*WAEC COMMERCE ANSWERS*

*NUMBER FOUR*


(4a)
(PICK ANY FIVE)
(i) Personalized customer service: They offer closer customer relationships and tailored service.
(ii) Flexible operations: Small retailers can quickly adapt to market changes.
(iii) Low overhead costs: They often operate with minimal expenses.
(iv) Strategic location: Many are located close to residential areas for convenience.
(v) Niche markets: They serve specific customer needs that large retailers may overlook.
(vi) Quick decision-making: Owners can make decisions without bureaucracy.
(vii) Strong community ties: They often enjoy local loyalty and support.


(4b)
(PICK ANY FIVE)
(i) Promoting exports: Encouraging the production and sale of goods abroad.
(ii) Import substitution: Reducing reliance on imported goods by producing them locally.
(iii) Currency devaluation: Lowering the value of the national currency to make exports cheaper.
(iv) Attracting foreign investment: Bringing in capital to boost economic activity.
(v) Tourism development: Increasing foreign exchange earnings through tourism.
(vi) Restricting imports: Using tariffs or quotas to reduce non-essential imports.
(vii) Securing foreign aid or loans: Temporarily covering deficits while corrective measures take effect.

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(5a)
The type of discount Felisco Ltd. could offer is a seasonal discount. This type of discount is offered during periods of low demand to stimulate sales and encourage customers to purchase products.

(5b)
(i)Increase sales volume: By offering a discount, the company can attract more customers and increase sales volume during a period of low demand.
(ii)Clear inventory: The company can clear out inventory that may be taking up storage space and reduce the risk of products becoming obsolete.
(iii)Build customer loyalty: Offering discounts can help build customer loyalty and encourage repeat business.
(iv)Maintain production levels: By stimulating sales during a period of low demand, the company can maintain production levels and avoid layoffs or reduced production capacity.

(5c)
(i)Collecting duties and taxes: Customs authorities collect duties and taxes on imported goods.
(ii)Enforcing trade regulations: Customs authorities enforce trade regulations, such as quotas and embargoes.
(iii)Inspecting cargo: Customs authorities inspect cargo to ensure compliance with regulations and to detect contraband.
(iv)Facilitating trade: Customs authorities facilitate trade by providing clear guidelines and procedures for importing and exporting goods.
(v)Protecting national security: Customs authorities play a role in protecting national security by detecting and preventing the importation of prohibited goods.



(6a)
(i)Commercial banks
(ii)Investment banks
(iii)Central banks
(iv)Merchant banks
(v)Savings banks

(6b)
(i)Reserve requirements: The central bank can require commercial banks to maintain a certain percentage of their deposits in reserve.
(ii)Interest rates: The central bank can influence interest rates to control borrowing and lending activities.
(iii)Capital requirements: The central bank can require commercial banks to maintain a certain level of capital to absorb potential losses.
(iv)Supervision and inspection: The central bank can supervise and inspect commercial banks to ensure compliance with regulations.
(v)Liquidity requirements: The central bank can require commercial banks to maintain a certain level of liquidity to meet their short-term obligations.



(7a)
Marketing is the process of promoting and selling products or services to meet the needs and wants of customers.

(7b)
(i)Product development: Marketing involves developing products that meet the needs and wants of customers.
(ii)Promotion: Marketing involves promoting products through various channels, such as advertising and sales promotions.
(iii)Distribution: Marketing involves ensuring that products area distributed to customers through various channels.

(7c)
(i) Customer service; Customer service refers to the support and assistance provided to customers before, during, and after a purchase.
(ii) Sales promotion; Sales promotion refers to activities designed to stimulate sales, such as discounts, contests, and free samples.
(iii) Exhibition; An exhibition is an event where companies display their products or services to potential customers.

(iv) After-sales service; After-sales service refers to the support and assistance provided to customers after a purchase, such as maintenance, repair, and troubleshooting.

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*WAEC COMMERCE ANSWERS*

*NUMBER THREE*

(3a)
The organization formed by Country X is called the Trade Promotion Council.

(3b)
(PICK FOUR ONLY)
(i) Market Research and Analysis: The council conducts research on international markets to identify demand trends, consumer preferences, and competitive products. This helps local producers adapt their goods to suit foreign markets.
(ii) Promotion of Local Products Abroad: It organizes trade fairs, exhibitions, and promotional campaigns in foreign countries to showcase and advertise locally manufactured goods.
(iii) Facilitating Export Training and Education: The council provides training programs and workshops to local businesses on export procedures, documentation, packaging standards, and international trade laws.
(iv) Advising Government on Export Policy: It advises the government on trade policies, tariffs, and incentives that can help boost exports and make local products more competitive globally.
(v) Linking Exporters to Foreign Buyers: The council acts as a bridge between local producers and foreign importers by facilitating business matchmaking and networking opportunities.
(vi) Quality Control and Standardization Support: It helps local manufacturers meet international quality standards and certifications required for exporting goods to specific markets.
(vii) Assisting in Overcoming Trade Barriers: The council supports exporters in dealing with non-tariff barriers, such as customs regulations and product testing requirements in foreign countries.
(viii) Providing Financial and Logistical Support: It may assist with financing export activities, insurance, shipping logistics, and accessing government export grants or subsidies.

(3c)
(PICK FIVE ONLY)
(i) To Earn Foreign Exchange: Foreign trade allows Country X to sell goods and services abroad and earn foreign currency, which is essential for international transactions and economic stability.
(ii) To Access Goods Not Produced Locally: By engaging in trade, Country X can import goods that are not available domestically due to a lack of natural resources, technology, or expertise.
(iii) To Acquire Advanced Technology: Foreign trade enables Country X to import modern machinery, tools, and technological know-how that can help boost domestic productivity and industrial development.
(iv) To Expand Market for Local Products: Selling goods abroad provides a larger market for locally produced items, increasing production, employment, and national income.
(v) To Promote Industrial Growth: Trade encourages investment in local industries, as producers can benefit from access to raw materials and markets for their finished products.
(vi) To Foster International Relations: Engaging in trade builds diplomatic and economic relationships with other countries, leading to cooperation in other areas like education, defense, and culture.
(vii) To Stabilize Prices: Foreign trade helps balance supply and demand. Surplus products can be exported to avoid domestic price drops, while scarce goods can be imported to prevent inflation.
(viii) To Encourage Competition and Innovation: Exposure to global markets encourages domestic producers to improve quality, reduce costs, and innovate to compete internationally.

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