Question 7
- State two differences between marketing and selling.
- List four main elements of marketing mix.
- Country Z has decided to leave the Economic Community of West African States (ECOWAS). As the adviser on regional group, explain four benefits the country could derive from remaining in the group.
Observation
Most candidates who attempted the question did well in parts (a) and (b) of the question. For part (c), many candidates could not relate the question to the advantages of being a member of ECOWAS. They could not apply that knowledge.
The expected responses are.
(a)
Differences between marketing and selling |
||
|
Marketing |
Selling |
| i | It refers to activities that are used by the companies to promote the exchange of goods and services. |
It refers to a process where goods or services are exchanged for money. |
| ii | It involves finding the wants of the customers and fulfilling them. |
It involves creating products or services and selling them to customers |
| iii | It focuses on the needs and wants of the customers. |
It focuses on the sellers’ objectives. |
| iv | It identifies the market first. |
It identifies the significance of the product or the service first. |
| v | It seeks to convert needs of customers into products. |
It seeks to convert products into cash. |
| vi | Marketing efforts aims at the satisfaction of customers. |
It aims at maximizing revenue and profit. |
(b) Main elements of the marketing mix
- Product
- Price
- Promotion
- Place/distribution
(c) Benefits the country would derive if it remained in ECOWAS
- It would benefit from assistance in industrial development.
- It would benefit from free movement of goods and services once tariffs are phased out.
- It would benefit from advantages of using a common currency when it is instituted.
- It would benefit from infrastructural development such as roads, railways, electricity, and telecommunication infrastructure.
- It would benefit from exchange of technology among member states.
- It would receive assistance in maintenance of stability in the event of crisis.
- It would enable the country to foster unity with member states.