The initial consideration before locating the business is an element of

Here are the solutions to the questions from the image: 1. The difference between needs and demand is A. needs are basic while demand is a... B. needs are backed up with money while demand is not. C. demand is backed up with money while needs are not. D. demand is basic while needs are not. The correct option is C. Demand implies the desire for a product coupled with the ability and willingness to pay for it, meaning it's backed by money. Needs are basic human requirements that exist regardless of one's ability to pay. C 2. Exchange in marketing means A. transfer of goods. B. buying and selling of goods. C. distribution of goods. D. advertising and promotion of goods. The correct option is B. In marketing, exchange is the act of obtaining a desired object from someone by offering something in return, which fundamentally involves the buying and selling of goods or services. B 7. The marketing mix element that is involved in an organization's decision to offer trade discount to distributors is A. process. B. promotion. C. product. D. place. The correct option is D. Place (or distribution) refers to the activities that make the product available to target consumers. Offering trade discounts to distributors is a strategy to incentivize channel members and manage the distribution network, falling under the 'Place' element of the marketing mix. D 8. Use the following information to answer questions 8 and 9 Tiko and Sons established a meat processing factory in a town after considering the purchasing power of the people, as well as their values and belief systems. The initial consideration before locating the business is an element of A. political environment. B. cultural environment. C. economic environment. D. religious environment. The correct option is B. The "values and belief systems" of the people are key components of the cultural environment, which significantly influences consumer behavior and the acceptance of certain products or businesses. While "purchasing power" relates to the economic environment, "values and belief systems" are explicitly mentioned and directly align with the cultural aspect. B 10. A product that is bought frequently on impulse at a low price is A. industrial goods. B. unsought goods. C. convenience goods. D. specialty goods. The correct option is C. Convenience goods are consumer products that customers usually buy frequently, immediately, and with minimal comparison and buying effort. They are typically low-priced and often purchased on impulse. C 11. Which of the following periods in the history of marketing in Nigeria focused on the exchange of goods for other goods? A. Pre-colonial era. B. Colonial era. C. Independence era. D. Modern-marketing era. The correct option is A. The exchange of goods for other goods, known as barter, was the primary mode of trade in the Pre-colonial era before the widespread introduction and use of currency. A 12. Use the following information to answer questions 12, 13 and 14 Situation analysis - I Marketing objectives - II Marketing strategies - III Implementation - IV Marketing tactics - V The marketing planning that entails detailed actions to achieve II is A. I B. III C. IV D. V The correct option is D. Marketing tactics (V) refer to the specific, detailed actions and programs used to implement marketing strategies and achieve the marketing objectives (II). Strategies (III) are broader plans, while tactics are the concrete steps. D Last free one today — make it count tomorrow, or type /upgrade for unlimited.