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  1. Asked: January 20, 2023In:

    Saka Limited is in the process of choosing brand elements for its products. Explain the criteria that the firm will use in choosing the eleménts. (10 marks)November 2022

    Best Answer
    Jemshah Enlightened

    Relevance: The chosen brand elements should be relevant to the product, the target market, and the overall brand identity. Distinctiveness: The chosen brand elements should be distinctive and easily recognizable, helping to set the brand apart from its competitors. Flexibility: The chosen brand elemRead more

    1. Relevance: The chosen brand elements should be relevant to the product, the target market, and the overall brand identity.
    2. Distinctiveness: The chosen brand elements should be distinctive and easily recognizable, helping to set the brand apart from its competitors.
    3. Flexibility: The chosen brand elements should be flexible and adaptable to different contexts, mediums, and channels, allowing the brand to evolve over time.
    4. Legality: The chosen brand elements should be legal and not infringe on any existing trademarks or intellectual property rights.
    5. Memorability: The chosen brand elements should be memorable and easy for consumers to recall, helping to build brand awareness and loyalty over time.
    6. Emotional appeal: The chosen brand elements should evoke an emotional response from the target market, helping to create a deeper connection with the brand.
    7. Re-enforcement of the brand promise: The chosen brand elements should support and re-enforce the brand promise, helping to communicate the brand’s value proposition to the target market.
    8. Cultural appropriateness: The chosen brand elements should be appropriate and respectful of the target market’s culture and values.
    9. Synergy: The chosen brand elements should work together in harmony, creating a cohesive and consistent brand identity.
    10. Scalability: The chosen brand elements should be able to scale with the company’s growth and expansion plans.
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  2. Asked: January 20, 2023In:

    Explain five elements of physical evidence that a service firm should pay attention to.(10 marks)November 2022

    Best Answer
    Jemshah Enlightened

    Physical evidence refers to the tangible elements of a service that customers can see, hear, touch, taste, or smell. Here are some elements of physical evidence that a service firm should pay attention to: Design and layout: The design and layout of the service firm's physical space, such as the layRead more

    Physical evidence refers to the tangible elements of a service that customers can see, hear, touch, taste, or smell. Here are some elements of physical evidence that a service firm should pay attention to:

    1. Design and layout: The design and layout of the service firm’s physical space, such as the layout of the waiting area, the layout of the service area, and the layout of the service firm’s website or mobile app.
    2. Cleanliness and maintenance: The cleanliness and maintenance of the service firm’s physical space, such as the cleanliness of the service firm’s vehicles, the cleanliness of the service firm’s uniforms, and the cleanliness of the service firm’s website or mobile app.
    3. Signage and branding: The signage and branding of the service firm’s physical space, such as the design and placement of the service firm’s logo, the design and placement of the service firm’s signs, and the design and placement of the service firm’s website or mobile app.
    4. Lighting and temperature: The lighting and temperature of the service firm’s physical space, such as the lighting and temperature of the service firm’s vehicles, the lighting and temperature of the service firm’s uniforms, and the lighting and temperature of the service firm’s website or mobile app.
    5. Music and sound: The music and sound of the service firm’s physical space, such as the music and sound of the service firm’s vehicles, the music and sound of the service firm’s uniforms, and the music and sound of the service firm’s website or mobile app.
    6. Smell: The smell of the service firm’s physical space, such as the smell of the service firm’s vehicles, the smell of the service firm’s uniforms, and the smell of the service firm’s website or mobile app.
    7. Touch: The touch of the service firm’s physical space, such as the touch of the service firm’s vehicles, the touch of the service firm’s uniforms, and the touch of the service firm’s website or mobile app.
    8. Taste: The taste of the service firm’s physical space, such as the taste of the service firm’s vehicles, the taste of the service firm’s uniforms, and the taste of the service firm’s website or mobile app.
    9. Packaging: The packaging of the service firm’s physical space, such as the packaging of the service firm’s vehicles, the packaging of the service firm’s uniforms, and the packaging of the service firm’s website or mobile app.
    10. Technology: The use of technology in the service firm’s physical space, such as the use of technology in the service firm’s vehicles, the use of technology in the service firm’s uniforms, and the use of technology in the service firm’s website or mobile app.
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  3. Asked: January 20, 2023In:

    Explain five ways in which inflation may negatively affect the performance of a marketing firm (10 marks)November 2022

