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2024 WAEC Marketing Theory Yam sellers in a local market formed an association  (a) states four functions the association...

Marketing
WAEC 2024

Yam sellers in a local market formed an association 

(a) states four functions the association would perform for its members 

(b) list and explain four types of market facilitators that would assist members of the association in achieving their objectives.

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Explanation

The function that Yam associations would perform for their members:

1: The association would settle disputes among the members

ii. It would promote and encourage cooperation among members;

III. It would encourage joint purchases of yams among members;

IV.It would educate members about what is happening in the market

V. It would encourage product and price standardization in the market;

Vl. It would ensure the supply and sales of quality yams in the market.

VII. It would offer financial assistance to members.

 

(b) Listing and explanation of the types of market facilitators that would assist the association in achieving its objectives:

i.Banks would assist members of the association in financing their businesses by accepting deposits and granting them loans for their business operations;

ii. The transportation firms would facilitate the delivery of the association's products from the farm to the point of sales;

iii. Warehousing outlets: would assist members of the association in storing and protecting their yams at the end of every market day;

IV. Advertising agencies would facilitate the promotion of the association's products by informing prospective buyers of the address of the members' shop at the local market;

V. Communication companies: would enhance the interaction between members, farmers, and customers of the association;

VI. Research institutes would assist the members of the association to locate farmers who would sell quality yams in large quantities during the off-season period in their localities;

VII. Insurance companies would assist in providing insurance cover to the members of the association to reduce the risk of theft and burglary. 


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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts