Tamilnadu State Board New Syllabus Samacheer Kalvi 12th Commerce Guide Pdf Chapter 13 Concept of Market and Marketer Text Book Back Questions and Answers, Notes.
Tamilnadu Samacheer Kalvi 12th Commerce Solutions Chapter 13 Concept of Market and Marketer
12th Commerce Guide Concept of Market and Marketer Text Book Back Questions and Answer
I. Choose The Correct Answer.
Question 1.
One who promotes (or) Exchange of goods or services for money is called as ……………
a) Seller
b) Marketer
c) Customer
d) Manager
Answer:
b) Marketer
Question 2.
The marketer initially wants to know in the marketing is …………………….
a) Qualification of the customer
b) Quality of the product
c) Background of the customers
d) Needs of the customers
Answer:
d) Needs of the customers
Question 3.
The Spot market is classified on the basis of ………………..
a) Commodity
b) Transaction
c) Regulation
d) Time
Answer:
b) Transaction
Question 4.
Which one of the market deals in the purchase and sale of shares and debentures?
a) Stock Exchange Market
b) Manufactured Goods Market
c) Local Market
d) Family Market
Answer:
a) Stock Exchange Market
Question 5.
Stock Exchange Market is also called …………
a) Spot Market
b) Local Market
c) Security Market
d) National Market
Answer:
c) Security Market
II. Very Short Answer Questions.
Question 1.
What is the Market?
Answer:
The word market is derived from the Latin word ‘Marcatus’ which means trade, commerce, merchandise, a place where the business is transacted.
Question 2.
Define Marketer.
Answer:
“A person whose duties include the identification of the goods and services desired by a set of consumers, as well as the marketing of those goods and services on behalf of a company” – BUSINESS DICTIONARY
Question 3.
What is meant by Regulated Market?
Answer:
Very Short Period Market: Markets that deal in perishable goods like, fruits, milk, vegetables, etc., are called a very short period market.
Question 4.
What is meant by Spot Market?
Answer:
In such markets, goods are exchanged and the physical delivery of goods takes place immediately.
Question 5.
What is meant by Commodity Market?
Answer:
A commodity market is a place where produced goods or consumer goods are bought and sold.
III. Short Answer Questions.
Question 1.
What can be marketed in the Market? [S.GOPI PEEPI]
Answer:
- Services
- Goods
- Organization
- Persons
- Ideas
- Places
- Events
- Experiences
- Properties
- Information
Question 2.
Mention any three Roles of the Marketer.
Answer:
Instigator:
As an Instigator, He keenly watches the developments taking place in the market and identifies marketing opportunities emerging in the ever-changing market.
Innovator:
- Marketer seeks to distinguish his product or services by adding additional features or functionalities to the existing products.
- Modifying the pricing structure, introducing new delivery patterns, creating new business models, introducing changes in the production process, and so on.
- Implementer: Marketer plays the role of implementer when he or she actually converts marketing opportunities into marketable products with the help of several functional teams put in place in the organization.
Question 3.
The marketer is an innovator? Do you agree?
Answer:
Marketer seeks to distinguish his products/services by adding additional features or functionalities to the existing product, modifying the pricing structure, introducing new delivery patterns, creating new business models, introducing change in production process and so on.
Question 4.
Explain the types of markets on the basis of time.
Answer:
Very Short Period Market:
Markets which deal in perishable goods like milk, Fish, Fruits, Vegetables, etc. are called as “Very Short Period Market”.
Short Period Market:
In certain goods, supply is adjusted to meet the demand. The demand is greater than supply. (Rice, wheat, etc) such markets are known as “Short Period Marker.
Long Period Market:
This type of market deals in durable goods. [TV – Fridge – computer etc] where the goods and services are dealt for longer period usages.
Question 5.
List down the functions of Marketer? [GM] [5-P] [BTSS]
Answer:
- Very Short Period Market: Markets which deal in perishable goods like, fruits, milk, vegetables, etc., are called a very short period market. There is no change in the supply of goods.
- Short Period Market: In certain goods, supply is adjusted to meet the demand. The demand is greater than supply. Such markets are known as Short Period Market.
- Long Period Market: This type of market deals in durable goods, where the goods and services are dealt with for a longer period of usages.
IV.Long Answer Questions.
Question 1.
How the Market can be classified? GTTV RICE
Answer:
Question 2.
How the market can be classified on the basis of Economics?
Answer:
The Market can be classified on the basis of Economics as follows:
(a) Perfect Market: A market is said to be a perfect market if it satisfies the following conditions:
- A large number of buyers and sellers are there.
- Prices should be uniform throughout the market.
- Buyers and sellers have a perfect knowledge of the market.
- Goods can be moved from one place to another without restrictions.