    Best Answer
    Jemshah Enlightened

    Increased costs: Inflation can lead to increased costs for a marketing firm, such as higher costs for raw materials, labor, and transportation. This can lead to a decrease in profit margins. Lower purchasing power: Inflation can lead to a decrease in the purchasing power of consumers, which can leadRead more

    1. Increased costs: Inflation can lead to increased costs for a marketing firm, such as higher costs for raw materials, labor, and transportation. This can lead to a decrease in profit margins.
    2. Lower purchasing power: Inflation can lead to a decrease in the purchasing power of consumers, which can lead to a decrease in demand for a marketing firm’s products and services.
    3. Difficulty in forecasting: Inflation can make it difficult for a marketing firm to forecast future costs and prices, which can lead to difficulties in budgeting and planning.
    4. Uncertainty: Inflation can create uncertainty in the economy, which can lead to a decrease in consumer confidence and a decrease in demand for a marketing firm’s products and services.
    5. Price adjustments: Inflation may force a marketing firm to adjust its prices, which can lead to a decrease in demand and a decrease in revenue.
    6. Difficulty in budgeting: Inflation can make it difficult for a marketing firm to budget for future expenses, which can lead to financial difficulties.
    7. Difficulty in planning: Inflation can make it difficult for a marketing firm to plan for the future, which can lead to difficulties in decision-making.
    8. Difficulty in forecasting sales: Inflation can make it difficult for a marketing firm to forecast sales, which can lead to difficulties in budgeting and planning.
    9. Difficulty in forecasting the production: Inflation can make it difficult for a marketing firm to forecast production, which can lead to difficulties in budgeting and planning.
    10. Difficulty in making long-term contracts: Inflation can make it difficult for a marketing firm to make long-term contracts, which can lead to difficulties in budgeting and planning.
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  4. Asked: January 20, 2023In:

    Roba Limited uses various price discrimination strategies to cater for different customer segments. Outline five such strategies. (10 marks)November 2022

    Best Answer
    Jemshah Enlightened

    Quantity discounts: Offering lower prices to customers who purchase a larger quantity of goods or services. Time-based pricing: Charging different prices for the same product or service based on the time of purchase, such as offering lower prices during off-peak hours. Customer segment pricing: CharRead more

    1. Quantity discounts: Offering lower prices to customers who purchase a larger quantity of goods or services.
    2. Time-based pricing: Charging different prices for the same product or service based on the time of purchase, such as offering lower prices during off-peak hours.
    3. Customer segment pricing: Charging different prices to different customer segments, such as offering lower prices to students or senior citizens.
    4. Geographical pricing: Charging different prices based on the location of the customer, such as charging higher prices in areas with higher costs of living.
    5. Personalized pricing: Charging different prices based on the individual characteristics of the customer, such as their income or past purchasing history.
    6. Bundle pricing: Offering a bundled package of goods or services at a lower price than if they were purchased separately.
    7. Two-part tariff: Charging a fixed fee (for example, a subscription fee) and then a variable fee (for example, a per-use fee) for a product or service.
    8. Price skimming: Setting a high initial price for a new product and then gradually lowering it over time.
    9. Psychological pricing: Using pricing strategies that take into account the psychological effects of different prices on customers, such as the use of odd pricing.
    10. Dynamic pricing: Continuously adjusting prices based on real-time demand, supply and competition.
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  5. Asked: January 20, 2023In:

    Explain five ways in which changes in technology may negatively affect a firms marketing activities.(10 marks)November 2022

    Best Answer
    Jemshah Enlightened

    Data security: As technology advances, the risk of data breaches and cyber-attacks increases, which can damage a firm's reputation and trust with customers. Ad-blocking: With the rise of ad-blocking software, it can be more difficult for firms to reach their target audience through traditional onlinRead more

