NECO Marketing 2023 Questions and Answers: Get NECO Marketing 2023 answers Objective and Essay for Friday, 4th August 2023, Paper III Si II: Objective & Essay – Marketing – 10:00am-12:40pm.
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NECO Marketing Questions and Answers 2023 Objective
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NECO 2023 Marketing Essay Questions and Answers
(1a) A product is a tangible or intangible item that is offered to customers in the marketplace for consumption or use. It can be a physical object, such as a car or a smartphone, or it can be a service, such as a haircut or a software application.
(i)Consumer products: These are products that are purchased by individuals for personal use and satisfaction. Consumer products can be further divided into four subcategories: convenience products (low-priced items that consumers buy frequently and with little effort, such as snacks), shopping products (products that consumers compare and evaluate before purchasing, such as clothing), specialty products (unique products that consumers are willing to go out of their way to find, such as luxury watches), and unsought products (products that consumers may not actively seek out, such as emergency medical services).
(ii)Industrial products: These are products that are used by businesses to produce other goods or services. Industrial products can be categorized as materials and parts (raw materials or components used in the production process, such as steel or computer chips), capital items (long-lasting goods that are used in the production of other goods or services, such as machinery or buildings), and supplies and services (consumable items or activities used in the production process, such as office supplies or maintenance services)
(i)Lack of market demand: One of the main reasons for the failure of new products is a lack of demand in the market. This can occur if the product does not meet the needs or wants of the target customers, or if there is insufficient consumer interest or awareness about the product. Conducting thorough market research and understanding the needs and preferences of the target market is crucial to avoid this failure.
(ii)Poor marketing and promotion: Another reason for new product failure is poor
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