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WAEC Marketing Questions and Answers 2022
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[9:52 AM, 5/17/2022] Ogabido: 1ai: Entrepreneurship is the act of creating a business or businesses while building and scaling it to generate a profit.
1b)1. Personal investment
When starting a business, your first investor should be yourself—either with your own cash or with collateral on your assets. This proves to investors and bankers that you have a long-term commitment to your project and that you are ready to take risks.
2. Angels investors
Angels are generally wealthy individuals or retired company executives who invest directly in small firms owned by others.
3. Government grants and subsidies Government agencies provide financing such as grants and subsidies that may be available to your business.
4. Bank loan: Bank loans are the most commonly used source of funding for…
[9:53 AM, 5/17/2022] Ogabido: (2a) Marketing refers to activities a company undertakes to promote the buying or selling of a product or service.
It is core of marketing. It is concerned with the prospective buyers to actually complete the purchase of an article. It involves transfer of ownership of goods to the buyer.
– Buying and Assembling:
It involves what to buy, of what quality, how much from whom, when and at what price. People in business buy to increase sales or to decrease costs.
Transportation is the physical means by which goods are moved from the places where they are produced to those places where they are needed for consumption. It creates place, utility.
It involves holding of goods in proper (i.e., usable or saleable) condition from the time they are produced until they are needed by customers (in case of finished products) or by the production department (in case of raw materials and stores); storing protects the goods from deterioration and helps in carrying over surplus for future consumption or use in production.
– Standardization and Grading:
The other activities that facilitate marketing are standardisation and grading. Standardisation means establishment of certain standards or specifications for products based on intrinsic physical qualities of any commodity.
It involves the use of capital to meet financial requirements of agencies dealing with various activities of marketing.
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