpose of re-exporting attracts a rebate known as

A) customers drawback

B) export royalty

C) incentive

D) export rebate

26. The nominal value of a share as specified in the memorandum of association and the share certified is the

A. discounted value

B. stock value

C. face value

D. par value

27. “Caveat emptor” as a commercial legal word means

A. Let the seller beware

B. Let the producer beware

C. Let the buyer be awarded

D. Let the buyer beware

28. The main feature of a supermarket is the sale of

A. Office equipment only

B. Food stuff only

C. General household goods

D. Building materials

29. The ship that is used as a sea taxi is called

A. Linens

B.Tramps

C. Tankers

D. coasters

30. Which of the following is not a reward for labour

A. Profits

B. salaries

C. Wages

D. allowances

31. The person who calculates premium, sums assured and surrenders value in insurance contract is called

A. accountant

B. actuary

C. valuer

D. auditor

32.In the contract of sale of goods, let the buyer beware’ is signified by

A. del credence

B. caveat vendetta

C. caveat emptor

D. res ipsaloquitor

33. The main purpose of establishing a public corporation is to

A. provide employment

B. provide essential services

C. make profit

D. establish monopoly

34. Factorizing is a trade debt term used when the agent buys all the trade debts of the

A. Importer

B. Exporter

C. Nations

D. customers

35. Stevedores as a term in foreign trade means men who

A. inspect goods in ships

B. import goods by ships

C. collect duties

D. load and unload ships

36. A close indent is an instruction to an agent to

A. Order goods from a particular manufacturer

B. Order goods from any manufacturer

C. Sell goods in any form

D. Sell goods to a certain firm

37. Profit expressed as a percentage of the goods sold is referred to as

A. Margin

B. Mark up

C. Gain percentage

D. Gross profit

38. The main advantage of a sole trader is its freedom to

A. Employ anyone he likes

B. Seek advice from any source

C. Take quick decisions

D. Plough all the profits back into the business

39. In the case of voluntary liquidation of a business is (lie receiver is appointed by

A. Creditors

B. Debtors

C. Directors

D. Shareholders

40. When a company was more of loans than equity to finance its business, the company is said to be

A. Bankrupt

B. Solvent

C. High geared

D. In a strong liquid position

41. Rights issue means the

A. Issue of shares to the directors of a company on favourable firms

B. Issue of shares of a company only to the founder of the company

C. Rights of shareholder to vote on any issue

D. Issue of shares to shareholders on favourable terms

42. A term which indicates that a share is temporary suspended is

A. Ex-dividend

B. Un-dividend

C. Bond

D. stock

43. Excise duties are paid on goods that are

A. imported into the country

B. manufactured within the country

C. exported to other countries

D. kept in bonded warehouses

44. The business in the stock exchange is characterized essentially by

A. dealing

B. brokerage

C. speculations

D. transactions

45. The insurance policy which provides full cover against all risks at seas is known as:

A. policy with particular average

B. policy free of particular average

C. marine freight insurance

D. marine voyage policy insurance

46. A major liability of a commercial bank arises form

A. customers deposit

B. loans and advances

C. overdrafts

D. staff allowances

47. In the channel of distribution, which of the following sets is entirely made up of middle men?

A. Wholesales, retailers and agents

B. Manufacturers, consumers and retailers

C. Wholesales, agents and consumers

D. Retailers, manufacturers and wholesales

48. Most foreign trade transactions are paid through the use of

A. Central Bank cheques

B. Bank drafts drawn by commercial banks on their foreign branches

C. Irrevocable and confirmed letters of credits

D. Letters of credit authenticated by the embassies of the respective countries

49. The merger of two companies producing same type of produce is an example of

A. Vertical integration

B. Horizontal integration

C. Internal merger

D. An acquisition

Given:
Opening stock: ₦40,000.00
Purchases: ₦115,000.00
Closing stock: ₦60,000.00
Sales: ₦250,000.00

50. Which is the cost of goods sold?

A. ₦155,000.00

B. ₦95.000.00

C. ₦50,000.00

D. ₦30,000.00

51. The business organization in which shareholders have equal votes is

A. Sole proprietorship

B. Partnership

C. Cooperative

D. Limited liability company

52. One type of investment that has a variable income is

A. Debentures

B. Preferred shares

C. Government bonds

D. Ordinary shares

53. A public limited company can raise long term loans through

A. The capital market

B. The money market

C. Bank overdraft

D. Discount houses

54. The selling of article from place to place on foot is

A. Mailorder

B. Itinerant trading

C. Barter

D. Self service

55. Which of the following is the safest way of sending important document s through the post?

A. Registered mail

B. Parcel post

C. Letter post

D. Segmenting

56. Which of the following is an advertising function?

A. Packaging

B. Persuading

C. Grading

D. Segmenting

57. Unlimited liability in business implies that the

A. Risk of the owner is limited only to the amount invested

B. Debts are paid with subventions

C. Property of the owners should not’ be used to secure loans

D. Owners private property can be used to settle business debt

58. The practice of selling a product below the cost price to attract customers to a shop is known as

A. Hedging

B. loss leader

C. Skimming

D. Under-invoicing

59. The business environment that takes into cognizance the age distribution, ethnic mix and educational level of the consumer is