    1. Data security: As technology advances, the risk of data breaches and cyber-attacks increases, which can damage a firm’s reputation and trust with customers.
    2. Ad-blocking: With the rise of ad-blocking software, it can be more difficult for firms to reach their target audience through traditional online advertising methods.
    3. Privacy concerns: As technology allows for more targeted and personalized marketing, privacy concerns may arise and make it harder for firms to collect and use customer data.
    4. New competition: New technologies can create new competitors, especially for small and medium-size firms that may not have the resources to invest in new technologies.
    5. Keeping up with the trends: Keeping up with the fast-paced changes in technology can be difficult and costly for firms, and not keeping up with the trends may cause a firm to lose its competitive edge.
    6. Human Error: Automation of marketing activities may lead to human error and can cause errors in the data and targeting of the marketing campaigns.
    7. Dependence on technology: Over-reliance on technology can cause a firm to lose touch with its customers and understand their needs, which may negatively affect the firm’s marketing activities.
    8. Lack of creativity: Automation of marketing activities can lead to a lack of creativity, which may not be able to compete with the human touch in marketing campaigns.
    9. Costly: Adoption of new technology can be costly, and firms may not be able to afford the investment, which may negatively affect their marketing activities.
    10. Outdated information: As technology advances, the information that firms have about their customers may quickly become outdated, which may negatively affect their marketing activities.
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  6. Asked: January 20, 2023In:

    Explain four measures that a firm may take to prevent fraud in the payroll. (8 marks)November 2022

    Best Answer
    Jemshah Enlightened

    Segregation of duties: This involves separating the responsibilities of creating, approving, and processing payroll to different employees, so that one person is not responsible for all aspects of the process. Background checks: Conducting background checks on new hires and current employees to idenRead more

    1. Segregation of duties: This involves separating the responsibilities of creating, approving, and processing payroll to different employees, so that one person is not responsible for all aspects of the process.
    2. Background checks: Conducting background checks on new hires and current employees to identify any history of fraud or financial crime.
    3. Timely reviews: Regularly reviewing and reconciling payroll records, including employee timecards and paychecks, to identify any discrepancies or suspicious activity.
    4. Strong passwords: Implementing strong and unique passwords for payroll systems and regularly changing them to prevent unauthorized access.
    5. Training: Regularly training employees on fraud prevention and encouraging them to report any suspicious activity.
    6. Auditing: Conducting regular internal audits of payroll records to identify any errors or discrepancies.
    7. Access controls: Limiting access to payroll systems and records to only authorized employees and implementing a system of role-based access controls.
    8. Whistleblower policy: Implementing a whistleblowing policy to encourage employees to report any suspicious activity or fraud without fear of retaliation.
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  7. Asked: January 20, 2023In:

    Differentiate between each of the following type of costs: (i) Fixed costs and variable costs; (ii) Product costs and period costs; (iii) Relevant costs and irrelevant costs; (iv) Controllable costs and non-controllable costs.(8 marks)November 2022

    Best Answer
    Jemshah Enlightened

    (i) Fixed costs are costs that do not change with the level of production or sales, such as rent or salaries. Variable costs, on the other hand, are costs that vary with the level of production or sales, such as the cost of raw materials or utilities. (ii) Product costs are costs that are directly aRead more

    (i) Fixed costs are costs that do not change with the level of production or sales, such as rent or salaries. Variable costs, on the other hand, are costs that vary with the level of production or sales, such as the cost of raw materials or utilities.

    (ii) Product costs are costs that are directly associated with the production of goods, such as raw materials and direct labor. Period costs, on the other hand, are costs that are not directly associated with the production of goods, such as selling and administrative expenses.

    (iii) Relevant costs are costs that are directly related to a specific decision or situation and will be affected by that decision. Irrelevant costs are costs that are not directly related to a specific decision or situation and will not be affected by that decision.

    (iv) Controllable costs are costs that can be controlled by management through planning and decision making such as direct labor, direct materials and some overhead costs. Non-controllable costs are costs that cannot be controlled by management, such as rent or interest expenses.

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  8. Asked: January 20, 2023In:

    Explain four duties of a cost accountant in a manufacturing firm. (8 marks)November 2022

    Best Answer
    Jemshah Enlightened

    Cost analysis: Identifying and analyzing the costs of producing goods, including raw materials, labor, and overhead costs. Budgeting: Preparing and monitoring the budget for the manufacturing firm, including forecasting future costs and revenues. Product pricing: Analyzing costs and recommending priRead more

