2017 WAEC EXAM EXPO:COMMERCE OBJ AND THEORY QUESTIONS AND ANSWERS Free Expo Answers – 2017
department store or magazine is a retailestablishment offering a wide range of consumer goods in different product categories.
Mobile shop A large vehicle that travels from place to place and from which goods are sold.
Chain store or retail chain are retail outlets that share a brand and central management, and usually have standardized business methods and practices
Mail order business the buying of goods or servicesby mail delivery. The buyer places an order for the desired products with the merchant through some remote method such as through a telephone call or web site.
Supermarket a large retail market that sells food and other household goods and that is usually operated on a self-service basis.
advertising the activity or profession of producing advertisements for commercial products or services.
i)Adds to Costs: An organisation has to spend large amount on advertising. It increases the cost of the products. To meet this expenditure, price of the product is
ii)Undermines Social Values: Advertisement is a sort of day-
dreaming for the people. In other words it is taking the people away from
reality and into the realm of
iii)Confuses the Buyers: Many a time distorted version of reality is shown in the advertising. Believing in advertising, consumers buy the product.
iv)Encourages Sale of Inferior Products: Every manufacturer projects his
product as superior one in the
i)Identify Your Audience
You cannot win your audience until you properly identify who they are.
ii)Social Media Contests
Another thing people can’t resist is a contest, because there’s a chance they can win something. Ask contestants to submit a photo or video, or an idea that others can vote on.
Millions of Internet memes pay homage to the Most Interesting Man in the World, the spokesperson for Dos Equis beer
Nobody will pass up a freebie. Nobody. Put your brand name on anything from shop right to slot to to Band-Aids.
Users will gladly spread word of your product or service when they know they’ll get an added perk.
E-commerce is a transaction of buying or selling online. Electronic commerce
draws on technologies such as mobile commerce, electronic funds transfer.
i)Privatisation allows businesses to focus more on long-term planning and less on meeting short-term political requirements
ii)Public sector transport services are inefficient; where price = marginal cost.
iii)Private sector management would be more motivated and have a greater emphasis on customer service provision
iv)Privatisation would provide a new source of investment funding for transport.
i)It also avoided the problem of duplication and the consequent waste of resources
ii)Transport is an essential service that is fundamental to economic and social well-being.
iii)The transport system produces large external benefits that may not be taken into account by private sector providers
iv)Private monopolies will replace public sector monopolies – more likely to charge at the profit maximisation level
Communication is simply the act of
transferring information from one place to another.
vi)Radio and Television
i)Builds and maintains relationships Relationships are built and can be
maintained by positive encounters with
ii)Facilitates innovation When employees feel comfortable in openly communicating new ideas, cooperation and innovation will be at an all-time high.
iii)Builds an effective team If open communication within a workplace is encouraged, a more cohesive and effective team will emerge.
iv)Managing employees When managers are effective communicators, they are more able to inform staff adequately of their responsibilities and what is expected from them.
standing order is an instruction to a bank by an account holder to make regular fixed payments to a particular person or organization.
bank draft is a payment on behalf of a payer that is guaranteed by the issuing bank. A draft ensures the payee a secure form of payment.
Legal tender is a medium of payment recognized by a legal system to be
valid for meeting a financial obligation.
Money orders are a secure payment
method. They are convenient, affordable, and widely accepted. Money orders are a good way to send cash that never
I.O.U is usually an informal document acknowledging debt. An IOU differs from a promissory note in that an IOU is not a negotiable instrument and does not specify repayment terms such as the time of repayment.
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