Theory question 107
Marketing(a) State two differences between marketing and selling.
(b) List four main elements of marketing mix.
(c) Country Z had decided to leave the Economic Community of West African States (ECOWAS). As the adviser on the regional group, explain four benefits the country could derive from remaining in the group.
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(a) Any two: marketing starts before production (finding needs), selling starts after goods are made; marketing focuses on the customer's needs, selling on the seller's need to turn goods into cash; marketing is long-term and wide (research, product, price, place, promotion), selling is short-term and only one part of marketing.
(b) Product, price, place (distribution), promotion.
(c) Any four, explained: a wider market for its goods; free movement of people, goods and services; lower or no tariffs on trade with members; attracts investment and joint projects; access to ECOWAS development funds; improved transport and communication links; regional peace and security support; stronger bargaining power in world trade.
Marketing mix = the 4 Ps.