    1. Cost analysis: Identifying and analyzing the costs of producing goods, including raw materials, labor, and overhead costs.
    2. Budgeting: Preparing and monitoring the budget for the manufacturing firm, including forecasting future costs and revenues.
    3. Product pricing: Analyzing costs and recommending prices for products, taking into account factors such as competition, production costs, and market demand.
    4. Inventory management: Tracking and managing the firm’s inventory, including determining the most cost-effective methods for purchasing, storing, and using raw materials.
    5. Performance analysis: Analyzing the financial performance of the firm, including identifying areas for cost savings and revenue growth.
    6. Financial reporting: Preparing financial reports, such as cost and profit reports, to provide management with accurate and up-to-date information on the financial performance of the firm.
    7. Cost control: Implementing and monitoring cost control measures to ensure that the firm is operating as efficiently as possible.
    8. Compliance: Ensuring that the firm is compliant with all relevant laws and regulations, including tax laws and accounting standards.
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  9. Asked: January 20, 2023In:

    Outline five principles of natural justice that govern procedure and conduct of administrative bodies.(10 marks)November 2022

    Best Answer
    Jemshah Enlightened

    The principle of fairness: This principle requires that administrative bodies act in a fair and impartial manner, without bias or prejudice. The principle of audi alteram partem: This principle, also known as the right to be heard, requires that administrative bodies give both parties an opportunityRead more

    1. The principle of fairness: This principle requires that administrative bodies act in a fair and impartial manner, without bias or prejudice.
    2. The principle of audi alteram partem: This principle, also known as the right to be heard, requires that administrative bodies give both parties an opportunity to be heard and present their case before making a decision.
    3. The principle of reasonableness: This principle requires that administrative bodies make decisions that are reasonable and rational, taking into account all relevant facts and circumstances.
    4. The principle of proportionality: This principle requires that the punishment or remedy imposed by an administrative body is proportionate to the gravity of the offence or wrong committed.
    5. The principle of transparency: This principle requires that administrative bodies conduct their proceedings in a transparent and open manner, making their decisions and reasons for those decisions available to the public.
    6. The principle of natural justice in the investigation: This principle requires that administrative bodies conduct an investigation that is fair and impartial, following the rules of evidence and allowing both parties to present their case.
    7. The principle of impartiality in the decision-making: This principle requires that administrative bodies make decisions that are impartial and unbiased, free from conflicts of interest or other influences.
    8. The principle of natural justice in the appeal process: This principle requires that administrative bodies provide an appeal process that is fair, impartial and unbiased.
    9. The principle of natural justice in the enforcement: This principle requires that administrative bodies enforce their decisions in a fair and impartial manner, without bias or prejudice.
    10. The principle of natural justice in the interpretation: This principle requires that administrative bodies interpret their laws and regulations in a fair and impartial manner, without bias or prejudice.
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  10. Asked: January 20, 2023In:

    Explain five ways in which a contract of bailment may be discharged. (10 marks)November 2022

    Best Answer
    Jemshah Enlightened

    A contract of bailment is a legal agreement in which one party (the bailor) entrusts possession of property to another party (the bailee) for a specific purpose, such as storage, repair, or transportation. A contract of bailment may be discharged in several ways, including: Performance: The contractRead more

    A contract of bailment is a legal agreement in which one party (the bailor) entrusts possession of property to another party (the bailee) for a specific purpose, such as storage, repair, or transportation. A contract of bailment may be discharged in several ways, including:

    1. Performance: The contract of bailment is discharged when the bailee performs the task for which the property was entrusted to them, such as repairing a car or storing goods.
    2. Return of property: The contract of bailment is discharged when the bailee returns the property to the bailor in the condition it was received, or in the condition agreed upon in the contract.
    3. Mutual agreement: The contract of bailment may be discharged by mutual agreement between the bailor and the bailee, in which they both agree to terminate the contract and release each other from their obligations.
    4. Expiration of time: The contract of bailment may be discharged if it is for a specific period of time, and that period has expired.
    5. Destruction of the property: The contract of bailment may be discharged if the property is destroyed or lost through no fault of the bailee. In this case, the bailee will not be liable for the loss of the property.
    6. Breach of contract: The contract of bailment may be discharged if either party breaches the terms of the contract, such as the bailee failing to take reasonable care of the property.
    7. Insolvency of either party: The contract of bailment may be discharged if either the bailor or the bailee becomes insolvent or bankrupt.
    8. Death of either party: The contract of bailment may be discharged if either the bailor or the bailee dies.
    9. Force majeure: The contract of bailment may be discharged if the performance of the contract becomes impossible due to an event outside the control of the parties, such as a natural disaster.
    10. Statute of limitation: The contract of bailment may be discharged if the claim is not brought to court within a specific period of time as provided by law.
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