JAMB Past Questions and Answers - Page 172

Market skimming is a pricing approach where a firm sets a high price for a new product in the market to attract buyers with a strong desire and financial ability for the product, and then the firm gradually reduces the price to attract the next and subsequent layers of the market. It is an example of the pricing policy.

The marketing concept is the use of marketing data to focus on the needs and wants of customers to develop marketing strategies that not only satisfy the needs of the customers.

Skilled manpower refers to the person who is trained, well-educated, energetic, experienced, devoted to their field, and is capable of doing any specific work in a balanced way and efficiently. This leads to efficiency and high productivity.

In a line structure organization, a supervisor exercises direct supervision over a subordinate. Also, authority flows from the top-most person in the organization to the person in the lowest ring. This is synonymous with the military structure where the chain of command is hierarchical with divisions and brigades responsible for administering groupings of smaller units.

Planning is the function of management that involves setting objectives and determining a course of action for achieving those objectives. It involves deciding what needs to happen in the future (today, next week, next month, next year, over the next five years, etc.) and generating plans for action