(b) Imperfect Market: A market is said to be imperfect when
- Products are similar but not identical.
- Prices are not uniform.
- There is a lack of communication.
12th Commerce Guide Concept of Market and Marketer Additional Important Questions and Answers
I. Choose The Correct Answer.
Question 1.
One who promotes (or) Exchange of goods or services for money is called as _____
(a) Seller
(b) Marketer
(c) Customer
(d) Manager
Answer:
(b) Marketer
Question 2.
Mercatus Mean ……….
a) A place where the business is transacted
b) A place where goods are produced
c) A place where manufacturers assembled
d) All of these
Answer:
a) A place where the business is transacted
Question 3.
The Need for the market is ……………………..
a) To Exchange
b) To adjust the price mechanism
c) To improve the quality
d) All the above
Answer:
d) All the above
Question 4.
Which one of the market deals in the purchase and sale of shares and debentures?
(a) Stock Exchange Market
(b) Manufactured Goods Market
(c) Local Market
(d) Family Market
Answer:
(a) Stock Exchange Market
Question 5.
In …………………. market physical delivery of goods takes place immediately.
a) Future market
b) Spot market
c) Capital market
d) Commodity market
Answer:
b) Spot market
Question 6.
Short term securities are exchanged in ……………… market.
a) Stock
b) Finance
c) Money
d) All of the above
Answer:
c) Money
Question 7.
Stock Exchange Market is also called _____
(a) Spot Market
(b) Local Market
(c) Security Market
(d) National Market
Answer:
(d) National Market
Question 8.
Which one is not correctly matched?
a) Very short period market – Vegetables
b) Future market – Delivery
c) Regulated market – No statutory measures
d) Bullion market – Gold
Answer:
c) Regulated market – No statutory measures
Question 9.
Which of the following statement correct?
i) In imperfect market products are similar but not identical.
ii) Prices are not uniform.
iii) There is a lack of communication.
a) (i) is correct
b) (ii) and (iii) are correct
c) (i) and (ii) are correct
d) All (i), (ii) and (iii) are correct
Answer:
d) All (i), (ii) and (ii) are correct
II. Match The Following.
Question 1.
Match List-I with List-II
|
List-I |
List-II |
| i. Perfect market | 1. Prices are not uniform |
| ii. Imperfect market | 2. Large number of buyers and sellers |
| iii. Regulated market | 3. Short term securities |
| iv. Money market | 4. Statutory measures |
a) (i) – 2 (ii) – 1 (iii) – 4 (iv) – 3
b) (i) – 4 (ii) – 3 (iii) – 2 (iv) – 1
c) (i) – 3 (ii) – 2 (iii) – 1 (iv) – 4
d) (i) – 1 (ii) – 4 (iii) – 3 (iv) – 2
Answer:
a) (i) – 2 (ii) – 1 (iii) – 4 (iv) – 3
Question 2.
Match List-I with List-II
|
List -I |
List – II |
| i. Stock market | 1. Semi-finished good |
| ii. Bullion market | 2. Fruits – Fish |
| iii. Very short period market | 3. Gold – Silver |
| iv. Secondary market | 4. Shares – Debentures |
a) (i) – 4 (ii) – 3 (iii) – 2 (iv) – 1
b) (i) – 3 (ii) – 2 (iii) – 1 (iv) – 4
c) (i) – 2 (ii) – 3 (iii) – 4 (iv) – 1
d) (i) – 1 (ii) – 4 (iii) – 3 (iv) – 2
Answer:
a) (i) – 4 (ii) – 3 (iii) – 2 (iv) – 4
III. Assertion and Reason.
Question 1.
Assertion (A): A market is said to be a perfect market.
Reason (R): There is a Large number of buyers and sellers.
a) (A) is True (R) is False
b) (A) is False (R) is True
c) Both (A) and (R) are True
d) Both (A) and (R) are False
Answer:
c) Both (A) and (R) are True
IV. Short Answer Questions.
Question 1.
Mention any three Roles of the Marketer.
Answer:
- Instigator: As an instigator, the marketer keenly watches the developments taking place in the market and identifies marketing opportunities emerging in the ever-changing market.
- Integrator: The marketer plays the role of the integrator in the sense that he collects feedback or vital inputs from channel members and consumers.
- Implementer: Marketer plays the role of implementer when he/she actually converts marketing opportunities into marketable products.
Question 2.
Classify the market on the basis of Importance.
Answer:
Primary market:
The primary producers of firms sell their output or products through this type of market to wholesales or consumers.
Secondary market:
- In this market, semi-finished goods are marketed.
- The dealings commonly between wholesales and retailers.
Terminal market:
It is a central place that serves as an assembly and trading place for commodities in a
metropolitan area.
