WAEC Commerce 2010 Theory question 108

Theory question 108

Marketing

Commerce 2 (essay)
(a) What is marketing?
(b) Explain five importance of marketing in an economy.

Show the model answer
Model answer

(a) Marketing is all activities involved in finding out consumers' needs and moving goods and services from producers to consumers to satisfy those needs at a profit.
(b) Any five, explained: links producers and consumers; creates employment; raises standard of living; encourages production and growth; provides information through market research; increases sales and profit; promotes competition and better quality; earns foreign exchange through export marketing.

Explanation

Explain how each point helps the whole economy.