A. Demographic environment

B. Economic environment

C. Cultural environment

D. Natural environment

60. An announcement of a person’s willingness to enter into a contract is referred to as

A. A proxy

B. An offer

C. A consideration

D. An acceptance

SEE ALSO:

WASSCE Past Questions and Answers on Marketing

1. A major function of an entrepreneur is

A. Decision-making

B. Encouraging competition

C. Human-resource training

D. Motivating employees

2. Which of these is a form of sales promotion?

A. Advertising on radio

B. Offering free samples

C. Distributing printed materials

D. Advertising on radio

3.Which of the following has the shortest effect on the consumer

A. Fashion

B. Innovation

C. Fad

D. attribute

4. What is the lifespan of a cheque which is drawn but not presented immediately for payment?

A. 30days

B. 2 months

C. 6 months

D. 12 months

5. Which of the following is not a function of money?

A. a medium of exchange

B. serves as a store of value

C. easily recongnisable

D. makes deferred payment possible

6. Who among the following does not function in the stock exchange market?

A. Bull

B. Broker

C. Jobber

D. Promoter

7. Which of the following does not influence the choice of a means of transport?

A. Distance

B. value of goods

C. Urgency

D. Brand of vehicle

8. Which of the following types of cheque protect the holder against risk of loss

A. Open cheque

B. Bearer cheque

C. Post-dated cheque

D. Crossed cheque

9. Establishing and maintaining mutual understanding between an organization and its customers is know as

A. Marketing concept

B. Advertising

C. Public relations

D. Sales promotion

10. Which of the following is sent by a supplier who does not want to sell on credit?

A. Proforma invoice

B. Quotation

C. Consular invoice

D. Advice note

11. Which of the following features is common to all retailers?

A. Operating as sole proprietors

B. Selling to the final consumers

C. Operating with small capital

D. Selling on hire purchase to consumers

12. Which of the following are exclusively functions of marketing?

A. Buying, pricing, selling and promotion

B. Risk-bearing, storage, production and transporting

C. Organizing, risk-bearing, transporting and storage

D. Production, promotion, distribution and recruiting

13. Which of the following describes the reason for international trade?

A. Balance of payment

B. Comparative cost advantage

C. Absolute cost advantage

D. Balance of trade

14. Which of the following implies that the price quoted includes the cost of insurance and carriage?

A) F.O.B

B) FASC

C) O.D

D) C.I.F

15. Which of the following has no limit to its membership?

A) Ordinary partnership

B) Private L imited Company

C) Limited Partnership

D) Co-operative Society

16. Which of the following does not lead to the dissolution of a partnership?

A) absence of a deed of partnership

B) withdrawal of a partner

C) incapacity of any of the partners

D) completion of contractual term

17. Which of the following are features of a limited liability company?
i. Separate legal entity
ii. Right to sue but not be sued
iii. Has its own corporate name
iv. the inability of members is limited

A) I, II and III

B) II, III and IV

C) I, II and IV

D) I, III and IV

18. When shares are sold “EX-D1V”, it means that

A) No dividend is paid on the shares

B) The buyer receives the dividend

C) The seller receives the dividend

D) The stock exchange receives the dividend

19. A retail outlet meant to sell only a particular manufacturer’s product is known as a

A) Co-operative Shop

B) Chain store

C) Department store

D) Tied shop

20. An unfavorable balance of trade for a country means that her

A) Exports exceed import

B) Visible imports exceed visible exports

C) Invisible export exceeds visible imports

D) Import & exports are equal

Tips on how to pass WAEC marketing examination

1. Get WAEC marketing past question

This is one the major ways to get good grades in WAEC marketing examination. It will help you to understand different marketing question and also enable you to answer them correctly. You can get past questions maybe from your friends or you can also get it in the market.

2. Early Preparation

Stop wasting time on the internet doing nothing and get textbooks, past questions and answers and start reading.Early reading and practicing are good for WAEC candidates.

3. Set good target and plans.

Make sure you set a good target for your WAEC marketing examination and work towards it . Focus on your studies and avoid any kind of distraction, make a good timetable for yourself and make sure you take them seriously

4. Get recommended text book for marketing.

It is very important that a WAEC candidates gets marketing textbook which will help him or her to pass WAEC examinations. Some topics are hard to understand but if you get a textbook it will be more easier to understand and You can understand them comfortably

5. Constant revision.

Sometimes some students get discouraged because the don’t understand some certain topic but once you can take your time and revise your books more often you will surely understand and it will help you during examinations.

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