Waec 2018 Commerce Obj And Theory Answers – May /June Expo

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WAEC 2018 COMMERCE ANSWERS

Commerce OBJ:
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(5a)
i)Helpful in planning: marketing provides information to management related with
planning for future programmers.
ii)Helpful in making profit: Marketing can generate revenue at a cost which will leave some surplus in the form of net profits.
iii)Helpful in distribution: in business organization marketing department provides information about quantity, time, means and medium of transportation etc. of delivery of goods in different places.
iv)Helpful in exchanging information: Marketing plays an important role for exchanging information among consumers and firms.
v)Formation of goodwill: through marketing activities business organization can serve its customers according to their demand, taste and habits at reasonable price.

(5b)
i)Advertising: The masses of customers dispersed geographically can be reached with the Promotional Tools of advertising, which can be repeated for a number of times. The popularity, size and success of the selling organization are enhanced by the large scale advertising.
ii)Personal Selling: At certain stages of the buying process, personal selling is the most effective promotion tool in creating customer’s preferences, convictions and actions.
iii)Sales Promotion: These Promotional tools include sales promotion which further contains a broad assortment of elements like Coupons Cent-off Deals Premiums.
iv)Public Relations: Public relations are much different from the ads and they are more influential than these ads.
iv)Direct Marketing: Direct marketing may take the following forms. Telemarketing Electronic Marketing Online Marketing Direct Mail
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2a)
i)accessibility to the retail outlet for example is it close to the road so people can easily reach it not in some back alleyway
ii)target group of customers to be attracted
iii)competition from other retail outlets
iv)The development potential of the area in case of future expansion plans
v)nearness to customers

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2b)
i)Assembling: The wholesaler buys goods from different manufacturers producing the same line of goods. He assembles them in his warehouse for the purpose of sale to the retailers.
ii)Storage: A wholesaler stores the goods in his warehouse.
He makes them available in proper and required quantities as and when they are required by retailer.
iii)Grading and Packing: A wholesaler sorts out the goods according to their quality size, shape, content etc and then packs them carefully to sell them to the retailer.
iv)Transportation: Wholesaler buys goods in bulk from the producers and transports them in his own go down. The wholesaler also provides the facility of transporting the goods from
warehouse to the retailer shop.
v)Financing: This is an important function of a wholesaler. A wholesaler used goods on cash from the producers and sells on credit to the retailers. In this way, the financing facilities to trade transaction.
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(1a)
i)The nature of goods and services : Some goods and services are suitable for large scale production while others cannot produced on large scale.
ii)Increase cost of production : If cost of production is increasing as a result of high cost of inputs, division of labour cannot be possible.

(1b)
i)Higher productivity:
ii)Simplified training:
iii)Greater cooperation:

(1c)
i)Monotony:
ii)Lack of responsibility:
iii)Lack of job pride:
iv)Too much interdependence:
v)Limited market:
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(6a)
Second tier security market is a market where buying and of existing securities of companies take place.

(6b)
i)It is an avenue for companies, investors to raise capital.
ii)The market provides opportunity for buying and selling of shares of companies.
iii)SSM affords investors the opportunity of assessing the profitability and efficiency of companies in order to know which company to invest.
iv)Investors are provided with the opportunity of obtaining loans.

(6c)
i)Application for Listing will only be entertained if sponsored by a Dealing Member of The Exchange.
ii)The company must be a public company, which will issue or has issued an invitation to the public to subscribe for its shares or has satisfied Council that the public is sufficiently interested in the company’s shares to warrant Listing.
iii)All securities for which listing is sought shall first be registered with the securities and Exchange Commission.
iv)Before the grant of Listing, all applicant companies shall sign a General Undertaking that they will provide promptly certain information about their operations and that they will follow certain administrative procedures.
v)All companies admitted to Listing on The Exchange shall pay a listing fee as laid down in Appendix iv and these fees are subject to review from time to time.
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(7a)
contract is a voluntary arrangement between two or more parties that is enforceable by law as a binding legal agreement. Contract law recognises and governs the rights and duties arising from agreements

(7b)
i)To Protect against Poor Quality: Companies rarely produce shoddy products on purpose. However, manufacturers may be tempted to use low-quality material in making certain appliances, causing them to be defective.
ii)To Stop Unethical Practices: The modern economy is fiercely competitive and unethical business owners will cut corners without regard to the health or safety of the consumers. Unethical practices also produce incredibly bad service and no consumer should have to deal with it.
iii)To See Consumer Justice Is Done: States have various laws protecting the consumer, which sometimes are ignored by business.

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