Question 3.
List down the functions of Marketer.
Answer:
- Gathering and Analysing market information
- Market planning
- Product Designing and development
- Standardization and Grading
- Packaging and Labelling
- Branding
- Customer Support Services
- Pricing of Products
- Promotion and Selling
- Physical Distribution
- Transportation
- Storage and Warehousing
Question 4.
Define Market.
Answer:
“Market includes both place and region in which buyers and sellers are in free competition with one another” – PYLE.
Question 5.
Explain the Need for marketing.
Answer:
- To Exchange [Barter] Goods and Services
- To Adjust Demand and Supply by the price mechanism.
- To improve the quality of life of the Society.
Question 6.
Mention any four differences between Wholesale Market and Retail Market? [LOQS]
Answer:
|
No Basis of difference |
Wholesale Market |
Retail Market |
| 1. Link | It is a link between manufacture and retailer. | It is a link between a wholesaler and the ultimate consumer |
| 2. One line Products | He deals in one line products | He deals in different types of products. |
| 3. Quantities | He buys in a large Quantity from the manufactures | He buys in small Quantity from the wholesaler. |
| 4. Situated | It is situated in different areas | It is situated in a particular place nearer to the consumer. |
Question 7.
Why Customer support is needed to Market?
Answer:
- To exchange (Barter) goods and services.
- To adjust demand and supply by the price mechanism.
- To improve the quality of life of the society, [standard of living]
- To introduce new modes of life.
- To develop by enhancing the market segment.
V. Long Answer Questions.
Question 1.
How the market can be classified?
Answer:
On the basis of different approaches markets can be classified as follows:
I. On the basis of Geographical Area:
- Family Market
- Local Market
- National Market
- International Market or World Market
II. On the Basis of Commodities / Goods:
(a) Commodity Market
- Produce Exchange Market
- Manufactured Goods Market
- Bullion Market
(b) Capital Market:
- Money Market
- Foreign Exchange Market
- The Stock Market
III. On the Basis of Economics:
- Perfect Market
- Imperfect Market
IV. On the basis of transaction:
- Spot Market
- Future market
V. On the Basis of Regulation:
- Regulated Market
- Unregulated Market
VI. On the Basis of Time:
- Very Short Period Market
- Short Period Market
- Long Period Market
VII. On the Basis of Volume of Business:
- Wholesale Market
- Retail Market
VIII. On the Basis of Importance:
- Primary Market
- Secondary Market
- Terminal Market
Question 2.
How the market can be classified on the basis of commodities [Goods]?
Answer:
A) Commodity Market:
A commodity market is a place where produced goods or consumer goods are bought and sold.
- Produce Exchange Market: It is an organised market where commodities or Agricultural produce are Bought and sold on a wholesale basis.
- Manufactured Goods Market: This market deals with [Leather goods, machinery, etc] manufactured goods.
- Bullion Market: This market deals with the purchase and sale of Gold and Silver.
B) Capital Markets:
- Money Market: It is a type of market where short term securities are exchanged. [Banks, – Finance to industries] .
- Foreign Exchange Market: This type of market, help Exporters and Importers, in converting their currencies into Foreign currencies and vice versa.
- Stock Market: This is a market where the purchase and sales of shares and Debentures, Bonds, etc. of companies are dealt with.
Question 3.
What is your contribution to promote the market in modern society?
Answer:
A market is a place where buyers and sellers gather for purchase and sale. The market may be of Local market, national market, and international or global market. To develop and promote the market the following are needed:
- Eligible and satisfied and customer is needed.
- Quality and durable goods are to be marketed.
- Recent trends like E-marketing, online marketing are to be encouraged.
- After-sales service is to be provided to durable goods.
- Customers are to be financed for buying costly articles.
- New Innovations and marketing research are to be introduced to develop the market.
Question 4.
Apart from goods and services, explain any five items that can be marketed,
Answer:
i) Experiences:
The unique and varied experiences pertaining to a place or a park or an event can be marketed under this concept. For eg. Amusement Park, Theme Park, Mountaineering, etc.
ii) Events:
The event marketing aims at promoting and marketing special events, shows, exhibitions, fairs, performances, sports events like the World Cup, Olympics, T20, etc.
iii) Properties:
Properties include both real property and financial property which involve the transfer of ownership on sale or purchase of the same. For eg. Constructed house, Land, Plot, Building.
iv) Organisations:
An organisation can market itself in order to build an image for it by sponsoring events, adoption of villages, donations for charitable causes, corporate social responsibility activities, etc.
v) Ideas:
An idea may change the world. Innovative and attractive ideas are desirable products for marketers to sell. Social media marketing thrives on new ideas in a consistent manner.