NECO 2017 Marketing Expo Answers (June/July)


MARKETING OBJ

1-10 CCDDBCBDEE

11-20 ACCABDDDCB

21-30 BACEEADADA

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51-60 DBADEACBEE

1a)Warehousing
Is the action or process of storing
goods in a warehouse and the
building up of a holding of shares in
a company by buying numerous
small lots of shares in the names of nominees, in order to make a
takeover bid while remaining
anonymous.

1b)- 1. Receiving of Goods
2. Preparation of Record
3.Identification
4. Storing 1. Receiving of Goods :-
It is the basic important function of
the warehouse. When goods are
handed over by the producer, it
accepts the goods and assumes the
responsibility to deliver the goods. It issues the receipts of goods.

2. Preparation of Record :-
The warehouse keeper checks the
items of each shipment and
prepares the record. All the record is
maintained properly to avoid any problem at the time of delivery.

3. Identification :-
After receiving the goods
warehouse keeper marks the each
items separately. He may use the
code number or he may attach the tag for identification. Due to
identification one can easily
separate the goods of different
firms.

4. Storing :-
It is the major function of warehousing. The goods are kept
safely in warehouse. Today all types
of fruits are available in each season
due to the storing facility. There is a
proper protection of goods like food
crops in the warehouses. *MARKETING*

3) i) NEEDS :
The core concept of marketing is to
understand or feel the “human
needs” that denotes the state of felt
deprivation. Therefore being the
marketers you need not go for inventing these needs. Rather you
should try to understand it. The
needs are in-built in human nature
itself and thus naturally existed in
the composition of human biology
and human condition. When the needs are not satisfied, a person will
try to either reduce the need or look
for a substitute object that has the
ability to satisfy the need. The need for food, clothing, shelter
and safety are the basic physical
needs and the needs of
belongingness and affection are the
social needs. The individual needs
include the need for knowledge and self expression.

ii) WANTS :
Human wants are desires for
specific satisfaction of deeper needs
that means the needs become wants
when they are directed to specific
object that might satisfy the need. For example, a teenage may need
water to quench his thirst but want
to have a cold drink. Human needs
may be few, but their wants are
numerous. These wants are
continually shaped and re-shaped by social forces and institutions such as
families, collogues, office
neighbours etc. Marketers need not
to create needs because these needs
pre-exist in the market. But they can
influence the wants and suggest and inform the consumers about certain
products and persuade them to
purchase these by stressing the
benefits of such products.

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iii) DEMANDS :
People may have almost unlimited
wants. But resources are limited in
compare to the wants they have.
Therefore they have to choose the
products that are likely to provide the most value and satisfaction for
their money. When backed by
purchasing power, wants become
demand. Thus, demands are
basically wants for specific products
that are linked /associated with the ability and willingness to pay for
these products. For example, many
desire a car such as Mercedes Benz,
Toyota, BMW, Honda etc. but only a
few are really willing and able to buy
one. Therefore being a marketing executive you must measure how
many people would actually be
willing and able to buy your
company’s products than how many
of them want the products.

iv) PRODUCTS
To satisfy the wants and needs of
people the company must offer their
products in the market. That means
people purchase the products to
satisfy their needs and wants. Specifically, a product can be
defined as an object, service,
activity, person, place, organisation
or idea. You can note here that the
tangible items are known as product
while the intangible items are known as service. The hidden use of
a physical objects may be to provide
the service. For example a lipstick is
bought to supply service (beautify);
toothpaste for whiter teeth –
prevent germs or give fresh breath etc. Therefore it is the job of
marketer to sell the service
packages associated with the
physical products. If you give a
thought, you will realise that the
importance of a product does not lay not so much in owning them than to
use them to satisfy our wants. For
example, we do not buy a bed just to
admire it, but because it aids resting
better.

v)
EXCHANGE
We have already got that marketing
takes place only when people decide
to satisfy needs and wants through
exchange. So in the process of marketing there is exchange value
between the two party’s i.e buyer
and seller. The value for buyer is to
obtain the desired object to satisfy
its needs and wants while the value
for the seller is generally the profit or the money. For example, hungry
people can find food by hunting,
fishing or gathering fruits. They
could offer money, another food or a
service in return for food. Marketing
focuses on this last option. Kotler (1984) states that for exchange to
take place, it must satisfy five
conditions, namely:

(i) There are at least two parties.
(ii) Each party has something that
might be of value to the other party.
(iii) Each party is capable of
communication and delivery.

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(iv) Each party is free to accept

4a) Organizational structure is a
system that consists of explicit and
implicit institutional rules and
policies designed to outline how
various work roles and
responsibilities are delegated, controlled and
coordinated. Organizational
structurealso determines how
information flows from level to level
within the company.

4b) “pick only two” -functional structure
-divisional structure
-matrix Functional Structure Functional structure is set up so that
each portion of the organization is
grouped according to its purpose. In
this type of organization, for
example, there may be a marketing
department, a sales department and a production department. The
functional structure works very well
for small businesses in which each
department can rely on the talent
and knowledge of its workers and
support itself. However, one of the drawbacks to a functional structure
is that the coordination and
communication between
departments can be restricted by the
organizational boundaries of having
the various departments working separately. Divisional Structure Divisional structure typically is used
in larger companies that operate in
a wide geographic area or that have separate smaller organizations
within the umbrella group to cover
different types of products or market areas. For example, the
now-defunct Tecumseh Products
Company was organized
divisionally–with a small engine
division, a compressor division, a
parts division and divisions for each geographic area to handle specific
needs. The benefit of this structure
is that needs can be met more
rapidly and more specifically;
however, communication is
inhibited because employees in different divisions are not working
together. Divisional structure is
costly because of its size and scope.
Small businesses can use a divisional
structure on a smaller scale, having
different offices in different parts of the city, for example, or assigning
different sales teams to handle
different geographic areas. Matrix The third main type of
organizational structure, called the
matrix structure, is a hybrid of
divisional and functional structure.
Typically used in large multinational
companies, the matrix structure allows for the benefits of functional
and divisional structures to exist in
one organization. This can create
power struggles because most areas
of the company will have a dual
management–a functional manager and a product or divisional manager
working at the same level and
covering some of the same
managerial territory.

6a) Transportation is indispensible
function of marketing .
Transportation provides the physical
means of carrying goods and
persons from one place to another.
In other words, it is concerned with carrying the goods from the places
of production to the places of their
consumption.

6b)- Transportation links the
different fixed facilities and
markets and thus serves to
neutralize the spatia

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