WAEC Past Questions and Answers - Page 2621

Demand is an economic concept that relates to a consumer's desire to purchase goods and services and willingness to payt a specific price for them.

Technogical factors include production techniques, information and communication resources etc. These affect how an organisation operates, sells its products, interacts with, and gathers intelligence on customers, suppliers and competitors.

The pricing strategy commonly used by wholesalers of industrial goods is cost-plus pricing. Cost-plus pricing involves determining the selling price of a product by adding a markup percentage to the cost of production or acquisition. In the case of wholesalers, they typically purchase goods in bulk from manufacturers or suppliers and then resell them to retailers or other businesses. To establish the selling price, wholesalers consider the cost of acquiring the goods, including transportation, storage, and any additional costs incurred, and add a markup percentage to cover their desired profit margin. Cost-plus pricing is a straightforward and commonly used method for wholesalers to set prices and ensure they generate a reasonable profit.

The part labelled Z is package. In marketing, a package refers to the physical container or wrapping that holds a product. It includes the design, materials, and functionality of the container, as well as any labeling or branding elements. The package plays a crucial role in attracting consumers, communicating the product's value proposition, and protecting the product during storage and transportation.

The inscription "V-Cough" on the product is an example of a brand name.