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2023 WAEC Marketing Theory (a) State five factors that a manufacturer would consider before setting prices for his products....

Marketing
WAEC 2023

(a) State five factors that a manufacturer would consider before setting prices for his products.

(b) Explain five advantages of television over electronic billboard as a medium of advertising.

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Explanation

(a) 

- Business goals: before setting a price for the product or service, the manufacturer must first consider the overall marketing objectives.

- Cost: the cost involved with running the business must be worked out. These include the fixed cost and direct costs.

- Customers: know what the customers want from the product or services. Are they driven by the cheapest price or by the value they receive?

- Positioning: Where do you want to be in the marketplace. Will the product be expensive or high -end brand in the industry.

- Competitiors: the manufacturer will have to give permission to do little competitor snooping. What are they charging for different products and services?

 

(b) - Large audience: the television has large audience reach than the electronic billboard as a medium of advert.

- Possibility to hear and see: television advert makes it possibvle to see and hear information about the product at the same time.

- Quick for viewer: understanding of advertisement is simple and quick for viewers.

- True form of the product: the true form and colour of the product can be easily seen.

- Gives live and direct display: in this kind of advertising, there is more sensory stimulations as it gives live and direct display.


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WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
WAEC offline past questions - with all answers and explanations in one app - Download for free
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC offline past questions - with all answers and explanations in one app - Download for free
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995