Neco gce marketing 2025 questions and answers

NECO GCE MARKETING OBJ

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11-20: BBCAEDBEAE
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51-60: BBCCDBADBE

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NUMBER ONE

(1a)
(i)Needs are essential for survival, while wants are discretionary.

(ii)Needs take priority over wants, as they are crucial for well-being.

(iii) Not fulfilling needs can have severe consequences, while not fulfilling wants may lead to disappointment.

(iv)Needs include food, water, shelter, while wants include luxury goods, entertainment.

(v)Needs are universal, while wants vary across individuals and cultures.

(1b)
(i) Value :
Value refers to the worth or importance of something, often measured in terms of monetary value or utility. It represents the benefit or satisfaction derived from a product, service, or experience.

(ii) Exchange :
Exchange refers to the act of trading something of value, such as goods, services, or money, between two or more parties. It involves giving up something in return for something else.

(iii) Service :
A service is an intangible offering that provides value to customers without transferring ownership of physical goods. Examples include healthcare, education, and consulting.

(iv) Transaction :
A transaction is a single instance of exchange, where something of value is traded between two or more parties. It can involve goods, services, or money, and is often recorded for accounting or record-keeping purposes.